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Johnson Matthey Annual Report 2001

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Johnson Matthey Annual Report 2001 Financial Highlights Group Results Summary 2000 2001 % 2000 2001 £ million £ million Inc. £ million £ million Total turnover 3,866.0 5,903.7 53% Capital expenditure 74.7 104.4 Net cash flow 393.3 (16.0) Divisional operating profit Catalysts & Chemicals 84.8 98.9 17% Net cash 165.8 139.9 Precious Metals 45.4 57.4 26% Shareholders’ funds 755.4 851.0 Colours & Coatings 27.9 32.2 15% Corporate (11.6) (13.3) Economic value added2 32 53 Operating profit – continuing1 146.5 175.2 20% Return on assets (ROA)2 18.4% 25.0% Discontinued operations (0.3) (0.2) Operating profit1 146.2 175.0 20% Interest (2.4) 5.3 Profit before tax and exceptionals1 143.8 180.3 25% pence pence Earnings per share 51.4 58.1 13% Earnings per share excluding exceptionals1 47.5 58.1 22% 1 Excluding exceptional items and goodwill amortisation Dividend per share 20.3 23.3 15% 2 See page 8 Profit before tax and exceptionals1 Earnings per share excluding £ million exceptionals1 pence Dividend per share pence 180.3 58.1 143.8 47.5 44.3 44.3 130.2 131.2 108.3 36.0 23.3 19.0 20.3 17.8 15.5 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 Johnson Matthey 1 Chairman’s Statement Michael Miles Chairman I am delighted to report that 2000/01 was another successful year for Johnson Matthey with all three of the company’s operating divisions performing well and contributing to strong growth in profits.Your company has continued to make excellent progress in delivering shareholder value.This has been reflected in strong growth in earnings per share and dividends as well as the encouraging performance of the company’s shares over the last year. 2 Johnson Matthey The strategy of refocusing the group on its core activities in People and the Community catalysts, fine chemicals and precious metals that we announced I cannot stress too highly the essential role that the people in in late 1998 continues to bear fruit.The year has seen a major Johnson Matthey play in your company’s continued success.We increase in our investment in new technology and manufacturing have a highly professional and dedicated workforce. On behalf of facilities around the world as well as in research and development. the board, I would like to thank them all for their contribution A further increase is planned for the current year.This investment towards the outstanding progress that the company has made is vitally important to maintain our leading market positions and during the year. will provide a strong base for continued growth in the years to come.We are also pursuing niche acquisitions to add further The development of tomorrow’s management talent, and indeed to our core businesses.The acquisitions of Shape Memory the development of all the company’s employees to enable them Applications and Pharm-Eco Laboratories, both in the to fulfil their full potential, is vital to Johnson Matthey’s future.We United States, are excellent examples of this. focus on this objective at all levels of the company. Indeed this is a key responsibility of today’s management.The company’s Training Fuel cells continue to be the centre of much attention. and Development of People Policy is set out on page 24 of this Johnson Matthey, through our long commitment to research annual report. and development and our strong relationships with automobile manufacturers and the leading developers of fuel cell technology, Johnson Matthey’s key environmental technologies of is in a uniquely strong position to benefit from the growth of this autocatalysts, heavy duty diesel catalysts and fuel cells will make exciting new industry. It is our strategy to be the leading supplier an increasingly important contribution to the quality of our lives of catalysts and catalysed components for fuel cells.The board in the years ahead.At the same time we are fully committed to is determined to grow this new business. ensuring that all of the company’s operations around the world meet our responsibilities to the environment and maintain In November, we were honoured to be awarded the Royal the highest standards of health and safety. Our corporate Academy of Engineering MacRobert Award 2000, the UK’s most Environment, Health and Safety policies and a series of case coveted prize for engineering innovation, for Johnson Matthey’s studies in this area are featured on pages 20 and 21. Continuously Regenerating Trap (CRT™) which controls pollution from heavy duty diesel vehicles. Sales of the CRT™ have been Our Charity of the Year programme in support of the National very encouraging.The award was presented to our Chief Asthma Campaign concluded at the end of March.A new Charity Executive, Chris Clark, and the team that led the development of the Year programme in support