Johnson Matthey PLC · LSE:JMAT

Johnson Matthey — FY2001 Earnings Presentation

30 slides from Johnson Matthey's earnings presentation, Jun 7, 2001

  1. Slide 1: Presentation of Results for the year ended 31st March 2001

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

  2. Slide 2: Johnson Matthey

     Johnson Matthey 

  3. Slide 3: Overview

    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. Slide 4: Johnson Matthey

     Johnson Matthey 

  5. Slide 5: Summary Results

    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 exceptio

  6. Slide 6: Operating Profit

    Operating Profit 2001 2000 2001 at 2000 £m £m% exchange rates £m % Catalysts & Chemicals 98.9 84.8 +17 Precious Metals 57.4 45.4 +26 93.5 +10 Colours & Coatings 32.2 27.9 +15 56.0 +23 Corporate (13.3)(11.6) 32.6 +17 175.2 146.5 +20 (13.3) 168.8 +15 

  7. Slide 7: Return on Sales

    Return on Sales Excluding Precious Metals Sales excl. PM’s ROS 2001 2001 2000Growth 2000 £m % £m% % Catalysts 17.5 & Chemicals 565494 17.2 +14 Precious 35.5 Metals 162114 40.0 +42 Colours 12.9 & Coatings 250234 11.9 +7 977 17.9 841+16 17.4 

  8. Slide 8: Geographical Split

    Geographical Split Operating Profit 2001 2000 £175.2m £146.5m Europe Asia North America Rest of World 

  9. Slide 9: Interest

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

  10. Slide 10: 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% 

  11. Slide 11: Return on Investment

    Return on Investment 2001 2000 £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 

  12. Slide 12: Free Cash Flow

    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 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. Slide 13: Net Cash Flow

    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. Slide 14: Capital

    Capital Mar 01 Mar 00 £m £m Net (cash) / debt (140) (166) Equity and minorities 856 760 Capital employed 716 594 

  15. Slide 15: Catalysts & Chemicals Division

    Catalysts & Chemicals Division £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 

  16. Slide 16: Catalytic Systems

    Catalytic Systems  Sales volume up 9%  Growth in market share  New facilities  New process technology 

  17. Slide 17: 

  18. Slide 18: Fuel Cells

    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 

  19. Slide 19: Chemicals

    Chemicals  Buoyant market for PGM refining activities  Strong growth in process catalysts and PGM chemicals  Major investment in upgrading and expanding refining capacity 

  20. Slide 20: Pharmaceutical Materials

    Pharmaceutical Materials  Strong growth in platinum pharmaceuticals  Good initial sales of chiral methylphenidate  Pharm-Eco acquisition 

  21. Slide 21: Precious Metals Division

    Precious Metals Division £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 

  22. Slide 22: Precious Metals Division

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

  23. Slide 23: Platinum & Palladium Prices

    Platinum & Palladium Prices US $ 1,200 1,000 800 600 400 200 Mar99 Mar00 Mar01 Jun01 Platinum Palladium 

  24. Slide 24: Precious Metals Division

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

  25. Slide 25: Colours & Coatings Division

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

  26. Slide 26: Colours & Coatings Division

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

  27. Slide 27: Strategy

    Strategy  Focused the group  Invest in organic growth  Complementary acquisitions 

  28. Slide 28: Outlook - Major Projects

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

  29. Slide 29: Outlook - Prospects

    Outlook - Prospects  Continued good growth in Catalytic Systems  Prospects for Platinum favourable  Encouraging start to the new year 

  30. Slide 30: Johnson Matthey

     Johnson Matthey 

Johnson Matthey — FY2001 Earnings Presentation on 6ix