The company\u2019s consolidated financial statements and the management report prepared in accordance with article 3:33 of the Belgian Companies and Associations Code set forth in the sections labelled About us through Management Responsibility Statement for the year ended 31 December 2024 were authorized for issue by the Supervisory Board on 7 March 2025. They have been prepared in accordance with the legal and regulatory requirements applicable to the consolidated financial statements of Belgian companies. They include those of the company, its subsidiaries and its interests in companies accounted for using the equity method.
\nThe Group presents its annual consolidated financial statements in accordance with all International Financial Reporting Standards (IFRS) adopted by the European Union (EU).
\nThe consolidated financial statements are presented in thousands of EUR, rounded to the nearest thousand, and have been prepared on a historical cost basis, except for those items that are measured at fair value. All figures shown are rounded, so minor discrepancies may arise within the tables due to rounding of these amounts.
\nUmicore is a Soci\u00e9t\u00e9 Anonyme - Naamloze vennootschap company with its registered office in Brussels, Belgium at Rue du Marais 31 (Broekstraat 31) B - 1000 Brussels (Belgium) and has following LEI code 529900F3AIQECS8ZSV61.
Umicore operates its business from Belgium. Umicore NV-SA is the ultimate parent company of the Umicore Group.
Umicore Group did not change his name compared to previous year.
Umicore is the circular materials technology Group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organised in four business groups: Battery Materials, Catalysis, Recycling and Specialty Materials. Each business group is divided into market-focused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life. Umicore generates the majority of its revenues from and dedicates most of its R&D efforts to clean mobility materials and recycling. Umicore\u2019s overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life. Umicore\u2019s industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-349": { "value": "\nThe company\u2019s consolidated financial statements and the management report prepared in accordance with article 3:33 of the Belgian Companies and Associations Code set forth in the sections labelled About us through Management Responsibility Statement for the year ended 31 December 2024 were authorized for issue by the Supervisory Board on 7 March 2025. They have been prepared in accordance with the legal and regulatory requirements applicable to the consolidated financial statements of Belgian companies. They include those of the company, its subsidiaries and its interests in companies accounted for using the equity method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-351": { "value": "\nThe Group presents its annual consolidated financial statements in accordance with all International Financial Reporting Standards (IFRS) adopted by the European Union (EU).
\nThe consolidated financial statements are presented in thousands of EUR, rounded to the nearest thousand, and have been prepared on a historical cost basis, except for those items that are measured at fair value. All figures shown are rounded, so minor discrepancies may arise within the tables due to rounding of these amounts.
\nUmicore is a Soci\u00e9t\u00e9 Anonyme - Naamloze vennootschap company with its registered office in Brussels, Belgium at Rue du Marais 31 (Broekstraat 31) B - 1000 Brussels (Belgium) and has following LEI code 529900F3AIQECS8ZSV61.
Umicore operates its business from Belgium. Umicore NV-SA is the ultimate parent company of the Umicore Group.
Umicore Group did not change his name compared to previous year.
Umicore is the circular materials technology Group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organised in four business groups: Battery Materials, Catalysis, Recycling and Specialty Materials. Each business group is divided into market-focused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life. Umicore generates the majority of its revenues from and dedicates most of its R&D efforts to clean mobility materials and recycling. Umicore\u2019s overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life. Umicore\u2019s industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-352": { "value": "\nThe Group presents its annual consolidated financial statements in accordance with all International Financial Reporting Standards (IFRS) adopted by the European Union (EU).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-0": { "value": "Umicore", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-2": { "value": "Soci\u00e9t\u00e9 Anonyme - Naamloze vennootschap", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-3": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-4": { "value": "Rue du Marais 31 (Broekstraat 31) B - 1000 Brussels", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-1": { "value": "(Belgium)", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-5": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-10": { "value": "Umicore NV-SA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-9": { "value": "Umicore", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-6": { "value": "Umicore is the circular materials technology Group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organised in four business groups: Battery Materials, Catalysis, Recycling and Specialty Materials. Each business group is divided into market-focused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life. Umicore generates the majority of its revenues from and dedicates most of its R&D efforts to clean mobility materials and recycling. Umicore\u2019s overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life. Umicore\u2019s industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-353": { "value": "\nSubsidiaries are all entities over which the Group has control.
\nThe Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date the Group obtains control until the date control ceases. The Group applies the purchase method of accounting for business combinations.
\nNote F5 lists all significant subsidiaries of the Group at the closing date.
\nInter-company transactions, balances and unrealized gains or losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group\u2019s accounting policies. The lines \u201cother operating income\u201d and \u201cother financial income\u201d of the income statement include, depending on the nature of the underlying transactions, the currency translation differences due to intercompany transactions to be translated from the transaction currency into functional currency which may differ from EUR for some entities and regions.
\nIFRS 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.
\nThe Group applies IFRS 11 to all joint arrangements. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income.
\nWhen the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.
\nUnrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
\nThe Group has investments in joint ventures when it shares joint control with other investors, and it has rights to the net assets of these joint ventures. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investment after the date of acquisition.
\nThe Group\u2019s share of post-acquisition profit or loss is recognized in the consolidated income statement in the line \"Share in result of companies accounted for using the equity method\", and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Investments in associates and joint ventures are presented as non-current asset on the balance sheet on the line \"Investments accounted for using the equity method\".
\nProfits and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognized in the income statement.
\nNote F7 provides the Group\u2019s segment information, in line with IFRS 8. Umicore is organized in business units. Operating segments under IFRS 8 at Umicore are differentiated by their growth drivers in the areas of Battery Materials, Catalysis, Specialty Materials and Recycling.
\nThe Battery Materials segment includes global activities related to the development, manufacturing and marketing of cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries, as well as the related refining activities of cobalt and nickel chemicals. Umicore\u2019s battery materials are predominantly produced for EV applications and are based on the metals lithium, cobalt, manganese and nickel (NMC). Its NMC product portfolio covers high-nickel, midnickel and manganese-rich technologies, targeting the premium, mass and entry EV segments. It spans current lithium-ion battery technologies as well as future technologies such as solid state batteries.
\nThe Catalysis segment provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, including on-road and off-road vehicles. The business group also offers stationary catalysis for industrial emissions control and produces precious metals based compounds and catalysts for use in fuel cell applications and in the pharmaceutical and fine chemicals industries.
\nThe Recycling segment treats complex waste streams containing precious and other specialty metals. The operations can recover 20 of these metals from a wide range of input materials ranging from industrial residues to end-of-life materials. Other activities include production of precious metals-based materials that are essential for applications as diverse as high-tech glass production and electronics.
\nThe Specialty Materials segment develops, manufactures and distributes metal-based materials and chemicals for applications vital to everyday lives. It creates value through continuous product and process innovation. Via research and development Specialty Materials diversifies its portfolio to serve appealing niche markets with customized products and services. With its metal refining and recycling skills, it closes the loop for its customers by transforming used metals into fresh inputs for the industry.
\nCorporate covers corporate activities, shared operational functions and the Group\u2019s Research, Development & Innovation unit.
\nOperating segments are reported in a manner consistent with the internal reporting provided to the Supervisory Board and the Executive Leadership Team.
\nThe segment results, assets and liabilities include items directly attributable to the segment as well as those elements that can reasonably be allocated to a segment.
\nThe pricing of inter-segment sales is based on an arm\u2019s length transfer pricing system. In the absence of relevant market price references, \u2018cost plus\u2019 mechanisms are used.
\nAssociate and joint ventures companies are allocated to the business group with the closest fit from a market segment perspective.
\nFor the reported period, there is one subsidiary in the Umicore Group having a functional currency belonging to a hyperinflationary economy in Argentina. However, in view of significance to the Group, this is not material for IAS 29 to be applied.
\nFunctional currency: items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity. To consolidate the Group and each of its subsidiaries in EUR, the financial statements are translated as follows:
Assets and liabilities at the year-end rate as published by the European Central Bank or by the Central Bank of Brazil and Poland respectively for the Brazilian Real and the Polish Zloty.
Income statements at the average exchange rate for the year
The components of shareholders\u2019 equity at the historical exchange rate.
Note F6 presents the rates applied for the period.
\nExchange differences arising from the translation of the net investment in foreign subsidiaries, joint ventures and associated entities at the period-end exchange rate are recorded as part of the shareholders\u2019 equity under \u201ccurrency translation differences\u201d.
\nWhen a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.
\nForeign currency transactions are recognized during the period in the functional currency of each entity at exchange rates prevailing at the date of transaction. The date of a transaction is the date at which the transaction first qualifies for recognition. For practical reasons a rate that approximates the actual rate at the date of the transaction is used for some operations, for example, an average rate for the week or the month in which the transactions occur.
\nSubsequently, monetary assets and liabilities denominated in foreign currencies are translated at the closing rate at the end of the reporting period.
\nGains and losses resulting from the settlement of foreign currency transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognized in the income statement as a financial result.
\nIn order to hedge its exposure to certain foreign exchange risks, the Company has entered into certain forward contracts (see Note F2.22, Financial instruments).
\nExpenses for formation and capital increase are deducted from the share capital.
\nGoodwill represents the excess of the cost of an acquisition of a subsidiary, associate or jointly controlled entity over the Group\u2019s share in the fair value of the identifiable assets and liabilities of the acquired entity at the date of acquisition. Goodwill is recognized at cost less any accumulated impairment losses.
\nGoodwill from associates and joint ventures is presented in the balance sheet on the line \u201cInvestments accounted for under the equity method\u201d, together with the investment itself.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate.
\nTo assess impairment, goodwill is allocated to a cash generating unit (CGU). At each balance sheet date, these CGUs are tested for impairment, meaning an analysis is performed to determine whether the carrying amount of goodwill allocated to the CGU is fully recoverable.
\nIf the carrying amount is not fully recoverable, an appropriate impairment loss is recognized in the income statement. These impairment losses are never reversed.
\nThe excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition is recognized in the income statement immediately.
\nResearch costs related to the prospect of gaining new scientific or technological knowledge and understanding are recognized in the income statement as an incurred expense.
\nDevelopment costs are defined as costs incurred for the design of new or substantially improved products and for the processes prior to commercial production or use. They are capitalized if, among others, the following conditions are met:
The intangible asset will give rise to future economic benefits, or in other words, the market potential has been clearly demonstrated.
The expenditures related to the process or product can be clearly identified and reliably measured.
In case it is difficult to clearly distinguish between research or development costs, the costs are considered as being research. If development costs are capitalized they are amortized using a straight-line method over the period of their expected benefit, in general five years.
\nWithin the framework of the Kyoto Protocol, a third emission trading period started, covering 2013-2020 and the fourth phase started on 1 January 2021 (till 2030). Therefore, the Flemish Government granted emission rights to the Flemish sites of certain companies, including Umicore. Each year, at the end of June, two-thirds of the emission rights to be submitted annually is put into an official registry account.
\nEmission rights are recognized as intangible assets at cost (purchasing value) if purchased from a third party or at fair value if they are granted by the state. The emission rights shall not be reported directly in the income statement but deferred until the moment they are used. Emission rights owned are subject to impairment testing but are not depreciated.
\nAt each closing date, the Group estimates the actual use of rights for the period and recognizes a provision for the rights that will have to be restored to the Government for the emission of the past year. The recognition of provisions are compensated in the income statement by the release of deferred revenue. Historically, Umicore owns the required rights to ensure its normal operating activities.
\nAll the following types are recorded at historical cost, less accumulated amortization and impairment losses:
Concessions, patents, licenses: are amortized over the period of their legal protection with a minimum of 5% (in general over 5 years).
Customer portfolios: are typically amortized over a period of five years.
ERP software is typically amortized over a period of ten years.
Smaller software is typically amortized over a period of five years.
Umicore has currently no intangible asset with an indefinite useful live.
\nProperty, plant and equipment (\"PPE\") is recorded at historical cost, less accumulated depreciation and impairment losses. Cost includes all direct costs and appropriate allocation of indirect costs incurred to bring the asset to working condition for its intended use.
\nBorrowing 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.
\nThe straight-line depreciation method is applied through the estimated useful life of the assets.
\nUseful life is the period of time over which an asset is expected to be used by the company.
\nRepair 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.
\nUmicore\u2019s PPE, being complex and highly customized industrial assets, typically does 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.
\nThe typical useful life per main type of property, plant and equipment are as per table below. For material newly acquired or constructed assets, the useful life is separately assessed at the moment of the investment request and can deviate from the above standards.
\nManagement determines the estimated useful lives and related depreciation charges for property, plant and equipment. Management uses standard estimates based on a combination of physical durability and projected product life or industry life cycles. These useful lives could change significantly as a result of technical innovations, market developments or competitor actions. Management will increase the depreciation charge where useful lives are shorter than previously estimated, or it will impair technically obsolete or non-strategic assets that have been abandoned or sold.
\nLand use rights are part of the property, plant and equipment and are typically amortized over the contractual period.
\n| \u00a0 | years |
|---|---|
| Land | Non-depreciable |
| Buildings | \u00a0 |
| - Industrial buildings | 20 |
| - Improvements to buildings | 10 |
| - Offices and laboratories | 40 |
| Plant, machinery and equipment | 10 |
| - Furnaces | 10 - 15 |
| - Small equipment | 5 |
| Furniture and vehicles | \u00a0 |
| - Vehicles | 5 |
| - Mobile handling equipment | 7 |
| - Computer equipment | 3 - 5 |
| - Furniture and office equipment | 5 - 10 |
At the commencement date of a lease, the Group recognizes a lease liability (i.e. a liability to make lease payments), and a right-of-use asset (i.e. an asset representing the right to use the underlying asset over the lease term). Right-of-use assets are presented in property, plant and equipment.
\nThe lease liabilities are recognized at the present value of the remaining lease payments (see Note F25) in non-current liabilities or in current liabilities depending on the due date.
\nThe right-of-use asset is depreciated over the term of the lease (see Note F16). Interest expense is recognized on the lease liability (see Note F11). The lease liability is remeasured upon the occurrence of certain events (e.g. a change in the lease term or a change in future lease payments resulting from a change in index). Such remeasurements of the lease liability will generally be recognized as an adjustment to the right-of-use asset.
\nThe Group applies the lease recognition exemptions for short-term leases and leases for which the underlying asset is of low value. The Group elects, by class of underlying asset, not to separate non-lease components from lease components and instead accounts for each lease component and any associated non-lease component as one single lease component.
\nThe Group leases metals to and from third parties for specified periods for which the Group receives or pays fees. Metal lease contracts are typically concluded for less than one year.
\nThe metal leases from and to third parties are still reported as off-balance sheet commitments, as not in the scope of IFRS 16.
\nAll movements in other equity investments, loans and non-current receivables are accounted for at trade date.
\nFinancial assets that are equity instruments are measured at fair value. Subsequent fair value recognition through profit or loss or other comprehensive income (\"OCI\") is determined at moment of initial recognition.
\nChanges through OCI are recognized in the line \"changes in other equity investments at fair value (\"FV\") through OCI reserves\" of the consolidated statement of comprehensive income. Gain and losses from the measurement of equity investments through the consolidated statement of comprehensive income are never recycled to the income statement but instead reclassified to retained earnings on disposal. For investments quoted in an active market, the quoted market price is the best measure of fair value. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less any impairment.
\nLoans and non-current receivables are carried at amortized cost less any impairment.
\nAll impairments are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
\nProperty, plant and equipment and other non-current assets, including intangible assets and financial assets not held for trading, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated.
\nThe recoverable amount is the higher of an asset\u2019s net selling price and value in use. To estimate the recoverable amount of individual assets the company often determines the recoverable amount of the cash-generating unit (CGU) to which the asset belongs.
\nWhenever the carrying amount of an asset exceeds its recoverable value, an impairment loss is recognized as an expense immediately.
\nA reversal of impairment losses is recognized when there is an indication that the impairment losses recognized for the asset or for the CGU no longer exist or have decreased. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
\nInventories are classified as:
Base products (gross values)
Permanently tied up metal inventories (not hedged)
Commercially available metal inventories (hedged)
Other base products inventories (not hedged)
Consumables (gross values)
Write-down and impairments
Advances paid
Contracts in progress
Inventories are carried at cost. Cost comprises direct purchase or manufacturing costs and an appropriate allocation of overheads.
\nBase products (gross values) are mostly metal-containing products on which Umicore is exposed to price \ufb02uctuation risks. Most of these inventories follow Umicore\u2019s metal accounting rules and are classified in two inventory categories that reflect their specific nature and business use: the permanently tied up metal inventories and the commercially available metal inventories. The latter inventories are subject to an active and systematic hedging process to minimize the effects of market price \ufb02uctuations on the \ufb01nancial performance of the Group. Conversely, the permanently tied up metal inventories are typically not hedged. Next to these categories, the other base product inventories consist of materials used in the manufacturing processes to obtain the marketable basis products. These inventories are also typically not hedged. More details on the hedging mechanisms can be found in Note F3.
\nIndividualized or weighted average valuation is applied on the initial at cost valuation per category of inventory complemented with the following fair value principles:
On the permanently tied up metal inventories: In view of their permanent nature, Umicore opted to apply the measurement and recognition rules of Property, Plant and Equipment (IAS 16) and Impairment of Assets (IAS 36). The valuation is based on the \u201chistorical cost less any accumulated depreciation and accumulated impairment\u201d principle. As the inventories are considered to have an unlimited useful life, no depreciations are applied. Instead they are subject to Umicore\u2019s annual impairment testing of the CGUs carrying these inventories. Any impairments booked are classified under the caption Write-downs & Impairments.
On the commercially available metal inventories: These inventories are economically hedged. For the part of the inventory where Umicore obtained IFRS 9 Fair Value hedge accounting, Umicore applies the mark-to-market valuation principles. When IFRS 9 Fair Value hedge accounting cannot be obtained (see Note F2.22.1 transactional risks \u2013 fair value hedging), LOCOM (lower of cost or net realizable value, meaning the estimated selling price less the estimated costs of completion and the estimated cost necessary to make the sale) is applied.
On the other base products inventories, LOCOM and slow moving principles are applied. Any write-downs booked are classified under the caption Write-downs & Impairments.
Consumables (gross values) are products that are not used in a direct way in the manufacturing processes (for example: packaging material). They are valued using the weighted-average cost method and are subject to LOCOM. Any write-downs booked are classified under the caption Write-downs & Impairments.
\nWrite-downs & Impairments are any impairments or write-downs booked on the Base products and Consumables which are captured under this line item.
\nAdvances paid are down-payments on transactions with suppliers for which the physical delivery has not yet taken place, and are booked at nominal value.
\nContracts in progress are valued using the percentage-of-completion method.
\nTrade and other receivables are measured at amortized cost, i.e. at the net present value of the receivable amount. Unless the impact of discounting is material, the nominal value is taken. Receivables are written down for irrecoverable amounts. All write-downs are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
\nTrade receivables of which substantially all the risks and rewards have been transferred are derecognized from the balance sheet. The positive fair value of derivative financial instruments is included under this heading.
\nTrade and other receivables are subject to an impairment methodology, referred to as the Expected Credit Loss (ECL) model, measuring the expected credit losses based on shared credit risk characteristics. Umicore has established an allowance matrix based on different customer and sector ratings, ageing balances, macro-economic and regional factors and historical loss patterns.
\nThe Group may undertake certain linked contracts to sell or buy metal and commit to repurchase or sell the metal in the future. An asset representing the metal which the Group has committed to sell or a liability representing the obligation to repurchase the metal are recognized in trade and other receivables or trade and other payables, respectively. Accordingly, principal cash flows in respect of sale and repurchase agreements are shown as cash flows from operating activities in the cash flow statement rather than cash flows from financing activities as long the financing is short term in time and the underlying transactions are not rolled over. Consistently interest paid and received are shown as cash flows from operating activities and presented as other income in the income statement in line with lease and factoring fees. No revenues are recognized in respect of the sale leg or costs are recognized in respect of the purchase leg if it regards the same metals and quantities engaged with the same party.
\nCash includes cash-in-hand and cash with banks. Cash equivalents are short-term, highly liquid investments that are readily convertible into known amounts of cash, have maturity dates of three months or less and are subject to an insignificant risk of change in value.
\nThese items are carried in the balance sheet at nominal value or amortized cost. Bank overdrafts are included in the current liabilities on the balance sheet.
\nA. Repurchase of own shares: When the company purchases some of its own shares, the consideration paid, including any attributable transaction costs net of income taxes, is deducted from the total shareholders\u2019 equity as treasury shares. No gain or loss shall be recognized in profit or loss on the purchase, sale, issue or cancellation of own shares. When such shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity.
\nB. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds of the issue, net of tax.
\nC. Dividends of the parent company payable on ordinary shares are only recognized as a liability following approval by the shareholders.
\nMinority interests represent a portion of the fair value of identifiable assets and liabilities recognized upon acquisition of a subsidiary that is attributable to third parties, together with the appropriate portion of subsequent profits and losses.
\nIn the income statement, the minority share in the Group\u2019s profit or loss is presented separately from the Group\u2019s consolidated result.
\nProvisions are recognized in the balance sheet when:
There is a present obligation (legal or constructive) as a result of a past event.
It is probable that an outflow of resources will be required to settle the obligation.
A reliable estimate can be made on the amount of the obligation.
A constructive obligation is an obligation that derives from company actions where, by an established pattern of past practice or published policies, the company has indicated that it will accept certain responsibilities and, as a result, the company has created a valid expectation that it will discharge those responsibilities.
\nThe amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period and taking into account the probability of the possible outcome of the event. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure expected to be required to settle the obligation. The result of the yearly discounting of the provision, if any, is accounted for as a financial result.
\nThe main types of provision are the following:
\nEnvironmental provisions are based on legal and constructive obligations from past events, in accordance with the company\u2019s environmental approach and applicable legal requirements.
\nThe full amount of the estimated obligation is recognized at the moment the event occurs.
\nWhen the obligation is production/activity related, the provision is recognized gradually depending on normal usage/production level.
\nThese include provisions for litigation, onerous contracts, warranties, exposure to equity investments and restructuring. A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan and the restructuring has either commenced or has been announced publicly before the end of the reporting period. Any restructuring provision only includes the direct expenditure arising from the restructuring which is necessarily entailed and is not associated with the ongoing activities of the Company.
\nThese include wages, salaries and social security contributions, paid annual leave and sick leave, bonuses and non-monetary benefits, and are taken as an expense in the relevant period.
\nAll company managers are eligible for bonuses that are based on indicators including personal performance and key financial targets. The amount of the bonus is recognized as an expense, based on an estimation made at the end of the reporting period.
\nThe company has various pension and medical care schemes in accordance with the conditions and practices of the countries it operates in. The schemes are generally funded through payments to insurance companies or trustee-administered funds.
\n2.17.2.1 Defined benefit plans
The company has accounted for all legal and constructive obligations both under the formal terms of defined benefit plans and under the company\u2019s informal practices.
The amount presented in the balance sheet is based on actuarial calculations (using the projected unit credit method) and represents the present value of the defined benefit obligations netted with the fair value of the plan assets.
\nThe past service costs are immediately recognized in the income statement since IAS 19 revised.
\nAll remeasurements as a result of changes in the actuarial assumptions of post-employment defined benefit plans are recognized through other comprehensive income (OCI) in the period in which they occur and are disclosed in the statement of comprehensive income as post-employment benefit reserves.
\nIn Belgium, in line with the Belgian legislation applicable to second pillar pension plans (so-called \u201cLaw Vandenbroucke\u201d), all Belgian De\ufb01ned Contribution plans, for which the legal minimum guaranteed return is applicable have to be considered under IFRS as De\ufb01ned Bene\ufb01t plans. Liabilities and costs of these plans are therefore calculated following the Projected Unit Credit Method.
\nIn Germany three defined contribution pension plans exist which are externally financed via the \u201cPensionskasse Degussa\u201d (PKD), the support fund \u201cUnterst\u00fctzungskasse Degussa\u201d (RUK) or the insurer \"Allianz\". In recent years, due to the low interest rate environment, there is a risk that the required adjustments of pensions paid by PKD and RUK cannot be fully borne by PKD or RUK. In case of such shortfalls, PKD and RUK would call upon Umicore to contribute the necessary extra funding, which could lead to an additional defined benefit pension obligation. Management applied a best estimate method to calculate this obligation.
\n2.17.2.2 Defined contribution plans
The company pays contributions to publicly or privately administered insurance plans.
The payments are recognized as expenses as they fall due and as such are included in personnel costs.
\nThese benefits are accrued for their expected costs over the period of employment using an accounting methodology similar to that for defined benefit pension plans. These obligations are in general valued annually by independent qualified actuaries. All remeasurements as a result of changes in the actuarial assumptions are immediately recognized in the income statement.
\nThese benefits arise as a result of the company\u2019s decision to terminate an employee\u2019s employment before the normal retirement date or of an employee\u2019s decision to accept voluntary redundancy in exchange for those benefits. When they are reasonably predictable in accordance with the conditions and practices of the countries the company operates in, future obligations are also recognized.
\nThese benefits are accrued for their expected costs over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. In general, these obligations are valued annually by independent qualified actuaries. All remeasurements as a result of changes in the actuarial assumptions are immediately recognized in the income statement.
\nDifferent stock option and share programs allow company employees and company senior management to acquire or obtain shares of the company.
\nWithin the Group there are three types of share-based payment plans that qualify as equity-settled:
Stock options
Shares
Performance Share Unit (\"PSU\")
The stock option or share exercise price equals the market price of the (underlying) instrument at the date of the grant. When the stock options are exercised, shares are delivered to the beneficiaries from existing own shares. For the share programs, shares are delivered to the beneficiaries from existing own shares. In both cases, the equity is increased by the amount of the proceeds received corresponding to the exercise price.
\nThe stock options and shares are typically vested at the moment of the grant and their fair value is recognized as an employee benefit expense with a corresponding increase in equity as share-based payment reserves. For the options, the expense to be recognized is calculated by an actuary, using a valuation model which takes into account all features of the stock options, the volatility of the underlying stock and an assumed exercise pattern.
\nAs long as the options granted have not been exercised, their value is reported in the Statement of Changes in Equity as \u2018share-based payments reserve\u2019. The value of the shares granted, the options exercised and the options expired during the period is transferred to \u2018retained earnings\u2019.
\nThe PSU's vest after three years, depending on the achievement of pre-set performance goals and provided continued service on the date of vesting. The objectives are defined by the Supervisory Board upon proposal of the Nomination and Remuneration Committee and include measurable and sustainable targets. The fair value of PSU's corresponds to the closing share price at grant date. The expense is recognized as employee benefit expense during the vesting period (i.e. the period in which the service and, where applicable, the performance conditions are fulfilled). The cumulative expense recognized for the PSU plans at each reporting date reflects the already expired portion of the vesting period and the Group\u2019s best estimate of the number of awards that will ultimately vest. The expense or credit in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
\nThe impact of employee benefits on results is booked under operating results in the income statement, except for the interest and discount rate impacts which are classified under financial results.
\nAll movements in financial liabilities are accounted for at trade date.
\nBorrowings are initially recognized as proceeds received, net of transaction costs.
\nSubsequently, they are carried at amortized cost using the effective interest rate method.
\nAmortized cost is calculated by taking into account any issue costs, and any discount or premium on issue. Any differences between cost and redemption value are recognized in the income statement upon redemption.
\nFinancial debt also contains the lease liability as per IFRS 16 (see Note F2.8).
\nThe convertible bond is considered as a compound instrument. It contains a liability and an equity component. This instrument is convertible into shares at the option of the holder. Each component is, therefore, accounted for separately. The liability element is determined by fair valuing the cash flows excluding any equity component. The residual is assigned to equity. The equity component is not remeasured, nor at conversion nor at maturity. Note, finally, that the convertible bond is a zero coupon instrument.
\nTrade payables are measured at amortized cost, i.e. at the net present value of the payable amount. Unless the impact of discounting is material, the nominal value is taken.
\nThe Group may undertake certain linked contracts to sell or buy metal and commit to repurchase or sell the metal in the future. An asset representing the metal which the Group has committed to sell or a liability representing the obligation to repurchase the metal are recognized in trade and other receivables or trade and other payables, respectively. Accordingly, principal cash flows in respect of sale and repurchase agreements are shown as cash flows from operating activities in the cash flow statement rather than cash flows from financing activities as long the financing is short term in time and the underlying transactions are not rolled over. Consistently interest paid and received are shown as cash flows from operating activities and presented as other income in the income statement in line with lease and factoring fees. No revenues are recognized in respect of the sale leg or costs are recognized in respect of the purchase leg if it regards the same metals and quantities engaged with the same party.
\nThe negative fair value of derivative financial instruments is included under this heading.
\nTaxes on pro\ufb01t or loss of the year include current and deferred taxes. Such taxes are calculated in accordance with the applicable tax provisions as enacted in each country the company operates in.
\nCurrent tax is the expected tax payable on the taxable income of the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable (or receivable) in respect of previous years.
\nThe tax payable is determined based on tax laws and regulations that apply in each of the numerous jurisdictions in which the Group operates. The income tax positions taken are considered by the Group to be supportable and likely to withstand challenge from tax authorities. However, it is accepted that some of the positions may be uncertain and require interpretation of complex tax laws.
\nTax provisions are recognized where the precise impact of the tax laws and regulations on taxes payable with respect to profit arising in those jurisdictions is unclear and could trigger a tax adjustment represented by a future flow of funds to a tax authority or an adjustment to a deferred tax asset. Uncertain tax positions are assessed periodically, following the application of IFRIC 23. Uncertainties are considered individually or collectively based on the approach providing the best available prediction of the resolution of the uncertainties with the tax authorities, assuming that the tax authority will examine the position (if entitled to do so) and will have full knowledge of all the relevant information. Uncertain Tax Positions or UTPs (or groups of UTPs) are recognized using either the most likely amount or the expected value, depending on which is thought to give a better prediction of the resolution of each (group of) UTP(s), to reflect the likelihood of an adjustment being applied and sustained upon examination. The assessment and measurements in relation to uncertain tax positions are reassessed if the facts and circumstances on which those estimates and assessments were based have changed, or as a result of the Group becoming aware of relevant new information. In the assessment and measurement of the Uncertain tax positions, the Group considers the statute of limitation applicable in each jurisdiction as well as any additional interest and penalties that may become due.
\nDeferred taxes arise due to temporary differences between the tax basis of assets and liabilities and their carrying amounts in the \ufb01nancial statements as well as for tax loss carryforwards and unused tax credits. The deferred taxes are measured using the corporate income tax rate enacted or substantially enacted at the end of the reporting period in the relevant countries the Company operates in.
\nDeferred tax assets are only recognized to the extent that it is probable that future taxable pro\ufb01t will be available against which the temporary differences can be utilized.
\nDeferred tax assets and liabilities are offset against each other and presented on a net basis if they relate to income taxes levied by the same taxation authority on the same taxable entity or consolidated tax filing group.
\nDeferred tax liabilities are recognized for differences between the proportional IFRS equity and the tax basis of the investment in a consolidated subsidiary if a reversal of these differences is expected in the foreseeable future. Deferred tax liabilities are recognized for dividend distributions planned for the following year if these distributions lead to a reversal of temporary differences.
\nIAS 12 includes a temporary exception to the requirement to recognize and disclose information about deferred tax assets and liabilities that are related to tax laws that are enacted or substantively enacted to implement the Pillar two legislation. The Umicore Group applies this temporary exception.
\nDespite the complexity of several processes within each Business Groups, the performance obligations are rather straightforward, those being:
Battery Materials: The delivery of the goods in accordance with contract specifications. These specifications have been predefined and validated through samples. This latter is not considered as a significant stream for further analysis under IFRS 15.
Catalysis: The delivery of the goods in accordance with contract specifications. These specifications have been predefined and validated through samples. This latter is not considered as a significant stream for further analysis under IFRS 15.
Recycling: The return of the refined metals back to the client in accordance with the contract either in their pure metal content or as part of a (semi)finished product and the sale of metal (including surplus metal recovered) towards the customers.
Specialty Materials: the delivery of the products according to specification agreed in the sales order received.
For sales within Battery Materials, the vast majority of revenue is recognized at a point in time when the control is transferred to the customer, this moment being driven by the delivery of the products according to the incoterms. Despite the products being customized, the considerations for over time have not been met given that the customer does not control the production process nor has the Group the entitlement to be paid prior to delivery of the goods.
\nFor sales within Catalysis the revenue is recognized at a point of time when the control transfers to the customer. Despite the products being customized, the considerations for over time have not been met given that the customer does not control the production process nor has the Group the entitlement to be paid prior to delivery of the goods. The control is therefore transferred based upon the usual delivery terms (incoterms) and the customer accepting the goods upon delivery.
\nFor sales within Recycling, the vast majority of revenue is recognized at a point in time when the control of the refined products or metal is back in the hands of the customers (refinery) or in the hands of the customers (sale of metal, including surplus metal recovered), embarked by the delivery.
\nFor sales within Specialty Materials the revenue is recognized at a point in time when the control is transferred to the customer, this moment being driven by the delivery of the products according to the incoterms.
\nNo revenue is recognized for the sale leg of contracts under which the Group sells or buys precious metal and commits to repurchase or sells the metal in the future.
\nSome of the contracts do contain commercial discounts and rebates, however frequency is relatively low, and magnitude is not significant. If applicable, these are recognized in the same period the sale is established.
\nThere are no additional warranty agreements sold to clients on top of legal requirements, therefore these are not considered as a separate performance obligation.
\nConsequently, the transaction price identified within the agreement is allocated in full to the performance obligation.
\nThere are no significant contract balances where the Group has performed the performance obligation for which no billing occurred yet. Advance payments for long term product supply agreements for which the performance obligation has not been satisfied are recognized in non-current trade payables if the performance obligation will occur more than 12 months after the end of the reporting period. An accretion expense, representing the time value of the upfront deposit, is recognized in financial expense. The revenue from the advance payment is recognized as the specific product identified in the contract is delivered.
\nThe revenue from contracts with customers is further detailed in Note F7 and F9.
\nThe assessment in view of impairment losses is captured under the expected credit loss model as detailed in Note F21.
\nA government grant is accounted for in the balance sheet initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants are recognized in the income statement over the period necessary to match them with the costs they are intended to compensate.
\nThe Group uses derivative financial and commodity instruments primarily to reduce the exposure to adverse fluctuations in foreign exchange rates, commodity prices, interest rates and other market risks. The Group uses mainly spot and forward contracts to cover the metal and currency risk, and swaps to hedge the interest rate risk. The operations carried out on the futures markets are not of a speculative nature.
\nDerivative \ufb01nancial and commodity instruments are used for the protection of the fair value of underlying hedged items (assets, liabilities and \ufb01rm commitments) and are recognized initially at fair value at trade date. The hedged items (physical commitments and commercially available inventory, primarily) are, under Umicore\u2019s economical hedging policies, initially valued at fair value by applying mark-to-market.
\nWhere possible Umicore documents hedge accounting according to the criteria set out in IFRS 9. The bottom layer or the net position approach for the fair value hedge on groups of closed portfolios of foreign exchange risk and commodity risk exposures are applied. Under the bottom layer approach, a layer representing the nominal amount of an exposure that has historically been present on a constant and continuous basis is defined.
\nThis layer is further split into smaller unit of accounts, sublayers, which are designated as hedged items. The sublayers are then hedged by hedging instruments that are designated as hedging multiples of such sublayers.
\nUnder the net position approach, hedging is applied based on a group of items with offsetting risk positions, the net position being the hedged item hedged by a hedging instrument.
\nIn both approaches, it regards closed hedged portfolios in which items cannot be added, removed or replaced without treating each change as the transition to a new portfolio. In both approaches, the exposures cover a group of both on balance and off balance foreign exchange and commodity positions, that is, either trade payables, inventories and purchase commitments or trade receivables and sales commitments exposed to the variability of foreign currencies or commodity prices.
\nIn the absence of reaching IFRS 9 hedge accounting as the bottom layer or net position criteria are not met or when no market-based derivatives are available, Umicore recognizes the hedged items at cost. Since under Umicore economical hedging policy, all transactional hedging positions are marked to market for operational risk monitoring purposes, this consists in reversing any positive fair value on these hedged items to keep them at cost (in case of inventories) or off-balance (in case of commitments). Hedges in this category are labelled as economical hedges and are not considered speculative instruments.
\nWhen there is a consistent practice of trading of commodities through the use of commodity contracts by a dedicated subsidiary or a cash generating unit (CGU) of the Group and by which the entity takes delivery of the underlying commodity to sell it within a short period after delivery for the purpose of generating a pro\ufb01t from short-term \ufb02uctuations in price or trading margins, the inventory is valued at fair value through the income statement and the related physical and / or commodity commitments are classi\ufb01ed as derivatives and measured at fair value through the income statement.
\nDerivative financial and commodity instruments used for the protection of future cash flows are designated as hedges under cash-flow hedge accounting. The effective portion of changes in the fair value of hedging instruments which qualify as cash flow hedges are recognized in the shareholders equity as hedging reserves until the underlying forecasted or committed transactions occur (i.e. affect the income statement). At that time the recognized gains and losses on the hedging instruments are transferred from equity to the income statement.
\nWhen the underlying hedged transactions are no longer probable or the hedges become ineffective, the corresponding hedging instrument will immediately be terminated and all profits or losses including those which were deferred in equity, are immediately recognized in the income statement.
\nIn the absence of obtaining cash-flow hedge accounting at inception as defined under IFRS 9, then the fair value of the related hedging instruments is recognized in the income statement instead of the equity and this prior to the occurrence of the underlying forecasted or committed transactions.
\nExecutory contracts (the \u201chost contract\u201d) may sometimes contain embedded derivatives.
\nEmbedded derivatives cause some or all of the cash flows that would otherwise be expected from the host contract, to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, or another variable. If it is concluded that such a derivative is not closely related to the host contract, it is separated from the host contract and accounted for under the rules of IFRS 9 (fair value through profit or loss). The host contract is accounted for using the rules applicable to executory contracts, which effectively means that such a contract is not recognized in the balance sheet or profit and loss before delivery on the contract takes place.
\nIn preparing the consolidated financial statements, the Group has considered the potential impact of climate-related risks which cover both transition risks (market, reputation, policy and legal, technology) and physical risks (direct damage to assets and supply chain disruption). The risks and opportunities related to climate changes are further described in ESRS E1 Climate change section.
\nThe potential impact of climate change on a number of areas within the financial statements has been considered such as:
The forecasts and cash flows used in impairment review of non-current assets (including goodwill)
Recoverability of deferred taxes
Expected lives of property, plant and equipment and their exposure to the physical risk posed by climate change. Their expected lives tend to be short to medium term, as such the physical risk posed by climate change in the long term is low.
There is inherent uncertainty over the assumptions used within these areas and how they will impact the Group\u2019s business operations, cash flows and profit projections. Nevertheless, the latest outlooks of the Group reflect continuous investment in sustainable technologies and our unique position to meet the market with sustainable solutions.
\nGiven our decarbonization ambitions, the Group secures long-term green power purchase agreements (PPAs) for its plants through onshore wind farms, offshore wind farms and solar panel installations. Agreements are analysed under IFRS to determine whether they are own-used contracts, financial instruments or if they contain a lease. As of 31 December 2024, most of our PPAs contracts are accounted for as own-used contracts. Only one PPA contract is accounted for as a financial instrument. Currently, signed contracts have an average duration of 15 years ranging from 5 to 25 years for a total yearly volume of approximately 700 GWh.
\nEnergy Attribute Certificates linked to those contracts are either automatically canceled, redeemed by Umicore, or redeemed on Umicore's behalf and expensed during the period to which the electricity was consumed.
\nThe adjustments to the result relate to restructuring measures, impairment of assets linked to restructuring measures and other income or expenses arising from events or transactions that are clearly distinct from the ordinary activities of the company such as discontinuation of activities and environmental provisions that relate to historical pollution or linked to non-active sites.
\nLoans 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 F25).
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period.
\nThe 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 power purchase agreements for which own use can not be applied is determined using forward market prices of electricity at the end of the reporting period for three years ahead and market-oriented indexation for the years after that as well as an estimate of the future volume that will be produced.
\nThe fair value of quoted financial assets held by the Group is their quoted market price at the end of the reported period. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less impairment.
\nThe 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.
\nDisclosures of fair value measurements by level are based on the following fair value measurement hierarchy:
Level 1: fair value based on quoted prices in active markets for identical assets or liabilities
Level 2: fair value based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3: fair value for the asset or liability valuation are based on unobservable inputs
In the Group, the fair values on financial assets at fair value through OCI are measured as level 1.
\nAll the metal, energy and foreign currency derivatives are measured as level 2.
\nFinancial instruments related to power purchase agreements for which own use can not be applied are measured as level 3.
\nDuring the year, there were no transfer between levels in the fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-354": { "value": "\nSubsidiaries are all entities over which the Group has control.
\nThe Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date the Group obtains control until the date control ceases. The Group applies the purchase method of accounting for business combinations.
\nNote F5 lists all significant subsidiaries of the Group at the closing date.
\nInter-company transactions, balances and unrealized gains or losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group\u2019s accounting policies. The lines \u201cother operating income\u201d and \u201cother financial income\u201d of the income statement include, depending on the nature of the underlying transactions, the currency translation differences due to intercompany transactions to be translated from the transaction currency into functional currency which may differ from EUR for some entities and regions.
\nIFRS 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.
\nThe Group applies IFRS 11 to all joint arrangements. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income.
\nWhen the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.
\nUnrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
\nThe Group has investments in joint ventures when it shares joint control with other investors, and it has rights to the net assets of these joint ventures. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investment after the date of acquisition.
\nThe Group\u2019s share of post-acquisition profit or loss is recognized in the consolidated income statement in the line \"Share in result of companies accounted for using the equity method\", and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Investments in associates and joint ventures are presented as non-current asset on the balance sheet on the line \"Investments accounted for using the equity method\".
\nProfits and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-355": { "value": "\nSubsidiaries are all entities over which the Group has control.
\nThe Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date the Group obtains control until the date control ceases. The Group applies the purchase method of accounting for business combinations.
\nNote F5 lists all significant subsidiaries of the Group at the closing date.
\nInter-company transactions, balances and unrealized gains or losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group\u2019s accounting policies. The lines \u201cother operating income\u201d and \u201cother financial income\u201d of the income statement include, depending on the nature of the underlying transactions, the currency translation differences due to intercompany transactions to be translated from the transaction currency into functional currency which may differ from EUR for some entities and regions.
\nIFRS 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-356": { "value": "\nIFRS 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-357": { "value": "\nThe Group applies IFRS 11 to all joint arrangements. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income.
\nWhen the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.
\nUnrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
\nThe Group has investments in joint ventures when it shares joint control with other investors, and it has rights to the net assets of these joint ventures. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investment after the date of acquisition.
\nThe Group\u2019s share of post-acquisition profit or loss is recognized in the consolidated income statement in the line \"Share in result of companies accounted for using the equity method\", and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Investments in associates and joint ventures are presented as non-current asset on the balance sheet on the line \"Investments accounted for using the equity method\".
\nProfits and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-358": { "value": "\nThe Group applies IFRS 11 to all joint arrangements. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income.
\nWhen the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.
\nUnrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
\nThe Group has investments in joint ventures when it shares joint control with other investors, and it has rights to the net assets of these joint ventures. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investment after the date of acquisition.
\nThe Group\u2019s share of post-acquisition profit or loss is recognized in the consolidated income statement in the line \"Share in result of companies accounted for using the equity method\", and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Investments in associates and joint ventures are presented as non-current asset on the balance sheet on the line \"Investments accounted for using the equity method\".
\nProfits and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-359": { "value": "\nThe Group has investments in joint ventures when it shares joint control with other investors, and it has rights to the net assets of these joint ventures. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investment after the date of acquisition.
\nThe Group\u2019s share of post-acquisition profit or loss is recognized in the consolidated income statement in the line \"Share in result of companies accounted for using the equity method\", and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Investments in associates and joint ventures are presented as non-current asset on the balance sheet on the line \"Investments accounted for using the equity method\".
\nProfits and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-362": { "value": "\nNote F7 provides the Group\u2019s segment information, in line with IFRS 8. Umicore is organized in business units. Operating segments under IFRS 8 at Umicore are differentiated by their growth drivers in the areas of Battery Materials, Catalysis, Specialty Materials and Recycling.
\nThe Battery Materials segment includes global activities related to the development, manufacturing and marketing of cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries, as well as the related refining activities of cobalt and nickel chemicals. Umicore\u2019s battery materials are predominantly produced for EV applications and are based on the metals lithium, cobalt, manganese and nickel (NMC). Its NMC product portfolio covers high-nickel, midnickel and manganese-rich technologies, targeting the premium, mass and entry EV segments. It spans current lithium-ion battery technologies as well as future technologies such as solid state batteries.
\nThe Catalysis segment provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, including on-road and off-road vehicles. The business group also offers stationary catalysis for industrial emissions control and produces precious metals based compounds and catalysts for use in fuel cell applications and in the pharmaceutical and fine chemicals industries.
\nThe Recycling segment treats complex waste streams containing precious and other specialty metals. The operations can recover 20 of these metals from a wide range of input materials ranging from industrial residues to end-of-life materials. Other activities include production of precious metals-based materials that are essential for applications as diverse as high-tech glass production and electronics.
\nThe Specialty Materials segment develops, manufactures and distributes metal-based materials and chemicals for applications vital to everyday lives. It creates value through continuous product and process innovation. Via research and development Specialty Materials diversifies its portfolio to serve appealing niche markets with customized products and services. With its metal refining and recycling skills, it closes the loop for its customers by transforming used metals into fresh inputs for the industry.
\nCorporate covers corporate activities, shared operational functions and the Group\u2019s Research, Development & Innovation unit.
\nOperating segments are reported in a manner consistent with the internal reporting provided to the Supervisory Board and the Executive Leadership Team.
\nThe segment results, assets and liabilities include items directly attributable to the segment as well as those elements that can reasonably be allocated to a segment.
\nThe pricing of inter-segment sales is based on an arm\u2019s length transfer pricing system. In the absence of relevant market price references, \u2018cost plus\u2019 mechanisms are used.
\nAssociate and joint ventures companies are allocated to the business group with the closest fit from a market segment perspective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-363": { "value": "\nFor the reported period, there is one subsidiary in the Umicore Group having a functional currency belonging to a hyperinflationary economy in Argentina. However, in view of significance to the Group, this is not material for IAS 29 to be applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-364": { "value": "\nFunctional currency: items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity. To consolidate the Group and each of its subsidiaries in EUR, the financial statements are translated as follows:
Assets and liabilities at the year-end rate as published by the European Central Bank or by the Central Bank of Brazil and Poland respectively for the Brazilian Real and the Polish Zloty.
Income statements at the average exchange rate for the year
The components of shareholders\u2019 equity at the historical exchange rate.
Note F6 presents the rates applied for the period.
\nExchange differences arising from the translation of the net investment in foreign subsidiaries, joint ventures and associated entities at the period-end exchange rate are recorded as part of the shareholders\u2019 equity under \u201ccurrency translation differences\u201d.
\nWhen a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.
\nForeign currency transactions are recognized during the period in the functional currency of each entity at exchange rates prevailing at the date of transaction. The date of a transaction is the date at which the transaction first qualifies for recognition. For practical reasons a rate that approximates the actual rate at the date of the transaction is used for some operations, for example, an average rate for the week or the month in which the transactions occur.
\nSubsequently, monetary assets and liabilities denominated in foreign currencies are translated at the closing rate at the end of the reporting period.
\nGains and losses resulting from the settlement of foreign currency transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognized in the income statement as a financial result.
\nIn order to hedge its exposure to certain foreign exchange risks, the Company has entered into certain forward contracts (see Note F2.22, Financial instruments).
\nFor the main currencies applicable within the Group\u2019s consolidated entities and investments, the prevailing rates used for translation into the Group\u2019s presentation currency (EUR), are as set out below. All subsidiaries, associates and joint-ventures have as functional currency the currency of the country in which they operate, except for Element Six Abrasives (United Kingdom) where the functional currency is the US dollar (USD).
\n| \u00a0 | \u00a0 | CLOSING RATES | AVERAGE RATES | ||
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | 2023 | 2024 | 2023 | 2024 |
| American Dollar | USD | 1.105 | 1.039 | 1.081 | 1.082 |
| Korean Won (100) | KRW | 14.337 | 15.322 | 14.129 | 14.754 |
| Polish Zloty | PLN | 4.340 | 4.273 | 4.542 | 4.307 |
| Chinese Yuan | CNY | 7.851 | 7.583 | 7.660 | 7.787 |
| Canadian Dollar | CAD | 1.464 | 1.495 | 1.459 | 1.482 |
| Brazilian Real | BRL | 5.350 | 6.433 | 5.401 | 5.834 |
| Hong Kong Dollar | HKD | 8.631 | 8.069 | 8.465 | 8.445 |
| South African Rand | ZAR | 20.348 | 19.619 | 19.955 | 19.830 |
| Japanese Yen | JPY | 156.330 | 163.060 | 151.990 | 163.852 |
| Indian Rupee | INR | 91.905 | 88.934 | 89.300 | 90.556 |
| Thai Baht | THB | 37.973 | 35.676 | 37.631 | 38.181 |
Functional currency: items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity. To consolidate the Group and each of its subsidiaries in EUR, the financial statements are translated as follows:
Assets and liabilities at the year-end rate as published by the European Central Bank or by the Central Bank of Brazil and Poland respectively for the Brazilian Real and the Polish Zloty.
Income statements at the average exchange rate for the year
The components of shareholders\u2019 equity at the historical exchange rate.
Note F6 presents the rates applied for the period.
\nExchange differences arising from the translation of the net investment in foreign subsidiaries, joint ventures and associated entities at the period-end exchange rate are recorded as part of the shareholders\u2019 equity under \u201ccurrency translation differences\u201d.
\nWhen a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.
\nForeign currency transactions are recognized during the period in the functional currency of each entity at exchange rates prevailing at the date of transaction. The date of a transaction is the date at which the transaction first qualifies for recognition. For practical reasons a rate that approximates the actual rate at the date of the transaction is used for some operations, for example, an average rate for the week or the month in which the transactions occur.
\nSubsequently, monetary assets and liabilities denominated in foreign currencies are translated at the closing rate at the end of the reporting period.
\nGains and losses resulting from the settlement of foreign currency transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognized in the income statement as a financial result.
\nIn order to hedge its exposure to certain foreign exchange risks, the Company has entered into certain forward contracts (see Note F2.22, Financial instruments).
\nFor the main currencies applicable within the Group\u2019s consolidated entities and investments, the prevailing rates used for translation into the Group\u2019s presentation currency (EUR), are as set out below. All subsidiaries, associates and joint-ventures have as functional currency the currency of the country in which they operate, except for Element Six Abrasives (United Kingdom) where the functional currency is the US dollar (USD).
\n| \u00a0 | \u00a0 | CLOSING RATES | AVERAGE RATES | ||
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | 2023 | 2024 | 2023 | 2024 |
| American Dollar | USD | 1.105 | 1.039 | 1.081 | 1.082 |
| Korean Won (100) | KRW | 14.337 | 15.322 | 14.129 | 14.754 |
| Polish Zloty | PLN | 4.340 | 4.273 | 4.542 | 4.307 |
| Chinese Yuan | CNY | 7.851 | 7.583 | 7.660 | 7.787 |
| Canadian Dollar | CAD | 1.464 | 1.495 | 1.459 | 1.482 |
| Brazilian Real | BRL | 5.350 | 6.433 | 5.401 | 5.834 |
| Hong Kong Dollar | HKD | 8.631 | 8.069 | 8.465 | 8.445 |
| South African Rand | ZAR | 20.348 | 19.619 | 19.955 | 19.830 |
| Japanese Yen | JPY | 156.330 | 163.060 | 151.990 | 163.852 |
| Indian Rupee | INR | 91.905 | 88.934 | 89.300 | 90.556 |
| Thai Baht | THB | 37.973 | 35.676 | 37.631 | 38.181 |
Expenses for formation and capital increase are deducted from the share capital.
\nGoodwill represents the excess of the cost of an acquisition of a subsidiary, associate or jointly controlled entity over the Group\u2019s share in the fair value of the identifiable assets and liabilities of the acquired entity at the date of acquisition. Goodwill is recognized at cost less any accumulated impairment losses.
\nGoodwill from associates and joint ventures is presented in the balance sheet on the line \u201cInvestments accounted for under the equity method\u201d, together with the investment itself.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate.
\nTo assess impairment, goodwill is allocated to a cash generating unit (CGU). At each balance sheet date, these CGUs are tested for impairment, meaning an analysis is performed to determine whether the carrying amount of goodwill allocated to the CGU is fully recoverable.
\nIf the carrying amount is not fully recoverable, an appropriate impairment loss is recognized in the income statement. These impairment losses are never reversed.
\nThe excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition is recognized in the income statement immediately.
\nResearch costs related to the prospect of gaining new scientific or technological knowledge and understanding are recognized in the income statement as an incurred expense.
\nDevelopment costs are defined as costs incurred for the design of new or substantially improved products and for the processes prior to commercial production or use. They are capitalized if, among others, the following conditions are met:
The intangible asset will give rise to future economic benefits, or in other words, the market potential has been clearly demonstrated.
The expenditures related to the process or product can be clearly identified and reliably measured.
In case it is difficult to clearly distinguish between research or development costs, the costs are considered as being research. If development costs are capitalized they are amortized using a straight-line method over the period of their expected benefit, in general five years.
\nWithin the framework of the Kyoto Protocol, a third emission trading period started, covering 2013-2020 and the fourth phase started on 1 January 2021 (till 2030). Therefore, the Flemish Government granted emission rights to the Flemish sites of certain companies, including Umicore. Each year, at the end of June, two-thirds of the emission rights to be submitted annually is put into an official registry account.
\nEmission rights are recognized as intangible assets at cost (purchasing value) if purchased from a third party or at fair value if they are granted by the state. The emission rights shall not be reported directly in the income statement but deferred until the moment they are used. Emission rights owned are subject to impairment testing but are not depreciated.
\nAt each closing date, the Group estimates the actual use of rights for the period and recognizes a provision for the rights that will have to be restored to the Government for the emission of the past year. The recognition of provisions are compensated in the income statement by the release of deferred revenue. Historically, Umicore owns the required rights to ensure its normal operating activities.
\nAll the following types are recorded at historical cost, less accumulated amortization and impairment losses:
Concessions, patents, licenses: are amortized over the period of their legal protection with a minimum of 5% (in general over 5 years).
Customer portfolios: are typically amortized over a period of five years.
ERP software is typically amortized over a period of ten years.
Smaller software is typically amortized over a period of five years.
Umicore has currently no intangible asset with an indefinite useful live.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-369": { "value": "\nGoodwill represents the excess of the cost of an acquisition of a subsidiary, associate or jointly controlled entity over the Group\u2019s share in the fair value of the identifiable assets and liabilities of the acquired entity at the date of acquisition. Goodwill is recognized at cost less any accumulated impairment losses.
\nGoodwill from associates and joint ventures is presented in the balance sheet on the line \u201cInvestments accounted for under the equity method\u201d, together with the investment itself.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate.
\nTo assess impairment, goodwill is allocated to a cash generating unit (CGU). At each balance sheet date, these CGUs are tested for impairment, meaning an analysis is performed to determine whether the carrying amount of goodwill allocated to the CGU is fully recoverable.
\nIf the carrying amount is not fully recoverable, an appropriate impairment loss is recognized in the income statement. These impairment losses are never reversed.
\nThe excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition is recognized in the income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-370": { "value": "\nGoodwill represents the excess of the cost of an acquisition of a subsidiary, associate or jointly controlled entity over the Group\u2019s share in the fair value of the identifiable assets and liabilities of the acquired entity at the date of acquisition. Goodwill is recognized at cost less any accumulated impairment losses.
\nGoodwill from associates and joint ventures is presented in the balance sheet on the line \u201cInvestments accounted for under the equity method\u201d, together with the investment itself.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate.
\nTo assess impairment, goodwill is allocated to a cash generating unit (CGU). At each balance sheet date, these CGUs are tested for impairment, meaning an analysis is performed to determine whether the carrying amount of goodwill allocated to the CGU is fully recoverable.
\nIf the carrying amount is not fully recoverable, an appropriate impairment loss is recognized in the income statement. These impairment losses are never reversed.
\nThe excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition is recognized in the income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-371": { "value": "\nResearch costs related to the prospect of gaining new scientific or technological knowledge and understanding are recognized in the income statement as an incurred expense.
\nDevelopment costs are defined as costs incurred for the design of new or substantially improved products and for the processes prior to commercial production or use. They are capitalized if, among others, the following conditions are met:
The intangible asset will give rise to future economic benefits, or in other words, the market potential has been clearly demonstrated.
The expenditures related to the process or product can be clearly identified and reliably measured.
In case it is difficult to clearly distinguish between research or development costs, the costs are considered as being research. If development costs are capitalized they are amortized using a straight-line method over the period of their expected benefit, in general five years.
\nWithin the framework of the Kyoto Protocol, a third emission trading period started, covering 2013-2020 and the fourth phase started on 1 January 2021 (till 2030). Therefore, the Flemish Government granted emission rights to the Flemish sites of certain companies, including Umicore. Each year, at the end of June, two-thirds of the emission rights to be submitted annually is put into an official registry account.
\nEmission rights are recognized as intangible assets at cost (purchasing value) if purchased from a third party or at fair value if they are granted by the state. The emission rights shall not be reported directly in the income statement but deferred until the moment they are used. Emission rights owned are subject to impairment testing but are not depreciated.
\nAt each closing date, the Group estimates the actual use of rights for the period and recognizes a provision for the rights that will have to be restored to the Government for the emission of the past year. The recognition of provisions are compensated in the income statement by the release of deferred revenue. Historically, Umicore owns the required rights to ensure its normal operating activities.
\nAll the following types are recorded at historical cost, less accumulated amortization and impairment losses:
Concessions, patents, licenses: are amortized over the period of their legal protection with a minimum of 5% (in general over 5 years).
Customer portfolios: are typically amortized over a period of five years.
ERP software is typically amortized over a period of ten years.
Smaller software is typically amortized over a period of five years.
Umicore has currently no intangible asset with an indefinite useful live.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-372": { "value": "\nResearch costs related to the prospect of gaining new scientific or technological knowledge and understanding are recognized in the income statement as an incurred expense.
\nDevelopment costs are defined as costs incurred for the design of new or substantially improved products and for the processes prior to commercial production or use. They are capitalized if, among others, the following conditions are met:
The intangible asset will give rise to future economic benefits, or in other words, the market potential has been clearly demonstrated.
The expenditures related to the process or product can be clearly identified and reliably measured.
In case it is difficult to clearly distinguish between research or development costs, the costs are considered as being research. If development costs are capitalized they are amortized using a straight-line method over the period of their expected benefit, in general five years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-373": { "value": "\nResearch costs related to the prospect of gaining new scientific or technological knowledge and understanding are recognized in the income statement as an incurred expense.
\nDevelopment costs are defined as costs incurred for the design of new or substantially improved products and for the processes prior to commercial production or use. They are capitalized if, among others, the following conditions are met:
The intangible asset will give rise to future economic benefits, or in other words, the market potential has been clearly demonstrated.
The expenditures related to the process or product can be clearly identified and reliably measured.
In case it is difficult to clearly distinguish between research or development costs, the costs are considered as being research. If development costs are capitalized they are amortized using a straight-line method over the period of their expected benefit, in general five years.
\nAll the following types are recorded at historical cost, less accumulated amortization and impairment losses:
Concessions, patents, licenses: are amortized over the period of their legal protection with a minimum of 5% (in general over 5 years).
Customer portfolios: are typically amortized over a period of five years.
ERP software is typically amortized over a period of ten years.
Smaller software is typically amortized over a period of five years.
Umicore has currently no intangible asset with an indefinite useful live.
\nProperty, plant and equipment (\"PPE\") is recorded at historical cost, less accumulated depreciation and impairment losses. Cost includes all direct costs and appropriate allocation of indirect costs incurred to bring the asset to working condition for its intended use.
\nBorrowing 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.
\nThe straight-line depreciation method is applied through the estimated useful life of the assets.
\nUseful life is the period of time over which an asset is expected to be used by the company.
\nRepair 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.
\nUmicore\u2019s PPE, being complex and highly customized industrial assets, typically does 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.
\nThe typical useful life per main type of property, plant and equipment are as per table below. For material newly acquired or constructed assets, the useful life is separately assessed at the moment of the investment request and can deviate from the above standards.
\nManagement determines the estimated useful lives and related depreciation charges for property, plant and equipment. Management uses standard estimates based on a combination of physical durability and projected product life or industry life cycles. These useful lives could change significantly as a result of technical innovations, market developments or competitor actions. Management will increase the depreciation charge where useful lives are shorter than previously estimated, or it will impair technically obsolete or non-strategic assets that have been abandoned or sold.
\nLand use rights are part of the property, plant and equipment and are typically amortized over the contractual period.
\n| \u00a0 | years |
|---|---|
| Land | Non-depreciable |
| Buildings | \u00a0 |
| - Industrial buildings | 20 |
| - Improvements to buildings | 10 |
| - Offices and laboratories | 40 |
| Plant, machinery and equipment | 10 |
| - Furnaces | 10 - 15 |
| - Small equipment | 5 |
| Furniture and vehicles | \u00a0 |
| - Vehicles | 5 |
| - Mobile handling equipment | 7 |
| - Computer equipment | 3 - 5 |
| - Furniture and office equipment | 5 - 10 |
Within the framework of the Kyoto Protocol, a third emission trading period started, covering 2013-2020 and the fourth phase started on 1 January 2021 (till 2030). Therefore, the Flemish Government granted emission rights to the Flemish sites of certain companies, including Umicore. Each year, at the end of June, two-thirds of the emission rights to be submitted annually is put into an official registry account.
\nEmission rights are recognized as intangible assets at cost (purchasing value) if purchased from a third party or at fair value if they are granted by the state. The emission rights shall not be reported directly in the income statement but deferred until the moment they are used. Emission rights owned are subject to impairment testing but are not depreciated.
\nAt each closing date, the Group estimates the actual use of rights for the period and recognizes a provision for the rights that will have to be restored to the Government for the emission of the past year. The recognition of provisions are compensated in the income statement by the release of deferred revenue. Historically, Umicore owns the required rights to ensure its normal operating activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-377": { "value": "\nAll the following types are recorded at historical cost, less accumulated amortization and impairment losses:
Concessions, patents, licenses: are amortized over the period of their legal protection with a minimum of 5% (in general over 5 years).
Customer portfolios: are typically amortized over a period of five years.
ERP software is typically amortized over a period of ten years.
Smaller software is typically amortized over a period of five years.
Umicore has currently no intangible asset with an indefinite useful live.
\nProperty, plant and equipment (\"PPE\") is recorded at historical cost, less accumulated depreciation and impairment losses. Cost includes all direct costs and appropriate allocation of indirect costs incurred to bring the asset to working condition for its intended use.
\nBorrowing 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.
\nThe straight-line depreciation method is applied through the estimated useful life of the assets.
\nUseful life is the period of time over which an asset is expected to be used by the company.
\nRepair 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.
\nUmicore\u2019s PPE, being complex and highly customized industrial assets, typically does 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.
\nThe typical useful life per main type of property, plant and equipment are as per table below. For material newly acquired or constructed assets, the useful life is separately assessed at the moment of the investment request and can deviate from the above standards.
\nManagement determines the estimated useful lives and related depreciation charges for property, plant and equipment. Management uses standard estimates based on a combination of physical durability and projected product life or industry life cycles. These useful lives could change significantly as a result of technical innovations, market developments or competitor actions. Management will increase the depreciation charge where useful lives are shorter than previously estimated, or it will impair technically obsolete or non-strategic assets that have been abandoned or sold.
\nLand use rights are part of the property, plant and equipment and are typically amortized over the contractual period.
\n| \u00a0 | years |
|---|---|
| Land | Non-depreciable |
| Buildings | \u00a0 |
| - Industrial buildings | 20 |
| - Improvements to buildings | 10 |
| - Offices and laboratories | 40 |
| Plant, machinery and equipment | 10 |
| - Furnaces | 10 - 15 |
| - Small equipment | 5 |
| Furniture and vehicles | \u00a0 |
| - Vehicles | 5 |
| - Mobile handling equipment | 7 |
| - Computer equipment | 3 - 5 |
| - Furniture and office equipment | 5 - 10 |
Property, plant and equipment (\"PPE\") is recorded at historical cost, less accumulated depreciation and impairment losses. Cost includes all direct costs and appropriate allocation of indirect costs incurred to bring the asset to working condition for its intended use.
\nBorrowing 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.
\nThe straight-line depreciation method is applied through the estimated useful life of the assets.
\nUseful life is the period of time over which an asset is expected to be used by the company.
\nRepair 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.
\nUmicore\u2019s PPE, being complex and highly customized industrial assets, typically does 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.
\nThe typical useful life per main type of property, plant and equipment are as per table below. For material newly acquired or constructed assets, the useful life is separately assessed at the moment of the investment request and can deviate from the above standards.
\nManagement determines the estimated useful lives and related depreciation charges for property, plant and equipment. Management uses standard estimates based on a combination of physical durability and projected product life or industry life cycles. These useful lives could change significantly as a result of technical innovations, market developments or competitor actions. Management will increase the depreciation charge where useful lives are shorter than previously estimated, or it will impair technically obsolete or non-strategic assets that have been abandoned or sold.
\nLand use rights are part of the property, plant and equipment and are typically amortized over the contractual period.
\n| \u00a0 | years |
|---|---|
| Land | Non-depreciable |
| Buildings | \u00a0 |
| - Industrial buildings | 20 |
| - Improvements to buildings | 10 |
| - Offices and laboratories | 40 |
| Plant, machinery and equipment | 10 |
| - Furnaces | 10 - 15 |
| - Small equipment | 5 |
| Furniture and vehicles | \u00a0 |
| - Vehicles | 5 |
| - Mobile handling equipment | 7 |
| - Computer equipment | 3 - 5 |
| - Furniture and office equipment | 5 - 10 |
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-383": { "value": "\nRepair 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-384": { "value": "\nAt the commencement date of a lease, the Group recognizes a lease liability (i.e. a liability to make lease payments), and a right-of-use asset (i.e. an asset representing the right to use the underlying asset over the lease term). Right-of-use assets are presented in property, plant and equipment.
\nThe lease liabilities are recognized at the present value of the remaining lease payments (see Note F25) in non-current liabilities or in current liabilities depending on the due date.
\nThe right-of-use asset is depreciated over the term of the lease (see Note F16). Interest expense is recognized on the lease liability (see Note F11). The lease liability is remeasured upon the occurrence of certain events (e.g. a change in the lease term or a change in future lease payments resulting from a change in index). Such remeasurements of the lease liability will generally be recognized as an adjustment to the right-of-use asset.
\nThe Group applies the lease recognition exemptions for short-term leases and leases for which the underlying asset is of low value. The Group elects, by class of underlying asset, not to separate non-lease components from lease components and instead accounts for each lease component and any associated non-lease component as one single lease component.
\nThe Group leases metals to and from third parties for specified periods for which the Group receives or pays fees. Metal lease contracts are typically concluded for less than one year.
\nThe metal leases from and to third parties are still reported as off-balance sheet commitments, as not in the scope of IFRS 16.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-385": { "value": "\nAll movements in other equity investments, loans and non-current receivables are accounted for at trade date.
\nFinancial assets that are equity instruments are measured at fair value. Subsequent fair value recognition through profit or loss or other comprehensive income (\"OCI\") is determined at moment of initial recognition.
\nChanges through OCI are recognized in the line \"changes in other equity investments at fair value (\"FV\") through OCI reserves\" of the consolidated statement of comprehensive income. Gain and losses from the measurement of equity investments through the consolidated statement of comprehensive income are never recycled to the income statement but instead reclassified to retained earnings on disposal. For investments quoted in an active market, the quoted market price is the best measure of fair value. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less any impairment.
\nLoans and non-current receivables are carried at amortized cost less any impairment.
\nAll impairments are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-386": { "value": "\nAll movements in other equity investments, loans and non-current receivables are accounted for at trade date.
\nFinancial assets that are equity instruments are measured at fair value. Subsequent fair value recognition through profit or loss or other comprehensive income (\"OCI\") is determined at moment of initial recognition.
\nChanges through OCI are recognized in the line \"changes in other equity investments at fair value (\"FV\") through OCI reserves\" of the consolidated statement of comprehensive income. Gain and losses from the measurement of equity investments through the consolidated statement of comprehensive income are never recycled to the income statement but instead reclassified to retained earnings on disposal. For investments quoted in an active market, the quoted market price is the best measure of fair value. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less any impairment.
\nLoans and non-current receivables are carried at amortized cost less any impairment.
\nAll impairments are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
\nThe Group uses derivative financial and commodity instruments primarily to reduce the exposure to adverse fluctuations in foreign exchange rates, commodity prices, interest rates and other market risks. The Group uses mainly spot and forward contracts to cover the metal and currency risk, and swaps to hedge the interest rate risk. The operations carried out on the futures markets are not of a speculative nature.
\nDerivative \ufb01nancial and commodity instruments are used for the protection of the fair value of underlying hedged items (assets, liabilities and \ufb01rm commitments) and are recognized initially at fair value at trade date. The hedged items (physical commitments and commercially available inventory, primarily) are, under Umicore\u2019s economical hedging policies, initially valued at fair value by applying mark-to-market.
\nWhere possible Umicore documents hedge accounting according to the criteria set out in IFRS 9. The bottom layer or the net position approach for the fair value hedge on groups of closed portfolios of foreign exchange risk and commodity risk exposures are applied. Under the bottom layer approach, a layer representing the nominal amount of an exposure that has historically been present on a constant and continuous basis is defined.
\nThis layer is further split into smaller unit of accounts, sublayers, which are designated as hedged items. The sublayers are then hedged by hedging instruments that are designated as hedging multiples of such sublayers.
\nUnder the net position approach, hedging is applied based on a group of items with offsetting risk positions, the net position being the hedged item hedged by a hedging instrument.
\nIn both approaches, it regards closed hedged portfolios in which items cannot be added, removed or replaced without treating each change as the transition to a new portfolio. In both approaches, the exposures cover a group of both on balance and off balance foreign exchange and commodity positions, that is, either trade payables, inventories and purchase commitments or trade receivables and sales commitments exposed to the variability of foreign currencies or commodity prices.
\nIn the absence of reaching IFRS 9 hedge accounting as the bottom layer or net position criteria are not met or when no market-based derivatives are available, Umicore recognizes the hedged items at cost. Since under Umicore economical hedging policy, all transactional hedging positions are marked to market for operational risk monitoring purposes, this consists in reversing any positive fair value on these hedged items to keep them at cost (in case of inventories) or off-balance (in case of commitments). Hedges in this category are labelled as economical hedges and are not considered speculative instruments.
\nWhen there is a consistent practice of trading of commodities through the use of commodity contracts by a dedicated subsidiary or a cash generating unit (CGU) of the Group and by which the entity takes delivery of the underlying commodity to sell it within a short period after delivery for the purpose of generating a pro\ufb01t from short-term \ufb02uctuations in price or trading margins, the inventory is valued at fair value through the income statement and the related physical and / or commodity commitments are classi\ufb01ed as derivatives and measured at fair value through the income statement.
\nDerivative financial and commodity instruments used for the protection of future cash flows are designated as hedges under cash-flow hedge accounting. The effective portion of changes in the fair value of hedging instruments which qualify as cash flow hedges are recognized in the shareholders equity as hedging reserves until the underlying forecasted or committed transactions occur (i.e. affect the income statement). At that time the recognized gains and losses on the hedging instruments are transferred from equity to the income statement.
\nWhen the underlying hedged transactions are no longer probable or the hedges become ineffective, the corresponding hedging instrument will immediately be terminated and all profits or losses including those which were deferred in equity, are immediately recognized in the income statement.
\nIn the absence of obtaining cash-flow hedge accounting at inception as defined under IFRS 9, then the fair value of the related hedging instruments is recognized in the income statement instead of the equity and this prior to the occurrence of the underlying forecasted or committed transactions.
\nExecutory contracts (the \u201chost contract\u201d) may sometimes contain embedded derivatives.
\nEmbedded derivatives cause some or all of the cash flows that would otherwise be expected from the host contract, to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, or another variable. If it is concluded that such a derivative is not closely related to the host contract, it is separated from the host contract and accounted for under the rules of IFRS 9 (fair value through profit or loss). The host contract is accounted for using the rules applicable to executory contracts, which effectively means that such a contract is not recognized in the balance sheet or profit and loss before delivery on the contract takes place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-387": { "value": "\nAll movements in other equity investments, loans and non-current receivables are accounted for at trade date.
\nFinancial assets that are equity instruments are measured at fair value. Subsequent fair value recognition through profit or loss or other comprehensive income (\"OCI\") is determined at moment of initial recognition.
\nChanges through OCI are recognized in the line \"changes in other equity investments at fair value (\"FV\") through OCI reserves\" of the consolidated statement of comprehensive income. Gain and losses from the measurement of equity investments through the consolidated statement of comprehensive income are never recycled to the income statement but instead reclassified to retained earnings on disposal. For investments quoted in an active market, the quoted market price is the best measure of fair value. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less any impairment.
\nLoans and non-current receivables are carried at amortized cost less any impairment.
\nAll impairments are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-388": { "value": "\nAll movements in other equity investments, loans and non-current receivables are accounted for at trade date.
\nFinancial assets that are equity instruments are measured at fair value. Subsequent fair value recognition through profit or loss or other comprehensive income (\"OCI\") is determined at moment of initial recognition.
\nChanges through OCI are recognized in the line \"changes in other equity investments at fair value (\"FV\") through OCI reserves\" of the consolidated statement of comprehensive income. Gain and losses from the measurement of equity investments through the consolidated statement of comprehensive income are never recycled to the income statement but instead reclassified to retained earnings on disposal. For investments quoted in an active market, the quoted market price is the best measure of fair value. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less any impairment.
\nLoans and non-current receivables are carried at amortized cost less any impairment.
\nAll impairments are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
\nTrade and other receivables are measured at amortized cost, i.e. at the net present value of the receivable amount. Unless the impact of discounting is material, the nominal value is taken. Receivables are written down for irrecoverable amounts. All write-downs are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
\nTrade receivables of which substantially all the risks and rewards have been transferred are derecognized from the balance sheet. The positive fair value of derivative financial instruments is included under this heading.
