TIDMJMAT
RNS Number : 3018U
Johnson Matthey PLC
22 November 2023
Half year results for the
six months ended 30(th) September 2023
22(nd) November 2023
Catalysing the net zero transition to drive sustainable value creation
Continued execution against a challenging economic backdrop
-- Good growth in underlying profit at constant FX and adjusting
for precious metal prices
-- Overall results impacted by lower precious metal market prices
as guided
-- Transformation progressing at pace to create a more streamlined
organisation and stronger platform for growth
-- On track to deliver in excess of GBP150 million annualised savings
by end of 2024/25, with associated restructuring charges of
GBP17 million in the period
-- Underlying margin up in Clean Air and Catalyst Technologies
- plans for further increase
-- Three year cumulative capex guidance to 2024/25 reduced by c.10%
to c.GBP1.0bn
-- Delivering on strategic milestones, including winning key 'first
of a kind' projects in sustainable fuels and low carbon hydrogen
Reported results Underlying results (continuing)(1)
--------------------------- --------------------------------------------
Half year Half year
ended ended
30(th) September 30(th) September
--------------- ------------ ---------------
% change,
% % constant
2023 2022 change 2023 2022 change FX rates
------------- ------------ ---------- ----- -------- ----------- ----- ------- ---------------
Revenue GBPm 6,531 7,328 -11
Sales excluding
precious
metals(3) GBPm 1,967 2,045 -4 -1
Operating
profit GBPm 136 211 -36 180 222 -19 -15
Profit before
tax
(continuing) GBPm 82 188 -56 139 201 -31
Profit after
tax
(continuing) GBPm 63 150 -58 108 161 -33
Basic earnings
per
share
(continuing) pence 34.7 82.0 -58 59.1 88.2 -33
Interim
dividend
per share pence 22.0 22.0 -
--------------- ------------ ---------- ----- -------- ----------- ----- ------- ---------------
Underlying performance - continuing operations(1)(,) (2)
-- Sales of GBP2.0 billion, down 1%, with lower average precious
metal prices affecting PGM Services, partly offset by strong
growth in Hydrogen Technologies and further progress in Catalyst
Technologies
-- Underlying operating profit of GBP180 million, down 15%, primarily
due to lower average precious metal prices
-- Underlying operating profit - adjusting for c.GBP55 million
impact from precious metal prices - was up 10% driven by higher
pricing and transformation benefits
-- Underlying earnings per share of 59.1p, down 33% due to lower
underlying operating profit and higher net finance charges of
GBP41 million
-- Strong balance sheet with net debt of GBP1,044 million; net
debt to EBITDA of 1.7 times in line with our target range of
1.5 to 2.0 times
Reported results(2)
-- Revenue down 11%, driven by lower average precious metal prices
-- Operating profit of GBP136 million, down 36%, due to lower average
precious metal prices and GBP42 million impairment and restructuring
charges
-- Profit before tax of GBP82 million, compared to GBP188 million
in the prior period, largely reflecting lower operating profit
and higher net finance charges
-- Reported earnings per share (continuing) of 34.7 pence
-- Cash inflow from operating activities of GBP236 million (1H
2022/23: GBP145 million)
-- Interim dividend of 22.0 pence per share maintained at the same
level as the prior year
Operational and strategic highlights
-- Clean Air underlying profitability improved: taking actions
to drive further margin increase
-- Won nine large scale projects in Catalyst Technologies across
low carbon hydrogen and sustainable fuels, worth c.GBP185 million
in sales over five years
-- Delivered significant margin uplift in Catalyst Technologies,
with first half margins up 480 basis points, and on track to
achieve margin targets
-- Hydrogen Technologies sales up 61%
-- Achieved c.GBP70 million transformation cost savings to date,
and on track to deliver in excess of GBP150 million annualised
savings by the end of 2024/25
-- Committed to achieving net zero by 2040. Targeting 42% reduction
in Scope 1
and Scope 2 greenhouse gas emissions, and 42% reduction in Scope
3 greenhouse gas emissions from purchased goods and services
by 2030
Liam Condon, Chief Executive Officer, commented:
We are starting to see the benefits of the new strategy and transformation
of Johnson Matthey. Against a backdrop of lower precious metal
prices which affected headline profitability, we delivered good
growth in underlying performance despite a challenging macroeconomic
environment.
