About this on-line report
Umicore’s Annual Report 2015 offers a comprehensive and integrated view of Umicore’s economic, financial, environmental and social performance for 2015.
The report consists of two sections – a Management Review and a statements section. The Management Review provides an introduction to Umicore and focuses on the key performance aspects of 2015, the achievements of Umicore’s Vision 2015 strategy and an overview of Horizon 2020 ambitions. The statements section includes full financial, environmental, social & governance statements and notes.
An integrated approach
One of the key objectives of Umicore’s Annual Report has been to reflect Umicore’s integrated strategic approach which combines economic, environmental and social performance targets. This approach to reporting is the result of a period of consultation with internal and external stakeholders between 2009 and 2011 and is inspired by the concept of “integrated reporting” as being developed by the International Integrated Reporting Council.
In terms of overall scope, Umicore’s Annual Report 2015 covers Umicore’s operations for the financial / calendar year 2015. The planned divestment of the Zinc Chemicals and Building Products business units announced in the course of 2015 does not have any significant impact on the reporting. This report can be considered as the closing report on the company’s Vision 2015 objectives. The scope of all objectives and a brief description of the methodology behind all performance indicators are included in the statements section of the report. Where data is available, the performance indicators in the document are reported with a comparison base going back five years to 2011
The economic scope of the report covers all fully consolidated operations. In addition, the financial contributions of all associate and joint venture companies are included in the financial reporting. The scope of the environmental and social elements of the report is limited to the fully consolidated entities (including the planned divestments) – any divergence from this scope is explained in the relevant chapter or note in the report.
The data for the economic and financial elements of the report are collected through the company’s financial management and consolidation process. The environmental and social data is collected through environmental and social data management systems and integrated into a central reporting tool, along with the economic and financial data.
This report has been independently verified by PwC Bedrijfsrevisoren/Réviseurs d’Entreprises (PwC). PwC’s audit of financial information is based on full set of IFRS consolidated financial statements on which it has expressed an unqualified opinion. The auditor's report on the full set of IFRS consolidated financial statements can be found here. The social and environmental information included in this report has been prepared on the basis of the same recognition and measurement principles that have been used to prepare the environmental and social statements. The independent auditor’s report of PwC on the social and environmental statements can be found here.
Umicore has followed the Global Reporting Initiative (GRI) framework since 2007. Although GRI has transitioned to G4, this year’s report is based on GRI G3.1 for the sake of consistency and comparability over the Vision 2015 reporting period. A GRI index can be found here. Umicore is evaluating suitable reporting frameworks for reporting on the progress towards the Horizon 2020 objectives for the period 2016-2020.
Presentation & feedback
Umicore seeks to improve its reporting through a continuous process of stakeholder engagement and dialogue. The key social elements of the report are presented to the international trade unions during the joint monitoring committee in March, while the entire document is presented to shareholders at the Annual General Meeting in late April. Umicore also commits to consider all improvement points recommended by the independent auditor (PwC) in its subsequent reporting cycles. General reader feedback is encouraged through both the print and on-line versions of the report.
Other additional information includes a summary of Umicore’s approach to economic, environmental and social management. These elements have been provided on this website and should be considered as part of this report.