\nTrade and other receivables are subject to an impairment methodology, referred to as the Expected Credit Loss (ECL) model, measuring the expected credit losses based on shared credit risk characteristics. Umicore has established an allowance matrix based on different customer and sector ratings, ageing balances, macro-economic and regional factors and historical loss patterns.
\nThe Group may undertake certain linked contracts to sell or buy metal and commit to repurchase or sell the metal in the future. An asset representing the metal which the Group has committed to sell or a liability representing the obligation to repurchase the metal are recognized in trade and other receivables or trade and other payables, respectively. Accordingly, principal cash flows in respect of sale and repurchase agreements are shown as cash flows from operating activities in the cash flow statement rather than cash flows from financing activities as long the financing is short term in time and the underlying transactions are not rolled over. Consistently interest paid and received are shown as cash flows from operating activities and presented as other income in the income statement in line with lease and factoring fees. No revenues are recognized in respect of the sale leg or costs are recognized in respect of the purchase leg if it regards the same metals and quantities engaged with the same party.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-389": { "value": "\nProperty, plant and equipment and other non-current assets, including intangible assets and financial assets not held for trading, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated.
\nThe recoverable amount is the higher of an asset\u2019s net selling price and value in use. To estimate the recoverable amount of individual assets the company often determines the recoverable amount of the cash-generating unit (CGU) to which the asset belongs.
\nWhenever the carrying amount of an asset exceeds its recoverable value, an impairment loss is recognized as an expense immediately.
\nA reversal of impairment losses is recognized when there is an indication that the impairment losses recognized for the asset or for the CGU no longer exist or have decreased. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
\nWrite-downs & Impairments are any impairments or write-downs booked on the Base products and Consumables which are captured under this line item.
\nTrade and other receivables are measured at amortized cost, i.e. at the net present value of the receivable amount. Unless the impact of discounting is material, the nominal value is taken. Receivables are written down for irrecoverable amounts. All write-downs are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
\nTrade receivables of which substantially all the risks and rewards have been transferred are derecognized from the balance sheet. The positive fair value of derivative financial instruments is included under this heading.
\nTrade and other receivables are subject to an impairment methodology, referred to as the Expected Credit Loss (ECL) model, measuring the expected credit losses based on shared credit risk characteristics. Umicore has established an allowance matrix based on different customer and sector ratings, ageing balances, macro-economic and regional factors and historical loss patterns.
\nThe Group may undertake certain linked contracts to sell or buy metal and commit to repurchase or sell the metal in the future. An asset representing the metal which the Group has committed to sell or a liability representing the obligation to repurchase the metal are recognized in trade and other receivables or trade and other payables, respectively. Accordingly, principal cash flows in respect of sale and repurchase agreements are shown as cash flows from operating activities in the cash flow statement rather than cash flows from financing activities as long the financing is short term in time and the underlying transactions are not rolled over. Consistently interest paid and received are shown as cash flows from operating activities and presented as other income in the income statement in line with lease and factoring fees. No revenues are recognized in respect of the sale leg or costs are recognized in respect of the purchase leg if it regards the same metals and quantities engaged with the same party.
\nThe Group performs an impairment test on the carrying value of its cash generating units whenever certain external or internal triggering events suggest a potential impairment risk for such unit. The Group performs annual impairment tests on the goodwill carried by its cash generating units. An impairment loss is recognized when the carrying value exceeds the recoverable amount in a structural way. The recoverable amount is the higher of the fair value less costs to sell and its value in use in accordance with the accounting policy. This value in use is calculated by discounting related future free cash flows (DCF model) to calculate their present value. These calculations require the use of and are sensitive to estimates and assumptions such as discount rates, exchange rates, commodity prices, future capital requirements and future operating performance. Internal estimates of future business performance are based on an analysis of a combination of factors including: market growth projections, market share estimates, competitive landscape, pricing and cost evolution. Such analysis combines both internally-generated estimates and data from external sources.
\nAs at 31 December 2024, the carrying amount of the goodwill for the consolidated entities was \u20ac\u00a0155.3 million (\u20ac\u00a0158.3 million in 2023). We refer to Note F15 Goodwill for more details on the annual goodwill impairment testing and to Note F18 for the impairment of the cash generating unit of Battery Materials.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-390": { "value": "\nProperty, plant and equipment and other non-current assets, including intangible assets and financial assets not held for trading, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated.
\nThe recoverable amount is the higher of an asset\u2019s net selling price and value in use. To estimate the recoverable amount of individual assets the company often determines the recoverable amount of the cash-generating unit (CGU) to which the asset belongs.
\nWhenever the carrying amount of an asset exceeds its recoverable value, an impairment loss is recognized as an expense immediately.
\nA reversal of impairment losses is recognized when there is an indication that the impairment losses recognized for the asset or for the CGU no longer exist or have decreased. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
\nWrite-downs & Impairments are any impairments or write-downs booked on the Base products and Consumables which are captured under this line item.
\nThe Group performs an impairment test on the carrying value of its cash generating units whenever certain external or internal triggering events suggest a potential impairment risk for such unit. The Group performs annual impairment tests on the goodwill carried by its cash generating units. An impairment loss is recognized when the carrying value exceeds the recoverable amount in a structural way. The recoverable amount is the higher of the fair value less costs to sell and its value in use in accordance with the accounting policy. This value in use is calculated by discounting related future free cash flows (DCF model) to calculate their present value. These calculations require the use of and are sensitive to estimates and assumptions such as discount rates, exchange rates, commodity prices, future capital requirements and future operating performance. Internal estimates of future business performance are based on an analysis of a combination of factors including: market growth projections, market share estimates, competitive landscape, pricing and cost evolution. Such analysis combines both internally-generated estimates and data from external sources.
\nAs at 31 December 2024, the carrying amount of the goodwill for the consolidated entities was \u20ac\u00a0155.3 million (\u20ac\u00a0158.3 million in 2023). We refer to Note F15 Goodwill for more details on the annual goodwill impairment testing and to Note F18 for the impairment of the cash generating unit of Battery Materials.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-391": { "value": "\nInventories are classified as:
Base products (gross values)
Permanently tied up metal inventories (not hedged)
Commercially available metal inventories (hedged)
Other base products inventories (not hedged)
Consumables (gross values)
Write-down and impairments
Advances paid
Contracts in progress
Inventories are carried at cost. Cost comprises direct purchase or manufacturing costs and an appropriate allocation of overheads.
\nBase products (gross values) are mostly metal-containing products on which Umicore is exposed to price \ufb02uctuation risks. Most of these inventories follow Umicore\u2019s metal accounting rules and are classified in two inventory categories that reflect their specific nature and business use: the permanently tied up metal inventories and the commercially available metal inventories. The latter inventories are subject to an active and systematic hedging process to minimize the effects of market price \ufb02uctuations on the \ufb01nancial performance of the Group. Conversely, the permanently tied up metal inventories are typically not hedged. Next to these categories, the other base product inventories consist of materials used in the manufacturing processes to obtain the marketable basis products. These inventories are also typically not hedged. More details on the hedging mechanisms can be found in Note F3.
\nIndividualized or weighted average valuation is applied on the initial at cost valuation per category of inventory complemented with the following fair value principles:
On the permanently tied up metal inventories: In view of their permanent nature, Umicore opted to apply the measurement and recognition rules of Property, Plant and Equipment (IAS 16) and Impairment of Assets (IAS 36). The valuation is based on the \u201chistorical cost less any accumulated depreciation and accumulated impairment\u201d principle. As the inventories are considered to have an unlimited useful life, no depreciations are applied. Instead they are subject to Umicore\u2019s annual impairment testing of the CGUs carrying these inventories. Any impairments booked are classified under the caption Write-downs & Impairments.
On the commercially available metal inventories: These inventories are economically hedged. For the part of the inventory where Umicore obtained IFRS 9 Fair Value hedge accounting, Umicore applies the mark-to-market valuation principles. When IFRS 9 Fair Value hedge accounting cannot be obtained (see Note F2.22.1 transactional risks \u2013 fair value hedging), LOCOM (lower of cost or net realizable value, meaning the estimated selling price less the estimated costs of completion and the estimated cost necessary to make the sale) is applied.
On the other base products inventories, LOCOM and slow moving principles are applied. Any write-downs booked are classified under the caption Write-downs & Impairments.
Consumables (gross values) are products that are not used in a direct way in the manufacturing processes (for example: packaging material). They are valued using the weighted-average cost method and are subject to LOCOM. Any write-downs booked are classified under the caption Write-downs & Impairments.
\nWrite-downs & Impairments are any impairments or write-downs booked on the Base products and Consumables which are captured under this line item.
\nAdvances paid are down-payments on transactions with suppliers for which the physical delivery has not yet taken place, and are booked at nominal value.
\nContracts in progress are valued using the percentage-of-completion method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-396": { "value": "\nTrade and other receivables are measured at amortized cost, i.e. at the net present value of the receivable amount. Unless the impact of discounting is material, the nominal value is taken. Receivables are written down for irrecoverable amounts. All write-downs are recorded on a separate account and are netted with the carrying amounts when all chances of recovery are depleted.
\nTrade receivables of which substantially all the risks and rewards have been transferred are derecognized from the balance sheet. The positive fair value of derivative financial instruments is included under this heading.
\nTrade and other receivables are subject to an impairment methodology, referred to as the Expected Credit Loss (ECL) model, measuring the expected credit losses based on shared credit risk characteristics. Umicore has established an allowance matrix based on different customer and sector ratings, ageing balances, macro-economic and regional factors and historical loss patterns.
\nThe Group may undertake certain linked contracts to sell or buy metal and commit to repurchase or sell the metal in the future. An asset representing the metal which the Group has committed to sell or a liability representing the obligation to repurchase the metal are recognized in trade and other receivables or trade and other payables, respectively. Accordingly, principal cash flows in respect of sale and repurchase agreements are shown as cash flows from operating activities in the cash flow statement rather than cash flows from financing activities as long the financing is short term in time and the underlying transactions are not rolled over. Consistently interest paid and received are shown as cash flows from operating activities and presented as other income in the income statement in line with lease and factoring fees. No revenues are recognized in respect of the sale leg or costs are recognized in respect of the purchase leg if it regards the same metals and quantities engaged with the same party.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-397": { "value": "\nCash includes cash-in-hand and cash with banks. Cash equivalents are short-term, highly liquid investments that are readily convertible into known amounts of cash, have maturity dates of three months or less and are subject to an insignificant risk of change in value.
\nThese items are carried in the balance sheet at nominal value or amortized cost. Bank overdrafts are included in the current liabilities on the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-398": { "value": "\nA. Repurchase of own shares: When the company purchases some of its own shares, the consideration paid, including any attributable transaction costs net of income taxes, is deducted from the total shareholders\u2019 equity as treasury shares. No gain or loss shall be recognized in profit or loss on the purchase, sale, issue or cancellation of own shares. When such shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity.
\nB. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds of the issue, net of tax.
\nC. Dividends of the parent company payable on ordinary shares are only recognized as a liability following approval by the shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-399": { "value": "\nA. Repurchase of own shares: When the company purchases some of its own shares, the consideration paid, including any attributable transaction costs net of income taxes, is deducted from the total shareholders\u2019 equity as treasury shares. No gain or loss shall be recognized in profit or loss on the purchase, sale, issue or cancellation of own shares. When such shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity.
\nB. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds of the issue, net of tax.
\nC. Dividends of the parent company payable on ordinary shares are only recognized as a liability following approval by the shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-400": { "value": "\nA. Repurchase of own shares: When the company purchases some of its own shares, the consideration paid, including any attributable transaction costs net of income taxes, is deducted from the total shareholders\u2019 equity as treasury shares. No gain or loss shall be recognized in profit or loss on the purchase, sale, issue or cancellation of own shares. When such shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity.
\nB. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds of the issue, net of tax.
\nC. Dividends of the parent company payable on ordinary shares are only recognized as a liability following approval by the shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-401": { "value": "\nMinority interests represent a portion of the fair value of identifiable assets and liabilities recognized upon acquisition of a subsidiary that is attributable to third parties, together with the appropriate portion of subsequent profits and losses.
\nIn the income statement, the minority share in the Group\u2019s profit or loss is presented separately from the Group\u2019s consolidated result.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-402": { "value": "\nProvisions are recognized in the balance sheet when:
There is a present obligation (legal or constructive) as a result of a past event.
It is probable that an outflow of resources will be required to settle the obligation.
A reliable estimate can be made on the amount of the obligation.
A constructive obligation is an obligation that derives from company actions where, by an established pattern of past practice or published policies, the company has indicated that it will accept certain responsibilities and, as a result, the company has created a valid expectation that it will discharge those responsibilities.
\nThe amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period and taking into account the probability of the possible outcome of the event. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure expected to be required to settle the obligation. The result of the yearly discounting of the provision, if any, is accounted for as a financial result.
\nThe main types of provision are the following:
\nEnvironmental provisions are based on legal and constructive obligations from past events, in accordance with the company\u2019s environmental approach and applicable legal requirements.
\nThe full amount of the estimated obligation is recognized at the moment the event occurs.
\nWhen the obligation is production/activity related, the provision is recognized gradually depending on normal usage/production level.
\nThese include provisions for litigation, onerous contracts, warranties, exposure to equity investments and restructuring. A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan and the restructuring has either commenced or has been announced publicly before the end of the reporting period. Any restructuring provision only includes the direct expenditure arising from the restructuring which is necessarily entailed and is not associated with the ongoing activities of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-403": { "value": "\nEnvironmental provisions are based on legal and constructive obligations from past events, in accordance with the company\u2019s environmental approach and applicable legal requirements.
\nThe full amount of the estimated obligation is recognized at the moment the event occurs.
\nWhen the obligation is production/activity related, the provision is recognized gradually depending on normal usage/production level.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-404": { "value": "\nThese include wages, salaries and social security contributions, paid annual leave and sick leave, bonuses and non-monetary benefits, and are taken as an expense in the relevant period.
\nAll company managers are eligible for bonuses that are based on indicators including personal performance and key financial targets. The amount of the bonus is recognized as an expense, based on an estimation made at the end of the reporting period.
\nThe company has various pension and medical care schemes in accordance with the conditions and practices of the countries it operates in. The schemes are generally funded through payments to insurance companies or trustee-administered funds.
\n2.17.2.1 Defined benefit plans
The company has accounted for all legal and constructive obligations both under the formal terms of defined benefit plans and under the company\u2019s informal practices.
The amount presented in the balance sheet is based on actuarial calculations (using the projected unit credit method) and represents the present value of the defined benefit obligations netted with the fair value of the plan assets.
\nThe past service costs are immediately recognized in the income statement since IAS 19 revised.
\nAll remeasurements as a result of changes in the actuarial assumptions of post-employment defined benefit plans are recognized through other comprehensive income (OCI) in the period in which they occur and are disclosed in the statement of comprehensive income as post-employment benefit reserves.
\nIn Belgium, in line with the Belgian legislation applicable to second pillar pension plans (so-called \u201cLaw Vandenbroucke\u201d), all Belgian De\ufb01ned Contribution plans, for which the legal minimum guaranteed return is applicable have to be considered under IFRS as De\ufb01ned Bene\ufb01t plans. Liabilities and costs of these plans are therefore calculated following the Projected Unit Credit Method.
\nIn Germany three defined contribution pension plans exist which are externally financed via the \u201cPensionskasse Degussa\u201d (PKD), the support fund \u201cUnterst\u00fctzungskasse Degussa\u201d (RUK) or the insurer \"Allianz\". In recent years, due to the low interest rate environment, there is a risk that the required adjustments of pensions paid by PKD and RUK cannot be fully borne by PKD or RUK. In case of such shortfalls, PKD and RUK would call upon Umicore to contribute the necessary extra funding, which could lead to an additional defined benefit pension obligation. Management applied a best estimate method to calculate this obligation.
\n2.17.2.2 Defined contribution plans
The company pays contributions to publicly or privately administered insurance plans.
The payments are recognized as expenses as they fall due and as such are included in personnel costs.
\nThese benefits are accrued for their expected costs over the period of employment using an accounting methodology similar to that for defined benefit pension plans. These obligations are in general valued annually by independent qualified actuaries. All remeasurements as a result of changes in the actuarial assumptions are immediately recognized in the income statement.
\nThese benefits arise as a result of the company\u2019s decision to terminate an employee\u2019s employment before the normal retirement date or of an employee\u2019s decision to accept voluntary redundancy in exchange for those benefits. When they are reasonably predictable in accordance with the conditions and practices of the countries the company operates in, future obligations are also recognized.
\nThese benefits are accrued for their expected costs over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. In general, these obligations are valued annually by independent qualified actuaries. All remeasurements as a result of changes in the actuarial assumptions are immediately recognized in the income statement.
\nDifferent stock option and share programs allow company employees and company senior management to acquire or obtain shares of the company.
\nWithin the Group there are three types of share-based payment plans that qualify as equity-settled:
Stock options
Shares
Performance Share Unit (\"PSU\")
The stock option or share exercise price equals the market price of the (underlying) instrument at the date of the grant. When the stock options are exercised, shares are delivered to the beneficiaries from existing own shares. For the share programs, shares are delivered to the beneficiaries from existing own shares. In both cases, the equity is increased by the amount of the proceeds received corresponding to the exercise price.
\nThe stock options and shares are typically vested at the moment of the grant and their fair value is recognized as an employee benefit expense with a corresponding increase in equity as share-based payment reserves. For the options, the expense to be recognized is calculated by an actuary, using a valuation model which takes into account all features of the stock options, the volatility of the underlying stock and an assumed exercise pattern.
\nAs long as the options granted have not been exercised, their value is reported in the Statement of Changes in Equity as \u2018share-based payments reserve\u2019. The value of the shares granted, the options exercised and the options expired during the period is transferred to \u2018retained earnings\u2019.
\nThe PSU's vest after three years, depending on the achievement of pre-set performance goals and provided continued service on the date of vesting. The objectives are defined by the Supervisory Board upon proposal of the Nomination and Remuneration Committee and include measurable and sustainable targets. The fair value of PSU's corresponds to the closing share price at grant date. The expense is recognized as employee benefit expense during the vesting period (i.e. the period in which the service and, where applicable, the performance conditions are fulfilled). The cumulative expense recognized for the PSU plans at each reporting date reflects the already expired portion of the vesting period and the Group\u2019s best estimate of the number of awards that will ultimately vest. The expense or credit in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
\nThe impact of employee benefits on results is booked under operating results in the income statement, except for the interest and discount rate impacts which are classified under financial results.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-405": { "value": "\nThese benefits arise as a result of the company\u2019s decision to terminate an employee\u2019s employment before the normal retirement date or of an employee\u2019s decision to accept voluntary redundancy in exchange for those benefits. When they are reasonably predictable in accordance with the conditions and practices of the countries the company operates in, future obligations are also recognized.
\nThese benefits are accrued for their expected costs over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. In general, these obligations are valued annually by independent qualified actuaries. All remeasurements as a result of changes in the actuarial assumptions are immediately recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-406": { "value": "\nDifferent stock option and share programs allow company employees and company senior management to acquire or obtain shares of the company.
\nWithin the Group there are three types of share-based payment plans that qualify as equity-settled:
Stock options
Shares
Performance Share Unit (\"PSU\")
The stock option or share exercise price equals the market price of the (underlying) instrument at the date of the grant. When the stock options are exercised, shares are delivered to the beneficiaries from existing own shares. For the share programs, shares are delivered to the beneficiaries from existing own shares. In both cases, the equity is increased by the amount of the proceeds received corresponding to the exercise price.
\nThe stock options and shares are typically vested at the moment of the grant and their fair value is recognized as an employee benefit expense with a corresponding increase in equity as share-based payment reserves. For the options, the expense to be recognized is calculated by an actuary, using a valuation model which takes into account all features of the stock options, the volatility of the underlying stock and an assumed exercise pattern.
\nAs long as the options granted have not been exercised, their value is reported in the Statement of Changes in Equity as \u2018share-based payments reserve\u2019. The value of the shares granted, the options exercised and the options expired during the period is transferred to \u2018retained earnings\u2019.
\nThe PSU's vest after three years, depending on the achievement of pre-set performance goals and provided continued service on the date of vesting. The objectives are defined by the Supervisory Board upon proposal of the Nomination and Remuneration Committee and include measurable and sustainable targets. The fair value of PSU's corresponds to the closing share price at grant date. The expense is recognized as employee benefit expense during the vesting period (i.e. the period in which the service and, where applicable, the performance conditions are fulfilled). The cumulative expense recognized for the PSU plans at each reporting date reflects the already expired portion of the vesting period and the Group\u2019s best estimate of the number of awards that will ultimately vest. The expense or credit in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-407": { "value": "\nAll movements in financial liabilities are accounted for at trade date.
\nBorrowings are initially recognized as proceeds received, net of transaction costs.
\nSubsequently, they are carried at amortized cost using the effective interest rate method.
\nAmortized cost is calculated by taking into account any issue costs, and any discount or premium on issue. Any differences between cost and redemption value are recognized in the income statement upon redemption.
\nFinancial debt also contains the lease liability as per IFRS 16 (see Note F2.8).
\nThe convertible bond is considered as a compound instrument. It contains a liability and an equity component. This instrument is convertible into shares at the option of the holder. Each component is, therefore, accounted for separately. The liability element is determined by fair valuing the cash flows excluding any equity component. The residual is assigned to equity. The equity component is not remeasured, nor at conversion nor at maturity. Note, finally, that the convertible bond is a zero coupon instrument.
\nTrade payables are measured at amortized cost, i.e. at the net present value of the payable amount. Unless the impact of discounting is material, the nominal value is taken.
\nThe Group may undertake certain linked contracts to sell or buy metal and commit to repurchase or sell the metal in the future. An asset representing the metal which the Group has committed to sell or a liability representing the obligation to repurchase the metal are recognized in trade and other receivables or trade and other payables, respectively. Accordingly, principal cash flows in respect of sale and repurchase agreements are shown as cash flows from operating activities in the cash flow statement rather than cash flows from financing activities as long the financing is short term in time and the underlying transactions are not rolled over. Consistently interest paid and received are shown as cash flows from operating activities and presented as other income in the income statement in line with lease and factoring fees. No revenues are recognized in respect of the sale leg or costs are recognized in respect of the purchase leg if it regards the same metals and quantities engaged with the same party.
\nThe negative fair value of derivative financial instruments is included under this heading.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-408": { "value": "\nAll movements in financial liabilities are accounted for at trade date.
\nBorrowings are initially recognized as proceeds received, net of transaction costs.
\nSubsequently, they are carried at amortized cost using the effective interest rate method.
\nAmortized cost is calculated by taking into account any issue costs, and any discount or premium on issue. Any differences between cost and redemption value are recognized in the income statement upon redemption.
\nFinancial debt also contains the lease liability as per IFRS 16 (see Note F2.8).
\nThe convertible bond is considered as a compound instrument. It contains a liability and an equity component. This instrument is convertible into shares at the option of the holder. Each component is, therefore, accounted for separately. The liability element is determined by fair valuing the cash flows excluding any equity component. The residual is assigned to equity. The equity component is not remeasured, nor at conversion nor at maturity. Note, finally, that the convertible bond is a zero coupon instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-409": { "value": "\nTrade payables are measured at amortized cost, i.e. at the net present value of the payable amount. Unless the impact of discounting is material, the nominal value is taken.
\nThe Group may undertake certain linked contracts to sell or buy metal and commit to repurchase or sell the metal in the future. An asset representing the metal which the Group has committed to sell or a liability representing the obligation to repurchase the metal are recognized in trade and other receivables or trade and other payables, respectively. Accordingly, principal cash flows in respect of sale and repurchase agreements are shown as cash flows from operating activities in the cash flow statement rather than cash flows from financing activities as long the financing is short term in time and the underlying transactions are not rolled over. Consistently interest paid and received are shown as cash flows from operating activities and presented as other income in the income statement in line with lease and factoring fees. No revenues are recognized in respect of the sale leg or costs are recognized in respect of the purchase leg if it regards the same metals and quantities engaged with the same party.
\nThe negative fair value of derivative financial instruments is included under this heading.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-411": { "value": "\nTaxes on pro\ufb01t or loss of the year include current and deferred taxes. Such taxes are calculated in accordance with the applicable tax provisions as enacted in each country the company operates in.
\nCurrent tax is the expected tax payable on the taxable income of the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable (or receivable) in respect of previous years.
\nThe tax payable is determined based on tax laws and regulations that apply in each of the numerous jurisdictions in which the Group operates. The income tax positions taken are considered by the Group to be supportable and likely to withstand challenge from tax authorities. However, it is accepted that some of the positions may be uncertain and require interpretation of complex tax laws.
\nTax provisions are recognized where the precise impact of the tax laws and regulations on taxes payable with respect to profit arising in those jurisdictions is unclear and could trigger a tax adjustment represented by a future flow of funds to a tax authority or an adjustment to a deferred tax asset. Uncertain tax positions are assessed periodically, following the application of IFRIC 23. Uncertainties are considered individually or collectively based on the approach providing the best available prediction of the resolution of the uncertainties with the tax authorities, assuming that the tax authority will examine the position (if entitled to do so) and will have full knowledge of all the relevant information. Uncertain Tax Positions or UTPs (or groups of UTPs) are recognized using either the most likely amount or the expected value, depending on which is thought to give a better prediction of the resolution of each (group of) UTP(s), to reflect the likelihood of an adjustment being applied and sustained upon examination. The assessment and measurements in relation to uncertain tax positions are reassessed if the facts and circumstances on which those estimates and assessments were based have changed, or as a result of the Group becoming aware of relevant new information. In the assessment and measurement of the Uncertain tax positions, the Group considers the statute of limitation applicable in each jurisdiction as well as any additional interest and penalties that may become due.
\nDeferred taxes arise due to temporary differences between the tax basis of assets and liabilities and their carrying amounts in the \ufb01nancial statements as well as for tax loss carryforwards and unused tax credits. The deferred taxes are measured using the corporate income tax rate enacted or substantially enacted at the end of the reporting period in the relevant countries the Company operates in.
\nDeferred tax assets are only recognized to the extent that it is probable that future taxable pro\ufb01t will be available against which the temporary differences can be utilized.
\nDeferred tax assets and liabilities are offset against each other and presented on a net basis if they relate to income taxes levied by the same taxation authority on the same taxable entity or consolidated tax filing group.
\nDeferred tax liabilities are recognized for differences between the proportional IFRS equity and the tax basis of the investment in a consolidated subsidiary if a reversal of these differences is expected in the foreseeable future. Deferred tax liabilities are recognized for dividend distributions planned for the following year if these distributions lead to a reversal of temporary differences.
\nIAS 12 includes a temporary exception to the requirement to recognize and disclose information about deferred tax assets and liabilities that are related to tax laws that are enacted or substantively enacted to implement the Pillar two legislation. The Umicore Group applies this temporary exception.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-412": { "value": "\nTaxes on pro\ufb01t or loss of the year include current and deferred taxes. Such taxes are calculated in accordance with the applicable tax provisions as enacted in each country the company operates in.
\nCurrent tax is the expected tax payable on the taxable income of the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable (or receivable) in respect of previous years.
\nThe tax payable is determined based on tax laws and regulations that apply in each of the numerous jurisdictions in which the Group operates. The income tax positions taken are considered by the Group to be supportable and likely to withstand challenge from tax authorities. However, it is accepted that some of the positions may be uncertain and require interpretation of complex tax laws.
\nTax provisions are recognized where the precise impact of the tax laws and regulations on taxes payable with respect to profit arising in those jurisdictions is unclear and could trigger a tax adjustment represented by a future flow of funds to a tax authority or an adjustment to a deferred tax asset. Uncertain tax positions are assessed periodically, following the application of IFRIC 23. Uncertainties are considered individually or collectively based on the approach providing the best available prediction of the resolution of the uncertainties with the tax authorities, assuming that the tax authority will examine the position (if entitled to do so) and will have full knowledge of all the relevant information. Uncertain Tax Positions or UTPs (or groups of UTPs) are recognized using either the most likely amount or the expected value, depending on which is thought to give a better prediction of the resolution of each (group of) UTP(s), to reflect the likelihood of an adjustment being applied and sustained upon examination. The assessment and measurements in relation to uncertain tax positions are reassessed if the facts and circumstances on which those estimates and assessments were based have changed, or as a result of the Group becoming aware of relevant new information. In the assessment and measurement of the Uncertain tax positions, the Group considers the statute of limitation applicable in each jurisdiction as well as any additional interest and penalties that may become due.
\nDeferred taxes arise due to temporary differences between the tax basis of assets and liabilities and their carrying amounts in the \ufb01nancial statements as well as for tax loss carryforwards and unused tax credits. The deferred taxes are measured using the corporate income tax rate enacted or substantially enacted at the end of the reporting period in the relevant countries the Company operates in.
\nDeferred tax assets are only recognized to the extent that it is probable that future taxable pro\ufb01t will be available against which the temporary differences can be utilized.
\nDeferred tax assets and liabilities are offset against each other and presented on a net basis if they relate to income taxes levied by the same taxation authority on the same taxable entity or consolidated tax filing group.
\nDeferred tax liabilities are recognized for differences between the proportional IFRS equity and the tax basis of the investment in a consolidated subsidiary if a reversal of these differences is expected in the foreseeable future. Deferred tax liabilities are recognized for dividend distributions planned for the following year if these distributions lead to a reversal of temporary differences.
\nIAS 12 includes a temporary exception to the requirement to recognize and disclose information about deferred tax assets and liabilities that are related to tax laws that are enacted or substantively enacted to implement the Pillar two legislation. The Umicore Group applies this temporary exception.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-413": { "value": "\nDespite the complexity of several processes within each Business Groups, the performance obligations are rather straightforward, those being:
Battery Materials: The delivery of the goods in accordance with contract specifications. These specifications have been predefined and validated through samples. This latter is not considered as a significant stream for further analysis under IFRS 15.
Catalysis: The delivery of the goods in accordance with contract specifications. These specifications have been predefined and validated through samples. This latter is not considered as a significant stream for further analysis under IFRS 15.
Recycling: The return of the refined metals back to the client in accordance with the contract either in their pure metal content or as part of a (semi)finished product and the sale of metal (including surplus metal recovered) towards the customers.
Specialty Materials: the delivery of the products according to specification agreed in the sales order received.
For sales within Battery Materials, the vast majority of revenue is recognized at a point in time when the control is transferred to the customer, this moment being driven by the delivery of the products according to the incoterms. Despite the products being customized, the considerations for over time have not been met given that the customer does not control the production process nor has the Group the entitlement to be paid prior to delivery of the goods.
\nFor sales within Catalysis the revenue is recognized at a point of time when the control transfers to the customer. Despite the products being customized, the considerations for over time have not been met given that the customer does not control the production process nor has the Group the entitlement to be paid prior to delivery of the goods. The control is therefore transferred based upon the usual delivery terms (incoterms) and the customer accepting the goods upon delivery.
\nFor sales within Recycling, the vast majority of revenue is recognized at a point in time when the control of the refined products or metal is back in the hands of the customers (refinery) or in the hands of the customers (sale of metal, including surplus metal recovered), embarked by the delivery.
\nFor sales within Specialty Materials the revenue is recognized at a point in time when the control is transferred to the customer, this moment being driven by the delivery of the products according to the incoterms.
\nNo revenue is recognized for the sale leg of contracts under which the Group sells or buys precious metal and commits to repurchase or sells the metal in the future.
\nSome of the contracts do contain commercial discounts and rebates, however frequency is relatively low, and magnitude is not significant. If applicable, these are recognized in the same period the sale is established.
\nThere are no additional warranty agreements sold to clients on top of legal requirements, therefore these are not considered as a separate performance obligation.
\nConsequently, the transaction price identified within the agreement is allocated in full to the performance obligation.
\nThere are no significant contract balances where the Group has performed the performance obligation for which no billing occurred yet. Advance payments for long term product supply agreements for which the performance obligation has not been satisfied are recognized in non-current trade payables if the performance obligation will occur more than 12 months after the end of the reporting period. An accretion expense, representing the time value of the upfront deposit, is recognized in financial expense. The revenue from the advance payment is recognized as the specific product identified in the contract is delivered.
\nThe revenue from contracts with customers is further detailed in Note F7 and F9.
\nThe assessment in view of impairment losses is captured under the expected credit loss model as detailed in Note F21.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-414": { "value": "\nSome of the contracts do contain commercial discounts and rebates, however frequency is relatively low, and magnitude is not significant. If applicable, these are recognized in the same period the sale is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-415": { "value": "\nA government grant is accounted for in the balance sheet initially as deferred income when there is reasonable assurance that it will be received and that the company will comply with the conditions attached to it. Grants are recognized in the income statement over the period necessary to match them with the costs they are intended to compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-417": { "value": "\nThe Group uses derivative financial and commodity instruments primarily to reduce the exposure to adverse fluctuations in foreign exchange rates, commodity prices, interest rates and other market risks. The Group uses mainly spot and forward contracts to cover the metal and currency risk, and swaps to hedge the interest rate risk. The operations carried out on the futures markets are not of a speculative nature.
\nDerivative \ufb01nancial and commodity instruments are used for the protection of the fair value of underlying hedged items (assets, liabilities and \ufb01rm commitments) and are recognized initially at fair value at trade date. The hedged items (physical commitments and commercially available inventory, primarily) are, under Umicore\u2019s economical hedging policies, initially valued at fair value by applying mark-to-market.
\nWhere possible Umicore documents hedge accounting according to the criteria set out in IFRS 9. The bottom layer or the net position approach for the fair value hedge on groups of closed portfolios of foreign exchange risk and commodity risk exposures are applied. Under the bottom layer approach, a layer representing the nominal amount of an exposure that has historically been present on a constant and continuous basis is defined.
\nThis layer is further split into smaller unit of accounts, sublayers, which are designated as hedged items. The sublayers are then hedged by hedging instruments that are designated as hedging multiples of such sublayers.
\nUnder the net position approach, hedging is applied based on a group of items with offsetting risk positions, the net position being the hedged item hedged by a hedging instrument.
\nIn both approaches, it regards closed hedged portfolios in which items cannot be added, removed or replaced without treating each change as the transition to a new portfolio. In both approaches, the exposures cover a group of both on balance and off balance foreign exchange and commodity positions, that is, either trade payables, inventories and purchase commitments or trade receivables and sales commitments exposed to the variability of foreign currencies or commodity prices.
\nIn the absence of reaching IFRS 9 hedge accounting as the bottom layer or net position criteria are not met or when no market-based derivatives are available, Umicore recognizes the hedged items at cost. Since under Umicore economical hedging policy, all transactional hedging positions are marked to market for operational risk monitoring purposes, this consists in reversing any positive fair value on these hedged items to keep them at cost (in case of inventories) or off-balance (in case of commitments). Hedges in this category are labelled as economical hedges and are not considered speculative instruments.
\nWhen there is a consistent practice of trading of commodities through the use of commodity contracts by a dedicated subsidiary or a cash generating unit (CGU) of the Group and by which the entity takes delivery of the underlying commodity to sell it within a short period after delivery for the purpose of generating a pro\ufb01t from short-term \ufb02uctuations in price or trading margins, the inventory is valued at fair value through the income statement and the related physical and / or commodity commitments are classi\ufb01ed as derivatives and measured at fair value through the income statement.
\nDerivative financial and commodity instruments used for the protection of future cash flows are designated as hedges under cash-flow hedge accounting. The effective portion of changes in the fair value of hedging instruments which qualify as cash flow hedges are recognized in the shareholders equity as hedging reserves until the underlying forecasted or committed transactions occur (i.e. affect the income statement). At that time the recognized gains and losses on the hedging instruments are transferred from equity to the income statement.
\nWhen the underlying hedged transactions are no longer probable or the hedges become ineffective, the corresponding hedging instrument will immediately be terminated and all profits or losses including those which were deferred in equity, are immediately recognized in the income statement.
\nIn the absence of obtaining cash-flow hedge accounting at inception as defined under IFRS 9, then the fair value of the related hedging instruments is recognized in the income statement instead of the equity and this prior to the occurrence of the underlying forecasted or committed transactions.
\nExecutory contracts (the \u201chost contract\u201d) may sometimes contain embedded derivatives.
\nEmbedded derivatives cause some or all of the cash flows that would otherwise be expected from the host contract, to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, or another variable. If it is concluded that such a derivative is not closely related to the host contract, it is separated from the host contract and accounted for under the rules of IFRS 9 (fair value through profit or loss). The host contract is accounted for using the rules applicable to executory contracts, which effectively means that such a contract is not recognized in the balance sheet or profit and loss before delivery on the contract takes place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-418": { "value": "\nThe Group uses derivative financial and commodity instruments primarily to reduce the exposure to adverse fluctuations in foreign exchange rates, commodity prices, interest rates and other market risks. The Group uses mainly spot and forward contracts to cover the metal and currency risk, and swaps to hedge the interest rate risk. The operations carried out on the futures markets are not of a speculative nature.
\nDerivative \ufb01nancial and commodity instruments are used for the protection of the fair value of underlying hedged items (assets, liabilities and \ufb01rm commitments) and are recognized initially at fair value at trade date. The hedged items (physical commitments and commercially available inventory, primarily) are, under Umicore\u2019s economical hedging policies, initially valued at fair value by applying mark-to-market.
\nWhere possible Umicore documents hedge accounting according to the criteria set out in IFRS 9. The bottom layer or the net position approach for the fair value hedge on groups of closed portfolios of foreign exchange risk and commodity risk exposures are applied. Under the bottom layer approach, a layer representing the nominal amount of an exposure that has historically been present on a constant and continuous basis is defined.
\nThis layer is further split into smaller unit of accounts, sublayers, which are designated as hedged items. The sublayers are then hedged by hedging instruments that are designated as hedging multiples of such sublayers.
\nUnder the net position approach, hedging is applied based on a group of items with offsetting risk positions, the net position being the hedged item hedged by a hedging instrument.
\nIn both approaches, it regards closed hedged portfolios in which items cannot be added, removed or replaced without treating each change as the transition to a new portfolio. In both approaches, the exposures cover a group of both on balance and off balance foreign exchange and commodity positions, that is, either trade payables, inventories and purchase commitments or trade receivables and sales commitments exposed to the variability of foreign currencies or commodity prices.
\nIn the absence of reaching IFRS 9 hedge accounting as the bottom layer or net position criteria are not met or when no market-based derivatives are available, Umicore recognizes the hedged items at cost. Since under Umicore economical hedging policy, all transactional hedging positions are marked to market for operational risk monitoring purposes, this consists in reversing any positive fair value on these hedged items to keep them at cost (in case of inventories) or off-balance (in case of commitments). Hedges in this category are labelled as economical hedges and are not considered speculative instruments.
\nWhen there is a consistent practice of trading of commodities through the use of commodity contracts by a dedicated subsidiary or a cash generating unit (CGU) of the Group and by which the entity takes delivery of the underlying commodity to sell it within a short period after delivery for the purpose of generating a pro\ufb01t from short-term \ufb02uctuations in price or trading margins, the inventory is valued at fair value through the income statement and the related physical and / or commodity commitments are classi\ufb01ed as derivatives and measured at fair value through the income statement.
\nDerivative financial and commodity instruments used for the protection of future cash flows are designated as hedges under cash-flow hedge accounting. The effective portion of changes in the fair value of hedging instruments which qualify as cash flow hedges are recognized in the shareholders equity as hedging reserves until the underlying forecasted or committed transactions occur (i.e. affect the income statement). At that time the recognized gains and losses on the hedging instruments are transferred from equity to the income statement.
\nWhen the underlying hedged transactions are no longer probable or the hedges become ineffective, the corresponding hedging instrument will immediately be terminated and all profits or losses including those which were deferred in equity, are immediately recognized in the income statement.
\nIn the absence of obtaining cash-flow hedge accounting at inception as defined under IFRS 9, then the fair value of the related hedging instruments is recognized in the income statement instead of the equity and this prior to the occurrence of the underlying forecasted or committed transactions.
\nExecutory contracts (the \u201chost contract\u201d) may sometimes contain embedded derivatives.
\nEmbedded derivatives cause some or all of the cash flows that would otherwise be expected from the host contract, to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, or another variable. If it is concluded that such a derivative is not closely related to the host contract, it is separated from the host contract and accounted for under the rules of IFRS 9 (fair value through profit or loss). The host contract is accounted for using the rules applicable to executory contracts, which effectively means that such a contract is not recognized in the balance sheet or profit and loss before delivery on the contract takes place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-419": { "value": "\nThe Group uses derivative financial and commodity instruments primarily to reduce the exposure to adverse fluctuations in foreign exchange rates, commodity prices, interest rates and other market risks. The Group uses mainly spot and forward contracts to cover the metal and currency risk, and swaps to hedge the interest rate risk. The operations carried out on the futures markets are not of a speculative nature.
\nDerivative \ufb01nancial and commodity instruments are used for the protection of the fair value of underlying hedged items (assets, liabilities and \ufb01rm commitments) and are recognized initially at fair value at trade date. The hedged items (physical commitments and commercially available inventory, primarily) are, under Umicore\u2019s economical hedging policies, initially valued at fair value by applying mark-to-market.
\nWhere possible Umicore documents hedge accounting according to the criteria set out in IFRS 9. The bottom layer or the net position approach for the fair value hedge on groups of closed portfolios of foreign exchange risk and commodity risk exposures are applied. Under the bottom layer approach, a layer representing the nominal amount of an exposure that has historically been present on a constant and continuous basis is defined.
\nThis layer is further split into smaller unit of accounts, sublayers, which are designated as hedged items. The sublayers are then hedged by hedging instruments that are designated as hedging multiples of such sublayers.
\nUnder the net position approach, hedging is applied based on a group of items with offsetting risk positions, the net position being the hedged item hedged by a hedging instrument.
\nIn both approaches, it regards closed hedged portfolios in which items cannot be added, removed or replaced without treating each change as the transition to a new portfolio. In both approaches, the exposures cover a group of both on balance and off balance foreign exchange and commodity positions, that is, either trade payables, inventories and purchase commitments or trade receivables and sales commitments exposed to the variability of foreign currencies or commodity prices.
\nIn the absence of reaching IFRS 9 hedge accounting as the bottom layer or net position criteria are not met or when no market-based derivatives are available, Umicore recognizes the hedged items at cost. Since under Umicore economical hedging policy, all transactional hedging positions are marked to market for operational risk monitoring purposes, this consists in reversing any positive fair value on these hedged items to keep them at cost (in case of inventories) or off-balance (in case of commitments). Hedges in this category are labelled as economical hedges and are not considered speculative instruments.
\nWhen there is a consistent practice of trading of commodities through the use of commodity contracts by a dedicated subsidiary or a cash generating unit (CGU) of the Group and by which the entity takes delivery of the underlying commodity to sell it within a short period after delivery for the purpose of generating a pro\ufb01t from short-term \ufb02uctuations in price or trading margins, the inventory is valued at fair value through the income statement and the related physical and / or commodity commitments are classi\ufb01ed as derivatives and measured at fair value through the income statement.
\nDerivative financial and commodity instruments used for the protection of future cash flows are designated as hedges under cash-flow hedge accounting. The effective portion of changes in the fair value of hedging instruments which qualify as cash flow hedges are recognized in the shareholders equity as hedging reserves until the underlying forecasted or committed transactions occur (i.e. affect the income statement). At that time the recognized gains and losses on the hedging instruments are transferred from equity to the income statement.
\nWhen the underlying hedged transactions are no longer probable or the hedges become ineffective, the corresponding hedging instrument will immediately be terminated and all profits or losses including those which were deferred in equity, are immediately recognized in the income statement.
\nIn the absence of obtaining cash-flow hedge accounting at inception as defined under IFRS 9, then the fair value of the related hedging instruments is recognized in the income statement instead of the equity and this prior to the occurrence of the underlying forecasted or committed transactions.
\nExecutory contracts (the \u201chost contract\u201d) may sometimes contain embedded derivatives.
\nEmbedded derivatives cause some or all of the cash flows that would otherwise be expected from the host contract, to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, or another variable. If it is concluded that such a derivative is not closely related to the host contract, it is separated from the host contract and accounted for under the rules of IFRS 9 (fair value through profit or loss). The host contract is accounted for using the rules applicable to executory contracts, which effectively means that such a contract is not recognized in the balance sheet or profit and loss before delivery on the contract takes place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-420": { "value": "\nThe Group uses derivative financial and commodity instruments primarily to reduce the exposure to adverse fluctuations in foreign exchange rates, commodity prices, interest rates and other market risks. The Group uses mainly spot and forward contracts to cover the metal and currency risk, and swaps to hedge the interest rate risk. The operations carried out on the futures markets are not of a speculative nature.
\nDerivative \ufb01nancial and commodity instruments are used for the protection of the fair value of underlying hedged items (assets, liabilities and \ufb01rm commitments) and are recognized initially at fair value at trade date. The hedged items (physical commitments and commercially available inventory, primarily) are, under Umicore\u2019s economical hedging policies, initially valued at fair value by applying mark-to-market.
\nWhere possible Umicore documents hedge accounting according to the criteria set out in IFRS 9. The bottom layer or the net position approach for the fair value hedge on groups of closed portfolios of foreign exchange risk and commodity risk exposures are applied. Under the bottom layer approach, a layer representing the nominal amount of an exposure that has historically been present on a constant and continuous basis is defined.
\nThis layer is further split into smaller unit of accounts, sublayers, which are designated as hedged items. The sublayers are then hedged by hedging instruments that are designated as hedging multiples of such sublayers.
\nUnder the net position approach, hedging is applied based on a group of items with offsetting risk positions, the net position being the hedged item hedged by a hedging instrument.
\nIn both approaches, it regards closed hedged portfolios in which items cannot be added, removed or replaced without treating each change as the transition to a new portfolio. In both approaches, the exposures cover a group of both on balance and off balance foreign exchange and commodity positions, that is, either trade payables, inventories and purchase commitments or trade receivables and sales commitments exposed to the variability of foreign currencies or commodity prices.
\nIn the absence of reaching IFRS 9 hedge accounting as the bottom layer or net position criteria are not met or when no market-based derivatives are available, Umicore recognizes the hedged items at cost. Since under Umicore economical hedging policy, all transactional hedging positions are marked to market for operational risk monitoring purposes, this consists in reversing any positive fair value on these hedged items to keep them at cost (in case of inventories) or off-balance (in case of commitments). Hedges in this category are labelled as economical hedges and are not considered speculative instruments.
\nWhen there is a consistent practice of trading of commodities through the use of commodity contracts by a dedicated subsidiary or a cash generating unit (CGU) of the Group and by which the entity takes delivery of the underlying commodity to sell it within a short period after delivery for the purpose of generating a pro\ufb01t from short-term \ufb02uctuations in price or trading margins, the inventory is valued at fair value through the income statement and the related physical and / or commodity commitments are classi\ufb01ed as derivatives and measured at fair value through the income statement.
\nDerivative financial and commodity instruments used for the protection of future cash flows are designated as hedges under cash-flow hedge accounting. The effective portion of changes in the fair value of hedging instruments which qualify as cash flow hedges are recognized in the shareholders equity as hedging reserves until the underlying forecasted or committed transactions occur (i.e. affect the income statement). At that time the recognized gains and losses on the hedging instruments are transferred from equity to the income statement.
\nWhen the underlying hedged transactions are no longer probable or the hedges become ineffective, the corresponding hedging instrument will immediately be terminated and all profits or losses including those which were deferred in equity, are immediately recognized in the income statement.
\nIn the absence of obtaining cash-flow hedge accounting at inception as defined under IFRS 9, then the fair value of the related hedging instruments is recognized in the income statement instead of the equity and this prior to the occurrence of the underlying forecasted or committed transactions.
\nExecutory contracts (the \u201chost contract\u201d) may sometimes contain embedded derivatives.
\nEmbedded derivatives cause some or all of the cash flows that would otherwise be expected from the host contract, to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, or another variable. If it is concluded that such a derivative is not closely related to the host contract, it is separated from the host contract and accounted for under the rules of IFRS 9 (fair value through profit or loss). The host contract is accounted for using the rules applicable to executory contracts, which effectively means that such a contract is not recognized in the balance sheet or profit and loss before delivery on the contract takes place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-421": { "value": "\nIn preparing the consolidated financial statements, the Group has considered the potential impact of climate-related risks which cover both transition risks (market, reputation, policy and legal, technology) and physical risks (direct damage to assets and supply chain disruption). The risks and opportunities related to climate changes are further described in ESRS E1 Climate change section.
\nThe potential impact of climate change on a number of areas within the financial statements has been considered such as:
The forecasts and cash flows used in impairment review of non-current assets (including goodwill)
Recoverability of deferred taxes
Expected lives of property, plant and equipment and their exposure to the physical risk posed by climate change. Their expected lives tend to be short to medium term, as such the physical risk posed by climate change in the long term is low.
There is inherent uncertainty over the assumptions used within these areas and how they will impact the Group\u2019s business operations, cash flows and profit projections. Nevertheless, the latest outlooks of the Group reflect continuous investment in sustainable technologies and our unique position to meet the market with sustainable solutions.
\nEstimates and judgments used in developing and applying the consolidated entity\u2019s financial statements are continually evaluated and are based on historical experience and other factors, including the expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.
\nAssumptions and estimates are applied when:
Assessing the need for and measurement of impairment losses
Accounting for pension obligations
Recognizing and measuring provisions for tax, environmental, warranty and litigation risks, product returns, onerous contracts and restructuring
Determining inventory write-downs
Assessing the extent to which deferred tax assets will be realized
Useful lives of Property, Plant and Equipment and Intangible assets excluding goodwill
The critical estimates and judgments that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below.
\nThe Group performs an impairment test on the carrying value of its cash generating units whenever certain external or internal triggering events suggest a potential impairment risk for such unit. The Group performs annual impairment tests on the goodwill carried by its cash generating units. An impairment loss is recognized when the carrying value exceeds the recoverable amount in a structural way. The recoverable amount is the higher of the fair value less costs to sell and its value in use in accordance with the accounting policy. This value in use is calculated by discounting related future free cash flows (DCF model) to calculate their present value. These calculations require the use of and are sensitive to estimates and assumptions such as discount rates, exchange rates, commodity prices, future capital requirements and future operating performance. Internal estimates of future business performance are based on an analysis of a combination of factors including: market growth projections, market share estimates, competitive landscape, pricing and cost evolution. Such analysis combines both internally-generated estimates and data from external sources.
\nAs at 31 December 2024, the carrying amount of the goodwill for the consolidated entities was \u20ac\u00a0155.3 million (\u20ac\u00a0158.3 million in 2023). We refer to Note F15 Goodwill for more details on the annual goodwill impairment testing and to Note F18 for the impairment of the cash generating unit of Battery Materials.
\nProvision is made for the anticipated costs of future rehabilitation of industrial sites and surrounding areas to the extent that a legal or constructive obligation exists in accordance with accounting policy F2.16. These provisions include future cost estimates associated with reclamation, plant closures, waste site closures, monitoring, demolition, decontamination, water purification and permanent storage of historical residues. These future cost estimates are discounted to their present value. The calculation of these provision estimates requires assumptions such as application of environmental legislation, plant closure dates, available technologies and engineering cost estimates and specifically related to the Hoboken Green Zone, the purchase cost of houses. A change in any of the assumptions used may have a material impact on the carrying value of rehabilitation provisions. As at 31 December 2024, the carrying amount of rehabilitation provisions was \u20ac\u00a0114.1 million (\u20ac\u00a0103.0 million in 2023). We refer to Note F30 Environmental provisions for more details.
\nAn asset or liability in respect of defined benefit plan is recognized on the balance sheet in accordance with accounting policy 2.17. The present value of a defined benefit obligation is dependent upon a number of factors that are determined on an actuarial basis.
\nThe consolidated entity determines the appropriate discount rate to be used at the end of each year. The consolidated entity\u2019s employee benefit obligations are discussed in more detail in Note F28. At 31 December 2024, a liability with respect to employee bene\ufb01t obligations of \u20ac\u00a0303.5 million was recognized (\u20ac\u00a0314.8 million in 2023).
\nDeferred tax assets are recognized for deductible temporary differences and unused tax losses/credits only if it is probable that future taxable profits (based on Group operational plans) are available to recover those temporary differences and losses/credits. The actual tax results in future periods may differ from the estimates made at the time when the deferred taxes are recognized.
\nOther assumptions and estimates are disclosed in the respective notes relevant to the item where the assumptions or estimates were used for measurement.
\nUmicore\u2019s battery materials sales for transport applications affects the Group\u2019s exposure to the automotive industry end market. This industry has a practice of applying warranty and recall settlements related to potential product quality events (irrespective of whether any legal obligation exists). In view thereof, Umicore continued in 2024 its dedicated provisioning model for battery materials as introduced in previous years.
\nAdditional significant provisions for other liabilities and charges are related to potential warranty claims in other activities as well as onerous contracts. An onerous contract provision is recognized when the unavoidable cost of meeting the obligations under the contract exceed the economic benefits expected to be received under it.
\nProvisions for restructuring are linked to announced restructuring programs and closure of site. These provisions include cost estimates associated with the number of employees affected, the timing of the restructuring activities and the costs to be incurred. Those costs include direct expenditure arising from the restructuring programs.\u00a0
\nAs at 31 December 2024, the carrying amount of the provisions for other liabilities and charges (including restructuring and litigation) amount to \u20ac\u00a0288.7 million (\u20ac\u00a0126.4 million in 2023).
\nAs mentioned under the Note F2.20, Umicore performs a detailed assessment of all tax uncertainties within the Group as per IFRIC 23. In the assessment and measurement of the Uncertain Tax Positions, the Group has considered the applicable tax laws and regulations, including the statute of limitations, typically in a range of three to ten years depending on the jurisdiction. The final resolution of the tax positions taken by the Group may in some cases require a considerable period of time and the outcome may be difficult to predict with certainty. The Uncertain Tax Positions reflect all relevant facts the Group has identified, including routine audits the Group is involved in; potential tax exposures related to transfer pricing or transactional business models; or ongoing discussions with tax authorities. The estimation of the tax liability and income tax expense includes any applicable penalties and late payment interests. The Uncertain Tax Positions are measured using the expected value consisting of the sum of the probability-weighted range of potential outcomes, or the most likely amount. Most of the provisions for uncertainty over tax treatment are related to uncertainties about whether a tax authority will accept a certain applied transfer pricing methodology or the deductibility of an expense for tax purposes. The Group provision for uncertainty over tax treatments at December 2024 amounts to \u20ac\u00a0111.5 million (2023: \u20ac\u00a093.1 million). This provision is included in Income Tax Payable in the consolidated balance sheet. The increase by \u20ac\u00a018.4 million is the net result of (i) remeasurement of existing uncertain tax positions, (ii) reversal of uncertain tax positions based on positive outcomes by the tax authorities or mitigation actions taken, (iii) expiration of the statute of limitations and (iv) the recognition of additional uncertain tax provisions (whether positive or negative).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-425": { "value": "\nThe adjustments to the result relate to restructuring measures, impairment of assets linked to restructuring measures and other income or expenses arising from events or transactions that are clearly distinct from the ordinary activities of the company such as discontinuation of activities and environmental provisions that relate to historical pollution or linked to non-active sites.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-426": { "value": "\nEach of the Group\u2019s activities is exposed to a variety of risks that are financial or non-financial in nature but have the potential to impact the \ufb01nancial performance of the Group. Financial risks include changes in metal prices, in foreign currency exchange rates, in certain market-de\ufb01ned commercial conditions, and in interest rates as well as credit and liquidity risks. The Group\u2019s overall risk management program seeks to mitigate risks and potential adverse effects on the \ufb01nancial performance of the Group, including through the use of hedging and insurance instruments.
\nUmicore\u2019s currency risk can be split into three distinct categories: structural, transactional and translational risks.
\nA portion of Umicore\u2019s revenues are structurally denominated in US dollar (USD), while many of the related operations are located outside the USD zone (particularly in Europe and Asia).
\nAny change in the USD exchange rate against the EUR or other currencies which are not pegged to the USD will have an impact on the results.
\nA large portion of such structural currency exposure derives from USD denominated metal prices linked to our operations.
\nNext to the sensitivity USD vs EUR, there is also a structural and increasing sensitivity to certain other currency pairs such as the USD and EUR vs the Korean won (KRW), the Chinese yuan (CNY), the Canadian dollar (CAD), the Polish Zloty (PLN), the Indian Rupee (INR) and the Brazilian real (BRL).
\nStructural currency hedging
Umicore\u2019s hedging policy allows for hedging forward its structural currency exposure, either in conjunction with the hedging of structural metal price exposure or in isolation, typically when a currency exchange rate or a metal price denominated in EUR is above its historical average and at a level where attractive margins can be secured. This includes amongst other hedging forward significant capital expenditure projects which are denominated in another currency than EUR or another functional currency than the one of the entity.
In relation to the structural risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (future probable cash flows) and the hedging instrument including amount and maturity. The Group applies a prudent approach in the application of structural hedging, never up to 100 %, avoiding thereby ineffectiveness arising from difference in maturity between hedged item and hedging instrument or changes in exposure amounts.
\nAt the end of 2024, Umicore had structural currency hedging in place relating to its non-metal related currency sensitivity including the following pairs of currencies: EUR/USD, USD/KRW, EUR/PLN and USD/CAD.
\nThe company is also subject to transactional risks in respect of currencies, i.e. the risk of currency exchange rates fluctuating between the time the price is fixed with a customer or supplier and the time the transaction is settled. The Group\u2019s policy is to hedge the transactional risk to the maximum extent possible, primarily through forward contracts.
\nIn relation to the transactional risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (balance sheet items and commitments) and the hedging instrument including amount and maturity. The Group hedges transactional risks to the maximum extent up to 100 %. Any ineffectiveness can arise from difference in maturity between hedged item and hedging instrument or changes in exposure amounts, but this is not expected to be material.
\nUmicore is an international company and has foreign operations which do not have the EUR as their functional currency. When the results and the balance sheets of these operations are consolidated into Umicore\u2019s Group accounts the translated amount is exposed to variations in the value of such local currencies against the EUR, predominantly the KRW, CNY, USD, BRL, PLN and ZAR. While Umicore does not systematically hedge its translational currency exposures, it may enter into ad hoc translational hedges.
\nCommodities price risk includes metal price risk and energy price risk (electricity and natural gas).
\nUmicore\u2019s metal price risk can be split into three distinct categories: structural, transactional and inventory risks.
\nIn relation to the structural and transactional risk on metal, for the purpose of assessing the hedge effectiveness, the Group applies a critical terms match between the hedged item and the hedging instrument including in terms of quantity and maturity. Hedge ratio is 100% whereby our sources of ineffectiveness could be a difference in maturity between hedged item and financial instrument or a change in exposure.
\nUmicore is exposed to structural metal related price risks. Those risks relate mainly to the impact that metal prices have on surplus metals recovered from materials supplied for treatment or any other revenue component that fluctuates with the metal price. Umicore\u2019s policy allows hedging of such metal price exposure, typically if forward metal prices expressed in the functional currency of the concerned businesses are above their historical average and at a level where attractive margins can be secured. The extent to which metal price risk can be hedged depends on the availability of hedging instruments and sufficient associated market liquidity.
\nThe Recycling segment recycles platinum, palladium, rhodium, gold and silver and a wide range of other base and specialty metals. In this segment the short-term sensitivity of revenues and operating pro\ufb01ts to metals prices is particularly material. However, due to the variability of raw material inputs over time and the diverse durations of supply contracts, it is not feasible to provide a fixed sensitivity to any specific metal. Generally, higher metal prices positively impact the Recycling segment's earnings, whereas lower prices have the opposite effect. Umicore also has a metal price sensitivity in its other business segments (Catalysis, Specialty Materials) linked primarily to the revenue components that are metal price related and depending on the metals used in these segments. In such cases, higher metal prices generally provide short-term benefits to the profitability of each business, while lower metal prices tend to have the opposite effect. However, other commercial factors, such as product premiums, which are largely independent of metal prices, also serve as significant and standalone drivers of revenue and profitability. Additionally, prolonged periods of high metal prices may, in some instances, heighten risks such as substitution or supply chain disruptions.
\nStructural metal price hedging
For some metals Umicore hedges part of its forward metal exposure. This hedging is based on documentation demonstrating a high probability of future metal price based cash \ufb02ows originating from commercial contracts. Umicore hedged part of its forward metal exposure. Over the course of 2024, Umicore entered into additional forward contracts to cover a substantial part of its expected structural price exposure to certain precious metals already up to 2028 and initiated the first hedges for 2029. For 2025, the lock-in ratios are: three quarters for palladium and rhodium, around two thirds for gold, silver and platinum. For 2026, slightly above three quarters of the exposure has been locked in for palladium and rhodium, more than half for gold silver and platinum. For 2027, close to two thirds for palladium, rhodium and gold, more than half for silver and platinum have been locked in. For 2028, half for gold,\u00a0 palladium, platinum and rhodium have been locked in. For 2029, about 20% for silver and gold have been locked in.
In relation to the structural risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (future probable cash flows) and the hedging instrument amongst others amount and maturity. The Group adopts a prudent approach to structural hedging, deliberately avoiding full (100%) hedging. This strategy minimizes the risk of ineffectiveness stemming from mismatches in maturity between the hedged item and the hedging instrument or fluctuations in exposure amounts.
\nThe Group faces transactional price risks on metals. The majority of its metal-based transactions use third party metal market references, such as the London Metal Exchange. If the underlying metal price were to be constant, the price Umicore pays for the metal contained in the raw materials purchased would be passed through to the customer as part of the price charged for the product. However, because of the lapse of time between the conversion of purchased raw materials into products and the sale of products, the volatility in the reference metal price creates differences between the price paid for the contained metal and the price received.
\nAccordingly, there is a transactional exposure to any fluctuations in price between the moment raw materials are purchased (i.e., when the metal is \u201cpriced in\u201d) and the moment the products are sold (i.e. when the metal is \u201cpriced out\u201d).
\nThe Group\u2019s policy is to hedge the transactional risk to the maximum extent possible, primarily through forward contracts.
\nIn relation to the transactional risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (balance sheet items and commitments) and the hedging instrument amongst others amount and maturity. The Group hedges transactional risks to the maximum extent up to 100 %. Any ineffectiveness of such hedges can arise from difference in maturity between hedged item and hedging instrument or changes in exposure amounts, but this is not expected to be material.
\nThe accelerating growth in battery materials in recent years substantially increased the exposure to specific related metals such as cobalt, lithium or nickel. Increasing volumes, the vulnerability to the associated price volatility and in the case of certain metals such as lithium the absence of a liquid paper forward market result in increased metal risks. For lithium, Umicore\u2019s transactional hedging policy aims to match to a maximum extent the pricing in and pricing out of the contracted metal. Such physical back-to-back hedging allows management of transactional risks related to lithium in a volatile market.
\nThe Group\u2019s economical transactional metal hedging policy prescribes that mark-to-market valuation principles are initially applied on all elements of the transactional hedging position, hedging instruments as well as hedged items. Where feasible this happens under IFRS 9 hedge accounting criteria. When IFRS 9 hedge accounting cannot be applied or obtained, Umicore reverses positive mark-to-markets (see Note F2.22.1 \u2013 Transactional risks \u2013 fair value hedging).
\nThe Group faces metal price risks on its permanently tied up metal inventories. This risk is related to the market metal price moving below the carrying value of these inventories.
\nUmicore tends not to hedge against this risk.
\nUmicore is exposed to structural energy price risks (electricity and natural gas). Next to strategic metal hedges, the Group manages a portion of its forward energy price risks by entering into energy hedges. Currently, Umicore has hedges in place for its expected European electricity consumption, amounting to more than 75% for the years 2025 till 2028 and above 50% for 2029 till 2030 and for its natural gas consumption, with levels above 75% for 2025 till 2027, close to half for 2028 and around a quarter for 2029.
\nGiven our decarbonization ambitions, the Group secures long-term green power purchase agreements (PPAs) for its plants through onshore wind farms, offshore wind farms and solar panel installations. Those contracts are generally accounted for as executory own-use contracts.
\nInterest rate risks arise from changes in prevailing market interest rates, which can lead to changes in the fair value of fixed-rate debt instruments and in changes in interest payments for variable-rate debt instruments. This risk is managed by regularly assessing the debt profile of the Group and by entering into interest rate swaps. At the end of December 2024, the Group\u2019s gross \ufb01nancial debt stood at \u20ac\u00a03,437 million, of which 2,753 million carrying a \ufb01xed interest rate.
\nNew US private placements were drawn in July 2024 (issued in April 2024) for a total of \u20ac\u00a0225 million and USD 296 million, with the part in USD hedged to EUR with cross-currency swaps.
\nCredit risk and concentration of credit risk
Credit risk is the risk of non-payment by any counterparty in relation to sales of goods or metal lease operations. In order to manage its credit exposure, Umicore has determined a credit policy with credit limit requests, approval procedures, continuous monitoring of the credit exposure and dunning procedure in case of delays. The credit risk resulting from sales is, to a certain extent, covered by credit insurance, letters of credit or similar secure payment means. Umicore entered into several credit insurance agreements with different insurers. One global credit insurance contract has been put in place on a world-wide basis. This contract protects the insured activities against insolvency, political and commercial risks with an individual deductible per invoice of 5% and foresees an indemnification cap set at regional or country levels. Umicore has determined that in a certain number of cases where the cost of credit insurance is disproportionate in relation to the risk to be insured, no such global credit insurance coverage will be sought. For those businesses, characterized by a significant level of customer concentration or by a specific and close relationship with the customers, specific insurance contracts may be set up for a certain period. It should be noted that some sizeable transactions, such as the sales of precious metals by Recycling, have a limited credit risk as payment before delivery is a widely accepted practice. Umicore may further limit selected credit risks by entering into without recourse receivables discounting arrangements or particularly in China by without recourse bank draft discounting. Regarding its risk exposure to financial institutions such as banks and brokers, Umicore is also establishing internal credit lines. Specific limits are set, per financial instrument, covering the various risks to which the Group is exposed when transacting with such counterparties. In accordance with IFRS 9, impairments for expected credit losses on receivables are measured and recognized, applying a simplified approach.
Liquidity risk relates to the ability to service and refinance debt (including notes issued) and to fund operations. The Group manages liquidity risk by maintaining adequate sources of funding, by ensuring a very wide diversification of such funding sources (in terms of instruments, lending banks and other institutions and in terms of geography), by matching as close as possible the maturity profiles of financial assets and liabilities and by staggering the maturities of financing sources. Sources of funding include a.o. operating cash flows, committed and uncommitted bank facilities including Chinese bank draft lines, metal lease lines, commercial paper issuance and long term private debt placements.
\nPlease refer to Note F21 and F25 for further details.
\nThe tax charge included in the financial statements is the Group\u2019s best estimate of its tax liability acknowledging that, until such time as audits by tax authorities are concluded, there is a degree of uncertainty regarding the final tax liability for the period. The Group\u2019s policy is to submit tax returns within the statutory time limits and engage with the tax authorities as appropriate to ensure that the Group\u2019s tax affairs are current and that any material differences in the interpretation of tax legislation and regulations are resolved where possible. Changes in tax laws or in their application with respect to matters such as Pillar Two, CFC, transfer pricing, VAT, foreign dividends, withholding taxes, interest expense allowance, R&D tax credits, investment incentives and tax deductions, and the recognition of tax loss carryforwards, could impact the Group\u2019s effective tax rate and net profit positively or negatively. Based on the tax risks and opportunities identified, management performed a detailed assessment for uncertain tax positions, resulting in provisions recorded for the income tax related uncertainties pursuant to IFRIC 23.
\nNational and international tax regulation and enforcement keep becoming more demanding, which increases the Group\u2019s tax compliance related burdens (particularly in the field of Pillar-Two and CFC reporting, transfer pricing, indirect taxes such as VAT, and withholding taxes). The uncertainty associated with announced or potential tax reforms is equally increasing in key jurisdictions where Umicore operates, as well as internationally for example due to the OECD tax initiatives. These developments and the resulting uncertainties may impact the Group\u2019s earnings despite Umicore continuing to manage the requirements proactively, e.g. through the implementation of best practice processes and systems. Umicore furthermore applies an active process of monitoring and provisioning of uncertain tax positions.
\nThe company is presently involved in tax litigation in Belgium, Brazil, Canada, Argentina, and Germany which is properly provisioned and is therefore not expected to have an additional material impact on the Group financial position.
\nThe Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.
\nIn order to maintain or adjust the capital structure, the Group may for example adjust the amount of dividends paid to shareholders, return capital to shareholders, buy back its own shares or issue new shares.
\nThe Group monitors its capital structure primarily on the basis of the gearing ratio and the leverage ratio. The leverage ratio is calculated as the net financial debt over adjusted EBITDA ratio. The gearing ratio is calculated as the net financial debt divided by the sum of net financial debt and total Group equity. Net financial debt is calculated as non-current financial debt plus current financial debt less cash and cash equivalents.
\nThe figures for the presented periods are detailed under the Note F25 on Financial Debt.
\nIn an ordinary course of business operating environment, the group aims for a capital structure equivalent to investment-grade credit rating status. The Group could consider temporarily exceeding the equivalent level of indebtedness in the case of an extraordinary event, such as for example a major acquisition.
\nUmicore faces certain strategic and operational risks that are not necessarily \ufb01nancial in nature but which have the potential to impact the \ufb01nancial performance of the Group. These include a.o. technology risks, supply risks, the risk of product substitution by customers, security of supply related risks (such as for selected critical metals), operational risks related to critical production installations, information system availability and cyber security risks, risks from legal disputes and proceedings, risks related to metal trading activities, asset impairment risks due to a change in the asset\u2019s underlying business context and outlook, etc. In some cases, a direct link exists between financial and operational risks. For example, a potential continuity of supply risk for certain critical raw materials or metals due to sudden or extreme physical supply tightness could substantially enhance financial risks and in particular metal price-related risks. In the past, certain metals such as for example rhodium, cobalt or lithium showed high price volatility related to supply tightness considerations. Please refer to the chapter Description of risk management and principal risks and uncertainties for a description of some of these risks and an outline of Umicore\u2019s general approach to risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-427": { "value": "\nUmicore\u2019s currency risk can be split into three distinct categories: structural, transactional and translational risks.
\nA portion of Umicore\u2019s revenues are structurally denominated in US dollar (USD), while many of the related operations are located outside the USD zone (particularly in Europe and Asia).
\nAny change in the USD exchange rate against the EUR or other currencies which are not pegged to the USD will have an impact on the results.
\nA large portion of such structural currency exposure derives from USD denominated metal prices linked to our operations.
\nNext to the sensitivity USD vs EUR, there is also a structural and increasing sensitivity to certain other currency pairs such as the USD and EUR vs the Korean won (KRW), the Chinese yuan (CNY), the Canadian dollar (CAD), the Polish Zloty (PLN), the Indian Rupee (INR) and the Brazilian real (BRL).
\nStructural currency hedging
Umicore\u2019s hedging policy allows for hedging forward its structural currency exposure, either in conjunction with the hedging of structural metal price exposure or in isolation, typically when a currency exchange rate or a metal price denominated in EUR is above its historical average and at a level where attractive margins can be secured. This includes amongst other hedging forward significant capital expenditure projects which are denominated in another currency than EUR or another functional currency than the one of the entity.
In relation to the structural risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (future probable cash flows) and the hedging instrument including amount and maturity. The Group applies a prudent approach in the application of structural hedging, never up to 100 %, avoiding thereby ineffectiveness arising from difference in maturity between hedged item and hedging instrument or changes in exposure amounts.
\nAt the end of 2024, Umicore had structural currency hedging in place relating to its non-metal related currency sensitivity including the following pairs of currencies: EUR/USD, USD/KRW, EUR/PLN and USD/CAD.
\nThe company is also subject to transactional risks in respect of currencies, i.e. the risk of currency exchange rates fluctuating between the time the price is fixed with a customer or supplier and the time the transaction is settled. The Group\u2019s policy is to hedge the transactional risk to the maximum extent possible, primarily through forward contracts.
\nIn relation to the transactional risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (balance sheet items and commitments) and the hedging instrument including amount and maturity. The Group hedges transactional risks to the maximum extent up to 100 %. Any ineffectiveness can arise from difference in maturity between hedged item and hedging instrument or changes in exposure amounts, but this is not expected to be material.
\nUmicore is an international company and has foreign operations which do not have the EUR as their functional currency. When the results and the balance sheets of these operations are consolidated into Umicore\u2019s Group accounts the translated amount is exposed to variations in the value of such local currencies against the EUR, predominantly the KRW, CNY, USD, BRL, PLN and ZAR. While Umicore does not systematically hedge its translational currency exposures, it may enter into ad hoc translational hedges.
\nCommodities price risk includes metal price risk and energy price risk (electricity and natural gas).
\nUmicore\u2019s metal price risk can be split into three distinct categories: structural, transactional and inventory risks.
\nIn relation to the structural and transactional risk on metal, for the purpose of assessing the hedge effectiveness, the Group applies a critical terms match between the hedged item and the hedging instrument including in terms of quantity and maturity. Hedge ratio is 100% whereby our sources of ineffectiveness could be a difference in maturity between hedged item and financial instrument or a change in exposure.
\nUmicore is exposed to structural metal related price risks. Those risks relate mainly to the impact that metal prices have on surplus metals recovered from materials supplied for treatment or any other revenue component that fluctuates with the metal price. Umicore\u2019s policy allows hedging of such metal price exposure, typically if forward metal prices expressed in the functional currency of the concerned businesses are above their historical average and at a level where attractive margins can be secured. The extent to which metal price risk can be hedged depends on the availability of hedging instruments and sufficient associated market liquidity.
\nThe Recycling segment recycles platinum, palladium, rhodium, gold and silver and a wide range of other base and specialty metals. In this segment the short-term sensitivity of revenues and operating pro\ufb01ts to metals prices is particularly material. However, due to the variability of raw material inputs over time and the diverse durations of supply contracts, it is not feasible to provide a fixed sensitivity to any specific metal. Generally, higher metal prices positively impact the Recycling segment's earnings, whereas lower prices have the opposite effect. Umicore also has a metal price sensitivity in its other business segments (Catalysis, Specialty Materials) linked primarily to the revenue components that are metal price related and depending on the metals used in these segments. In such cases, higher metal prices generally provide short-term benefits to the profitability of each business, while lower metal prices tend to have the opposite effect. However, other commercial factors, such as product premiums, which are largely independent of metal prices, also serve as significant and standalone drivers of revenue and profitability. Additionally, prolonged periods of high metal prices may, in some instances, heighten risks such as substitution or supply chain disruptions.