We are executing on our transformation at pace to simplify the
business and drive improved performance. In Clean Air and Catalyst
Technologies, underlying profitability is improving and there are
clear plans in place to deliver further margin improvement. Across
the group, we continue to upskill our commercial capabilities and
our transformation programme is creating a more streamlined organisation
and unlocking significant cost savings.
We have continued to make good progress in delivering against our
strategic milestones whilst also driving transformation. In particular,
we have secured important 'first of a kind' project wins in Catalyst
Technologies which position us as a global leader in sustainable
solutions. This is confirmation of the significant value we see
in Catalyst Technologies as we help our customers to decarbonise.
In Hydrogen Technologies we continue to see strong sales growth
in the near term. The global hydrogen value chain is in an early
stage of development and continues to evolve. We have a very disciplined
and modular approach to investment that will ensure sustainable
returns despite market volatility, and we expect a significant
opportunity for value creation in the medium and long-term.
Looking forward, we are on track to deliver good growth in underlying
performance and I am excited about the opportunities that lie ahead.
I am confident we will achieve our 2023/24 milestones and deliver
on our strategy, creating sustainable shareholder value and benefits
for all our stakeholders.
Outlook for the year ending 31(st) March 2024
For 2023/24, the outlook for underlying performance has improved
and we now expect at least high single digit growth in operating
performance at constant precious metal prices and constant currency
(previously at least mid single digit). This is underpinned by
transformation benefits of c.GBP55 million in the year.
In Clean Air, we continue to expect strong growth in operating
performance and a sequentially stronger second half. Whilst external
data suggest limited growth in vehicle production for 2023/24,
margin expansion should mainly be driven by efficiency benefits
and we expect a double digit operating margin for the full year,
with further progress beyond. PGM Services' performance will be
largely driven by precious metal prices, with recycling volumes
remaining subdued. For Catalyst Technologies, we expect very strong
growth in operating performance and a significant uplift in margins,
benefiting from pricing and efficiencies. We expect sales to grow
strongly in Hydrogen Technologies and we will continue to invest
for growth in a very disciplined manner, resulting in an operating
loss at a similar level to 2022/23.
Whilst precious metal prices have stabilised recently, it remains
difficult to predict how they may develop. To illustrate the impact
they may have on our results, assuming prices remain at their current
level for the remainder of 2023/24 there would be an adverse impact
of
c.GBP80 million on full year operating performance compared with
the prior year (1H 2023/24: c.GBP55m adverse impact). We remain
focused on mitigating the potential impact on our performance.
At current foreign exchange rates , translational foreign exchange
movements for the year ending 31(st) March 2024 are expected to
adversely impact underlying operating profit by
c.GBP15 million (1H 2023/24: GBP9m adverse impact).
Dividend
The board has approved an interim dividend of 22.0 pence per share,
maintained at the same level as the prior year (1H 2022/23: 22.0
pence per share). The interim dividend will be paid on 6(th) February
2024, with an ex-dividend date of 30(th) November 2023, to shareholders
on the register on 1(st) December 2023.
Group Leadership Team changes
We have made changes to our Group Leadership Team as we reshape
our business to drive improved profitability and position ourselves
for long-term growth.
Maurits van Tol, previously Chief Technology Officer, has been
appointed Chief Executive, Catalyst Technologies. Maurits succeeds
Jane Toogood who successfully positioned Catalyst Technologies
as a global leader in sustainable technologies. Jane has decided
it is the right time for a new leader to take the business through
the next phase of acceleration and has left the group. Liz Rowsell,
previously Corporate R&D Director, succeeds Maurits as Chief Technology
Officer.
We have combined Strategy with Corporate Development given their
strong interdependency. Louise Melikian, previously Head of Corporate
Development, is now Chief Strategy and Corporate Development Officer
and joins the Group Leadership Team. Christian Gunther, previously
Chief Strategy and Transformation Officer, who has served Johnson
Matthey very well, has also left the group.
All changes were effective from 1(st) October 2023.
Enquiries:
Investor Relations
Director of Investor Relations
Senior Investor Relations
Martin Dunwoodie Manager +44 20 7269 8241
Louise Curran Senior Investor Relations +44 20 7269 8235
Carla Fabiano Manager +44 20 7269 8004
Media
Group Corporate Affairs
Barney Wyld Director +44 20 7269 8001
Harry Cameron Teneo +44 7799 152148
Notes:
1. Underlying performance is before profit or loss on disposal of
businesses, gain or loss on significant legal proceedings together
with associated legal costs, amortisation of acquired intangibles,
share of profits or losses from non-strategic equity investments,
major impairment and restructuring charges and, where relevant,
related tax effects. For definitions and reconciliations of other
non-GAAP measures, see pages 49 to 54.
