Interim Results For the six months ended 30 June 2001 12 September 2001.
Presentation of Results for the year ended 31 st March 2001 7 th June 2001
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Transcript of Presentation of Results for the year ended 31 st March 2001 7 th June 2001
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Presentation of Results for the year ended 31st March 2001
7th June 2001
Johnson Matthey
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Johnson Matthey
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OverviewOverview An excellent year
Operating profit up 20%
All three divisions producing strong organic growth
Profit before tax up 25% to £180.3 million
Accelerated investment in growth businesses
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Johnson Matthey
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Summary ResultsSummary Results2001 2000
£m £m %
Turnover 5,904 3,866 +53
Op. Profit – Continuing 175.2 146.5 +20
– Discontinued (0.2) (0.3)
Interest 5.3 (2.4)
Profit before tax* 180.3 143.8 +25
Exceptionals 0.5 13.6
Goodwill amortisation (0.3) (0.2)
EPS* 58.1p 47.5p +22
Dividend 23.3p 20.3p +15
* Excluding exceptionals & goodwill amortisation
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Operating ProfitOperating Profit
2001 2000
£m £m %
Catalysts & Chemicals 98.9 84.8 +17
Precious Metals 57.4 45.4 +26
Colours & Coatings 32.2 27.9 +15
Corporate (13.3) (11.6)
175.2 146.5 +20
2001 at 2000 exchange rates
£m %
93.5 +10
56.0 +23
32.6 +17
(13.3)
168.8 +15
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ROS
2001 2000
% %
17.5 17.2
35.5 40.0
12.9 11.9
17.9 17.4
Return on SalesReturn on Sales Excluding Precious MetalsExcluding Precious Metals
Sales excl. PM’s
2001 2000 Growth
£m £m %
Catalysts & Chemicals 565 494 +14
Precious Metals 162 114 +42
Colours & Coatings 250 234 +7
977 841 +16
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2000£146.5m
2001£175.2m
Europe
Rest of World
Asia
North America
Geographical SplitGeographical SplitOperating Profit
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InterestInterest
2001 2000
£m £m
Financial 6.7 (0.2)
Gold & Silver leases (1.4) (2.2)
5.3 (2.4)
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Taxation Taxation
2001 2000
£m £m
Underlying tax 52.2 40.4
Tax on exceptionals 0.1 4.9
52.3 45.3
Average tax rate 29.0% 28.8%
Underlying tax rate 29.0% 28.1%
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Return on InvestmentReturn on Investment20012000
£m£m
Operating profit 175 146
Average assets:
Equity and minorities 808 659
Cumulative goodwill w/o 46 109
Net (cash) / borrowings (153) 28
Total investment 701 796
Pre-tax ROA 25.0% 18.4%
Post-tax ROA 17.8% 13.2%
Economic value added £53m £32m
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Free Cash FlowFree Cash Flow
2001 2000
£m £m
Operating profit 174.1 136.2
Depreciation and amortisation 41.1 46.6
Working capital / other (58.7) (52.5)
Cash flow from operations 156.5 130.3
Interest / tax / dividends (78.8) (78.1)
Capex - gross (98.9) (63.4)
- disposals 4.2 9.1
- EMD - (11.4)
Free cash flow (17.0) (13.5)
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Net Cash FlowNet Cash Flow
2001 2000
£m £m
Free cash flow (17.0) (13.5)
Acquisitions (7.5) (2.9)
Disposals 0.6 401.7
Shares issued 7.9 8.0
Net cash flow (16.0) 393.3
Exchange (9.9) (5.9)
Movement in debt (25.9) 387.4
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CapitalCapital
Mar 01 Mar 00
£m £m
Net (cash) / debt (140) (166)
Equity and minorities 856 760
Capital employed 716 594
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Operating ProfitSales
0
20
40
60
80
100
+17%+76%
2000 20012000 2001
£m £m
0
600
900
1200
1500
300
1800
Catalysts & Chemicals DivisionCatalysts & Chemicals Division
856
84.81,503
98.9
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Catalytic SystemsCatalytic Systems
Sales volume up 9%
Growth in market share
New facilities
New process technology
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Fuel CellsFuel Cells
Testing facility complete
Ballard co-operation expanded
Expanding existing capacity for catalyst, MEAs and fuel processors
Planning MEA manufacturing plant, UK site found
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Chemicals Chemicals
Buoyant market for PGM refining activities
Strong growth in process catalysts and PGM chemicals
Major investment in upgrading and expanding refining capacity
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Pharmaceutical MaterialsPharmaceutical Materials
Strong growth in platinum pharmaceuticals
Good initial sales of chiral methylphenidate
Pharm-Eco acquisition
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Operating ProfitSales
+26%+55%
2000 20012000 2001
£m£m
0
1400
2100
2800
3500
700
4200
0
10
20
30
50
60
40
Precious Metals DivisionPrecious Metals Division
2,672
45.4
4,146 57.4
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Precious Metals DivisionPrecious Metals Division
Strong growth in Platinum
Good year for fabricated products
Growth in components for medical devices
Gold business slightly down
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200
400
600
800
1,000
1,200
Platinum Palladium Mar99 Mar00 Mar01 Jun01
US $
Platinum & Palladium PricesPlatinum & Palladium Prices
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Precious Metals DivisionPrecious Metals Division
Strong growth in Platinum
Good year for fabricated products
Growth in components for medical devices
Gold business slightly down
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+15%+6%
2000 20012000 2001
£m £m
0
100
150
200
250
50
300
Operating ProfitSales
0
5
10
15
25
30
20
35
Colours & Coatings DivisionColours & Coatings Division
241 27.9255
32.2
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Colours & Coatings DivisionColours & Coatings Division
Improving financial performance
Strong growth in Tile
Good performance from Glass
Investment in growth markets
Tableware restructuring benefits delivered
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StrategyStrategy
Focused the group
Invest in organic growth
Complementary acquisitions
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Outlook - Major ProjectsOutlook - Major Projects
Autocatalyst - new process technology
PGM refining expansion
Complete new pharmaceutical facility
Tile facilities in Spain / Brazil
Fuel cells
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Outlook - ProspectsOutlook - Prospects
Continued good growth in Catalytic Systems
Prospects for Platinum favourable
Encouraging start to the new year
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Johnson Matthey