\nStructural metal price hedging
For some metals Umicore hedges part of its forward metal exposure. This hedging is based on documentation demonstrating a high probability of future metal price based cash \ufb02ows originating from commercial contracts. Umicore hedged part of its forward metal exposure. Over the course of 2024, Umicore entered into additional forward contracts to cover a substantial part of its expected structural price exposure to certain precious metals already up to 2028 and initiated the first hedges for 2029. For 2025, the lock-in ratios are: three quarters for palladium and rhodium, around two thirds for gold, silver and platinum. For 2026, slightly above three quarters of the exposure has been locked in for palladium and rhodium, more than half for gold silver and platinum. For 2027, close to two thirds for palladium, rhodium and gold, more than half for silver and platinum have been locked in. For 2028, half for gold,\u00a0 palladium, platinum and rhodium have been locked in. For 2029, about 20% for silver and gold have been locked in.
In relation to the structural risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (future probable cash flows) and the hedging instrument amongst others amount and maturity. The Group adopts a prudent approach to structural hedging, deliberately avoiding full (100%) hedging. This strategy minimizes the risk of ineffectiveness stemming from mismatches in maturity between the hedged item and the hedging instrument or fluctuations in exposure amounts.
\nThe Group faces transactional price risks on metals. The majority of its metal-based transactions use third party metal market references, such as the London Metal Exchange. If the underlying metal price were to be constant, the price Umicore pays for the metal contained in the raw materials purchased would be passed through to the customer as part of the price charged for the product. However, because of the lapse of time between the conversion of purchased raw materials into products and the sale of products, the volatility in the reference metal price creates differences between the price paid for the contained metal and the price received.
\nAccordingly, there is a transactional exposure to any fluctuations in price between the moment raw materials are purchased (i.e., when the metal is \u201cpriced in\u201d) and the moment the products are sold (i.e. when the metal is \u201cpriced out\u201d).
\nThe Group\u2019s policy is to hedge the transactional risk to the maximum extent possible, primarily through forward contracts.
\nIn relation to the transactional risk, the Group assesses the hedge effectiveness through a critical terms match between the hedged item (balance sheet items and commitments) and the hedging instrument amongst others amount and maturity. The Group hedges transactional risks to the maximum extent up to 100 %. Any ineffectiveness of such hedges can arise from difference in maturity between hedged item and hedging instrument or changes in exposure amounts, but this is not expected to be material.
\nThe accelerating growth in battery materials in recent years substantially increased the exposure to specific related metals such as cobalt, lithium or nickel. Increasing volumes, the vulnerability to the associated price volatility and in the case of certain metals such as lithium the absence of a liquid paper forward market result in increased metal risks. For lithium, Umicore\u2019s transactional hedging policy aims to match to a maximum extent the pricing in and pricing out of the contracted metal. Such physical back-to-back hedging allows management of transactional risks related to lithium in a volatile market.
\nThe Group\u2019s economical transactional metal hedging policy prescribes that mark-to-market valuation principles are initially applied on all elements of the transactional hedging position, hedging instruments as well as hedged items. Where feasible this happens under IFRS 9 hedge accounting criteria. When IFRS 9 hedge accounting cannot be applied or obtained, Umicore reverses positive mark-to-markets (see Note F2.22.1 \u2013 Transactional risks \u2013 fair value hedging).
\nThe Group faces metal price risks on its permanently tied up metal inventories. This risk is related to the market metal price moving below the carrying value of these inventories.
\nUmicore tends not to hedge against this risk.
\nUmicore is exposed to structural energy price risks (electricity and natural gas). Next to strategic metal hedges, the Group manages a portion of its forward energy price risks by entering into energy hedges. Currently, Umicore has hedges in place for its expected European electricity consumption, amounting to more than 75% for the years 2025 till 2028 and above 50% for 2029 till 2030 and for its natural gas consumption, with levels above 75% for 2025 till 2027, close to half for 2028 and around a quarter for 2029.
\nGiven our decarbonization ambitions, the Group secures long-term green power purchase agreements (PPAs) for its plants through onshore wind farms, offshore wind farms and solar panel installations. Those contracts are generally accounted for as executory own-use contracts.
\nInterest rate risks arise from changes in prevailing market interest rates, which can lead to changes in the fair value of fixed-rate debt instruments and in changes in interest payments for variable-rate debt instruments. This risk is managed by regularly assessing the debt profile of the Group and by entering into interest rate swaps. At the end of December 2024, the Group\u2019s gross \ufb01nancial debt stood at \u20ac\u00a03,437 million, of which 2,753 million carrying a \ufb01xed interest rate.
\nNew US private placements were drawn in July 2024 (issued in April 2024) for a total of \u20ac\u00a0225 million and USD 296 million, with the part in USD hedged to EUR with cross-currency swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-430": { "value": "\nCredit risk and concentration of credit risk
Credit risk is the risk of non-payment by any counterparty in relation to sales of goods or metal lease operations. In order to manage its credit exposure, Umicore has determined a credit policy with credit limit requests, approval procedures, continuous monitoring of the credit exposure and dunning procedure in case of delays. The credit risk resulting from sales is, to a certain extent, covered by credit insurance, letters of credit or similar secure payment means. Umicore entered into several credit insurance agreements with different insurers. One global credit insurance contract has been put in place on a world-wide basis. This contract protects the insured activities against insolvency, political and commercial risks with an individual deductible per invoice of 5% and foresees an indemnification cap set at regional or country levels. Umicore has determined that in a certain number of cases where the cost of credit insurance is disproportionate in relation to the risk to be insured, no such global credit insurance coverage will be sought. For those businesses, characterized by a significant level of customer concentration or by a specific and close relationship with the customers, specific insurance contracts may be set up for a certain period. It should be noted that some sizeable transactions, such as the sales of precious metals by Recycling, have a limited credit risk as payment before delivery is a widely accepted practice. Umicore may further limit selected credit risks by entering into without recourse receivables discounting arrangements or particularly in China by without recourse bank draft discounting. Regarding its risk exposure to financial institutions such as banks and brokers, Umicore is also establishing internal credit lines. Specific limits are set, per financial instrument, covering the various risks to which the Group is exposed when transacting with such counterparties. In accordance with IFRS 9, impairments for expected credit losses on receivables are measured and recognized, applying a simplified approach.
| Thousands of Euros | Trade receivables (write-down) | Other receivables (write-down) | Total |
|---|---|---|---|
| At the beginning of previous year | (17,893) | (378) | (18,271) |
| . Impairment losses recognized in income statement | (25,067) | - | (25,067) |
| . Reversal of impairment losses | 21,020 | - | 21,020 |
| . Impairment written off against asset carrying amount | 4,373 | - | 4,373 |
| . Other movements | 762 | - | 762 |
| . Translation differences | 464 | 0 | 464 |
| At the end of previous year | (16,340) | (378) | (16,718) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the financial year | (16,340) | (378) | (16,718) |
| . Impairment losses recognized in income statement | (4,861) | - | (4,861) |
| . Reversal of impairment losses | 2,607 | - | 2,607 |
| . Impairment written off against asset carrying amount | 8 | - | 8 |
| . Other movements | (25) | - | (25) |
| . Translation differences | (239) | - | (239) |
| At the end of the financial year for continuing operations | (18,851) | (378) | (19,229) |
The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical payment profiles of sales and the corresponding credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Group has identified macro-economic factors, Probability of Default (PD) and Loss Given Default (LGD) to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
\nIn principle, Umicore uses credit insurance as a means to mitigate the credit risk related to trade receivables. In 2024, three main credit insurance policies with three different insurers were in place. At closing, \u20ac\u00a0291 million of the Group's outstanding invoices were covered by a policy where indemni\ufb01cation in case of non-payment amounts to 95% with an indemni\ufb01cation cap set at regional or country level. The other two policies covered \u20ac\u00a0183 million of trade invoices with a global annual deductible of \u20ac\u00a05 million, a maximum indemnity per year of \u20ac\u00a0200 million and an indemnification in case of non-payment of 95%. The Group also managed credit exposure by selling invoices to financial institutions without recourse (\u20ac\u00a0330 million end of 2024 compared to \u20ac\u00a0227 million end of 2023), partly covered by the above credit insurance policies. Under one of these facilities, the carrying amount of receivables sold before the transfer amounts to \u20ac\u00a0138 million while total carrying amount of the assets that the entity continues to recognize and the related continuing involvement liability equal to \u20ac\u00a019.0 million as of 31 December 2024. The latter consist mainly of non-transferred credit risk as well as late payment risk over the relevant portfolio. Other facilities, amounting to \u20ac\u00a0213 million, are derecognized in their entirety.
\nSpecifically in China, Umicore reduces credit risk by discounting bank acceptance drafts it receives from its customers without recourse (and hence derecognized) (\u20ac\u00a0106 million end of year 2024 compared to \u20ac\u00a0101 million end of 2023).
\nFinally, some businesses units do not use credit insurance and instead use internal credit limits that are set based on available \ufb01nancial information and business knowledge. These limits are duly reviewed and approved by management.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-431": { "value": "\nLiquidity risk relates to the ability to service and refinance debt (including notes issued) and to fund operations. The Group manages liquidity risk by maintaining adequate sources of funding, by ensuring a very wide diversification of such funding sources (in terms of instruments, lending banks and other institutions and in terms of geography), by matching as close as possible the maturity profiles of financial assets and liabilities and by staggering the maturities of financing sources. Sources of funding include a.o. operating cash flows, committed and uncommitted bank facilities including Chinese bank draft lines, metal lease lines, commercial paper issuance and long term private debt placements.
\nPlease refer to Note F21 and F25 for further details.
\n| \u00a0 | Earliest contractual maturity | \u00a0 | ||||
|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | > 5 years | Total |
| Financial debt | 441,342 | 12,755 | 274,601 | 1,088,169 | 931,276 | 2,748,143 |
| Current | 441,342 | 12,755 | 274,601 | - | - | 728,698 |
| Short term bank loans | 126,552 | 12,755 | 59,444 | - | - | 198,751 |
| Bank overdrafts | 51,694 | - | - | - | - | 51,694 |
| Short-term loan: commercial paper | 112,402 | - | - | - | - | 112,402 |
| Other loans | 150,694 | - | - | - | - | 150,694 |
| Current portion of long-term bank loans | - | - | 199,000 | - | - | 199,000 |
| Lease liability | - | - | 16,156 | - | - | 16,156 |
| Non-current | - | - | - | 1,088,169 | 931,276 | 2,019,445 |
| Bank loans | - | - | - | 556,448 | 931,276 | 1,487,724 |
| Lease liability | - | - | - | 50,700 | - | 50,700 |
| Other loans | - | - | - | 481,021 | - | 481,021 |
| Trade and other payables | 1,868,374 | 436,800 | 240,036 | 128,546 | 12,765 | 2,686,521 |
| Current | 1,868,374 | 436,800 | 240,036 | 46,205 | - | 2,591,416 |
| Trade payables | 1,392,090 | 311,798 | 68,946 | - | - | 1,772,833 |
| Advances received on contracts in progress | 4,938 | 15,530 | 7,448 | - | - | 27,916 |
| Tax payable (other than income tax ) | 13,834 | 2,060 | 9,009 | - | - | 24,903 |
| Payroll and related charges | 56,712 | 45,067 | 78,423 | - | - | 180,201 |
| Other amounts payable | 158,124 | 15,980 | 37,383 | - | - | 211,487 |
| Dividends payable | 11,637 | - | - | - | - | 11,637 |
| Accrued interest payable, third parties | 29,379 | 954 | 3,890 | - | - | 34,223 |
| Fair value payable financial instrument held for cash flow hedging | 1,360 | 1,009 | 10,850 | 12,813 | - | 26,032 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | 3,688 | 2,382 | 3,206 | 33,392 | - | 42,668 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | 175 | 801 | 1,386 | - | - | 2,362 |
| Accrued charges and deferred income | 196,436 | 41,220 | 19,496 | - | - | 257,153 |
| Non-current | - | - | - | 82,341 | 12,765 | 95,106 |
| Long-term trade payables | - | - | - | 32,296 | - | 32,296 |
| Other long-term debts | - | - | - | 1,148 | 5,253 | 6,401 |
| Investment grants and deferred income from grants | - | - | - | 48,897 | 7,513 | 56,409 |
| \u00a0 | Earliest contractual maturity | \u00a0 | ||||
|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | > 5 years | Total |
| Financial debt | 244,307 | 91,004 | 784,434 | 1,309,976 | 1,007,018 | 3,436,739 |
| Current | 244,307 | 91,004 | 784,434 | - | - | 1,119,745 |
| Short term bank loans | 132,686 | 91,004 | 174,218 | - | - | 397,909 |
| Bank overdrafts | 38,606 | - | - | - | - | 38,606 |
| Short-term loan: commercial paper | 19,228 | - | 63,545 | - | - | 82,773 |
| Other loans | 53,787 | - | 0 | - | - | 53,787 |
| Current portion of long-term bank loans | - | - | 9,811 | - | - | 9,811 |
| Current portion of other long-term loans | - | - | 516,110 | - | - | 516,110 |
| Lease liability | - | - | 20,749 | - | - | 20,749 |
| Non-current | - | - | - | 1,309,976 | 1,007,018 | 2,316,994 |
| Bank loans | - | - | - | 1,255,462 | 1,007,018 | 2,262,480 |
| Lease liability | - | - | - | 54,513 | - | 54,513 |
| Trade and other payables | 2,166,929 | 384,410 | 254,580 | 260,541 | 12,356 | 3,078,817 |
| Current | 2,166,929 | 384,410 | 254,580 | 45,814 | - | 2,851,734 |
| Trade payables | 1,381,311 | 213,730 | 55,872 | - | - | 1,650,913 |
| Advances received on contracts in progress | 16,969 | 12,979 | 8,311 | - | - | 38,259 |
| Tax payable (other than income tax ) | 14,362 | 3,310 | 29,035 | - | - | 46,707 |
| Payroll and related charges | 58,761 | 38,742 | 75,750 | - | - | 173,253 |
| Other amounts payable | 354,328 | 63,228 | 21,730 | - | - | 439,286 |
| Dividends payable | 11,550 | - | - | - | - | 11,550 |
| Accrued interest payable, third parties | 52,801 | 1,871 | 4,238 | - | - | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | 3,676 | 4,407 | 22,852 | 42,046 | - | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | 2,977 | 5,807 | 17,703 | 869 | - | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | 224 | - | - | - | - | 224 |
| Fair value payable - financial instruments held for trading | - | - | 3,210 | 2,899 | - | 6,109 |
| Accrued charges and deferred income | 269,971 | 40,337 | 15,879 | - | - | 326,187 |
| Non-current | - | - | - | 214,727 | 12,356 | 227,083 |
| Long-term trade payables | - | - | - | 160,562 | - | 160,562 |
| Other long-term debts | - | - | - | 5,328 | 5,791 | 11,119 |
| Investment grants and deferred income from grants | - | - | - | 48,837 | 6,565 | 55,403 |
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.
\nIn order to maintain or adjust the capital structure, the Group may for example adjust the amount of dividends paid to shareholders, return capital to shareholders, buy back its own shares or issue new shares.
\nThe Group monitors its capital structure primarily on the basis of the gearing ratio and the leverage ratio. The leverage ratio is calculated as the net financial debt over adjusted EBITDA ratio. The gearing ratio is calculated as the net financial debt divided by the sum of net financial debt and total Group equity. Net financial debt is calculated as non-current financial debt plus current financial debt less cash and cash equivalents.
\nThe figures for the presented periods are detailed under the Note F25 on Financial Debt.
\nIn an ordinary course of business operating environment, the group aims for a capital structure equivalent to investment-grade credit rating status. The Group could consider temporarily exceeding the equivalent level of indebtedness in the case of an extraordinary event, such as for example a major acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-434": { "value": "\n \n4 Critical accounting estimates and judgments \nEstimates and judgments used in developing and applying the consolidated entity\u2019s financial statements are continually evaluated and are based on historical experience and other factors, including the expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. \nAssumptions and estimates are applied when: \nAssessing the need for and measurement of impairment losses \nAccounting for pension obligations \nRecognizing and measuring provisions for tax, environmental, warranty and litigation risks, product returns, onerous contracts and restructuring \nDetermining inventory write-downs \nAssessing the extent to which deferred tax assets will be realized \nUseful lives of Property, Plant and Equipment and Intangible assets excluding goodwill \nThe critical estimates and judgments that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below. \n \n4.1 Impairment testing \nThe Group performs an impairment test on the carrying value of its cash generating units whenever certain external or internal triggering events suggest a potential impairment risk for such unit. The Group performs annual impairment tests on the goodwill carried by its cash generating units. An impairment loss is recognized when the carrying value exceeds the recoverable amount in a structural way. The recoverable amount is the higher of the fair value less costs to sell and its value in use in accordance with the accounting policy. This value in use is calculated by discounting related future free cash flows (DCF model) to calculate their present value. These calculations require the use of and are sensitive to estimates and assumptions such as discount rates, exchange rates, commodity prices, future capital requirements and future operating performance. Internal estimates of future business performance are based on an analysis of a combination of factors including: market growth projections, market share estimates, competitive landscape, pricing and cost evolution. Such analysis combines both internally-generated estimates and data from external sources. \nAs at 31 December 2024, the carrying amount of the goodwill for the consolidated entities was \u20ac\u00a0155.3 million (\u20ac\u00a0158.3 million in 2023). We refer to Note F15 Goodwill for more details on the annual goodwill impairment testing and to Note F18 for the impairment of the cash generating unit of Battery Materials. \n \n4.2 Rehabilitation obligations \nProvision is made for the anticipated costs of future rehabilitation of industrial sites and surrounding areas to the extent that a legal or constructive obligation exists in accordance with accounting policy F2.16. These provisions include future cost estimates associated with reclamation, plant closures, waste site closures, monitoring, demolition, decontamination, water purification and permanent storage of historical residues. These future cost estimates are discounted to their present value. The calculation of these provision estimates requires assumptions such as application of environmental legislation, plant closure dates, available technologies and engineering cost estimates and specifically related to the Hoboken Green Zone, the purchase cost of houses. A change in any of the assumptions used may have a material impact on the carrying value of rehabilitation provisions. As at 31 December 2024, the carrying amount of rehabilitation provisions was \u20ac\u00a0114.1 million (\u20ac\u00a0103.0 million in 2023). We refer to Note F30 Environmental provisions for more details. \n \n4.3 Defined benefit obligations \nAn asset or liability in respect of defined benefit plan is recognized on the balance sheet in accordance with accounting policy 2.17. The present value of a defined benefit obligation is dependent upon a number of factors that are determined on an actuarial basis. \nThe consolidated entity determines the appropriate discount rate to be used at the end of each year. The consolidated entity\u2019s employee benefit obligations are discussed in more detail in Note F28. At 31 December 2024, a liability with respect to employee bene\ufb01t obligations of \u20ac\u00a0303.5 million was recognized (\u20ac\u00a0314.8 million in 2023). \n \n4.4 Recoverability of deferred tax assets \nDeferred tax assets are recognized for deductible temporary differences and unused tax losses/credits only if it is probable that future taxable profits (based on Group operational plans) are available to recover those temporary differences and losses/credits. The actual tax results in future periods may differ from the estimates made at the time when the deferred taxes are recognized. \nOther assumptions and estimates are disclosed in the respective notes relevant to the item where the assumptions or estimates were used for measurement. \n \n4.5 Provisions for other liabilities and charges \nUmicore\u2019s battery materials sales for transport applications affects the Group\u2019s exposure to the automotive industry end market. This industry has a practice of applying warranty and recall settlements related to potential product quality events (irrespective of whether any legal obligation exists). In view thereof, Umicore continued in 2024 its dedicated provisioning model for battery materials as introduced in previous years. \nAdditional significant provisions for other liabilities and charges are related to potential warranty claims in other activities as well as onerous contracts. An onerous contract provision is recognized when the unavoidable cost of meeting the obligations under the contract exceed the economic benefits expected to be received under it. \nProvisions for restructuring are linked to announced restructuring programs and closure of site. These provisions include cost estimates associated with the number of employees affected, the timing of the restructuring activities and the costs to be incurred. Those costs include direct expenditure arising from the restructuring programs.\u00a0\nAs at 31 December 2024, the carrying amount of the provisions for other liabilities and charges (including restructuring and litigation) amount to \u20ac\u00a0288.7 million (\u20ac\u00a0126.4 million in 2023). \n \n4.6 Provisions for uncertainty over income tax treatments \nAs mentioned under the Note F2.20, Umicore performs a detailed assessment of all tax uncertainties within the Group as per IFRIC 23. In the assessment and measurement of the Uncertain Tax Positions, the Group has considered the applicable tax laws and regulations, including the statute of limitations, typically in a range of three to ten years depending on the jurisdiction. The final resolution of the tax positions taken by the Group may in some cases require a considerable period of time and the outcome may be difficult to predict with certainty. The Uncertain Tax Positions reflect all relevant facts the Group has identified, including routine audits the Group is involved in; potential tax exposures related to transfer pricing or transactional business models; or ongoing discussions with tax authorities. The estimation of the tax liability and income tax expense includes any applicable penalties and late payment interests. The Uncertain Tax Positions are measured using the expected value consisting of the sum of the probability-weighted range of potential outcomes, or the most likely amount. Most of the provisions for uncertainty over tax treatment are related to uncertainties about whether a tax authority will accept a certain applied transfer pricing methodology or the deductibility of an expense for tax purposes. The Group provision for uncertainty over tax treatments at December 2024 amounts to \u20ac\u00a0111.5 million (2023: \u20ac\u00a093.1 million). This provision is included in Income Tax Payable in the consolidated balance sheet. The increase by \u20ac\u00a018.4 million is the net result of (i) remeasurement of existing uncertain tax positions, (ii) reversal of uncertain tax positions based on positive outcomes by the tax authorities or mitigation actions taken, (iii) expiration of the statute of limitations and (iv) the recognition of additional uncertain tax provisions (whether positive or negative). \n \n15 Goodwill \n\nThousands of Euros 31/12/2023 31/12/2024 \nAt the end of the previous year \u00a0\u00a0\nGross value 171,495 168,892 \nAccumulated impairment losses (13,080) (10,621) \nNet book value at the end of previous year 158,415 158,271 \n. acquisition through business combinations - 11,371 \n. impairment losses recognized (included in \"Depreciation and impairment\") - (16,049) \n. translation differences (144) 1,705 \nAt the end of the year 158,271 155,299 \nGross value 168,892 182,236 \nAccumulated impairment losses (10,621) (26,937) \nNet book value for continuing operations 158,271 155,299 \nThis table includes goodwill related to fully consolidated companies only. Goodwill relating to companies accounted for using the equity method is detailed in Note F17. \nThe decrease of the period mainly relates to the impairment of the goodwill in Battery Materials for \u20ac\u00a016 million (see Note F18) partially offset by the goodwill generated by the acquisition of Shinhao Materials LLC for \u20ac\u00a011.4 million (see Note F8). \nThe goodwill accounted in each of the CGU groups, but summarized by segment, is as follows: \n\nThousands of Euros Battery Materials Catalysis Recycling Specialty Materials Total \n31/12/2023 16,049 47,726 18,308 76,188 158,271 \n31/12/2024 - 47,710 18,288 89,300 155,299 \nManagement tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in Note F2. Such impairment tests are performed at a cash generating unit level, which may vary in scope from a segment to a total business unit to an individual plant. The recoverable amounts of cash-generating units to which goodwill is allocated have been determined based on value-in-use calculations by means of discounted cash \ufb02ow modeling on the basis of the Group\u2019s operational plans which typically look forward five years, followed by a long term projection (except for the CGU Battery Materials \u2013 see Note F18). On macroeconomic and external indicators such as currency and metal prices, the testing uses typically prevailing market conditions at the time the plans are drafted. The rates used are typically the ones observed on international exchanges in the last quarter of the year. \nThe 2024 impairment testing used an average tax rate of 25.0% (unchanged versus 2023) and a weighted average cost of capital post-tax of 7.7% (same as in 2023). A uniform WACC rate was applied across cash generating units with unit-specific risk factors considered to be reflected in the underlying cash flow projections. Terminal values were determined on the basis of a perpetual growth rate of on average 2% (same as in 2023). Inflation rates were based on guidance from national and international institutes such as the NBB or ECB. \nThe 2024 goodwill impairment testing for Battery Materials led to an impairment of goodwill of \u20ac\u00a016 million. Refer to Note F18 for additional information. For the other respective cash generating units, the 2024 goodwill impairment testing indicated sufficient headroom and hence no other goodwill impairments were recognized. \nIn this exercise, the Group has considered the potential impact of climate change (forecasts and cash flows used, expected live of property, plant and equipment, capital expenditures to meet decarbonization goals). In particular, the electrification of mobility has been taken into consideration for the catalysis business and reasonable deviation from the key assumptions would not trigger an impairment. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-437": { "value": "\nProvision is made for the anticipated costs of future rehabilitation of industrial sites and surrounding areas to the extent that a legal or constructive obligation exists in accordance with accounting policy F2.16. These provisions include future cost estimates associated with reclamation, plant closures, waste site closures, monitoring, demolition, decontamination, water purification and permanent storage of historical residues. These future cost estimates are discounted to their present value. The calculation of these provision estimates requires assumptions such as application of environmental legislation, plant closure dates, available technologies and engineering cost estimates and specifically related to the Hoboken Green Zone, the purchase cost of houses. A change in any of the assumptions used may have a material impact on the carrying value of rehabilitation provisions. As at 31 December 2024, the carrying amount of rehabilitation provisions was \u20ac\u00a0114.1 million (\u20ac\u00a0103.0 million in 2023). We refer to Note F30 Environmental provisions for more details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-438": { "value": "\nBelow is a list of the main operating companies included in the consolidated financial statements
\n| \u00a0 | \u00a0 | % INTEREST IN | % INTEREST IN |
|---|---|---|---|
| \u00a0 | \u00a0 | 2023 | 2024 |
| For continuing operations | \u00a0 | \u00a0 | |
| Argentina | Umicore Argentina S.A. | 100.00 | 100.00 |
| Australia | Umicore Australia PTY LTD | 100.00 | 100.00 |
| Austria | \u00d6GUSSA \u00d6sterreichische Gold- und Silber-Scheideanstalt GmbH | 100.00 | 100.00 |
| Belgium | Todini (BE 0834.075.185) | 100.00 | 100.00 |
| - | Umicore Financial Services (BE 0428.179.081) | 100.00 | 100.00 |
| - | Umicore Marketing Services Belgium (BE 0402.964.625) | 100.00 | 100.00 |
| - | Umicore Specialty Materials Brugge (BE 0405.150.984) | 100.00 | 100.00 |
| - | Umicore Holding Belgium SRL (BE 0731.571.921) | 100.00 | 100.00 |
| Brazil | Coimpa Industrial Ltda | 100.00 | 100.00 |
| - | Umicore Brasil Ltda | 100.00 | 100.00 |
| - | Clarex S.A. | 100.00 | 100.00 |
| - | Umicore Shokubai Brasil Industrial Ltda | 60.00 | 60.00 |
| - | Umicore Catalisadores Ltd | 100.00 | 100.00 |
| - | Todini Brasil Representa\u00e7\u00f5es Ltda | 70.00 | 70.00 |
| Canada | Umicore Canada Inc. | 100.00 | 100.00 |
| - | Umicore Autocat Canada Corp. | 100.00 | 100.00 |
| - | Umicore Precious Metals Canada Inc. | 100.00 | 100.00 |
| - | Umicore Battery Materials Canada Inc | 100.00 | 100.00 |
| China | Umicore Marketing Services (Shanghai) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Hong Kong Company Limited | 100.00 | 100.00 |
| - | Umicore (Suzhou) Semiconductor Materials Co., Ltd. | 0.00 | 100.00 |
| - | Umicore Battery Materials (China) Co., Ltd. | 0.00 | 100.00 |
| - | Umicore Battery Materials Hong Kong Company Limited | 0.00 | 100.00 |
| - | Umicore Autocat (China) Co.,Ltd. | 100.00 | 100.00 |
| - | Umicore Changxin Surface Technology (Jiangmen) Co., Ltd. | 80.00 | 80.00 |
| - | Jiangmen Umicore Changxin New Materials Co., Ltd. | 90.00 | 90.00 |
| - | Umicore Shokubai (China) Co.,Ltd | 60.00 | 60.00 |
| - | Umicore Platinum Engineered Materials (Suzhou) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Catalyst (China) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Fuel Cell Catalyst (China) Co., Ltd. | 100.00 | 100.00 |
| Denmark | Umicore Denmark ApS | 100.00 | 100.00 |
| Finland | Umicore Finland OY | 100.00 | 100.00 |
| - | Umicore Battery Materials Finland Oy | 0.00 | 100.00 |
| France | Umicore Hexagone S.A.S. | 100.00 | 100.00 |
| - | Umicore IR Glass S.A.S. | 100.00 | 100.00 |
| - | Umicore Autocat France S.A.S. | 100.00 | 100.00 |
| - | Umicore Specialty Powders France S.A.S. | 100.00 | 100.00 |
| - | Umicore France S.A.S. | 100.00 | 100.00 |
| - | Todini France S.A.S. | 100.00 | 100.00 |
| Germany | Umicore AG & Co. KG (*) | 100.00 | 100.00 |
| - | Agosi AG | 100.00 | 100.00 |
| - | Umicore Galvanotechnik GmbH | 100.00 | 100.00 |
| - | Todini Deutschland GmbH | 100.00 | 100.00 |
| Italy | Todini and CO. S.P.A. | 100.00 | 100.00 |
| India | Umicore Autocat India Pvt LTD | 100.00 | 100.00 |
| - | Umicore India Private Limited | 100.00 | 100.00 |
| - | Todini Metals and Chemicals India Private Limited | 70.00 | 70.00 |
| Japan | Umicore Japan KK | 100.00 | 100.00 |
| - | Umicore Shokubai Japan Co Ltd | 60.00 | 60.00 |
| South Korea | Umicore Battery Materials Korea LLC | 100.00 | 100.00 |
| - | Umicore Korea LLC | 100.00 | 100.00 |
| - | Umicore Catalysis Korea LLC | 100.00 | 100.00 |
| Liechtenstein | Umicore Thin Film Products AG | 100.00 | 100.00 |
| Luxemburg | Umicore International | 100.00 | 100.00 |
| - | Umicore Autocat Luxembourg | 100.00 | 100.00 |
| - | Umicore Shokubai | 60.00 | 60.00 |
| - | Fininco | 100.00 | 100.00 |
| Mexico | Todini Atl\u00e1ntica S.A. de C.V. | 70.00 | 70.00 |
| Netherlands | Sch\u00f6ne Edelmetaal B.V. | 100.00 | 100.00 |
| Philippines | Umicore Specialty Chemicals Subic Inc. | 78.20 | 78.20 |
| Poland | Umicore Autocat Poland sp. z o.o. | 100.00 | 100.00 |
| - | Todini Europe sp. z o.o. | 70.00 | 70.00 |
| - | Umicore Battery Materials Poland Sp. z o.o. | 100.00 | 100.00 |
| Portugal | Umicore Iberica Lda | 100.00 | 100.00 |
| South Africa | Umicore Africa (Proprietary) Limited | 100.00 | 100.00 |
| - | Umicore Catalyst South Africa (Pty) Ltd. | 65.00 | 65.00 |
| Spain | Todini Quimica Ib\u00e9rica, S.L. | 100.00 | 100.00 |
| Sweden | Umicore Autocat Sweden AB | 100.00 | 100.00 |
| Taiwan | Umicore Thin Film Products Taiwan Co Ltd | 100.00 | 100.00 |
| Thailand | Umicore Precious Metals (Thailand) Ltd. | 100.00 | 100.00 |
| - | Umicore Autocat (Thailand) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Shokubai (Thailand) Co., Ltd. | 60.00 | 60.00 |
| United Kingdom | Umicore Coating Services Ltd. | 100.00 | 100.00 |
| - | Umicore UK Ltd. | 100.00 | 100.00 |
| - | Todini UK Limited | 100.00 | 100.00 |
| USA | Umicore USA Inc. | 100.00 | 100.00 |
| - | Umicore Autocat USA Inc. | 100.00 | 100.00 |
| - | Umicore Precious Metals NJ LLC | 100.00 | 100.00 |
| - | Umicore Precious Metal Chemistry USA LLC | 100.00 | 100.00 |
| - | Umicore Precious Metals USA Inc. | 100.00 | 100.00 |
| - | Umicore Optical Materials USA Inc. | 100.00 | 100.00 |
| - | Umicore Shokubai USA Inc | 60.00 | 60.00 |
| - | Palm Commodities International LLC | 100.00 | 100.00 |
| - | Umicore Electrical Materials USA Inc. | 100.00 | 100.00 |
| - | Umicore Catalyst USA, LLC | 100.00 | 100.00 |
| - | Umicore Battery Materials USA Inc | 100.00 | 100.00 |
(*) Umicore AG & Co. KG, with its registered office in Hanau, Germany, is exempt from its obligation to prepare, audit and publish annual and consolidated financial statements and a management and group management report in accordance with sections 264b and 291 of the German Commercial Code (HGB).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-439": { "value": "\nBelow is a list of the main operating companies included in the consolidated financial statements
\n| \u00a0 | \u00a0 | % INTEREST IN | % INTEREST IN |
|---|---|---|---|
| \u00a0 | \u00a0 | 2023 | 2024 |
| For continuing operations | \u00a0 | \u00a0 | |
| Argentina | Umicore Argentina S.A. | 100.00 | 100.00 |
| Australia | Umicore Australia PTY LTD | 100.00 | 100.00 |
| Austria | \u00d6GUSSA \u00d6sterreichische Gold- und Silber-Scheideanstalt GmbH | 100.00 | 100.00 |
| Belgium | Todini (BE 0834.075.185) | 100.00 | 100.00 |
| - | Umicore Financial Services (BE 0428.179.081) | 100.00 | 100.00 |
| - | Umicore Marketing Services Belgium (BE 0402.964.625) | 100.00 | 100.00 |
| - | Umicore Specialty Materials Brugge (BE 0405.150.984) | 100.00 | 100.00 |
| - | Umicore Holding Belgium SRL (BE 0731.571.921) | 100.00 | 100.00 |
| Brazil | Coimpa Industrial Ltda | 100.00 | 100.00 |
| - | Umicore Brasil Ltda | 100.00 | 100.00 |
| - | Clarex S.A. | 100.00 | 100.00 |
| - | Umicore Shokubai Brasil Industrial Ltda | 60.00 | 60.00 |
| - | Umicore Catalisadores Ltd | 100.00 | 100.00 |
| - | Todini Brasil Representa\u00e7\u00f5es Ltda | 70.00 | 70.00 |
| Canada | Umicore Canada Inc. | 100.00 | 100.00 |
| - | Umicore Autocat Canada Corp. | 100.00 | 100.00 |
| - | Umicore Precious Metals Canada Inc. | 100.00 | 100.00 |
| - | Umicore Battery Materials Canada Inc | 100.00 | 100.00 |
| China | Umicore Marketing Services (Shanghai) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Hong Kong Company Limited | 100.00 | 100.00 |
| - | Umicore (Suzhou) Semiconductor Materials Co., Ltd. | 0.00 | 100.00 |
| - | Umicore Battery Materials (China) Co., Ltd. | 0.00 | 100.00 |
| - | Umicore Battery Materials Hong Kong Company Limited | 0.00 | 100.00 |
| - | Umicore Autocat (China) Co.,Ltd. | 100.00 | 100.00 |
| - | Umicore Changxin Surface Technology (Jiangmen) Co., Ltd. | 80.00 | 80.00 |
| - | Jiangmen Umicore Changxin New Materials Co., Ltd. | 90.00 | 90.00 |
| - | Umicore Shokubai (China) Co.,Ltd | 60.00 | 60.00 |
| - | Umicore Platinum Engineered Materials (Suzhou) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Catalyst (China) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Fuel Cell Catalyst (China) Co., Ltd. | 100.00 | 100.00 |
| Denmark | Umicore Denmark ApS | 100.00 | 100.00 |
| Finland | Umicore Finland OY | 100.00 | 100.00 |
| - | Umicore Battery Materials Finland Oy | 0.00 | 100.00 |
| France | Umicore Hexagone S.A.S. | 100.00 | 100.00 |
| - | Umicore IR Glass S.A.S. | 100.00 | 100.00 |
| - | Umicore Autocat France S.A.S. | 100.00 | 100.00 |
| - | Umicore Specialty Powders France S.A.S. | 100.00 | 100.00 |
| - | Umicore France S.A.S. | 100.00 | 100.00 |
| - | Todini France S.A.S. | 100.00 | 100.00 |
| Germany | Umicore AG & Co. KG (*) | 100.00 | 100.00 |
| - | Agosi AG | 100.00 | 100.00 |
| - | Umicore Galvanotechnik GmbH | 100.00 | 100.00 |
| - | Todini Deutschland GmbH | 100.00 | 100.00 |
| Italy | Todini and CO. S.P.A. | 100.00 | 100.00 |
| India | Umicore Autocat India Pvt LTD | 100.00 | 100.00 |
| - | Umicore India Private Limited | 100.00 | 100.00 |
| - | Todini Metals and Chemicals India Private Limited | 70.00 | 70.00 |
| Japan | Umicore Japan KK | 100.00 | 100.00 |
| - | Umicore Shokubai Japan Co Ltd | 60.00 | 60.00 |
| South Korea | Umicore Battery Materials Korea LLC | 100.00 | 100.00 |
| - | Umicore Korea LLC | 100.00 | 100.00 |
| - | Umicore Catalysis Korea LLC | 100.00 | 100.00 |
| Liechtenstein | Umicore Thin Film Products AG | 100.00 | 100.00 |
| Luxemburg | Umicore International | 100.00 | 100.00 |
| - | Umicore Autocat Luxembourg | 100.00 | 100.00 |
| - | Umicore Shokubai | 60.00 | 60.00 |
| - | Fininco | 100.00 | 100.00 |
| Mexico | Todini Atl\u00e1ntica S.A. de C.V. | 70.00 | 70.00 |
| Netherlands | Sch\u00f6ne Edelmetaal B.V. | 100.00 | 100.00 |
| Philippines | Umicore Specialty Chemicals Subic Inc. | 78.20 | 78.20 |
| Poland | Umicore Autocat Poland sp. z o.o. | 100.00 | 100.00 |
| - | Todini Europe sp. z o.o. | 70.00 | 70.00 |
| - | Umicore Battery Materials Poland Sp. z o.o. | 100.00 | 100.00 |
| Portugal | Umicore Iberica Lda | 100.00 | 100.00 |
| South Africa | Umicore Africa (Proprietary) Limited | 100.00 | 100.00 |
| - | Umicore Catalyst South Africa (Pty) Ltd. | 65.00 | 65.00 |
| Spain | Todini Quimica Ib\u00e9rica, S.L. | 100.00 | 100.00 |
| Sweden | Umicore Autocat Sweden AB | 100.00 | 100.00 |
| Taiwan | Umicore Thin Film Products Taiwan Co Ltd | 100.00 | 100.00 |
| Thailand | Umicore Precious Metals (Thailand) Ltd. | 100.00 | 100.00 |
| - | Umicore Autocat (Thailand) Co., Ltd. | 100.00 | 100.00 |
| - | Umicore Shokubai (Thailand) Co., Ltd. | 60.00 | 60.00 |
| United Kingdom | Umicore Coating Services Ltd. | 100.00 | 100.00 |
| - | Umicore UK Ltd. | 100.00 | 100.00 |
| - | Todini UK Limited | 100.00 | 100.00 |
| USA | Umicore USA Inc. | 100.00 | 100.00 |
| - | Umicore Autocat USA Inc. | 100.00 | 100.00 |
| - | Umicore Precious Metals NJ LLC | 100.00 | 100.00 |
| - | Umicore Precious Metal Chemistry USA LLC | 100.00 | 100.00 |
| - | Umicore Precious Metals USA Inc. | 100.00 | 100.00 |
| - | Umicore Optical Materials USA Inc. | 100.00 | 100.00 |
| - | Umicore Shokubai USA Inc | 60.00 | 60.00 |
| - | Palm Commodities International LLC | 100.00 | 100.00 |
| - | Umicore Electrical Materials USA Inc. | 100.00 | 100.00 |
| - | Umicore Catalyst USA, LLC | 100.00 | 100.00 |
| - | Umicore Battery Materials USA Inc | 100.00 | 100.00 |
(*) Umicore AG & Co. KG, with its registered office in Hanau, Germany, is exempt from its obligation to prepare, audit and publish annual and consolidated financial statements and a management and group management report in accordance with sections 264b and 291 of the German Commercial Code (HGB).
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Capital gains and losses on disposal of financial investments | (4,871) | 4 |
| Dividend income | 237 | 237 |
| Interest income from financial assets | 3 | 3 |
| Impairment results on financial investments | (444) | (236) |
| Total for continuing operations | (5,075) | 8 |
In 2023, the loss of \u20ac\u00a04.9 million mainly relates to sale of associates.
\nThe investments in companies accounted for using the equity method are composed of the following associates and joint ventures:
\n| \u00a0 | Country | Measurement currency | Percentage | Percentage |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2024 |
| For continuing operations | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ganzhou Yi Hao Umicore Industries | China | CNY | 40.00% | 40.00% |
| Element Six Abrasives | United Kingdom | USD | 40.22% | 40.22% |
| Jiangmen Chancsun Umicore Industry Co.,LTD | China | CNY | 40.00% | 40.00% |
| Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| IONWAY | Belgium | EUR | 50.00% | 50.00% |
Investments in associates and joint ventures are accounted for in accordance with the equity method and represent approximately 6.3% of Umicore\u2019s consolidated balance sheet total.
\nUmicore has no individual material investments in associates. Considering the objectives of the IFRS 12 disclosure requirements, the most signi\ufb01cant associate is Element Six Abrasives, in which Umicore holds 40.22%. Element Six Abrasives is a synthetic diamond materials group, part of De Beers Group, its majority shareholder. The group operates worldwide with primary manufacturing facilities in Ireland, Germany, the UK, the US and South Africa. Element Six Abrasives is on an adjusted results basis a pro\ufb01table group, generating positive cash \ufb02ow. The group\u2019s functional currency is USD. Umicore is represented in the Board of Directors and the audit committee of Element Six Abrasives. Besides its equity share in this company, Umicore has no other commitments, guarantees or obligations arising from its involvement in this associate. Adjustments, if any, in respect of the \ufb01nancial statements of Element Six Abrasives, are separately disclosed under the relevant captions of Umicore\u2019s consolidated \ufb01nancial statements (see Note F9 for adjustments).
\nIn 2023, Umicore and Volkswagen Group-backed battery company PowerCo created the joint venture IONWAY BV with registered offices in Brussels. Umicore's interest in IONWAY amounts to 50% (+1 share) and the Group accounts for this interest using the equity method. Umicore is represented in the Board of Directors and in the Board of Management. IONWAY is active in the production of precursors and cathode active materials for batteries and battery cells and their upstream value chains. The first production plant of the company will be located in Nysa, Poland. In line with the ramp up of the joint venture\u2019s production capacity, partners are likely to contribute additional equity in the joint venture in the coming years which will depend on an appropriate equity vs debt ratio, which will be influenced by the availability of non-recourse third-party financing. Umicore has no other commitments, guarantees or obligations of a financial nature arising from its involvement in this joint venture.
\n| Thousands of Euros | Net book value | Goodwill | Total |
|---|---|---|---|
| At the end of previous year | 273,249 | 41,485 | 314,734 |
| . capital increase | 325,013 | - | 325,013 |
| . Profit (loss) of the period | (44,120) | - | (44,120) |
| . impairment loss | - | (4,460) | (4,460) |
| . dividends | (3,716) | - | (3,716) |
| . change in other reserves | (1,335) | - | (1,335) |
| . translation differences | 2,391 | 36 | 2,427 |
| . other movements | (48) | - | (48) |
| At the end of the year for continuing operations | 551,434 | 37,061 | 588,495 |
| of which joint ventures | 496,650 | - | 496,650 |
| of which associates | 54,784 | 37,061 | 91,845 |
During the year, the Group contributed to the capital increase of IONWAY for \u20ac\u00a0325 million, of which \u20ac\u00a0250 million additional capital contribution has been approved in December 2024 and paid in full end of January 2025 (see Note F26). An additional \u20ac\u00a0150 million contribution is planned for 2025.
\nThe loss is mainly explained by the impairment of associates in Battery Materials (see Note F18), of which an amount of \u20ac\u00a04.5 million is related to the impairment of the goodwill of associates.
\nThe elements recognized in other comprehensive income for investments accounted for using the equity method are mainly related to employee benefits reserves and translation reserves.
\nUmicore\u2019s share in the aggregated balance sheet and profit and loss items of the associates would have been as follows:
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Assets | 222,678 | 191,069 |
| Liabilities | 110,454 | 121,352 |
| Turnover | 224,759 | 144,018 |
| profit (loss) of the period | 3,535 | (41,810) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity interest in % | 50% | 50% |
| Non-current assets | 71,604 | 369,051 |
| Current assets | 345,113 | 690,725 |
| of which cash and cash equivalents | 242,285 | 387,997 |
| Non-current liabilities | 158 | 2,242 |
| of which financial debt | 125 | 1,931 |
| Current liabilities | 61,170 | 64,275 |
| of which financial debt | 0 | 2,624 |
| Equity | 355,389 | 993,259 |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Depreciation and amortisation | (88) | (2,097) |
| Interest income | 264 | 8,572 |
| Income taxes | 1,976 | 4,683 |
| Profit (loss) of the period | (5,967) | (13,540) |
| Other comprehensive income | 3,898 | 1,411 |
| Total comprehensive income | (2,069) | (12,130) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity at the beginning of the year | 0 | 355,389 |
| . capital increase | 357,711 | 650,000 |
| . Profit (loss) of the period | (5,967) | (13,540) |
| . translation differences | 3,898 | 1,411 |
| . Other movements | (253) | - |
| Equity at the end of the year | 355,389 | 993,259 |
| \u00a0 | \u00a0 | \u00a0 |
| Proportionate equity | 177,702 | 496,650 |
| Carrying amount of equity-accounted investment | 177,702 | 496,650 |
For the main currencies applicable within the Group\u2019s consolidated entities and investments, the prevailing rates used for translation into the Group\u2019s presentation currency (EUR), are as set out below. All subsidiaries, associates and joint-ventures have as functional currency the currency of the country in which they operate, except for Element Six Abrasives (United Kingdom) where the functional currency is the US dollar (USD).
\n| \u00a0 | \u00a0 | CLOSING RATES | AVERAGE RATES | ||
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | 2023 | 2024 | 2023 | 2024 |
| American Dollar | USD | 1.105 | 1.039 | 1.081 | 1.082 |
| Korean Won (100) | KRW | 14.337 | 15.322 | 14.129 | 14.754 |
| Polish Zloty | PLN | 4.340 | 4.273 | 4.542 | 4.307 |
| Chinese Yuan | CNY | 7.851 | 7.583 | 7.660 | 7.787 |
| Canadian Dollar | CAD | 1.464 | 1.495 | 1.459 | 1.482 |
| Brazilian Real | BRL | 5.350 | 6.433 | 5.401 | 5.834 |
| Hong Kong Dollar | HKD | 8.631 | 8.069 | 8.465 | 8.445 |
| South African Rand | ZAR | 20.348 | 19.619 | 19.955 | 19.830 |
| Japanese Yen | JPY | 156.330 | 163.060 | 151.990 | 163.852 |
| Indian Rupee | INR | 91.905 | 88.934 | 89.300 | 90.556 |
| Thai Baht | THB | 37.973 | 35.676 | 37.631 | 38.181 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Interest income | 32,615 | 39,747 |
| Interest expenses | (110,214) | (114,423) |
| Discounting of non-current provisions | (8,758) | (9,418) |
| Foreign exchange gains and losses | (8,339) | (17,900) |
| Other financial income | 2,121 | 4,551 |
| Other financial expenses | (16,463) | (16,172) |
| Total of continuing operations | (109,038) | (113,615) |
All interest income and expenses are recognized using the effective interest rate method.
\nThe 2024 interest income reached \u20ac\u00a039.7 million benefiting from higher interest rates on deposit on excess liquidity. The interest expenses amounted to \u20ac\u00a0114.4 million. Those expenses included \u20ac\u00a010.7 million of interest expenses (theoretical phantom interests) on the debt component of the convertible debt (\u20ac\u00a010.4 million in 2023) and \u20ac\u00a01.9 million of interests related to leases as per IFRS 16. The increase mainly comes from the new USPP issuance in April 2024 and the new EIB loan disbursement.
\nThe discounting of non-current provisions relates mainly to employee bene\ufb01ts provisions and to a lesser extent to provisions for other liabilities and charges. This amount is in\ufb02uenced by the present value of these liabilities, which in turn is in\ufb02uenced by changes in the discount rate, by the cash-out pro\ufb01le and by the recognition of new non-current liabilities. Most of the discounting results in 2024 were booked in Germany and to a lesser extent in Belgium.
\nForeign exchange results, mainly explained by the cost of forward points in hedging instruments, include realized exchange results and the unrealized translation adjustments on monetary items using the closing rate of the period. They also include fair value gains and losses on other currency \ufb01nancial instruments (see Note F34).
\nOther \ufb01nancial expenses include payment discounts, bank expenses and other \ufb01nancial fees incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-443": { "value": "\n| Thousands of Euros | Notes | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Eliminations | Total Continued |
|---|---|---|---|---|---|---|---|---|
| Total segment turnover | \u00a0 | 1,979,862 | 6,242,860 | 10,066,100 | 1,564,908 | 35,170 | (1,623,010) | 18,265,890 |
| External turnover | \u00a0 | 1,852,363 | 6,139,920 | 8,710,590 | 1,527,847 | 35,170 | - | 18,265,890 |
| Inter-segment turnover | \u00a0 | 127,499 | 102,940 | 1,355,510 | 37,061 | - | (1,623,010) | - |
| Total segment revenues (excluding metals) | \u00a0 | 547,810 | 1,803,510 | 1,012,540 | 556,533 | - | (44,783) | 3,875,610 |
| External revenues | \u00a0 | 540,799 | 1,800,260 | 1,008,890 | 525,661 | - | - | 3,875,610 |
| Inter-segment revenues | \u00a0 | 7,011 | 3,250 | 3,650 | 30,872 | - | (44,783) | - |
| Result from operating activities | F9 | 15,030 | 355,078 | 281,653 | 82,811 | (143,888) | - | 590,683 |
| Adjusted | \u00a0 | 50,452 | 364,157 | 295,485 | 79,290 | (116,922) | - | 672,461 |
| Adjustments | \u00a0 | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | - | (81,778) |
| Share in result of companies accounted for using the equity method | F9 | (2,583) | - | - | - | 2,982 | - | 399 |
| Adjusted | \u00a0 | (2,583) | - | - | - | 3,689 | - | 1,105 |
| Adjustments | \u00a0 | - | - | - | - | (707) | - | (707) |
| EBIT | F9 | 12,447 | 355,078 | 281,653 | 82,811 | (140,906) | - | 591,081 |
| Adjusted | \u00a0 | 47,869 | 364,157 | 295,485 | 79,290 | (113,234) | - | 673,566 |
| Adjustments | \u00a0 | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | - | (82,485) |
| Depreciation and amortisation | F9 | 101,324 | 71,906 | 76,270 | 30,833 | 18,193 | - | 298,526 |
| Adjusted | \u00a0 | 101,324 | 71,906 | 76,103 | 30,833 | 18,193 | - | 298,360 |
| EBITDA | F9 | 113,771 | 426,984 | 357,922 | 113,643 | (122,713) | - | 889,608 |
| Adjusted | \u00a0 | 149,193 | 436,063 | 371,588 | 110,122 | (95,040) | - | 971,926 |
| Consolidated total assets | \u00a0 | 3,826,267 | 2,320,170 | 1,316,070 | 1,116,325 | 2,775,643 | (1,388,805) | 9,965,670 |
| Segment assets | \u00a0 | 3,603,133 | 2,320,170 | 1,316,070 | 1,116,325 | 2,684,043 | (1,388,805) | 9,650,936 |
| Investments accounted for using the equity method | \u00a0 | 223,134 | - | - | - | 91,600 | - | 314,734 |
| Consolidated total liabilities | \u00a0 | 1,076,563 | 1,389,576 | 864,173 | 383,480 | 3,938,478 | (1,384,031) | 6,268,240 |
| Capital Employed at 31/12 of previous year | \u00a0 | 1,959,610 | 1,563,571 | 346,513 | 791,301 | 55,001 | - | 4,715,996 |
| Capital Employed at 30/06 | \u00a0 | 2,505,905 | 1,236,893 | 468,415 | 770,281 | 114,273 | - | 5,095,766 |
| Capital Employed at 31/12 | F32 | 2,746,389 | 1,013,540 | 456,285 | 721,621 | 63,812 | - | 5,001,646 |
| Average Capital Employed in first half year | F32 | 2,232,758 | 1,400,232 | 407,464 | 780,791 | 84,637 | - | 4,905,881 |
| Average Capital Employed in second half year | F32 | 2,626,147 | 1,125,216 | 462,350 | 745,951 | 89,042 | - | 5,048,706 |
| Average Capital Employed for the period | F32 | 2,429,453 | 1,262,724 | 434,907 | 763,371 | 86,839 | - | 4,977,294 |
| ROCE | F32 | 1.97% | 28.84% | 67.94% | 10.39% | -130.39% | 0.00% | 13.53% |
| Capital expenditure | F35 | 614,195 | 75,693 | 81,789 | 31,548 | 53,582 | - | 856,807 |
| Total R&D expenditure | F9 | 70,881 | 128,450 | 27,004 | 11,974 | 42,702 | - | 281,011 |
| R&D recognized in operating expenses | F9 | 53,235 | 123,814 | 21,351 | 11,974 | 42,701 | - | 253,076 |
| R&D capitalized as intangible assets | F35 | 17,646 | 4,636 | 5,653 | - | 0 | - | 27,935 |
| Thousands of Euros | Notes | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Eliminations | Total Continued |
|---|---|---|---|---|---|---|---|---|
| Total segment turnover | \u00a0 | 1,103,190 | 4,345,580 | 9,267,210 | 1,422,880 | 57,781 | (1,342,960) | 14,853,681 |
| External turnover | \u00a0 | 938,360 | 4,165,950 | 8,294,280 | 1,397,310 | 57,781 | - | 14,853,681 |
| Inter-segment turnover | \u00a0 | 164,830 | 179,630 | 972,930 | 25,570 | - | (1,342,960) | - |
| Total segment revenues (excluding metals) | \u00a0 | 385,710 | 1,666,070 | 907,470 | 536,320 | - | (34,570) | 3,461,000 |
| External revenues | \u00a0 | 391,630 | 1,663,040 | 904,300 | 502,030 | - | - | 3,461,000 |
| Inter-segment revenues | \u00a0 | (5,920) | 3,030 | 3,170 | 34,290 | - | (34,570) | - |
| Result from operating activities | F9 | (1,710,432) | 313,475 | 245,156 | 54,572 | (164,698) | - | (1,261,927) |
| Adjusted | \u00a0 | (87,605) | 361,690 | 248,105 | 65,686 | (110,571) | - | 477,305 |
| Adjustments | \u00a0 | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) | - | (1,739,232) |
| Share in result of companies accounted for using the equity method | F9 | (51,032) | - | - | - | 2,452 | - | (48,580) |
| Adjusted | \u00a0 | (2,424) | - | - | - | 2,863 | - | 439 |
| Adjustments | \u00a0 | (48,608) | - | - | - | (411) | - | (49,019) |
| EBIT | F9 | (1,761,464) | 313,475 | 245,156 | 54,572 | (162,246) | - | (1,310,507) |
| Adjusted | \u00a0 | (90,029) | 361,690 | 248,105 | 65,686 | (107,708) | - | 477,744 |
| Adjustments | \u00a0 | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) | - | (1,788,251) |
| Depreciation and amortisation | F9 | 84,731 | 69,172 | 77,596 | 31,597 | 22,090 | - | 285,186 |
| Adjusted | \u00a0 | 84,731 | 69,172 | 77,596 | 31,597 | 21,925 | - | 285,020 |
| EBITDA | F9 | (1,676,734) | 382,647 | 322,752 | 86,169 | (140,156) | - | (1,025,321) |
| Adjusted | \u00a0 | (5,298) | 430,862 | 325,701 | 97,283 | (85,784) | - | 762,764 |
| Consolidated total assets | \u00a0 | 2,753,653 | 2,184,173 | 1,373,586 | 1,063,426 | 3,037,326 | (1,000,659) | 9,411,505 |
| Segment assets | \u00a0 | 2,257,003 | 2,184,173 | 1,373,586 | 1,063,426 | 2,945,481 | (1,000,659) | 8,823,010 |
| Investments accounted for using the equity method | \u00a0 | 496,650 | - | - | (0) | 91,845 | - | 588,495 |
| Consolidated total liabilities | \u00a0 | 1,110,853 | 1,365,340 | 1,189,328 | 368,938 | 4,455,249 | (999,961) | 7,489,748 |
| Capital Employed at 31/12 of previous year | F32 | 2,746,389 | 1,013,540 | 456,285 | 721,621 | 63,812 | - | 5,001,646 |
| Capital Employed at 30/06 | F32 | 1,510,304 | 832,367 | 313,170 | 738,834 | 121,710 | - | 3,516,384 |
| Capital Employed at 31/12 | F32 | 1,646,677 | 905,409 | 185,239 | 677,820 | 70,181 | - | 3,485,326 |
| Average Capital Employed in first half year | F32 | 2,128,347 | 922,953 | 384,728 | 730,227 | 92,761 | - | 4,259,015 |
| Average Capital Employed in second half year | F32 | 1,578,491 | 868,888 | 249,205 | 708,327 | 95,945 | - | 3,500,855 |
| Average Capital Employed for the period | F32 | 1,853,419 | 895,920 | 316,966 | 719,277 | 94,353 | - | 3,879,935 |
| ROCE | F32 | -4.86% | 40.37% | 78.27% | 9.13% | -114.15% | 0.00% | 12.31% |
| Capital expenditure | F35 | 306,782 | 78,069 | 86,870 | 26,253 | 56,692 | - | 554,665 |
| Total R&D expenditure | F9 | 77,190 | 104,597 | 30,890 | 11,565 | 33,314 | - | 257,555 |
| R&D recognized in operating expenses | F9 | 53,701 | 103,728 | 27,675 | 11,565 | 33,314 | - | 229,982 |
| R&D capitalized as intangible assets | F35 | 23,489 | 869 | 3,215 | - | - | - | 27,573 |
Segment information is presented in respect of the Group\u2019s business segments as defined below.
\nThe segment results, assets and liabilities include items directly attributable to the segment as well as those elements that can reasonably be allocated to a segment.
\nThe pricing of inter-segment sales is based on at arm\u2019s length transfer prices. In the absence of relevant market price references, a \u2018cost plus\u2019 method is used. Segment turnover and revenue (without metals) are taking into account intragroup transactions. Those are mainly related to recycling services and sales of refined metal from the recycling segment to the other group segments and are important to assess the performance of the segments concerned.
\nSince these transactions cannot be considered as external operations, they are eliminated at the Group level, to present a net position. Eliminations of total assets and total liabilities represent the intra-segment eliminations as well as the inter-segment eliminations.
\nThe Group\u2019s business segments have no single external customer that amounts to 10 percent or more of the Group\u2019s turnover.
\nUmicore determined segments as the accurate level of detail to split the product sales since the underlying business, competences and technologies, application and product characteristics and customer portfolio within each individual segment are similar. Moreover, obtaining information at a more disaggregated level would result in excessive costs and efforts compared to the added value for an external reader of the consolidated financial statements.
\n| Thousands of Euros | Notes | Europe | of which Belgium | Asia-Pacific | North America | South America | Africa | Total |
|---|---|---|---|---|---|---|---|---|
| Total segment turnover | \u00a0 | 9,403,672 | 163,664 | 4,167,524 | 3,681,555 | 839,785 | 173,354 | 18,265,890 |
| Total non current assets | \u00a0 | 2,209,630 | 856,212 | 1,119,230 | 349,081 | 75,923 | 3,217 | 3,757,081 |
| Thousands of Euros | Notes | Europe | of which Belgium | Asia-Pacific | North America | South America | Africa | Total |
|---|---|---|---|---|---|---|---|---|
| Total segment turnover | \u00a0 | 9,668,771 | 228,319 | 2,741,803 | 1,648,550 | 706,543 | 88,015 | 14,853,681 |
| Total non current assets | \u00a0 | 2,482,124 | 1,050,386 | 604,481 | 223,647 | 71,487 | 5,976 | 3,387,714 |
Total non current assets by region does not include deferred tax assets, loans granted, other equity investments and assets related to employee benefits.
\nInvestments accounted for using the equity method are allocated based on their country of incorporation.
\nAs from fiscal year 2024, Umicore\u2019s business units are housed in four reporting segments. The business unit Rechargeable Battery Materials, formerly part of Energy & Surface Technologies, is reported as the new reporting segment Battery Materials. The business units Cobalt & Specialty Materials, Electro-Optic Materials and Metal Deposition Solutions, formerly also part of Energy & Surface Technologies, are grouped in the new Specialty Materials reporting segment. The new segmentation brings increased focus on the different business activities: Battery Materials, Catalysis, Recycling and Specialty Materials. Until 31 December 2023, Battery Materials and Specialty Materials were disclosed together as Energy & Surface Technologies, the 2023\u2019s figures of Energy & Surface Technologies have been restated to reflect this change throughout the document.
\nAssociate companies and joint ventures are allocated to the reporting segment with the closest fit from a market segment perspective.
\nPerformance of the segments is reviewed by the chief operating decision maker based on the adjusted EBIT(DA)/ result from operating activities. As illustrated in the table above, the difference between the adjusted result from operating activities and the result of operating activities as presented in the Consolidated income statement consists of the adjustments for which de\ufb01nitions are given in the Glossary.
\nThe segment includes the Battery Materials business unit. Umicore has grouped its global activities relating to the developing, manufacturing and marketing of cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries, as well as the related refining activities of cobalt and nickel chemicals into a separate reporting segment Battery Materials. Umicore\u2019s battery materials are predominantly produced for EV applications and are based on the metals lithium, cobalt, manganese and nickel (NMC). Its NMC product portfolio covers high-nickel, mid-nickel and manganese-rich technologies, targeting the premium, mass and entry EV segments. It spans current lithium-ion battery technologies as well as future technologies such as solid state batteries.
\nThis segment includes the associates Ganzhou Yi Hao Umicore Industries and Jiangmen Chancsun Umicore Industry as well as the joint venture IONWAY.
\nThe segment includes the Automotive Catalysts, Precious Metals Chemistry and Fuel Cell & Stationary Catalysts business units. Catalysis provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, including on-road and off-road vehicles. The business group also offers stationary catalysis for industrial emissions control and produces precious metals-based compounds and catalysts for use in fuel cell applications and in the pharmaceutical and fine chemicals industries.
\nThe segment consists of the business units Precious Metals Refining, Jewelry & Industrial Metals, Precious Metals Management and Battery Recycling Solutions. Recycling treats complex waste streams containing precious and other specialty metals. The recycling operations can recover 20 of these metals from a wide range of input materials ranging from industrial residues to end-of-life materials.
\nOther activities include production of precious metals-based materials that are essential for applications as diverse as high-tech glass production and electronics.
\nThe segment includes the Cobalt & Specialty Materials, Electro-Optic Materials and Metal Deposition Solutions business units. Specialty Materials develops, manufactures and distributes metal-based materials and chemicals for applications vital to everyday lives. It creates value through continuous product and process innovation. Via research and development Specialty Materials diversifies its portfolio to serve appealing niche markets with customized products and services. With its metal refining and recycling skills, it closes the loop for its customers by transforming used metals into fresh inputs for the industry.
\nCorporate covers corporate activities, shared operational functions and the Group\u2019s Research, Development & Innovation unit. Umicore\u2019s shareholdings in Element Six Abrasives is also included in Corporate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-444": { "value": "\nOn 9 July 2024, Metal Deposition Solutions completed the strategic acquisition of Shinhao Materials LLC, a key player in semiconductor material innovation for a price of \u20ac\u00a025 million. Through this acquisition, Umicore is expanding its product offering in the growing market of semiconductors. The net value of the assets bought amounts to \u20ac\u00a013.7 million and mainly concerns IP for \u20ac\u00a016.5 million and related deferred taxes liabilities, with no other material liabilities. A goodwill of \u20ac\u00a011.4 million was recognized following this Acquisition. The acquired net assets are reflected under the lines \"acquisition through business combination\" of the impacted notes. \u20ac\u00a08.3 million will be paid in the coming year and is not contingent to future events or post-combination services. \u20ac\u00a01 million is contingent to future events and can be reduced in case pre-acquisition obligation arise until 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-445": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-446": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Wages, salaries and direct social advantages | (738,630) | (750,995) |
| Other charges for personnel | (39,396) | (35,217) |
| Temporary staff | (9,979) | (9,528) |
| Share-based payments | (14,117) | (6,876) |
| Employee salaries | (802,122) | (802,616) |
| Employer's social security | (131,769) | (141,204) |
| Defined benefit contributions | (34,285) | (26,201) |
| Contribution to defined contribution plans | (25,275) | (26,548) |
| Employer's voluntary contributions (other) | (4,544) | (4,163) |
| Pensions paid directly to beneficiaries | (3,104) | (3,378) |
| Provisions for employee benefits (-increase / + use and reversal) | 19,673 | 7,467 |
| Pensions and other benefits | (47,535) | (52,823) |
| Payroll and related benefits of continuing operations | (981,425) | (996,642) |
The defined contribution plans of the Group in some countries like the USA, Canada, South Africa and Germany are directly recognized in the Consolidated income statement under the line \u201cContribution to defined contribution plans\u201d.
\nThe cash discounts that the authorities give back to Umicore Belgium on the social security contributions, relating to incentives regarding a.o. shift premiums, overtime and R&D are disclosed under the item \u201cEmployer\u2019s social security\u201d.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Date of grant | \u00a0 | 16/02/2023 | 19/02/2024 |
| Share price at the date of grant (Belgium & Other) | F29 | 32.69 | 20.67 |
| Number of stock options granted | F29 | 1,299,550 | 1,481,756 |
| Valuation model | \u00a0 | Present Economic Value | |
| Assumed volatility (% pa) | \u00a0 | 30.00 | 30.00 |
| Risk-free interest rate (% pa) | \u00a0 | 2.500 | 2.370 |
| Dividend increase (% pa) | \u00a0 | 10.00 | 10.00 |
| Rate of pre-vesting forfeiture (%pa) | \u00a0 | NA | NA |
| Rate of post-vesting leaving (%pa) | \u00a0 | 2.00 | 2.00 |
| Minimum gain threshold (% pa) | \u00a0 | 15.00 | 15.00 |
| Proportion who exercise given minimum gain achieved (% pa) | \u00a0 | 100.00 | 100.00 |
| Fair value per granted instrument determined at the grant date (EUR) | \u00a0 | 7.38 | 4.23 |
| Total fair value of options granted | \u00a0 | 9,591 | 6,268 |
| 14.000 shares granted at 32,69 EUR | \u00a0 | 458 | - |
| 42.237 shares granted at 31,57 EUR | \u00a0 | 1,333 | - |
| 10.321 shares granted at 28,88 EUR | \u00a0 | 298 | - |
| 15.502 shares granted at 20,60 EUR | \u00a0 | - | 319 |
| 54.548 shares granted at 19,29 EUR | \u00a0 | - | 1,052 |
| 10.000 shares granted at 21,26 EUR | \u00a0 | - | 213 |
| 167 shares granted at 10,48 EUR | \u00a0 | - | 2 |
| Total fair value of shares granted | \u00a0 | 2,089 | 1,586 |
| PSU's | \u00a0 | \u00a0 | \u00a0 |
| PSU's expenses | \u00a0 | 2,438 | (978) |
| Total Share-based payments continuing operations | \u00a0 | 14,117 | 6,876 |
The Group recognized a share-based payment expense of \u20ac\u00a06.9 million during the year.
\nThe part of this expense related to stock options is calculated by an external actuary using the Present Economic Value model which takes into account all features of the stock option plans and the volatility of the underlying stock. This volatility has been determined using the historical volatility of the Group shareholders\u2019 return over different averaging periods and different terms. For the calculation of the option value based on the lattice model, weekly steps are introduced, therefore focusing on a weekly term of volatility. The retained volatility assumption was set at 30.0%. No other market condition has been included in the basis of calculation of fair market value.
\nThe free share part of the expense is valued at the market price of the shares at the grant date. In 2024, shares have been granted mainly to senior management resulting in an expense of \u20ac\u00a01.6 million.
\nIn 2024, a reversal of \u20ac\u00a01.0 million has been recorded for the expenses related to the performance share unit (PSU) plans that will vest in the coming years.
\nThe PSU Plan reward strategic achievements driving long-term sustainable performance over a period of three years. The first awards will vest in 2025 provided the vesting conditions are met and subject to the achievement of the PSU performance objectives.
\nPerformance objectives are balanced between financial and ESG targets. Group financial performance objectives are split evenly between average ROCE and Total Shareholder Return versus a peer group. Group sustainability performance objectives are in line with Umicore\u2019s Let\u2019s Go for Zero strategy and relate to climate, health and safety, and diversity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-447": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Wages, salaries and direct social advantages | (738,630) | (750,995) |
| Other charges for personnel | (39,396) | (35,217) |
| Temporary staff | (9,979) | (9,528) |
| Share-based payments | (14,117) | (6,876) |
| Employee salaries | (802,122) | (802,616) |
| Employer's social security | (131,769) | (141,204) |
| Defined benefit contributions | (34,285) | (26,201) |
| Contribution to defined contribution plans | (25,275) | (26,548) |
| Employer's voluntary contributions (other) | (4,544) | (4,163) |
| Pensions paid directly to beneficiaries | (3,104) | (3,378) |
| Provisions for employee benefits (-increase / + use and reversal) | 19,673 | 7,467 |
| Pensions and other benefits | (47,535) | (52,823) |
| Payroll and related benefits of continuing operations | (981,425) | (996,642) |
The defined contribution plans of the Group in some countries like the USA, Canada, South Africa and Germany are directly recognized in the Consolidated income statement under the line \u201cContribution to defined contribution plans\u201d.
\nThe cash discounts that the authorities give back to Umicore Belgium on the social security contributions, relating to incentives regarding a.o. shift premiums, overtime and R&D are disclosed under the item \u201cEmployer\u2019s social security\u201d.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Date of grant | \u00a0 | 16/02/2023 | 19/02/2024 |
| Share price at the date of grant (Belgium & Other) | F29 | 32.69 | 20.67 |
| Number of stock options granted | F29 | 1,299,550 | 1,481,756 |
| Valuation model | \u00a0 | Present Economic Value | |
| Assumed volatility (% pa) | \u00a0 | 30.00 | 30.00 |
| Risk-free interest rate (% pa) | \u00a0 | 2.500 | 2.370 |
| Dividend increase (% pa) | \u00a0 | 10.00 | 10.00 |
| Rate of pre-vesting forfeiture (%pa) | \u00a0 | NA | NA |
| Rate of post-vesting leaving (%pa) | \u00a0 | 2.00 | 2.00 |
| Minimum gain threshold (% pa) | \u00a0 | 15.00 | 15.00 |
| Proportion who exercise given minimum gain achieved (% pa) | \u00a0 | 100.00 | 100.00 |
| Fair value per granted instrument determined at the grant date (EUR) | \u00a0 | 7.38 | 4.23 |
| Total fair value of options granted | \u00a0 | 9,591 | 6,268 |
| 14.000 shares granted at 32,69 EUR | \u00a0 | 458 | - |
| 42.237 shares granted at 31,57 EUR | \u00a0 | 1,333 | - |
| 10.321 shares granted at 28,88 EUR | \u00a0 | 298 | - |
| 15.502 shares granted at 20,60 EUR | \u00a0 | - | 319 |
| 54.548 shares granted at 19,29 EUR | \u00a0 | - | 1,052 |
| 10.000 shares granted at 21,26 EUR | \u00a0 | - | 213 |
| 167 shares granted at 10,48 EUR | \u00a0 | - | 2 |
| Total fair value of shares granted | \u00a0 | 2,089 | 1,586 |
| PSU's | \u00a0 | \u00a0 | \u00a0 |
| PSU's expenses | \u00a0 | 2,438 | (978) |
| Total Share-based payments continuing operations | \u00a0 | 14,117 | 6,876 |
The Group recognized a share-based payment expense of \u20ac\u00a06.9 million during the year.
\nThe part of this expense related to stock options is calculated by an external actuary using the Present Economic Value model which takes into account all features of the stock option plans and the volatility of the underlying stock. This volatility has been determined using the historical volatility of the Group shareholders\u2019 return over different averaging periods and different terms. For the calculation of the option value based on the lattice model, weekly steps are introduced, therefore focusing on a weekly term of volatility. The retained volatility assumption was set at 30.0%. No other market condition has been included in the basis of calculation of fair market value.
\nThe free share part of the expense is valued at the market price of the shares at the grant date. In 2024, shares have been granted mainly to senior management resulting in an expense of \u20ac\u00a01.6 million.
\nIn 2024, a reversal of \u20ac\u00a01.0 million has been recorded for the expenses related to the performance share unit (PSU) plans that will vest in the coming years.
\nThe PSU Plan reward strategic achievements driving long-term sustainable performance over a period of three years. The first awards will vest in 2025 provided the vesting conditions are met and subject to the achievement of the PSU performance objectives.