2. Unless otherwise stated, sales and operating profit commentary
refers to performance at constant exchange rates. Growth at constant
rates excludes the translation impact of foreign exchange movements,
with
1H 2022/23 results converted at 1H 2023/24 average rates. In
1H 2023/24, the translational impact of exchange rates on group
sales and underlying operating profit was an impact of GBP52
million and GBP9 million respectively.
3. Revenue excluding sales of precious metals to customers and the
precious metal content of products sold to customers.
4. At constant FX and adjusting for c.GBP55 million impact from
precious metal prices.
5. Outlook commentary for Clean Air, PGM Services, Catalyst Technologies
and Hydrogen Technologies assumes
constant precious metal prices and constant currency.
6. Based on average precious metal prices in November 2023 (month
to date).
7. A US$100 per troy ounce change in the average annual platinum,
palladium and rhodium metal prices each have an impact of approximately
GBP1 million, GBP1.5 million and GBP0.75 million respectively
on full year underlying
operating profit in PGM Services. This assumes no foreign exchange
movement.
8. At average foreign exchange rates for November 2023 month to
date (GBP:US$ 1.227, GBP:EUR 1.145, GBP:RMB 8.937) translational
foreign exchange movements for the year ending 31(st) March 2024
are expected to adversely impact underlying operating profit
by c.GBP15 million.
Chief Executive Officer update
Our strategy is purpose-driven to catalyse the net zero transition
for our customers. We are focused on technologies and markets where
we have leading positions and competitive advantage. At the same
time, to support our strategy and maximise value creation we are
undergoing a significant transformation to strengthen our capabilities,
simplify our operating model and drive improved performance.
In the first half we saw good underlying performance(1), excluding
the impact of metal and currency, despite the challenging market
backdrop. We have taken actions to transform our business and I am
pleased that we are starting to see the benefits. In Clean Air and
Catalyst Technologies underlying margins have improved, but there
is a lot more to come and we are committed to delivering further
material improvements in both businesses. Our reported performance
in the half was significantly impacted by lower precious metal prices,
mainly in PGM Services. We are working hard to mitigate this going
forward, including changes to our business model, although this will
take time. In Hydrogen Technologies sales grew strongly. Whilst the
global hydrogen value chain is in an early stage of development and
continues to evolve , we see good opportunities. We have a very disciplined
and modular approach to investment that will ensure sustainable returns
despite market volatility, and we expect a significant opportunity
for value creation in the medium and long-term. The underlying performance
provides evidence that our strategy is delivering, and gives confidence
in our ability to capture the growth opportunities ahead of us, drive
efficiencies and translate all of that into value creation for our
shareholders.
We have made progress with our transformation programme and are on
track to deliver in excess of GBP150 million annualised cost savings
by the end of 2024/25. The changes we are making will create a more
efficient and streamlined organisation, meaning we are better positioned
to deliver on our strategy and capture the growth opportunities ahead.
To date we have delivered benefits of c.GBP70 million, with c.GBP25
million achieved in the half against a target of c.GBP55 million
for the full year. Examples of actions we are taking include the
consolidation of our Clean Air manufacturing footprint and we are
also implementing a Global Business Services (GBS) operating model
across HR, finance and procurement. This GBS model will eliminate
duplication, deliver standardisation, simplify processes, sharpen
accountabilities and reduce costs. We are also driving greater value
from procurement and rationalising our real estate globally.
We continue to focus and simplify our portfolio and have made good
progress on our disposal programme. Within Value Businesses we aim
to have divestments agreed by the end of our fiscal year.
Strategic milestones overview
We are making good progress against the strategic milestones we set
out in May 2022. Our growth businesses - Catalyst Technologies and
Hydrogen Technologies - continue to develop, positioning us as a
global leader in sustainable solutions.
