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Annual Report & Accounts Annual Report & Accounts 2007 Johnson Matthey Annual Report & Accounts 2007 .com om y e gd h t C1N 8EE t (0)20 7269 8400 7269 (0)20 E a Kin 4 n d o .m e d t n l: +4 ni o e 40-42 Hatton Garden Hatton 40-42 L U Fax: +44 (0)20 7269 8433 7269 +44 (0)20 Fax: www T Cautionary Statement The Operating and Financial Review and certain other sections of this Annual Report, including the Business Review, contain forward looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which the group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. Front cover: A schematic drawing showing a diesel oxidation catalyst (DOC) and catalysed soot filter (CSF) assembly used to control emissions of carbon monoxide (CO), unburnt hydrocarbons (HC) and particulate matter (PM) from light duty diesel vehicles. In 2006/07 Johnson Matthey completed a new CSF manufacturing facility in Royston, UK and installed additional CSF capacity at its South African facility to meet the growing demand for CSFs in Europe. Image copyright Johnson Matthey Plc 2007 Contents 1 Financial Highlights 50 Consolidated Income Statement 2 Chairman’s Statement 51 Consolidated and Parent Company Balance Sheets 4 Chief Executive’s Statement 52 Consolidated and Parent Company Cash Flow Statements 6 Operating and Financial Review 53 Consolidated and Parent Company Statements of 7 Strategy and Objectives Recognised Income and Expense 7 Review of Results 2006/07 54 Accounting Policies 8 New Divisional Structure 58 Notes on the Accounts 8 Outlook 97 Principal Subsidiaries and Associates 8 Operations 98 Ten Year Record 16 Financial Review 100 Shareholder Information 21 Risks and Uncertainties 102 Glossary of Terms 23 Resources 103 Index 25 Corporate Social Responsibility 104 Company Details 34 Board of Directors 35 Other Senior Management 36 Directors’ Report 38 Corporate Governance 40 Nomination Committee Report 41 Audit Committee Report 42 Remuneration Report 48 Responsibility of Directors 49 Independent Auditors’ Report FINANCIAL HIGHLIGHTS – 2007 Summary Results Year to 31st March % 2007 2006 change Revenue £6,152m £4,574m +34 Sales excluding precious metals £1,454m £1,159m +25 Profit before tax £226.5m £191.5m +18 Total earnings per share 96.9p 70.8p +37 Before one-off items (including discontinued operations’ results): Profit before tax £242.6m £219.8m +10 Earnings per share 81.2p 72.7p +12 Dividend per share 33.6p 30.1p +12 Divisional Earnings per Share Before One-off Items Operating Profit1 (including discontinued operations’ results) Dividend per Share 81.2p 72.7p 67.0p 64.0p* 61.8p* £148.8m Catalysts £134.2m 33.6p 30.1p 27.7p 25.5p 26.4p Precious Metal Products 2 £85.3m £62.2m Pharmaceutical Materials £33.8m £35.5m 2006 2007 2003 2004 2005 2006 2007 1 Before one-off items * UK GAAP basis earnings per share before exceptional items and goodwill amortisation Annual Report and Accounts 2007 1 CHAIRMAN’S STATEMENT Sir John Banham Chairman I am pleased to report that 2006/07 has been another good theme of which was sustainability, looking at how we can year for Johnson Matthey. Your company has continued to operate in a more sustainable way and how we can help our benefit from its long term commitment to investment in R&D customers in a transition towards a more sustainable future. and capital expenditure and its focus on products and I was struck by the tremendous enthusiasm for sustainability technologies that benefit the environment and help to make among those attending the conference and was delighted to the most efficient use of increasingly expensive energy be able to participate in this part of the company wide process resources. Most importantly, the year has also seen us make to develop Johnson Matthey’s sustainability strategy. good progress towards the board’s main objective of delivering Every one of us can do our part to move towards a superior value to you, our shareholders. During the year the sustainable future. One small change that we are proposing is total return to Johnson Matthey shareholders was 16%. Over to amend our Articles of Association to enable us to make full the seven years to March 2007, whilst the FTSE 100 index fell use of the fact that our Annual Report is available electronically slightly, Johnson Matthey shares rose by 120%. on our website. Although we will still continue to send a The importance of our long term strategy is well illustrated printed copy to any shareholder who wants it, we expect that by a key development that took place this year. The second half there are many who have access to the internet and would of the year saw major growth in our sales of catalysts for heavy prefer to view it online. We estimate that production of our duty diesel (HDD) vehicles, a market that has been brought Annual Report generates a remarkable 15 tonnes of carbon about by tough emissions standards for buses and trucks that dioxide (CO2) every year because of the quantity that we have came into force in Europe in October 2006 and in the US in to print and the size of the report, which has grown as a result January 2007. Our investment in developing HDD catalyst of all the regulatory content we are obliged to include. It is also technology, testing and manufacturing infrastructure began in expensive to print. Hopefully we can reduce its environmental the early 1990s and this long term perspective has ensured that impact significantly. we now have a strong share of this new market. Our non-executive directors play a vital role in the Your board is fully committed to reporting on Johnson governance of your company. Johnson Matthey has a strong Matthey’s corporate social responsibility (CSR) performance. A group of independent directors and we are extremely review of our CSR performance is presented on pages 25 to 33 fortunate to have the benefit of their knowledge and many of this Annual Report and includes a section entitled ‘Working years of experience. Charles Mackay and Mike Dearden will Towards a Sustainable Future’. Our full CSR report can be found retire from the board at the end of this financial year on on the company’s website. This spring I attended the group’s 31st March 2008. Their considerable contributions will annual conference for its senior management team, a major be reflected in next year’s Annual Report. Meanwhile on 2 Johnson Matthey Above: Johnson Matthey’s new catalyst Above: Research and development at Davy Process manufacturing plant in South Korea will Technology, Stockton-on-Tees, UK. begin production during 2007/08. 16th April 2007 we announced the appointment of Michael On your behalf, I would like to thank all of our people Roney as a non-executive director of the company with effect around the world for their hard work and dedication during from 1st June 2007. Mr Roney is currently Chief Executive of what has undoubtedly been a good year for your company. Bunzl plc and has many years’ experience of business in In conclusion, your company is in excellent shape and Latin America, Asia, Europe, the Middle East and Africa. continues to make good progress towards the delivery of The appointment of Dorothy Thompson as a non-executive superior shareholder value. We are very well placed to benefit director of the company with effect from 1st September 2007 from a number of important growth opportunities over the was announced on 30th May 2007. Mrs Thompson is currently next few years. I am confident that the company will continue the Chief Executive of Drax Group plc and has a wealth of to produce good growth in the years ahead and I look forward experience in the energy sector as well as in Asia and Africa. to reporting on a successful 2007/08. I look forward to their contributions to the work of the board in the years ahead. During this, my first full year as Chairman of Johnson Matthey I have continued to visit many of the company’s operations around the world. During these visits I never fail to be impressed by the professionalism, commitment and enthusiasm of all the Johnson Matthey people that I meet. This reflects the Sir John Banham emphasis that the company places on growing our management Chairman talent and developing the skills of staff at all levels of the organisation. The investment that we make in this area is vital to equip your company to meet the challenges of the future and to ensure that we capitalise on the many exciting opportunities before us. Over the last few years we have been making major investments in manufacturing facilities and in developing our global businesses, particularly in Asia. The continuous development of our people will be vitally important to the success of these investments. Annual Report and Accounts 2007 3 CHIEF EXECUTIVE’S STATEMENT Neil Carson Chief Executive Johnson Matthey achieved good results in 2006/07. Sales plants in South Africa and Japan and we are building new excluding the value of precious metals were 25% up at factories in South Korea and Russia. In Process Catalysts and £1.45 billion. Profit before tax and one-off items, including the Technologies (PCT) we have invested in additional results of discontinued operations, was up 10% at £242.6 million manufacturing capacity for the Ammonia, Methanol, Oil and and earnings per share on the same basis were 12% ahead at Gas (AMOG) business.
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