\nPerformance objectives are balanced between financial and ESG targets. Group financial performance objectives are split evenly between average ROCE and Total Shareholder Return versus a peer group. Group sustainability performance objectives are in line with Umicore\u2019s Let\u2019s Go for Zero strategy and relate to climate, health and safety, and diversity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-448": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
\n| Thousands of Euros | Development expenses capitalized | Concessions, patents, licences, etc. | Software | CO2 emission rights | Other intangible assets | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 152,534 | 105,008 | 170,955 | 26,214 | 119,250 | 573,961 |
| Accumulated amortisation | (115,624) | (101,128) | (137,272) | - | (34,986) | (389,010) |
| Net book value at the beginning of previous year | 36,910 | 3,880 | 33,683 | 26,214 | 84,264 | 184,951 |
| . additions | 4,746 | 25,928 | 3,823 | - | 42,771 | 77,268 |
| . disposals | - | - | (3) | (0) | - | (4) |
| . amortisation charged (included in \"Depreciation and impairments\") | (9,203) | (3,589) | (9,990) | - | (3,539) | (26,321) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (7,641) | - | (71) | - | (11) | (7,723) |
| . emission rights allowances | - | - | - | 4,308 | - | 4,308 |
| . translation differences | (217) | 1 | (196) | (0) | 193 | (220) |
| . other movements | 9,417 | (0) | 12,505 | - | (31,412) | (9,490) |
| At the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| Gross value | 156,789 | 91,004 | 184,473 | 30,522 | 130,153 | 592,940 |
| Accumulated amortisation | (122,777) | (64,784) | (144,722) | - | (37,888) | (370,171) |
| Net book value at the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| . acquisition through business combinations | - | 16,499 | 13 | - | 1,443 | 17,955 |
| . additions | 1,019 | 2 | 5,084 | - | 50,026 | 56,131 |
| . disposals | - | - | (101) | - | - | (101) |
| . amortisation charged (included in \"Depreciation and impairments\") | (7,112) | (5,087) | (12,602) | - | (3,831) | (28,632) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (14,066) | (78) | (796) | - | (9) | (14,950) |
| . emission rights allowances | - | - | - | (4,845) | - | (4,845) |
| . translation differences | (113) | 430 | (564) | - | 291 | 45 |
| . other movements | 7,541 | 100 | 24,285 | - | (48,436) | (16,511) |
| At the end of the year | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
| Gross value | 165,079 | 105,803 | 210,955 | 25,677 | 132,457 | 639,971 |
| Accumulated amortisation | (143,799) | (67,716) | (155,886) | - | (40,708) | (408,110) |
| Net book value for continuing operations | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
In 2024, additions amounted to \u20ac\u00a056.1 million and contain capitalized expenses in internally generated developments for \u20ac\u00a027.6 million (see Note F9), of which \u20ac\u00a026.9 million is included in \u201cOther intangible assets\u201d as intangible assets in progress. Additions mainly relate to capitalized development expenses in new product and technologies in Battery Materials and in battery recycling, as well as capitalized expenses related to the renewal of a Group software and pilot production lines. Acquisitions through business combinations mainly include \u20ac\u00a016.5 million of IP from the acquisition of Shinhao Materials LLC.
\nImpairment losses are mainly linked to impairment on selected capitalized development projects in Catalysis following the less stringent than initially foreseen Euro-7 legislation and in Battery Materials (see Note F18). Net decrease of emission right allowances amounts to \u20ac\u00a0-4.8 million in 2024 (new grants \u20ac\u00a014.8 million and settlement \u20ac-19.7 million). Other movements mainly include the transfer to assets held for sale for \u20ac\u00a019.0 million as well as the transfer between intangible assets in progress (included under \u201cother intangible assets\u201d) and the other categories of intangible assets and transfers from tangible assets. The other intangible assets category contains intangible assets in progress for \u20ac\u00a083.2 million (mainly capitalized development costs) but also some business portfolio and customers\u2019 list acquired for \u20ac\u00a06.9 million. There are no pledges on, or restrictions to, the title on intangible assets, other than disclosed in Note F36.
\n| Thousands of Euros | Land and buildings | Plant, machinery and equipment | Furniture and vehicles | Other tangible assets | Construction in progress and advance payments | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,451,062 | 2,877,669 | 289,795 | 46,294 | 612,541 | 5,277,361 |
| Accumulated depreciation | (635,880) | (1,937,713) | (201,004) | (23,133) | - | (2,797,729) |
| Net book value at the beginning of previous year without leasing | 815,183 | 939,956 | 88,791 | 23,161 | 612,541 | 2,479,631 |
| . additions | 17,256 | 48,800 | 12,667 | 401 | 728,349 | 807,474 |
| . disposals | (137) | (8,653) | (235) | - | (1,338) | (10,363) |
| . depreciations (included in \"Depreciation and impairments\") | (54,884) | (174,276) | (22,100) | (879) | - | (252,139) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (3,346) | (33,207) | (1,055) | (465) | - | (38,073) |
| . translation differences | (13,803) | (24,258) | (1,498) | (87) | 16,997 | (22,649) |
| . other movements | 57,664 | 156,455 | 16,322 | 713 | (221,181) | 9,972 |
| At the end of previous year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,495,128 | 2,932,632 | 306,095 | 46,266 | 1,135,367 | 5,915,488 |
| Accumulated depreciation | (677,196) | (2,027,814) | (213,202) | (23,421) | - | (2,941,635) |
| Net book value at the beginning of the year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| . acquisition through business combinations | 23 | 202 | 20 | - | 1,767 | 2,012 |
| . additions | 5,200 | 34,870 | 7,634 | 29 | 478,374 | 526,107 |
| . disposals | 0 | (523) | (238) | - | (258) | (1,018) |
| . depreciations (included in \"Depreciation and impairments\") | (52,893) | (160,463) | (21,254) | (320) | - | (234,930) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (311,659) | (607,985) | (10,225) | 3 | - | (929,865) |
| . translation differences | (6,310) | (2,723) | (1,676) | 107 | 7,384 | (3,219) |
| . other movements | 179,040 | 507,178 | 10,942 | (7,191) | (705,497) | (15,529) |
| At the end of the financial year without leasing | 631,332 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| Gross value | 1,650,726 | 3,382,057 | 302,180 | 35,951 | 917,139 | 6,288,052 |
| Accumulated depreciation | (1,019,395) | (2,706,684) | (224,084) | (20,478) | - | (3,970,641) |
| Net book value for continuing operations without leasing | 631,331 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 70,390 | 159 | 31,823 | 637 | - | 103,010 |
| Accumulated depreciation | (32,659) | (131) | (17,220) | (331) | - | (50,340) |
| Net book value at the beginning of previous year for leasing | 37,732 | 28 | 14,603 | 306 | - | 52,669 |
| . additions | 12,066 | 1,864 | 17,638 | - | - | 31,569 |
| . depreciations (included in \"Depreciation and impairments\") | (10,694) | (969) | (8,301) | (104) | - | (20,069) |
| . translation differences | (1,324) | 43 | 3 | (0) | - | (1,279) |
| At the end of previous year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Leasing at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 76,730 | 4,391 | 41,635 | 637 | - | 123,393 |
| Accumulated depreciation | (38,950) | (3,425) | (17,691) | (436) | - | (60,502) |
| Net book value at the beginning of the year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| . additions | 10,969 | 124 | 16,761 | 1,792 | - | 29,646 |
| . depreciations (included in \"Depreciation and impairments\") | (9,742) | (1,042) | (10,568) | (273) | - | (21,624) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | 1,886 | - | (0) | (9) | - | 1,877 |
| . translation differences | 74 | 7 | 99 | (0) | - | 179 |
| At the end of the financial year for leasing | 40,968 | 54 | 30,235 | 1,711 | - | 72,968 |
| Gross value | 71,554 | 1,013 | 51,778 | 1,983 | - | 126,328 |
| Accumulated depreciation | (30,586) | (958) | (21,542) | (272) | - | (53,359) |
| Net book value for leasing | 40,968 | 54 | 30,236 | 1,711 | - | 72,969 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Tangible asset including leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,722,280 | 3,383,070 | 353,958 | 37,934 | 917,139 | 6,414,380 |
| Accumulated depreciation | (1,049,981) | (2,707,642) | (245,627) | (20,750) | - | (4,024,000) |
| Net book value for continuing operations including leasing | 672,299 | 675,427 | 108,331 | 17,184 | 917,139 | 2,390,380 |
Capital expenditure totaled \u20ac\u00a0555 million (including additions on intangible assets but without the capitalized R&D costs as per Umicore's capital expenditures definition), compared to \u20ac\u00a0857 million the previous year, reflecting entirely the reduction in Battery Materials after strictly limiting the investments to support the existing customer commitments. In 2024, the additions of \u20ac\u00a0478.4 million of construction in progress and advance payments are mainly due to Battery Materials.
\nImpairments on property, plant and equipment are mainly related to impairment of Battery Materials assets (\u20ac\u00a0907.0 million - see Note F18). It concerns to a great degree Asia and to a lesser extent other regions
\nThe line \u2018Other movements\u2019 includes the transfer to assets held for sale for \u20ac\u00a013.0 million and the transfer between construction in progress and the other categories of assets or to a lesser extent transfer to intangible assets.
There are no pledges on, or restrictions to, the title on property, plant and equipment, other than disclosed in Note F36.
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-450": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-451": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
\n| \u00a0 | Earliest contractual maturity | \u00a0 | ||||
|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | > 5 years | Total |
| Financial debt | 441,342 | 12,755 | 274,601 | 1,088,169 | 931,276 | 2,748,143 |
| Current | 441,342 | 12,755 | 274,601 | - | - | 728,698 |
| Short term bank loans | 126,552 | 12,755 | 59,444 | - | - | 198,751 |
| Bank overdrafts | 51,694 | - | - | - | - | 51,694 |
| Short-term loan: commercial paper | 112,402 | - | - | - | - | 112,402 |
| Other loans | 150,694 | - | - | - | - | 150,694 |
| Current portion of long-term bank loans | - | - | 199,000 | - | - | 199,000 |
| Lease liability | - | - | 16,156 | - | - | 16,156 |
| Non-current | - | - | - | 1,088,169 | 931,276 | 2,019,445 |
| Bank loans | - | - | - | 556,448 | 931,276 | 1,487,724 |
| Lease liability | - | - | - | 50,700 | - | 50,700 |
| Other loans | - | - | - | 481,021 | - | 481,021 |
| Trade and other payables | 1,868,374 | 436,800 | 240,036 | 128,546 | 12,765 | 2,686,521 |
| Current | 1,868,374 | 436,800 | 240,036 | 46,205 | - | 2,591,416 |
| Trade payables | 1,392,090 | 311,798 | 68,946 | - | - | 1,772,833 |
| Advances received on contracts in progress | 4,938 | 15,530 | 7,448 | - | - | 27,916 |
| Tax payable (other than income tax ) | 13,834 | 2,060 | 9,009 | - | - | 24,903 |
| Payroll and related charges | 56,712 | 45,067 | 78,423 | - | - | 180,201 |
| Other amounts payable | 158,124 | 15,980 | 37,383 | - | - | 211,487 |
| Dividends payable | 11,637 | - | - | - | - | 11,637 |
| Accrued interest payable, third parties | 29,379 | 954 | 3,890 | - | - | 34,223 |
| Fair value payable financial instrument held for cash flow hedging | 1,360 | 1,009 | 10,850 | 12,813 | - | 26,032 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | 3,688 | 2,382 | 3,206 | 33,392 | - | 42,668 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | 175 | 801 | 1,386 | - | - | 2,362 |
| Accrued charges and deferred income | 196,436 | 41,220 | 19,496 | - | - | 257,153 |
| Non-current | - | - | - | 82,341 | 12,765 | 95,106 |
| Long-term trade payables | - | - | - | 32,296 | - | 32,296 |
| Other long-term debts | - | - | - | 1,148 | 5,253 | 6,401 |
| Investment grants and deferred income from grants | - | - | - | 48,897 | 7,513 | 56,409 |
| \u00a0 | Earliest contractual maturity | \u00a0 | ||||
|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | > 5 years | Total |
| Financial debt | 244,307 | 91,004 | 784,434 | 1,309,976 | 1,007,018 | 3,436,739 |
| Current | 244,307 | 91,004 | 784,434 | - | - | 1,119,745 |
| Short term bank loans | 132,686 | 91,004 | 174,218 | - | - | 397,909 |
| Bank overdrafts | 38,606 | - | - | - | - | 38,606 |
| Short-term loan: commercial paper | 19,228 | - | 63,545 | - | - | 82,773 |
| Other loans | 53,787 | - | 0 | - | - | 53,787 |
| Current portion of long-term bank loans | - | - | 9,811 | - | - | 9,811 |
| Current portion of other long-term loans | - | - | 516,110 | - | - | 516,110 |
| Lease liability | - | - | 20,749 | - | - | 20,749 |
| Non-current | - | - | - | 1,309,976 | 1,007,018 | 2,316,994 |
| Bank loans | - | - | - | 1,255,462 | 1,007,018 | 2,262,480 |
| Lease liability | - | - | - | 54,513 | - | 54,513 |
| Trade and other payables | 2,166,929 | 384,410 | 254,580 | 260,541 | 12,356 | 3,078,817 |
| Current | 2,166,929 | 384,410 | 254,580 | 45,814 | - | 2,851,734 |
| Trade payables | 1,381,311 | 213,730 | 55,872 | - | - | 1,650,913 |
| Advances received on contracts in progress | 16,969 | 12,979 | 8,311 | - | - | 38,259 |
| Tax payable (other than income tax ) | 14,362 | 3,310 | 29,035 | - | - | 46,707 |
| Payroll and related charges | 58,761 | 38,742 | 75,750 | - | - | 173,253 |
| Other amounts payable | 354,328 | 63,228 | 21,730 | - | - | 439,286 |
| Dividends payable | 11,550 | - | - | - | - | 11,550 |
| Accrued interest payable, third parties | 52,801 | 1,871 | 4,238 | - | - | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | 3,676 | 4,407 | 22,852 | 42,046 | - | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | 2,977 | 5,807 | 17,703 | 869 | - | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | 224 | - | - | - | - | 224 |
| Fair value payable - financial instruments held for trading | - | - | 3,210 | 2,899 | - | 6,109 |
| Accrued charges and deferred income | 269,971 | 40,337 | 15,879 | - | - | 326,187 |
| Non-current | - | - | - | 214,727 | 12,356 | 227,083 |
| Long-term trade payables | - | - | - | 160,562 | - | 160,562 |
| Other long-term debts | - | - | - | 5,328 | 5,791 | 11,119 |
| Investment grants and deferred income from grants | - | - | - | 48,837 | 6,565 | 55,403 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 | |
|---|---|---|---|
| Analysis of inventories | \u00a0 | \u00a0 | |
| Base products - gross value | 2,839,235 | 2,251,369 | |
| \u00a0 | .Permanently tied up metal inventories (not hedged) | 1,257,257 | 716,145 |
| \u00a0 | .Commercially available metal inventories (hedged) (*) | 1,185,067 | 1,195,239 |
| \u00a0 | .Other base products inventories (not hedged) | 396,911 | 339,985 |
| Consumables - gross value | 132,767 | 128,572 | |
| Write-downs | (134,481) | (140,776) | |
| Advances paid | 6,526 | 6,277 | |
| Contracts in progress | 6,060 | 6,234 | |
| Total inventories for continuing operations | 2,850,106 | 2,251,676 | |
| * applying Umicore's transactional metal hedging - see Notes F2.22.1 and F3.2.2 |
Inventories have decreased by \u20ac\u00a0598.4 million compared with December 2023. This decrease is mainly driven by the decrease of permanently tied up metal inventories for \u20ac\u00a0541.1 million following the impairment of Battery Materials described in Note F18 for \u20ac\u00a0458.9 million and further optimization measures. In Catalysis and Recycling, a further reduction is driven by lower platinum group metals price levels and further optimization measures.
\nThe total gross book value of Umicore\u2019s permanently tied-up metal inventories at 31 December 2024 compares to a value of \u20ac\u00a01,971 million when applying the 31 December 2024 market prices (\u20ac\u00a02,082 million at end December 2023).
\nIn line with Umicore\u2019s accounting policies related to inventories (see Note F2.11), metals are classified in inventory categories that reflect their specific nature and business use. Umicore classifies permanently tied-up metal inventories as a separate inventory category. The start of the year, Umicore carried permanently tied-up inventories for silver, gold, platinum, palladium, rhodium, cobalt, nickel, germanium, lead, lithium and copper. As this inventory category is considered to have an unlimited useful life, no depreciations are applied but instead it is subject to Umicore\u2019s annual impairment testing of the Cash Generating Units carrying these inventories. Applying the LOCOM principle on permanently tied-up metal inventories on 31 December 2024 would have given rise to a non-cash impairment charge of \u20ac\u00a028.3 million for the Group.
\nThe change in inventory recognized in Raw Materials and Consumables in the consolidated income statement is a negative amount of \u20ac\u00a0583 million (representing the cash movements on inventory balances). The net write-down of inventory recorded in the consolidated income statement in 2024 amounts to \u20ac\u00a0470.3 million.
\nWrite-downs on inventories amount to \u20ac\u00a0140.8 million and mainly relate to write-downs on slow moving spare parts, on scrapping during production and on materials for which the market value is below the carrying amount of the material.
\nThere are no pledges on, or restrictions to, the title on inventories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-453": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-454": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-455": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-456": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Sales | 18,098,890 | 14,708,668 |
| Services | 167,000 | 145,013 |
| Turnover | 18,265,890 | 14,853,681 |
| Re-invoicing of costs to third parties | 64,253 | 58,369 |
| Operating grants | 23,598 | 30,491 |
| Royalties and license fees | 14,493 | 14,218 |
| Emission rights income | 20,458 | 14,336 |
| Insurance recovery | 2,977 | 629 |
| Various interests and penalties for late payments | 450 | 349 |
| Gains on disposals of assets | 942 | 1,042 |
| Translation difference on intra-group eliminations | 5,055 | 3,828 |
| Tax incentives | 6,108 | 4,351 |
| Other | 10,179 | 9,583 |
| Other operating income | 148,513 | 137,196 |
| Operating income of continuing operations | 18,414,403 | 14,990,877 |
| Raw materials and consumables | (15,778,905) | (12,643,636) |
| Payroll and related benefits | (981,425) | (996,642) |
| Depreciation and amortisation | (298,526) | (285,186) |
| Impairment loss | (45,790) | (958,986) |
| Write-down on inventory and impairment of financial assets | (6,744) | (472,521) |
| Depreciation and impairments | (351,061) | (1,716,693) |
| Services and outsourced refining and production costs | (607,896) | (604,973) |
| Royalties, licence fees, consulting and commissions | (93,363) | (87,324) |
| Taxes other than income taxes | (28,371) | (28,744) |
| Provisions (increase/use and reversal) | 23,992 | (173,657) |
| Losses on disposal of assets | (1,616) | (1,143) |
| Other operating expenses | (707,254) | (895,841) |
| Operating expenses of continuing operations | (17,818,645) | (16,252,812) |
Turnover refers to turnover from customers as per IFRS 15. The further disaggregation is detailed in Note F7. As described in the accounting policy F2.21, the revenue from contracts with customers are mainly recognized at a point in time. The decrease in turnover in 2024 is mainly related to the decrease of platinum group metals prices, lower battery metal rates and lower volumes.
\nServices mainly include the revenues from tolling contracts.
\nThe decrease in raw materials and consumables used is mainly related to the decrease of metal prices and to lesser extent the lower rates for consumables and utilities. Raw materials and consumables include primarily the value of the purchased metals. Utilities (water, gas and electricity) amount to \u20ac\u00a0144.8 million in 2024 (\u20ac\u00a0205.1 million in 2023).
\nIn 2024, the impairment losses largely related to Battery Materials impairment as described in Note F18 leading to an impairment of goodwill for \u20ac\u00a016.0 million, intangibles and property-plant equipment for \u20ac\u00a0912.7 million and inventories for \u20ac\u00a0467.6 million (of which \u20ac\u00a0458.9 million related to non-current inventory).
\nThe line provisions contains the movements in the environmental provisions and in the provisions for other liabilities and charges which are detailed in the Notes F29 and F30.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
\n| \u00a0 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2024 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Notes | \u00a0 | Total | Adjusted | Adjustments | Total | Adjusted | Adjustments |
| Turnover | \u00a0 | a | 18,265,890 | 18,253,199 | 12,691 | 14,853,681 | 14,859,584 | (5,903) |
| Other operating income | \u00a0 | b | 148,513 | 147,974 | 539 | 137,196 | 136,772 | 424 |
| Operating income | \u00a0 | c=a+b | 18,414,403 | 18,401,173 | 13,230 | 14,990,877 | 14,996,356 | (5,479) |
| Raw materials and consumables | \u00a0 | d | (15,778,905) | (15,769,105) | (9,800) | (12,643,636) | (12,622,665) | (20,971) |
| Payroll and related benefits | \u00a0 | e | (981,425) | (978,137) | (3,288) | (996,642) | (993,561) | (3,080) |
| Depreciation and impairments | \u00a0 | f | (351,061) | (306,743) | (44,318) | (1,716,693) | (294,092) | (1,422,601) |
| of which depreciation and amortisation | \u00a0 | g | (298,526) | (298,360) | (166) | (285,186) | (285,020) | (166) |
| Other operating expenses | \u00a0 | h | (707,254) | (675,159) | (32,095) | (895,841) | (608,741) | (287,100) |
| Operating expenses | \u00a0 | i=d+e+f+h | (17,818,645) | (17,729,144) | (89,502) | (16,252,812) | (14,519,059) | (1,733,753) |
| Income (loss) from other financial assets | \u00a0 | j | (5,075) | 431 | (5,507) | 8 | 8 | - |
| Result from operating activities | \u00a0 | k=c+i+j | 590,683 | 672,461 | (81,778) | (1,261,927) | 477,305 | (1,739,232) |
| Share in result of companies accounted for using the equity method | \u00a0 | l | 399 | 1,105 | (707) | (48,580) | 439 | (49,019) |
| EBIT | \u00a0 | m=k+l | 591,081 | 673,566 | (82,485) | (1,310,507) | 477,744 | (1,788,251) |
| EBITDA | \u00a0 | n=m-g | 889,608 | 971,926 | (82,319) | (1,025,321) | 762,764 | (1,788,085) |
| Net financial result | F11 | o | (109,038) | (109,822) | 784 | (113,615) | (108,281) | (5,334) |
| Income taxes | F13 | p | (104,941) | (121,257) | 16,316 | (106,954) | (108,576) | 1,622 |
| Profit (loss) of the period | \u00a0 | q=m+o+p | 377,103 | 442,487 | (65,385) | (1,531,076) | 260,887 | (1,791,963) |
| of which minority share | \u00a0 | r | (7,972) | (4,201) | (3,771) | (51,197) | 5,636 | (56,832) |
| of which Group share | \u00a0 | s=q-r | 385,075 | 446,688 | (61,614) | (1,479,879) | 255,251 | (1,735,131) |
| Effective tax rate | \u00a0 | t=p/(k+o) | 22% | 22% | 20% | -8% | 29% | 0% |
| \u00a0 | \u00a0 | 2023 | \u00a0 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated | Total | Battery Materials | Catalysis | Recycling | Specialty Materials | Corporate & Unallocated |
| Turnover | 12,691 | - | - | 12,691 | - | - | (5,903) | (5,903) | - | - | - | - |
| Other operating income | 539 | - | 403 | 133 | 3 | - | 424 | 17 | 376 | 37 | (10) | 4 |
| Operating income | 13,230 | - | 403 | 12,824 | 3 | - | (5,479) | (5,886) | 376 | 37 | (10) | 4 |
| Raw materials and consumables | (9,800) | - | - | (9,800) | - | - | (20,971) | (20,959) | - | - | - | (12) |
| Payroll and related benefits | (3,288) | - | - | (3,288) | - | - | (3,080) | (1,287) | (446) | - | (30) | (1,318) |
| Depreciation and impairments | (44,318) | (33,036) | (2,026) | (9,256) | - | - | (1,422,601) | (1,395,501) | (14,299) | - | (9,808) | (2,993) |
| Other operating expenses | (32,095) | (2,385) | (7,456) | (4,312) | 3,518 | (21,460) | (287,100) | (199,195) | (33,845) | (2,985) | (1,266) | (49,808) |
| Operating expenses | (89,502) | (35,422) | (9,482) | (26,656) | 3,518 | (21,460) | (1,733,753) | (1,616,941) | (48,591) | (2,985) | (11,104) | (54,131) |
| Income (loss) from other financial assets | (5,507) | - | - | - | - | (5,507) | - | - | - | - | - | - |
| Result from operating activities | (81,778) | (35,422) | (9,079) | (13,832) | 3,521 | (26,966) | (1,739,232) | (1,622,828) | (48,215) | (2,949) | (11,114) | (54,127) |
| Share in result of companies accounted for using the equity method | (707) | - | - | - | - | (707) | (49,019) | (48,608) | - | - | - | (411) |
| EBIT | (82,485) | (35,422) | (9,079) | (13,832) | 3,521 | (27,673) | (1,788,251) | (1,671,436) | (48,215) | (2,949) | (11,114) | (54,538) |
| Related to restructuring | (20,032) | (2,385) | (7,456) | (2,222) | 3,590 | (11,558) | (178,634) | (110,378) | (34,303) | (800) | 790 | (33,944) |
| Related to environment | (7,764) | - | - | (2,103) | (72) | (5,589) | (25,788) | (5,052) | - | (2,450) | (603) | (17,683) |
| Related to asset impairments | (46,166) | (33,036) | (2,026) | (9,020) | - | (2,084) | (1,472,318) | (1,445,171) | (14,288) | - | (9,808) | (3,050) |
| Other | (8,524) | - | 403 | (486) | 3 | (8,444) | (111,511) | (110,835) | 376 | 302 | (1,493) | 139 |
Adjustments had a negative impact of \u20ac\u00a01,788 million on EBIT and EBITDA, with \u20ac\u00a0-1,601 million mainly related to the impairment of PPE and non-current inventories in the Business Group Battery Materials. Other major adjustments in Catalysis and Corporate are linked to announced restructuring programs, respectively in the R&D departments and in various corporate and support functions. Furthermore, additional provisions related to legacy remediation initiatives were recorded.
\nThe tax effect of the adjustments is in most cases limited. Deferred tax assets were only recognized for adjustments to the extent that the availability of tax relief is probable, and taxable profit is forecast against which the deductible temporary difference can be utilized in the future. Deferred tax assets previously recognized were derecognized where the Group expects that the recoverability of such assets against future profit is not probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-457": { "value": "\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| R&D recognized in other operating expenses | \u00a0 | 253,076 | 229,982 |
| R&D capitalized as intangible assets | F14 | 27,935 | 27,573 |
| Total R&D expenditure for continuing operations | \u00a0 | 281,011 | 257,555 |
Total R&D expenditure was \u20ac\u00a0257.6 million in the fully consolidated companies in 2024 (\u20ac\u00a0281.0 million in 2023). This decrease reflects primarily lower spending in Automotive Catalysts as a result of the accelerated streamlining of the R&D activities in light of the milder Euro 7 emissions legislation. The part of the R&D expenditures that is directly recognized in operating expenses amounts to \u20ac\u00a0230.0 million in 2024 (\u20ac\u00a0253.1 million in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-461": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Wages, salaries and direct social advantages | (738,630) | (750,995) |
| Other charges for personnel | (39,396) | (35,217) |
| Temporary staff | (9,979) | (9,528) |
| Share-based payments | (14,117) | (6,876) |
| Employee salaries | (802,122) | (802,616) |
| Employer's social security | (131,769) | (141,204) |
| Defined benefit contributions | (34,285) | (26,201) |
| Contribution to defined contribution plans | (25,275) | (26,548) |
| Employer's voluntary contributions (other) | (4,544) | (4,163) |
| Pensions paid directly to beneficiaries | (3,104) | (3,378) |
| Provisions for employee benefits (-increase / + use and reversal) | 19,673 | 7,467 |
| Pensions and other benefits | (47,535) | (52,823) |
| Payroll and related benefits of continuing operations | (981,425) | (996,642) |
The defined contribution plans of the Group in some countries like the USA, Canada, South Africa and Germany are directly recognized in the Consolidated income statement under the line \u201cContribution to defined contribution plans\u201d.
\nThe cash discounts that the authorities give back to Umicore Belgium on the social security contributions, relating to incentives regarding a.o. shift premiums, overtime and R&D are disclosed under the item \u201cEmployer\u2019s social security\u201d.
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Date of grant | \u00a0 | 16/02/2023 | 19/02/2024 |
| Share price at the date of grant (Belgium & Other) | F29 | 32.69 | 20.67 |
| Number of stock options granted | F29 | 1,299,550 | 1,481,756 |
| Valuation model | \u00a0 | Present Economic Value | |
| Assumed volatility (% pa) | \u00a0 | 30.00 | 30.00 |
| Risk-free interest rate (% pa) | \u00a0 | 2.500 | 2.370 |
| Dividend increase (% pa) | \u00a0 | 10.00 | 10.00 |
| Rate of pre-vesting forfeiture (%pa) | \u00a0 | NA | NA |
| Rate of post-vesting leaving (%pa) | \u00a0 | 2.00 | 2.00 |
| Minimum gain threshold (% pa) | \u00a0 | 15.00 | 15.00 |
| Proportion who exercise given minimum gain achieved (% pa) | \u00a0 | 100.00 | 100.00 |
| Fair value per granted instrument determined at the grant date (EUR) | \u00a0 | 7.38 | 4.23 |
| Total fair value of options granted | \u00a0 | 9,591 | 6,268 |
| 14.000 shares granted at 32,69 EUR | \u00a0 | 458 | - |
| 42.237 shares granted at 31,57 EUR | \u00a0 | 1,333 | - |
| 10.321 shares granted at 28,88 EUR | \u00a0 | 298 | - |
| 15.502 shares granted at 20,60 EUR | \u00a0 | - | 319 |
| 54.548 shares granted at 19,29 EUR | \u00a0 | - | 1,052 |
| 10.000 shares granted at 21,26 EUR | \u00a0 | - | 213 |
| 167 shares granted at 10,48 EUR | \u00a0 | - | 2 |
| Total fair value of shares granted | \u00a0 | 2,089 | 1,586 |
| PSU's | \u00a0 | \u00a0 | \u00a0 |
| PSU's expenses | \u00a0 | 2,438 | (978) |
| Total Share-based payments continuing operations | \u00a0 | 14,117 | 6,876 |
The Group recognized a share-based payment expense of \u20ac\u00a06.9 million during the year.
\nThe part of this expense related to stock options is calculated by an external actuary using the Present Economic Value model which takes into account all features of the stock option plans and the volatility of the underlying stock. This volatility has been determined using the historical volatility of the Group shareholders\u2019 return over different averaging periods and different terms. For the calculation of the option value based on the lattice model, weekly steps are introduced, therefore focusing on a weekly term of volatility. The retained volatility assumption was set at 30.0%. No other market condition has been included in the basis of calculation of fair market value.
\nThe free share part of the expense is valued at the market price of the shares at the grant date. In 2024, shares have been granted mainly to senior management resulting in an expense of \u20ac\u00a01.6 million.
\nIn 2024, a reversal of \u20ac\u00a01.0 million has been recorded for the expenses related to the performance share unit (PSU) plans that will vest in the coming years.
\nThe PSU Plan reward strategic achievements driving long-term sustainable performance over a period of three years. The first awards will vest in 2025 provided the vesting conditions are met and subject to the achievement of the PSU performance objectives.
\nPerformance objectives are balanced between financial and ESG targets. Group financial performance objectives are split evenly between average ROCE and Total Shareholder Return versus a peer group. Group sustainability performance objectives are in line with Umicore\u2019s Let\u2019s Go for Zero strategy and relate to climate, health and safety, and diversity.
\nThe Group has various legal and constructive defined benefit obligations, the vast majority of them being \u201cfinal pay\u201d plans linked to the Belgian and German operations.
\n| Thousands of Euros | Post-employment benefits, pensions and similar | Post-employment benefits - other | Termination benefits early retirement & similar | Other long-term employee benefits | Total |
|---|---|---|---|---|---|
| At the end of the previous year | 270,833 | 2,753 | 25,811 | 15,404 | 314,801 |
| . Increase (included in \"Payroll and related benefits\") | 29,728 | 309 | 7,348 | 1,109 | 38,494 |
| . Reversal (included in \"Payroll and related benefits\") | 57 | - | 106 | (60) | 103 |
| . Use (included in \"Payroll and related benefits\") | (39,852) | (40) | (5,357) | (815) | (46,065) |
| . Interest and discount rate impacts (included in \"Financial expenses\") | 9,039 | 27 | 995 | 481 | 10,542 |
| . Translation differences | 273 | 58 | (1,527) | (53) | (1,249) |
| . Transfers | 267 | - | - | - | 267 |
| . Recognized in other comprehensive income | (12,290) | (145) | (406) | (193) | (13,034) |
| . Other movements | (296) | (0) | (0) | (52) | (348) |
| At the end of the financial year | 257,758 | 2,962 | 26,971 | 15,821 | 303,512 |
The above table shows the balances and the movements in provisions for employee bene\ufb01ts of the fully consolidated subsidiaries only.
\nThe termination benefits mainly concern some severance pay schemes in Korea and Belgian and German pre-retirement plans. Other long-term benefits mainly concern jubilee premium in Belgium and Germany.
\nThe lines \u201cIncrease\u201d, \u201cReversal\u201d and \u201cUse\u201d of employee benefits provisions can be linked with the line \u201cProvisions for employee benefits\u201d of the Note F10. The amount recognized in other comprehensive income originates mainly from a slight increase in discount rates on the pension plans and an higher return on assets. A reconciliation with the Note F24 and the consolidated statement of comprehensive income is provided in the tables below.
\nThe transfers mainly relates to transfer to assets employee benefits which are disclosed in Note F21.
\nThe defined contribution plans of the Group in some countries like in the USA, Canada, South Africa and Germany are not part of this note as the amounts are directly recognized in the income statement under the line \u201cContribution to defined contribution plans\u201d (see Note F10).
\nThe following disclosure requirements under IAS 19 amended were derived from the reports obtained from external actuaries.
\nThe largest post-employment plans in 2024 are in Belgium and in Germany. These two countries represent approximatively 90% of the total defined benefit obligations.
\n| Thousands of Euros | 31/12/2023 | Movements 2024 | 31/12/2024 |
|---|---|---|---|
| Belgium | 50,451 | (15,031) | 35,420 |
| Germany | 233,820 | 2,178 | 235,998 |
| Subtotal | 284,271 | (12,853) | 271,418 |
| Other entities | 30,530 | 1,564 | 32,094 |
| Total | 314,801 | (11,289) | 303,512 |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Reimbursement rights | \u00a0 | \u00a0 |
| At the end of the previous year | - | 4,245 |
| Net transfer in/(out) (including the effect of any business combinations/divestitures) | 4,365 | - |
| Actual reimbursement | (173) | 284 |
| Expected return | 154 | 154 |
| Remeasurements on reimbursement rights | (101) | (77) |
| At the end of the financial year | 4,245 | 4,606 |
Umicore de\ufb01ned bene\ufb01t pension schemes for the 2 major countries are the following:
\n| BELGIUM | Characteristics of the Defined Benefit plans Umicore companies in Belgium operate de\ufb01ned bene\ufb01t plans that provide retirement or long-term employee bene\ufb01ts which are related to salary and age or length of service. These retirement and long term benefit plans represent a de\ufb01ned bene\ufb01t obligation of \u20ac\u00a0302.1 million and assets for \u20ac\u00a0266.7 million. They foresee in lump sum or monthly payments upon retirement or pre-retirement and bene\ufb01ts in case of reaching a number of years of service or in case of death or disability prior to retirement.The net provisions for pension of \u20ac\u00a035.4 million can be broken down in post-employment defined benefit plans (\u20ac\u00a019.5 million of which \u20ac\u00a0160.3 million is the obligation and \u20ac\u00a0140.8 million relates to plan assets), termination benefits plan (\u20ac\u00a01.4 million of obligation not funded), jubilee premium (\u20ac\u00a03.9 million, not funded) and post-employment defined contributions plans and bonus saving plans with guaranteed return and therefore treated as Defined Benefit plans (\u20ac\u00a010.6 million of which \u20ac\u00a0136.4 million is the obligation and \u20ac\u00a0125.8 million relates to plan assets).Funding The post-employment plans are externally funded through either insurance companies or a self-administrated institution for occupational retirement provision (\u201cIORP\u201d). For the IORP, the necessary governance processes for risk management are in place. One of the risk measures is to perform on a regular basis a \u201cContinuity Test\u201d in which the consequences of strategic investment policies are analyzed in terms of risk- and-return pro\ufb01les and solvency measures. A statement of investment principles and funding policy are derived from this. The purpose is to have a well-diversi\ufb01ed asset allocation to control the risk.Fair values of plan assets The fair values of the equity and debt instruments are determined based on quoted market prices in active markets (level 1 fair value classification). The plans hold no direct positions in Umicore shares or bonds, nor do they own any property used by an Umicore entity. Investments are well diversified so that the failure of any single investment would not have a material impact on the overall level of assets. |
| GERMANY | Characteristics of the Defined Benefit plans Post-employment benefits based on pension commitments made before 1 April 1999 are financed partly via \u201cPensionskasse Degussa\u201d (PKD) and partly directly via defined benefit plans. The directly financed portion is of defined benefit type providing retirement, disability and death benefits, which are based on \ufb01nal or \ufb01nal average salary. The portion financed via the PKD is treated as a defined contribution plan.Pension commitments as from 1April 1999 are financed via a reinsured support fund \u201cUnterst\u00fctzungskasse Degussa\u201d (RUK) and as from 2021/2023 via a reinsured \u201cAllianz\u201d support fund and \u201cAllianz\u201d direct insurance. The plans financed by RUK and Allianz are treated as defined contribution plans.Deferred compensation benefits from bonuses are financed internally via book reserves. These benefits are based on annual deferred compensation and are subject to a guaranteed interest rate of 3.0% p.a. (6.0% p.a. for deferred compensation prior to 2014). The deferred compensation plan is defined benefit.All plans are closed except those financed by Allianz and the deferred compensation plan. All post-employment plans represent a de\ufb01ned bene\ufb01t obligation of \u20ac\u00a0242.3 million and assets for \u20ac\u00a06.3 million.The net provisions for pension of \u20ac\u00a0236.0 million includes the defined benefit pension commitments, including defined benefit commitments from the PKD and RUK pension adjustments (\u20ac\u00a0180.6 million), the deferred compensation plan (\u20ac\u00a042.7 million), a jubilee premium plan (\u20ac\u00a07.2 million) and other\u00a0 benefits (\u20ac\u00a05.5 million).Funding The defined benefit post-employment benefits (as described above) are mainly unfunded plans. A minor part is funded by pledged reinsurance contracts.Fair values of plan assets All plan assets relate to pledged insurance contracts and have no quoted market price. |
The most significant risks related to the defined benefit plans are:
Asset volatility: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will create a deficit.
Changes in bond yields: A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plan\u2019s bond holdings.
Salary risk: The majority of the plans\u2019 benefit obligations are calculated by reference to the future salaries of plan members. As such, any salary increase of plan members higher than expected will lead to higher liabilities.
Longevity risk: All pension plans beside the new deferred compensation plan as from 2014 provide life annuities which involve the risk of longevity i.e. the risk that the payment period of the pension increases due to the increase in life expectancy. The company uses mortality rates which depend on the year of birth to include this risk in the pension obligation.
Risk of cash outflow: Since death as active and disability benefits are provided there is a risk of cash outflow before retirement.
Legislation risks: If the law which define the benefit changes, it can result in a change of the obligations.
Some additional risks are related to Germany only:
In Germany, there are three defined contribution pension plans that are financed externally via \u201cPensionskasse Degussa\u201d (PKD), or \u201cUnterst\u00fctzungskasse Degussa\u201d (RUK) or the insurer \u201cAllianz\u201d. In the case of the necessary pension adjustments to the pensions paid by PKD and RUK, there is a risk that these adjustments cannot be borne in full by PKD or RUK and may therefore lead to additional unfunded pension obligations. This part of the PKD and RUK plans is considered a defined benefit plan and the corresponding obligation resulting from the pension adjustments up to the end of 2028 has been included in the defined benefit obligation and is reviewed annually (additional obligation of \u20ac\u00a016.2 million for PKD and \u20ac\u00a01.5 million for RUK at the end of 2024).
The closed deferred compensation plan provides for a guaranteed interest rate of 6% which increases the risk of pension expenses in addition to the converted salary. The plan was closed on 31 December 2013 and replaced by a plan that does not entail a signi\ufb01cant risk in this respect.
And some risks are related to Belgium only:
Because of the Belgian legislation applicable to second pillar pension plans (so-called \u201cLaw Vandenbroucke\u201d), all Belgian Defined Contribution plans have to be considered under IFRS as Defined Benefit plans. Law Vandenbroucke states that in the context of defined contribution plans, the employer must guarantee a minimum return of 3.75% on employee contributions and 3.25% on employer contributions. However, shortly before year-end 2015, a change in the Belgian Law was enacted resulting in a decrease of the guaranteed return from 3.25% to a minimum interest rate defined based upon the Belgian 10-year interest rate but within the range 1.75% \u2013 3.75%. The new rate (1.75% until 2024 and 2.50% for 2025) applies for the years after 2015 on future contributions and also on the accumulated past contributions as at 31 December 2015 if the financing organization does not guarantee a certain result on contributions until retirement age. If the organization does guarantee such a result, the rates 3.25/3.75% still apply on the accumulated past contributions as at 31 December 2015. Because of this minimum guaranteed return, the employer is exposed to a financial risk: further contributions could be required if the return on assets would not be sufficient to reach the minimum benefits to be paid. The Group has plans that are financed through insurance contract as well as one plan financed through an IORP. The related defined benefit obligations have been aggregated with the other obligations for defined benefit plans. The Projected Unit Credit (PUC) methodology has been used. Total defined benefit obligations related to those plans amounts to \u20ac\u00a0136.4 million as at the end of December 2024 and related plan assets to \u20ac\u00a0125.8 million.
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Change in benefit obligation | \u00a0 | \u00a0 |
| Benefit obligation at beginning of the year | 551,662 | 613,318 |
| Current service cost | 34,105 | 37,612 |
| Interest cost | 20,575 | 20,866 |
| Plan Participants' Contributions | 1,010 | 959 |
| Remeasurements - changes in demographic assumptions | 1,511 | 460 |
| Remeasurements - changes in financial assumptions | 40,781 | (1,122) |
| Remeasurements - experience adjustments | 2,874 | (881) |
| Benefits paid from plan/company | (33,610) | (30,372) |
| Expenses paid | (4,270) | (3,150) |
| Exchange rate changes | (1,320) | (3,375) |
| Benefit obligation at end of the year | 613,318 | 634,315 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Change in plan assets | \u00a0 | \u00a0 |
| Fair value of plan assets at the beginning of the year | 269,972 | 299,401 |
| Expected return on plan assets | 9,726 | 9,902 |
| Remeasurements on plan assets | 7,895 | 11,875 |
| Employer contributions | 53,438 | 45,079 |
| Member contributions | 1,010 | 959 |
| Benefits paid from plan/company | (33,610) | (30,372) |
| Expenses paid | (4,336) | (3,219) |
| Net transfer in/(out) (including the effect of any business combinations/divestitures) | (4,365) | 57 |
| Exchange rate changes | (329) | (2,159) |
| Fair value of plan assets at the end of the year | 299,401 | 331,523 |
Pension plans mainly in Belgium, Korea, Liechtenstein and Japan are wholly or partly funded with assets covering a substantial part of the obligations. All other plans have no material funding or are unfunded.
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Amount recognized in the balance sheet | \u00a0 | \u00a0 |
| Defined benefit obligations | 613,318 | 634,315 |
| Fair value of plan assets | 299,401 | 331,523 |
| Funded Status | 313,917 | 302,792 |
| Net liability (asset) | 313,917 | 302,792 |
| \u00a0 | \u00a0 | \u00a0 |
| Components of pension costs | \u00a0 | \u00a0 |
| Amounts recognized in income statement | \u00a0 | \u00a0 |
| Current service cost | 34,105 | 37,612 |
| Interest cost | 20,575 | 20,599 |
| Interest income on plan assets | (9,726) | (9,902) |
| Expected return on reimbursement rights | (154) | (154) |
| Remeasurement of other long term benefits | (741) | (306) |
| Administrative expenses and taxes | 66 | 69 |
| Total pension cost recognized in income statement | 44,125 | 47,918 |
| \u00a0 | \u00a0 | \u00a0 |
| Amounts recognized in other comprehensive income (\"OCI\") | \u00a0 | \u00a0 |
| Cumulative remeasurements at opening | 161,210 | 199,435 |
| Remeasurements of the year | 38,113 | (13,035) |
| Minorities | 60 | 118 |
| Translation differences | 52 | (386) |
| Total recognized in the OCI at subsidiaries | 199,435 | 186,132 |
| Remeasurements at associates and joint ventures | 26,649 | 28,073 |
| Total recognized in the OCI | 226,084 | 214,205 |
| \u00a0 | \u00a0 | \u00a0 |
| Remeasurements recognised in OCI as per Note F24 (w/o Minorities) | (38,188) | 13,181 |
| Currency translation differences as per Note F24 (w/o Minorities) | 910 | (1,301) |
| Remeasurements related to Minorities (including ctd's on Minorities ) | 59 | 128 |
| Total Remeasurement shown in OCI | (37,219) | 12,007 |
| .Currency translation differences as per Note F24 (w/o Minorities) | (910) | 1,301 |
| .Currency translation differences related to Minorities | 1 | (8) |
| .Remeasurements related to equity companies | 15 | (265) |
| Remeasurements of the year shown in Note F28 | (38,113) | 13,035 |
| \u00a0 | \u00a0 | \u00a0 |
| Remeasurements (recognized in OCI) | \u00a0 | \u00a0 |
| Effect of changes in demographic assumptions | 1,585 | 772 |
| Effect of changes in financial assumptions | 40,096 | (952) |
| Effect of experience adjustments | 4,306 | (1,091) |
| (Return) on plan assets (excluding interest income) | (7,975) | (11,841) |
| (Return) on reimbursement rights (excluding interest income) | 101 | 77 |
| Total remeasurements included in OCI | 38,113 | (13,035) |
The interest cost and return on plan assets and reimbursement rights as well as the remeasurement impact on the non post-employment benefit plans, are recognized under the financial expenses (discounting of non-current provisions) in the income statement (see Note F11). All other elements of the expense of the year are classified under the wages, salaries and direct social advantages in operating expenses.
\nRemeasurements of the year recognized in other comprehensive income originate mainly from differences between the expected and actual return on plan assets as well as a slight change in discount rates.
\nThe average duration of the benefit obligation for 2024 is 11.1 years.
\n| \u00a0 | 2023 | 2024 |
|---|---|---|
| PRINCIPAL ACTUARIAL ASSUMPTIONS | \u00a0 | \u00a0 |
| Weighted average assumptions to determine benefit obligations at year end | \u00a0 | \u00a0 |
| Discount rate (%) | 3.28 | 3.31 |
| Rate of compensation increase (%) | 2.32 | 2.62 |
| Rate of price inflation (%) | 2.07 | 2.01 |
| Rate of pension increase (%) | 1.39 | 1.43 |
| Weighted average assumptions used to determine net cost | \u00a0 | \u00a0 |
| Discount rate (%) | 3.73 | 3.28 |
| Rate of compensation increase (%) | 2.57 | 2.32 |
| Rate of price inflation (%) | 2.02 | 2.07 |
| Rate of pension increase (%) | 1.58 | 1.39 |
| \u00a0 | 2024 | |
|---|---|---|
| \u00a0 | Fair value of all plan assets | Fair Value of plan assets with quoted market price |
| Plan assets | \u00a0 | \u00a0 |
| Cash and cash equivalents | 23,991 | 23,991 |
| Equity instruments | 77,024 | 77,024 |
| Debt instruments | 123,358 | 123,358 |
| Real estate | 11,485 | 11,485 |
| Assets held by insurance company | 86,133 | 79,820 |
| Other | 9,532 | 9,101 |
| Total plan assets | 331,523 | 324,779 |
Assumptions are recommended by the local actuaries in line with the IAS19 revised. The standard reference for the Eurozone is iBOXX AA Index yield and similar indexes are used for the other regions. Mortality tables used are country specific.
\nOther plan assets are predominantly invested in insurance contracts and bank term deposits. The expected long-term rate of return on assets assumptions is documented for the individual plans as recommended by the local actuaries.
\n| \u00a0 | 2024 | |
|---|---|---|
| Thousands of Euros | Valuation trend +0,25% | Valuation trend -0,25% |
| Sensitivity to trend rate assumptions on discount rate | \u00a0 | \u00a0 |
| Present value of defined benefit obligation | 617,630 | 652,044 |
| Sensitivity to trend rate assumptions on inflation rate | \u00a0 | \u00a0 |
| Present value of defined benefit obligation | 645,772 | 624,092 |
| Sensitivity to trend rate assumptions on salary increase rate | \u00a0 | \u00a0 |
| Present value of defined benefit obligation | 640,910 | 628,158 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| BALANCE SHEET RECONCILIATION | \u00a0 | \u00a0 |
| Balance sheet liability (asset) as of previous year | 281,690 | 313,916 |
| Pension expense recognized in income statement for the period | 44,125 | 47,918 |
| Amounts recognized in OCI | 38,113 | (13,035) |
| Employer contributions via funds for the period | (41,248) | (32,051) |
| Employer contributions paid directly for the period | (12,190) | (13,028) |
| Credit to reimbursements | 53 | 77 |
| Net transfer in/(out) (including the effect of any business combinations/diversitures) | 4,365 | (57) |
| Other | - | 267 |
| Currency translation differences | (991) | (1,216) |
| Balance sheet liability (asset) as of end of the year | 313,917 | 302,792 |
| \u00a0 | \u00a0 | \u00a0 |
| Provisions for employee benefits in non current liabilities as per Balance Sheet | 314,801 | 303,512 |
| Asset employee benefit in non current asset (Note F21) | (5,129) | (5,663) |
| Other | - | 336 |
| Net obligation on Balance Sheet | 309,672 | 298,185 |
| At 31 December | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|
| Thousands of Euros | 2020 | 2021 | 2022 | 2023 | 2024 |
| Present value of defined benefit obligation | 697,222 | 677,967 | 551,662 | 613,318 | 634,315 |
| Fair value of plan assets | 271,690 | 291,479 | 269,972 | 299,401 | 331,523 |
| Deficit (surplus) in the plan | 425,532 | 386,488 | 281,690 | 313,917 | 302,792 |
| Experience adjustments on plan assets | (5,398) | (11,671) | 42,086 | (7,895) | (11,875) |
| Experience adjustments on plan liabilities | 2,942 | 723 | 40,444 | 2,874 | (881) |
| Thousands of Euros | 2024 |
|---|---|
| EXPECTED CASH FLOWS FOR FOLLOWING YEAR | \u00a0 |
| Expected employer contributions | 46,810 |
| Expected total benefit payments | \u00a0 |
| Year 1 | 24,976 |
| Year 2 | 30,544 |
| Year 3 | 32,717 |
| Year 4 | 42,577 |
| Year 5 | 39,376 |
| Next 5 years | 160,653 |
| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Date of grant | \u00a0 | 16/02/2023 | 19/02/2024 |
| Share price at the date of grant (Belgium & Other) | F29 | 32.69 | 20.67 |
| Number of stock options granted | F29 | 1,299,550 | 1,481,756 |
| Valuation model | \u00a0 | Present Economic Value | |
| Assumed volatility (% pa) | \u00a0 | 30.00 | 30.00 |
| Risk-free interest rate (% pa) | \u00a0 | 2.500 | 2.370 |
| Dividend increase (% pa) | \u00a0 | 10.00 | 10.00 |
| Rate of pre-vesting forfeiture (%pa) | \u00a0 | NA | NA |
| Rate of post-vesting leaving (%pa) | \u00a0 | 2.00 | 2.00 |
| Minimum gain threshold (% pa) | \u00a0 | 15.00 | 15.00 |
| Proportion who exercise given minimum gain achieved (% pa) | \u00a0 | 100.00 | 100.00 |
| Fair value per granted instrument determined at the grant date (EUR) | \u00a0 | 7.38 | 4.23 |
| Total fair value of options granted | \u00a0 | 9,591 | 6,268 |
| 14.000 shares granted at 32,69 EUR | \u00a0 | 458 | - |
| 42.237 shares granted at 31,57 EUR | \u00a0 | 1,333 | - |
| 10.321 shares granted at 28,88 EUR | \u00a0 | 298 | - |
| 15.502 shares granted at 20,60 EUR | \u00a0 | - | 319 |
| 54.548 shares granted at 19,29 EUR | \u00a0 | - | 1,052 |
| 10.000 shares granted at 21,26 EUR | \u00a0 | - | 213 |
| 167 shares granted at 10,48 EUR | \u00a0 | - | 2 |
| Total fair value of shares granted | \u00a0 | 2,089 | 1,586 |
| PSU's | \u00a0 | \u00a0 | \u00a0 |
| PSU's expenses | \u00a0 | 2,438 | (978) |
| Total Share-based payments continuing operations | \u00a0 | 14,117 | 6,876 |
The Group recognized a share-based payment expense of \u20ac\u00a06.9 million during the year.
\nThe part of this expense related to stock options is calculated by an external actuary using the Present Economic Value model which takes into account all features of the stock option plans and the volatility of the underlying stock. This volatility has been determined using the historical volatility of the Group shareholders\u2019 return over different averaging periods and different terms. For the calculation of the option value based on the lattice model, weekly steps are introduced, therefore focusing on a weekly term of volatility. The retained volatility assumption was set at 30.0%. No other market condition has been included in the basis of calculation of fair market value.
\nThe free share part of the expense is valued at the market price of the shares at the grant date. In 2024, shares have been granted mainly to senior management resulting in an expense of \u20ac\u00a01.6 million.
\nIn 2024, a reversal of \u20ac\u00a01.0 million has been recorded for the expenses related to the performance share unit (PSU) plans that will vest in the coming years.
\nThe PSU Plan reward strategic achievements driving long-term sustainable performance over a period of three years. The first awards will vest in 2025 provided the vesting conditions are met and subject to the achievement of the PSU performance objectives.
\nPerformance objectives are balanced between financial and ESG targets. Group financial performance objectives are split evenly between average ROCE and Total Shareholder Return versus a peer group. Group sustainability performance objectives are in line with Umicore\u2019s Let\u2019s Go for Zero strategy and relate to climate, health and safety, and diversity.
\n| Plan | Expiry date | Exercise | Exercise price EUR (the exercise price may be higher in certain countries) | Number of options still to be exercised |
|---|---|---|---|---|
| ISOP 2018 | 08/02/2025 | all working days of Euronext Brussels | 40.90 | 944,125 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | 944,125 |
| ISOP 2019 | 10/02/2026 | all working days of Euronext Brussels | 34.08 | 1,107,250 |
| \u00a0 | \u00a0 | \u00a0 | 36.78 | 5,000 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,112,250 |
| ISOP 2020 | 09/02/2027 | all working days of Euronext Brussels | 42.05 | 1,101,875 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,101,875 |
| ISOP 2021 | 10/02/2028 | all working days of Euronext Brussels | 47.08 | 1,057,500 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,057,500 |
| ISOP 2022 | 16/02/2029 | all working days of Euronext Brussels | 33.22 | 1,279,064 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,279,064 |
| ISOP 2023 | 16/02/2030 | all working days of Euronext Brussels | 32.69 | 1,282,050 |
| \u00a0 | \u00a0 | \u00a0 | 26.00 | 17,500 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,299,550 |
| ISOP 2024 | 18/02/2031 | all working days of Euronext Brussels | 20.67 | 1,451,756 |
| \u00a0 | \u00a0 | \u00a0 | 20.96 | 30,000 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1,481,756 |
| Total | \u00a0 | \u00a0 | \u00a0 | 8,276,120 |
ISOP refers to Incentive Stock Option Plan (worldwide plan for senior managers and above).
\nThe stock options, which are typically vested at the time of the grant, are foreseen to be settled with treasury shares. Options which have not been exercised before the expiry date elapse automatically.
\n| \u00a0 | 2023 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Number of share options | Weighted average exercise price | Number of share options | Weighted average exercise price |
| DETAILS OF THE SHARE OPTIONS OUTSTANDING DURING THE YEAR | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Outstanding at the beginning of the year | 6,264,514 | 37.78 | 7,312,864 | 37.30 |
| Granted during the year | 1,299,550 | 32.60 | 1,481,756 | 20.68 |
| Forfeited during the year | 117,500 | 32.48 | 117,500 | 42.41 |
| Exercised during the year | 133,700 | 16.97 | - | 0.00 |
| Expired during the year | - | - | 401,000 | 25.59 |
| Outstanding at the end of the year | 7,312,864 | 37.30 | 8,276,120 | 34.82 |
| Exercisable at the end of the year | 401,000 | 25.59 | - | 0.00 |
The options outstanding at the end of the year have a weighted average contractual life until March 2028.
\nThe details concerning the calculation of the fair value of the options granted are detailed under Note F10 on Payroll and related Benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-470": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Interest income | 32,615 | 39,747 |
| Interest expenses | (110,214) | (114,423) |
| Discounting of non-current provisions | (8,758) | (9,418) |
| Foreign exchange gains and losses | (8,339) | (17,900) |
| Other financial income | 2,121 | 4,551 |
| Other financial expenses | (16,463) | (16,172) |
| Total of continuing operations | (109,038) | (113,615) |
All interest income and expenses are recognized using the effective interest rate method.
\nThe 2024 interest income reached \u20ac\u00a039.7 million benefiting from higher interest rates on deposit on excess liquidity. The interest expenses amounted to \u20ac\u00a0114.4 million. Those expenses included \u20ac\u00a010.7 million of interest expenses (theoretical phantom interests) on the debt component of the convertible debt (\u20ac\u00a010.4 million in 2023) and \u20ac\u00a01.9 million of interests related to leases as per IFRS 16. The increase mainly comes from the new USPP issuance in April 2024 and the new EIB loan disbursement.
\nThe discounting of non-current provisions relates mainly to employee bene\ufb01ts provisions and to a lesser extent to provisions for other liabilities and charges. This amount is in\ufb02uenced by the present value of these liabilities, which in turn is in\ufb02uenced by changes in the discount rate, by the cash-out pro\ufb01le and by the recognition of new non-current liabilities. Most of the discounting results in 2024 were booked in Germany and to a lesser extent in Belgium.
\nForeign exchange results, mainly explained by the cost of forward points in hedging instruments, include realized exchange results and the unrealized translation adjustments on monetary items using the closing rate of the period. They also include fair value gains and losses on other currency \ufb01nancial instruments (see Note F34).
\nOther \ufb01nancial expenses include payment discounts, bank expenses and other \ufb01nancial fees incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-471": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Interest income | 32,615 | 39,747 |
| Interest expenses | (110,214) | (114,423) |
| Discounting of non-current provisions | (8,758) | (9,418) |
| Foreign exchange gains and losses | (8,339) | (17,900) |
| Other financial income | 2,121 | 4,551 |
| Other financial expenses | (16,463) | (16,172) |
| Total of continuing operations | (109,038) | (113,615) |
All interest income and expenses are recognized using the effective interest rate method.
\nThe 2024 interest income reached \u20ac\u00a039.7 million benefiting from higher interest rates on deposit on excess liquidity. The interest expenses amounted to \u20ac\u00a0114.4 million. Those expenses included \u20ac\u00a010.7 million of interest expenses (theoretical phantom interests) on the debt component of the convertible debt (\u20ac\u00a010.4 million in 2023) and \u20ac\u00a01.9 million of interests related to leases as per IFRS 16. The increase mainly comes from the new USPP issuance in April 2024 and the new EIB loan disbursement.
\nThe discounting of non-current provisions relates mainly to employee bene\ufb01ts provisions and to a lesser extent to provisions for other liabilities and charges. This amount is in\ufb02uenced by the present value of these liabilities, which in turn is in\ufb02uenced by changes in the discount rate, by the cash-out pro\ufb01le and by the recognition of new non-current liabilities. Most of the discounting results in 2024 were booked in Germany and to a lesser extent in Belgium.
\nForeign exchange results, mainly explained by the cost of forward points in hedging instruments, include realized exchange results and the unrealized translation adjustments on monetary items using the closing rate of the period. They also include fair value gains and losses on other currency \ufb01nancial instruments (see Note F34).
\nOther \ufb01nancial expenses include payment discounts, bank expenses and other \ufb01nancial fees incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-472": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Interest income | 32,615 | 39,747 |
| Interest expenses | (110,214) | (114,423) |
| Discounting of non-current provisions | (8,758) | (9,418) |
| Foreign exchange gains and losses | (8,339) | (17,900) |
| Other financial income | 2,121 | 4,551 |
| Other financial expenses | (16,463) | (16,172) |
| Total of continuing operations | (109,038) | (113,615) |
All interest income and expenses are recognized using the effective interest rate method.
\nThe 2024 interest income reached \u20ac\u00a039.7 million benefiting from higher interest rates on deposit on excess liquidity. The interest expenses amounted to \u20ac\u00a0114.4 million. Those expenses included \u20ac\u00a010.7 million of interest expenses (theoretical phantom interests) on the debt component of the convertible debt (\u20ac\u00a010.4 million in 2023) and \u20ac\u00a01.9 million of interests related to leases as per IFRS 16. The increase mainly comes from the new USPP issuance in April 2024 and the new EIB loan disbursement.
\nThe discounting of non-current provisions relates mainly to employee bene\ufb01ts provisions and to a lesser extent to provisions for other liabilities and charges. This amount is in\ufb02uenced by the present value of these liabilities, which in turn is in\ufb02uenced by changes in the discount rate, by the cash-out pro\ufb01le and by the recognition of new non-current liabilities. Most of the discounting results in 2024 were booked in Germany and to a lesser extent in Belgium.
\nForeign exchange results, mainly explained by the cost of forward points in hedging instruments, include realized exchange results and the unrealized translation adjustments on monetary items using the closing rate of the period. They also include fair value gains and losses on other currency \ufb01nancial instruments (see Note F34).
\nOther \ufb01nancial expenses include payment discounts, bank expenses and other \ufb01nancial fees incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-473": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Interest income | 32,615 | 39,747 |
| Interest expenses | (110,214) | (114,423) |
| Discounting of non-current provisions | (8,758) | (9,418) |
| Foreign exchange gains and losses | (8,339) | (17,900) |
| Other financial income | 2,121 | 4,551 |
| Other financial expenses | (16,463) | (16,172) |
| Total of continuing operations | (109,038) | (113,615) |
All interest income and expenses are recognized using the effective interest rate method.
\nThe 2024 interest income reached \u20ac\u00a039.7 million benefiting from higher interest rates on deposit on excess liquidity. The interest expenses amounted to \u20ac\u00a0114.4 million. Those expenses included \u20ac\u00a010.7 million of interest expenses (theoretical phantom interests) on the debt component of the convertible debt (\u20ac\u00a010.4 million in 2023) and \u20ac\u00a01.9 million of interests related to leases as per IFRS 16. The increase mainly comes from the new USPP issuance in April 2024 and the new EIB loan disbursement.
\nThe discounting of non-current provisions relates mainly to employee bene\ufb01ts provisions and to a lesser extent to provisions for other liabilities and charges. This amount is in\ufb02uenced by the present value of these liabilities, which in turn is in\ufb02uenced by changes in the discount rate, by the cash-out pro\ufb01le and by the recognition of new non-current liabilities. Most of the discounting results in 2024 were booked in Germany and to a lesser extent in Belgium.
\nForeign exchange results, mainly explained by the cost of forward points in hedging instruments, include realized exchange results and the unrealized translation adjustments on monetary items using the closing rate of the period. They also include fair value gains and losses on other currency \ufb01nancial instruments (see Note F34).
\nOther \ufb01nancial expenses include payment discounts, bank expenses and other \ufb01nancial fees incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-474": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Interest income | 32,615 | 39,747 |
| Interest expenses | (110,214) | (114,423) |
| Discounting of non-current provisions | (8,758) | (9,418) |
| Foreign exchange gains and losses | (8,339) | (17,900) |
| Other financial income | 2,121 | 4,551 |
| Other financial expenses | (16,463) | (16,172) |
| Total of continuing operations | (109,038) | (113,615) |
All interest income and expenses are recognized using the effective interest rate method.
\nThe 2024 interest income reached \u20ac\u00a039.7 million benefiting from higher interest rates on deposit on excess liquidity. The interest expenses amounted to \u20ac\u00a0114.4 million. Those expenses included \u20ac\u00a010.7 million of interest expenses (theoretical phantom interests) on the debt component of the convertible debt (\u20ac\u00a010.4 million in 2023) and \u20ac\u00a01.9 million of interests related to leases as per IFRS 16. The increase mainly comes from the new USPP issuance in April 2024 and the new EIB loan disbursement.
\nThe discounting of non-current provisions relates mainly to employee bene\ufb01ts provisions and to a lesser extent to provisions for other liabilities and charges. This amount is in\ufb02uenced by the present value of these liabilities, which in turn is in\ufb02uenced by changes in the discount rate, by the cash-out pro\ufb01le and by the recognition of new non-current liabilities. Most of the discounting results in 2024 were booked in Germany and to a lesser extent in Belgium.
\nForeign exchange results, mainly explained by the cost of forward points in hedging instruments, include realized exchange results and the unrealized translation adjustments on monetary items using the closing rate of the period. They also include fair value gains and losses on other currency \ufb01nancial instruments (see Note F34).
\nOther \ufb01nancial expenses include payment discounts, bank expenses and other \ufb01nancial fees incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-475": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Interest income | 32,615 | 39,747 |
| Interest expenses | (110,214) | (114,423) |
| Discounting of non-current provisions | (8,758) | (9,418) |
| Foreign exchange gains and losses | (8,339) | (17,900) |
| Other financial income | 2,121 | 4,551 |
| Other financial expenses | (16,463) | (16,172) |
| Total of continuing operations | (109,038) | (113,615) |
All interest income and expenses are recognized using the effective interest rate method.
\nThe 2024 interest income reached \u20ac\u00a039.7 million benefiting from higher interest rates on deposit on excess liquidity. The interest expenses amounted to \u20ac\u00a0114.4 million. Those expenses included \u20ac\u00a010.7 million of interest expenses (theoretical phantom interests) on the debt component of the convertible debt (\u20ac\u00a010.4 million in 2023) and \u20ac\u00a01.9 million of interests related to leases as per IFRS 16. The increase mainly comes from the new USPP issuance in April 2024 and the new EIB loan disbursement.
\nThe discounting of non-current provisions relates mainly to employee bene\ufb01ts provisions and to a lesser extent to provisions for other liabilities and charges. This amount is in\ufb02uenced by the present value of these liabilities, which in turn is in\ufb02uenced by changes in the discount rate, by the cash-out pro\ufb01le and by the recognition of new non-current liabilities. Most of the discounting results in 2024 were booked in Germany and to a lesser extent in Belgium.
\nForeign exchange results, mainly explained by the cost of forward points in hedging instruments, include realized exchange results and the unrealized translation adjustments on monetary items using the closing rate of the period. They also include fair value gains and losses on other currency \ufb01nancial instruments (see Note F34).
\nOther \ufb01nancial expenses include payment discounts, bank expenses and other \ufb01nancial fees incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-477": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Income tax expense | \u00a0 | \u00a0 |
| Recognized in the income statement | \u00a0 | \u00a0 |
| Current income tax | (172,248) | (106,895) |
| Deferred income tax | 67,307 | (59) |
| Total tax expense for continuing operations | (104,941) | (106,954) |
| Relationship between tax expense (income) and accounting profit | \u00a0 | \u00a0 |
| Result from operating activities | 590,683 | (1,261,927) |
| Financial result | (109,038) | (113,615) |
| Profit (loss) before income tax of consolidated companies | 481,645 | (1,375,542) |
| Weighted average theoretical tax rate (%) | 28.36 | -23.73 |
| Income tax calculated at the weighted average theoretical tax rate for continuing operations | (136,584) | 326,401 |
| Tax effect of : | \u00a0 | \u00a0 |
| Expenses not deductible for tax purposes | (10,740) | (44,633) |
| Tax-exempted revenues | 8,959 | 10,749 |
| Dividends from consolidated companies, associates and joint ventures | (23) | (15,264) |
| Tax incentives and tax holidays | 28,663 | 16,782 |
| Tax computed on other basis | (6,214) | (2,453) |
| Deductible impairment loss on shares | - | 169,359 |
| Derecognition / Recognition of deferred tax assets (incl. loss on shares) | 21,497 | (559,920) |
| Non recoverable foreign withholding taxes | (17,878) | (7,280) |
| Previous years adjustments | (11,700) | 16,825 |
| Other (including IFRIC 23) | 19,079 | (17,520) |
| Tax expense at the effective tax rate for the year | (104,941) | (106,954) |
The negative effective tax rate (ETR) as reported for the year is attributable to the negative reported pre-tax book income. The ETR of -7.8% is impacted mainly by the derecognition of deferred tax assets of \u20ac\u00a0560 million, which includes the impairment of previous year tax assets of \u20ac\u00a0132 million and the current year tax assets of \u20ac\u00a0428 million, associated with the revised business plan of the Battery Materials business group. Other factors impacting the ETR includes a deductible impairment loss on shares held by a Luxembourg entity and non-deductible charges.
\nThe weighted average theoretical tax rate as reported before derecognition of tax assets decreases from 28.4% in 2023 to -23.7% in 2024 due to material losses generated in key juridictions. In 2024, no tax rate changes were substantially enacted in the jurisdictions where Umicore operates.
\nThe adjusted ETR for 2024 was 29.4%. This compares to 21.6% in 2023.
\nThe 2024 ETR is impacted by the increase in IFRIC 23 provisions, tax incentives, and the business mix with an inability to recognize deferred tax assets in key jurisdictions of the Battery Materials business.
\nPillar Two legislation has been enacted or substantively enacted in a number of jurisdictions where the Umicore Group is active, including in Belgium where it is headquartered. Since the Umicore Group has consolidated revenues exceeding \u20ac\u00a0750 million, it is an in-scope multinational enterprise. The legislation is therefore effective to the Group\u2019s financial year beginning 1 January 2024.
\nUnder the Belgian Pillar Two rules, the UPE (Ultimate Parent entity), Umicore SA, will be generally required to pay in Belgium a top-up tax on profits of its subsidiaries that are taxed at an effective tax rate (determined in accordance with the Belgian Pillar Two rules) of less than 15%. The Group has performed the assessment of the \u201cTransitional Safe Harbours\u201d for Pillar Two purposes (TSH) on the basis of the OECD rules. This assessment is based on the accounting data for the fiscal year 2024.
\nThe Group's assessment indicates that:
In most of the jurisdictions where the Umicore Group is active, at least one of the Transitional Safe Harbour tests will be met; and
For those jurisdictions falling outside the Transitional Safe Harbour tests, Umicore prepared a Pillar Two top-up tax calculation resulting in an immaterial tax liability, and it does not impact on the Group\u2019s effective tax rate.
Further, Umicore has the required procedures and controls in place to be compliant with the jurisdictional Pillar Two requirements as from 2024.
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Tax assets and liabilities | \u00a0 | \u00a0 |
| Income tax receivables | 87,806 | 75,970 |
| Deferred tax assets | 370,336 | 378,447 |
| Income tax payable | (222,803) | (208,408) |
| Deferred tax liabilities | (28,741) | (24,722) |
| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| At the end of preceding financial year | 315,996 | 370,336 | (30,029) | (28,741) | 285,967 | 341,595 |
| Deferred tax recognized in the P&L | 75,124 | (8,895) | (7,817) | 8,836 | 67,307 | (59) |
| Deferred tax recognized in equity | (5,556) | 18,796 | 6,598 | (698) | 1,042 | 18,098 |
| Acquisitions through business combination | - | - | - | (4,122) | - | (4,122) |
| Translation differences | (12,806) | (1,405) | 85 | (382) | (12,721) | (1,787) |
| Transfer | (2,422) | (385) | 2,422 | 385 | - | - |
| At the end of financial year | 370,336 | 378,447 | (28,741) | (24,722) | 341,595 | 353,725 |
| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Deferred tax in respect of each type of temporary difference | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Intangible assets | 36,959 | 47,540 | (1,863) | (15,233) | 35,096 | 32,307 |
| Property, plant and equipment | 14,391 | 130,439 | (44,016) | (26,194) | (29,625) | 104,245 |
| Long term receivables | 321 | 7,110 | (215) | (1,618) | 106 | 5,492 |
| Inventories | 172,129 | 157,001 | (38,919) | (36,033) | 133,210 | 120,968 |
| Trade and other receivables | 20,971 | 20,783 | (39,791) | (38,734) | (18,820) | (17,951) |
| Group Shareholder's equity | - | - | (5,345) | (3,601) | (5,345) | (3,601) |
| Long Term Financial Debt and other payable | 26,485 | 28,669 | (16,422) | (18,740) | 10,063 | 9,929 |
| Provisions Employee Benefits | 62,380 | 113,737 | (16,083) | (70,503) | 46,297 | 43,234 |
| Provisions for Environment | 26,843 | 33,493 | (364) | (4,188) | 26,479 | 29,305 |
| Provisions for other liabilities and charges | 25,638 | 116,600 | (934) | (7,014) | 24,704 | 109,586 |
| Current Financial Debt | - | 19,311 | (166) | (4,924) | (166) | 14,387 |
| Current Provisions for Environment | 5,975 | 5,047 | - | (38) | 5,975 | 5,009 |
| Current Provisions for Other Liabilities & Charges | 3,853 | 15,832 | (8) | (5,129) | 3,845 | 10,703 |
| Trade and other payables | 59,284 | 86,332 | (5,710) | (23,508) | 53,574 | 62,824 |
| Total deferred tax due to temporary differences | 455,229 | 781,894 | (169,836) | (255,457) | 285,393 | 526,437 |
| Tax losses to carry forward | 157,099 | 398,509 | - | - | 157,099 | 398,509 |
| Investments deductions | 385 | - | - | - | 385 | - |
| Other | 1,866 | 99,844 | - | - | 1,866 | 99,844 |
| Deferred tax assets not recognized | (103,148) | (671,065) | - | - | (103,148) | (671,065) |
| Total tax assets/liabilities | 511,431 | 609,182 | (169,836) | (255,457) | 341,595 | 353,725 |
| Compensation of assets and liabilities within same entity | (141,095) | (230,735) | 141,095 | 230,735 | - | - |
| Net amount | 370,336 | 378,447 | (28,741) | (24,722) | 341,595 | 353,725 |
| \u00a0 | 2023 | 2024 | 2023 | 2024 |
|---|---|---|---|---|
| Thousands of Euros | Base | Base | Tax | Tax |
| Amount of deductible temporary differences, unused tax losses or tax credits for which no deferred tax asset is recognized in the balance sheet | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Expiration date within 5 years | 21,139 | 285,116 | 5,700 | 72,945 |
| Expiration date within 15 years | 27,209 | 342,377 | 8,182 | 76,103 |
| Expiration date with no time limit | 310,818 | 2,017,140 | 89,266 | 522,017 |
The changes in temporary differences are charged to the consolidated income statement except those arising from events that were recognized directly in the consolidated statement of comprehensive income.
