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Presentation of Results for the half year ended 30 th September 2002 28 th November 2002

Presentation of Results for the half year ended 30 th September 2002 28 th November 2002. E. Johnson Matthey. E. Johnson Matthey. Overview. Profit before tax up 3% to £95.0 million Operating profit up 5% to £99.3 million

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Presentation of Results for the half year ended 30 th September 2002 28 th November 2002

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  1. Presentation of Results for the half year ended 30th September 2002 28th November 2002 E Johnson Matthey

  2. E Johnson Matthey

  3. Overview • Profit before tax up 3% to £95.0 million • Operating profit up 5% to £99.3 million • Good growth from Catalysts & Chemicals and Pharmaceutical Materials • Synetix acquisition provides significant new opportunities • Precious Metals hit by lower average prices and subdued trading conditions • First phase of Swindon MEA factory complete

  4. E Johnson Matthey

  5. Summary Results 1H 1H 2002 2001 £m £m % Turnover 2,247 2,647 -15 Operating profit* 99.3 94.4 +5 Interest (4.3) (2.2) Profit before tax* 95.0 92.2 +3 Exceptional items - 1.6 Goodwill amortisation (4.8) (2.4) EPS * 30.7p 29.5p +4 Dividend 7.8p 7.5p +4 * Before exceptional items and goodwill amortisation

  6. / Currency Effect 1H 1H 2002 2001 £m £m % Catalysts & Chemicals 48.3 45.1 +7 Precious Metals 25.4 29.3 -13 Colours & Coatings 13.3 14.5 -8 Pharmaceutical Materials 19.0 13.1 +45 Corporate (6.7) (7.1) Discontinued - (0.5) 99.3 94.4 +5 1H 2002 at 1H 2001 exchange rates £m % 49.9* +11 25.8 -12 13.3 -8 19.6 +50 (6.7) - 101.9* +8 *Excluding South African rand Operating Profit

  7. Geographical SplitOperating Profit 1H 2002 £99.3m 1H 2001 £94.4m 10% 15% 7% 6% 35% 43% 40% 44% Asia Europe Rest of the World North America

  8. Interest 1H 1H 2002 2001 £m £m Financial (3.7) (0.4) Gold & Silver leases (0.6) (1.8) (4.3)(2.2)

  9. Taxation 1H 1H 2002 2001 £m £m Underlying tax 28.2 27.2 Tax on exceptionals - 2.2 28.2 29.4 Underlying tax rate 29.7% 29.5%

  10. Net Cash Flow 1H 1H 2002 2001 £m £m Operating profit 94.599.1 Depreciation and amortisation 29.925.4 Working capital / other (8.7)(10.1) Cash flow from operations115.7114.4 Interest / tax / dividends (60.5)(55.3) Capex (58.3)(67.2) Acquisitions / disposals 1.0(141.0) Shares issued / (bought) 1.7 (39.6) Net cash flow(0.4)(188.7)

  11. Capital Sep 02 Mar 02 £m £m Net debt 149 159 Equity and minorities852 818 Capital employed1,001 977 Gearing 18% 19% (debt / equity + minorities) Interest cover 23x 43x

  12. Divisional Performance Catalysts & Chemicals 526 -30 48.3 +7 SalesProfits 1H 1H 2002 2002 £m % £m % Precious Metals 1,523 -12 25.4 -13 Colours & Coatings 132 +1 13.3 -8 Pharmaceutical Materials 66 +63 19.0 +45

  13. Key Issues • Autocatalysts and car sales • Synetix • Fuel Cells • PGM prices • Pharmaceutical Materials

  14. Autocatalysts • Global car sales flat • Profits up • Excellent progress in heavy duty diesel • Roll out of precision coating nearing completion

  15. Car Sales • US sales slightly up in our first half • Poor September and October • Full year outlook flat • Global car sales likely to be flat to slightly down Source: Automotive News

  16. Synetix • A global catalyst business • Base metal catalysts • Excellent fit • Elevates JM to number two in global market • Top line synergies

  17. Growth Opportunities • Gas to liquids (GTL) • Chiral catalysis

  18. Fuel Cells • Business making excellent progress • Swindon Phase 1 complete

  19. Fuel Cells • MEAs meeting customer performance targets • Further investment at Swindon approved • Strategic partnership with Anglo Platinum

  20. Platinum & Palladium Prices US $/oz

  21. Platinum Group Metal Prices • Platinum demand strong • Autocatalyst • Jewellery • Palladium well down • Less volatile markets impact trading income

  22. Pharmaceutical Materials • New product progress • Morphine and codeine manufacture in US • Expansion at Pharm-Eco • Poppy straw extraction • Cascade Biochem

  23. Patent Protected Pre-clinical Phase I Phase II Phase III Generic Pharmaceutical MaterialsNew Products New products in development Nov 02 19 13 3 9 24 Jun 02 17 4 7 9 18

  24. Outlook • Encouraging progress in first half • Expect the group to make continued progress year on year • Good long term prospects

  25. E Johnson Matthey

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