E-Scrap Import Restrictions, Elevated Metal Prices Boost Umicore’s Profits

Umicore posted strong performance in 2019, mainly aided by increased global supply of printed circuit board (PCB) scrap due to restrictions placed by the Chinese administration on imports of electronic scrap into the country. The higher metal prices also boosted the yearly profits.

The company press release noted that the revenues in 2019 surged higher by almost 3% to € 3.4 billion. The recurring EBITDA increased by 5% over the prior year to total € 753 million. Meantime, the recurring EBIT at € 509 million was almost close to the record levels of 2018. The company reported cash flow from operations of € 549 million and capital expenditures of € 553 million. The net debt rose from € 861 million to € 1.443 billion, mainly due to growth investments.

Umicore expressed the hope that the recent outbreak of coronavirus in China will not have protracted or material impact on global economy in 2020. It anticipates growth in revenue and earnings in 2020, despite macro-economic headwinds and adverse market trends. The company aims to adjust its investments by taking account of the evolving market needs, said Marc Grynberg, CEO, Umicore.

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