\nThe main movements recognized in equity are deferred taxes generated by temporary differences included within \u201cTrade and other receivables\u201d (positive by \u20ac\u00a09.8 million), \u201cProvisions for employee benefits\u201d (negative by \u20ac\u00a03.5 million) and \u201cTrade and other payables\u201d (positive by \u20ac\u00a011.5 million).
\nThe main net deferred tax assets are recorded in Belgium (\u20ac\u00a0202.4 million), China (\u20ac\u00a044.8 million), Germany (\u20ac\u00a028.4 million) and the USA (\u20ac\u00a023.4 million). Deferred tax assets are only recognized to the extent that their recovery is probable, i.e., if a tax benefit is expected in future periods. The Group assesses a recoverability in a range of 5 to 10 years in function of the characteristics of the asset, also considering the applicable tax loss carry forward provisions, and the amount of cumulative past profits. The actual tax results in future periods may differ from the estimates made at the time when the deferred tax assets are recognized.
\nBased on this recoverability assessment, Umicore has derecognized tax assets of \u20ac\u00a0671.1 million mainly from:
\u20ac\u00a0369.9 million of carry-forward tax losses and tax credits in Luxembourg, China, Korea, and Japan and
\u20ac\u00a0301.2 million of deductible temporary differences in China, Korea and Canada
In accordance with IAS 12, deferred tax liabilities that are not probable to be realized in the foreseeable future have not been recognized.
\nGroup current income tax payable at 31 December 2024 amounting to \u20ac\u00a0208.4 million (2023: \u20ac\u00a0222.8 million) includes uncertain tax positions of \u20ac\u00a0111.5 million (\u20ac\u00a093.1 million in 2023). The increase in uncertain tax positions is mainly explained by (i) remeasurement of existing uncertain tax positions, (ii) reversal of uncertain tax positions based on positive outcomes by the tax authorities or mitigation actions taken, (iii) expiration of the statute of limitations and (iv) the recognition of additional uncertain tax provisions (whether positive or negative).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-478": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Income tax expense | \u00a0 | \u00a0 |
| Recognized in the income statement | \u00a0 | \u00a0 |
| Current income tax | (172,248) | (106,895) |
| Deferred income tax | 67,307 | (59) |
| Total tax expense for continuing operations | (104,941) | (106,954) |
| Relationship between tax expense (income) and accounting profit | \u00a0 | \u00a0 |
| Result from operating activities | 590,683 | (1,261,927) |
| Financial result | (109,038) | (113,615) |
| Profit (loss) before income tax of consolidated companies | 481,645 | (1,375,542) |
| Weighted average theoretical tax rate (%) | 28.36 | -23.73 |
| Income tax calculated at the weighted average theoretical tax rate for continuing operations | (136,584) | 326,401 |
| Tax effect of : | \u00a0 | \u00a0 |
| Expenses not deductible for tax purposes | (10,740) | (44,633) |
| Tax-exempted revenues | 8,959 | 10,749 |
| Dividends from consolidated companies, associates and joint ventures | (23) | (15,264) |
| Tax incentives and tax holidays | 28,663 | 16,782 |
| Tax computed on other basis | (6,214) | (2,453) |
| Deductible impairment loss on shares | - | 169,359 |
| Derecognition / Recognition of deferred tax assets (incl. loss on shares) | 21,497 | (559,920) |
| Non recoverable foreign withholding taxes | (17,878) | (7,280) |
| Previous years adjustments | (11,700) | 16,825 |
| Other (including IFRIC 23) | 19,079 | (17,520) |
| Tax expense at the effective tax rate for the year | (104,941) | (106,954) |
The negative effective tax rate (ETR) as reported for the year is attributable to the negative reported pre-tax book income. The ETR of -7.8% is impacted mainly by the derecognition of deferred tax assets of \u20ac\u00a0560 million, which includes the impairment of previous year tax assets of \u20ac\u00a0132 million and the current year tax assets of \u20ac\u00a0428 million, associated with the revised business plan of the Battery Materials business group. Other factors impacting the ETR includes a deductible impairment loss on shares held by a Luxembourg entity and non-deductible charges.
\nThe weighted average theoretical tax rate as reported before derecognition of tax assets decreases from 28.4% in 2023 to -23.7% in 2024 due to material losses generated in key juridictions. In 2024, no tax rate changes were substantially enacted in the jurisdictions where Umicore operates.
\nThe adjusted ETR for 2024 was 29.4%. This compares to 21.6% in 2023.
\nThe 2024 ETR is impacted by the increase in IFRIC 23 provisions, tax incentives, and the business mix with an inability to recognize deferred tax assets in key jurisdictions of the Battery Materials business.
\nPillar Two legislation has been enacted or substantively enacted in a number of jurisdictions where the Umicore Group is active, including in Belgium where it is headquartered. Since the Umicore Group has consolidated revenues exceeding \u20ac\u00a0750 million, it is an in-scope multinational enterprise. The legislation is therefore effective to the Group\u2019s financial year beginning 1 January 2024.
\nUnder the Belgian Pillar Two rules, the UPE (Ultimate Parent entity), Umicore SA, will be generally required to pay in Belgium a top-up tax on profits of its subsidiaries that are taxed at an effective tax rate (determined in accordance with the Belgian Pillar Two rules) of less than 15%. The Group has performed the assessment of the \u201cTransitional Safe Harbours\u201d for Pillar Two purposes (TSH) on the basis of the OECD rules. This assessment is based on the accounting data for the fiscal year 2024.
\nThe Group's assessment indicates that:
In most of the jurisdictions where the Umicore Group is active, at least one of the Transitional Safe Harbour tests will be met; and
For those jurisdictions falling outside the Transitional Safe Harbour tests, Umicore prepared a Pillar Two top-up tax calculation resulting in an immaterial tax liability, and it does not impact on the Group\u2019s effective tax rate.
Further, Umicore has the required procedures and controls in place to be compliant with the jurisdictional Pillar Two requirements as from 2024.
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Tax assets and liabilities | \u00a0 | \u00a0 |
| Income tax receivables | 87,806 | 75,970 |
| Deferred tax assets | 370,336 | 378,447 |
| Income tax payable | (222,803) | (208,408) |
| Deferred tax liabilities | (28,741) | (24,722) |
| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| At the end of preceding financial year | 315,996 | 370,336 | (30,029) | (28,741) | 285,967 | 341,595 |
| Deferred tax recognized in the P&L | 75,124 | (8,895) | (7,817) | 8,836 | 67,307 | (59) |
| Deferred tax recognized in equity | (5,556) | 18,796 | 6,598 | (698) | 1,042 | 18,098 |
| Acquisitions through business combination | - | - | - | (4,122) | - | (4,122) |
| Translation differences | (12,806) | (1,405) | 85 | (382) | (12,721) | (1,787) |
| Transfer | (2,422) | (385) | 2,422 | 385 | - | - |
| At the end of financial year | 370,336 | 378,447 | (28,741) | (24,722) | 341,595 | 353,725 |
| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Deferred tax in respect of each type of temporary difference | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Intangible assets | 36,959 | 47,540 | (1,863) | (15,233) | 35,096 | 32,307 |
| Property, plant and equipment | 14,391 | 130,439 | (44,016) | (26,194) | (29,625) | 104,245 |
| Long term receivables | 321 | 7,110 | (215) | (1,618) | 106 | 5,492 |
| Inventories | 172,129 | 157,001 | (38,919) | (36,033) | 133,210 | 120,968 |
| Trade and other receivables | 20,971 | 20,783 | (39,791) | (38,734) | (18,820) | (17,951) |
| Group Shareholder's equity | - | - | (5,345) | (3,601) | (5,345) | (3,601) |
| Long Term Financial Debt and other payable | 26,485 | 28,669 | (16,422) | (18,740) | 10,063 | 9,929 |
| Provisions Employee Benefits | 62,380 | 113,737 | (16,083) | (70,503) | 46,297 | 43,234 |
| Provisions for Environment | 26,843 | 33,493 | (364) | (4,188) | 26,479 | 29,305 |
| Provisions for other liabilities and charges | 25,638 | 116,600 | (934) | (7,014) | 24,704 | 109,586 |
| Current Financial Debt | - | 19,311 | (166) | (4,924) | (166) | 14,387 |
| Current Provisions for Environment | 5,975 | 5,047 | - | (38) | 5,975 | 5,009 |
| Current Provisions for Other Liabilities & Charges | 3,853 | 15,832 | (8) | (5,129) | 3,845 | 10,703 |
| Trade and other payables | 59,284 | 86,332 | (5,710) | (23,508) | 53,574 | 62,824 |
| Total deferred tax due to temporary differences | 455,229 | 781,894 | (169,836) | (255,457) | 285,393 | 526,437 |
| Tax losses to carry forward | 157,099 | 398,509 | - | - | 157,099 | 398,509 |
| Investments deductions | 385 | - | - | - | 385 | - |
| Other | 1,866 | 99,844 | - | - | 1,866 | 99,844 |
| Deferred tax assets not recognized | (103,148) | (671,065) | - | - | (103,148) | (671,065) |
| Total tax assets/liabilities | 511,431 | 609,182 | (169,836) | (255,457) | 341,595 | 353,725 |
| Compensation of assets and liabilities within same entity | (141,095) | (230,735) | 141,095 | 230,735 | - | - |
| Net amount | 370,336 | 378,447 | (28,741) | (24,722) | 341,595 | 353,725 |
| \u00a0 | 2023 | 2024 | 2023 | 2024 |
|---|---|---|---|---|
| Thousands of Euros | Base | Base | Tax | Tax |
| Amount of deductible temporary differences, unused tax losses or tax credits for which no deferred tax asset is recognized in the balance sheet | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Expiration date within 5 years | 21,139 | 285,116 | 5,700 | 72,945 |
| Expiration date within 15 years | 27,209 | 342,377 | 8,182 | 76,103 |
| Expiration date with no time limit | 310,818 | 2,017,140 | 89,266 | 522,017 |
The changes in temporary differences are charged to the consolidated income statement except those arising from events that were recognized directly in the consolidated statement of comprehensive income.
\nThe main movements recognized in equity are deferred taxes generated by temporary differences included within \u201cTrade and other receivables\u201d (positive by \u20ac\u00a09.8 million), \u201cProvisions for employee benefits\u201d (negative by \u20ac\u00a03.5 million) and \u201cTrade and other payables\u201d (positive by \u20ac\u00a011.5 million).
\nThe main net deferred tax assets are recorded in Belgium (\u20ac\u00a0202.4 million), China (\u20ac\u00a044.8 million), Germany (\u20ac\u00a028.4 million) and the USA (\u20ac\u00a023.4 million). Deferred tax assets are only recognized to the extent that their recovery is probable, i.e., if a tax benefit is expected in future periods. The Group assesses a recoverability in a range of 5 to 10 years in function of the characteristics of the asset, also considering the applicable tax loss carry forward provisions, and the amount of cumulative past profits. The actual tax results in future periods may differ from the estimates made at the time when the deferred tax assets are recognized.
\nBased on this recoverability assessment, Umicore has derecognized tax assets of \u20ac\u00a0671.1 million mainly from:
\u20ac\u00a0369.9 million of carry-forward tax losses and tax credits in Luxembourg, China, Korea, and Japan and
\u20ac\u00a0301.2 million of deductible temporary differences in China, Korea and Canada
In accordance with IAS 12, deferred tax liabilities that are not probable to be realized in the foreseeable future have not been recognized.
\nGroup current income tax payable at 31 December 2024 amounting to \u20ac\u00a0208.4 million (2023: \u20ac\u00a0222.8 million) includes uncertain tax positions of \u20ac\u00a0111.5 million (\u20ac\u00a093.1 million in 2023). The increase in uncertain tax positions is mainly explained by (i) remeasurement of existing uncertain tax positions, (ii) reversal of uncertain tax positions based on positive outcomes by the tax authorities or mitigation actions taken, (iii) expiration of the statute of limitations and (iv) the recognition of additional uncertain tax provisions (whether positive or negative).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-479": { "value": "\n| Thousands of Euros | Development expenses capitalized | Concessions, patents, licences, etc. | Software | CO2 emission rights | Other intangible assets | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 152,534 | 105,008 | 170,955 | 26,214 | 119,250 | 573,961 |
| Accumulated amortisation | (115,624) | (101,128) | (137,272) | - | (34,986) | (389,010) |
| Net book value at the beginning of previous year | 36,910 | 3,880 | 33,683 | 26,214 | 84,264 | 184,951 |
| . additions | 4,746 | 25,928 | 3,823 | - | 42,771 | 77,268 |
| . disposals | - | - | (3) | (0) | - | (4) |
| . amortisation charged (included in \"Depreciation and impairments\") | (9,203) | (3,589) | (9,990) | - | (3,539) | (26,321) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (7,641) | - | (71) | - | (11) | (7,723) |
| . emission rights allowances | - | - | - | 4,308 | - | 4,308 |
| . translation differences | (217) | 1 | (196) | (0) | 193 | (220) |
| . other movements | 9,417 | (0) | 12,505 | - | (31,412) | (9,490) |
| At the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| Gross value | 156,789 | 91,004 | 184,473 | 30,522 | 130,153 | 592,940 |
| Accumulated amortisation | (122,777) | (64,784) | (144,722) | - | (37,888) | (370,171) |
| Net book value at the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| . acquisition through business combinations | - | 16,499 | 13 | - | 1,443 | 17,955 |
| . additions | 1,019 | 2 | 5,084 | - | 50,026 | 56,131 |
| . disposals | - | - | (101) | - | - | (101) |
| . amortisation charged (included in \"Depreciation and impairments\") | (7,112) | (5,087) | (12,602) | - | (3,831) | (28,632) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (14,066) | (78) | (796) | - | (9) | (14,950) |
| . emission rights allowances | - | - | - | (4,845) | - | (4,845) |
| . translation differences | (113) | 430 | (564) | - | 291 | 45 |
| . other movements | 7,541 | 100 | 24,285 | - | (48,436) | (16,511) |
| At the end of the year | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
| Gross value | 165,079 | 105,803 | 210,955 | 25,677 | 132,457 | 639,971 |
| Accumulated amortisation | (143,799) | (67,716) | (155,886) | - | (40,708) | (408,110) |
| Net book value for continuing operations | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
In 2024, additions amounted to \u20ac\u00a056.1 million and contain capitalized expenses in internally generated developments for \u20ac\u00a027.6 million (see Note F9), of which \u20ac\u00a026.9 million is included in \u201cOther intangible assets\u201d as intangible assets in progress. Additions mainly relate to capitalized development expenses in new product and technologies in Battery Materials and in battery recycling, as well as capitalized expenses related to the renewal of a Group software and pilot production lines. Acquisitions through business combinations mainly include \u20ac\u00a016.5 million of IP from the acquisition of Shinhao Materials LLC.
\nImpairment losses are mainly linked to impairment on selected capitalized development projects in Catalysis following the less stringent than initially foreseen Euro-7 legislation and in Battery Materials (see Note F18). Net decrease of emission right allowances amounts to \u20ac\u00a0-4.8 million in 2024 (new grants \u20ac\u00a014.8 million and settlement \u20ac-19.7 million). Other movements mainly include the transfer to assets held for sale for \u20ac\u00a019.0 million as well as the transfer between intangible assets in progress (included under \u201cother intangible assets\u201d) and the other categories of intangible assets and transfers from tangible assets. The other intangible assets category contains intangible assets in progress for \u20ac\u00a083.2 million (mainly capitalized development costs) but also some business portfolio and customers\u2019 list acquired for \u20ac\u00a06.9 million. There are no pledges on, or restrictions to, the title on intangible assets, other than disclosed in Note F36.
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| At the end of the previous year | \u00a0 | \u00a0 |
| Gross value | 171,495 | 168,892 |
| Accumulated impairment losses | (13,080) | (10,621) |
| Net book value at the end of previous year | 158,415 | 158,271 |
| . acquisition through business combinations | - | 11,371 |
| . impairment losses recognized (included in \"Depreciation and impairment\") | - | (16,049) |
| . translation differences | (144) | 1,705 |
| At the end of the year | 158,271 | 155,299 |
| Gross value | 168,892 | 182,236 |
| Accumulated impairment losses | (10,621) | (26,937) |
| Net book value for continuing operations | 158,271 | 155,299 |
This table includes goodwill related to fully consolidated companies only. Goodwill relating to companies accounted for using the equity method is detailed in Note F17.
\nThe decrease of the period mainly relates to the impairment of the goodwill in Battery Materials for \u20ac\u00a016 million (see Note F18) partially offset by the goodwill generated by the acquisition of Shinhao Materials LLC for \u20ac\u00a011.4 million (see Note F8).
\nThe goodwill accounted in each of the CGU groups, but summarized by segment, is as follows:
\n| Thousands of Euros | Battery Materials | Catalysis | Recycling | Specialty Materials | Total |
|---|---|---|---|---|---|
| 31/12/2023 | 16,049 | 47,726 | 18,308 | 76,188 | 158,271 |
| 31/12/2024 | - | 47,710 | 18,288 | 89,300 | 155,299 |
Management tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in Note F2. Such impairment tests are performed at a cash generating unit level, which may vary in scope from a segment to a total business unit to an individual plant. The recoverable amounts of cash-generating units to which goodwill is allocated have been determined based on value-in-use calculations by means of discounted cash \ufb02ow modeling on the basis of the Group\u2019s operational plans which typically look forward five years, followed by a long term projection (except for the CGU Battery Materials \u2013 see Note F18). On macroeconomic and external indicators such as currency and metal prices, the testing uses typically prevailing market conditions at the time the plans are drafted. The rates used are typically the ones observed on international exchanges in the last quarter of the year.
\nThe 2024 impairment testing used an average tax rate of 25.0% (unchanged versus 2023) and a weighted average cost of capital post-tax of 7.7% (same as in 2023). A uniform WACC rate was applied across cash generating units with unit-specific risk factors considered to be reflected in the underlying cash flow projections. Terminal values were determined on the basis of a perpetual growth rate of on average 2% (same as in 2023). Inflation rates were based on guidance from national and international institutes such as the NBB or ECB.
\nThe 2024 goodwill impairment testing for Battery Materials led to an impairment of goodwill of \u20ac\u00a016 million. Refer to Note F18 for additional information. For the other respective cash generating units, the 2024 goodwill impairment testing indicated sufficient headroom and hence no other goodwill impairments were recognized.
\nIn this exercise, the Group has considered the potential impact of climate change (forecasts and cash flows used, expected live of property, plant and equipment, capital expenditures to meet decarbonization goals). In particular, the electrification of mobility has been taken into consideration for the catalysis business and reasonable deviation from the key assumptions would not trigger an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-480": { "value": "\n| Thousands of Euros | Development expenses capitalized | Concessions, patents, licences, etc. | Software | CO2 emission rights | Other intangible assets | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 152,534 | 105,008 | 170,955 | 26,214 | 119,250 | 573,961 |
| Accumulated amortisation | (115,624) | (101,128) | (137,272) | - | (34,986) | (389,010) |
| Net book value at the beginning of previous year | 36,910 | 3,880 | 33,683 | 26,214 | 84,264 | 184,951 |
| . additions | 4,746 | 25,928 | 3,823 | - | 42,771 | 77,268 |
| . disposals | - | - | (3) | (0) | - | (4) |
| . amortisation charged (included in \"Depreciation and impairments\") | (9,203) | (3,589) | (9,990) | - | (3,539) | (26,321) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (7,641) | - | (71) | - | (11) | (7,723) |
| . emission rights allowances | - | - | - | 4,308 | - | 4,308 |
| . translation differences | (217) | 1 | (196) | (0) | 193 | (220) |
| . other movements | 9,417 | (0) | 12,505 | - | (31,412) | (9,490) |
| At the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| Gross value | 156,789 | 91,004 | 184,473 | 30,522 | 130,153 | 592,940 |
| Accumulated amortisation | (122,777) | (64,784) | (144,722) | - | (37,888) | (370,171) |
| Net book value at the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| . acquisition through business combinations | - | 16,499 | 13 | - | 1,443 | 17,955 |
| . additions | 1,019 | 2 | 5,084 | - | 50,026 | 56,131 |
| . disposals | - | - | (101) | - | - | (101) |
| . amortisation charged (included in \"Depreciation and impairments\") | (7,112) | (5,087) | (12,602) | - | (3,831) | (28,632) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (14,066) | (78) | (796) | - | (9) | (14,950) |
| . emission rights allowances | - | - | - | (4,845) | - | (4,845) |
| . translation differences | (113) | 430 | (564) | - | 291 | 45 |
| . other movements | 7,541 | 100 | 24,285 | - | (48,436) | (16,511) |
| At the end of the year | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
| Gross value | 165,079 | 105,803 | 210,955 | 25,677 | 132,457 | 639,971 |
| Accumulated amortisation | (143,799) | (67,716) | (155,886) | - | (40,708) | (408,110) |
| Net book value for continuing operations | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
In 2024, additions amounted to \u20ac\u00a056.1 million and contain capitalized expenses in internally generated developments for \u20ac\u00a027.6 million (see Note F9), of which \u20ac\u00a026.9 million is included in \u201cOther intangible assets\u201d as intangible assets in progress. Additions mainly relate to capitalized development expenses in new product and technologies in Battery Materials and in battery recycling, as well as capitalized expenses related to the renewal of a Group software and pilot production lines. Acquisitions through business combinations mainly include \u20ac\u00a016.5 million of IP from the acquisition of Shinhao Materials LLC.
\nImpairment losses are mainly linked to impairment on selected capitalized development projects in Catalysis following the less stringent than initially foreseen Euro-7 legislation and in Battery Materials (see Note F18). Net decrease of emission right allowances amounts to \u20ac\u00a0-4.8 million in 2024 (new grants \u20ac\u00a014.8 million and settlement \u20ac-19.7 million). Other movements mainly include the transfer to assets held for sale for \u20ac\u00a019.0 million as well as the transfer between intangible assets in progress (included under \u201cother intangible assets\u201d) and the other categories of intangible assets and transfers from tangible assets. The other intangible assets category contains intangible assets in progress for \u20ac\u00a083.2 million (mainly capitalized development costs) but also some business portfolio and customers\u2019 list acquired for \u20ac\u00a06.9 million. There are no pledges on, or restrictions to, the title on intangible assets, other than disclosed in Note F36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-482": { "value": "\n| Thousands of Euros | Development expenses capitalized | Concessions, patents, licences, etc. | Software | CO2 emission rights | Other intangible assets | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 152,534 | 105,008 | 170,955 | 26,214 | 119,250 | 573,961 |
| Accumulated amortisation | (115,624) | (101,128) | (137,272) | - | (34,986) | (389,010) |
| Net book value at the beginning of previous year | 36,910 | 3,880 | 33,683 | 26,214 | 84,264 | 184,951 |
| . additions | 4,746 | 25,928 | 3,823 | - | 42,771 | 77,268 |
| . disposals | - | - | (3) | (0) | - | (4) |
| . amortisation charged (included in \"Depreciation and impairments\") | (9,203) | (3,589) | (9,990) | - | (3,539) | (26,321) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (7,641) | - | (71) | - | (11) | (7,723) |
| . emission rights allowances | - | - | - | 4,308 | - | 4,308 |
| . translation differences | (217) | 1 | (196) | (0) | 193 | (220) |
| . other movements | 9,417 | (0) | 12,505 | - | (31,412) | (9,490) |
| At the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| Gross value | 156,789 | 91,004 | 184,473 | 30,522 | 130,153 | 592,940 |
| Accumulated amortisation | (122,777) | (64,784) | (144,722) | - | (37,888) | (370,171) |
| Net book value at the end of previous year | 34,011 | 26,220 | 39,751 | 30,522 | 92,265 | 222,769 |
| . acquisition through business combinations | - | 16,499 | 13 | - | 1,443 | 17,955 |
| . additions | 1,019 | 2 | 5,084 | - | 50,026 | 56,131 |
| . disposals | - | - | (101) | - | - | (101) |
| . amortisation charged (included in \"Depreciation and impairments\") | (7,112) | (5,087) | (12,602) | - | (3,831) | (28,632) |
| . impairment losses recognized (included in \"Depreciation and impairments\") | (14,066) | (78) | (796) | - | (9) | (14,950) |
| . emission rights allowances | - | - | - | (4,845) | - | (4,845) |
| . translation differences | (113) | 430 | (564) | - | 291 | 45 |
| . other movements | 7,541 | 100 | 24,285 | - | (48,436) | (16,511) |
| At the end of the year | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
| Gross value | 165,079 | 105,803 | 210,955 | 25,677 | 132,457 | 639,971 |
| Accumulated amortisation | (143,799) | (67,716) | (155,886) | - | (40,708) | (408,110) |
| Net book value for continuing operations | 21,280 | 38,087 | 55,068 | 25,677 | 91,750 | 231,861 |
In 2024, additions amounted to \u20ac\u00a056.1 million and contain capitalized expenses in internally generated developments for \u20ac\u00a027.6 million (see Note F9), of which \u20ac\u00a026.9 million is included in \u201cOther intangible assets\u201d as intangible assets in progress. Additions mainly relate to capitalized development expenses in new product and technologies in Battery Materials and in battery recycling, as well as capitalized expenses related to the renewal of a Group software and pilot production lines. Acquisitions through business combinations mainly include \u20ac\u00a016.5 million of IP from the acquisition of Shinhao Materials LLC.
\nImpairment losses are mainly linked to impairment on selected capitalized development projects in Catalysis following the less stringent than initially foreseen Euro-7 legislation and in Battery Materials (see Note F18). Net decrease of emission right allowances amounts to \u20ac\u00a0-4.8 million in 2024 (new grants \u20ac\u00a014.8 million and settlement \u20ac-19.7 million). Other movements mainly include the transfer to assets held for sale for \u20ac\u00a019.0 million as well as the transfer between intangible assets in progress (included under \u201cother intangible assets\u201d) and the other categories of intangible assets and transfers from tangible assets. The other intangible assets category contains intangible assets in progress for \u20ac\u00a083.2 million (mainly capitalized development costs) but also some business portfolio and customers\u2019 list acquired for \u20ac\u00a06.9 million. There are no pledges on, or restrictions to, the title on intangible assets, other than disclosed in Note F36.
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| At the end of the previous year | \u00a0 | \u00a0 |
| Gross value | 171,495 | 168,892 |
| Accumulated impairment losses | (13,080) | (10,621) |
| Net book value at the end of previous year | 158,415 | 158,271 |
| . acquisition through business combinations | - | 11,371 |
| . impairment losses recognized (included in \"Depreciation and impairment\") | - | (16,049) |
| . translation differences | (144) | 1,705 |
| At the end of the year | 158,271 | 155,299 |
| Gross value | 168,892 | 182,236 |
| Accumulated impairment losses | (10,621) | (26,937) |
| Net book value for continuing operations | 158,271 | 155,299 |
This table includes goodwill related to fully consolidated companies only. Goodwill relating to companies accounted for using the equity method is detailed in Note F17.
\nThe decrease of the period mainly relates to the impairment of the goodwill in Battery Materials for \u20ac\u00a016 million (see Note F18) partially offset by the goodwill generated by the acquisition of Shinhao Materials LLC for \u20ac\u00a011.4 million (see Note F8).
\nThe goodwill accounted in each of the CGU groups, but summarized by segment, is as follows:
\n| Thousands of Euros | Battery Materials | Catalysis | Recycling | Specialty Materials | Total |
|---|---|---|---|---|---|
| 31/12/2023 | 16,049 | 47,726 | 18,308 | 76,188 | 158,271 |
| 31/12/2024 | - | 47,710 | 18,288 | 89,300 | 155,299 |
Management tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in Note F2. Such impairment tests are performed at a cash generating unit level, which may vary in scope from a segment to a total business unit to an individual plant. The recoverable amounts of cash-generating units to which goodwill is allocated have been determined based on value-in-use calculations by means of discounted cash \ufb02ow modeling on the basis of the Group\u2019s operational plans which typically look forward five years, followed by a long term projection (except for the CGU Battery Materials \u2013 see Note F18). On macroeconomic and external indicators such as currency and metal prices, the testing uses typically prevailing market conditions at the time the plans are drafted. The rates used are typically the ones observed on international exchanges in the last quarter of the year.
\nThe 2024 impairment testing used an average tax rate of 25.0% (unchanged versus 2023) and a weighted average cost of capital post-tax of 7.7% (same as in 2023). A uniform WACC rate was applied across cash generating units with unit-specific risk factors considered to be reflected in the underlying cash flow projections. Terminal values were determined on the basis of a perpetual growth rate of on average 2% (same as in 2023). Inflation rates were based on guidance from national and international institutes such as the NBB or ECB.
\nThe 2024 goodwill impairment testing for Battery Materials led to an impairment of goodwill of \u20ac\u00a016 million. Refer to Note F18 for additional information. For the other respective cash generating units, the 2024 goodwill impairment testing indicated sufficient headroom and hence no other goodwill impairments were recognized.
\nIn this exercise, the Group has considered the potential impact of climate change (forecasts and cash flows used, expected live of property, plant and equipment, capital expenditures to meet decarbonization goals). In particular, the electrification of mobility has been taken into consideration for the catalysis business and reasonable deviation from the key assumptions would not trigger an impairment.
\n| Thousands of Euros | Land and buildings | Plant, machinery and equipment | Furniture and vehicles | Other tangible assets | Construction in progress and advance payments | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,451,062 | 2,877,669 | 289,795 | 46,294 | 612,541 | 5,277,361 |
| Accumulated depreciation | (635,880) | (1,937,713) | (201,004) | (23,133) | - | (2,797,729) |
| Net book value at the beginning of previous year without leasing | 815,183 | 939,956 | 88,791 | 23,161 | 612,541 | 2,479,631 |
| . additions | 17,256 | 48,800 | 12,667 | 401 | 728,349 | 807,474 |
| . disposals | (137) | (8,653) | (235) | - | (1,338) | (10,363) |
| . depreciations (included in \"Depreciation and impairments\") | (54,884) | (174,276) | (22,100) | (879) | - | (252,139) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (3,346) | (33,207) | (1,055) | (465) | - | (38,073) |
| . translation differences | (13,803) | (24,258) | (1,498) | (87) | 16,997 | (22,649) |
| . other movements | 57,664 | 156,455 | 16,322 | 713 | (221,181) | 9,972 |
| At the end of previous year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,495,128 | 2,932,632 | 306,095 | 46,266 | 1,135,367 | 5,915,488 |
| Accumulated depreciation | (677,196) | (2,027,814) | (213,202) | (23,421) | - | (2,941,635) |
| Net book value at the beginning of the year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| . acquisition through business combinations | 23 | 202 | 20 | - | 1,767 | 2,012 |
| . additions | 5,200 | 34,870 | 7,634 | 29 | 478,374 | 526,107 |
| . disposals | 0 | (523) | (238) | - | (258) | (1,018) |
| . depreciations (included in \"Depreciation and impairments\") | (52,893) | (160,463) | (21,254) | (320) | - | (234,930) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (311,659) | (607,985) | (10,225) | 3 | - | (929,865) |
| . translation differences | (6,310) | (2,723) | (1,676) | 107 | 7,384 | (3,219) |
| . other movements | 179,040 | 507,178 | 10,942 | (7,191) | (705,497) | (15,529) |
| At the end of the financial year without leasing | 631,332 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| Gross value | 1,650,726 | 3,382,057 | 302,180 | 35,951 | 917,139 | 6,288,052 |
| Accumulated depreciation | (1,019,395) | (2,706,684) | (224,084) | (20,478) | - | (3,970,641) |
| Net book value for continuing operations without leasing | 631,331 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 70,390 | 159 | 31,823 | 637 | - | 103,010 |
| Accumulated depreciation | (32,659) | (131) | (17,220) | (331) | - | (50,340) |
| Net book value at the beginning of previous year for leasing | 37,732 | 28 | 14,603 | 306 | - | 52,669 |
| . additions | 12,066 | 1,864 | 17,638 | - | - | 31,569 |
| . depreciations (included in \"Depreciation and impairments\") | (10,694) | (969) | (8,301) | (104) | - | (20,069) |
| . translation differences | (1,324) | 43 | 3 | (0) | - | (1,279) |
| At the end of previous year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Leasing at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 76,730 | 4,391 | 41,635 | 637 | - | 123,393 |
| Accumulated depreciation | (38,950) | (3,425) | (17,691) | (436) | - | (60,502) |
| Net book value at the beginning of the year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| . additions | 10,969 | 124 | 16,761 | 1,792 | - | 29,646 |
| . depreciations (included in \"Depreciation and impairments\") | (9,742) | (1,042) | (10,568) | (273) | - | (21,624) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | 1,886 | - | (0) | (9) | - | 1,877 |
| . translation differences | 74 | 7 | 99 | (0) | - | 179 |
| At the end of the financial year for leasing | 40,968 | 54 | 30,235 | 1,711 | - | 72,968 |
| Gross value | 71,554 | 1,013 | 51,778 | 1,983 | - | 126,328 |
| Accumulated depreciation | (30,586) | (958) | (21,542) | (272) | - | (53,359) |
| Net book value for leasing | 40,968 | 54 | 30,236 | 1,711 | - | 72,969 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Tangible asset including leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,722,280 | 3,383,070 | 353,958 | 37,934 | 917,139 | 6,414,380 |
| Accumulated depreciation | (1,049,981) | (2,707,642) | (245,627) | (20,750) | - | (4,024,000) |
| Net book value for continuing operations including leasing | 672,299 | 675,427 | 108,331 | 17,184 | 917,139 | 2,390,380 |
Capital expenditure totaled \u20ac\u00a0555 million (including additions on intangible assets but without the capitalized R&D costs as per Umicore's capital expenditures definition), compared to \u20ac\u00a0857 million the previous year, reflecting entirely the reduction in Battery Materials after strictly limiting the investments to support the existing customer commitments. In 2024, the additions of \u20ac\u00a0478.4 million of construction in progress and advance payments are mainly due to Battery Materials.
\nImpairments on property, plant and equipment are mainly related to impairment of Battery Materials assets (\u20ac\u00a0907.0 million - see Note F18). It concerns to a great degree Asia and to a lesser extent other regions
\nThe line \u2018Other movements\u2019 includes the transfer to assets held for sale for \u20ac\u00a013.0 million and the transfer between construction in progress and the other categories of assets or to a lesser extent transfer to intangible assets.
There are no pledges on, or restrictions to, the title on property, plant and equipment, other than disclosed in Note F36.
In light of the sharp decline in EV growth rate in recent months, affecting the Battery Materials activities, Umicore anticipates \u2013 based on the information available to date and on the current scenario - at least 18 months delay in the ramp-up of its customer contracted volumes. Umicore therefore decided in 2024 to pause construction of the Battery Materials plant in Loyalist, Canada, and to strictly limit further footprint expansion, focusing on its existing facilities in Europe and Korea to serve its customers\u2019 commitments. Taking into account these evolutions, the Group performed an impairment test at the level of the cash generating unit (CGU) Battery Materials based on a revised business plan (\"business plan\").
\nThe CGU Battery Materials coincides with the segment because it represents the smallest group of assets that generate largely independent cash flows due to the fact that the production assets are interdependent in generating cash flows. The refining, pCAM, and CAM production facilities of Battery Materials are integral part of a vertically integrated value chain. The facilities share operational synergies, such as shared technology, processes, and expertise. From a market and customer base point of view those facilities serve the same markets and customers. Finally, a single management team oversees the operations of all facilities, making strategic decisions based on the combined performance.
\nTo determine the recoverable amount, the Group used the value in use of the cash generating unit. The impairment test used an average tax rate of 25.0% (unchanged versus 2023) and a weighted average cost of capital post-tax of 7.7% (same as in 2023). Terminal values were determined on the basis of a perpetual growth rate of on average 2%. The inflation rate is based on guidance from national and international institutes such as the NBB or ECB. The business plan of the CGU Battery Materials projects more than five years of discrete cash flows and a terminal value, reflecting the fact that the battery materials industry is in its early stages of growth. This business plan was approved by the Supervisory Board on 19 July 2024 and 13 February 2025.
\nThe tests performed by the Group at 31 December 2024 indicated a recoverable amount of \u20ac\u00a01.8 billion and led to the recognition of an IAS 36 impairment loss of \u20ac\u00a01.44 billion of non-current assets impacting goodwill for \u20ac\u00a016 million, intangibles (\u20ac\u00a06 million - see Note F14) and property, plant and equipment (\u20ac\u00a0907 million - see Note F16), non-current inventory (\u20ac\u00a0459 million - see Note F20), and investment under equity method (\u20ac\u00a049 million - see Note F17).
\nThe Group furthermore recognized impairments on current assets, provisions for other risks (see Note F31) and other P&L effects arising from the revised Battery Materials business plan, for a total amount of \u20ac\u00a0233 million.
\nTaking into account the IAS 12 requirements, the Group also updated its deferred tax assets balances to reflect the revised business plan (see Note F22).
\nThe recoverable amount of the cash generating unit is sensitive to changes in the following key variables:
Weighted average cost of capital: Increases/decreases in the discount rate, driven by changes in market risk premiums or the Group\u2019s cost of capital, would reduce/increase the recoverable amount.
Terminal value: Decreases/increases in the long-term perpetual growth rate assumption - reflecting lower/higher automotive industry demand, slower/quicker electric vehicle adoption rate or technological shifts - would materially reduce/increase the terminal value and recoverable amount.
Contracted volumes: For the terminal value, the DCF model assumes the Group will secure and renew contracts for critical manufacturing volumes with cell makers. Failure to renew or delay in contracts renewals due to slower electric vehicle adoption rate, competitive pressures, customer insolvencies, start-up delays, or shifts in OEM sourcing strategies would significantly reduce projected cash flows and the recoverable amount. Existing long term contracts are protected by take-or-pay agreements that remain in full force.
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| At the end of the previous year | \u00a0 | \u00a0 |
| Gross value | 171,495 | 168,892 |
| Accumulated impairment losses | (13,080) | (10,621) |
| Net book value at the end of previous year | 158,415 | 158,271 |
| . acquisition through business combinations | - | 11,371 |
| . impairment losses recognized (included in \"Depreciation and impairment\") | - | (16,049) |
| . translation differences | (144) | 1,705 |
| At the end of the year | 158,271 | 155,299 |
| Gross value | 168,892 | 182,236 |
| Accumulated impairment losses | (10,621) | (26,937) |
| Net book value for continuing operations | 158,271 | 155,299 |
This table includes goodwill related to fully consolidated companies only. Goodwill relating to companies accounted for using the equity method is detailed in Note F17.
\nThe decrease of the period mainly relates to the impairment of the goodwill in Battery Materials for \u20ac\u00a016 million (see Note F18) partially offset by the goodwill generated by the acquisition of Shinhao Materials LLC for \u20ac\u00a011.4 million (see Note F8).
\nThe goodwill accounted in each of the CGU groups, but summarized by segment, is as follows:
\n| Thousands of Euros | Battery Materials | Catalysis | Recycling | Specialty Materials | Total |
|---|---|---|---|---|---|
| 31/12/2023 | 16,049 | 47,726 | 18,308 | 76,188 | 158,271 |
| 31/12/2024 | - | 47,710 | 18,288 | 89,300 | 155,299 |
Management tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in Note F2. Such impairment tests are performed at a cash generating unit level, which may vary in scope from a segment to a total business unit to an individual plant. The recoverable amounts of cash-generating units to which goodwill is allocated have been determined based on value-in-use calculations by means of discounted cash \ufb02ow modeling on the basis of the Group\u2019s operational plans which typically look forward five years, followed by a long term projection (except for the CGU Battery Materials \u2013 see Note F18). On macroeconomic and external indicators such as currency and metal prices, the testing uses typically prevailing market conditions at the time the plans are drafted. The rates used are typically the ones observed on international exchanges in the last quarter of the year.
\nThe 2024 impairment testing used an average tax rate of 25.0% (unchanged versus 2023) and a weighted average cost of capital post-tax of 7.7% (same as in 2023). A uniform WACC rate was applied across cash generating units with unit-specific risk factors considered to be reflected in the underlying cash flow projections. Terminal values were determined on the basis of a perpetual growth rate of on average 2% (same as in 2023). Inflation rates were based on guidance from national and international institutes such as the NBB or ECB.
\nThe 2024 goodwill impairment testing for Battery Materials led to an impairment of goodwill of \u20ac\u00a016 million. Refer to Note F18 for additional information. For the other respective cash generating units, the 2024 goodwill impairment testing indicated sufficient headroom and hence no other goodwill impairments were recognized.
\nIn this exercise, the Group has considered the potential impact of climate change (forecasts and cash flows used, expected live of property, plant and equipment, capital expenditures to meet decarbonization goals). In particular, the electrification of mobility has been taken into consideration for the catalysis business and reasonable deviation from the key assumptions would not trigger an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-487": { "value": "\n| Thousands of Euros | Land and buildings | Plant, machinery and equipment | Furniture and vehicles | Other tangible assets | Construction in progress and advance payments | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,451,062 | 2,877,669 | 289,795 | 46,294 | 612,541 | 5,277,361 |
| Accumulated depreciation | (635,880) | (1,937,713) | (201,004) | (23,133) | - | (2,797,729) |
| Net book value at the beginning of previous year without leasing | 815,183 | 939,956 | 88,791 | 23,161 | 612,541 | 2,479,631 |
| . additions | 17,256 | 48,800 | 12,667 | 401 | 728,349 | 807,474 |
| . disposals | (137) | (8,653) | (235) | - | (1,338) | (10,363) |
| . depreciations (included in \"Depreciation and impairments\") | (54,884) | (174,276) | (22,100) | (879) | - | (252,139) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (3,346) | (33,207) | (1,055) | (465) | - | (38,073) |
| . translation differences | (13,803) | (24,258) | (1,498) | (87) | 16,997 | (22,649) |
| . other movements | 57,664 | 156,455 | 16,322 | 713 | (221,181) | 9,972 |
| At the end of previous year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,495,128 | 2,932,632 | 306,095 | 46,266 | 1,135,367 | 5,915,488 |
| Accumulated depreciation | (677,196) | (2,027,814) | (213,202) | (23,421) | - | (2,941,635) |
| Net book value at the beginning of the year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| . acquisition through business combinations | 23 | 202 | 20 | - | 1,767 | 2,012 |
| . additions | 5,200 | 34,870 | 7,634 | 29 | 478,374 | 526,107 |
| . disposals | 0 | (523) | (238) | - | (258) | (1,018) |
| . depreciations (included in \"Depreciation and impairments\") | (52,893) | (160,463) | (21,254) | (320) | - | (234,930) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (311,659) | (607,985) | (10,225) | 3 | - | (929,865) |
| . translation differences | (6,310) | (2,723) | (1,676) | 107 | 7,384 | (3,219) |
| . other movements | 179,040 | 507,178 | 10,942 | (7,191) | (705,497) | (15,529) |
| At the end of the financial year without leasing | 631,332 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| Gross value | 1,650,726 | 3,382,057 | 302,180 | 35,951 | 917,139 | 6,288,052 |
| Accumulated depreciation | (1,019,395) | (2,706,684) | (224,084) | (20,478) | - | (3,970,641) |
| Net book value for continuing operations without leasing | 631,331 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 70,390 | 159 | 31,823 | 637 | - | 103,010 |
| Accumulated depreciation | (32,659) | (131) | (17,220) | (331) | - | (50,340) |
| Net book value at the beginning of previous year for leasing | 37,732 | 28 | 14,603 | 306 | - | 52,669 |
| . additions | 12,066 | 1,864 | 17,638 | - | - | 31,569 |
| . depreciations (included in \"Depreciation and impairments\") | (10,694) | (969) | (8,301) | (104) | - | (20,069) |
| . translation differences | (1,324) | 43 | 3 | (0) | - | (1,279) |
| At the end of previous year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Leasing at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 76,730 | 4,391 | 41,635 | 637 | - | 123,393 |
| Accumulated depreciation | (38,950) | (3,425) | (17,691) | (436) | - | (60,502) |
| Net book value at the beginning of the year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| . additions | 10,969 | 124 | 16,761 | 1,792 | - | 29,646 |
| . depreciations (included in \"Depreciation and impairments\") | (9,742) | (1,042) | (10,568) | (273) | - | (21,624) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | 1,886 | - | (0) | (9) | - | 1,877 |
| . translation differences | 74 | 7 | 99 | (0) | - | 179 |
| At the end of the financial year for leasing | 40,968 | 54 | 30,235 | 1,711 | - | 72,968 |
| Gross value | 71,554 | 1,013 | 51,778 | 1,983 | - | 126,328 |
| Accumulated depreciation | (30,586) | (958) | (21,542) | (272) | - | (53,359) |
| Net book value for leasing | 40,968 | 54 | 30,236 | 1,711 | - | 72,969 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Tangible asset including leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,722,280 | 3,383,070 | 353,958 | 37,934 | 917,139 | 6,414,380 |
| Accumulated depreciation | (1,049,981) | (2,707,642) | (245,627) | (20,750) | - | (4,024,000) |
| Net book value for continuing operations including leasing | 672,299 | 675,427 | 108,331 | 17,184 | 917,139 | 2,390,380 |
Capital expenditure totaled \u20ac\u00a0555 million (including additions on intangible assets but without the capitalized R&D costs as per Umicore's capital expenditures definition), compared to \u20ac\u00a0857 million the previous year, reflecting entirely the reduction in Battery Materials after strictly limiting the investments to support the existing customer commitments. In 2024, the additions of \u20ac\u00a0478.4 million of construction in progress and advance payments are mainly due to Battery Materials.
\nImpairments on property, plant and equipment are mainly related to impairment of Battery Materials assets (\u20ac\u00a0907.0 million - see Note F18). It concerns to a great degree Asia and to a lesser extent other regions
\nThe line \u2018Other movements\u2019 includes the transfer to assets held for sale for \u20ac\u00a013.0 million and the transfer between construction in progress and the other categories of assets or to a lesser extent transfer to intangible assets.
There are no pledges on, or restrictions to, the title on property, plant and equipment, other than disclosed in Note F36.
| Thousands of Euros | Land and buildings | Plant, machinery and equipment | Furniture and vehicles | Other tangible assets | Construction in progress and advance payments | Total |
|---|---|---|---|---|---|---|
| At the beginning of previous year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,451,062 | 2,877,669 | 289,795 | 46,294 | 612,541 | 5,277,361 |
| Accumulated depreciation | (635,880) | (1,937,713) | (201,004) | (23,133) | - | (2,797,729) |
| Net book value at the beginning of previous year without leasing | 815,183 | 939,956 | 88,791 | 23,161 | 612,541 | 2,479,631 |
| . additions | 17,256 | 48,800 | 12,667 | 401 | 728,349 | 807,474 |
| . disposals | (137) | (8,653) | (235) | - | (1,338) | (10,363) |
| . depreciations (included in \"Depreciation and impairments\") | (54,884) | (174,276) | (22,100) | (879) | - | (252,139) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (3,346) | (33,207) | (1,055) | (465) | - | (38,073) |
| . translation differences | (13,803) | (24,258) | (1,498) | (87) | 16,997 | (22,649) |
| . other movements | 57,664 | 156,455 | 16,322 | 713 | (221,181) | 9,972 |
| At the end of previous year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the year without leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,495,128 | 2,932,632 | 306,095 | 46,266 | 1,135,367 | 5,915,488 |
| Accumulated depreciation | (677,196) | (2,027,814) | (213,202) | (23,421) | - | (2,941,635) |
| Net book value at the beginning of the year without leasing | 817,932 | 904,817 | 92,893 | 22,845 | 1,135,367 | 2,973,853 |
| . acquisition through business combinations | 23 | 202 | 20 | - | 1,767 | 2,012 |
| . additions | 5,200 | 34,870 | 7,634 | 29 | 478,374 | 526,107 |
| . disposals | 0 | (523) | (238) | - | (258) | (1,018) |
| . depreciations (included in \"Depreciation and impairments\") | (52,893) | (160,463) | (21,254) | (320) | - | (234,930) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | (311,659) | (607,985) | (10,225) | 3 | - | (929,865) |
| . translation differences | (6,310) | (2,723) | (1,676) | 107 | 7,384 | (3,219) |
| . other movements | 179,040 | 507,178 | 10,942 | (7,191) | (705,497) | (15,529) |
| At the end of the financial year without leasing | 631,332 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| Gross value | 1,650,726 | 3,382,057 | 302,180 | 35,951 | 917,139 | 6,288,052 |
| Accumulated depreciation | (1,019,395) | (2,706,684) | (224,084) | (20,478) | - | (3,970,641) |
| Net book value for continuing operations without leasing | 631,331 | 675,373 | 78,096 | 15,473 | 917,139 | 2,317,411 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 70,390 | 159 | 31,823 | 637 | - | 103,010 |
| Accumulated depreciation | (32,659) | (131) | (17,220) | (331) | - | (50,340) |
| Net book value at the beginning of previous year for leasing | 37,732 | 28 | 14,603 | 306 | - | 52,669 |
| . additions | 12,066 | 1,864 | 17,638 | - | - | 31,569 |
| . depreciations (included in \"Depreciation and impairments\") | (10,694) | (969) | (8,301) | (104) | - | (20,069) |
| . translation differences | (1,324) | 43 | 3 | (0) | - | (1,279) |
| At the end of previous year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Leasing at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 76,730 | 4,391 | 41,635 | 637 | - | 123,393 |
| Accumulated depreciation | (38,950) | (3,425) | (17,691) | (436) | - | (60,502) |
| Net book value at the beginning of the year for leasing | 37,780 | 966 | 23,943 | 201 | - | 62,891 |
| . additions | 10,969 | 124 | 16,761 | 1,792 | - | 29,646 |
| . depreciations (included in \"Depreciation and impairments\") | (9,742) | (1,042) | (10,568) | (273) | - | (21,624) |
| . net impairment losses recognized (included in \"Depreciation and impairments\") | 1,886 | - | (0) | (9) | - | 1,877 |
| . translation differences | 74 | 7 | 99 | (0) | - | 179 |
| At the end of the financial year for leasing | 40,968 | 54 | 30,235 | 1,711 | - | 72,968 |
| Gross value | 71,554 | 1,013 | 51,778 | 1,983 | - | 126,328 |
| Accumulated depreciation | (30,586) | (958) | (21,542) | (272) | - | (53,359) |
| Net book value for leasing | 40,968 | 54 | 30,236 | 1,711 | - | 72,969 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Tangible asset including leasing | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Gross value | 1,722,280 | 3,383,070 | 353,958 | 37,934 | 917,139 | 6,414,380 |
| Accumulated depreciation | (1,049,981) | (2,707,642) | (245,627) | (20,750) | - | (4,024,000) |
| Net book value for continuing operations including leasing | 672,299 | 675,427 | 108,331 | 17,184 | 917,139 | 2,390,380 |
Capital expenditure totaled \u20ac\u00a0555 million (including additions on intangible assets but without the capitalized R&D costs as per Umicore's capital expenditures definition), compared to \u20ac\u00a0857 million the previous year, reflecting entirely the reduction in Battery Materials after strictly limiting the investments to support the existing customer commitments. In 2024, the additions of \u20ac\u00a0478.4 million of construction in progress and advance payments are mainly due to Battery Materials.
\nImpairments on property, plant and equipment are mainly related to impairment of Battery Materials assets (\u20ac\u00a0907.0 million - see Note F18). It concerns to a great degree Asia and to a lesser extent other regions
\nThe line \u2018Other movements\u2019 includes the transfer to assets held for sale for \u20ac\u00a013.0 million and the transfer between construction in progress and the other categories of assets or to a lesser extent transfer to intangible assets.
There are no pledges on, or restrictions to, the title on property, plant and equipment, other than disclosed in Note F36.
| Thousands of Euros | Bank loans | Lease liability | Other loans | Total |
|---|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of previous year | 1,117,000 | 40,709 | 468,470 | 1,626,179 |
| . Increase | 602,989 | 31,469 | 12,553 | 647,011 |
| . Decrease | - | (20,064) | - | (20,064) |
| . Translation differences | (33,265) | (1,273) | (2) | (34,540) |
| . Transfers | (199,000) | (141) | - | (199,141) |
| At the end of previous year | 1,487,724 | 50,700 | 481,021 | 2,019,445 |
| . Increase | 751,725 | 29,688 | 29,716 | 811,130 |
| . Decrease | - | (21,460) | - | (21,460) |
| . Translation differences | 32,198 | 177 | 1 | 32,376 |
| . Transfers | (9,167) | (4,593) | (510,738) | (524,498) |
| At the end of the financial year | 2,262,480 | 54,513 | (0) | 2,316,994 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current portion of long-term financial debts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 199,000 | 16,156 | - | 215,156 |
| . Increase / decrease | (199,000) | - | 5,309 | (193,691) |
| . Translation differences | 644 | - | 64 | 707 |
| . Transfers | 9,167 | 4,593 | 510,738 | 524,498 |
| At the end of the financial year | 9,811 | 20,749 | 516,110 | 546,670 |
| Thousands of Euros | Short term bank loans | Bank overdrafts | Short term loan : commercial paper | Other loans | Total |
|---|---|---|---|---|---|
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 198,751 | 51,694 | 112,402 | 150,694 | 513,541 |
| . Increase / decrease | 200,431 | (10,468) | (29,629) | (99,565) | 60,768 |
| . Translation differences | (1,273) | (2,620) | - | 2,659 | (1,234) |
| At the end of the financial year | 397,909 | 38,606 | 82,773 | 53,787 | 573,075 |
Net financial debt at 31 December 2024 stood at \u20ac\u00a01,425.2 million compared with \u20ac1,265.8 million at the start of the year.
\nThe financial debt includes the Schuldschein issued in 2017 (\u20ac\u00a043 million; fair value \u20ac\u00a041.5 million), the US private placements issued in 2017 (\u20ac\u00a0360 million; fair value \u20ac\u00a0343.9 million), 2019 (\u20ac\u00a0390 million; fair value of \u20ac\u00a0359.6 million), 2023 (\u20ac\u00a0232 million and USD 363 million; fair value of \u20ac\u00a0246.9 million and USD 360.4 million respectively) and 2024 (\u20ac\u00a0225 million and USD 296 million; fair value of \u20ac\u00a0232.2 million and USD 289.4 million respectively), the European Investment Bank (EIB) loans issued in 2020 (\u20ac\u00a0125 million; fair value \u20ac\u00a0115.8 million) and 2024 (\u20ac\u00a0250 million; fair value \u20ac\u00a0259.4 million) and the convertible bond issued in 2020 (\u20ac\u00a0500 million; fair value \u20ac\u00a0493.8 million).
\nIn 2024, Umicore secured a \u20ac\u00a0350 million financing agreement with the European Investment Bank (EIB), of which \u20ac\u00a0250 million was drawn during the year. The remaining \u20ac\u00a0100 million remains available for future drawdowns. This financing is dedicated to supporting the company\u2019s research and development initiatives. Umicore also successfully issued a US Private Placement (USPP) in 2024, maintaining the same sustainability key performance indicators (KPIs) as previous issuances. All new loans obtained in 2024, i.e. the EIB financing and the USPP, are fixed-rate instruments. \u00a0
\nOn 31 December 2024 an amount of \u20ac\u00a0105.1 million was outstanding on the French NEU CP program (out of \u20ac\u00a0600 million available in the program).
\nOn 31 December 2024 there were no outstanding advances under the \u20ac\u00a0500 million sustainability-linked Syndicated Bank Credit Facility concluded in 2021 and maturing in October 2027, nor under the \u20ac\u00a0600 million sustainability-linked Syndicated Bank Credit Facility contracted in December 2023 and maturing in December 2028.
\nThe aforementioned Syndicated Bank Credit Facilities and the long term debt instruments require the Group to comply with certain \ufb01nancial covenants. Umicore has not faced any breach of those covenants in 2024 or in previous years.
\nThe long-term debts mainly consist of debt instruments in EUR. New US private placements were issued in April 2024 and drawn in July 2024. This new debt amounts to a total of \u20ac\u00a0225 million and USD 296 million, with the part in USD hedged to EUR with fix to fix cross-currency-swaps.
\nThe interest rate on the average gross debt amounted to 3.21% for full year 2024 (3.33% for full year 2023).
\nThe line \"New loans\" and \"Repayment of loans\" in the consolidated statement of cash flow does not include the movements on bank overdrafts and the currency translation differences, nor the theoretical phantom interests on the debt component part of the convertible debt (\u20ac\u00a010.7 million in 2024) which is non cash. The increase of other loans reflects the outstanding commercial paper and medium-term notes as well as the revaluation of the convertible bond approaching maturity.
\nThe net gearing ratio (see definition in Glossary) at the end of 2024 of 42.6% (25.5% in 2023) and the net financial debt over adjusted EBITDA ratio of 1.87x (compared to 1.30x end of 2023) position the Group well within its targeted capital structure limits.
\n| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 16,156 | 50,700 | - | 66,857 |
| Credit Institutions | Fixed/Floating | 401,140 | 9,217 | - | 410,357 |
| Commercial Papers | Floating | 112,402 | - | - | 112,402 |
| Schuldschein | Fixed/Floating | 199,000 | 43,000 | - | 242,000 |
| US Private Placement | Fixed | - | 379,231 | 931,276 | 1,310,507 |
| EIB Loan | Fixed | - | 125,000 | - | 125,000 |
| Convertible Bond | Fixed | - | 481,021 | - | 481,021 |
| Total | \u00a0 | 728,698 | 1,088,169 | 931,276 | 2,748,143 |
| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 20,749 | 54,513 | - | 75,263 |
| Credit Institutions | Fixed/Floating | 500,116 | 3,180 | - | 503,296 |
| Commercial Papers | Floating | 105,080 | - | - | 105,080 |
| Schuldschein | Fixed/Floating | - | 43,000 | - | 43,000 |
| US Private Placement | Fixed | - | 834,282 | 1,007,018 | 1,841,300 |
| EIB Loan | Fixed | - | 375,000 | - | 375,000 |
| Convertible Bond | Fixed | 493,800 | - | - | 493,800 |
| Total | \u00a0 | 1,119,745 | 1,309,976 | 1,007,018 | 3,436,739 |
| Thousands of Euros | EUR | USD | Other currencies | Total |
|---|---|---|---|---|
| Analysis of long term debts by currencies (including current portion) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | 1,625,000 | 634,325 | 12,966 | 2,272,291 |
| Other loans | 516,110 | - | - | 516,110 |
| Non-current financial debts (including current portion) | 2,141,110 | 634,325 | 12,966 | 2,788,401 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Non current financial debt | 2,019,445 | 2,316,994 |
| Current portion of non current financial debt | 215,156 | 546,670 |
| Current financial debt | 513,541 | 573,075 |
| Cash and cash equivalents | (1,515,490) | (2,012,523) |
| IFRS Net financial debt | 1,232,653 | 1,424,216 |
| excluding revaluation impact (*) | 33,181 | 1,016 |
| Net financial debt | 1,265,834 | 1,425,232 |
| (*) revaluation impact corresponds to the revaluation impact of financial debt denominated in a currency which is not the functional currency of the entity and for which the Group is hedged |
| Gross outstanding debt | \u00a0 |
|---|---|
| Short term bank loans | 11.9% |
| Long term bank loans | 65.8% |
| Commercial paper | 2.4% |
| Bank overdrafts | 1.1% |
| Lease liability | 2.2% |
| Convertible Bond | 14.4% |
| Other bank facilities | 2.2% |
| Millions of Euros | \u00a0 | 2023 | 2024 |
|---|---|---|---|
| Net financial debt | a | 1,265.8 | 1,425.2 |
| Equity of the Group | b | 3,697.4 | 1,921.8 |
| Total | c=a+b | 4,963.3 | 3,347.0 |
| Gearing ratio (%) | d=a/c | 25.5 | 42.6 |
The investments in companies accounted for using the equity method are composed of the following associates and joint ventures:
\n| \u00a0 | Country | Measurement currency | Percentage | Percentage |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2024 |
| For continuing operations | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ganzhou Yi Hao Umicore Industries | China | CNY | 40.00% | 40.00% |
| Element Six Abrasives | United Kingdom | USD | 40.22% | 40.22% |
| Jiangmen Chancsun Umicore Industry Co.,LTD | China | CNY | 40.00% | 40.00% |
| Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| IONWAY | Belgium | EUR | 50.00% | 50.00% |
Investments in associates and joint ventures are accounted for in accordance with the equity method and represent approximately 6.3% of Umicore\u2019s consolidated balance sheet total.
\nUmicore has no individual material investments in associates. Considering the objectives of the IFRS 12 disclosure requirements, the most signi\ufb01cant associate is Element Six Abrasives, in which Umicore holds 40.22%. Element Six Abrasives is a synthetic diamond materials group, part of De Beers Group, its majority shareholder. The group operates worldwide with primary manufacturing facilities in Ireland, Germany, the UK, the US and South Africa. Element Six Abrasives is on an adjusted results basis a pro\ufb01table group, generating positive cash \ufb02ow. The group\u2019s functional currency is USD. Umicore is represented in the Board of Directors and the audit committee of Element Six Abrasives. Besides its equity share in this company, Umicore has no other commitments, guarantees or obligations arising from its involvement in this associate. Adjustments, if any, in respect of the \ufb01nancial statements of Element Six Abrasives, are separately disclosed under the relevant captions of Umicore\u2019s consolidated \ufb01nancial statements (see Note F9 for adjustments).
\nIn 2023, Umicore and Volkswagen Group-backed battery company PowerCo created the joint venture IONWAY BV with registered offices in Brussels. Umicore's interest in IONWAY amounts to 50% (+1 share) and the Group accounts for this interest using the equity method. Umicore is represented in the Board of Directors and in the Board of Management. IONWAY is active in the production of precursors and cathode active materials for batteries and battery cells and their upstream value chains. The first production plant of the company will be located in Nysa, Poland. In line with the ramp up of the joint venture\u2019s production capacity, partners are likely to contribute additional equity in the joint venture in the coming years which will depend on an appropriate equity vs debt ratio, which will be influenced by the availability of non-recourse third-party financing. Umicore has no other commitments, guarantees or obligations of a financial nature arising from its involvement in this joint venture.
\n| Thousands of Euros | Net book value | Goodwill | Total |
|---|---|---|---|
| At the end of previous year | 273,249 | 41,485 | 314,734 |
| . capital increase | 325,013 | - | 325,013 |
| . Profit (loss) of the period | (44,120) | - | (44,120) |
| . impairment loss | - | (4,460) | (4,460) |
| . dividends | (3,716) | - | (3,716) |
| . change in other reserves | (1,335) | - | (1,335) |
| . translation differences | 2,391 | 36 | 2,427 |
| . other movements | (48) | - | (48) |
| At the end of the year for continuing operations | 551,434 | 37,061 | 588,495 |
| of which joint ventures | 496,650 | - | 496,650 |
| of which associates | 54,784 | 37,061 | 91,845 |
During the year, the Group contributed to the capital increase of IONWAY for \u20ac\u00a0325 million, of which \u20ac\u00a0250 million additional capital contribution has been approved in December 2024 and paid in full end of January 2025 (see Note F26). An additional \u20ac\u00a0150 million contribution is planned for 2025.
\nThe loss is mainly explained by the impairment of associates in Battery Materials (see Note F18), of which an amount of \u20ac\u00a04.5 million is related to the impairment of the goodwill of associates.
\nThe elements recognized in other comprehensive income for investments accounted for using the equity method are mainly related to employee benefits reserves and translation reserves.
\nUmicore\u2019s share in the aggregated balance sheet and profit and loss items of the associates would have been as follows:
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Assets | 222,678 | 191,069 |
| Liabilities | 110,454 | 121,352 |
| Turnover | 224,759 | 144,018 |
| profit (loss) of the period | 3,535 | (41,810) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity interest in % | 50% | 50% |
| Non-current assets | 71,604 | 369,051 |
| Current assets | 345,113 | 690,725 |
| of which cash and cash equivalents | 242,285 | 387,997 |
| Non-current liabilities | 158 | 2,242 |
| of which financial debt | 125 | 1,931 |
| Current liabilities | 61,170 | 64,275 |
| of which financial debt | 0 | 2,624 |
| Equity | 355,389 | 993,259 |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Depreciation and amortisation | (88) | (2,097) |
| Interest income | 264 | 8,572 |
| Income taxes | 1,976 | 4,683 |
| Profit (loss) of the period | (5,967) | (13,540) |
| Other comprehensive income | 3,898 | 1,411 |
| Total comprehensive income | (2,069) | (12,130) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity at the beginning of the year | 0 | 355,389 |
| . capital increase | 357,711 | 650,000 |
| . Profit (loss) of the period | (5,967) | (13,540) |
| . translation differences | 3,898 | 1,411 |
| . Other movements | (253) | - |
| Equity at the end of the year | 355,389 | 993,259 |
| \u00a0 | \u00a0 | \u00a0 |
| Proportionate equity | 177,702 | 496,650 |
| Carrying amount of equity-accounted investment | 177,702 | 496,650 |
The investments in companies accounted for using the equity method are composed of the following associates and joint ventures:
\n| \u00a0 | Country | Measurement currency | Percentage | Percentage |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2024 |
| For continuing operations | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ganzhou Yi Hao Umicore Industries | China | CNY | 40.00% | 40.00% |
| Element Six Abrasives | United Kingdom | USD | 40.22% | 40.22% |
| Jiangmen Chancsun Umicore Industry Co.,LTD | China | CNY | 40.00% | 40.00% |
| Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| IONWAY | Belgium | EUR | 50.00% | 50.00% |
Investments in associates and joint ventures are accounted for in accordance with the equity method and represent approximately 6.3% of Umicore\u2019s consolidated balance sheet total.
\nUmicore has no individual material investments in associates. Considering the objectives of the IFRS 12 disclosure requirements, the most signi\ufb01cant associate is Element Six Abrasives, in which Umicore holds 40.22%. Element Six Abrasives is a synthetic diamond materials group, part of De Beers Group, its majority shareholder. The group operates worldwide with primary manufacturing facilities in Ireland, Germany, the UK, the US and South Africa. Element Six Abrasives is on an adjusted results basis a pro\ufb01table group, generating positive cash \ufb02ow. The group\u2019s functional currency is USD. Umicore is represented in the Board of Directors and the audit committee of Element Six Abrasives. Besides its equity share in this company, Umicore has no other commitments, guarantees or obligations arising from its involvement in this associate. Adjustments, if any, in respect of the \ufb01nancial statements of Element Six Abrasives, are separately disclosed under the relevant captions of Umicore\u2019s consolidated \ufb01nancial statements (see Note F9 for adjustments).
\nIn 2023, Umicore and Volkswagen Group-backed battery company PowerCo created the joint venture IONWAY BV with registered offices in Brussels. Umicore's interest in IONWAY amounts to 50% (+1 share) and the Group accounts for this interest using the equity method. Umicore is represented in the Board of Directors and in the Board of Management. IONWAY is active in the production of precursors and cathode active materials for batteries and battery cells and their upstream value chains. The first production plant of the company will be located in Nysa, Poland. In line with the ramp up of the joint venture\u2019s production capacity, partners are likely to contribute additional equity in the joint venture in the coming years which will depend on an appropriate equity vs debt ratio, which will be influenced by the availability of non-recourse third-party financing. Umicore has no other commitments, guarantees or obligations of a financial nature arising from its involvement in this joint venture.
\n| Thousands of Euros | Net book value | Goodwill | Total |
|---|---|---|---|
| At the end of previous year | 273,249 | 41,485 | 314,734 |
| . capital increase | 325,013 | - | 325,013 |
| . Profit (loss) of the period | (44,120) | - | (44,120) |
| . impairment loss | - | (4,460) | (4,460) |
| . dividends | (3,716) | - | (3,716) |
| . change in other reserves | (1,335) | - | (1,335) |
| . translation differences | 2,391 | 36 | 2,427 |
| . other movements | (48) | - | (48) |
| At the end of the year for continuing operations | 551,434 | 37,061 | 588,495 |
| of which joint ventures | 496,650 | - | 496,650 |
| of which associates | 54,784 | 37,061 | 91,845 |
During the year, the Group contributed to the capital increase of IONWAY for \u20ac\u00a0325 million, of which \u20ac\u00a0250 million additional capital contribution has been approved in December 2024 and paid in full end of January 2025 (see Note F26). An additional \u20ac\u00a0150 million contribution is planned for 2025.
\nThe loss is mainly explained by the impairment of associates in Battery Materials (see Note F18), of which an amount of \u20ac\u00a04.5 million is related to the impairment of the goodwill of associates.
\nThe elements recognized in other comprehensive income for investments accounted for using the equity method are mainly related to employee benefits reserves and translation reserves.
\nUmicore\u2019s share in the aggregated balance sheet and profit and loss items of the associates would have been as follows:
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Assets | 222,678 | 191,069 |
| Liabilities | 110,454 | 121,352 |
| Turnover | 224,759 | 144,018 |
| profit (loss) of the period | 3,535 | (41,810) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity interest in % | 50% | 50% |
| Non-current assets | 71,604 | 369,051 |
| Current assets | 345,113 | 690,725 |
| of which cash and cash equivalents | 242,285 | 387,997 |
| Non-current liabilities | 158 | 2,242 |
| of which financial debt | 125 | 1,931 |
| Current liabilities | 61,170 | 64,275 |
| of which financial debt | 0 | 2,624 |
| Equity | 355,389 | 993,259 |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Depreciation and amortisation | (88) | (2,097) |
| Interest income | 264 | 8,572 |
| Income taxes | 1,976 | 4,683 |
| Profit (loss) of the period | (5,967) | (13,540) |
| Other comprehensive income | 3,898 | 1,411 |
| Total comprehensive income | (2,069) | (12,130) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity at the beginning of the year | 0 | 355,389 |
| . capital increase | 357,711 | 650,000 |
| . Profit (loss) of the period | (5,967) | (13,540) |
| . translation differences | 3,898 | 1,411 |
| . Other movements | (253) | - |
| Equity at the end of the year | 355,389 | 993,259 |
| \u00a0 | \u00a0 | \u00a0 |
| Proportionate equity | 177,702 | 496,650 |
| Carrying amount of equity-accounted investment | 177,702 | 496,650 |
The investments in companies accounted for using the equity method are composed of the following associates and joint ventures:
\n| \u00a0 | Country | Measurement currency | Percentage | Percentage |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | 2023 | 2024 |
| For continuing operations | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Associates | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ganzhou Yi Hao Umicore Industries | China | CNY | 40.00% | 40.00% |
| Element Six Abrasives | United Kingdom | USD | 40.22% | 40.22% |
| Jiangmen Chancsun Umicore Industry Co.,LTD | China | CNY | 40.00% | 40.00% |
| Joint ventures | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| IONWAY | Belgium | EUR | 50.00% | 50.00% |
Investments in associates and joint ventures are accounted for in accordance with the equity method and represent approximately 6.3% of Umicore\u2019s consolidated balance sheet total.
\nUmicore has no individual material investments in associates. Considering the objectives of the IFRS 12 disclosure requirements, the most signi\ufb01cant associate is Element Six Abrasives, in which Umicore holds 40.22%. Element Six Abrasives is a synthetic diamond materials group, part of De Beers Group, its majority shareholder. The group operates worldwide with primary manufacturing facilities in Ireland, Germany, the UK, the US and South Africa. Element Six Abrasives is on an adjusted results basis a pro\ufb01table group, generating positive cash \ufb02ow. The group\u2019s functional currency is USD. Umicore is represented in the Board of Directors and the audit committee of Element Six Abrasives. Besides its equity share in this company, Umicore has no other commitments, guarantees or obligations arising from its involvement in this associate. Adjustments, if any, in respect of the \ufb01nancial statements of Element Six Abrasives, are separately disclosed under the relevant captions of Umicore\u2019s consolidated \ufb01nancial statements (see Note F9 for adjustments).
\nIn 2023, Umicore and Volkswagen Group-backed battery company PowerCo created the joint venture IONWAY BV with registered offices in Brussels. Umicore's interest in IONWAY amounts to 50% (+1 share) and the Group accounts for this interest using the equity method. Umicore is represented in the Board of Directors and in the Board of Management. IONWAY is active in the production of precursors and cathode active materials for batteries and battery cells and their upstream value chains. The first production plant of the company will be located in Nysa, Poland. In line with the ramp up of the joint venture\u2019s production capacity, partners are likely to contribute additional equity in the joint venture in the coming years which will depend on an appropriate equity vs debt ratio, which will be influenced by the availability of non-recourse third-party financing. Umicore has no other commitments, guarantees or obligations of a financial nature arising from its involvement in this joint venture.
\n| Thousands of Euros | Net book value | Goodwill | Total |
|---|---|---|---|
| At the end of previous year | 273,249 | 41,485 | 314,734 |
| . capital increase | 325,013 | - | 325,013 |
| . Profit (loss) of the period | (44,120) | - | (44,120) |
| . impairment loss | - | (4,460) | (4,460) |
| . dividends | (3,716) | - | (3,716) |
| . change in other reserves | (1,335) | - | (1,335) |
| . translation differences | 2,391 | 36 | 2,427 |
| . other movements | (48) | - | (48) |
| At the end of the year for continuing operations | 551,434 | 37,061 | 588,495 |
| of which joint ventures | 496,650 | - | 496,650 |
| of which associates | 54,784 | 37,061 | 91,845 |
During the year, the Group contributed to the capital increase of IONWAY for \u20ac\u00a0325 million, of which \u20ac\u00a0250 million additional capital contribution has been approved in December 2024 and paid in full end of January 2025 (see Note F26). An additional \u20ac\u00a0150 million contribution is planned for 2025.
\nThe loss is mainly explained by the impairment of associates in Battery Materials (see Note F18), of which an amount of \u20ac\u00a04.5 million is related to the impairment of the goodwill of associates.
\nThe elements recognized in other comprehensive income for investments accounted for using the equity method are mainly related to employee benefits reserves and translation reserves.