Customers:
-- 2 strategic partnerships in Hydrogen Technologies - Plug Power
and Hystar
-- Winning targeted Euro 7 business, on track to deliver GBP4 billion+
cash(2) for Clean Air
-- Won 9 additional large scale projects in Catalyst Technologies(3)
(targeting >10 across Catalyst Technologies and Hydrogen Technologies
by end of 2023/24)
Investments:
-- PGM Services refining capability expansion in China complete and
ramping up
-- Construction of Hydrogen Technologies CCM plant in the UK to expand
total capacity from 2GW to 5GW is on track
-- Targeted capacity expansion (e.g. fuel cells catalyst, formaldehyde
catalyst) in progress
-- Divesting non-core assets - Piezo Products (part of Medical Device
Components) and Diagnostic Services sold
People: targeting an increase in engagement score from 6.9 in 2022/23
to 7.2 in 2024/25
Sustainability:
-- Reduced Scope 1+2 CO (2) e (carbon dioxide equivalent) emissions
by 13% in 2022/23, ahead of targeted c.10% reduction by 2023/24
(from a 2019/20 baseline)
-- Helping customers reduce CO (2) e emissions through use of our
products by >1mt p.a. by 2023/24
Notes:
1. At constant FX and adjusting for c.GBP55 million impact from
precious metal prices.
2. At least GBP4 billion of cash under our range of scenarios from
1(st) April 2021 to 31(st) March 2031. Cash target
pre-tax and post restructuring costs.
3. From 1(st) April 2022 to date.
Summary of underlying operating results from continuing operations
Unless otherwise stated, commentary refers to performance at constant
FX rates(1). Percentage changes in the tables are calculated on
rounded numbers.
Sales Half year ended % change % change,
(GBP million) 30(th) September constant
FX rates
--------------------------- -------- ---------
2023 2022
--------------------------- --------- -------- -------- ---------
Clean Air 1,286 1,278 +1 +4
PGM Services 230 282 -18 -16
Catalyst Technologies 282 275 +3 +5
Hydrogen Technologies 37 23 +61 +61
Value Businesses(2)(,) (3) 190 235 -19 -21
Eliminations (58) (48)
--------------------------- --------- -------- -------- ---------
Sales (continuing) 1,967 2,045 -4 -1
--------------------------- --------- -------- -------- ---------
Underlying operating profit Half year ended % change % change,
(GBP million) 30(th) September constant
FX rates
---------------------------- -------- ---------
2023 2022
---------------------------- --------- -------- -------- ---------
Clean Air 124 108 +15 +22
PGM Services 78 125 -38 -37
Catalyst Technologies 35 21 +67 +84
Hydrogen Technologies (26) (24) n/a n/a
Value Businesses(2)(,) 14 21 -33 -33
Corporate (45) (29)
---------------------------- --------- -------- -------- ---------
Underlying operating profit
(continuing) 180 222 -19 -15
---------------------------- --------- -------- -------- ---------
Reconciliation of underlying operating profit Half year ended
to operating profit 30(th) September
(GBP million)
----------------------------------------------
2023 2022
---------------------------------------------- --------- --------
Underlying operating profit (continuing) 180 222
Major impairment and restructuring charges (42) (9)
Amortisation of acquired intangibles (2) (2)
Operating profit (continuing) 136 211
---------------------------------------------- --------- --------
Notes:
1. Growth at constant rates excludes the translation impact of foreign
exchange movements, with 1H 2022/23 results converted at 1H 2023/24
average rates. In 1H 2023/24, the translational impact of exchange
rates on group sales and underlying operating profit was an impact
of GBP52 million and GBP9 million respectively.
2. Includes Battery Systems, Medical Device Components, Battery
Materials, Diagnostic Services and Advanced Glass Technologies.
3. Sales relating to divestments of Advanced Glass Technologies
and Diagnostic Services: (1H 2022/23:
GBP41 million, 1H 2023/24: GBP37 million)
4. Operating profit related to divestments of Advanced Glass Technologies
and Diagnostic Services: (1H 2022/23:
GBP2 million, 1H 2023/24: GBP3 million).
5. For further detail on these items please see pages 18 and 19.
Business reviews
Clean Air
Improved profitability driven by pricing and efficiency benefits
-- Sales up 4% supported by increased pricing and slightly higher
volumes in light duty diesel and heavy duty diesel
-- Underlying operating profit increased 22% and margins expanded
110 basis points to 9.6%. We benefited from increased pricing
and volumes as well as cost savings from our transformation programme.
