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Presentation of Results for the year ended 31 st March 2001 7 th June 2001

Presentation of Results for the year ended 31 st March 2001 7 th June 2001. Johnson Matthey. 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

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Presentation of Results for the year ended 31 st March 2001 7 th June 2001

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  1. Presentation of Results for the year ended 31st March 2001 7th June 2001 Johnson Matthey

  2. Johnson Matthey

  3. 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

  4. Johnson Matthey

  5. Summary Results 2001 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

  6. 2001 at 2000 exchange rates £m % 93.5 +10 56.0 +23 32.6 +17 (13.3) 168.8 +15 Operating 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

  7. ROS 2001 2000 % % 17.5 17.2 35.5 40.0 12.9 11.9 17.9 17.4 Return on SalesExcluding 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

  8. 2001 £175.2m Geographical SplitOperating Profit 2000 £146.5m Asia Europe Rest of World North America

  9. Interest 2001 2000 £m £m Financial 6.7 (0.2) Gold & Silver leases (1.4) (2.2) 5.3 (2.4)

  10. 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%

  11. Return on Investment 2001 2000 £m £m Operating profit175 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

  12. Free 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 operations156.5 130.3 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)

  13. Net 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

  14. Capital Mar 01 Mar 00 £m £m Net (cash) / debt (140) (166) Equity and minorities856 760 Capital employed716 594

  15. £m £m +76% +17% 1800 100 98.9 1500 80 1,503 84.8 1200 60 900 856 40 600 20 300 0 0 2000 2001 2000 2001 Sales Operating Profit Catalysts & Chemicals Division

  16. Catalytic Systems • Sales volume up 9% • Growth in market share • New facilities • New process technology

  17. 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

  18. Chemicals • Buoyant market for PGM refining activities • Strong growth in process catalysts and PGM chemicals • Major investment in upgrading and expanding refining capacity

  19. Pharmaceutical Materials • Strong growth in platinum pharmaceuticals • Good initial sales of chiral methylphenidate • Pharm-Eco acquisition

  20. £m £m +55% +26% 4200 60 4,146 57.4 3500 50 45.4 2800 40 2,672 2100 30 1400 20 700 10 0 0 2000 2001 2000 2001 Sales Operating Profit Precious Metals Division

  21. Precious Metals Division • Strong growth in Platinum • Good year for fabricated products • Growth in components for medical devices • Gold business slightly down

  22. US $ Mar99 Mar00 Mar01 Jun01 Platinum & Palladium Prices

  23. Precious Metals Division • Strong growth in Platinum • Good year for fabricated products • Growth in components for medical devices • Gold business slightly down

  24. £m £m +6% +15% 300 35 32.2 250 30 255 241 27.9 25 200 20 150 15 100 10 50 5 0 0 2000 2001 2000 2001 Sales Operating Profit Colours & Coatings Division

  25. Colours & Coatings Division • Improving financial performance • Strong growth in Tile • Good performance from Glass • Investment in growth markets • Tableware restructuring benefits delivered

  26. Strategy • Focused the group • Invest in organic growth • Complementary acquisitions

  27. Outlook - Major Projects • Autocatalyst - new process technology • PGM refining expansion • Complete new pharmaceutical facility • Tile facilities in Spain / Brazil • Fuel cells

  28. Outlook - Prospects • Continued good growth in Catalytic Systems • Prospects for Platinum favourable • Encouraging start to the new year

  29. Johnson Matthey

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