\nUmicore\u2019s share in the aggregated balance sheet and profit and loss items of the associates would have been as follows:
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Assets | 222,678 | 191,069 |
| Liabilities | 110,454 | 121,352 |
| Turnover | 224,759 | 144,018 |
| profit (loss) of the period | 3,535 | (41,810) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity interest in % | 50% | 50% |
| Non-current assets | 71,604 | 369,051 |
| Current assets | 345,113 | 690,725 |
| of which cash and cash equivalents | 242,285 | 387,997 |
| Non-current liabilities | 158 | 2,242 |
| of which financial debt | 125 | 1,931 |
| Current liabilities | 61,170 | 64,275 |
| of which financial debt | 0 | 2,624 |
| Equity | 355,389 | 993,259 |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Depreciation and amortisation | (88) | (2,097) |
| Interest income | 264 | 8,572 |
| Income taxes | 1,976 | 4,683 |
| Profit (loss) of the period | (5,967) | (13,540) |
| Other comprehensive income | 3,898 | 1,411 |
| Total comprehensive income | (2,069) | (12,130) |
| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Equity at the beginning of the year | 0 | 355,389 |
| . capital increase | 357,711 | 650,000 |
| . Profit (loss) of the period | (5,967) | (13,540) |
| . translation differences | 3,898 | 1,411 |
| . Other movements | (253) | - |
| Equity at the end of the year | 355,389 | 993,259 |
| \u00a0 | \u00a0 | \u00a0 |
| Proportionate equity | 177,702 | 496,650 |
| Carrying amount of equity-accounted investment | 177,702 | 496,650 |
| Thousands of Euros | \u00a0 | Other equity investments | Loans granted |
|---|---|---|---|
| Non-current financial assets | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of previous year | \u00a0 | 22,165 | 2,592 |
| . increase | \u00a0 | 4,590 | 618 |
| . decrease | \u00a0 | - | (233) |
| . impairment losses (included in \"Income (loss) from other financial assets\") | \u00a0 | (2) | (443) |
| . translation differences | \u00a0 | (40) | (89) |
| . fair value recognized in equity | \u00a0 | (7,435) | - |
| . other movements | \u00a0 | 268 | - |
| At the end of previous year | \u00a0 | 19,545 | 2,444 |
| . increase | \u00a0 | (0) | 1,519 |
| . decrease | \u00a0 | (81) | (170) |
| . impairment losses (included in \"Income (loss) from other financial assets\") | \u00a0 | - | (236) |
| . translation differences | \u00a0 | 13 | 31 |
| . fair value recognized in equity | \u00a0 | 3,180 | - |
| . other movements | \u00a0 | (16) | 59 |
| At the end of the financial year for continuing operations | \u00a0 | 22,642 | 3,647 |
| Current financial assets | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | \u00a0 | - | 249 |
| . change in scope | \u00a0 | - | (124) |
| . increase | \u00a0 | - | 97 |
| . decrease | \u00a0 | - | (189) |
| . translation differences | \u00a0 | - | 7 |
| At the end of the financial year for continuing operations | \u00a0 | - | 40 |
In 2023, Umicore invested \u20ac\u00a04.6 million in solid-state battery equity investments.
\nIn 2024, \u20ac\u00a03.2 million gain (\u20ac\u00a07.4 million loss in 2023) was recognized in other comprehensive income for equity investments measured at fair value through other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-497": { "value": "\n| Thousands of Euros | \u00a0 | Other equity investments | Loans granted |
|---|---|---|---|
| Non-current financial assets | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of previous year | \u00a0 | 22,165 | 2,592 |
| . increase | \u00a0 | 4,590 | 618 |
| . decrease | \u00a0 | - | (233) |
| . impairment losses (included in \"Income (loss) from other financial assets\") | \u00a0 | (2) | (443) |
| . translation differences | \u00a0 | (40) | (89) |
| . fair value recognized in equity | \u00a0 | (7,435) | - |
| . other movements | \u00a0 | 268 | - |
| At the end of previous year | \u00a0 | 19,545 | 2,444 |
| . increase | \u00a0 | (0) | 1,519 |
| . decrease | \u00a0 | (81) | (170) |
| . impairment losses (included in \"Income (loss) from other financial assets\") | \u00a0 | - | (236) |
| . translation differences | \u00a0 | 13 | 31 |
| . fair value recognized in equity | \u00a0 | 3,180 | - |
| . other movements | \u00a0 | (16) | 59 |
| At the end of the financial year for continuing operations | \u00a0 | 22,642 | 3,647 |
| Current financial assets | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | \u00a0 | - | 249 |
| . change in scope | \u00a0 | - | (124) |
| . increase | \u00a0 | - | 97 |
| . decrease | \u00a0 | - | (189) |
| . translation differences | \u00a0 | - | 7 |
| At the end of the financial year for continuing operations | \u00a0 | - | 40 |
In 2023, Umicore invested \u20ac\u00a04.6 million in solid-state battery equity investments.
\nIn 2024, \u20ac\u00a03.2 million gain (\u20ac\u00a07.4 million loss in 2023) was recognized in other comprehensive income for equity investments measured at fair value through other comprehensive income.
\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non current | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | 10,696 |
| Other receivables maturing > 1 year | \u00a0 | 14,161 | 10,983 |
| Assets employee benefits | \u00a0 | 5,129 | 5,663 |
| Total for continuing operations | \u00a0 | 29,692 | 27,342 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | 789,698 |
| Trade receivables (write down) | \u00a0 | (16,340) | (18,851) |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | 327,150 |
| Other receivables (write down) | \u00a0 | (378) | (378) |
| Fair value receivable financial instruments held for cash-flow hedging | F34 | 64,096 | 31,497 |
| Fair value receivable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 65,452 | 52,363 |
| Fair value receivable - financial instruments related to FV hedging (economic hedging) | F34 | 40,629 | 57,819 |
| Total for continuing operations | \u00a0 | 1,357,483 | 1,239,299 |
Decrease in current trade receivables is mainly explained by lower metal prices.
\n| \u00a0 | Total | Not due | Overdue between | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 0-30 days | 30-60 days | 60-90 days | > 90 days | ||
| Ageing balance analysis at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 974,045 | 884,506 | 63,493 | 16,470 | 2,550 | 7,025 |
| Loss allowance | 14,520 | 6,974 | 903 | 143 | 93 | 6,407 |
| Expected loss rate | 1.49% | 0.79% | 1.42% | 0.87% | 3.64% | 91.20% |
| Ageing balance analysis at the end of year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 781,559 | 624,732 | 80,488 | 21,679 | 17,436 | 37,224 |
| Loss allowance | 15,738 | 5,373 | 1,185 | 171 | 1,502 | 7,506 |
| Expected loss rate | 2.01% | 0.86% | 1.47% | 0.79% | 8.61% | 20.16% |
| Thousands of Euros | Trade receivables (write-down) | Other receivables (write-down) | Total |
|---|---|---|---|
| At the beginning of previous year | (17,893) | (378) | (18,271) |
| . Impairment losses recognized in income statement | (25,067) | - | (25,067) |
| . Reversal of impairment losses | 21,020 | - | 21,020 |
| . Impairment written off against asset carrying amount | 4,373 | - | 4,373 |
| . Other movements | 762 | - | 762 |
| . Translation differences | 464 | 0 | 464 |
| At the end of previous year | (16,340) | (378) | (16,718) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the financial year | (16,340) | (378) | (16,718) |
| . Impairment losses recognized in income statement | (4,861) | - | (4,861) |
| . Reversal of impairment losses | 2,607 | - | 2,607 |
| . Impairment written off against asset carrying amount | 8 | - | 8 |
| . Other movements | (25) | - | (25) |
| . Translation differences | (239) | - | (239) |
| At the end of the financial year for continuing operations | (18,851) | (378) | (19,229) |
The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical payment profiles of sales and the corresponding credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Group has identified macro-economic factors, Probability of Default (PD) and Loss Given Default (LGD) to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
\nIn principle, Umicore uses credit insurance as a means to mitigate the credit risk related to trade receivables. In 2024, three main credit insurance policies with three different insurers were in place. At closing, \u20ac\u00a0291 million of the Group's outstanding invoices were covered by a policy where indemni\ufb01cation in case of non-payment amounts to 95% with an indemni\ufb01cation cap set at regional or country level. The other two policies covered \u20ac\u00a0183 million of trade invoices with a global annual deductible of \u20ac\u00a05 million, a maximum indemnity per year of \u20ac\u00a0200 million and an indemnification in case of non-payment of 95%. The Group also managed credit exposure by selling invoices to financial institutions without recourse (\u20ac\u00a0330 million end of 2024 compared to \u20ac\u00a0227 million end of 2023), partly covered by the above credit insurance policies. Under one of these facilities, the carrying amount of receivables sold before the transfer amounts to \u20ac\u00a0138 million while total carrying amount of the assets that the entity continues to recognize and the related continuing involvement liability equal to \u20ac\u00a019.0 million as of 31 December 2024. The latter consist mainly of non-transferred credit risk as well as late payment risk over the relevant portfolio. Other facilities, amounting to \u20ac\u00a0213 million, are derecognized in their entirety.
\nSpecifically in China, Umicore reduces credit risk by discounting bank acceptance drafts it receives from its customers without recourse (and hence derecognized) (\u20ac\u00a0106 million end of year 2024 compared to \u20ac\u00a0101 million end of 2023).
\nFinally, some businesses units do not use credit insurance and instead use internal credit limits that are set based on available \ufb01nancial information and business knowledge. These limits are duly reviewed and approved by management.
\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Cash and cash equivalents | \u00a0 | \u00a0 |
| Short-term investments : bank term deposits | 1,082,190 | 1,314,921 |
| Short-term investments : term deposits (other) | 102,399 | 10,356 |
| Cash-in-hands and bank current accounts | 330,901 | 687,246 |
| Total cash and cash equivalents | 1,515,490 | 2,012,523 |
| Bank overdrafts | 51,694 | 38,606 |
| Net cash as in Cash Flow Statement | 1,463,796 | 1,973,917 |
All cash and cash equivalents are fully available for the Group.
\nLiquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed (unused in 2024), uncommitted credit facilities from a large pool of financial institutions and the ability to close out market positions.
\nDue to the dynamic nature of the underlying businesses, the Group aims to maintain funding flexibility through committed credit lines. Excess liquidities are invested for very short periods and are spread over a limited number of banks, all enjoying a satisfactory credit rating.
\n| Thousands of Euros | Bank loans | Lease liability | Other loans | Total |
|---|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of previous year | 1,117,000 | 40,709 | 468,470 | 1,626,179 |
| . Increase | 602,989 | 31,469 | 12,553 | 647,011 |
| . Decrease | - | (20,064) | - | (20,064) |
| . Translation differences | (33,265) | (1,273) | (2) | (34,540) |
| . Transfers | (199,000) | (141) | - | (199,141) |
| At the end of previous year | 1,487,724 | 50,700 | 481,021 | 2,019,445 |
| . Increase | 751,725 | 29,688 | 29,716 | 811,130 |
| . Decrease | - | (21,460) | - | (21,460) |
| . Translation differences | 32,198 | 177 | 1 | 32,376 |
| . Transfers | (9,167) | (4,593) | (510,738) | (524,498) |
| At the end of the financial year | 2,262,480 | 54,513 | (0) | 2,316,994 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current portion of long-term financial debts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 199,000 | 16,156 | - | 215,156 |
| . Increase / decrease | (199,000) | - | 5,309 | (193,691) |
| . Translation differences | 644 | - | 64 | 707 |
| . Transfers | 9,167 | 4,593 | 510,738 | 524,498 |
| At the end of the financial year | 9,811 | 20,749 | 516,110 | 546,670 |
| Thousands of Euros | Short term bank loans | Bank overdrafts | Short term loan : commercial paper | Other loans | Total |
|---|---|---|---|---|---|
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 198,751 | 51,694 | 112,402 | 150,694 | 513,541 |
| . Increase / decrease | 200,431 | (10,468) | (29,629) | (99,565) | 60,768 |
| . Translation differences | (1,273) | (2,620) | - | 2,659 | (1,234) |
| At the end of the financial year | 397,909 | 38,606 | 82,773 | 53,787 | 573,075 |
Net financial debt at 31 December 2024 stood at \u20ac\u00a01,425.2 million compared with \u20ac1,265.8 million at the start of the year.
\nThe financial debt includes the Schuldschein issued in 2017 (\u20ac\u00a043 million; fair value \u20ac\u00a041.5 million), the US private placements issued in 2017 (\u20ac\u00a0360 million; fair value \u20ac\u00a0343.9 million), 2019 (\u20ac\u00a0390 million; fair value of \u20ac\u00a0359.6 million), 2023 (\u20ac\u00a0232 million and USD 363 million; fair value of \u20ac\u00a0246.9 million and USD 360.4 million respectively) and 2024 (\u20ac\u00a0225 million and USD 296 million; fair value of \u20ac\u00a0232.2 million and USD 289.4 million respectively), the European Investment Bank (EIB) loans issued in 2020 (\u20ac\u00a0125 million; fair value \u20ac\u00a0115.8 million) and 2024 (\u20ac\u00a0250 million; fair value \u20ac\u00a0259.4 million) and the convertible bond issued in 2020 (\u20ac\u00a0500 million; fair value \u20ac\u00a0493.8 million).
\nIn 2024, Umicore secured a \u20ac\u00a0350 million financing agreement with the European Investment Bank (EIB), of which \u20ac\u00a0250 million was drawn during the year. The remaining \u20ac\u00a0100 million remains available for future drawdowns. This financing is dedicated to supporting the company\u2019s research and development initiatives. Umicore also successfully issued a US Private Placement (USPP) in 2024, maintaining the same sustainability key performance indicators (KPIs) as previous issuances. All new loans obtained in 2024, i.e. the EIB financing and the USPP, are fixed-rate instruments. \u00a0
\nOn 31 December 2024 an amount of \u20ac\u00a0105.1 million was outstanding on the French NEU CP program (out of \u20ac\u00a0600 million available in the program).
\nOn 31 December 2024 there were no outstanding advances under the \u20ac\u00a0500 million sustainability-linked Syndicated Bank Credit Facility concluded in 2021 and maturing in October 2027, nor under the \u20ac\u00a0600 million sustainability-linked Syndicated Bank Credit Facility contracted in December 2023 and maturing in December 2028.
\nThe aforementioned Syndicated Bank Credit Facilities and the long term debt instruments require the Group to comply with certain \ufb01nancial covenants. Umicore has not faced any breach of those covenants in 2024 or in previous years.
\nThe long-term debts mainly consist of debt instruments in EUR. New US private placements were issued in April 2024 and drawn in July 2024. This new debt amounts to a total of \u20ac\u00a0225 million and USD 296 million, with the part in USD hedged to EUR with fix to fix cross-currency-swaps.
\nThe interest rate on the average gross debt amounted to 3.21% for full year 2024 (3.33% for full year 2023).
\nThe line \"New loans\" and \"Repayment of loans\" in the consolidated statement of cash flow does not include the movements on bank overdrafts and the currency translation differences, nor the theoretical phantom interests on the debt component part of the convertible debt (\u20ac\u00a010.7 million in 2024) which is non cash. The increase of other loans reflects the outstanding commercial paper and medium-term notes as well as the revaluation of the convertible bond approaching maturity.
\nThe net gearing ratio (see definition in Glossary) at the end of 2024 of 42.6% (25.5% in 2023) and the net financial debt over adjusted EBITDA ratio of 1.87x (compared to 1.30x end of 2023) position the Group well within its targeted capital structure limits.
\n| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 16,156 | 50,700 | - | 66,857 |
| Credit Institutions | Fixed/Floating | 401,140 | 9,217 | - | 410,357 |
| Commercial Papers | Floating | 112,402 | - | - | 112,402 |
| Schuldschein | Fixed/Floating | 199,000 | 43,000 | - | 242,000 |
| US Private Placement | Fixed | - | 379,231 | 931,276 | 1,310,507 |
| EIB Loan | Fixed | - | 125,000 | - | 125,000 |
| Convertible Bond | Fixed | - | 481,021 | - | 481,021 |
| Total | \u00a0 | 728,698 | 1,088,169 | 931,276 | 2,748,143 |
| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 20,749 | 54,513 | - | 75,263 |
| Credit Institutions | Fixed/Floating | 500,116 | 3,180 | - | 503,296 |
| Commercial Papers | Floating | 105,080 | - | - | 105,080 |
| Schuldschein | Fixed/Floating | - | 43,000 | - | 43,000 |
| US Private Placement | Fixed | - | 834,282 | 1,007,018 | 1,841,300 |
| EIB Loan | Fixed | - | 375,000 | - | 375,000 |
| Convertible Bond | Fixed | 493,800 | - | - | 493,800 |
| Total | \u00a0 | 1,119,745 | 1,309,976 | 1,007,018 | 3,436,739 |
| Thousands of Euros | EUR | USD | Other currencies | Total |
|---|---|---|---|---|
| Analysis of long term debts by currencies (including current portion) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | 1,625,000 | 634,325 | 12,966 | 2,272,291 |
| Other loans | 516,110 | - | - | 516,110 |
| Non-current financial debts (including current portion) | 2,141,110 | 634,325 | 12,966 | 2,788,401 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Non current financial debt | 2,019,445 | 2,316,994 |
| Current portion of non current financial debt | 215,156 | 546,670 |
| Current financial debt | 513,541 | 573,075 |
| Cash and cash equivalents | (1,515,490) | (2,012,523) |
| IFRS Net financial debt | 1,232,653 | 1,424,216 |
| excluding revaluation impact (*) | 33,181 | 1,016 |
| Net financial debt | 1,265,834 | 1,425,232 |
| (*) revaluation impact corresponds to the revaluation impact of financial debt denominated in a currency which is not the functional currency of the entity and for which the Group is hedged |
| Gross outstanding debt | \u00a0 |
|---|---|
| Short term bank loans | 11.9% |
| Long term bank loans | 65.8% |
| Commercial paper | 2.4% |
| Bank overdrafts | 1.1% |
| Lease liability | 2.2% |
| Convertible Bond | 14.4% |
| Other bank facilities | 2.2% |
| Millions of Euros | \u00a0 | 2023 | 2024 |
|---|---|---|---|
| Net financial debt | a | 1,265.8 | 1,425.2 |
| Equity of the Group | b | 3,697.4 | 1,921.8 |
| Total | c=a+b | 4,963.3 | 3,347.0 |
| Gearing ratio (%) | d=a/c | 25.5 | 42.6 |
| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
\n| \u00a0 | Earliest contractual maturity | \u00a0 | ||||
|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | > 5 years | Total |
| Financial debt | 441,342 | 12,755 | 274,601 | 1,088,169 | 931,276 | 2,748,143 |
| Current | 441,342 | 12,755 | 274,601 | - | - | 728,698 |
| Short term bank loans | 126,552 | 12,755 | 59,444 | - | - | 198,751 |
| Bank overdrafts | 51,694 | - | - | - | - | 51,694 |
| Short-term loan: commercial paper | 112,402 | - | - | - | - | 112,402 |
| Other loans | 150,694 | - | - | - | - | 150,694 |
| Current portion of long-term bank loans | - | - | 199,000 | - | - | 199,000 |
| Lease liability | - | - | 16,156 | - | - | 16,156 |
| Non-current | - | - | - | 1,088,169 | 931,276 | 2,019,445 |
| Bank loans | - | - | - | 556,448 | 931,276 | 1,487,724 |
| Lease liability | - | - | - | 50,700 | - | 50,700 |
| Other loans | - | - | - | 481,021 | - | 481,021 |
| Trade and other payables | 1,868,374 | 436,800 | 240,036 | 128,546 | 12,765 | 2,686,521 |
| Current | 1,868,374 | 436,800 | 240,036 | 46,205 | - | 2,591,416 |
| Trade payables | 1,392,090 | 311,798 | 68,946 | - | - | 1,772,833 |
| Advances received on contracts in progress | 4,938 | 15,530 | 7,448 | - | - | 27,916 |
| Tax payable (other than income tax ) | 13,834 | 2,060 | 9,009 | - | - | 24,903 |
| Payroll and related charges | 56,712 | 45,067 | 78,423 | - | - | 180,201 |
| Other amounts payable | 158,124 | 15,980 | 37,383 | - | - | 211,487 |
| Dividends payable | 11,637 | - | - | - | - | 11,637 |
| Accrued interest payable, third parties | 29,379 | 954 | 3,890 | - | - | 34,223 |
| Fair value payable financial instrument held for cash flow hedging | 1,360 | 1,009 | 10,850 | 12,813 | - | 26,032 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | 3,688 | 2,382 | 3,206 | 33,392 | - | 42,668 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | 175 | 801 | 1,386 | - | - | 2,362 |
| Accrued charges and deferred income | 196,436 | 41,220 | 19,496 | - | - | 257,153 |
| Non-current | - | - | - | 82,341 | 12,765 | 95,106 |
| Long-term trade payables | - | - | - | 32,296 | - | 32,296 |
| Other long-term debts | - | - | - | 1,148 | 5,253 | 6,401 |
| Investment grants and deferred income from grants | - | - | - | 48,897 | 7,513 | 56,409 |
| \u00a0 | Earliest contractual maturity | \u00a0 | ||||
|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | > 5 years | Total |
| Financial debt | 244,307 | 91,004 | 784,434 | 1,309,976 | 1,007,018 | 3,436,739 |
| Current | 244,307 | 91,004 | 784,434 | - | - | 1,119,745 |
| Short term bank loans | 132,686 | 91,004 | 174,218 | - | - | 397,909 |
| Bank overdrafts | 38,606 | - | - | - | - | 38,606 |
| Short-term loan: commercial paper | 19,228 | - | 63,545 | - | - | 82,773 |
| Other loans | 53,787 | - | 0 | - | - | 53,787 |
| Current portion of long-term bank loans | - | - | 9,811 | - | - | 9,811 |
| Current portion of other long-term loans | - | - | 516,110 | - | - | 516,110 |
| Lease liability | - | - | 20,749 | - | - | 20,749 |
| Non-current | - | - | - | 1,309,976 | 1,007,018 | 2,316,994 |
| Bank loans | - | - | - | 1,255,462 | 1,007,018 | 2,262,480 |
| Lease liability | - | - | - | 54,513 | - | 54,513 |
| Trade and other payables | 2,166,929 | 384,410 | 254,580 | 260,541 | 12,356 | 3,078,817 |
| Current | 2,166,929 | 384,410 | 254,580 | 45,814 | - | 2,851,734 |
| Trade payables | 1,381,311 | 213,730 | 55,872 | - | - | 1,650,913 |
| Advances received on contracts in progress | 16,969 | 12,979 | 8,311 | - | - | 38,259 |
| Tax payable (other than income tax ) | 14,362 | 3,310 | 29,035 | - | - | 46,707 |
| Payroll and related charges | 58,761 | 38,742 | 75,750 | - | - | 173,253 |
| Other amounts payable | 354,328 | 63,228 | 21,730 | - | - | 439,286 |
| Dividends payable | 11,550 | - | - | - | - | 11,550 |
| Accrued interest payable, third parties | 52,801 | 1,871 | 4,238 | - | - | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | 3,676 | 4,407 | 22,852 | 42,046 | - | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | 2,977 | 5,807 | 17,703 | 869 | - | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | 224 | - | - | - | - | 224 |
| Fair value payable - financial instruments held for trading | - | - | 3,210 | 2,899 | - | 6,109 |
| Accrued charges and deferred income | 269,971 | 40,337 | 15,879 | - | - | 326,187 |
| Non-current | - | - | - | 214,727 | 12,356 | 227,083 |
| Long-term trade payables | - | - | - | 160,562 | - | 160,562 |
| Other long-term debts | - | - | - | 5,328 | 5,791 | 11,119 |
| Investment grants and deferred income from grants | - | - | - | 48,837 | 6,565 | 55,403 |
| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 19,545 | - | - | - | - | 19,545 |
| Other equity investments | 1 | 19,545 | - | - | - | - | 19,545 |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Trade and other receivables | \u00a0 | 1,387,175 | 40,629 | 65,452 | 64,096 | 1,216,998 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | - | - | - | 10,402 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 14,161 | - | - | - | 14,161 | - |
| Assets employee benefits | \u00a0 | 5,129 | - | - | - | 5,129 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | - | - | - | 984,968 | - |
| Trade receivables (write-down) | \u00a0 | (16,340) | - | - | - | (16,340) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | - | - | - | 219,056 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 64,096 | - | - | 64,096 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 106,081 | 40,629 | 65,452 | - | - | - |
| Cash and cash equivalents | \u00a0 | 1,515,490 | - | - | - | 1,515,490 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,082,190 | - | - | - | 1,082,190 | - |
| Short-term investments: term deposits (other) | \u00a0 | 102,399 | - | - | - | 102,399 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 330,901 | - | - | - | 330,901 | - |
| Total of financial instruments (Assets) | \u00a0 | 2,924,903 | 40,629 | 65,452 | 64,096 | 2,735,181 | 19,545 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 2,908,228 | - | - | - | 2,748,143 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 1,647,809 | - | - | - | 1,487,724 | - |
| Lease liability | \u00a0 | 50,700 | - | - | - | 50,700 | - |
| Other loans | \u00a0 | 481,021 | - | - | - | 481,021 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 397,751 | - | - | - | 397,751 | - |
| Lease liability | \u00a0 | 16,156 | - | - | - | 16,156 | - |
| Bank overdrafts | \u00a0 | 51,694 | - | - | - | 51,694 | - |
| Short term loan: commercial paper | \u00a0 | 112,402 | - | - | - | 112,402 | - |
| Other loans | \u00a0 | 150,694 | - | - | - | 150,694 | - |
| Trade and other payables | \u00a0 | 2,686,521 | 2,362 | 42,668 | 26,032 | 2,615,459 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 32,296 | - | - | - | 32,296 | - |
| Other long term debts | \u00a0 | 6,401 | - | - | - | 6,401 | - |
| Investments grants and deferred income from grants | \u00a0 | 56,409 | - | - | - | 56,409 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | - | - | - | 1,772,833 | - |
| Advances received on contracts in progress | \u00a0 | 27,916 | - | - | - | 27,916 | - |
| Tax - other than income tax - payable | \u00a0 | 24,903 | - | - | - | 24,903 | - |
| Payroll and related charges | \u00a0 | 180,201 | - | - | - | 180,201 | - |
| Other amounts payable | \u00a0 | 211,487 | - | - | - | 211,487 | - |
| Dividends payable | \u00a0 | 11,637 | - | - | - | 11,637 | - |
| Accrued interest payable | \u00a0 | 34,223 | - | - | - | 34,223 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 26,032 | - | - | 26,032 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 45,030 | 2,362 | 42,668 | - | - | - |
| Accrued charges and deferred income | \u00a0 | 257,153 | - | - | - | 257,153 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 5,594,749 | 2,362 | 42,668 | 26,032 | 5,363,602 | - |
| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 22,642 | - | - | - | - | 22,642 |
| Other equity investments | 1 | 22,642 | - | - | - | - | 22,642 |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Trade and other receivables | \u00a0 | 1,266,641 | 57,819 | 52,363 | 31,497 | 1,124,961 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,696 | - | - | - | 10,696 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 10,983 | - | - | - | 10,983 | - |
| Assets employee benefits | \u00a0 | 5,663 | - | - | - | 5,663 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 789,698 | - | - | - | 789,698 | - |
| Trade receivables (write-down) | \u00a0 | (18,851) | - | - | - | (18,851) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 327,150 | - | - | - | 327,150 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 31,497 | - | - | 31,497 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 104,882 | 52,519 | 52,363 | - | - | - |
| Fair value receivable - financial instruments related to PPA's | 3 | 5,300 | 5,300 | - | - | - | - |
| Cash and cash equivalents | \u00a0 | 2,012,523 | - | - | - | 2,012,523 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,314,921 | - | - | - | 1,314,921 | - |
| Short-term investments: term deposits (other) | \u00a0 | 10,356 | - | - | - | 10,356 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 687,246 | - | - | - | 687,246 | - |
| Total of financial instruments (Assets) | \u00a0 | 3,305,493 | 57,819 | 52,363 | 31,497 | 3,141,171 | 22,642 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 3,398,958 | - | - | - | 3,436,739 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 2,224,700 | - | - | - | 2,262,480 | - |
| Lease liability | \u00a0 | 54,513 | - | - | - | 54,513 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 407,719 | - | - | - | 407,719 | - |
| Lease liability | \u00a0 | 20,749 | - | - | - | 20,749 | - |
| Bank overdrafts | \u00a0 | 38,606 | - | - | - | 38,606 | - |
| Short term loan: commercial paper | \u00a0 | 82,773 | - | - | - | 82,773 | - |
| Other loans | \u00a0 | 569,897 | - | - | - | 569,897 | - |
| Trade and other payables | \u00a0 | 3,078,819 | 224 | 27,356 | 72,981 | 2,978,258 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 160,562 | - | - | - | 160,562 | - |
| Other long term debts | \u00a0 | 11,119 | - | - | - | 11,119 | - |
| Investments grants and deferred income from grants | \u00a0 | 55,403 | - | - | - | 55,403 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,650,913 | - | - | - | 1,650,913 | - |
| Advances received on contracts in progress | \u00a0 | 38,259 | - | - | - | 38,259 | - |
| Tax - other than income tax - payable | \u00a0 | 46,707 | - | - | - | 46,707 | - |
| Payroll and related charges | \u00a0 | 173,253 | - | - | - | 173,253 | - |
| Other amounts payable | \u00a0 | 439,286 | - | - | - | 439,286 | - |
| Dividends payable | \u00a0 | 11,550 | - | - | - | 11,550 | - |
| Accrued interest payable | \u00a0 | 58,910 | - | - | - | 58,910 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 72,981 | - | - | 72,981 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 27,580 | 224 | 27,356 | - | - | - |
| Fair value payable - financial instruments held for trading | 2 | 6,109 | - | - | - | 6,109 | - |
| Accrued charges and deferred income | \u00a0 | 326,187 | - | - | - | 326,187 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 6,477,777 | 224 | 27,356 | 72,981 | 6,414,997 | - |
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 F25).
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period.
\nThe 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 power purchase agreements for which own use can not be applied is determined using forward market prices of electricity at the end of the reporting period for three years ahead and market-oriented indexation for the years after that as well as an estimate of the future volume that will be produced.
\nThe fair value of quoted financial assets held by the Group is their quoted market price at the end of the reported period. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less impairment.
\nThe 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.
\nDisclosures of fair value measurements by level are based on the following fair value measurement hierarchy:
Level 1: fair value based on quoted prices in active markets for identical assets or liabilities
Level 2: fair value based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3: fair value for the asset or liability valuation are based on unobservable inputs
In the Group, the fair values on financial assets at fair value through OCI are measured as level 1.
\nAll the metal, energy and foreign currency derivatives are measured as level 2.
\nFinancial instruments related to power purchase agreements for which own use can not be applied are measured as level 3.
\nDuring the year, there were no transfer between levels in the fair value hierarchy.
\nUmicore is sensitive to commodity prices, foreign currency and interest rate risk on its financial instruments. The fair values of the financial instruments reflect the difference between the contract rates and the closing rates. The sensitivity calculations are performed by stressing the closing rates (being commodity prices, currency exchange rates, electricity and gas prices and interest rates) with 10% up and down. The market values in the stressed scenario\u2019s are then compared to the original market values.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging sales would have been \u20ac\u00a08.3 million lower/higher if the metal prices would strengthen/weaken by 10%.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging purchases would have been \u20ac\u00a014.0 million higher/lower if the energy prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales hedge compliant \ufb01nancial instruments would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases hedge compliant \ufb01nancial instruments would have been \u20ac\u00a09.9 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases \ufb01nancial instruments according to economic logic would have been \u20ac\u00a00.7 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic (level 3) would have been \u20ac\u00a01.1 million lower/higher if the volume of electricity would be 10% lower/higher. The fair value of those instruments would have been \u20ac\u00a08.6 million lower/higher if the forward electricity price would have been 10% lower/higher.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a044.7 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a054.6 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a09.1 million lower if the USD would strengthen against KRW by 10% and would have been \u20ac\u00a09.1 million higher if the USD would weaken against KRW by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a03.8 million lower if the USD would strengthen against CNY by 10% and would have been \u20ac\u00a03.8 million higher if USD would weaken against CNY by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a017.1 million lower if the USD would strengthen against BRL by 10% and would have been \u20ac\u00a017.1 million higher if USD would weaken against BRL by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a02.8 million lower if the USD would strengthen against CAD by 10% and would have been \u20ac\u00a03.5 million higher if USD would weaken against CAD by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a08.5 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a010.4 million higher if EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a059.9 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a073.2 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a010.6 million lower if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a012.9 million higher if the EUR would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to USD would have been \u20ac\u00a05.6 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a06.9 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a014.4 million higher if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a017.6 million lower if the EUR would weaken against CNY by 10%.
\nThe fair value of net position of current assets and liabilities exposed to CNY would have been \u20ac\u00a013.3 million lower if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a016.2 million higher if the EUR would weaken against CNY by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a02.2 million higher if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a02.7 million lower if the EUR would weaken against PLN by 10%.
\nThe fair value of net position of current assets and liabilities exposed to PLN would have been \u20ac\u00a01.6 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a01.9 million higher if the EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a011.6 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a013.0 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a01.3 million higher if the KRW would strengthen against USD by 10% and would have been \u20ac\u00a01.1 million lower if the KRW would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to KRW would have been \u20ac\u00a05.9 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a07.3 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of long term loans would have been \u20ac\u00a034.2 million lower if interest rate levels would increase by 10% and \u20ac\u00a035.1 million higher if interest rate levels would decrease by 10%.
\nUmicore hedges its structural and transactional commodity (metal and energy), currency and interest rate risks using respectively commodity derivatives (mainly quoted on the London Metal Exchange), currency derivatives and cross-currency interest rate swaps with reputable brokers and banks.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales | 145,109 | 105,020 | 25,360 | 22,071 | (3,289) |
| Forward commodities purchases | (91,956) | (108,168) | (8,450) | (3,550) | 4,900 |
| Forward currency contracts sales | 862,143 | 760,779 | 27,038 | (50,779) | (77,817) |
| Forward currency contracts purchases | (532,080) | (95,951) | 3,164 | 3,275 | 111 |
| Forward (cross-currency) IRS contracts | 617,724 | 899,135 | (9,049) | (12,500) | (3,451) |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 38,063 | (41,484) | (79,547) |
| recognized under trade and other receivables | \u00a0 | \u00a0 | 64,096 | 31,497 | \u00a0 |
| recognized under trade and other payables | \u00a0 | \u00a0 | (26,032) | (72,981) | \u00a0 |
| Total fair value impact associates and joint ventures | \u00a0 | \u00a0 | (218) | (1,897) | \u00a0 |
| Total | \u00a0 | \u00a0 | 37,846 | (43,381) | \u00a0 |
The principles and documentation on the hedged risks as well as the timing related to the Group\u2019s cash flow hedging operations are included in Note F3 Financial risk management.
\nThe fair values of the effective hedging instruments are in the first instance recognized in the fair value reserves recorded in equity and are derecognized when the underlying forecasted or committed transactions occur (see Note F24).
\nThe forward commodities sales contracts are set up to hedge primarily the following commodities: gold, silver, palladium, platinum, rhodium, nickel, lead, cobalt and copper. The forward commodity purchase contracts are set up to hedge primarily the electricity, gas and fuel oil price risks and aluminium. The forward currency contracts are set up to hedge USD towards EUR, KRW, CNY, BRL and CAD as well as EUR towards PLN, for its structural currency exposure. The terms and conditions of the forward contracts are common market conditions.
\nCross-currency interest rate swap contracts are set up to hedge the issuance of US private placements and intercompany loans to Group's entities whose functional currency is different from the loan currency.
\nFollowing the decision to halt the construction of its Battery Materials plant in Canada, the Group unwound its forward contracts in 2024, which were initially set up to hedge future capital expenditures. This was achieved by entering into offsetting forward contracts. These contracts are now classified as financial instruments held for trading. Umicore did not encounter any other cash flow hedging ineffectiveness in the profit and loss statements for 2023 and 2024.
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the closing rates. The total fair value of financial instruments for cash-flow hedging has a negative impact on the fair value reserves in equity at end of 2024. This negative impact is most significant for forward currency contracts sold and cross-currency interest swaps, while commodities sold offset part of this negative impact. All of the hedging instruments have their maturity within the next three years except for the cross currency interest rate swaps related to the new issuance of US private placements which have longer maturities.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales (IFRS 9- hedge accounting) | 333,053 | 316,806 | 57,703 | 30,601 | (27,102) |
| Forward commodities sales (economic hedging) | 192,036 | 303,253 | 36,812 | 52,508 | 15,696 |
| Forward commodities purchases (IFRS 9- hedge accounting) | (46,583) | (157,593) | (2,369) | (5,666) | (3,297) |
| Forward commodities purchases (economic hedging) | (4,368) | (100,797) | 1,455 | 5,087 | 3,632 |
| Forward currency contracts sales | 1,112,287 | 1,332,316 | 4,290 | (18,283) | (22,573) |
| Forward currency contracts purchases | (433,505) | (944,144) | (36,840) | 18,355 | 55,195 |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 61,051 | 82,602 | 21,551 |
| recognized under trade and other receivables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | 65,452 | 52,363 | \u00a0 |
| recognized under trade and other receivables (economic hedging) | \u00a0 | \u00a0 | 40,629 | 57,819 | \u00a0 |
| recognized under trade and other payables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | (42,668) | (27,356) | \u00a0 |
| recognized under trade and other payables (economic hedging) | \u00a0 | \u00a0 | (2,362) | (224) | \u00a0 |
| Total | \u00a0 | \u00a0 | 61,051 | 82,602 | \u00a0 |
The principles and documentation related to the Group\u2019s transactional hedging are included in Note F3 \u201cFinancial Risk Management\u201d. Under Umicore\u2019s economical hedging policy, financial instruments for currency and commodity hedging are used to protect the fair value of underlying hedged items (assets, liabilities and firm commitments) and are recognized at fair value at closing date. Umicore obtained for the fair value hedging of its currency risk exposures hedge accounting under the criteria of IFRS 9 (see Note F2.22.1).
\nFor the fair value hedging of its commodity risk exposures, Umicore did not obtain hedge accounting under the criteria of IFRS 9 for some metals. Hedge accounting principles are accepted for copper, lead and nickel. In the absence of hedge accounting, the financial instruments are measured at fair value as if they were held for trading. However, such instruments are being used to cover existing transactions, considered as hedged items under Umicore transactional hedging risk policy (primarily inventory and firm commitments) and so these commodity hedging instruments held for trading are not speculative in nature.
\nThe fair values are immediately recognized in the income statement under Other Operating income for the commodity instruments and the Net Finance cost for the currency instruments. The adjustments for the hedged items as well as the hedging instruments are recorded in the following caption of the statement of financial position: \"trade and other receivables\" and \"trade and other payables\".
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the market closing rates. In view of the intent of the Group policy on transactional hedging, the net impact on operating income of fair value movements on both hedging instruments and hedged items is neutral. The booking of the fair value movements on financial instruments under fair value hedging had a postive impact on the operating income at the end of 2024. Most of the fair values of the hedging instruments are not significant as the closing rates do not materially differ from the strike rates. Only for the commodities sold and purchased the fair values are significant. These concern metal hedging instruments of which most have their maturity within the next year. The forward commodities sales contracts are set up to hedge primarily the following commodities: nickel, lead and copper. The forward commodity purchase contracts are set up to hedge primarily nickel, lead and copper. The forward currency contracts are set up to hedge mainly USD towards EUR, BRL and KRW as well as EUR towards CNY, KRW, and PLN.
\nThe forward contracts following the economic logic are contracts to hedge following commodities: silver, gold, platinum, palladium and lithium.
\n| \u00a0 | 31/12/2023 | 31/12/2024 | \u00a0 | \u00a0 | \u00a0 | ||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Fair Value Hedged Items | Fair Value Hedging Instruments | Fair Value Hedged Items | Fair Value Hedging Instruments | Change in Fair Value Hedged Items | Change in Fair Value Hedging Instruments | Ineffectiveness |
| Transactional metal hedges | (58,031) | 61,908 | (9,891) | 22,868 | 48,140 | (39,040) | 9,100 |
The main source of hedge ineffectiveness on the fair value hedging originates from differences in maturity dates between the hedging instruments and the underlying hedged item. With respect to the fair value currency hedges, the hedged items are mirroring the hedging instruments and are included in various sections of the balance sheet.
\n| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| FINANCIAL INSTRUMENTS ASSETS (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 9,217 | 9,217 | - | - | - | 228 | 228 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 6,818 | 13,241 | 43,139 | 72,368 | 135,566 | 3,375 | 4,759 | 14,977 | 3,257 | 26,368 |
| Total forward purchases (CFH) | 317 | 634 | 1,585 | - | 2,536 | 11 | 25 | 105 | - | 141 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 57,693 | 60,772 | 113,224 | 39,074 | 270,763 | 4,544 | 10,609 | 32,187 | 11,548 | 58,888 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 1,468 | 957 | - | - | 2,425 | 66 | 2 | - | - | 68 |
| Total forward sales (FV economic hedging) | 7,844 | 21,510 | 25,477 | 44,462 | 99,293 | 4,084 | 10,815 | 9,543 | 14,557 | 38,999 |
| Total forward purchases (FV economic hedging) | 1 | 1,987 | - | - | 1,988 | 1,555 | 75 | - | - | 1,630 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 24,746 | 52,313 | 238,371 | 184,134 | 499,564 | 1,222 | 2,395 | 14,192 | 10,714 | 28,523 |
| Forward currency contracts purchases (CFH) | 4,839 | 9,679 | 48,044 | 82,959 | 145,521 | 760 | 1,498 | 6,432 | 145 | 8,835 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 192,401 | 368,968 | 220,042 | 14,679 | 796,090 | 1,330 | 2,711 | 1,798 | 50 | 5,889 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 33,927 | 14,814 | 2,817 | 2,924 | 54,482 | 240 | 219 | 154 | (6) | 607 |
| FINANCIAL INSTRUMENTS LIABILITIES (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 25,000 | 195,000 | 388,507 | 608,507 | - | (469) | (5,264) | (3,544) | (9,277) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 426 | 854 | 3,862 | 4,401 | 9,543 | (15) | (32) | (223) | (738) | (1,008) |
| Total forward purchases (CFH) | - | - | 32,948 | 56,472 | 89,420 | - | - | (987) | (7,604) | (8,591) |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 22,130 | 21,407 | 18,753 | - | 62,290 | (690) | (263) | (232) | - | (1,185) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 19,302 | 24,856 | - | - | 44,158 | (999) | (1,438) | - | - | (2,437) |
| Total forward sales (FV economic hedging) | - | 73,654 | 19,089 | - | 92,743 | - | (801) | (1,386) | - | (2,187) |
| Total forward purchases (FV economic hedging) | 2,380 | - | - | - | 2,380 | (175) | - | - | - | (175) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 29,906 | 4,320 | 130,712 | 197,641 | 362,579 | (1,345) | (508) | (3,719) | 4,087 | (1,485) |
| Forward currency contracts purchases (CFH) | - | - | 43,710 | 342,849 | 386,559 | - | - | (657) | (5,014) | (5,671) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 156,626 | 58,915 | 72,301 | 28,355 | 316,197 | (735) | (339) | (449) | (76) | (1,599) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 232,993 | 35,061 | 90,980 | 19,989 | 379,023 | (1,264) | (342) | (2,525) | (33,316) | (37,447) |
| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| Financial Instruments Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 9,811 | 195,000 | 60,000 | 264,811 | - | 22 | 1,856 | (131) | 1,747 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 2,912 | 8,351 | 41,229 | 30,885 | 83,376 | 1,910 | 3,138 | 13,177 | 8,019 | 26,244 |
| Total forward purchases (CFH) | 419 | 849 | 2,682 | 397 | 4,347 | 15 | 30 | 154 | 33 | 231 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 107,283 | 107,465 | 78,199 | 23,859 | 316,806 | 6,493 | 7,321 | 14,206 | 2,580 | 30,601 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 472 | - | - | - | 472 | 17 | - | - | - | 17 |
| Total forward sales (FV economic hedging) | 7,563 | 82,966 | 187,204 | 25,521 | 303,253 | 4,056 | 6,964 | 30,994 | 10,495 | 52,508 |
| Total forward purchases (FV economic hedging) | 1,077 | - | - | - | 1,077 | 12 | - | - | - | 12 |
| Total forward purchases (FV economic hedging) - PPA's | - | - | - | 93,595 | 93,595 | - | - | - | 5,300 | 5,300 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts purchases (CFH) | 7,021 | 7,021 | 70,208 | 11,701 | 95,951 | 375 | 358 | 2,473 | 69 | 3,275 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 36,756 | 53,057 | 80,618 | - | 170,431 | - | 1,262 | 1,993 | - | 3,255 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | 6,021 | 3,395 | 8,384 | 690 | 18,490 |
| Financial Instruments Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 634,325 | 634,325 | - | - | - | (14,247) | (14,247) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 1,170 | 1,488 | 9,433 | 9,553 | 21,644 | (452) | (150) | (2,188) | (1,382) | (4,173) |
| Total forward purchases (CFH) | - | - | 31,659 | 72,162 | 103,821 | - | - | 1,581 | (5,363) | (3,782) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 51,087 | 63,677 | 42,357 | - | 157,121 | (1,089) | (2,266) | (2,328) | - | (5,683) |
| Total forward purchases (FV economic hedging) | 6,126 | - | - | - | 6,126 | (224) | - | - | - | (224) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 46,263 | 61,565 | 335,680 | 317,271 | 760,779 | (3,224) | (4,257) | (22,244) | (21,054) | (50,779) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 502,447 | 336,940 | 294,641 | 27,857 | 1,161,885 | (1,877) | (3,519) | (15,273) | (869) | (21,538) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | (11) | (22) | (102) | - | (135) |
| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non current | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | 10,696 |
| Other receivables maturing > 1 year | \u00a0 | 14,161 | 10,983 |
| Assets employee benefits | \u00a0 | 5,129 | 5,663 |
| Total for continuing operations | \u00a0 | 29,692 | 27,342 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | 789,698 |
| Trade receivables (write down) | \u00a0 | (16,340) | (18,851) |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | 327,150 |
| Other receivables (write down) | \u00a0 | (378) | (378) |
| Fair value receivable financial instruments held for cash-flow hedging | F34 | 64,096 | 31,497 |
| Fair value receivable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 65,452 | 52,363 |
| Fair value receivable - financial instruments related to FV hedging (economic hedging) | F34 | 40,629 | 57,819 |
| Total for continuing operations | \u00a0 | 1,357,483 | 1,239,299 |
Decrease in current trade receivables is mainly explained by lower metal prices.
\n| \u00a0 | Total | Not due | Overdue between | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 0-30 days | 30-60 days | 60-90 days | > 90 days | ||
| Ageing balance analysis at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 974,045 | 884,506 | 63,493 | 16,470 | 2,550 | 7,025 |
| Loss allowance | 14,520 | 6,974 | 903 | 143 | 93 | 6,407 |
| Expected loss rate | 1.49% | 0.79% | 1.42% | 0.87% | 3.64% | 91.20% |
| Ageing balance analysis at the end of year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 781,559 | 624,732 | 80,488 | 21,679 | 17,436 | 37,224 |
| Loss allowance | 15,738 | 5,373 | 1,185 | 171 | 1,502 | 7,506 |
| Expected loss rate | 2.01% | 0.86% | 1.47% | 0.79% | 8.61% | 20.16% |
| Thousands of Euros | Trade receivables (write-down) | Other receivables (write-down) | Total |
|---|---|---|---|
| At the beginning of previous year | (17,893) | (378) | (18,271) |
| . Impairment losses recognized in income statement | (25,067) | - | (25,067) |
| . Reversal of impairment losses | 21,020 | - | 21,020 |
| . Impairment written off against asset carrying amount | 4,373 | - | 4,373 |
| . Other movements | 762 | - | 762 |
| . Translation differences | 464 | 0 | 464 |
| At the end of previous year | (16,340) | (378) | (16,718) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the financial year | (16,340) | (378) | (16,718) |
| . Impairment losses recognized in income statement | (4,861) | - | (4,861) |
| . Reversal of impairment losses | 2,607 | - | 2,607 |
| . Impairment written off against asset carrying amount | 8 | - | 8 |
| . Other movements | (25) | - | (25) |
| . Translation differences | (239) | - | (239) |
| At the end of the financial year for continuing operations | (18,851) | (378) | (19,229) |
The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical payment profiles of sales and the corresponding credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Group has identified macro-economic factors, Probability of Default (PD) and Loss Given Default (LGD) to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
\nIn principle, Umicore uses credit insurance as a means to mitigate the credit risk related to trade receivables. In 2024, three main credit insurance policies with three different insurers were in place. At closing, \u20ac\u00a0291 million of the Group's outstanding invoices were covered by a policy where indemni\ufb01cation in case of non-payment amounts to 95% with an indemni\ufb01cation cap set at regional or country level. The other two policies covered \u20ac\u00a0183 million of trade invoices with a global annual deductible of \u20ac\u00a05 million, a maximum indemnity per year of \u20ac\u00a0200 million and an indemnification in case of non-payment of 95%. The Group also managed credit exposure by selling invoices to financial institutions without recourse (\u20ac\u00a0330 million end of 2024 compared to \u20ac\u00a0227 million end of 2023), partly covered by the above credit insurance policies. Under one of these facilities, the carrying amount of receivables sold before the transfer amounts to \u20ac\u00a0138 million while total carrying amount of the assets that the entity continues to recognize and the related continuing involvement liability equal to \u20ac\u00a019.0 million as of 31 December 2024. The latter consist mainly of non-transferred credit risk as well as late payment risk over the relevant portfolio. Other facilities, amounting to \u20ac\u00a0213 million, are derecognized in their entirety.
\nSpecifically in China, Umicore reduces credit risk by discounting bank acceptance drafts it receives from its customers without recourse (and hence derecognized) (\u20ac\u00a0106 million end of year 2024 compared to \u20ac\u00a0101 million end of 2023).
\nFinally, some businesses units do not use credit insurance and instead use internal credit limits that are set based on available \ufb01nancial information and business knowledge. These limits are duly reviewed and approved by management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-501": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non current | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | 10,696 |
| Other receivables maturing > 1 year | \u00a0 | 14,161 | 10,983 |
| Assets employee benefits | \u00a0 | 5,129 | 5,663 |
| Total for continuing operations | \u00a0 | 29,692 | 27,342 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | 789,698 |
| Trade receivables (write down) | \u00a0 | (16,340) | (18,851) |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | 327,150 |
| Other receivables (write down) | \u00a0 | (378) | (378) |
| Fair value receivable financial instruments held for cash-flow hedging | F34 | 64,096 | 31,497 |
| Fair value receivable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 65,452 | 52,363 |
| Fair value receivable - financial instruments related to FV hedging (economic hedging) | F34 | 40,629 | 57,819 |
| Total for continuing operations | \u00a0 | 1,357,483 | 1,239,299 |
Decrease in current trade receivables is mainly explained by lower metal prices.
\n| \u00a0 | Total | Not due | Overdue between | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 0-30 days | 30-60 days | 60-90 days | > 90 days | ||
| Ageing balance analysis at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 974,045 | 884,506 | 63,493 | 16,470 | 2,550 | 7,025 |
| Loss allowance | 14,520 | 6,974 | 903 | 143 | 93 | 6,407 |
| Expected loss rate | 1.49% | 0.79% | 1.42% | 0.87% | 3.64% | 91.20% |
| Ageing balance analysis at the end of year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 781,559 | 624,732 | 80,488 | 21,679 | 17,436 | 37,224 |
| Loss allowance | 15,738 | 5,373 | 1,185 | 171 | 1,502 | 7,506 |
| Expected loss rate | 2.01% | 0.86% | 1.47% | 0.79% | 8.61% | 20.16% |
| Thousands of Euros | Trade receivables (write-down) | Other receivables (write-down) | Total |
|---|---|---|---|
| At the beginning of previous year | (17,893) | (378) | (18,271) |
| . Impairment losses recognized in income statement | (25,067) | - | (25,067) |
| . Reversal of impairment losses | 21,020 | - | 21,020 |
| . Impairment written off against asset carrying amount | 4,373 | - | 4,373 |
| . Other movements | 762 | - | 762 |
| . Translation differences | 464 | 0 | 464 |
| At the end of previous year | (16,340) | (378) | (16,718) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the financial year | (16,340) | (378) | (16,718) |
| . Impairment losses recognized in income statement | (4,861) | - | (4,861) |
| . Reversal of impairment losses | 2,607 | - | 2,607 |
| . Impairment written off against asset carrying amount | 8 | - | 8 |
| . Other movements | (25) | - | (25) |
| . Translation differences | (239) | - | (239) |
| At the end of the financial year for continuing operations | (18,851) | (378) | (19,229) |
The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical payment profiles of sales and the corresponding credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Group has identified macro-economic factors, Probability of Default (PD) and Loss Given Default (LGD) to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
\nIn principle, Umicore uses credit insurance as a means to mitigate the credit risk related to trade receivables. In 2024, three main credit insurance policies with three different insurers were in place. At closing, \u20ac\u00a0291 million of the Group's outstanding invoices were covered by a policy where indemni\ufb01cation in case of non-payment amounts to 95% with an indemni\ufb01cation cap set at regional or country level. The other two policies covered \u20ac\u00a0183 million of trade invoices with a global annual deductible of \u20ac\u00a05 million, a maximum indemnity per year of \u20ac\u00a0200 million and an indemnification in case of non-payment of 95%. The Group also managed credit exposure by selling invoices to financial institutions without recourse (\u20ac\u00a0330 million end of 2024 compared to \u20ac\u00a0227 million end of 2023), partly covered by the above credit insurance policies. Under one of these facilities, the carrying amount of receivables sold before the transfer amounts to \u20ac\u00a0138 million while total carrying amount of the assets that the entity continues to recognize and the related continuing involvement liability equal to \u20ac\u00a019.0 million as of 31 December 2024. The latter consist mainly of non-transferred credit risk as well as late payment risk over the relevant portfolio. Other facilities, amounting to \u20ac\u00a0213 million, are derecognized in their entirety.
\nSpecifically in China, Umicore reduces credit risk by discounting bank acceptance drafts it receives from its customers without recourse (and hence derecognized) (\u20ac\u00a0106 million end of year 2024 compared to \u20ac\u00a0101 million end of 2023).
\nFinally, some businesses units do not use credit insurance and instead use internal credit limits that are set based on available \ufb01nancial information and business knowledge. These limits are duly reviewed and approved by management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-502": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non current | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | 10,696 |
| Other receivables maturing > 1 year | \u00a0 | 14,161 | 10,983 |
| Assets employee benefits | \u00a0 | 5,129 | 5,663 |
| Total for continuing operations | \u00a0 | 29,692 | 27,342 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | 789,698 |
| Trade receivables (write down) | \u00a0 | (16,340) | (18,851) |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | 327,150 |
| Other receivables (write down) | \u00a0 | (378) | (378) |
| Fair value receivable financial instruments held for cash-flow hedging | F34 | 64,096 | 31,497 |
| Fair value receivable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 65,452 | 52,363 |
| Fair value receivable - financial instruments related to FV hedging (economic hedging) | F34 | 40,629 | 57,819 |
| Total for continuing operations | \u00a0 | 1,357,483 | 1,239,299 |
Decrease in current trade receivables is mainly explained by lower metal prices.
\n| \u00a0 | Total | Not due | Overdue between | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 0-30 days | 30-60 days | 60-90 days | > 90 days | ||
| Ageing balance analysis at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 974,045 | 884,506 | 63,493 | 16,470 | 2,550 | 7,025 |
| Loss allowance | 14,520 | 6,974 | 903 | 143 | 93 | 6,407 |
| Expected loss rate | 1.49% | 0.79% | 1.42% | 0.87% | 3.64% | 91.20% |
| Ageing balance analysis at the end of year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 781,559 | 624,732 | 80,488 | 21,679 | 17,436 | 37,224 |
| Loss allowance | 15,738 | 5,373 | 1,185 | 171 | 1,502 | 7,506 |
| Expected loss rate | 2.01% | 0.86% | 1.47% | 0.79% | 8.61% | 20.16% |
| Thousands of Euros | Trade receivables (write-down) | Other receivables (write-down) | Total |
|---|---|---|---|
| At the beginning of previous year | (17,893) | (378) | (18,271) |
| . Impairment losses recognized in income statement | (25,067) | - | (25,067) |
| . Reversal of impairment losses | 21,020 | - | 21,020 |
| . Impairment written off against asset carrying amount | 4,373 | - | 4,373 |
| . Other movements | 762 | - | 762 |
| . Translation differences | 464 | 0 | 464 |
| At the end of previous year | (16,340) | (378) | (16,718) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the financial year | (16,340) | (378) | (16,718) |
| . Impairment losses recognized in income statement | (4,861) | - | (4,861) |
| . Reversal of impairment losses | 2,607 | - | 2,607 |
| . Impairment written off against asset carrying amount | 8 | - | 8 |
| . Other movements | (25) | - | (25) |
| . Translation differences | (239) | - | (239) |
| At the end of the financial year for continuing operations | (18,851) | (378) | (19,229) |
The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical payment profiles of sales and the corresponding credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Group has identified macro-economic factors, Probability of Default (PD) and Loss Given Default (LGD) to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
\nIn principle, Umicore uses credit insurance as a means to mitigate the credit risk related to trade receivables. In 2024, three main credit insurance policies with three different insurers were in place. At closing, \u20ac\u00a0291 million of the Group's outstanding invoices were covered by a policy where indemni\ufb01cation in case of non-payment amounts to 95% with an indemni\ufb01cation cap set at regional or country level. The other two policies covered \u20ac\u00a0183 million of trade invoices with a global annual deductible of \u20ac\u00a05 million, a maximum indemnity per year of \u20ac\u00a0200 million and an indemnification in case of non-payment of 95%. The Group also managed credit exposure by selling invoices to financial institutions without recourse (\u20ac\u00a0330 million end of 2024 compared to \u20ac\u00a0227 million end of 2023), partly covered by the above credit insurance policies. Under one of these facilities, the carrying amount of receivables sold before the transfer amounts to \u20ac\u00a0138 million while total carrying amount of the assets that the entity continues to recognize and the related continuing involvement liability equal to \u20ac\u00a019.0 million as of 31 December 2024. The latter consist mainly of non-transferred credit risk as well as late payment risk over the relevant portfolio. Other facilities, amounting to \u20ac\u00a0213 million, are derecognized in their entirety.
\nSpecifically in China, Umicore reduces credit risk by discounting bank acceptance drafts it receives from its customers without recourse (and hence derecognized) (\u20ac\u00a0106 million end of year 2024 compared to \u20ac\u00a0101 million end of 2023).
\nFinally, some businesses units do not use credit insurance and instead use internal credit limits that are set based on available \ufb01nancial information and business knowledge. These limits are duly reviewed and approved by management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-503": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non current | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | 10,696 |
| Other receivables maturing > 1 year | \u00a0 | 14,161 | 10,983 |
| Assets employee benefits | \u00a0 | 5,129 | 5,663 |
| Total for continuing operations | \u00a0 | 29,692 | 27,342 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | 789,698 |
| Trade receivables (write down) | \u00a0 | (16,340) | (18,851) |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | 327,150 |
| Other receivables (write down) | \u00a0 | (378) | (378) |
| Fair value receivable financial instruments held for cash-flow hedging | F34 | 64,096 | 31,497 |
| Fair value receivable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 65,452 | 52,363 |
| Fair value receivable - financial instruments related to FV hedging (economic hedging) | F34 | 40,629 | 57,819 |
| Total for continuing operations | \u00a0 | 1,357,483 | 1,239,299 |
Decrease in current trade receivables is mainly explained by lower metal prices.
\n| \u00a0 | Total | Not due | Overdue between | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 0-30 days | 30-60 days | 60-90 days | > 90 days | ||
| Ageing balance analysis at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 974,045 | 884,506 | 63,493 | 16,470 | 2,550 | 7,025 |
| Loss allowance | 14,520 | 6,974 | 903 | 143 | 93 | 6,407 |
| Expected loss rate | 1.49% | 0.79% | 1.42% | 0.87% | 3.64% | 91.20% |
| Ageing balance analysis at the end of year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 781,559 | 624,732 | 80,488 | 21,679 | 17,436 | 37,224 |
| Loss allowance | 15,738 | 5,373 | 1,185 | 171 | 1,502 | 7,506 |
| Expected loss rate | 2.01% | 0.86% | 1.47% | 0.79% | 8.61% | 20.16% |
| Thousands of Euros | Trade receivables (write-down) | Other receivables (write-down) | Total |
|---|---|---|---|
| At the beginning of previous year | (17,893) | (378) | (18,271) |
| . Impairment losses recognized in income statement | (25,067) | - | (25,067) |
| . Reversal of impairment losses | 21,020 | - | 21,020 |
| . Impairment written off against asset carrying amount | 4,373 | - | 4,373 |
| . Other movements | 762 | - | 762 |
| . Translation differences | 464 | 0 | 464 |
| At the end of previous year | (16,340) | (378) | (16,718) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the financial year | (16,340) | (378) | (16,718) |
| . Impairment losses recognized in income statement | (4,861) | - | (4,861) |
| . Reversal of impairment losses | 2,607 | - | 2,607 |
| . Impairment written off against asset carrying amount | 8 | - | 8 |
| . Other movements | (25) | - | (25) |
| . Translation differences | (239) | - | (239) |
| At the end of the financial year for continuing operations | (18,851) | (378) | (19,229) |
The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical payment profiles of sales and the corresponding credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Group has identified macro-economic factors, Probability of Default (PD) and Loss Given Default (LGD) to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
\nIn principle, Umicore uses credit insurance as a means to mitigate the credit risk related to trade receivables. In 2024, three main credit insurance policies with three different insurers were in place. At closing, \u20ac\u00a0291 million of the Group's outstanding invoices were covered by a policy where indemni\ufb01cation in case of non-payment amounts to 95% with an indemni\ufb01cation cap set at regional or country level. The other two policies covered \u20ac\u00a0183 million of trade invoices with a global annual deductible of \u20ac\u00a05 million, a maximum indemnity per year of \u20ac\u00a0200 million and an indemnification in case of non-payment of 95%. The Group also managed credit exposure by selling invoices to financial institutions without recourse (\u20ac\u00a0330 million end of 2024 compared to \u20ac\u00a0227 million end of 2023), partly covered by the above credit insurance policies. Under one of these facilities, the carrying amount of receivables sold before the transfer amounts to \u20ac\u00a0138 million while total carrying amount of the assets that the entity continues to recognize and the related continuing involvement liability equal to \u20ac\u00a019.0 million as of 31 December 2024. The latter consist mainly of non-transferred credit risk as well as late payment risk over the relevant portfolio. Other facilities, amounting to \u20ac\u00a0213 million, are derecognized in their entirety.
\nSpecifically in China, Umicore reduces credit risk by discounting bank acceptance drafts it receives from its customers without recourse (and hence derecognized) (\u20ac\u00a0106 million end of year 2024 compared to \u20ac\u00a0101 million end of 2023).
\nFinally, some businesses units do not use credit insurance and instead use internal credit limits that are set based on available \ufb01nancial information and business knowledge. These limits are duly reviewed and approved by management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-504": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non current | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | 10,696 |
| Other receivables maturing > 1 year | \u00a0 | 14,161 | 10,983 |
| Assets employee benefits | \u00a0 | 5,129 | 5,663 |
| Total for continuing operations | \u00a0 | 29,692 | 27,342 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | 789,698 |
| Trade receivables (write down) | \u00a0 | (16,340) | (18,851) |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | 327,150 |
| Other receivables (write down) | \u00a0 | (378) | (378) |
| Fair value receivable financial instruments held for cash-flow hedging | F34 | 64,096 | 31,497 |
| Fair value receivable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 65,452 | 52,363 |
| Fair value receivable - financial instruments related to FV hedging (economic hedging) | F34 | 40,629 | 57,819 |
| Total for continuing operations | \u00a0 | 1,357,483 | 1,239,299 |
Decrease in current trade receivables is mainly explained by lower metal prices.
\n| \u00a0 | Total | Not due | Overdue between | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 0-30 days | 30-60 days | 60-90 days | > 90 days | ||
| Ageing balance analysis at the beginning of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 974,045 | 884,506 | 63,493 | 16,470 | 2,550 | 7,025 |
| Loss allowance | 14,520 | 6,974 | 903 | 143 | 93 | 6,407 |
| Expected loss rate | 1.49% | 0.79% | 1.42% | 0.87% | 3.64% | 91.20% |
| Ageing balance analysis at the end of year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (w/o doubtful and securitized receivables) - at cost | 781,559 | 624,732 | 80,488 | 21,679 | 17,436 | 37,224 |
| Loss allowance | 15,738 | 5,373 | 1,185 | 171 | 1,502 | 7,506 |
| Expected loss rate | 2.01% | 0.86% | 1.47% | 0.79% | 8.61% | 20.16% |
| Thousands of Euros | Trade receivables (write-down) | Other receivables (write-down) | Total |
|---|---|---|---|
| At the beginning of previous year | (17,893) | (378) | (18,271) |
| . Impairment losses recognized in income statement | (25,067) | - | (25,067) |
| . Reversal of impairment losses | 21,020 | - | 21,020 |
| . Impairment written off against asset carrying amount | 4,373 | - | 4,373 |
| . Other movements | 762 | - | 762 |
| . Translation differences | 464 | 0 | 464 |
| At the end of previous year | (16,340) | (378) | (16,718) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of the financial year | (16,340) | (378) | (16,718) |
| . Impairment losses recognized in income statement | (4,861) | - | (4,861) |
| . Reversal of impairment losses | 2,607 | - | 2,607 |
| . Impairment written off against asset carrying amount | 8 | - | 8 |
| . Other movements | (25) | - | (25) |
| . Translation differences | (239) | - | (239) |
| At the end of the financial year for continuing operations | (18,851) | (378) | (19,229) |
The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical payment profiles of sales and the corresponding credit losses experienced. The historical loss rates are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle the receivables. The Group has identified macro-economic factors, Probability of Default (PD) and Loss Given Default (LGD) to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
\nIn principle, Umicore uses credit insurance as a means to mitigate the credit risk related to trade receivables. In 2024, three main credit insurance policies with three different insurers were in place. At closing, \u20ac\u00a0291 million of the Group's outstanding invoices were covered by a policy where indemni\ufb01cation in case of non-payment amounts to 95% with an indemni\ufb01cation cap set at regional or country level. The other two policies covered \u20ac\u00a0183 million of trade invoices with a global annual deductible of \u20ac\u00a05 million, a maximum indemnity per year of \u20ac\u00a0200 million and an indemnification in case of non-payment of 95%. The Group also managed credit exposure by selling invoices to financial institutions without recourse (\u20ac\u00a0330 million end of 2024 compared to \u20ac\u00a0227 million end of 2023), partly covered by the above credit insurance policies. Under one of these facilities, the carrying amount of receivables sold before the transfer amounts to \u20ac\u00a0138 million while total carrying amount of the assets that the entity continues to recognize and the related continuing involvement liability equal to \u20ac\u00a019.0 million as of 31 December 2024. The latter consist mainly of non-transferred credit risk as well as late payment risk over the relevant portfolio. Other facilities, amounting to \u20ac\u00a0213 million, are derecognized in their entirety.
\nSpecifically in China, Umicore reduces credit risk by discounting bank acceptance drafts it receives from its customers without recourse (and hence derecognized) (\u20ac\u00a0106 million end of year 2024 compared to \u20ac\u00a0101 million end of 2023).
\nFinally, some businesses units do not use credit insurance and instead use internal credit limits that are set based on available \ufb01nancial information and business knowledge. These limits are duly reviewed and approved by management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-510": { "value": "\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Tax assets and liabilities | \u00a0 | \u00a0 |
| Income tax receivables | 87,806 | 75,970 |
| Deferred tax assets | 370,336 | 378,447 |
| Income tax payable | (222,803) | (208,408) |
| Deferred tax liabilities | (28,741) | (24,722) |
| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| At the end of preceding financial year | 315,996 | 370,336 | (30,029) | (28,741) | 285,967 | 341,595 |
| Deferred tax recognized in the P&L | 75,124 | (8,895) | (7,817) | 8,836 | 67,307 | (59) |
| Deferred tax recognized in equity | (5,556) | 18,796 | 6,598 | (698) | 1,042 | 18,098 |
| Acquisitions through business combination | - | - | - | (4,122) | - | (4,122) |
| Translation differences | (12,806) | (1,405) | 85 | (382) | (12,721) | (1,787) |
| Transfer | (2,422) | (385) | 2,422 | 385 | - | - |
| At the end of financial year | 370,336 | 378,447 | (28,741) | (24,722) | 341,595 | 353,725 |
| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
| Thousands of Euros | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Deferred tax in respect of each type of temporary difference | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Intangible assets | 36,959 | 47,540 | (1,863) | (15,233) | 35,096 | 32,307 |
| Property, plant and equipment | 14,391 | 130,439 | (44,016) | (26,194) | (29,625) | 104,245 |
| Long term receivables | 321 | 7,110 | (215) | (1,618) | 106 | 5,492 |
| Inventories | 172,129 | 157,001 | (38,919) | (36,033) | 133,210 | 120,968 |
| Trade and other receivables | 20,971 | 20,783 | (39,791) | (38,734) | (18,820) | (17,951) |
| Group Shareholder's equity | - | - | (5,345) | (3,601) | (5,345) | (3,601) |
| Long Term Financial Debt and other payable | 26,485 | 28,669 | (16,422) | (18,740) | 10,063 | 9,929 |
| Provisions Employee Benefits | 62,380 | 113,737 | (16,083) | (70,503) | 46,297 | 43,234 |
| Provisions for Environment | 26,843 | 33,493 | (364) | (4,188) | 26,479 | 29,305 |
| Provisions for other liabilities and charges | 25,638 | 116,600 | (934) | (7,014) | 24,704 | 109,586 |
| Current Financial Debt | - | 19,311 | (166) | (4,924) | (166) | 14,387 |
| Current Provisions for Environment | 5,975 | 5,047 | - | (38) | 5,975 | 5,009 |
| Current Provisions for Other Liabilities & Charges | 3,853 | 15,832 | (8) | (5,129) | 3,845 | 10,703 |
| Trade and other payables | 59,284 | 86,332 | (5,710) | (23,508) | 53,574 | 62,824 |
| Total deferred tax due to temporary differences | 455,229 | 781,894 | (169,836) | (255,457) | 285,393 | 526,437 |
| Tax losses to carry forward | 157,099 | 398,509 | - | - | 157,099 | 398,509 |
| Investments deductions | 385 | - | - | - | 385 | - |
| Other | 1,866 | 99,844 | - | - | 1,866 | 99,844 |
| Deferred tax assets not recognized | (103,148) | (671,065) | - | - | (103,148) | (671,065) |
| Total tax assets/liabilities | 511,431 | 609,182 | (169,836) | (255,457) | 341,595 | 353,725 |
| Compensation of assets and liabilities within same entity | (141,095) | (230,735) | 141,095 | 230,735 | - | - |
| Net amount | 370,336 | 378,447 | (28,741) | (24,722) | 341,595 | 353,725 |
| \u00a0 | 2023 | 2024 | 2023 | 2024 |
|---|---|---|---|---|
| Thousands of Euros | Base | Base | Tax | Tax |
| Amount of deductible temporary differences, unused tax losses or tax credits for which no deferred tax asset is recognized in the balance sheet | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Expiration date within 5 years | 21,139 | 285,116 | 5,700 | 72,945 |
| Expiration date within 15 years | 27,209 | 342,377 | 8,182 | 76,103 |
| Expiration date with no time limit | 310,818 | 2,017,140 | 89,266 | 522,017 |
The changes in temporary differences are charged to the consolidated income statement except those arising from events that were recognized directly in the consolidated statement of comprehensive income.
\nThe main movements recognized in equity are deferred taxes generated by temporary differences included within \u201cTrade and other receivables\u201d (positive by \u20ac\u00a09.8 million), \u201cProvisions for employee benefits\u201d (negative by \u20ac\u00a03.5 million) and \u201cTrade and other payables\u201d (positive by \u20ac\u00a011.5 million).
\nThe main net deferred tax assets are recorded in Belgium (\u20ac\u00a0202.4 million), China (\u20ac\u00a044.8 million), Germany (\u20ac\u00a028.4 million) and the USA (\u20ac\u00a023.4 million). Deferred tax assets are only recognized to the extent that their recovery is probable, i.e., if a tax benefit is expected in future periods. The Group assesses a recoverability in a range of 5 to 10 years in function of the characteristics of the asset, also considering the applicable tax loss carry forward provisions, and the amount of cumulative past profits. The actual tax results in future periods may differ from the estimates made at the time when the deferred tax assets are recognized.
\nBased on this recoverability assessment, Umicore has derecognized tax assets of \u20ac\u00a0671.1 million mainly from:
\u20ac\u00a0369.9 million of carry-forward tax losses and tax credits in Luxembourg, China, Korea, and Japan and
\u20ac\u00a0301.2 million of deductible temporary differences in China, Korea and Canada
In accordance with IAS 12, deferred tax liabilities that are not probable to be realized in the foreseeable future have not been recognized.
\nGroup current income tax payable at 31 December 2024 amounting to \u20ac\u00a0208.4 million (2023: \u20ac\u00a0222.8 million) includes uncertain tax positions of \u20ac\u00a0111.5 million (\u20ac\u00a093.1 million in 2023). The increase in uncertain tax positions is mainly explained by (i) remeasurement of existing uncertain tax positions, (ii) reversal of uncertain tax positions based on positive outcomes by the tax authorities or mitigation actions taken, (iii) expiration of the statute of limitations and (iv) the recognition of additional uncertain tax provisions (whether positive or negative).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-513": { "value": "\n| Thousands of Euros | 31/12/2023 | 31/12/2024 |
|---|---|---|
| Cash and cash equivalents | \u00a0 | \u00a0 |
| Short-term investments : bank term deposits | 1,082,190 | 1,314,921 |
| Short-term investments : term deposits (other) | 102,399 | 10,356 |
| Cash-in-hands and bank current accounts | 330,901 | 687,246 |
| Total cash and cash equivalents | 1,515,490 | 2,012,523 |
| Bank overdrafts | 51,694 | 38,606 |
| Net cash as in Cash Flow Statement | 1,463,796 | 1,973,917 |
All cash and cash equivalents are fully available for the Group.
\nLiquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed (unused in 2024), uncommitted credit facilities from a large pool of financial institutions and the ability to close out market positions.