This was partly offset by a weaker mix
% change % change,
Half year ended constant FX
30(th) September rates
-------- ------------
2023 2022
-------- ------------
GBP million GBP million
----------- ----------- -------- ------------
Sales
Light duty diesel 532 515 +3 +7
Light duty gasoline 280 299 -6 -1
Heavy duty diesel 474 464 +2 +5
Total sales 1,286 1,278 +1 +4
Underlying operating profit 124 108 +15 +22
Underlying operating profit
margin 9.6% 8.5%
EBITDA margin 12.5% 11.3%
Reported operating profit 104 109
---------------------------- ----------- ----------- -------- ------------
Clean Air provides catalysts for emission control after-treatment
systems used in light and heavy duty vehicles powered by internal
combustion engines.
Performance commentary
The light duty vehicle market saw an improvement in global production
during the first half, supported by the easing of supply chain
disruptions. The normalisation of the Chinese market following
COVID related lockdowns in the prior year led to a recovery in
heavy duty vehicle production. Fleet replacements in Europe and
the Americas translated to increased demand in this market.
Sales
Light duty diesel
Light duty diesel sales were up 7%, outperforming a declining market.
This was driven by strong performance in Asia and the Americas.
In Asia, we strongly outperformed a growing market which is recovering
from COVID related lockdowns in China in the prior year. Our growth
was driven by the ramp up of new platforms in China and India.
In the Americas we significantly outperformed a declining market
which was impacted by faltering domestic demand due to the uncertain
economic outlook. Our outperformance in the region was mainly driven
by higher revenue per unit from a new platform. In Europe, which
represents around 60% of our total light duty diesel sales, sales
were broadly flat, in line with the overall market.
Light duty gasoline
Light duty gasoline sales were down 1%, underperforming the global
market. In Europe, sales grew in line with a strong underlying
market supported by the easing of supply chain disruptions. In
the Americas, sales grew slightly behind a growing market due to
the end of some platform programmes. Our sales in Asia underperformed
a growing market. We saw good growth in China driven by improved
mix but this was more than offset by previous platform losses elsewhere
in the region.
Heavy duty diesel catalysts
In heavy duty diesel sales were up 5%, underperforming a robust
market. We saw very strong performance in Asia partially offset
by a decline in Europe. In Asia our sales significantly outperformed
a strong market due to increased demand from our customers in China
and higher revenue per unit in India as a result of product mix.
We underperformed a growing market in Europe due to a weaker mix.
In the Americas, our sales were in line with a slightly declining
market. The high value Class 8 truck production was higher than
anticipated but the worsening macroeconomic outlook in South America
impacted production in the region. In the future, our strong presence
in heavy duty positions us favourably to capitalise on upcoming
advancements, such as internal combustion engines powered by hydrogen.
Underlying operating profit
Underlying operating profit increased 22% to GBP124 million and
margins increased 110 basis points to 9.6%. We benefited from increased
pricing and volumes as well as cost savings from our transformation
programme. This was partly offset by a weaker product mix.
Business update
In Clean Air, we are focusing on margin improvement and delivery
of our cash generation target of at least GBP4 billion in the decade
to 2030/31. This is underpinned by business wins, rigorous cost
management and tightening emission control legislation globally.
We continue to develop world leading catalysts to support our customers
as more demanding emission regulations come into force across the
world. In Europe, the legislative process for Euro 7 emission standards
is ongoing. Earlier this month the EU Parliament formalised its
position during a plenary vote. While less stringent than the EU
Commission's proposal, it seeks to retain some key elements of
the initial proposal, especially for light duty vehicle exhaust
emissions. It also voted in favour of later introduction timings,
meaning we can estimate Euro 7 standards to commence from 2027/28
for light duty and 2028 to 2030 for heavy duty vehicles. We expect
final rules to be agreed ahead of EU elections in June next year.
Beyond Europe we still expect the regulation roadmap to develop
globally with the US already setting tighter standards from 2027
onwards whilst China and India are expected to bring proposals
in 2024/25.
We are also strengthening our commercial capabilities, improving
pricing whilst winning new business. We continue to win our targeted
business across gasoline and diesel platforms.
As we drive efficiencies, we are reducing fixed costs and streamlining
SG&A expenses and production overheads. We are also making good
progress with the optimisation of our manufacturing footprint and
have already completed 3 of the 4 announced site closures targeted
by the end of 2023/24.
We remain on track to deliver on our cash generation target of
at least GBP4 billion in the decade to 2030/31, having already
delivered GBP1.4 billion in the first two years of this guidance.
