Disclosure Of Material Accounting Policy Information [Text Block]

Umicore - Filing #3220259

Concept	2022-01-01 to 2022-12-31
Disclosure of material accounting policy information [text block]	—
Description of accounting policy for borrowing costs [text block]	Borrowing costs that are directly attributable to investments are capitalized together with the costs of the assets in accordance with IAS 23. All borrowing costs that cannot be linked directly to an investment are recognized as expenses in the period when incurred.
Description of accounting policy for borrowings [text block]
Description of accounting policy for business combinations [text block]	The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any minority interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the minority interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred.
Description of accounting policy for decommissioning, restoration and rehabilitation provisions [text block]
Description of accounting policy for deferred income tax [text block]
Description of accounting policy for determining components of cash and cash equivalents [text block]
Description of accounting policy for discontinued operations [text block]	IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) does not specify the treatment for the elimination of inter-company transactions between discontinued and continued operations. As an accounting policy Umicore opts not to eliminate the intercompany transactions within the income statement between the discontinued and continued operations. For the balance sheet presentation however, IFRS 10 (Consolidated Financial Statements) overrides IFRS 5 and requires all intercompany balances to be eliminated including those between the discontinued and continued operations.
Description of accounting policy for emission rights [text block]
Description of accounting policy for employee benefits [text block]
Description of accounting policy for environment related expense [text block]
Description of accounting policy for exceptional items [text block]
Description of accounting policy for expenses [text block]
Description of accounting policy for fair value measurement [text block]	Loans and debt have been issued at market rates which would not create any major differences with effective interest expenses. All categories of financial instruments of Umicore are at fair value except the non-current bank loans for which the carrying amounts differ from the fair value (see note F24). The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The fair value of financial instruments that are not traded in an active market is determined using valuation techniques, mainly discounted cash-flow, using market assumptions prevailing at the end of the reporting period. In particular, the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. The fair value of forward foreign exchange, metal and energy contracts is determined using quoted forward exchange, metal and energy rates at the end of the reporting period. The fair value of quoted financial assets held by the Group is their quoted market price at the end of the reporting period. The fair value of financial liabilities is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values.
Description of accounting policy for financial instruments at fair value through profit or loss [text block]
Description of accounting policy for functional currency [text block]
Description of accounting policy for goodwill [text block]
Description of accounting policy for government grants [text block]
Description of accounting policy for impairment of financial assets [text block]
Description of accounting policy for impairment of non-financial assets [text block]	Write-downs & Impairments
Description of accounting policy for investments other than investments accounted for using equity method [text block]
Description of accounting policy for issued capital [text block]
Description of accounting policy for leases [text block]
Description of accounting policy for measuring inventories [text block]
Description of accounting policy for intangible assets and goodwill [text block]
Description of accounting policy for investment in associates [text block]
Description of accounting policy for investments in joint ventures [text block]
Description of accounting policy for provisions [text block]
Description of accounting policy for recognition of revenue [text block]	2.21.1
Description of accounting policy for repairs and maintenance [text block]	Repair and maintenance costs are expensed in the period in which they are incurred, if they do not increase the future economic benefits of the asset. Otherwise they are classified as separate components of items of property, plant and equipment. Those major components of items of property, plant and equipment that are replaced at regular intervals are accounted for as separate assets as they have useful lives different from those items of property, plant and equipment to which they relate. Umicore’s PPE, being complex and highly customized industrial assets, typically do not have an individual resale value if put outside the overall context of the operations. Therefore, no residual value is taken into account when determining the depreciable value.
Description of accounting policy for research and development expense [text block]
Description of accounting policy for segment reporting [text block]
Description of accounting policy for share-based payment transactions [text block]
Description of accounting policy for subsidiaries [text block]	2.1.1
Description of accounting policy for termination benefits [text block]
Description of accounting policy for trade and other payables [text block]
Description of accounting policy for transactions with non-controlling interests [text block]