\nDue to the dynamic nature of the underlying businesses, the Group aims to maintain funding flexibility through committed credit lines. Excess liquidities are invested for very short periods and are spread over a limited number of banks, all enjoying a satisfactory credit rating.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-515": { "value": "\nThe detail of the Group\u2019s share in currency translation differences and other reserves is as follows:
\n| Thousands of Euros | Conversion rights recognized in equity | Other equity investments at FV through OCI reserves | Cash flow hedge reserves - Commodities | Cash flow hedge reserves - Currencies | Cash flow hedge reserves - IRS | Deferred taxes directly recognized in OCI | Changes in post employment benefits, arising from changes in actuarial assumptions | Share-based payment reserves | Currency translation differences | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at the beginning of previous year | 50,324 | 4,637 | 35,723 | (20,922) | (8,458) | 32,972 | (188,806) | 64,092 | (97,452) | (127,887) |
| Remeasurements recognized in other comprehensive income | - | (7,435) | (4,513) | 26,104 | (3,690) | 3,696 | (38,188) | - | - | (24,027) |
| Remeasurements recognized in equity | - | - | - | - | - | - | - | 14,117 | - | 14,117 |
| Remeasurements derecognized out of other comprehensive income | - | - | (13,613) | 24,291 | 2,926 | (2,326) | - | - | - | 11,278 |
| Transfer from/to retained earnings | - | - | - | - | - | - | - | (654) | - | (654) |
| Exchange differences | - | (27) | (687) | 511 | 757 | (153) | 910 | - | (51,354) | (50,042) |
| Balance at the end of previous year | 50,324 | (2,825) | 16,910 | 29,984 | (8,465) | 34,190 | (226,084) | 77,555 | (148,806) | (177,217) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance at the beginning of the year | 50,324 | (2,825) | 16,910 | 29,984 | (8,465) | 34,190 | (226,084) | 77,555 | (148,806) | (177,217) |
| Remeasurements recognized in other comprehensive income | - | 3,180 | 21,567 | (65,026) | (9,408) | 10,181 | 13,181 | - | - | (26,325) |
| Remeasurements recognized in equity | - | - | - | - | - | - | - | 6,876 | - | 6,876 |
| Remeasurements derecognized out of other comprehensive income | - | - | (20,845) | (14,865) | 5,202 | 8,076 | - | - | - | (22,432) |
| Transfer from/to retained earnings | - | - | - | - | - | - | (0) | (30,551) | - | (30,551) |
| Exchange differences | - | (8) | 889 | 505 | (2) | (436) | (1,301) | (4) | (8,544) | (8,901) |
| Balance at the end of the year | 50,324 | 348 | 18,521 | (49,401) | (12,673) | 52,010 | (214,205) | 53,876 | (157,350) | (258,551) |
The table above cannot be directly reconciled with the movements of the consolidated statement of comprehensive income due to the fact that this table does not include the movements linked to minorities.
\nThe net losses recognized in the OCI regarding cash \ufb02ow hedges (\u20ac\u00a0-52.9 million) are the changes in fair value of new cash \ufb02ow hedging instruments or existing ones at opening but which have not yet expired at year end. The net gains derecognized from OCI (\u20ac\u00a030.5 million) are the fair values of the cash-\ufb02ow hedging instruments existing at the opening which expired during the year. The total impact incurred at expiration of the cash-flow hedges during the year represents a gain of \u20ac\u00a065.9 million, recognized in the income statement. This amount includes the mentioned net gains derecognized from OCI (\u20ac\u00a030.5 million) and the fair value changes incurred in the course of the year on expired existing cash-flow hedges and on new instruments contracted during the year (\u20ac\u00a096.4 million).
\nRemeasurements as a result of changes in the actuarial assumptions on the de\ufb01ned post-employment bene\ufb01t plans have been recognized in OCI for \u20ac\u00a013.2 million (refer to Note F28 on Provisions for employee benefits). The 2024 shares, stock option plans and the PSU's have led to a share-based payment reserve increase of \u20ac\u00a06.9 million (refer to Note F10 on employee bene\ufb01ts). \u20ac\u00a030.1 million, linked to exercised options, expired stock options and free shares plans, have been transferred to retained earnings.
\nThe movements on exchange differences are mainly related to weaker BRL (\u20ac\u00a0-24.1 million), KRW (\u20ac\u00a0-16.5 million) and the strengthening of the USD (\u20ac\u00a016.5 million) and PLN (\u20ac\u00a014.2 million) compared to EUR. The total exchange differences are mainly impacted by the following currencies: CNY, BRL, KRW, PLN, ZAR, ARS and USD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-516": { "value": "\nThe detail of the Group\u2019s share in currency translation differences and other reserves is as follows:
\n| Thousands of Euros | Conversion rights recognized in equity | Other equity investments at FV through OCI reserves | Cash flow hedge reserves - Commodities | Cash flow hedge reserves - Currencies | Cash flow hedge reserves - IRS | Deferred taxes directly recognized in OCI | Changes in post employment benefits, arising from changes in actuarial assumptions | Share-based payment reserves | Currency translation differences | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at the beginning of previous year | 50,324 | 4,637 | 35,723 | (20,922) | (8,458) | 32,972 | (188,806) | 64,092 | (97,452) | (127,887) |
| Remeasurements recognized in other comprehensive income | - | (7,435) | (4,513) | 26,104 | (3,690) | 3,696 | (38,188) | - | - | (24,027) |
| Remeasurements recognized in equity | - | - | - | - | - | - | - | 14,117 | - | 14,117 |
| Remeasurements derecognized out of other comprehensive income | - | - | (13,613) | 24,291 | 2,926 | (2,326) | - | - | - | 11,278 |
| Transfer from/to retained earnings | - | - | - | - | - | - | - | (654) | - | (654) |
| Exchange differences | - | (27) | (687) | 511 | 757 | (153) | 910 | - | (51,354) | (50,042) |
| Balance at the end of previous year | 50,324 | (2,825) | 16,910 | 29,984 | (8,465) | 34,190 | (226,084) | 77,555 | (148,806) | (177,217) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance at the beginning of the year | 50,324 | (2,825) | 16,910 | 29,984 | (8,465) | 34,190 | (226,084) | 77,555 | (148,806) | (177,217) |
| Remeasurements recognized in other comprehensive income | - | 3,180 | 21,567 | (65,026) | (9,408) | 10,181 | 13,181 | - | - | (26,325) |
| Remeasurements recognized in equity | - | - | - | - | - | - | - | 6,876 | - | 6,876 |
| Remeasurements derecognized out of other comprehensive income | - | - | (20,845) | (14,865) | 5,202 | 8,076 | - | - | - | (22,432) |
| Transfer from/to retained earnings | - | - | - | - | - | - | (0) | (30,551) | - | (30,551) |
| Exchange differences | - | (8) | 889 | 505 | (2) | (436) | (1,301) | (4) | (8,544) | (8,901) |
| Balance at the end of the year | 50,324 | 348 | 18,521 | (49,401) | (12,673) | 52,010 | (214,205) | 53,876 | (157,350) | (258,551) |
The table above cannot be directly reconciled with the movements of the consolidated statement of comprehensive income due to the fact that this table does not include the movements linked to minorities.
\nThe net losses recognized in the OCI regarding cash \ufb02ow hedges (\u20ac\u00a0-52.9 million) are the changes in fair value of new cash \ufb02ow hedging instruments or existing ones at opening but which have not yet expired at year end. The net gains derecognized from OCI (\u20ac\u00a030.5 million) are the fair values of the cash-\ufb02ow hedging instruments existing at the opening which expired during the year. The total impact incurred at expiration of the cash-flow hedges during the year represents a gain of \u20ac\u00a065.9 million, recognized in the income statement. This amount includes the mentioned net gains derecognized from OCI (\u20ac\u00a030.5 million) and the fair value changes incurred in the course of the year on expired existing cash-flow hedges and on new instruments contracted during the year (\u20ac\u00a096.4 million).
\nRemeasurements as a result of changes in the actuarial assumptions on the de\ufb01ned post-employment bene\ufb01t plans have been recognized in OCI for \u20ac\u00a013.2 million (refer to Note F28 on Provisions for employee benefits). The 2024 shares, stock option plans and the PSU's have led to a share-based payment reserve increase of \u20ac\u00a06.9 million (refer to Note F10 on employee bene\ufb01ts). \u20ac\u00a030.1 million, linked to exercised options, expired stock options and free shares plans, have been transferred to retained earnings.
\nThe movements on exchange differences are mainly related to weaker BRL (\u20ac\u00a0-24.1 million), KRW (\u20ac\u00a0-16.5 million) and the strengthening of the USD (\u20ac\u00a016.5 million) and PLN (\u20ac\u00a014.2 million) compared to EUR. The total exchange differences are mainly impacted by the following currencies: CNY, BRL, KRW, PLN, ZAR, ARS and USD.
\n| (EUR) | 2023 | 2024 |
|---|---|---|
| EPS - basic | 1.60 | -6.15 |
| EPS - diluted | 1.60 | -6.15 |
| Basic adjusted EPS | 1.86 | 1.06 |
The following earnings figures have been used as the numerator in the calculation of basic and diluted earnings per share:
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Net consolidated profit, Group share | F9 | \u00a0 | \u00a0 |
| From continuing operations | \u00a0 | 385,075 | (1,479,879) |
| Adjusted net consolidated profit, Group share | F9 | 446,688 | 255,251 |
The following numbers of shares have been used as the denominator in the calculation of basic and diluted earnings per share:
\n| \u00a0 | 2023 | 2024 |
|---|---|---|
| Total shares issued as at 31 December | 246,400,000 | 246,400,000 |
| of which treasury shares | 5,999,083 | 5,918,866 |
| of which shares outstanding | 240,400,917 | 240,481,134 |
| Weighted average number of outstanding shares | 240,381,166 | 240,464,112 |
| Potential dilution due to stock option plans | 31,674 | 145,978 |
| Adjusted weighted average number of outstanding shares | 240,412,840 | 240,610,090 |
Total outstanding shares are after deduction of treasury shares, which are held to cover existing stock option plans, PSU's or are available for resale. The denominator for the calculation of diluted earnings per share takes into account an adjustment for stock options and PSU's.
\nDuring 2024, no new shares were created. During the year, Umicore used 80,217 of its treasury shares for shares granted. In the course of 2024, Umicore did not buy back any own shares. On 31 December 2024, Umicore owned 5,918,866 of its own shares representing 2.40% of the total number of shares issued as at that date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-517": { "value": "\n| Thousands of Euros | Bank loans | Lease liability | Other loans | Total |
|---|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of previous year | 1,117,000 | 40,709 | 468,470 | 1,626,179 |
| . Increase | 602,989 | 31,469 | 12,553 | 647,011 |
| . Decrease | - | (20,064) | - | (20,064) |
| . Translation differences | (33,265) | (1,273) | (2) | (34,540) |
| . Transfers | (199,000) | (141) | - | (199,141) |
| At the end of previous year | 1,487,724 | 50,700 | 481,021 | 2,019,445 |
| . Increase | 751,725 | 29,688 | 29,716 | 811,130 |
| . Decrease | - | (21,460) | - | (21,460) |
| . Translation differences | 32,198 | 177 | 1 | 32,376 |
| . Transfers | (9,167) | (4,593) | (510,738) | (524,498) |
| At the end of the financial year | 2,262,480 | 54,513 | (0) | 2,316,994 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current portion of long-term financial debts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 199,000 | 16,156 | - | 215,156 |
| . Increase / decrease | (199,000) | - | 5,309 | (193,691) |
| . Translation differences | 644 | - | 64 | 707 |
| . Transfers | 9,167 | 4,593 | 510,738 | 524,498 |
| At the end of the financial year | 9,811 | 20,749 | 516,110 | 546,670 |
| Thousands of Euros | Short term bank loans | Bank overdrafts | Short term loan : commercial paper | Other loans | Total |
|---|---|---|---|---|---|
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 198,751 | 51,694 | 112,402 | 150,694 | 513,541 |
| . Increase / decrease | 200,431 | (10,468) | (29,629) | (99,565) | 60,768 |
| . Translation differences | (1,273) | (2,620) | - | 2,659 | (1,234) |
| At the end of the financial year | 397,909 | 38,606 | 82,773 | 53,787 | 573,075 |
Net financial debt at 31 December 2024 stood at \u20ac\u00a01,425.2 million compared with \u20ac1,265.8 million at the start of the year.
\nThe financial debt includes the Schuldschein issued in 2017 (\u20ac\u00a043 million; fair value \u20ac\u00a041.5 million), the US private placements issued in 2017 (\u20ac\u00a0360 million; fair value \u20ac\u00a0343.9 million), 2019 (\u20ac\u00a0390 million; fair value of \u20ac\u00a0359.6 million), 2023 (\u20ac\u00a0232 million and USD 363 million; fair value of \u20ac\u00a0246.9 million and USD 360.4 million respectively) and 2024 (\u20ac\u00a0225 million and USD 296 million; fair value of \u20ac\u00a0232.2 million and USD 289.4 million respectively), the European Investment Bank (EIB) loans issued in 2020 (\u20ac\u00a0125 million; fair value \u20ac\u00a0115.8 million) and 2024 (\u20ac\u00a0250 million; fair value \u20ac\u00a0259.4 million) and the convertible bond issued in 2020 (\u20ac\u00a0500 million; fair value \u20ac\u00a0493.8 million).
\nIn 2024, Umicore secured a \u20ac\u00a0350 million financing agreement with the European Investment Bank (EIB), of which \u20ac\u00a0250 million was drawn during the year. The remaining \u20ac\u00a0100 million remains available for future drawdowns. This financing is dedicated to supporting the company\u2019s research and development initiatives. Umicore also successfully issued a US Private Placement (USPP) in 2024, maintaining the same sustainability key performance indicators (KPIs) as previous issuances. All new loans obtained in 2024, i.e. the EIB financing and the USPP, are fixed-rate instruments. \u00a0
\nOn 31 December 2024 an amount of \u20ac\u00a0105.1 million was outstanding on the French NEU CP program (out of \u20ac\u00a0600 million available in the program).
\nOn 31 December 2024 there were no outstanding advances under the \u20ac\u00a0500 million sustainability-linked Syndicated Bank Credit Facility concluded in 2021 and maturing in October 2027, nor under the \u20ac\u00a0600 million sustainability-linked Syndicated Bank Credit Facility contracted in December 2023 and maturing in December 2028.
\nThe aforementioned Syndicated Bank Credit Facilities and the long term debt instruments require the Group to comply with certain \ufb01nancial covenants. Umicore has not faced any breach of those covenants in 2024 or in previous years.
\nThe long-term debts mainly consist of debt instruments in EUR. New US private placements were issued in April 2024 and drawn in July 2024. This new debt amounts to a total of \u20ac\u00a0225 million and USD 296 million, with the part in USD hedged to EUR with fix to fix cross-currency-swaps.
\nThe interest rate on the average gross debt amounted to 3.21% for full year 2024 (3.33% for full year 2023).
\nThe line \"New loans\" and \"Repayment of loans\" in the consolidated statement of cash flow does not include the movements on bank overdrafts and the currency translation differences, nor the theoretical phantom interests on the debt component part of the convertible debt (\u20ac\u00a010.7 million in 2024) which is non cash. The increase of other loans reflects the outstanding commercial paper and medium-term notes as well as the revaluation of the convertible bond approaching maturity.
\nThe net gearing ratio (see definition in Glossary) at the end of 2024 of 42.6% (25.5% in 2023) and the net financial debt over adjusted EBITDA ratio of 1.87x (compared to 1.30x end of 2023) position the Group well within its targeted capital structure limits.
\n| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 16,156 | 50,700 | - | 66,857 |
| Credit Institutions | Fixed/Floating | 401,140 | 9,217 | - | 410,357 |
| Commercial Papers | Floating | 112,402 | - | - | 112,402 |
| Schuldschein | Fixed/Floating | 199,000 | 43,000 | - | 242,000 |
| US Private Placement | Fixed | - | 379,231 | 931,276 | 1,310,507 |
| EIB Loan | Fixed | - | 125,000 | - | 125,000 |
| Convertible Bond | Fixed | - | 481,021 | - | 481,021 |
| Total | \u00a0 | 728,698 | 1,088,169 | 931,276 | 2,748,143 |
| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 20,749 | 54,513 | - | 75,263 |
| Credit Institutions | Fixed/Floating | 500,116 | 3,180 | - | 503,296 |
| Commercial Papers | Floating | 105,080 | - | - | 105,080 |
| Schuldschein | Fixed/Floating | - | 43,000 | - | 43,000 |
| US Private Placement | Fixed | - | 834,282 | 1,007,018 | 1,841,300 |
| EIB Loan | Fixed | - | 375,000 | - | 375,000 |
| Convertible Bond | Fixed | 493,800 | - | - | 493,800 |
| Total | \u00a0 | 1,119,745 | 1,309,976 | 1,007,018 | 3,436,739 |
| Thousands of Euros | EUR | USD | Other currencies | Total |
|---|---|---|---|---|
| Analysis of long term debts by currencies (including current portion) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | 1,625,000 | 634,325 | 12,966 | 2,272,291 |
| Other loans | 516,110 | - | - | 516,110 |
| Non-current financial debts (including current portion) | 2,141,110 | 634,325 | 12,966 | 2,788,401 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Non current financial debt | 2,019,445 | 2,316,994 |
| Current portion of non current financial debt | 215,156 | 546,670 |
| Current financial debt | 513,541 | 573,075 |
| Cash and cash equivalents | (1,515,490) | (2,012,523) |
| IFRS Net financial debt | 1,232,653 | 1,424,216 |
| excluding revaluation impact (*) | 33,181 | 1,016 |
| Net financial debt | 1,265,834 | 1,425,232 |
| (*) revaluation impact corresponds to the revaluation impact of financial debt denominated in a currency which is not the functional currency of the entity and for which the Group is hedged |
| Gross outstanding debt | \u00a0 |
|---|---|
| Short term bank loans | 11.9% |
| Long term bank loans | 65.8% |
| Commercial paper | 2.4% |
| Bank overdrafts | 1.1% |
| Lease liability | 2.2% |
| Convertible Bond | 14.4% |
| Other bank facilities | 2.2% |
| Millions of Euros | \u00a0 | 2023 | 2024 |
|---|---|---|---|
| Net financial debt | a | 1,265.8 | 1,425.2 |
| Equity of the Group | b | 3,697.4 | 1,921.8 |
| Total | c=a+b | 4,963.3 | 3,347.0 |
| Gearing ratio (%) | d=a/c | 25.5 | 42.6 |
| Thousands of Euros | Bank loans | Lease liability | Other loans | Total |
|---|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the beginning of previous year | 1,117,000 | 40,709 | 468,470 | 1,626,179 |
| . Increase | 602,989 | 31,469 | 12,553 | 647,011 |
| . Decrease | - | (20,064) | - | (20,064) |
| . Translation differences | (33,265) | (1,273) | (2) | (34,540) |
| . Transfers | (199,000) | (141) | - | (199,141) |
| At the end of previous year | 1,487,724 | 50,700 | 481,021 | 2,019,445 |
| . Increase | 751,725 | 29,688 | 29,716 | 811,130 |
| . Decrease | - | (21,460) | - | (21,460) |
| . Translation differences | 32,198 | 177 | 1 | 32,376 |
| . Transfers | (9,167) | (4,593) | (510,738) | (524,498) |
| At the end of the financial year | 2,262,480 | 54,513 | (0) | 2,316,994 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current portion of long-term financial debts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 199,000 | 16,156 | - | 215,156 |
| . Increase / decrease | (199,000) | - | 5,309 | (193,691) |
| . Translation differences | 644 | - | 64 | 707 |
| . Transfers | 9,167 | 4,593 | 510,738 | 524,498 |
| At the end of the financial year | 9,811 | 20,749 | 516,110 | 546,670 |
| Thousands of Euros | Short term bank loans | Bank overdrafts | Short term loan : commercial paper | Other loans | Total |
|---|---|---|---|---|---|
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At the end of the preceding financial year | 198,751 | 51,694 | 112,402 | 150,694 | 513,541 |
| . Increase / decrease | 200,431 | (10,468) | (29,629) | (99,565) | 60,768 |
| . Translation differences | (1,273) | (2,620) | - | 2,659 | (1,234) |
| At the end of the financial year | 397,909 | 38,606 | 82,773 | 53,787 | 573,075 |
Net financial debt at 31 December 2024 stood at \u20ac\u00a01,425.2 million compared with \u20ac1,265.8 million at the start of the year.
\nThe financial debt includes the Schuldschein issued in 2017 (\u20ac\u00a043 million; fair value \u20ac\u00a041.5 million), the US private placements issued in 2017 (\u20ac\u00a0360 million; fair value \u20ac\u00a0343.9 million), 2019 (\u20ac\u00a0390 million; fair value of \u20ac\u00a0359.6 million), 2023 (\u20ac\u00a0232 million and USD 363 million; fair value of \u20ac\u00a0246.9 million and USD 360.4 million respectively) and 2024 (\u20ac\u00a0225 million and USD 296 million; fair value of \u20ac\u00a0232.2 million and USD 289.4 million respectively), the European Investment Bank (EIB) loans issued in 2020 (\u20ac\u00a0125 million; fair value \u20ac\u00a0115.8 million) and 2024 (\u20ac\u00a0250 million; fair value \u20ac\u00a0259.4 million) and the convertible bond issued in 2020 (\u20ac\u00a0500 million; fair value \u20ac\u00a0493.8 million).
\nIn 2024, Umicore secured a \u20ac\u00a0350 million financing agreement with the European Investment Bank (EIB), of which \u20ac\u00a0250 million was drawn during the year. The remaining \u20ac\u00a0100 million remains available for future drawdowns. This financing is dedicated to supporting the company\u2019s research and development initiatives. Umicore also successfully issued a US Private Placement (USPP) in 2024, maintaining the same sustainability key performance indicators (KPIs) as previous issuances. All new loans obtained in 2024, i.e. the EIB financing and the USPP, are fixed-rate instruments. \u00a0
\nOn 31 December 2024 an amount of \u20ac\u00a0105.1 million was outstanding on the French NEU CP program (out of \u20ac\u00a0600 million available in the program).
\nOn 31 December 2024 there were no outstanding advances under the \u20ac\u00a0500 million sustainability-linked Syndicated Bank Credit Facility concluded in 2021 and maturing in October 2027, nor under the \u20ac\u00a0600 million sustainability-linked Syndicated Bank Credit Facility contracted in December 2023 and maturing in December 2028.
\nThe aforementioned Syndicated Bank Credit Facilities and the long term debt instruments require the Group to comply with certain \ufb01nancial covenants. Umicore has not faced any breach of those covenants in 2024 or in previous years.
\nThe long-term debts mainly consist of debt instruments in EUR. New US private placements were issued in April 2024 and drawn in July 2024. This new debt amounts to a total of \u20ac\u00a0225 million and USD 296 million, with the part in USD hedged to EUR with fix to fix cross-currency-swaps.
\nThe interest rate on the average gross debt amounted to 3.21% for full year 2024 (3.33% for full year 2023).
\nThe line \"New loans\" and \"Repayment of loans\" in the consolidated statement of cash flow does not include the movements on bank overdrafts and the currency translation differences, nor the theoretical phantom interests on the debt component part of the convertible debt (\u20ac\u00a010.7 million in 2024) which is non cash. The increase of other loans reflects the outstanding commercial paper and medium-term notes as well as the revaluation of the convertible bond approaching maturity.
\nThe net gearing ratio (see definition in Glossary) at the end of 2024 of 42.6% (25.5% in 2023) and the net financial debt over adjusted EBITDA ratio of 1.87x (compared to 1.30x end of 2023) position the Group well within its targeted capital structure limits.
\n| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of previous year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 16,156 | 50,700 | - | 66,857 |
| Credit Institutions | Fixed/Floating | 401,140 | 9,217 | - | 410,357 |
| Commercial Papers | Floating | 112,402 | - | - | 112,402 |
| Schuldschein | Fixed/Floating | 199,000 | 43,000 | - | 242,000 |
| US Private Placement | Fixed | - | 379,231 | 931,276 | 1,310,507 |
| EIB Loan | Fixed | - | 125,000 | - | 125,000 |
| Convertible Bond | Fixed | - | 481,021 | - | 481,021 |
| Total | \u00a0 | 728,698 | 1,088,169 | 931,276 | 2,748,143 |
| Thousands of Euros | Type of Interest | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total |
|---|---|---|---|---|---|
| Gross Financial debt of the year | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease Liabilities | \u00a0 | 20,749 | 54,513 | - | 75,263 |
| Credit Institutions | Fixed/Floating | 500,116 | 3,180 | - | 503,296 |
| Commercial Papers | Floating | 105,080 | - | - | 105,080 |
| Schuldschein | Fixed/Floating | - | 43,000 | - | 43,000 |
| US Private Placement | Fixed | - | 834,282 | 1,007,018 | 1,841,300 |
| EIB Loan | Fixed | - | 375,000 | - | 375,000 |
| Convertible Bond | Fixed | 493,800 | - | - | 493,800 |
| Total | \u00a0 | 1,119,745 | 1,309,976 | 1,007,018 | 3,436,739 |
| Thousands of Euros | EUR | USD | Other currencies | Total |
|---|---|---|---|---|
| Analysis of long term debts by currencies (including current portion) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | 1,625,000 | 634,325 | 12,966 | 2,272,291 |
| Other loans | 516,110 | - | - | 516,110 |
| Non-current financial debts (including current portion) | 2,141,110 | 634,325 | 12,966 | 2,788,401 |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Non current financial debt | 2,019,445 | 2,316,994 |
| Current portion of non current financial debt | 215,156 | 546,670 |
| Current financial debt | 513,541 | 573,075 |
| Cash and cash equivalents | (1,515,490) | (2,012,523) |
| IFRS Net financial debt | 1,232,653 | 1,424,216 |
| excluding revaluation impact (*) | 33,181 | 1,016 |
| Net financial debt | 1,265,834 | 1,425,232 |
| (*) revaluation impact corresponds to the revaluation impact of financial debt denominated in a currency which is not the functional currency of the entity and for which the Group is hedged |
| Gross outstanding debt | \u00a0 |
|---|---|
| Short term bank loans | 11.9% |
| Long term bank loans | 65.8% |
| Commercial paper | 2.4% |
| Bank overdrafts | 1.1% |
| Lease liability | 2.2% |
| Convertible Bond | 14.4% |
| Other bank facilities | 2.2% |
| Millions of Euros | \u00a0 | 2023 | 2024 |
|---|---|---|---|
| Net financial debt | a | 1,265.8 | 1,425.2 |
| Equity of the Group | b | 3,697.4 | 1,921.8 |
| Total | c=a+b | 4,963.3 | 3,347.0 |
| Gearing ratio (%) | d=a/c | 25.5 | 42.6 |
| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-522": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-523": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-526": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-527": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-528": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-529": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Non-current | \u00a0 | \u00a0 | \u00a0 |
| Long-term trade payables | \u00a0 | 32,296 | 160,562 |
| Other long-term debts | \u00a0 | 6,401 | 11,119 |
| Investment grants and deferred income from grants | \u00a0 | 56,409 | 55,403 |
| Total for continuing operations | \u00a0 | 95,106 | 227,083 |
| Current | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | 1,650,913 |
| Advances received on contracts in progress | \u00a0 | 27,916 | 38,259 |
| Tax payable (other than income tax) | \u00a0 | 24,903 | 46,707 |
| Payroll and related charges | \u00a0 | 180,201 | 173,253 |
| Other amounts payable | \u00a0 | 211,487 | 439,286 |
| Dividends payable | \u00a0 | 11,637 | 11,550 |
| Accrued interest payable | \u00a0 | 34,223 | 58,910 |
| Fair value payable financial instrument held for cash flow hedging | F34 | 26,032 | 72,981 |
| Fair value payable - financial instruments related to FV hedging (IFRS 9 hedge accounting) | F34 | 42,668 | 27,356 |
| Fair value payable - financial instruments related to FV hedging (economical hedging) | F34 | 2,362 | 224 |
| Fair value payable - financial instruments held for trading | \u00a0 | - | 6,109 |
| Accrued charges and deferred income | \u00a0 | 257,153 | 326,187 |
| Total for continuing operations | \u00a0 | 2,591,416 | 2,851,734 |
Non-current trade payables increased by \u20ac\u00a0132.0 million compared to 2023 and correspond to \u20ac\u00a0152.0 million of contract liability for performance obligations yet to be delivered as from 2026 and \u20ac\u00a08.5 million of financial liabilities that fall due more than 12 months after the end of the reporting period.
\nCompared with 31 December 2023, trade payables decreased, driven mainly by lower metal prices and include \u20ac\u00a0100 million contract liability for performance obligations yet to be delivered in 2025. Trade payables include bank acceptance drafts issued by Umicore in China. Bank acceptance drafts are a commonly used form of payment in China, often preferred by suppliers in view of their transferability, their use as financing collateral or their ability to be discounted. End of 2024, Umicore issued \u20ac\u00a0188 million of bank acceptance drafts in China (compared to \u20ac\u00a0231 million end of 2023). Trade payables end of 2024 include contracted metals to be repurchased for an amount of \u20ac\u00a0237.1 million (compared to \u20ac\u00a089 million end of 2023). The tax payables (other than income tax) mainly include VAT payables.
\nIn 2024, Umicore has entered into a payment services agreement through which one supplier can obtain early payments from the bank for invoices payable by Umicore. At end-December, the outstanding amount of discounted invoices equalled \u20ac\u00a036 million, representing ca. 72 days of remaining payment terms. This amount is recorded in other amounts payable. Next to this, for certain contracts, extended payment terms of ca. 90 days on average are noted compared to other contracts. For these, Umicore provides a confirmation to banks that suppliers invoices are correct and will be settled on the due date. At the end of 2024, invoices for such contracts represents a total outstanding payable amount of \u20ac\u00a052 million (compared to \u20ac\u00a0129 million end of 2023). Those outstanding payable are recorded in trade payables.
\nOther amounts payable also include \u20ac\u00a0250 million payable for the capital increase in IONWAY joint venture which was approved in December 2024 and paid in full in January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-537": { "value": "\n| Thousands of Euros | Provisions for soil clean-up & site rehabilitation | Other environmental provisions | Total |
|---|---|---|---|
| At the end of previous year | 103,016 | 37,786 | 140,802 |
| . Increase (included in \"Other operating expenses\") | 20,356 | 21,779 | 42,135 |
| . Reversal (included in \"Other operating expenses\") | (526) | (4,478) | (5,004) |
| . Use (included in \"Other operating expenses\") | (8,260) | (20,850) | (29,110) |
| . Discounting (included in \"Financial expenses\") | (85) | - | (85) |
| . Translation differences | (436) | (1) | (437) |
| At the end of the financial year | 114,065 | 34,236 | 148,301 |
| Of which - Non Current | 113,503 | 14,950 | 128,453 |
| Of which - Current | 562 | 19,286 | 19,848 |
Provisions for environmental legal and constructive obligations are recognized and measured by reference to an estimate of the probability of future cash out\ufb02ows as well as to historical data based on the facts and circumstances known at the end of the reporting period. The actual liability may differ from the amounts recognized.
\nProvisions increased overall by \u20ac\u00a07.5 million, with additional provisions which are higher than the uses and reversals of existing provisions.
\nThe increase of \u20ac\u00a011.0 million of provisions for soil and site rehabilitation are mainly related to revised provisions taken for former industrial activities. The use of provisions in 2024 mainly relates to the green zone neighboring the Hoboken plant for \u20ac\u00a02.3 million and the remaining use of the period is linked to the realization of site remediation programs in France, in the USA, in Brazil and in Belgium.
\nEarly 2020, the Federal Agency for Nuclear Control issued guiding principles for the permanent remediation of the legacy radioactive material related to Umicore\u2019s Olen site in Belgium. Joint working groups have been established, including governmental agencies such as NIRAS/ONDRAF, OVAM, FANC and Umicore to elaborate a roadmap describing the different steps that need to be taken to reach a sustainable solution for the remediation of the contamination linked to the historical radium production activities. The provision will be adapted in view of changing circumstances and insights developed during the project. Developing and implementing this detailed roadmap is currently expected to take several years. Umicore will in the meantime continue the monitoring works to guarantee that no risks are emanating from those remnants, neither for the workers on site, nor for the surrounding population.
\nThe movements of the other environmental provisions are mainly related to CO2 emission rights in Belgium. The use relates to the CO2 emission rights remitted for the past year and the reversal represents the difference between the estimate of CO2 emission rights to remit and the actual CO2 emission rights remitted for prior year. The increase represents the Group's estimate of the actual use of the period.
\nManagement expects the most signi\ufb01cant cash out\ufb02ows on these projects for non-current elements to take place within 10 years.
\n| Thousands of Euros | Provisions for reorganisation & restructuring | Provisions for litigation | Provisions for other liabilities and charges | Total |
|---|---|---|---|---|
| At the end of the previous year | 29,661 | 2,141 | 94,626 | 126,428 |
| . Increase (included in \"Other operating expenses\") | 155,982 | 1,827 | 62,782 | 220,590 |
| . Reversal (included in \"Other operating expenses\") | (897) | - | (33,075) | (33,972) |
| . Use (included in \"Other operating expenses\") | (18,273) | - | (2,710) | (20,983) |
| . Discounting (included in \"Financial expenses\") | (1,266) | - | 227 | (1,039) |
| . Translation differences | (2,074) | - | (747) | (2,820) |
| . Other movements | 0 | - | (1,534) | (1,534) |
| At the end of the financial year for continuing operations | 163,132 | 3,968 | 119,569 | 286,670 |
| Of which - Non Current | 45,027 | 1,952 | 89,521 | 136,500 |
| Of which - Current | 118,106 | 2,016 | 30,048 | 150,170 |
Provisions for reorganization and restructuring and other liabilities and charges are recognized and measured by reference to an estimate of the probability of future out\ufb02ow of cash as well as to historical data based on the facts and circumstances known at the end of the reporting period. The actual liability may differ from the amounts recognized.
\nProvisions for other liabilities and charges relate to provisions for onerous contracts, warranty and quality recall risks (\u20ac\u00a081.4 million) and other provisions (\u20ac\u00a038.2 million).
\nIn 2024, provisions increased overall by \u20ac\u00a0160.2 million.
\nThe increase of provisions for reorganization and restructuring (\u20ac\u00a0156.0 million) mainly relates to provisions in Battery Materials (\u20ac\u00a093 million) following the decision to pause the construction of the battery materials plant in Canada and other provisions for risks arising from the revised business plan (see NoteF18). \u00a0Additionally, provisions increased resulting from the announced restructurings in Catalysis and Corporate, respectively in the R&D departments and in various corporate and support functions. The uses of provision for reorganization and restructuring (\u20ac\u00a018.3 million) mostly concern the execution of the previously announced restructurings of a site reconfiguration in Korea for Battery Materials.
\nThe net increase of other provisions for liabilities and charges includes \u20ac\u00a035.5 million of additional provision for onerous contracts and other risks in Battery Materials (see Note F18) partially offset by a net reversal of provision for warranty and quality recall risks linked to risks in automotive end-market applications in Battery Materials. The use of provisions (\u20ac\u00a02.7 million) mainly relates to onerous contract and recall warranty provisions accrued in prior years.
\nThe provisions for litigation are not including the tax provisions related to IFRIC 23 as those are booked under the line Income tax payable in the balance sheet.
\nNo reliable estimation could be made regarding the expected timing of cash outflows related to the non-current part of the provisions for other liabilities and charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-539": { "value": "\n| Thousands of Euros | Provisions for reorganisation & restructuring | Provisions for litigation | Provisions for other liabilities and charges | Total |
|---|---|---|---|---|
| At the end of the previous year | 29,661 | 2,141 | 94,626 | 126,428 |
| . Increase (included in \"Other operating expenses\") | 155,982 | 1,827 | 62,782 | 220,590 |
| . Reversal (included in \"Other operating expenses\") | (897) | - | (33,075) | (33,972) |
| . Use (included in \"Other operating expenses\") | (18,273) | - | (2,710) | (20,983) |
| . Discounting (included in \"Financial expenses\") | (1,266) | - | 227 | (1,039) |
| . Translation differences | (2,074) | - | (747) | (2,820) |
| . Other movements | 0 | - | (1,534) | (1,534) |
| At the end of the financial year for continuing operations | 163,132 | 3,968 | 119,569 | 286,670 |
| Of which - Non Current | 45,027 | 1,952 | 89,521 | 136,500 |
| Of which - Current | 118,106 | 2,016 | 30,048 | 150,170 |
Provisions for reorganization and restructuring and other liabilities and charges are recognized and measured by reference to an estimate of the probability of future out\ufb02ow of cash as well as to historical data based on the facts and circumstances known at the end of the reporting period. The actual liability may differ from the amounts recognized.
\nProvisions for other liabilities and charges relate to provisions for onerous contracts, warranty and quality recall risks (\u20ac\u00a081.4 million) and other provisions (\u20ac\u00a038.2 million).
\nIn 2024, provisions increased overall by \u20ac\u00a0160.2 million.
\nThe increase of provisions for reorganization and restructuring (\u20ac\u00a0156.0 million) mainly relates to provisions in Battery Materials (\u20ac\u00a093 million) following the decision to pause the construction of the battery materials plant in Canada and other provisions for risks arising from the revised business plan (see NoteF18). \u00a0Additionally, provisions increased resulting from the announced restructurings in Catalysis and Corporate, respectively in the R&D departments and in various corporate and support functions. The uses of provision for reorganization and restructuring (\u20ac\u00a018.3 million) mostly concern the execution of the previously announced restructurings of a site reconfiguration in Korea for Battery Materials.
\nThe net increase of other provisions for liabilities and charges includes \u20ac\u00a035.5 million of additional provision for onerous contracts and other risks in Battery Materials (see Note F18) partially offset by a net reversal of provision for warranty and quality recall risks linked to risks in automotive end-market applications in Battery Materials. The use of provisions (\u20ac\u00a02.7 million) mainly relates to onerous contract and recall warranty provisions accrued in prior years.
\nThe provisions for litigation are not including the tax provisions related to IFRIC 23 as those are booked under the line Income tax payable in the balance sheet.
\nNo reliable estimation could be made regarding the expected timing of cash outflows related to the non-current part of the provisions for other liabilities and charges.
\nThe Group is subject to a number of claims and legal proceedings incidental to the normal conduct of its business which are properly provisioned. Management does not believe that such claims and proceedings are likely to have a material adverse effect on the financial condition of Umicore.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-540": { "value": "\n| Thousands of Euros | Notes | 31/12/2023 | 30/06/2024 | 31/12/2024 |
|---|---|---|---|---|
| Intangible assets | F14,F15 | 381,041 | 390,064 | 387,160 |
| Property, plant and equipment | F16 | 3,036,744 | 2,184,500 | 2,390,380 |
| Investments accounted for using the equity method | F17 | 314,734 | 339,058 | 588,495 |
| Other equity investments | F19 | 19,545 | 21,121 | 22,642 |
| Inventories | F20 | 2,850,106 | 2,359,493 | 2,251,676 |
| Non current receivable (excluding assets employee benefits) | F21 | 24,563 | 22,381 | 21,679 |
| Current trade and other receivables for capital employed calculation | \u00a0 | 1,283,846 | 1,122,824 | 1,206,508 |
| Income tax receivable | \u00a0 | 87,806 | 73,703 | 75,970 |
| Assets included in capital employed | \u00a0 | 7,998,385 | 6,513,145 | 6,944,510 |
| Non-current trade and other payables | F26 | 95,106 | 133,159 | 227,083 |
| Current trade and other payables for capital employed calculation | \u00a0 | 2,565,384 | 2,495,358 | 2,778,753 |
| Translation reserves | F24 | (148,806) | (150,760) | (157,350) |
| Non-current provisions | F30,F31 | 214,189 | 271,443 | 264,953 |
| Current provisions | F30,F31 | 53,041 | 52,585 | 170,018 |
| Income tax payable | \u00a0 | 222,803 | 196,851 | 208,408 |
| Liabilities included in capital employed | \u00a0 | 3,001,717 | 2,998,636 | 3,491,866 |
| Capital employed | \u00a0 | 4,996,668 | 3,514,510 | 3,452,644 |
| Eliminations | \u00a0 | 4,978 | 1,875 | 1,040 |
| Capital employed of assets held for sale | \u00a0 | 0 | 0 | 31,643 |
| Capital employed as published | \u00a0 | 5,001,646 | 3,516,384 | 3,485,326 |
| Average Capital Employed in first half of the year (*) | \u00a0 | 4,905,881 | \u00a0 | 4,259,015 |
| Average Capital Employed in second half of the year (**) | \u00a0 | 5,048,706 | \u00a0 | 3,500,855 |
| Average Capital Employed for the period | \u00a0 | 4,977,294 | \u00a0 | 3,879,935 |
| Adjusted EBIT | F9 | 673,566 | \u00a0 | 477,744 |
| ROCE | \u00a0 | 13.53% | \u00a0 | 12.31% |
| (*) calculated as the average of the Capital Employed at June 30 and the Capital Employed at the end of the previous year | ||||
| (**) calculated as the average of the Capital employed at the end of the period and the capital employed at June 30 |
The current trade and other receivables used for the calculation of the capital employed do not take into account the margin calls (\u20ac\u00a01.3 million at the end of 2024) and the gains booked on the mark-to-market value of strategic hedging instruments (\u20ac\u00a031.5 million in 2024). The current trade and other payables used for the calculation of the capital employed do not take into account the losses booked on the mark-to-market value of strategic hedging instruments (\u20ac\u00a073.0 million at the end of 2024).
\nAverage capital employed for the period is calculated as the average of the capital employed of both half years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-541": { "value": "\n| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 19,545 | - | - | - | - | 19,545 |
| Other equity investments | 1 | 19,545 | - | - | - | - | 19,545 |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Trade and other receivables | \u00a0 | 1,387,175 | 40,629 | 65,452 | 64,096 | 1,216,998 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | - | - | - | 10,402 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 14,161 | - | - | - | 14,161 | - |
| Assets employee benefits | \u00a0 | 5,129 | - | - | - | 5,129 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | - | - | - | 984,968 | - |
| Trade receivables (write-down) | \u00a0 | (16,340) | - | - | - | (16,340) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | - | - | - | 219,056 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 64,096 | - | - | 64,096 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 106,081 | 40,629 | 65,452 | - | - | - |
| Cash and cash equivalents | \u00a0 | 1,515,490 | - | - | - | 1,515,490 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,082,190 | - | - | - | 1,082,190 | - |
| Short-term investments: term deposits (other) | \u00a0 | 102,399 | - | - | - | 102,399 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 330,901 | - | - | - | 330,901 | - |
| Total of financial instruments (Assets) | \u00a0 | 2,924,903 | 40,629 | 65,452 | 64,096 | 2,735,181 | 19,545 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 2,908,228 | - | - | - | 2,748,143 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 1,647,809 | - | - | - | 1,487,724 | - |
| Lease liability | \u00a0 | 50,700 | - | - | - | 50,700 | - |
| Other loans | \u00a0 | 481,021 | - | - | - | 481,021 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 397,751 | - | - | - | 397,751 | - |
| Lease liability | \u00a0 | 16,156 | - | - | - | 16,156 | - |
| Bank overdrafts | \u00a0 | 51,694 | - | - | - | 51,694 | - |
| Short term loan: commercial paper | \u00a0 | 112,402 | - | - | - | 112,402 | - |
| Other loans | \u00a0 | 150,694 | - | - | - | 150,694 | - |
| Trade and other payables | \u00a0 | 2,686,521 | 2,362 | 42,668 | 26,032 | 2,615,459 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 32,296 | - | - | - | 32,296 | - |
| Other long term debts | \u00a0 | 6,401 | - | - | - | 6,401 | - |
| Investments grants and deferred income from grants | \u00a0 | 56,409 | - | - | - | 56,409 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | - | - | - | 1,772,833 | - |
| Advances received on contracts in progress | \u00a0 | 27,916 | - | - | - | 27,916 | - |
| Tax - other than income tax - payable | \u00a0 | 24,903 | - | - | - | 24,903 | - |
| Payroll and related charges | \u00a0 | 180,201 | - | - | - | 180,201 | - |
| Other amounts payable | \u00a0 | 211,487 | - | - | - | 211,487 | - |
| Dividends payable | \u00a0 | 11,637 | - | - | - | 11,637 | - |
| Accrued interest payable | \u00a0 | 34,223 | - | - | - | 34,223 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 26,032 | - | - | 26,032 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 45,030 | 2,362 | 42,668 | - | - | - |
| Accrued charges and deferred income | \u00a0 | 257,153 | - | - | - | 257,153 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 5,594,749 | 2,362 | 42,668 | 26,032 | 5,363,602 | - |
| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 22,642 | - | - | - | - | 22,642 |
| Other equity investments | 1 | 22,642 | - | - | - | - | 22,642 |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Trade and other receivables | \u00a0 | 1,266,641 | 57,819 | 52,363 | 31,497 | 1,124,961 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,696 | - | - | - | 10,696 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 10,983 | - | - | - | 10,983 | - |
| Assets employee benefits | \u00a0 | 5,663 | - | - | - | 5,663 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 789,698 | - | - | - | 789,698 | - |
| Trade receivables (write-down) | \u00a0 | (18,851) | - | - | - | (18,851) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 327,150 | - | - | - | 327,150 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 31,497 | - | - | 31,497 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 104,882 | 52,519 | 52,363 | - | - | - |
| Fair value receivable - financial instruments related to PPA's | 3 | 5,300 | 5,300 | - | - | - | - |
| Cash and cash equivalents | \u00a0 | 2,012,523 | - | - | - | 2,012,523 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,314,921 | - | - | - | 1,314,921 | - |
| Short-term investments: term deposits (other) | \u00a0 | 10,356 | - | - | - | 10,356 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 687,246 | - | - | - | 687,246 | - |
| Total of financial instruments (Assets) | \u00a0 | 3,305,493 | 57,819 | 52,363 | 31,497 | 3,141,171 | 22,642 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 3,398,958 | - | - | - | 3,436,739 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 2,224,700 | - | - | - | 2,262,480 | - |
| Lease liability | \u00a0 | 54,513 | - | - | - | 54,513 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 407,719 | - | - | - | 407,719 | - |
| Lease liability | \u00a0 | 20,749 | - | - | - | 20,749 | - |
| Bank overdrafts | \u00a0 | 38,606 | - | - | - | 38,606 | - |
| Short term loan: commercial paper | \u00a0 | 82,773 | - | - | - | 82,773 | - |
| Other loans | \u00a0 | 569,897 | - | - | - | 569,897 | - |
| Trade and other payables | \u00a0 | 3,078,819 | 224 | 27,356 | 72,981 | 2,978,258 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 160,562 | - | - | - | 160,562 | - |
| Other long term debts | \u00a0 | 11,119 | - | - | - | 11,119 | - |
| Investments grants and deferred income from grants | \u00a0 | 55,403 | - | - | - | 55,403 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,650,913 | - | - | - | 1,650,913 | - |
| Advances received on contracts in progress | \u00a0 | 38,259 | - | - | - | 38,259 | - |
| Tax - other than income tax - payable | \u00a0 | 46,707 | - | - | - | 46,707 | - |
| Payroll and related charges | \u00a0 | 173,253 | - | - | - | 173,253 | - |
| Other amounts payable | \u00a0 | 439,286 | - | - | - | 439,286 | - |
| Dividends payable | \u00a0 | 11,550 | - | - | - | 11,550 | - |
| Accrued interest payable | \u00a0 | 58,910 | - | - | - | 58,910 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 72,981 | - | - | 72,981 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 27,580 | 224 | 27,356 | - | - | - |
| Fair value payable - financial instruments held for trading | 2 | 6,109 | - | - | - | 6,109 | - |
| Accrued charges and deferred income | \u00a0 | 326,187 | - | - | - | 326,187 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 6,477,777 | 224 | 27,356 | 72,981 | 6,414,997 | - |
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 F25).
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period.
\nThe 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 power purchase agreements for which own use can not be applied is determined using forward market prices of electricity at the end of the reporting period for three years ahead and market-oriented indexation for the years after that as well as an estimate of the future volume that will be produced.
\nThe fair value of quoted financial assets held by the Group is their quoted market price at the end of the reported period. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less impairment.
\nThe 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.
\nDisclosures of fair value measurements by level are based on the following fair value measurement hierarchy:
Level 1: fair value based on quoted prices in active markets for identical assets or liabilities
Level 2: fair value based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3: fair value for the asset or liability valuation are based on unobservable inputs
In the Group, the fair values on financial assets at fair value through OCI are measured as level 1.
\nAll the metal, energy and foreign currency derivatives are measured as level 2.
\nFinancial instruments related to power purchase agreements for which own use can not be applied are measured as level 3.
\nDuring the year, there were no transfer between levels in the fair value hierarchy.
\nUmicore is sensitive to commodity prices, foreign currency and interest rate risk on its financial instruments. The fair values of the financial instruments reflect the difference between the contract rates and the closing rates. The sensitivity calculations are performed by stressing the closing rates (being commodity prices, currency exchange rates, electricity and gas prices and interest rates) with 10% up and down. The market values in the stressed scenario\u2019s are then compared to the original market values.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging sales would have been \u20ac\u00a08.3 million lower/higher if the metal prices would strengthen/weaken by 10%.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging purchases would have been \u20ac\u00a014.0 million higher/lower if the energy prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales hedge compliant \ufb01nancial instruments would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases hedge compliant \ufb01nancial instruments would have been \u20ac\u00a09.9 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases \ufb01nancial instruments according to economic logic would have been \u20ac\u00a00.7 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic (level 3) would have been \u20ac\u00a01.1 million lower/higher if the volume of electricity would be 10% lower/higher. The fair value of those instruments would have been \u20ac\u00a08.6 million lower/higher if the forward electricity price would have been 10% lower/higher.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a044.7 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a054.6 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a09.1 million lower if the USD would strengthen against KRW by 10% and would have been \u20ac\u00a09.1 million higher if the USD would weaken against KRW by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a03.8 million lower if the USD would strengthen against CNY by 10% and would have been \u20ac\u00a03.8 million higher if USD would weaken against CNY by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a017.1 million lower if the USD would strengthen against BRL by 10% and would have been \u20ac\u00a017.1 million higher if USD would weaken against BRL by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a02.8 million lower if the USD would strengthen against CAD by 10% and would have been \u20ac\u00a03.5 million higher if USD would weaken against CAD by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a08.5 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a010.4 million higher if EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a059.9 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a073.2 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a010.6 million lower if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a012.9 million higher if the EUR would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to USD would have been \u20ac\u00a05.6 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a06.9 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a014.4 million higher if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a017.6 million lower if the EUR would weaken against CNY by 10%.
\nThe fair value of net position of current assets and liabilities exposed to CNY would have been \u20ac\u00a013.3 million lower if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a016.2 million higher if the EUR would weaken against CNY by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a02.2 million higher if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a02.7 million lower if the EUR would weaken against PLN by 10%.
\nThe fair value of net position of current assets and liabilities exposed to PLN would have been \u20ac\u00a01.6 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a01.9 million higher if the EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a011.6 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a013.0 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a01.3 million higher if the KRW would strengthen against USD by 10% and would have been \u20ac\u00a01.1 million lower if the KRW would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to KRW would have been \u20ac\u00a05.9 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a07.3 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of long term loans would have been \u20ac\u00a034.2 million lower if interest rate levels would increase by 10% and \u20ac\u00a035.1 million higher if interest rate levels would decrease by 10%.
\nUmicore hedges its structural and transactional commodity (metal and energy), currency and interest rate risks using respectively commodity derivatives (mainly quoted on the London Metal Exchange), currency derivatives and cross-currency interest rate swaps with reputable brokers and banks.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales | 145,109 | 105,020 | 25,360 | 22,071 | (3,289) |
| Forward commodities purchases | (91,956) | (108,168) | (8,450) | (3,550) | 4,900 |
| Forward currency contracts sales | 862,143 | 760,779 | 27,038 | (50,779) | (77,817) |
| Forward currency contracts purchases | (532,080) | (95,951) | 3,164 | 3,275 | 111 |
| Forward (cross-currency) IRS contracts | 617,724 | 899,135 | (9,049) | (12,500) | (3,451) |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 38,063 | (41,484) | (79,547) |
| recognized under trade and other receivables | \u00a0 | \u00a0 | 64,096 | 31,497 | \u00a0 |
| recognized under trade and other payables | \u00a0 | \u00a0 | (26,032) | (72,981) | \u00a0 |
| Total fair value impact associates and joint ventures | \u00a0 | \u00a0 | (218) | (1,897) | \u00a0 |
| Total | \u00a0 | \u00a0 | 37,846 | (43,381) | \u00a0 |
The principles and documentation on the hedged risks as well as the timing related to the Group\u2019s cash flow hedging operations are included in Note F3 Financial risk management.
\nThe fair values of the effective hedging instruments are in the first instance recognized in the fair value reserves recorded in equity and are derecognized when the underlying forecasted or committed transactions occur (see Note F24).
\nThe forward commodities sales contracts are set up to hedge primarily the following commodities: gold, silver, palladium, platinum, rhodium, nickel, lead, cobalt and copper. The forward commodity purchase contracts are set up to hedge primarily the electricity, gas and fuel oil price risks and aluminium. The forward currency contracts are set up to hedge USD towards EUR, KRW, CNY, BRL and CAD as well as EUR towards PLN, for its structural currency exposure. The terms and conditions of the forward contracts are common market conditions.
\nCross-currency interest rate swap contracts are set up to hedge the issuance of US private placements and intercompany loans to Group's entities whose functional currency is different from the loan currency.
\nFollowing the decision to halt the construction of its Battery Materials plant in Canada, the Group unwound its forward contracts in 2024, which were initially set up to hedge future capital expenditures. This was achieved by entering into offsetting forward contracts. These contracts are now classified as financial instruments held for trading. Umicore did not encounter any other cash flow hedging ineffectiveness in the profit and loss statements for 2023 and 2024.
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the closing rates. The total fair value of financial instruments for cash-flow hedging has a negative impact on the fair value reserves in equity at end of 2024. This negative impact is most significant for forward currency contracts sold and cross-currency interest swaps, while commodities sold offset part of this negative impact. All of the hedging instruments have their maturity within the next three years except for the cross currency interest rate swaps related to the new issuance of US private placements which have longer maturities.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales (IFRS 9- hedge accounting) | 333,053 | 316,806 | 57,703 | 30,601 | (27,102) |
| Forward commodities sales (economic hedging) | 192,036 | 303,253 | 36,812 | 52,508 | 15,696 |
| Forward commodities purchases (IFRS 9- hedge accounting) | (46,583) | (157,593) | (2,369) | (5,666) | (3,297) |
| Forward commodities purchases (economic hedging) | (4,368) | (100,797) | 1,455 | 5,087 | 3,632 |
| Forward currency contracts sales | 1,112,287 | 1,332,316 | 4,290 | (18,283) | (22,573) |
| Forward currency contracts purchases | (433,505) | (944,144) | (36,840) | 18,355 | 55,195 |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 61,051 | 82,602 | 21,551 |
| recognized under trade and other receivables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | 65,452 | 52,363 | \u00a0 |
| recognized under trade and other receivables (economic hedging) | \u00a0 | \u00a0 | 40,629 | 57,819 | \u00a0 |
| recognized under trade and other payables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | (42,668) | (27,356) | \u00a0 |
| recognized under trade and other payables (economic hedging) | \u00a0 | \u00a0 | (2,362) | (224) | \u00a0 |
| Total | \u00a0 | \u00a0 | 61,051 | 82,602 | \u00a0 |
The principles and documentation related to the Group\u2019s transactional hedging are included in Note F3 \u201cFinancial Risk Management\u201d. Under Umicore\u2019s economical hedging policy, financial instruments for currency and commodity hedging are used to protect the fair value of underlying hedged items (assets, liabilities and firm commitments) and are recognized at fair value at closing date. Umicore obtained for the fair value hedging of its currency risk exposures hedge accounting under the criteria of IFRS 9 (see Note F2.22.1).
\nFor the fair value hedging of its commodity risk exposures, Umicore did not obtain hedge accounting under the criteria of IFRS 9 for some metals. Hedge accounting principles are accepted for copper, lead and nickel. In the absence of hedge accounting, the financial instruments are measured at fair value as if they were held for trading. However, such instruments are being used to cover existing transactions, considered as hedged items under Umicore transactional hedging risk policy (primarily inventory and firm commitments) and so these commodity hedging instruments held for trading are not speculative in nature.
\nThe fair values are immediately recognized in the income statement under Other Operating income for the commodity instruments and the Net Finance cost for the currency instruments. The adjustments for the hedged items as well as the hedging instruments are recorded in the following caption of the statement of financial position: \"trade and other receivables\" and \"trade and other payables\".
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the market closing rates. In view of the intent of the Group policy on transactional hedging, the net impact on operating income of fair value movements on both hedging instruments and hedged items is neutral. The booking of the fair value movements on financial instruments under fair value hedging had a postive impact on the operating income at the end of 2024. Most of the fair values of the hedging instruments are not significant as the closing rates do not materially differ from the strike rates. Only for the commodities sold and purchased the fair values are significant. These concern metal hedging instruments of which most have their maturity within the next year. The forward commodities sales contracts are set up to hedge primarily the following commodities: nickel, lead and copper. The forward commodity purchase contracts are set up to hedge primarily nickel, lead and copper. The forward currency contracts are set up to hedge mainly USD towards EUR, BRL and KRW as well as EUR towards CNY, KRW, and PLN.
\nThe forward contracts following the economic logic are contracts to hedge following commodities: silver, gold, platinum, palladium and lithium.
\n| \u00a0 | 31/12/2023 | 31/12/2024 | \u00a0 | \u00a0 | \u00a0 | ||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Fair Value Hedged Items | Fair Value Hedging Instruments | Fair Value Hedged Items | Fair Value Hedging Instruments | Change in Fair Value Hedged Items | Change in Fair Value Hedging Instruments | Ineffectiveness |
| Transactional metal hedges | (58,031) | 61,908 | (9,891) | 22,868 | 48,140 | (39,040) | 9,100 |
The main source of hedge ineffectiveness on the fair value hedging originates from differences in maturity dates between the hedging instruments and the underlying hedged item. With respect to the fair value currency hedges, the hedged items are mirroring the hedging instruments and are included in various sections of the balance sheet.
\n| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| FINANCIAL INSTRUMENTS ASSETS (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 9,217 | 9,217 | - | - | - | 228 | 228 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 6,818 | 13,241 | 43,139 | 72,368 | 135,566 | 3,375 | 4,759 | 14,977 | 3,257 | 26,368 |
| Total forward purchases (CFH) | 317 | 634 | 1,585 | - | 2,536 | 11 | 25 | 105 | - | 141 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 57,693 | 60,772 | 113,224 | 39,074 | 270,763 | 4,544 | 10,609 | 32,187 | 11,548 | 58,888 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 1,468 | 957 | - | - | 2,425 | 66 | 2 | - | - | 68 |
| Total forward sales (FV economic hedging) | 7,844 | 21,510 | 25,477 | 44,462 | 99,293 | 4,084 | 10,815 | 9,543 | 14,557 | 38,999 |
| Total forward purchases (FV economic hedging) | 1 | 1,987 | - | - | 1,988 | 1,555 | 75 | - | - | 1,630 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 24,746 | 52,313 | 238,371 | 184,134 | 499,564 | 1,222 | 2,395 | 14,192 | 10,714 | 28,523 |
| Forward currency contracts purchases (CFH) | 4,839 | 9,679 | 48,044 | 82,959 | 145,521 | 760 | 1,498 | 6,432 | 145 | 8,835 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 192,401 | 368,968 | 220,042 | 14,679 | 796,090 | 1,330 | 2,711 | 1,798 | 50 | 5,889 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 33,927 | 14,814 | 2,817 | 2,924 | 54,482 | 240 | 219 | 154 | (6) | 607 |
| FINANCIAL INSTRUMENTS LIABILITIES (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 25,000 | 195,000 | 388,507 | 608,507 | - | (469) | (5,264) | (3,544) | (9,277) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 426 | 854 | 3,862 | 4,401 | 9,543 | (15) | (32) | (223) | (738) | (1,008) |
| Total forward purchases (CFH) | - | - | 32,948 | 56,472 | 89,420 | - | - | (987) | (7,604) | (8,591) |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 22,130 | 21,407 | 18,753 | - | 62,290 | (690) | (263) | (232) | - | (1,185) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 19,302 | 24,856 | - | - | 44,158 | (999) | (1,438) | - | - | (2,437) |
| Total forward sales (FV economic hedging) | - | 73,654 | 19,089 | - | 92,743 | - | (801) | (1,386) | - | (2,187) |
| Total forward purchases (FV economic hedging) | 2,380 | - | - | - | 2,380 | (175) | - | - | - | (175) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 29,906 | 4,320 | 130,712 | 197,641 | 362,579 | (1,345) | (508) | (3,719) | 4,087 | (1,485) |
| Forward currency contracts purchases (CFH) | - | - | 43,710 | 342,849 | 386,559 | - | - | (657) | (5,014) | (5,671) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 156,626 | 58,915 | 72,301 | 28,355 | 316,197 | (735) | (339) | (449) | (76) | (1,599) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 232,993 | 35,061 | 90,980 | 19,989 | 379,023 | (1,264) | (342) | (2,525) | (33,316) | (37,447) |
| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| Financial Instruments Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 9,811 | 195,000 | 60,000 | 264,811 | - | 22 | 1,856 | (131) | 1,747 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 2,912 | 8,351 | 41,229 | 30,885 | 83,376 | 1,910 | 3,138 | 13,177 | 8,019 | 26,244 |
| Total forward purchases (CFH) | 419 | 849 | 2,682 | 397 | 4,347 | 15 | 30 | 154 | 33 | 231 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 107,283 | 107,465 | 78,199 | 23,859 | 316,806 | 6,493 | 7,321 | 14,206 | 2,580 | 30,601 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 472 | - | - | - | 472 | 17 | - | - | - | 17 |
| Total forward sales (FV economic hedging) | 7,563 | 82,966 | 187,204 | 25,521 | 303,253 | 4,056 | 6,964 | 30,994 | 10,495 | 52,508 |
| Total forward purchases (FV economic hedging) | 1,077 | - | - | - | 1,077 | 12 | - | - | - | 12 |
| Total forward purchases (FV economic hedging) - PPA's | - | - | - | 93,595 | 93,595 | - | - | - | 5,300 | 5,300 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts purchases (CFH) | 7,021 | 7,021 | 70,208 | 11,701 | 95,951 | 375 | 358 | 2,473 | 69 | 3,275 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 36,756 | 53,057 | 80,618 | - | 170,431 | - | 1,262 | 1,993 | - | 3,255 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | 6,021 | 3,395 | 8,384 | 690 | 18,490 |
| Financial Instruments Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 634,325 | 634,325 | - | - | - | (14,247) | (14,247) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 1,170 | 1,488 | 9,433 | 9,553 | 21,644 | (452) | (150) | (2,188) | (1,382) | (4,173) |
| Total forward purchases (CFH) | - | - | 31,659 | 72,162 | 103,821 | - | - | 1,581 | (5,363) | (3,782) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 51,087 | 63,677 | 42,357 | - | 157,121 | (1,089) | (2,266) | (2,328) | - | (5,683) |
| Total forward purchases (FV economic hedging) | 6,126 | - | - | - | 6,126 | (224) | - | - | - | (224) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 46,263 | 61,565 | 335,680 | 317,271 | 760,779 | (3,224) | (4,257) | (22,244) | (21,054) | (50,779) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 502,447 | 336,940 | 294,641 | 27,857 | 1,161,885 | (1,877) | (3,519) | (15,273) | (869) | (21,538) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | (11) | (22) | (102) | - | (135) |
| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 19,545 | - | - | - | - | 19,545 |
| Other equity investments | 1 | 19,545 | - | - | - | - | 19,545 |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Trade and other receivables | \u00a0 | 1,387,175 | 40,629 | 65,452 | 64,096 | 1,216,998 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | - | - | - | 10,402 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 14,161 | - | - | - | 14,161 | - |
| Assets employee benefits | \u00a0 | 5,129 | - | - | - | 5,129 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | - | - | - | 984,968 | - |
| Trade receivables (write-down) | \u00a0 | (16,340) | - | - | - | (16,340) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | - | - | - | 219,056 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 64,096 | - | - | 64,096 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 106,081 | 40,629 | 65,452 | - | - | - |
| Cash and cash equivalents | \u00a0 | 1,515,490 | - | - | - | 1,515,490 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,082,190 | - | - | - | 1,082,190 | - |
| Short-term investments: term deposits (other) | \u00a0 | 102,399 | - | - | - | 102,399 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 330,901 | - | - | - | 330,901 | - |
| Total of financial instruments (Assets) | \u00a0 | 2,924,903 | 40,629 | 65,452 | 64,096 | 2,735,181 | 19,545 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 2,908,228 | - | - | - | 2,748,143 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 1,647,809 | - | - | - | 1,487,724 | - |
| Lease liability | \u00a0 | 50,700 | - | - | - | 50,700 | - |
| Other loans | \u00a0 | 481,021 | - | - | - | 481,021 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 397,751 | - | - | - | 397,751 | - |
| Lease liability | \u00a0 | 16,156 | - | - | - | 16,156 | - |
| Bank overdrafts | \u00a0 | 51,694 | - | - | - | 51,694 | - |
| Short term loan: commercial paper | \u00a0 | 112,402 | - | - | - | 112,402 | - |
| Other loans | \u00a0 | 150,694 | - | - | - | 150,694 | - |
| Trade and other payables | \u00a0 | 2,686,521 | 2,362 | 42,668 | 26,032 | 2,615,459 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 32,296 | - | - | - | 32,296 | - |
| Other long term debts | \u00a0 | 6,401 | - | - | - | 6,401 | - |
| Investments grants and deferred income from grants | \u00a0 | 56,409 | - | - | - | 56,409 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | - | - | - | 1,772,833 | - |
| Advances received on contracts in progress | \u00a0 | 27,916 | - | - | - | 27,916 | - |
| Tax - other than income tax - payable | \u00a0 | 24,903 | - | - | - | 24,903 | - |
| Payroll and related charges | \u00a0 | 180,201 | - | - | - | 180,201 | - |
| Other amounts payable | \u00a0 | 211,487 | - | - | - | 211,487 | - |
| Dividends payable | \u00a0 | 11,637 | - | - | - | 11,637 | - |
| Accrued interest payable | \u00a0 | 34,223 | - | - | - | 34,223 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 26,032 | - | - | 26,032 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 45,030 | 2,362 | 42,668 | - | - | - |
| Accrued charges and deferred income | \u00a0 | 257,153 | - | - | - | 257,153 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 5,594,749 | 2,362 | 42,668 | 26,032 | 5,363,602 | - |
| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 22,642 | - | - | - | - | 22,642 |
| Other equity investments | 1 | 22,642 | - | - | - | - | 22,642 |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Trade and other receivables | \u00a0 | 1,266,641 | 57,819 | 52,363 | 31,497 | 1,124,961 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,696 | - | - | - | 10,696 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 10,983 | - | - | - | 10,983 | - |
| Assets employee benefits | \u00a0 | 5,663 | - | - | - | 5,663 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 789,698 | - | - | - | 789,698 | - |
| Trade receivables (write-down) | \u00a0 | (18,851) | - | - | - | (18,851) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 327,150 | - | - | - | 327,150 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 31,497 | - | - | 31,497 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 104,882 | 52,519 | 52,363 | - | - | - |
| Fair value receivable - financial instruments related to PPA's | 3 | 5,300 | 5,300 | - | - | - | - |
| Cash and cash equivalents | \u00a0 | 2,012,523 | - | - | - | 2,012,523 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,314,921 | - | - | - | 1,314,921 | - |
| Short-term investments: term deposits (other) | \u00a0 | 10,356 | - | - | - | 10,356 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 687,246 | - | - | - | 687,246 | - |
| Total of financial instruments (Assets) | \u00a0 | 3,305,493 | 57,819 | 52,363 | 31,497 | 3,141,171 | 22,642 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 3,398,958 | - | - | - | 3,436,739 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 2,224,700 | - | - | - | 2,262,480 | - |
| Lease liability | \u00a0 | 54,513 | - | - | - | 54,513 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 407,719 | - | - | - | 407,719 | - |
| Lease liability | \u00a0 | 20,749 | - | - | - | 20,749 | - |
| Bank overdrafts | \u00a0 | 38,606 | - | - | - | 38,606 | - |
| Short term loan: commercial paper | \u00a0 | 82,773 | - | - | - | 82,773 | - |
| Other loans | \u00a0 | 569,897 | - | - | - | 569,897 | - |
| Trade and other payables | \u00a0 | 3,078,819 | 224 | 27,356 | 72,981 | 2,978,258 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 160,562 | - | - | - | 160,562 | - |
| Other long term debts | \u00a0 | 11,119 | - | - | - | 11,119 | - |
| Investments grants and deferred income from grants | \u00a0 | 55,403 | - | - | - | 55,403 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,650,913 | - | - | - | 1,650,913 | - |
| Advances received on contracts in progress | \u00a0 | 38,259 | - | - | - | 38,259 | - |
| Tax - other than income tax - payable | \u00a0 | 46,707 | - | - | - | 46,707 | - |
| Payroll and related charges | \u00a0 | 173,253 | - | - | - | 173,253 | - |
| Other amounts payable | \u00a0 | 439,286 | - | - | - | 439,286 | - |
| Dividends payable | \u00a0 | 11,550 | - | - | - | 11,550 | - |
| Accrued interest payable | \u00a0 | 58,910 | - | - | - | 58,910 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 72,981 | - | - | 72,981 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 27,580 | 224 | 27,356 | - | - | - |
| Fair value payable - financial instruments held for trading | 2 | 6,109 | - | - | - | 6,109 | - |
| Accrued charges and deferred income | \u00a0 | 326,187 | - | - | - | 326,187 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 6,477,777 | 224 | 27,356 | 72,981 | 6,414,997 | - |
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 F25).
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period.
\nThe 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 power purchase agreements for which own use can not be applied is determined using forward market prices of electricity at the end of the reporting period for three years ahead and market-oriented indexation for the years after that as well as an estimate of the future volume that will be produced.
\nThe fair value of quoted financial assets held by the Group is their quoted market price at the end of the reported period. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less impairment.
\nThe 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.
\nDisclosures of fair value measurements by level are based on the following fair value measurement hierarchy:
Level 1: fair value based on quoted prices in active markets for identical assets or liabilities
Level 2: fair value based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3: fair value for the asset or liability valuation are based on unobservable inputs
In the Group, the fair values on financial assets at fair value through OCI are measured as level 1.
\nAll the metal, energy and foreign currency derivatives are measured as level 2.
\nFinancial instruments related to power purchase agreements for which own use can not be applied are measured as level 3.
\nDuring the year, there were no transfer between levels in the fair value hierarchy.
\nUmicore is sensitive to commodity prices, foreign currency and interest rate risk on its financial instruments. The fair values of the financial instruments reflect the difference between the contract rates and the closing rates. The sensitivity calculations are performed by stressing the closing rates (being commodity prices, currency exchange rates, electricity and gas prices and interest rates) with 10% up and down. The market values in the stressed scenario\u2019s are then compared to the original market values.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging sales would have been \u20ac\u00a08.3 million lower/higher if the metal prices would strengthen/weaken by 10%.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging purchases would have been \u20ac\u00a014.0 million higher/lower if the energy prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales hedge compliant \ufb01nancial instruments would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases hedge compliant \ufb01nancial instruments would have been \u20ac\u00a09.9 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases \ufb01nancial instruments according to economic logic would have been \u20ac\u00a00.7 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic (level 3) would have been \u20ac\u00a01.1 million lower/higher if the volume of electricity would be 10% lower/higher. The fair value of those instruments would have been \u20ac\u00a08.6 million lower/higher if the forward electricity price would have been 10% lower/higher.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a044.7 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a054.6 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a09.1 million lower if the USD would strengthen against KRW by 10% and would have been \u20ac\u00a09.1 million higher if the USD would weaken against KRW by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a03.8 million lower if the USD would strengthen against CNY by 10% and would have been \u20ac\u00a03.8 million higher if USD would weaken against CNY by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a017.1 million lower if the USD would strengthen against BRL by 10% and would have been \u20ac\u00a017.1 million higher if USD would weaken against BRL by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a02.8 million lower if the USD would strengthen against CAD by 10% and would have been \u20ac\u00a03.5 million higher if USD would weaken against CAD by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a08.5 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a010.4 million higher if EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a059.9 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a073.2 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a010.6 million lower if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a012.9 million higher if the EUR would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to USD would have been \u20ac\u00a05.6 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a06.9 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a014.4 million higher if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a017.6 million lower if the EUR would weaken against CNY by 10%.
\nThe fair value of net position of current assets and liabilities exposed to CNY would have been \u20ac\u00a013.3 million lower if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a016.2 million higher if the EUR would weaken against CNY by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a02.2 million higher if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a02.7 million lower if the EUR would weaken against PLN by 10%.
\nThe fair value of net position of current assets and liabilities exposed to PLN would have been \u20ac\u00a01.6 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a01.9 million higher if the EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a011.6 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a013.0 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a01.3 million higher if the KRW would strengthen against USD by 10% and would have been \u20ac\u00a01.1 million lower if the KRW would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to KRW would have been \u20ac\u00a05.9 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a07.3 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of long term loans would have been \u20ac\u00a034.2 million lower if interest rate levels would increase by 10% and \u20ac\u00a035.1 million higher if interest rate levels would decrease by 10%.
\nUmicore hedges its structural and transactional commodity (metal and energy), currency and interest rate risks using respectively commodity derivatives (mainly quoted on the London Metal Exchange), currency derivatives and cross-currency interest rate swaps with reputable brokers and banks.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales | 145,109 | 105,020 | 25,360 | 22,071 | (3,289) |
| Forward commodities purchases | (91,956) | (108,168) | (8,450) | (3,550) | 4,900 |
| Forward currency contracts sales | 862,143 | 760,779 | 27,038 | (50,779) | (77,817) |
| Forward currency contracts purchases | (532,080) | (95,951) | 3,164 | 3,275 | 111 |
| Forward (cross-currency) IRS contracts | 617,724 | 899,135 | (9,049) | (12,500) | (3,451) |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 38,063 | (41,484) | (79,547) |
| recognized under trade and other receivables | \u00a0 | \u00a0 | 64,096 | 31,497 | \u00a0 |
| recognized under trade and other payables | \u00a0 | \u00a0 | (26,032) | (72,981) | \u00a0 |
| Total fair value impact associates and joint ventures | \u00a0 | \u00a0 | (218) | (1,897) | \u00a0 |
| Total | \u00a0 | \u00a0 | 37,846 | (43,381) | \u00a0 |
The principles and documentation on the hedged risks as well as the timing related to the Group\u2019s cash flow hedging operations are included in Note F3 Financial risk management.
\nThe fair values of the effective hedging instruments are in the first instance recognized in the fair value reserves recorded in equity and are derecognized when the underlying forecasted or committed transactions occur (see Note F24).
