presentation of results for the half year ended 30 th september 2000 29 th november 2000 n.
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Johnson Matthey

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  1. Presentation of Results for the half year ended 30th September 2000 29th November 2000 Johnson Matthey E Johnson Matthey

  2. E Johnson Matthey

  3. Overview • An excellent first half • Profit before tax up 40% to £86.0 million • Strong operating performance • Double digit growth in all three divisions • Investment for continued growth

  4. E Johnson Matthey

  5. Summary Results 1H 1H 2000 1999 £m £m % Turnover – Continuing2,852 1,693 +68 Op. Profit - Continuing 82.7 67.1 +23 - Discontinued - (0.3) Interest 3.3 (5.2) Profit before tax* 86.0 61.6 +40 Exceptionals - 28.5 Goodwill amortisation (0.1) (0.1) EPS * 27.9p 20.5p +36 Dividend 7.0p 6.1p +15 * Excluding exceptionals & goodwill amortisation

  6. Operating Profit Continuing 1H 1H 1H 2000 1999 2000 at 1999 rates £m £m % £m % Catalysts & Chemicals 46.2 39.3 +18 44.0 +12 Precious Metals 27.3 20.2 +35 26.8 +33 Colours & Coatings 15.5 13.4 +16 16.0 +19 Corporate (6.3) (5.8) (6.2) 82.7 67.1 +23 80.6 +20

  7. Return on Sales Excluding Precious Metals Sales excl. PM’s ROS 1H 1H 1H 1H 2000 1999 Growth 2000 1999 £m £m % % % Catalysts & Chemicals 274 231 +18 16.9 17.0 Precious Metals 61 55 +12 44.8 37.0 Colours & Coatings 124 115 +8 12.5 11.7 459 401 +14 18.0 16.7

  8. Geographical SplitOperating Profit - Continuing 1H 2000 £82.7m 1H 1999 £67.1m 7% 10% 5% 8% 37% 37% 48% 48% Asia Europe Rest of the World North America

  9. Interest 1H 1H 2000 1999 £m £m Financial 3.7 (4.1) Gold & Silver leases (0.4) (1.1) 3.3 (5.2)

  10. Taxation 1H 1H 2000 1999 £m £m Underlying tax 24.5 17.3 Tax on sale of EMD - 9.9 24.5 27.2 Average tax rate 28.5% 30.2% Underlying tax rate 28.5% 28.1%

  11. Free Cash Flow 1H 1H 2000 1999 £m £m Operating profit 82.7 66.6 Depreciation and amortisation 19.8 26.9 Working capital / other (25.4) (19.5) Cash flow from operations77.1 74.0 Interest / tax / dividends (42.7) (50.4) Capex - continuing (39.6) (23.6) - EMD - (11.4) Free cash flow(5.2) (11.4)

  12. Net Cash Flow 1H 1H 2000 1999 £m £m Free cash flow(5.2) (11.4) Acquisitions (1.8) (2.8) Disposals (0.2) 404.1 Shares issued 5.8 (2.0) Net cash flow(1.4) 387.9 Exchange (3.4)6.3 Movement in debt(4.8)394.2

  13. Capital Sep 00 Mar 00 £m £m Net (cash) / debt (161) (166) Equity and minorities815 760 Capital employed654 594

  14. Catalysts & Chemicals Division £m £m +69% +18% 800 50 46.2 40 600 638 39.3 30 400 377 20 200 10 0 0 1H 1H 1H 1H 1999 2000 1999 2000 Sales Operating Profit

  15. Autocatalysts • Sales Volume up 10% • Driven by tighter standards • Legislation in developing countries • Growth in heavy duty diesel

  16. Fuel Cells • Activity steps up • Developing manufacturing processes • Created as stand-alone business

  17. Chemicals • Strong performance from PGM refining activities • Good sales of chemical products • Process catalysts benefit from investment in manufacturing facilities

  18. Pharmaceutical Materials • Growth in platinum based products • Growth in hydromorphone • Decline in generic methylphenidate • New products - chiral methylphenidate

  19. Precious Metals Division £m £m +74% +35% 2500 30 27.3 25 2000 2,087 20 20.2 1500 15 1,198 1000 10 500 5 0 0 1H 1H 1H 1H 2000 1999 2000 1999 Sales Operating Profit

  20. Precious Metals Division • Platinum business performs very well • Good growth in fabricated products • Gold business improves

  21. Platinum & Palladium Prices $/oz 900 800 700 600 500 400 300 200 100 0 Platinum Palladium Sept 1997 Sept 1998 Sept 1999 Sept 2000

  22. Colours & Coatings Division £m £m +7% +16% 20 200 150 15.5 15 127 13.4 119 100 10 50 5 0 0 1H 1H 1H 1H 1999 2000 1999 2000 Sales Operating Profit

  23. Colours & Coatings Division • Excellent results in Tile • Glass also performing well • Tableware markets remain difficult • Benefits of restructuring coming through

  24. Investment in Autocatalyst • New Royston facility • India facility opened • China facility open in spring • Heavy duty diesel

  25. Investment in Chemicals • Expansion of PGM refining • New process catalyst plant

  26. Strategy for Colours & Coatings • Focus on growth markets • Investment in Tile in Spain and Brazil • Investment in Glass in Holland

  27. Prototype Fuel Cell Cars E

  28. Fuel CellsMarket developments • California Fuel Cell Partnership launched • Small scale stationary applications first to market • JM well positioned to benefit • Potential for significant revenues even in early stages

  29. Fuel Cells • Good progress in collaborations • Commitment of over 18 years of R&D • Strong patent position

  30. Outlook • Continued strong growth in Autocatalyst • Robust outlook for the PGMs • Continued improvement in Colours & Coatings • Return to growth in Pharmaceuticals • Increased investment in core businesses • Pursuing acquisition opportunities

  31. E Johnson Matthey