We expect strong cashflow generation this year, albeit more moderate
compared to the prior year. Alongside this, we are identifying
efficiencies that will deliver further margin improvement and we
expect to achieve a double digit operating margin for the full
year with further progress beyond.
PGM Services
Performance reflects lower average PGM prices and reduced refinery
volumes
-- Sales declined 16%, reflecting lower average PGM prices and decreased
refinery volumes due to continued lower levels of auto scrap
-- Underlying operating profit was down due to lower average PGM
prices. Our actions to improve efficiency have offset lower refinery
volumes
% change % change,
Half year ended constant FX
30(th) September rates
2023 2022
GBP million GBP million
----------- -----------
Sales
PGM Services 230 282 -18 -16
Underlying operating profit 78 125 -38 -37
Underlying operating profit
margin 33.9% 44.3%
EBITDA margin 40.0% 48.9%
Reported operating profit 77 125
----------------------------- ----------- ----------- -------- ------------
PGM Services is the world's largest recycler of platinum group
metals (PGMs). This business has an important role in enabling
the energy transition through providing circular solutions as demand
for scarce critical materials increases. PGM Services provides
a strategic service to the group, supporting Clean Air, Catalyst
Technologies and Hydrogen Technologies with security of metal supply
in a volatile market, and manufactures value added PGM products
Performance commentary
Sales
In PGM Services, sales declined 16% primarily driven by lower average
PGM prices, and in particular palladium and rhodium, which declined
35% and 64% respectively compared to the prior period. PGM prices
were impacted in the period by lower auto demand and the liquidation
of excess rhodium positions. The average price of rhodium over
the last three years to November 2023 has been $14,400 per troy
ounce, peaking at $28,700 in early 2021. Since then, rhodium prices
have declined and stabilised in recent months at around $4,300.
In our refineries, intake volumes continue to be down due to lower
auto scrap resulting from a strong used car market. We expect this
trend to continue through our second half. We have completed the
expansion of our China refinery which is now fully commissioned
and taking in feeds. Our metal trading business performed well
supported by a volatile precious metal price environment, particularly
in China.
Across our PGM products businesses, sales were broadly flat.
Underlying operating profit
Underlying operating profit declined 37% mainly impacted by lower
average PGM prices
(c.GBP55 million impact). We have offset the impact of lower auto
scrap volumes with cost saving actions.
Business update
In PGM Services we understand the full life cycle of the PGMs in
our products and continue to work with our partners to enable greater
recycling and refining at the end of their life. Ensuring a full
service offering to customers, from metal supply to recycling,
allows us to capture value from the entire life cycle of PGMs and
is key in enabling our customers to use PGMs effectively in the
energy transition.
For example, to support our Hydrogen Technologies customers, we
are applying our
long-standing recycling expertise to emerging technologies, including
fuel cells and electrolysers to enable circularity in the hydrogen
economy. Our new technology for the recycling of hydrogen fuel
cell and electrolyser materials has proven at pilot scale that
we can recycle two critical components: the platinum group metals
in the catalyst layers and the membrane ionomer. This is a key
step on our path to provide a circular service to our Hydrogen
Technologies customers and support the growth of this sector.
To strengthen our position as the world's leading recycler of PGMs,
we are investing in the resilience, efficiency and long-term sustainability
of our assets. Our China refinery is now fully operational, strengthening
our capability and offering in the region. In addition, we are
expanding our fuel cells catalyst capacity within PGM Services
to support the growth of our Hydrogen Technologies business.
Catalyst Technologies
Sales growth and driving material margin improvement
-- Sales up 5% with growth in both Catalysts and Licensing
-- In Catalysts, sales were mainly driven by higher average prices
as we strengthened our commercial focus, partly offset by lower
catalyst refill volumes
-- Won nine large scale projects from April 2022 to date across
low carbon hydrogen and sustainable fuels, of which four were
won since May 2023
-- Underlying operating profit and margin improved materially, largely
driven by actions taken to improve performance including higher
pricing and efficiencies
% change % change,
Half year ended constant FX
30(th) September rates
2023 2022
GBP million GBP million
----------- -----------
Sales
Catalysts 254 249 +2 +5
Licensing 28 26 +8 +6
Catalyst Technologies 282 275 +3 +5
Underlying operating profit 35 21 +67 +84
Underlying operating profit
margin 12.4% 7.6%
EBITDA margin 16.7% 12.4%
Reported operating profit 32 17
----------------------------- ----------- ----------- -------- ------------
Catalyst Technologies is a key pillar of our strategy as we target
high growth, high return opportunities in the decarbonisation of
fuels and chemical value chains. We have leading positions in syngas:
methanol, ammonia, hydrogen and formaldehyde. Our revenue streams
are licensing process technology and supplying catalysts.