\nThe forward commodities sales contracts are set up to hedge primarily the following commodities: gold, silver, palladium, platinum, rhodium, nickel, lead, cobalt and copper. The forward commodity purchase contracts are set up to hedge primarily the electricity, gas and fuel oil price risks and aluminium. The forward currency contracts are set up to hedge USD towards EUR, KRW, CNY, BRL and CAD as well as EUR towards PLN, for its structural currency exposure. The terms and conditions of the forward contracts are common market conditions.
\nCross-currency interest rate swap contracts are set up to hedge the issuance of US private placements and intercompany loans to Group's entities whose functional currency is different from the loan currency.
\nFollowing the decision to halt the construction of its Battery Materials plant in Canada, the Group unwound its forward contracts in 2024, which were initially set up to hedge future capital expenditures. This was achieved by entering into offsetting forward contracts. These contracts are now classified as financial instruments held for trading. Umicore did not encounter any other cash flow hedging ineffectiveness in the profit and loss statements for 2023 and 2024.
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the closing rates. The total fair value of financial instruments for cash-flow hedging has a negative impact on the fair value reserves in equity at end of 2024. This negative impact is most significant for forward currency contracts sold and cross-currency interest swaps, while commodities sold offset part of this negative impact. All of the hedging instruments have their maturity within the next three years except for the cross currency interest rate swaps related to the new issuance of US private placements which have longer maturities.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales (IFRS 9- hedge accounting) | 333,053 | 316,806 | 57,703 | 30,601 | (27,102) |
| Forward commodities sales (economic hedging) | 192,036 | 303,253 | 36,812 | 52,508 | 15,696 |
| Forward commodities purchases (IFRS 9- hedge accounting) | (46,583) | (157,593) | (2,369) | (5,666) | (3,297) |
| Forward commodities purchases (economic hedging) | (4,368) | (100,797) | 1,455 | 5,087 | 3,632 |
| Forward currency contracts sales | 1,112,287 | 1,332,316 | 4,290 | (18,283) | (22,573) |
| Forward currency contracts purchases | (433,505) | (944,144) | (36,840) | 18,355 | 55,195 |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 61,051 | 82,602 | 21,551 |
| recognized under trade and other receivables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | 65,452 | 52,363 | \u00a0 |
| recognized under trade and other receivables (economic hedging) | \u00a0 | \u00a0 | 40,629 | 57,819 | \u00a0 |
| recognized under trade and other payables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | (42,668) | (27,356) | \u00a0 |
| recognized under trade and other payables (economic hedging) | \u00a0 | \u00a0 | (2,362) | (224) | \u00a0 |
| Total | \u00a0 | \u00a0 | 61,051 | 82,602 | \u00a0 |
The principles and documentation related to the Group\u2019s transactional hedging are included in Note F3 \u201cFinancial Risk Management\u201d. Under Umicore\u2019s economical hedging policy, financial instruments for currency and commodity hedging are used to protect the fair value of underlying hedged items (assets, liabilities and firm commitments) and are recognized at fair value at closing date. Umicore obtained for the fair value hedging of its currency risk exposures hedge accounting under the criteria of IFRS 9 (see Note F2.22.1).
\nFor the fair value hedging of its commodity risk exposures, Umicore did not obtain hedge accounting under the criteria of IFRS 9 for some metals. Hedge accounting principles are accepted for copper, lead and nickel. In the absence of hedge accounting, the financial instruments are measured at fair value as if they were held for trading. However, such instruments are being used to cover existing transactions, considered as hedged items under Umicore transactional hedging risk policy (primarily inventory and firm commitments) and so these commodity hedging instruments held for trading are not speculative in nature.
\nThe fair values are immediately recognized in the income statement under Other Operating income for the commodity instruments and the Net Finance cost for the currency instruments. The adjustments for the hedged items as well as the hedging instruments are recorded in the following caption of the statement of financial position: \"trade and other receivables\" and \"trade and other payables\".
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the market closing rates. In view of the intent of the Group policy on transactional hedging, the net impact on operating income of fair value movements on both hedging instruments and hedged items is neutral. The booking of the fair value movements on financial instruments under fair value hedging had a postive impact on the operating income at the end of 2024. Most of the fair values of the hedging instruments are not significant as the closing rates do not materially differ from the strike rates. Only for the commodities sold and purchased the fair values are significant. These concern metal hedging instruments of which most have their maturity within the next year. The forward commodities sales contracts are set up to hedge primarily the following commodities: nickel, lead and copper. The forward commodity purchase contracts are set up to hedge primarily nickel, lead and copper. The forward currency contracts are set up to hedge mainly USD towards EUR, BRL and KRW as well as EUR towards CNY, KRW, and PLN.
\nThe forward contracts following the economic logic are contracts to hedge following commodities: silver, gold, platinum, palladium and lithium.
\n| \u00a0 | 31/12/2023 | 31/12/2024 | \u00a0 | \u00a0 | \u00a0 | ||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Fair Value Hedged Items | Fair Value Hedging Instruments | Fair Value Hedged Items | Fair Value Hedging Instruments | Change in Fair Value Hedged Items | Change in Fair Value Hedging Instruments | Ineffectiveness |
| Transactional metal hedges | (58,031) | 61,908 | (9,891) | 22,868 | 48,140 | (39,040) | 9,100 |
The main source of hedge ineffectiveness on the fair value hedging originates from differences in maturity dates between the hedging instruments and the underlying hedged item. With respect to the fair value currency hedges, the hedged items are mirroring the hedging instruments and are included in various sections of the balance sheet.
\n| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| FINANCIAL INSTRUMENTS ASSETS (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 9,217 | 9,217 | - | - | - | 228 | 228 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 6,818 | 13,241 | 43,139 | 72,368 | 135,566 | 3,375 | 4,759 | 14,977 | 3,257 | 26,368 |
| Total forward purchases (CFH) | 317 | 634 | 1,585 | - | 2,536 | 11 | 25 | 105 | - | 141 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 57,693 | 60,772 | 113,224 | 39,074 | 270,763 | 4,544 | 10,609 | 32,187 | 11,548 | 58,888 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 1,468 | 957 | - | - | 2,425 | 66 | 2 | - | - | 68 |
| Total forward sales (FV economic hedging) | 7,844 | 21,510 | 25,477 | 44,462 | 99,293 | 4,084 | 10,815 | 9,543 | 14,557 | 38,999 |
| Total forward purchases (FV economic hedging) | 1 | 1,987 | - | - | 1,988 | 1,555 | 75 | - | - | 1,630 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 24,746 | 52,313 | 238,371 | 184,134 | 499,564 | 1,222 | 2,395 | 14,192 | 10,714 | 28,523 |
| Forward currency contracts purchases (CFH) | 4,839 | 9,679 | 48,044 | 82,959 | 145,521 | 760 | 1,498 | 6,432 | 145 | 8,835 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 192,401 | 368,968 | 220,042 | 14,679 | 796,090 | 1,330 | 2,711 | 1,798 | 50 | 5,889 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 33,927 | 14,814 | 2,817 | 2,924 | 54,482 | 240 | 219 | 154 | (6) | 607 |
| FINANCIAL INSTRUMENTS LIABILITIES (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 25,000 | 195,000 | 388,507 | 608,507 | - | (469) | (5,264) | (3,544) | (9,277) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 426 | 854 | 3,862 | 4,401 | 9,543 | (15) | (32) | (223) | (738) | (1,008) |
| Total forward purchases (CFH) | - | - | 32,948 | 56,472 | 89,420 | - | - | (987) | (7,604) | (8,591) |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 22,130 | 21,407 | 18,753 | - | 62,290 | (690) | (263) | (232) | - | (1,185) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 19,302 | 24,856 | - | - | 44,158 | (999) | (1,438) | - | - | (2,437) |
| Total forward sales (FV economic hedging) | - | 73,654 | 19,089 | - | 92,743 | - | (801) | (1,386) | - | (2,187) |
| Total forward purchases (FV economic hedging) | 2,380 | - | - | - | 2,380 | (175) | - | - | - | (175) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 29,906 | 4,320 | 130,712 | 197,641 | 362,579 | (1,345) | (508) | (3,719) | 4,087 | (1,485) |
| Forward currency contracts purchases (CFH) | - | - | 43,710 | 342,849 | 386,559 | - | - | (657) | (5,014) | (5,671) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 156,626 | 58,915 | 72,301 | 28,355 | 316,197 | (735) | (339) | (449) | (76) | (1,599) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 232,993 | 35,061 | 90,980 | 19,989 | 379,023 | (1,264) | (342) | (2,525) | (33,316) | (37,447) |
| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| Financial Instruments Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 9,811 | 195,000 | 60,000 | 264,811 | - | 22 | 1,856 | (131) | 1,747 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 2,912 | 8,351 | 41,229 | 30,885 | 83,376 | 1,910 | 3,138 | 13,177 | 8,019 | 26,244 |
| Total forward purchases (CFH) | 419 | 849 | 2,682 | 397 | 4,347 | 15 | 30 | 154 | 33 | 231 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 107,283 | 107,465 | 78,199 | 23,859 | 316,806 | 6,493 | 7,321 | 14,206 | 2,580 | 30,601 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 472 | - | - | - | 472 | 17 | - | - | - | 17 |
| Total forward sales (FV economic hedging) | 7,563 | 82,966 | 187,204 | 25,521 | 303,253 | 4,056 | 6,964 | 30,994 | 10,495 | 52,508 |
| Total forward purchases (FV economic hedging) | 1,077 | - | - | - | 1,077 | 12 | - | - | - | 12 |
| Total forward purchases (FV economic hedging) - PPA's | - | - | - | 93,595 | 93,595 | - | - | - | 5,300 | 5,300 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts purchases (CFH) | 7,021 | 7,021 | 70,208 | 11,701 | 95,951 | 375 | 358 | 2,473 | 69 | 3,275 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 36,756 | 53,057 | 80,618 | - | 170,431 | - | 1,262 | 1,993 | - | 3,255 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | 6,021 | 3,395 | 8,384 | 690 | 18,490 |
| Financial Instruments Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 634,325 | 634,325 | - | - | - | (14,247) | (14,247) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 1,170 | 1,488 | 9,433 | 9,553 | 21,644 | (452) | (150) | (2,188) | (1,382) | (4,173) |
| Total forward purchases (CFH) | - | - | 31,659 | 72,162 | 103,821 | - | - | 1,581 | (5,363) | (3,782) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 51,087 | 63,677 | 42,357 | - | 157,121 | (1,089) | (2,266) | (2,328) | - | (5,683) |
| Total forward purchases (FV economic hedging) | 6,126 | - | - | - | 6,126 | (224) | - | - | - | (224) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 46,263 | 61,565 | 335,680 | 317,271 | 760,779 | (3,224) | (4,257) | (22,244) | (21,054) | (50,779) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 502,447 | 336,940 | 294,641 | 27,857 | 1,161,885 | (1,877) | (3,519) | (15,273) | (869) | (21,538) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | (11) | (22) | (102) | - | (135) |
| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 19,545 | - | - | - | - | 19,545 |
| Other equity investments | 1 | 19,545 | - | - | - | - | 19,545 |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Loans granted | \u00a0 | 2,693 | - | - | - | 2,693 | - |
| Trade and other receivables | \u00a0 | 1,387,175 | 40,629 | 65,452 | 64,096 | 1,216,998 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,402 | - | - | - | 10,402 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 14,161 | - | - | - | 14,161 | - |
| Assets employee benefits | \u00a0 | 5,129 | - | - | - | 5,129 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 984,968 | - | - | - | 984,968 | - |
| Trade receivables (write-down) | \u00a0 | (16,340) | - | - | - | (16,340) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 219,056 | - | - | - | 219,056 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 64,096 | - | - | 64,096 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 106,081 | 40,629 | 65,452 | - | - | - |
| Cash and cash equivalents | \u00a0 | 1,515,490 | - | - | - | 1,515,490 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,082,190 | - | - | - | 1,082,190 | - |
| Short-term investments: term deposits (other) | \u00a0 | 102,399 | - | - | - | 102,399 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 330,901 | - | - | - | 330,901 | - |
| Total of financial instruments (Assets) | \u00a0 | 2,924,903 | 40,629 | 65,452 | 64,096 | 2,735,181 | 19,545 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 2,908,228 | - | - | - | 2,748,143 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 1,647,809 | - | - | - | 1,487,724 | - |
| Lease liability | \u00a0 | 50,700 | - | - | - | 50,700 | - |
| Other loans | \u00a0 | 481,021 | - | - | - | 481,021 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 397,751 | - | - | - | 397,751 | - |
| Lease liability | \u00a0 | 16,156 | - | - | - | 16,156 | - |
| Bank overdrafts | \u00a0 | 51,694 | - | - | - | 51,694 | - |
| Short term loan: commercial paper | \u00a0 | 112,402 | - | - | - | 112,402 | - |
| Other loans | \u00a0 | 150,694 | - | - | - | 150,694 | - |
| Trade and other payables | \u00a0 | 2,686,521 | 2,362 | 42,668 | 26,032 | 2,615,459 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 32,296 | - | - | - | 32,296 | - |
| Other long term debts | \u00a0 | 6,401 | - | - | - | 6,401 | - |
| Investments grants and deferred income from grants | \u00a0 | 56,409 | - | - | - | 56,409 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,772,833 | - | - | - | 1,772,833 | - |
| Advances received on contracts in progress | \u00a0 | 27,916 | - | - | - | 27,916 | - |
| Tax - other than income tax - payable | \u00a0 | 24,903 | - | - | - | 24,903 | - |
| Payroll and related charges | \u00a0 | 180,201 | - | - | - | 180,201 | - |
| Other amounts payable | \u00a0 | 211,487 | - | - | - | 211,487 | - |
| Dividends payable | \u00a0 | 11,637 | - | - | - | 11,637 | - |
| Accrued interest payable | \u00a0 | 34,223 | - | - | - | 34,223 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 26,032 | - | - | 26,032 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 45,030 | 2,362 | 42,668 | - | - | - |
| Accrued charges and deferred income | \u00a0 | 257,153 | - | - | - | 257,153 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 5,594,749 | 2,362 | 42,668 | 26,032 | 5,363,602 | - |
| \u00a0 | \u00a0 | \u00a0 | Carrying amount | ||||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Level | Fair value | Held for trading - economic hedging | Fair value hedge accounting | Cash Flow hedge accounting | Loans, receivables and payables | Other equity investments at FV through OCI reserves |
| ASSETS | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other equity investments | \u00a0 | 22,642 | - | - | - | - | 22,642 |
| Other equity investments | 1 | 22,642 | - | - | - | - | 22,642 |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Loans granted | \u00a0 | 3,687 | - | - | - | 3,687 | - |
| Trade and other receivables | \u00a0 | 1,266,641 | 57,819 | 52,363 | 31,497 | 1,124,961 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash guarantees and deposits | \u00a0 | 10,696 | - | - | - | 10,696 | - |
| Other receivables maturing in more than 1 year | \u00a0 | 10,983 | - | - | - | 10,983 | - |
| Assets employee benefits | \u00a0 | 5,663 | - | - | - | 5,663 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade receivables (at cost) | \u00a0 | 789,698 | - | - | - | 789,698 | - |
| Trade receivables (write-down) | \u00a0 | (18,851) | - | - | - | (18,851) | - |
| Other receivables (at cost), interest receivable, deferred charges and accrued income | \u00a0 | 327,150 | - | - | - | 327,150 | - |
| Other receivables (write-down) | \u00a0 | (378) | - | - | - | (378) | - |
| Fair value of financial instruments held for cash-flow hedging | 2 | 31,497 | - | - | 31,497 | - | - |
| Fair value receivable - financial instruments related to FV hedging | 2 | 104,882 | 52,519 | 52,363 | - | - | - |
| Fair value receivable - financial instruments related to PPA's | 3 | 5,300 | 5,300 | - | - | - | - |
| Cash and cash equivalents | \u00a0 | 2,012,523 | - | - | - | 2,012,523 | - |
| Short-term investments: bank term deposits | \u00a0 | 1,314,921 | - | - | - | 1,314,921 | - |
| Short-term investments: term deposits (other) | \u00a0 | 10,356 | - | - | - | 10,356 | - |
| Cash-in-hand and bank current accounts | \u00a0 | 687,246 | - | - | - | 687,246 | - |
| Total of financial instruments (Assets) | \u00a0 | 3,305,493 | 57,819 | 52,363 | 31,497 | 3,141,171 | 22,642 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| LIABILITIES | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial debt | \u00a0 | 3,398,958 | - | - | - | 3,436,739 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Bank loans | \u00a0 | 2,224,700 | - | - | - | 2,262,480 | - |
| Lease liability | \u00a0 | 54,513 | - | - | - | 54,513 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Short term bank loans | \u00a0 | 407,719 | - | - | - | 407,719 | - |
| Lease liability | \u00a0 | 20,749 | - | - | - | 20,749 | - |
| Bank overdrafts | \u00a0 | 38,606 | - | - | - | 38,606 | - |
| Short term loan: commercial paper | \u00a0 | 82,773 | - | - | - | 82,773 | - |
| Other loans | \u00a0 | 569,897 | - | - | - | 569,897 | - |
| Trade and other payables | \u00a0 | 3,078,819 | 224 | 27,356 | 72,981 | 2,978,258 | - |
| Non-current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Long term trade payables | \u00a0 | 160,562 | - | - | - | 160,562 | - |
| Other long term debts | \u00a0 | 11,119 | - | - | - | 11,119 | - |
| Investments grants and deferred income from grants | \u00a0 | 55,403 | - | - | - | 55,403 | - |
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Trade payables | \u00a0 | 1,650,913 | - | - | - | 1,650,913 | - |
| Advances received on contracts in progress | \u00a0 | 38,259 | - | - | - | 38,259 | - |
| Tax - other than income tax - payable | \u00a0 | 46,707 | - | - | - | 46,707 | - |
| Payroll and related charges | \u00a0 | 173,253 | - | - | - | 173,253 | - |
| Other amounts payable | \u00a0 | 439,286 | - | - | - | 439,286 | - |
| Dividends payable | \u00a0 | 11,550 | - | - | - | 11,550 | - |
| Accrued interest payable | \u00a0 | 58,910 | - | - | - | 58,910 | - |
| Fair value financial instrument held for cash flow hedging | 2 | 72,981 | - | - | 72,981 | - | - |
| Fair value payable - financial instruments related to FV hedging | 2 | 27,580 | 224 | 27,356 | - | - | - |
| Fair value payable - financial instruments held for trading | 2 | 6,109 | - | - | - | 6,109 | - |
| Accrued charges and deferred income | \u00a0 | 326,187 | - | - | - | 326,187 | - |
| Total of financial instruments (Liabilities) | \u00a0 | 6,477,777 | 224 | 27,356 | 72,981 | 6,414,997 | - |
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 F25).
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period.
\nThe 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 power purchase agreements for which own use can not be applied is determined using forward market prices of electricity at the end of the reporting period for three years ahead and market-oriented indexation for the years after that as well as an estimate of the future volume that will be produced.
\nThe fair value of quoted financial assets held by the Group is their quoted market price at the end of the reported period. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less impairment.
\nThe 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.
\nDisclosures of fair value measurements by level are based on the following fair value measurement hierarchy:
Level 1: fair value based on quoted prices in active markets for identical assets or liabilities
Level 2: fair value based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3: fair value for the asset or liability valuation are based on unobservable inputs
In the Group, the fair values on financial assets at fair value through OCI are measured as level 1.
\nAll the metal, energy and foreign currency derivatives are measured as level 2.
\nFinancial instruments related to power purchase agreements for which own use can not be applied are measured as level 3.
\nDuring the year, there were no transfer between levels in the fair value hierarchy.
\nUmicore is sensitive to commodity prices, foreign currency and interest rate risk on its financial instruments. The fair values of the financial instruments reflect the difference between the contract rates and the closing rates. The sensitivity calculations are performed by stressing the closing rates (being commodity prices, currency exchange rates, electricity and gas prices and interest rates) with 10% up and down. The market values in the stressed scenario\u2019s are then compared to the original market values.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging sales would have been \u20ac\u00a08.3 million lower/higher if the metal prices would strengthen/weaken by 10%.
\nThe fair value on \ufb01nancial instruments related to cash \ufb02ow hedging purchases would have been \u20ac\u00a014.0 million higher/lower if the energy prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales hedge compliant \ufb01nancial instruments would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases hedge compliant \ufb01nancial instruments would have been \u20ac\u00a09.9 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic would have been \u20ac\u00a025.1 million lower/higher and the fair value on other commodity purchases \ufb01nancial instruments according to economic logic would have been \u20ac\u00a00.7 million higher/lower if the metal prices would strengthen/weaken by 10%.
\nThe fair value on other commodity sales \ufb01nancial instruments according to economic logic (level 3) would have been \u20ac\u00a01.1 million lower/higher if the volume of electricity would be 10% lower/higher. The fair value of those instruments would have been \u20ac\u00a08.6 million lower/higher if the forward electricity price would have been 10% lower/higher.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a044.7 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a054.6 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of forward currency contracts related to cash \ufb02ow hedging would have been \u20ac\u00a09.1 million lower if the USD would strengthen against KRW by 10% and would have been \u20ac\u00a09.1 million higher if the USD would weaken against KRW by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a03.8 million lower if the USD would strengthen against CNY by 10% and would have been \u20ac\u00a03.8 million higher if USD would weaken against CNY by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a017.1 million lower if the USD would strengthen against BRL by 10% and would have been \u20ac\u00a017.1 million higher if USD would weaken against BRL by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a02.8 million lower if the USD would strengthen against CAD by 10% and would have been \u20ac\u00a03.5 million higher if USD would weaken against CAD by 10%.
\nThe fair value of forward currency contracts related to cash flow hedging would have been \u20ac\u00a08.5 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a010.4 million higher if EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a059.9 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a073.2 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a010.6 million lower if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a012.9 million higher if the EUR would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to USD would have been \u20ac\u00a05.6 million higher if the EUR would strengthen against USD by 10% and would have been \u20ac\u00a06.9 million lower if the EUR would weaken against USD by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a014.4 million higher if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a017.6 million lower if the EUR would weaken against CNY by 10%.
\nThe fair value of net position of current assets and liabilities exposed to CNY would have been \u20ac\u00a013.3 million lower if the EUR would strengthen against CNY by 10% and would have been \u20ac\u00a016.2 million higher if the EUR would weaken against CNY by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a02.2 million higher if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a02.7 million lower if the EUR would weaken against PLN by 10%.
\nThe fair value of net position of current assets and liabilities exposed to PLN would have been \u20ac\u00a01.6 million lower if the EUR would strengthen against PLN by 10% and would have been \u20ac\u00a01.9 million higher if the EUR would weaken against PLN by 10%.
\nThe fair value of other forward currency contracts sold would have been \u20ac\u00a011.6 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a013.0 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of other forward currency contracts bought would have been \u20ac\u00a01.3 million higher if the KRW would strengthen against USD by 10% and would have been \u20ac\u00a01.1 million lower if the KRW would weaken against USD by 10%.
\nThe fair value of net position of current assets and liabilities exposed to KRW would have been \u20ac\u00a05.9 million lower if the EUR would strengthen against KRW by 10% and would have been \u20ac\u00a07.3 million higher if the EUR would weaken against KRW by 10%.
\nThe fair value of long term loans would have been \u20ac\u00a034.2 million lower if interest rate levels would increase by 10% and \u20ac\u00a035.1 million higher if interest rate levels would decrease by 10%.
\nUmicore hedges its structural and transactional commodity (metal and energy), currency and interest rate risks using respectively commodity derivatives (mainly quoted on the London Metal Exchange), currency derivatives and cross-currency interest rate swaps with reputable brokers and banks.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales | 145,109 | 105,020 | 25,360 | 22,071 | (3,289) |
| Forward commodities purchases | (91,956) | (108,168) | (8,450) | (3,550) | 4,900 |
| Forward currency contracts sales | 862,143 | 760,779 | 27,038 | (50,779) | (77,817) |
| Forward currency contracts purchases | (532,080) | (95,951) | 3,164 | 3,275 | 111 |
| Forward (cross-currency) IRS contracts | 617,724 | 899,135 | (9,049) | (12,500) | (3,451) |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 38,063 | (41,484) | (79,547) |
| recognized under trade and other receivables | \u00a0 | \u00a0 | 64,096 | 31,497 | \u00a0 |
| recognized under trade and other payables | \u00a0 | \u00a0 | (26,032) | (72,981) | \u00a0 |
| Total fair value impact associates and joint ventures | \u00a0 | \u00a0 | (218) | (1,897) | \u00a0 |
| Total | \u00a0 | \u00a0 | 37,846 | (43,381) | \u00a0 |
The principles and documentation on the hedged risks as well as the timing related to the Group\u2019s cash flow hedging operations are included in Note F3 Financial risk management.
\nThe fair values of the effective hedging instruments are in the first instance recognized in the fair value reserves recorded in equity and are derecognized when the underlying forecasted or committed transactions occur (see Note F24).
\nThe forward commodities sales contracts are set up to hedge primarily the following commodities: gold, silver, palladium, platinum, rhodium, nickel, lead, cobalt and copper. The forward commodity purchase contracts are set up to hedge primarily the electricity, gas and fuel oil price risks and aluminium. The forward currency contracts are set up to hedge USD towards EUR, KRW, CNY, BRL and CAD as well as EUR towards PLN, for its structural currency exposure. The terms and conditions of the forward contracts are common market conditions.
\nCross-currency interest rate swap contracts are set up to hedge the issuance of US private placements and intercompany loans to Group's entities whose functional currency is different from the loan currency.
\nFollowing the decision to halt the construction of its Battery Materials plant in Canada, the Group unwound its forward contracts in 2024, which were initially set up to hedge future capital expenditures. This was achieved by entering into offsetting forward contracts. These contracts are now classified as financial instruments held for trading. Umicore did not encounter any other cash flow hedging ineffectiveness in the profit and loss statements for 2023 and 2024.
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the closing rates. The total fair value of financial instruments for cash-flow hedging has a negative impact on the fair value reserves in equity at end of 2024. This negative impact is most significant for forward currency contracts sold and cross-currency interest swaps, while commodities sold offset part of this negative impact. All of the hedging instruments have their maturity within the next three years except for the cross currency interest rate swaps related to the new issuance of US private placements which have longer maturities.
\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales (IFRS 9- hedge accounting) | 333,053 | 316,806 | 57,703 | 30,601 | (27,102) |
| Forward commodities sales (economic hedging) | 192,036 | 303,253 | 36,812 | 52,508 | 15,696 |
| Forward commodities purchases (IFRS 9- hedge accounting) | (46,583) | (157,593) | (2,369) | (5,666) | (3,297) |
| Forward commodities purchases (economic hedging) | (4,368) | (100,797) | 1,455 | 5,087 | 3,632 |
| Forward currency contracts sales | 1,112,287 | 1,332,316 | 4,290 | (18,283) | (22,573) |
| Forward currency contracts purchases | (433,505) | (944,144) | (36,840) | 18,355 | 55,195 |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 61,051 | 82,602 | 21,551 |
| recognized under trade and other receivables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | 65,452 | 52,363 | \u00a0 |
| recognized under trade and other receivables (economic hedging) | \u00a0 | \u00a0 | 40,629 | 57,819 | \u00a0 |
| recognized under trade and other payables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | (42,668) | (27,356) | \u00a0 |
| recognized under trade and other payables (economic hedging) | \u00a0 | \u00a0 | (2,362) | (224) | \u00a0 |
| Total | \u00a0 | \u00a0 | 61,051 | 82,602 | \u00a0 |
The principles and documentation related to the Group\u2019s transactional hedging are included in Note F3 \u201cFinancial Risk Management\u201d. Under Umicore\u2019s economical hedging policy, financial instruments for currency and commodity hedging are used to protect the fair value of underlying hedged items (assets, liabilities and firm commitments) and are recognized at fair value at closing date. Umicore obtained for the fair value hedging of its currency risk exposures hedge accounting under the criteria of IFRS 9 (see Note F2.22.1).
\nFor the fair value hedging of its commodity risk exposures, Umicore did not obtain hedge accounting under the criteria of IFRS 9 for some metals. Hedge accounting principles are accepted for copper, lead and nickel. In the absence of hedge accounting, the financial instruments are measured at fair value as if they were held for trading. However, such instruments are being used to cover existing transactions, considered as hedged items under Umicore transactional hedging risk policy (primarily inventory and firm commitments) and so these commodity hedging instruments held for trading are not speculative in nature.
\nThe fair values are immediately recognized in the income statement under Other Operating income for the commodity instruments and the Net Finance cost for the currency instruments. The adjustments for the hedged items as well as the hedging instruments are recorded in the following caption of the statement of financial position: \"trade and other receivables\" and \"trade and other payables\".
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the market closing rates. In view of the intent of the Group policy on transactional hedging, the net impact on operating income of fair value movements on both hedging instruments and hedged items is neutral. The booking of the fair value movements on financial instruments under fair value hedging had a postive impact on the operating income at the end of 2024. Most of the fair values of the hedging instruments are not significant as the closing rates do not materially differ from the strike rates. Only for the commodities sold and purchased the fair values are significant. These concern metal hedging instruments of which most have their maturity within the next year. The forward commodities sales contracts are set up to hedge primarily the following commodities: nickel, lead and copper. The forward commodity purchase contracts are set up to hedge primarily nickel, lead and copper. The forward currency contracts are set up to hedge mainly USD towards EUR, BRL and KRW as well as EUR towards CNY, KRW, and PLN.
\nThe forward contracts following the economic logic are contracts to hedge following commodities: silver, gold, platinum, palladium and lithium.
\n| \u00a0 | 31/12/2023 | 31/12/2024 | \u00a0 | \u00a0 | \u00a0 | ||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Fair Value Hedged Items | Fair Value Hedging Instruments | Fair Value Hedged Items | Fair Value Hedging Instruments | Change in Fair Value Hedged Items | Change in Fair Value Hedging Instruments | Ineffectiveness |
| Transactional metal hedges | (58,031) | 61,908 | (9,891) | 22,868 | 48,140 | (39,040) | 9,100 |
The main source of hedge ineffectiveness on the fair value hedging originates from differences in maturity dates between the hedging instruments and the underlying hedged item. With respect to the fair value currency hedges, the hedged items are mirroring the hedging instruments and are included in various sections of the balance sheet.
\n| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| FINANCIAL INSTRUMENTS ASSETS (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 9,217 | 9,217 | - | - | - | 228 | 228 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 6,818 | 13,241 | 43,139 | 72,368 | 135,566 | 3,375 | 4,759 | 14,977 | 3,257 | 26,368 |
| Total forward purchases (CFH) | 317 | 634 | 1,585 | - | 2,536 | 11 | 25 | 105 | - | 141 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 57,693 | 60,772 | 113,224 | 39,074 | 270,763 | 4,544 | 10,609 | 32,187 | 11,548 | 58,888 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 1,468 | 957 | - | - | 2,425 | 66 | 2 | - | - | 68 |
| Total forward sales (FV economic hedging) | 7,844 | 21,510 | 25,477 | 44,462 | 99,293 | 4,084 | 10,815 | 9,543 | 14,557 | 38,999 |
| Total forward purchases (FV economic hedging) | 1 | 1,987 | - | - | 1,988 | 1,555 | 75 | - | - | 1,630 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 24,746 | 52,313 | 238,371 | 184,134 | 499,564 | 1,222 | 2,395 | 14,192 | 10,714 | 28,523 |
| Forward currency contracts purchases (CFH) | 4,839 | 9,679 | 48,044 | 82,959 | 145,521 | 760 | 1,498 | 6,432 | 145 | 8,835 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 192,401 | 368,968 | 220,042 | 14,679 | 796,090 | 1,330 | 2,711 | 1,798 | 50 | 5,889 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 33,927 | 14,814 | 2,817 | 2,924 | 54,482 | 240 | 219 | 154 | (6) | 607 |
| FINANCIAL INSTRUMENTS LIABILITIES (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 25,000 | 195,000 | 388,507 | 608,507 | - | (469) | (5,264) | (3,544) | (9,277) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 426 | 854 | 3,862 | 4,401 | 9,543 | (15) | (32) | (223) | (738) | (1,008) |
| Total forward purchases (CFH) | - | - | 32,948 | 56,472 | 89,420 | - | - | (987) | (7,604) | (8,591) |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 22,130 | 21,407 | 18,753 | - | 62,290 | (690) | (263) | (232) | - | (1,185) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 19,302 | 24,856 | - | - | 44,158 | (999) | (1,438) | - | - | (2,437) |
| Total forward sales (FV economic hedging) | - | 73,654 | 19,089 | - | 92,743 | - | (801) | (1,386) | - | (2,187) |
| Total forward purchases (FV economic hedging) | 2,380 | - | - | - | 2,380 | (175) | - | - | - | (175) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 29,906 | 4,320 | 130,712 | 197,641 | 362,579 | (1,345) | (508) | (3,719) | 4,087 | (1,485) |
| Forward currency contracts purchases (CFH) | - | - | 43,710 | 342,849 | 386,559 | - | - | (657) | (5,014) | (5,671) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 156,626 | 58,915 | 72,301 | 28,355 | 316,197 | (735) | (339) | (449) | (76) | (1,599) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 232,993 | 35,061 | 90,980 | 19,989 | 379,023 | (1,264) | (342) | (2,525) | (33,316) | (37,447) |
| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| Financial Instruments Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 9,811 | 195,000 | 60,000 | 264,811 | - | 22 | 1,856 | (131) | 1,747 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 2,912 | 8,351 | 41,229 | 30,885 | 83,376 | 1,910 | 3,138 | 13,177 | 8,019 | 26,244 |
| Total forward purchases (CFH) | 419 | 849 | 2,682 | 397 | 4,347 | 15 | 30 | 154 | 33 | 231 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 107,283 | 107,465 | 78,199 | 23,859 | 316,806 | 6,493 | 7,321 | 14,206 | 2,580 | 30,601 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 472 | - | - | - | 472 | 17 | - | - | - | 17 |
| Total forward sales (FV economic hedging) | 7,563 | 82,966 | 187,204 | 25,521 | 303,253 | 4,056 | 6,964 | 30,994 | 10,495 | 52,508 |
| Total forward purchases (FV economic hedging) | 1,077 | - | - | - | 1,077 | 12 | - | - | - | 12 |
| Total forward purchases (FV economic hedging) - PPA's | - | - | - | 93,595 | 93,595 | - | - | - | 5,300 | 5,300 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts purchases (CFH) | 7,021 | 7,021 | 70,208 | 11,701 | 95,951 | 375 | 358 | 2,473 | 69 | 3,275 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 36,756 | 53,057 | 80,618 | - | 170,431 | - | 1,262 | 1,993 | - | 3,255 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | 6,021 | 3,395 | 8,384 | 690 | 18,490 |
| Financial Instruments Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 634,325 | 634,325 | - | - | - | (14,247) | (14,247) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 1,170 | 1,488 | 9,433 | 9,553 | 21,644 | (452) | (150) | (2,188) | (1,382) | (4,173) |
| Total forward purchases (CFH) | - | - | 31,659 | 72,162 | 103,821 | - | - | 1,581 | (5,363) | (3,782) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 51,087 | 63,677 | 42,357 | - | 157,121 | (1,089) | (2,266) | (2,328) | - | (5,683) |
| Total forward purchases (FV economic hedging) | 6,126 | - | - | - | 6,126 | (224) | - | - | - | (224) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 46,263 | 61,565 | 335,680 | 317,271 | 760,779 | (3,224) | (4,257) | (22,244) | (21,054) | (50,779) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 502,447 | 336,940 | 294,641 | 27,857 | 1,161,885 | (1,877) | (3,519) | (15,273) | (869) | (21,538) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | (11) | (22) | (102) | - | (135) |
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 F25).
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period.
\nThe 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 power purchase agreements for which own use can not be applied is determined using forward market prices of electricity at the end of the reporting period for three years ahead and market-oriented indexation for the years after that as well as an estimate of the future volume that will be produced.
\nThe fair value of quoted financial assets held by the Group is their quoted market price at the end of the reported period. Interest in companies that are not material to the consolidated financial statements and for which reasonable fair values can not be reliably determined without undue cost or effort are measured at historical cost less impairment.
\nThe 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.
\nDisclosures of fair value measurements by level are based on the following fair value measurement hierarchy:
Level 1: fair value based on quoted prices in active markets for identical assets or liabilities
Level 2: fair value based on inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3: fair value for the asset or liability valuation are based on unobservable inputs
In the Group, the fair values on financial assets at fair value through OCI are measured as level 1.
\nAll the metal, energy and foreign currency derivatives are measured as level 2.
\nFinancial instruments related to power purchase agreements for which own use can not be applied are measured as level 3.
\nDuring the year, there were no transfer between levels in the fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-561": { "value": "\n| \u00a0 | Notional or Contractual amount | Fair value | Change in fair value | ||
|---|---|---|---|---|---|
| Thousands of Euros | 31/12/2023 | 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2024 |
| Forward commodities sales (IFRS 9- hedge accounting) | 333,053 | 316,806 | 57,703 | 30,601 | (27,102) |
| Forward commodities sales (economic hedging) | 192,036 | 303,253 | 36,812 | 52,508 | 15,696 |
| Forward commodities purchases (IFRS 9- hedge accounting) | (46,583) | (157,593) | (2,369) | (5,666) | (3,297) |
| Forward commodities purchases (economic hedging) | (4,368) | (100,797) | 1,455 | 5,087 | 3,632 |
| Forward currency contracts sales | 1,112,287 | 1,332,316 | 4,290 | (18,283) | (22,573) |
| Forward currency contracts purchases | (433,505) | (944,144) | (36,840) | 18,355 | 55,195 |
| Total fair value impact subsidiaries | \u00a0 | \u00a0 | 61,051 | 82,602 | 21,551 |
| recognized under trade and other receivables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | 65,452 | 52,363 | \u00a0 |
| recognized under trade and other receivables (economic hedging) | \u00a0 | \u00a0 | 40,629 | 57,819 | \u00a0 |
| recognized under trade and other payables (IFRS 9- hedge accounting) | \u00a0 | \u00a0 | (42,668) | (27,356) | \u00a0 |
| recognized under trade and other payables (economic hedging) | \u00a0 | \u00a0 | (2,362) | (224) | \u00a0 |
| Total | \u00a0 | \u00a0 | 61,051 | 82,602 | \u00a0 |
The principles and documentation related to the Group\u2019s transactional hedging are included in Note F3 \u201cFinancial Risk Management\u201d. Under Umicore\u2019s economical hedging policy, financial instruments for currency and commodity hedging are used to protect the fair value of underlying hedged items (assets, liabilities and firm commitments) and are recognized at fair value at closing date. Umicore obtained for the fair value hedging of its currency risk exposures hedge accounting under the criteria of IFRS 9 (see Note F2.22.1).
\nFor the fair value hedging of its commodity risk exposures, Umicore did not obtain hedge accounting under the criteria of IFRS 9 for some metals. Hedge accounting principles are accepted for copper, lead and nickel. In the absence of hedge accounting, the financial instruments are measured at fair value as if they were held for trading. However, such instruments are being used to cover existing transactions, considered as hedged items under Umicore transactional hedging risk policy (primarily inventory and firm commitments) and so these commodity hedging instruments held for trading are not speculative in nature.
\nThe fair values are immediately recognized in the income statement under Other Operating income for the commodity instruments and the Net Finance cost for the currency instruments. The adjustments for the hedged items as well as the hedging instruments are recorded in the following caption of the statement of financial position: \"trade and other receivables\" and \"trade and other payables\".
\nThe fair values of the hedging instruments reflect the difference between the contract rates and the market closing rates. In view of the intent of the Group policy on transactional hedging, the net impact on operating income of fair value movements on both hedging instruments and hedged items is neutral. The booking of the fair value movements on financial instruments under fair value hedging had a postive impact on the operating income at the end of 2024. Most of the fair values of the hedging instruments are not significant as the closing rates do not materially differ from the strike rates. Only for the commodities sold and purchased the fair values are significant. These concern metal hedging instruments of which most have their maturity within the next year. The forward commodities sales contracts are set up to hedge primarily the following commodities: nickel, lead and copper. The forward commodity purchase contracts are set up to hedge primarily nickel, lead and copper. The forward currency contracts are set up to hedge mainly USD towards EUR, BRL and KRW as well as EUR towards CNY, KRW, and PLN.
\nThe forward contracts following the economic logic are contracts to hedge following commodities: silver, gold, platinum, palladium and lithium.
\n| \u00a0 | 31/12/2023 | 31/12/2024 | \u00a0 | \u00a0 | \u00a0 | ||
|---|---|---|---|---|---|---|---|
| Thousands of Euros | Fair Value Hedged Items | Fair Value Hedging Instruments | Fair Value Hedged Items | Fair Value Hedging Instruments | Change in Fair Value Hedged Items | Change in Fair Value Hedging Instruments | Ineffectiveness |
| Transactional metal hedges | (58,031) | 61,908 | (9,891) | 22,868 | 48,140 | (39,040) | 9,100 |
The main source of hedge ineffectiveness on the fair value hedging originates from differences in maturity dates between the hedging instruments and the underlying hedged item. With respect to the fair value currency hedges, the hedged items are mirroring the hedging instruments and are included in various sections of the balance sheet.
\n| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| FINANCIAL INSTRUMENTS ASSETS (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 9,217 | 9,217 | - | - | - | 228 | 228 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 6,818 | 13,241 | 43,139 | 72,368 | 135,566 | 3,375 | 4,759 | 14,977 | 3,257 | 26,368 |
| Total forward purchases (CFH) | 317 | 634 | 1,585 | - | 2,536 | 11 | 25 | 105 | - | 141 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 57,693 | 60,772 | 113,224 | 39,074 | 270,763 | 4,544 | 10,609 | 32,187 | 11,548 | 58,888 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 1,468 | 957 | - | - | 2,425 | 66 | 2 | - | - | 68 |
| Total forward sales (FV economic hedging) | 7,844 | 21,510 | 25,477 | 44,462 | 99,293 | 4,084 | 10,815 | 9,543 | 14,557 | 38,999 |
| Total forward purchases (FV economic hedging) | 1 | 1,987 | - | - | 1,988 | 1,555 | 75 | - | - | 1,630 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 24,746 | 52,313 | 238,371 | 184,134 | 499,564 | 1,222 | 2,395 | 14,192 | 10,714 | 28,523 |
| Forward currency contracts purchases (CFH) | 4,839 | 9,679 | 48,044 | 82,959 | 145,521 | 760 | 1,498 | 6,432 | 145 | 8,835 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 192,401 | 368,968 | 220,042 | 14,679 | 796,090 | 1,330 | 2,711 | 1,798 | 50 | 5,889 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 33,927 | 14,814 | 2,817 | 2,924 | 54,482 | 240 | 219 | 154 | (6) | 607 |
| FINANCIAL INSTRUMENTS LIABILITIES (FAIR VALUE) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 25,000 | 195,000 | 388,507 | 608,507 | - | (469) | (5,264) | (3,544) | (9,277) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 426 | 854 | 3,862 | 4,401 | 9,543 | (15) | (32) | (223) | (738) | (1,008) |
| Total forward purchases (CFH) | - | - | 32,948 | 56,472 | 89,420 | - | - | (987) | (7,604) | (8,591) |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 22,130 | 21,407 | 18,753 | - | 62,290 | (690) | (263) | (232) | - | (1,185) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 19,302 | 24,856 | - | - | 44,158 | (999) | (1,438) | - | - | (2,437) |
| Total forward sales (FV economic hedging) | - | 73,654 | 19,089 | - | 92,743 | - | (801) | (1,386) | - | (2,187) |
| Total forward purchases (FV economic hedging) | 2,380 | - | - | - | 2,380 | (175) | - | - | - | (175) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 29,906 | 4,320 | 130,712 | 197,641 | 362,579 | (1,345) | (508) | (3,719) | 4,087 | (1,485) |
| Forward currency contracts purchases (CFH) | - | - | 43,710 | 342,849 | 386,559 | - | - | (657) | (5,014) | (5,671) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 156,626 | 58,915 | 72,301 | 28,355 | 316,197 | (735) | (339) | (449) | (76) | (1,599) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 232,993 | 35,061 | 90,980 | 19,989 | 379,023 | (1,264) | (342) | (2,525) | (33,316) | (37,447) |
| \u00a0 | Earliest contractual maturity (undiscounted) - notional amounts | \u00a0 | Earliest contractual maturity (undiscounted) - fair value | \u00a0 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Thousands of Euros | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total | < 1 Month | 1 to 3 Months | 3 Months to 1 Year | 1 to 5 Years | Total |
| Financial Instruments Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | 9,811 | 195,000 | 60,000 | 264,811 | - | 22 | 1,856 | (131) | 1,747 |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 2,912 | 8,351 | 41,229 | 30,885 | 83,376 | 1,910 | 3,138 | 13,177 | 8,019 | 26,244 |
| Total forward purchases (CFH) | 419 | 849 | 2,682 | 397 | 4,347 | 15 | 30 | 154 | 33 | 231 |
| Total forward sales (FV - IFRS 9 Hedge Accounting) | 107,283 | 107,465 | 78,199 | 23,859 | 316,806 | 6,493 | 7,321 | 14,206 | 2,580 | 30,601 |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 472 | - | - | - | 472 | 17 | - | - | - | 17 |
| Total forward sales (FV economic hedging) | 7,563 | 82,966 | 187,204 | 25,521 | 303,253 | 4,056 | 6,964 | 30,994 | 10,495 | 52,508 |
| Total forward purchases (FV economic hedging) | 1,077 | - | - | - | 1,077 | 12 | - | - | - | 12 |
| Total forward purchases (FV economic hedging) - PPA's | - | - | - | 93,595 | 93,595 | - | - | - | 5,300 | 5,300 |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts purchases (CFH) | 7,021 | 7,021 | 70,208 | 11,701 | 95,951 | 375 | 358 | 2,473 | 69 | 3,275 |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 36,756 | 53,057 | 80,618 | - | 170,431 | - | 1,262 | 1,993 | - | 3,255 |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | 6,021 | 3,395 | 8,384 | 690 | 18,490 |
| Financial Instruments Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest Rate Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| (Cross-currency) Interest rate swaps | - | - | - | 634,325 | 634,325 | - | - | - | (14,247) | (14,247) |
| Commodity risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total forward sales (CFH) | 1,170 | 1,488 | 9,433 | 9,553 | 21,644 | (452) | (150) | (2,188) | (1,382) | (4,173) |
| Total forward purchases (CFH) | - | - | 31,659 | 72,162 | 103,821 | - | - | 1,581 | (5,363) | (3,782) |
| Total forward purchases (FV - IFRS 9 Hedge Accounting) | 51,087 | 63,677 | 42,357 | - | 157,121 | (1,089) | (2,266) | (2,328) | - | (5,683) |
| Total forward purchases (FV economic hedging) | 6,126 | - | - | - | 6,126 | (224) | - | - | - | (224) |
| FX Risk | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts sales (CFH) | 46,263 | 61,565 | 335,680 | 317,271 | 760,779 | (3,224) | (4,257) | (22,244) | (21,054) | (50,779) |
| Forward currency contracts sales (FV - IFRS 9 Hedge Accounting) | 502,447 | 336,940 | 294,641 | 27,857 | 1,161,885 | (1,877) | (3,519) | (15,273) | (869) | (21,538) |
| Forward currency contracts purchases (FV - IFRS 9 Hedge Accounting) | 186,446 | 111,070 | 157,813 | 16,743 | 472,072 | (11) | (22) | (102) | - | (135) |
The cash flow statement identifies operating, investing and financing activities for the period.
\nUmicore uses the indirect method for the operating cash flows. The profit (loss) of the period is adjusted for:
The effects of non-cash transactions such as provisions, impairment losses, mark to market, etc., and the variance in operating capital requirements
Items of income or expense associated with investing or financing cash flows
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Adjustments for non cash transactions | \u00a0 | \u00a0 |
| Depreciation and amortisation | 298,526 | 285,186 |
| (Reversal) Impairment loss | 45,790 | 958,986 |
| Mark to market of inventories and commitments | 20,805 | (54,032) |
| Exchange difference on long-term loans | (31,459) | 45,354 |
| (Reversal) Impairment loss on other financial assets | 444 | 236 |
| Write-down on inventory and impairment of financial assets | 6,744 | 472,521 |
| Depreciation on government grants | (14,909) | (14,276) |
| Share-based payments | 14,117 | 6,876 |
| Change in provisions | (35,131) | 175,306 |
| Total | 304,930 | 1,876,158 |
| \u00a0 | \u00a0 | \u00a0 |
| Adjustments for items to disclose separately or under investing and financing cash flows | \u00a0 | \u00a0 |
| Income taxes of the period | 104,941 | 106,954 |
| Interest (income) charges | 78,347 | 74,676 |
| (Gain) loss on disposal of fixed assets | 5,545 | 97 |
| Dividend income | (237) | (237) |
| Total | 188,596 | 181,490 |
| \u00a0 | \u00a0 | \u00a0 |
| Change in working capital requirement analysis | \u00a0 | \u00a0 |
| Inventories | 543,568 | 598,430 |
| Trade and other receivables | 457,555 | 132,904 |
| Trade and other payables | (510,721) | 377,900 |
| As in the consolidated balance sheet | 490,402 | 1,109,234 |
| Non-cash items (*) | (97,527) | (676,646) |
| Items disclosed elsewhere (**) | 18,611 | (10,622) |
| Impact of business combination | - | 178 |
| Currency translation differences | (65,004) | (30,590) |
| As in the consolidated cash flow statement | 346,482 | 391,554 |
(*) In 2024, non-cash items mainly include the non-current inventory impairment as disclosed in Note F18 for\u20ac\u00a0458.9 million and the fluctuation of outstanding payable for the capital increase in IONWAY joint venture which was approved in December 2023 and 2024 and paid in full respectively in January 2024 and 2025 (\u20ac\u00a0150 million). Beside those elements, non-cash items are mainly linked to mark to market of strategic and transactional hedging as well as write-down on receivables.
\n(**) Item disclosed elsewhere are mainly due to changes in interests, tax receivable and payable as well as government grants.
\n| Thousands of Euros | Net cash and cash equivalent | Loans (w/o bank overdrafts) | IFRS Net financial debt | Excluding revaluation impact (*) | Net financial debt |
|---|---|---|---|---|---|
| At the end of previous year | (1,463,796) | 2,696,449 | 1,232,653 | 33,181 | 1,265,834 |
| Cash flow of the period | (510,121) | 656,953 | 146,832 | - | 146,832 |
| Other non-cash movements | \u00a0 | 42,566 | 42,566 | - | 42,566 |
| Other financing cash flow not part of net financial debt | \u00a0 | (30,000) | (30,000) | - | (30,000) |
| Revaluation impact | \u00a0 | 32,165 | 32,165 | (32,165) | - |
| At the end of the financial year | (1,973,917) | 3,398,132 | 1,424,215 | 1,016 | 1,425,231 |
| (*) revaluation impact corresponds to the revaluation impact of financial debt denominated in a currency which is not the functional currency of the entity and for which the Group is hedged |
Net cash and cash equivalent includes bank overdrafts as disclosed in Note F23. The line other financing cash flow includes an amount of \u20ac\u00a030 million classified in other trade payable.
\nNet operating cash flow is \u20ac\u00a0869 million. Net working capital for the Group decreased by \u20ac\u00a0392 million compared to the end of 2023. Working capital needs improved across all business segments. In Catalysis and Recycling, a further reduction is driven by lower platinum group metals price levels and further optimization measures.
\nNet cash used in investing activities decreased by \u20ac\u00a0173 million in 2024 compared to 2023. Capital expenditure reached \u20ac\u00a0555 million (compared to \u20ac\u00a0857 million in 2023), excluding capitalized R&D costs as per Umicore\u2019s de\ufb01nition of capital expenditures (refer to Glossary). This decrease reflects entirely the reduction in Battery Materials after strictly limiting the investments to support the existing customer commitments. Capitalized development expenses amounted to \u20ac\u00a028 million in line with 2023.
\nDuring the year, Umicore contributed \u20ac\u00a0175 million in equity to IONWAY, its joint venture with PowerCo.
\n| Thousands of Euros | \u00a0 | 2023 | 2024 |
|---|---|---|---|
| Acquisition of tangible assets | a | 807,474 | 526,107 |
| Acquisition of intangible assets | b | 77,268 | 56,131 |
| Acquisitions of assets | c=a+b | 884,742 | 582,238 |
| Capitalized R&D | d | 27,935 | 27,573 |
| Capital expenditure | e=c-d | 856,807 | 554,665 |
The cash generated in financing activities is mainly the consequence of the net increase of the indebtedness (\u20ac\u00a0678.4 million) offset by the payment of dividends (\u20ac\u00a0194.2 million) and interests (\u20ac\u00a086.5 million).
\nThe effect of exchange rate fluctuations in the statement of cash flow includes the effect of exchange rate fluctuations on cash held on one hand and the currency translation effect on the intercompany loan eliminations on the other hand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-563": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Guarantees constituted by third parties on behalf of the Group | 57,930 | 33,310 |
| Guarantees constituted by the Group on behalf of third parties | 3,801 | 3,279 |
| Guarantees received | 60,206 | 96,120 |
| Goods and titles held by third parties in their own names but at the Group's risk | 1,584,430 | 888,856 |
| Commitments to acquire and sell fixed assets | 170,102 | 162,783 |
| Commercial commitments for commodities purchased (to be received) | 591,583 | 676,025 |
| Commercial commitments for commodities sold (to be delivered) | 1,909,043 | 2,131,713 |
| Goods and titles of third parties held by the Group | 4,519,851 | 3,787,340 |
| Total | 8,896,946 | 7,779,426 |
These are secured and unsecured guarantees given by third parties to the creditors of the Group guaranteeing that the Group\u2019s debts and commitments, actual and potential, will be satisfactorily discharged.
\nThese are guarantees or irrevocable undertakings given by the Group in favor of third parties guaranteeing the satisfactory discharge of debts or of existing or potential commitments by the third party to its creditors.
\nThere are no loan commitments given to third parties.
\nThese are pledges and guarantees received guaranteeing the satisfactory discharge of debts and existing and potential commitments of third parties towards the Group, with the exception of guarantees and security in cash.
\nThe guarantees received are mainly related to supplier guarantees backed by bank institutions. Those guarantees are set up to cover the good execution of work by the supplier.
\nSome guarantees received are related to customer guarantees, received mainly from a customer\u2019s mother company on behalf of one of its subsidiaries. A minor part of the received guarantees is related to rent guarantees.
\nAll guarantees are taken at normal market conditions and their fair value is equivalent to the carrying amount. No re-pledge has been done on any of those guarantees.
\nThese represent goods and titles included in the Group balance sheet for which the Group bears the risk and takes the profit, but where these goods and titles are not present on the premises of the Group. It concerns mainly inventories leased out to third parties or held under consignment or under tolling agreement by third parties.
\nAs further described in Note E2-2, Umicore continues to invest \u20ac25 million annually for continuous environmental performance improvements for its site Hoboken. This amount is included in the table above only to the extent that there is a firm commitment with suppliers.
\nThese are firm commitments to deliver or receive metals to customers or from suppliers at fixed prices.
\nThese are goods and titles held by the Group, but which are not owned by the Group. It concerns mainly third-party inventories leased in or held under consignment or tolling agreements with third parties. It also includes in a much lesser extent some non-metal leases that are not in the scope of IFRS 16 because of lower values or short-term.
\nThe Group leases metals (particularly gold, silver, platinum and palladium) from and to banks and other third parties for speci\ufb01ed, mostly short term, periods and for which the Group pays or receives fees. As at 31 December 2024, there was a net lease-in position of \u20ac\u00a01,107 million vs. \u20ac\u00a01,275 million at end of 2023. This decrease is mainly caused by lower volumes. As detailed in Note F2.8, those metal leases are not under the scope of IFRS 16.
\nThe Group is subject to a number of claims and legal proceedings incidental to the normal conduct of its business which are properly provisioned. Management does not believe that such claims and proceedings are likely to have a material adverse effect on the financial condition of Umicore.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-564": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Guarantees constituted by third parties on behalf of the Group | 57,930 | 33,310 |
| Guarantees constituted by the Group on behalf of third parties | 3,801 | 3,279 |
| Guarantees received | 60,206 | 96,120 |
| Goods and titles held by third parties in their own names but at the Group's risk | 1,584,430 | 888,856 |
| Commitments to acquire and sell fixed assets | 170,102 | 162,783 |
| Commercial commitments for commodities purchased (to be received) | 591,583 | 676,025 |
| Commercial commitments for commodities sold (to be delivered) | 1,909,043 | 2,131,713 |
| Goods and titles of third parties held by the Group | 4,519,851 | 3,787,340 |
| Total | 8,896,946 | 7,779,426 |
These are secured and unsecured guarantees given by third parties to the creditors of the Group guaranteeing that the Group\u2019s debts and commitments, actual and potential, will be satisfactorily discharged.
\nThese are guarantees or irrevocable undertakings given by the Group in favor of third parties guaranteeing the satisfactory discharge of debts or of existing or potential commitments by the third party to its creditors.
\nThere are no loan commitments given to third parties.
\nThese are pledges and guarantees received guaranteeing the satisfactory discharge of debts and existing and potential commitments of third parties towards the Group, with the exception of guarantees and security in cash.
\nThe guarantees received are mainly related to supplier guarantees backed by bank institutions. Those guarantees are set up to cover the good execution of work by the supplier.
\nSome guarantees received are related to customer guarantees, received mainly from a customer\u2019s mother company on behalf of one of its subsidiaries. A minor part of the received guarantees is related to rent guarantees.
\nAll guarantees are taken at normal market conditions and their fair value is equivalent to the carrying amount. No re-pledge has been done on any of those guarantees.
\nThese represent goods and titles included in the Group balance sheet for which the Group bears the risk and takes the profit, but where these goods and titles are not present on the premises of the Group. It concerns mainly inventories leased out to third parties or held under consignment or under tolling agreement by third parties.
\nAs further described in Note E2-2, Umicore continues to invest \u20ac25 million annually for continuous environmental performance improvements for its site Hoboken. This amount is included in the table above only to the extent that there is a firm commitment with suppliers.
\nThese are firm commitments to deliver or receive metals to customers or from suppliers at fixed prices.
\nThese are goods and titles held by the Group, but which are not owned by the Group. It concerns mainly third-party inventories leased in or held under consignment or tolling agreements with third parties. It also includes in a much lesser extent some non-metal leases that are not in the scope of IFRS 16 because of lower values or short-term.
\nThe Group leases metals (particularly gold, silver, platinum and palladium) from and to banks and other third parties for speci\ufb01ed, mostly short term, periods and for which the Group pays or receives fees. As at 31 December 2024, there was a net lease-in position of \u20ac\u00a01,107 million vs. \u20ac\u00a01,275 million at end of 2023. This decrease is mainly caused by lower volumes. As detailed in Note F2.8, those metal leases are not under the scope of IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-566": { "value": "\nThe Group is subject to a number of claims and legal proceedings incidental to the normal conduct of its business which are properly provisioned. Management does not believe that such claims and proceedings are likely to have a material adverse effect on the financial condition of Umicore.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-568": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Transactions with joint ventures and associates | \u00a0 | \u00a0 |
| Operating income | 111,853 | 47,320 |
| Operating expenses | (196,897) | (60,300) |
| Financial income | 895 | 297 |
| Dividends received | (5,872) | (3,716) |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Outstanding balances with joint ventures and associates | \u00a0 | \u00a0 |
| Current trade and other receivables | 35,832 | 19,355 |
| Current trade and other payables | 174,526 | 262,983 |
The transactions with associates and joint ventures are mainly commercial transactions, sales and purchases of goods and services.
\nDuring the year, the Group contributed to the capital increase of IONWAY for \u20ac\u00a0325 million, of which \u20ac\u00a0250.0 million has been approved in December 2024 and paid in full end of January 2025. This amount is included in the line current trade and other payables in the table above.
\nBesides its equity share in its associates and joint ventures, Umicore has no other commitments, guarantees or obligations arising from its involvement in those.
\nThere are no transaction with entities held by key management personnel.
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Supervisory Board | \u00a0 | \u00a0 |
| Salaries and other compensation | 1,195 | 1,134 |
| Fixed portion | 462 | 333 |
| Variable portion (based on attended meetings) | 431 | 582 |
| Value of the share grant | 298 | 214 |
| Benefit in kind company car chairman | 4 | 4 |
No variable or other compensation element (apart from attendance-related fees) is associated with directorship. No loan or guarantees have been granted by the company to members of the Supervisory Board.
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Executive Leadership Team | \u00a0 | \u00a0 |
| Salaries and other benefits | 12,030 | 13,689 |
| Short-term employee benefits | 6,639 | 5,872 |
| Post-employment benefits | 1,177 | 1,136 |
| Other long-term benefits | 528 | (978) |
| Share-based payments | 3,686 | 3,044 |
| Termination benefits | - | 4,615 |
The data above shows the accounting view of the Supervisory Board and Executive Leadership Team remuneration and slightly differs from the information provided in the remuneration report in the Corporate Governance section.
\nIn the tables above, the employer social security contributions, if applicable, are included in the short-term employee bene\ufb01ts. These do not feature in the remuneration report.
\nThe figures related to the annual variable remuneration linked to the reference year 2024 included in the short-term employee benefits, represent the level of accruals at balance sheet date. The remuneration report features the actual amounts paid with respect to the reference year 2024.
\nLong-term variable remuneration (2022, 2023 and 2024 PSU Plans respectively for reference year 2022, 2023 and 2024) are included in other long term benefits.
\nPSU\u2019s expense are recognized as employee benefit expense during the vesting period (i.e. the period in which the service and, where applicable, the performance conditions are fulfilled). The cumulative expense recognized for the PSU plans at each reporting date reflects the already expired portion of the vesting period and the Group\u2019s best estimate of the number of awards that will ultimately vest. The expense or credit in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
\nThe award level for vesting in 2025, 2026 and 2027 (for respectively the 2022, 2023 and 2024 PSU Plan) will depend on long-term performance measures and the exact award levels will be included respectively in the remuneration report 2024, 2025 and 2026.
\nWith regard to share-based incentives, the share grant figures included in share-based payments above represent the value of the shares granted in 2024 for services rendered in 2023. The remuneration report shows the value of the shares granted in 2025 for services rendered in the reporting year 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-569": { "value": "\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Transactions with joint ventures and associates | \u00a0 | \u00a0 |
| Operating income | 111,853 | 47,320 |
| Operating expenses | (196,897) | (60,300) |
| Financial income | 895 | 297 |
| Dividends received | (5,872) | (3,716) |
| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Outstanding balances with joint ventures and associates | \u00a0 | \u00a0 |
| Current trade and other receivables | 35,832 | 19,355 |
| Current trade and other payables | 174,526 | 262,983 |
The transactions with associates and joint ventures are mainly commercial transactions, sales and purchases of goods and services.
\nDuring the year, the Group contributed to the capital increase of IONWAY for \u20ac\u00a0325 million, of which \u20ac\u00a0250.0 million has been approved in December 2024 and paid in full end of January 2025. This amount is included in the line current trade and other payables in the table above.
\nBesides its equity share in its associates and joint ventures, Umicore has no other commitments, guarantees or obligations arising from its involvement in those.
\nThere are no transaction with entities held by key management personnel.
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Supervisory Board | \u00a0 | \u00a0 |
| Salaries and other compensation | 1,195 | 1,134 |
| Fixed portion | 462 | 333 |
| Variable portion (based on attended meetings) | 431 | 582 |
| Value of the share grant | 298 | 214 |
| Benefit in kind company car chairman | 4 | 4 |
No variable or other compensation element (apart from attendance-related fees) is associated with directorship. No loan or guarantees have been granted by the company to members of the Supervisory Board.
\n| Thousands of Euros | 2023 | 2024 |
|---|---|---|
| Executive Leadership Team | \u00a0 | \u00a0 |
| Salaries and other benefits | 12,030 | 13,689 |
| Short-term employee benefits | 6,639 | 5,872 |
| Post-employment benefits | 1,177 | 1,136 |
| Other long-term benefits | 528 | (978) |
| Share-based payments | 3,686 | 3,044 |
| Termination benefits | - | 4,615 |
The data above shows the accounting view of the Supervisory Board and Executive Leadership Team remuneration and slightly differs from the information provided in the remuneration report in the Corporate Governance section.
\nIn the tables above, the employer social security contributions, if applicable, are included in the short-term employee bene\ufb01ts. These do not feature in the remuneration report.
\nThe figures related to the annual variable remuneration linked to the reference year 2024 included in the short-term employee benefits, represent the level of accruals at balance sheet date. The remuneration report features the actual amounts paid with respect to the reference year 2024.
\nLong-term variable remuneration (2022, 2023 and 2024 PSU Plans respectively for reference year 2022, 2023 and 2024) are included in other long term benefits.
\nPSU\u2019s expense are recognized as employee benefit expense during the vesting period (i.e. the period in which the service and, where applicable, the performance conditions are fulfilled). The cumulative expense recognized for the PSU plans at each reporting date reflects the already expired portion of the vesting period and the Group\u2019s best estimate of the number of awards that will ultimately vest. The expense or credit in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
\nThe award level for vesting in 2025, 2026 and 2027 (for respectively the 2022, 2023 and 2024 PSU Plan) will depend on long-term performance measures and the exact award levels will be included respectively in the remuneration report 2024, 2025 and 2026.
\nWith regard to share-based incentives, the share grant figures included in share-based payments above represent the value of the shares granted in 2024 for services rendered in 2023. The remuneration report shows the value of the shares granted in 2025 for services rendered in the reporting year 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-570": { "value": "\nAfter the end-of-year closing, Umicore announced the sale of its Platinum Active Pharmaceutical Ingredient business outside of South America to Heraeus Precious Metals, the precious metals division of the Heraeus Group. The sale, which is aligned with Umicore\u00b4s strategy and our efficiency efforts, does not include Umicore\u2019s Platinum API business and production facility in South America , or the non-platinum molecules that Umicore will continue to supply globally. Hence, no assets held for sale related to this transaction are recorded as of 31 December 2024.
\nThe Supervisory Board will propose a gross annual dividend of \u20ac\u00a00.50 per share for 2024 at the Annual General Meeting on 24 April 2025. This is a reduction from the \u20ac\u00a00.80 per share paid out for the financial year 2023. Considering the interim dividend of \u20ac\u00a00.25 per share paid out in August 2024 and subject to shareholder approval, a gross amount of \u20ac\u00a00.25 per share will be paid out on 30 April 2025.
\nSubsequent to the reporting date, potentially new trade tariffs, particularly in the United States, have been announced that may have an impact on the Group\u2019s operations. The Group is currently assessing the potential financial and operational implications of these changes. The Group maintains a resilient business model and an agile global footprint, with production facilities in multiple geographic regions. This diversified manufacturing presence supports the Group to adapt its supply chain and production strategies to mitigate to a degree potential adverse effects and continue serving its markets efficiently.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-571": { "value": "\n| (EUR) | 2023 | 2024 |
|---|---|---|
| EPS - basic | 1.60 | -6.15 |
| EPS - diluted | 1.60 | -6.15 |
| Basic adjusted EPS | 1.86 | 1.06 |
The following earnings figures have been used as the numerator in the calculation of basic and diluted earnings per share:
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Net consolidated profit, Group share | F9 | \u00a0 | \u00a0 |
| From continuing operations | \u00a0 | 385,075 | (1,479,879) |
| Adjusted net consolidated profit, Group share | F9 | 446,688 | 255,251 |
The following numbers of shares have been used as the denominator in the calculation of basic and diluted earnings per share:
\n| \u00a0 | 2023 | 2024 |
|---|---|---|
| Total shares issued as at 31 December | 246,400,000 | 246,400,000 |
| of which treasury shares | 5,999,083 | 5,918,866 |
| of which shares outstanding | 240,400,917 | 240,481,134 |
| Weighted average number of outstanding shares | 240,381,166 | 240,464,112 |
| Potential dilution due to stock option plans | 31,674 | 145,978 |
| Adjusted weighted average number of outstanding shares | 240,412,840 | 240,610,090 |
Total outstanding shares are after deduction of treasury shares, which are held to cover existing stock option plans, PSU's or are available for resale. The denominator for the calculation of diluted earnings per share takes into account an adjustment for stock options and PSU's.
\nDuring 2024, no new shares were created. During the year, Umicore used 80,217 of its treasury shares for shares granted. In the course of 2024, Umicore did not buy back any own shares. On 31 December 2024, Umicore owned 5,918,866 of its own shares representing 2.40% of the total number of shares issued as at that date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-572": { "value": "\n| (EUR) | 2023 | 2024 |
|---|---|---|
| EPS - basic | 1.60 | -6.15 |
| EPS - diluted | 1.60 | -6.15 |
| Basic adjusted EPS | 1.86 | 1.06 |
The following earnings figures have been used as the numerator in the calculation of basic and diluted earnings per share:
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Net consolidated profit, Group share | F9 | \u00a0 | \u00a0 |
| From continuing operations | \u00a0 | 385,075 | (1,479,879) |
| Adjusted net consolidated profit, Group share | F9 | 446,688 | 255,251 |
The following numbers of shares have been used as the denominator in the calculation of basic and diluted earnings per share:
\n| \u00a0 | 2023 | 2024 |
|---|---|---|
| Total shares issued as at 31 December | 246,400,000 | 246,400,000 |
| of which treasury shares | 5,999,083 | 5,918,866 |
| of which shares outstanding | 240,400,917 | 240,481,134 |
| Weighted average number of outstanding shares | 240,381,166 | 240,464,112 |
| Potential dilution due to stock option plans | 31,674 | 145,978 |
| Adjusted weighted average number of outstanding shares | 240,412,840 | 240,610,090 |
Total outstanding shares are after deduction of treasury shares, which are held to cover existing stock option plans, PSU's or are available for resale. The denominator for the calculation of diluted earnings per share takes into account an adjustment for stock options and PSU's.
\nDuring 2024, no new shares were created. During the year, Umicore used 80,217 of its treasury shares for shares granted. In the course of 2024, Umicore did not buy back any own shares. On 31 December 2024, Umicore owned 5,918,866 of its own shares representing 2.40% of the total number of shares issued as at that date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-573": { "value": "\n| (EUR) | 2023 | 2024 |
|---|---|---|
| EPS - basic | 1.60 | -6.15 |
| EPS - diluted | 1.60 | -6.15 |
| Basic adjusted EPS | 1.86 | 1.06 |
The following earnings figures have been used as the numerator in the calculation of basic and diluted earnings per share:
\n| Thousands of Euros | Notes | 2023 | 2024 |
|---|---|---|---|
| Net consolidated profit, Group share | F9 | \u00a0 | \u00a0 |
| From continuing operations | \u00a0 | 385,075 | (1,479,879) |
| Adjusted net consolidated profit, Group share | F9 | 446,688 | 255,251 |
The following numbers of shares have been used as the denominator in the calculation of basic and diluted earnings per share:
\n| \u00a0 | 2023 | 2024 |
|---|---|---|
| Total shares issued as at 31 December | 246,400,000 | 246,400,000 |
| of which treasury shares | 5,999,083 | 5,918,866 |
| of which shares outstanding | 240,400,917 | 240,481,134 |
| Weighted average number of outstanding shares | 240,381,166 | 240,464,112 |
| Potential dilution due to stock option plans | 31,674 | 145,978 |
| Adjusted weighted average number of outstanding shares | 240,412,840 | 240,610,090 |
Total outstanding shares are after deduction of treasury shares, which are held to cover existing stock option plans, PSU's or are available for resale. The denominator for the calculation of diluted earnings per share takes into account an adjustment for stock options and PSU's.
\nDuring 2024, no new shares were created. During the year, Umicore used 80,217 of its treasury shares for shares granted. In the course of 2024, Umicore did not buy back any own shares. On 31 December 2024, Umicore owned 5,918,866 of its own shares representing 2.40% of the total number of shares issued as at that date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-575": { "value": "\nThere were no new standards, amendments and interpretation to standards issued, and mandatory for the first time for the financial year beginning 1 January 2024 with a material impact on the Group\u2019s consolidated financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
\nIn April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-576": { "value": "\nThere were no new standards, amendments and interpretation to standards issued, and mandatory for the first time for the financial year beginning 1 January 2024 with a material impact on the Group\u2019s consolidated financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
\nIn April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-577": { "value": "\nThe worldwide remuneration for the statutory auditor and its af\ufb01liated companies totaled \u20ac\u00a03.0 million, including an amount of \u20ac\u00a02.4 million for the statutory audit missions (thereof \u20ac\u00a00.6 million for the audit of the parent company) and \u20ac\u00a00.6 million for non-statutory audit services including audit-related services, other attestation services (\u20ac\u00a00.4 million) and non-audit services (\u20ac\u00a00.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-578": { "value": "\nIn accordance with IFRS 5, the Group has classified certain assets as held for sale as of November 2024. Those assets concern a group of assets and some directly associated liabilities to be disposed as a group together in one single transaction.
\nThe assets meet the criteria for classification as held for sale, which includes being available for immediate sale in their present condition and the sale being highly probable within one year from the date of classification. Management is committed to a plan to sell the assets, and there is a reasonable expectation that a sale will occur within the next 12 months.
\nAt 31 December 2024, the following non-current assets have been classified as held for sale:
\u20ac\u00a019.0 million of intangible assets (development expenses capitalized)
\u20ac\u00a013.0 million of property, plant and equipment mostly related to equipment and machinery for \u20ac\u00a03.2 million and construction in progress for \u20ac\u00a09.1 million
Addionally, \u20ac\u00a01.9 million of current assets and \u20ac\u00a02.6 million of directly associated liabilities have been reclassified. Those assets and liabilities are part of the Corporate business group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-579": { "value": "\nIn accordance with IFRS 5, the Group has classified certain assets as held for sale as of November 2024. Those assets concern a group of assets and some directly associated liabilities to be disposed as a group together in one single transaction.
\nThe assets meet the criteria for classification as held for sale, which includes being available for immediate sale in their present condition and the sale being highly probable within one year from the date of classification. Management is committed to a plan to sell the assets, and there is a reasonable expectation that a sale will occur within the next 12 months.
\nAt 31 December 2024, the following non-current assets have been classified as held for sale:
\u20ac\u00a019.0 million of intangible assets (development expenses capitalized)
\u20ac\u00a013.0 million of property, plant and equipment mostly related to equipment and machinery for \u20ac\u00a03.2 million and construction in progress for \u20ac\u00a09.1 million
Addionally, \u20ac\u00a01.9 million of current assets and \u20ac\u00a02.6 million of directly associated liabilities have been reclassified. Those assets and liabilities are part of the Corporate business group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900F3AIQECS8ZSV61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }