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Johnson Matthey
Presentation of Results for the year
ended 31st March 2001
7th June 2001
Johnson Matthey
Overview
 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
Johnson Matthey
Summary Results
2001
£m
2000
£m
%
Turnover
5,904
3,866
+53
Op. Profit – Continuing
– Discontinued
Interest
Profit before tax*
175.2
(0.2)
5.3
180.3
146.5
(0.3)
(2.4)
143.8
+20
0.5
(0.3)
13.6
(0.2)
58.1p
23.3p
47.5p
20.3p
Exceptionals
Goodwill amortisation
EPS*
Dividend
* Excluding exceptionals & goodwill amortisation
+25
+22
+15
Operating Profit
rates
2001
2000
£m
£m
2001 at 2000
exchange
%
£m
Catalysts & Chemicals
Precious Metals
Colours & Coatings
Corporate
98.9
57.4
32.2
(13.3)
175.2
84.8
45.4
27.9
(11.6)
146.5
+17
+26
+15
+20
%
93.5
+10
56.0
+23
32.6
+17
(13.3)
168.8
+15
Return on Sales
Excluding Precious Metals
Sales excl. PM’s
2001
2000
£m
£m
Catalysts & Chemicals
Precious Metals
Colours & Coatings
565
162
250
977
494
114
234
841
Growth
%
2001
%
ROS
2000
%
+14
+42
+7
+16
17.5
35.5
12.9
17.9
17.2
40.0
11.9
17.4
Geographical Split
Operating Profit
2001
£175.2m
2000
£146.5m
8%
11%
6%
8%
38%
36%
47%
46%
Europe
Asia
North America
Rest of World
Interest
Financial
Gold & Silver leases
2001
£m
2000
£m
6.7
(0.2)
(1.4)
(2.2)
5.3
(2.4)
Taxation
Underlying tax
Tax on exceptionals
Average tax rate
Underlying tax rate
2001
£m
2000
£m
52.2
0.1
52.3
40.4
4.9
45.3
29.0%
29.0%
28.8%
28.1%
Return on Investment
2001
£m
2000
£m
175
146
Average assets:
Equity and minorities
Cumulative goodwill w/o
Net (cash) / borrowings
Total investment
808
46
(153)
701
659
109
28
796
Pre-tax ROA
25.0%
18.4%
Post-tax ROA
Economic value added
17.8%
£53m
13.2%
£32m
Operating profit
Free Cash Flow
Operating profit
Depreciation and amortisation
Working capital / other
Cash flow from operations
Interest / tax / dividends
Capex - gross
- disposals
- EMD
Free cash flow
2001
£m
2000
£m
174.1
41.1
(58.7)
156.5
(78.8)
(98.9)
4.2
(17.0)
136.2
46.6
(52.5)
130.3
(78.1)
(63.4)
9.1
(11.4)
(13.5)
Net Cash Flow
Free cash flow
Acquisitions
Disposals
Shares issued
Net cash flow
Exchange
Movement in debt
2001
£m
2000
£m
(17.0)
(7.5)
0.6
7.9
(16.0)
(9.9)
(25.9)
(13.5)
(2.9)
401.7
8.0
393.3
(5.9)
387.4
Capital
Mar 01
£m
Mar 00
£m
(140)
(166)
Equity and minorities
856
760
Capital employed
716
594
Net (cash) / debt
Catalysts & Chemicals Division
£m
+76%
+17%
1800
98.9
1500
1,503
100
80
84.8
1200
900
£m
60
856
40
600
20
300
0
0
2000
Sales
2001
2000
2001
Operating Profit
Catalytic Systems
 Sales volume up 9%
 Growth in market share
 New facilities
 New process technology
Fuel Cells
 Testing facility complete
 Ballard co-operation expanded
 Expanding existing capacity for catalyst,
MEAs and fuel processors
 Planning MEA manufacturing plant, UK site
found
Chemicals
 Buoyant market for PGM refining activities
 Strong growth in process catalysts and
PGM chemicals
 Major investment in upgrading and
expanding refining capacity
Pharmaceutical Materials
 Strong growth in platinum pharmaceuticals
 Good initial sales of chiral methylphenidate
 Pharm-Eco acquisition
Precious Metals Division
£m
+55%
+26%
4200
£m
60
4,146
57.4
3500
50
45.4
2800
40
2,672
2100
30
1400
20
700
10
0
0
2000
Sales
2001
2000
2001
Operating Profit
Precious Metals Division
 Strong growth in Platinum
 Good year for fabricated products
 Growth in components for medical
devices
 Gold business slightly down
Platinum & Palladium Prices
US $
1,200
1,000
800
600
400
200
Mar99
Mar00
Platinum
Mar01 Jun01
Palladium
Precious Metals Division
 Strong growth in Platinum
 Good year for fabricated products
 Growth in components for medical
devices
 Gold business slightly down
Colours & Coatings Division
£m
+6%
+15%
300
£m
35
250
32.2
255
241
27.9
30
25
200
20
150
15
100
10
50
5
0
0
2000
Sales
2001
2000
2001
Operating Profit
Colours & Coatings Division
 Improving financial performance
 Strong growth in Tile
 Good performance from Glass
 Investment in growth markets
 Tableware restructuring benefits delivered
Strategy
 Focused the group
 Invest in organic growth
 Complementary acquisitions
Outlook - Major Projects
 Autocatalyst - new process technology
 PGM refining expansion
 Complete new pharmaceutical facility
 Tile facilities in Spain / Brazil
 Fuel cells
Outlook - Prospects
 Continued good growth in Catalytic
Systems
 Prospects for Platinum favourable
 Encouraging start to the new year
Johnson Matthey
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