of The National Society for and commercialisation of the CRT™ by His Royal Highness the Prevention of Cruelty to Children (NSPCC) began in April. Prince Philip, Duke of Edinburgh at a ceremony held at Buckingham Palace on 30th November 2000. Conclusion The board is delighted with the strong results achieved in 2000/01 This is the second time that the company has won this and with the excellent progress that the company has made over prestigious award, one that receives great recognition both in the last few years in growing its core businesses to add real the UK and around the world. It reflects Johnson Matthey’s long shareholder value.The company is uniquely well positioned to term commitment to leadership in catalytic emission control benefit from its leading market positions and strong technology technology. It also serves to underline the achievements of our and is investing in its growth businesses to ensure that their autocatalyst business and the prospects for continued growth exciting potential is realised. arising from the development of new technologies to meet tightening vehicle emission standards worldwide. Board During the year the board has continued to oversee the strategic development of the group.We are fortunate to have a strong team of independent directors who bring a wealth of knowledge and experience to the board. I would like to thank Michael Miles OBE them for their skilful, indeed invaluable support over the last year. Chairman Johnson Matthey 3 Chief Executive’s Statement Chris Clark Chief Executive Johnson Matthey delivered excellent results in 2000/01 with profits well ahead of last year.All three divisions achieved strong organic growth with double digit rises in operating profit.The group has increased its investment in new production facilities and in research and development, to meet the expected growth in demand for new products. 4 Johnson Matthey A year ago we announced that we were stepping up our A new process catalyst plant was opened at Royston in October investment programme to take advantage of the opportunities 2000 to manufacture the latest generations of supported chemical we saw for growth. In 2000/01 our capital expenditure rose process catalysts for the fine and speciality chemicals industries. to more than £100 million and we plan to increase the level of We continue to work in close partnership with our customers investment in 2001/02. Investment in research and development to develop new process catalysts, optimised to their requirements. has also been increased, particularly in fuel cells.Total group expenditure was £42.3 million in the year with a further Our investment in Fuel Cells continues apace.We have identified increase planned for 2001/02. a site near Swindon in the UK and are seeking permits for a new Membrane Electrode Assembly (MEA) manufacturing facility.This In March 2001 we opened our new £10 million European new facility will be built on a modular basis to allow the phased autocatalyst facility in Royston, UK.The 6,000 square metre plant expansion of MEA production to meet market demand. Pilot uses Johnson Matthey's latest process technology to produce production facilities at existing locations will be expanded more advanced catalysts to the higher specifications required during the coming year to provide intermediate capacity. to meet current and future emissions standards.The new factory has initial capacity to produce 3.5 million units a year, which will Johnson Matthey Fuel Cells has continued to work with target be needed to meet the rapidly growing demand for our latest customers and has undertaken extensive market validation work catalysts in Europe. to enable it to forecast demand for its products over the next three to five years. It has also made good progress in securing its The new factory in Royston is the first autocatalyst facility based strategic supply chain.The collaboration with James Cropper PLC entirely on our new manufacturing technology.We have stepped up to develop key components for MEAs announced last year has our programme of investment in our existing facilities to introduce made excellent progress and supply agreements have been this new technology throughout the world as fast as we can. secured with a number of other raw material suppliers. During the year we have put in new production capacity The business is also expanding its fuel cell catalyst manufacturing to meet rapidly growing demand for autocatalysts in Asia. capacity with a new production plant at West Deptford, USA. In early November a new autocatalyst plant was opened The move to a new fuel processor development and in India’s Harayana State, which more than doubled manufacturing facility at West Whiteland, USA will be completed Johnson Matthey’s production capacity in this important in the next few months.
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