Performance commentary
Sales
Overall, sales were up 5% in the half with growth in both Catalysts
- which represents the majority of sales - and Licensing. In particular,
we saw good performance in China reflecting both strength in formaldehyde
and licensing of existing core technology.
Catalysts: benefiting from higher average prices despite lower
volumes
In Catalysts, sales were up 5%. Through our stronger commercial
focus we saw higher average prices across our portfolio, and delivered
good growth in formaldehyde following recent project wins. We performed
well across key syngas segments including ammonia and hydrogen.
Overall catalyst refill volumes were down, largely due to an unplanned
shut down at one of our plants.
Licensing: early sales from sustainable solutions portfolio
In Licensing, sales were up 6% supported by growth in our existing
core portfolio as well as sustainable solutions. We continue to
make good progress as we scale our business and target new opportunities
in low carbon hydrogen and sustainable fuels. In the period, we
saw early sales from these new opportunities and continued to win
projects in these areas.
Across the rest of our licensing business, we saw growth in areas
including oxoalcohols and BDO (butanediol) following recent project
wins in China. Relating to these offerings (i.e. excluding sustainable
solutions), we signed six licences in the half worth around GBP70
million in sales over five years. (1H 22/23: five licences).
Underlying operating profit
Underlying operating profit was up 84% to GBP35 million and margins
grew significantly, up 480 basis points to 12.4%. This was largely
driven by actions taken to improve performance including higher
pricing reflecting our stronger commercial focus and efficiency
benefits.
Business update
In Catalyst Technologies, we are growing our existing business
alongside new opportunities in low carbon hydrogen (or carbon capture
and storage - CCS-enabled hydrogen) and sustainable fuels. These
sustainable solutions are based on syngas technology, where we
have a market leading position and strong track record, and will
transform the scale and profitability of our business.
In the near-term, we are focused on improving performance and delivering
higher margins through initiatives across pricing, manufacturing
efficiency and procurement. These actions are delivering immediate
results, and we are on track to achieve our margin targets.
In our sustainable solutions portfolio, we continue to win early
'first of a kind' projects, which demonstrate the strength of our
offering. In the period from April 2022 to November 2023, we won
nine large scale projects across low carbon hydrogen and sustainable
fuels worth c.GBP185 million in sales over five years, subject
to project completion. This includes four projects which were won
since we last reported in May 2023:
-- Kellas Midstream's H2NorthEast low carbon hydrogen plant in Teesside,
UK (October 2023)
-- bp's H2Teesside low carbon hydrogen facility in Teesside, UK
(October 2023)
-- EDL's HyKero sustainable aviation fuel plant in Germany (October
2023)
-- ABEL Energy's green methanol project in Australia (November 2023)
The new project wins include two low carbon hydrogen licences in
the UK for H2NorthEast (Kellas) and also H2Teeside (bp) which aims
to be one of the UK's largest low carbon hydrogen facilities. We
also won two sustainable fuels projects including EDL's HyKero
plant which would be the first of its kind at commercial scale
in Germany, and also ABEL Energy's green hydrogen and methanol
project in Australia. Across our sustainable solutions portfolio,
we have a pipeline of more than 100 projects, which continues to
grow.
In Catalyst Technologies, we are targeting high single digit sales
growth in the short-term, accelerating to mid-teens growth over
the medium to long-term. With the combination of our value creation
programme and mix shift towards licensing we are targeting mid-teens
margins by the end of 2024/25 and high teens by the end of 2027/28,
with continued accretion beyond.
Hydrogen Technologies
Significant sales growth and continued disciplined investment to
scale the business
-- Sales up 61% driven by higher volumes for strategic customers
in fuel cells, and growth in electrolysers from the supply of
components and samples
-- Underlying operating loss reflects continued disciplined investment
to scale the business to meet demand, partly offset by higher
volumes
Half year ended % change % change, constant FX rates
30(th) September
2023 2022
GBP million GBP million
Sales
Hydrogen Technologies 37 23 +61 +61
Underlying operating loss (26) (24) n/a n/a
Underlying operating profit margin n/a n/a
Reported operating loss (26) (24)
----------------------------------- ----------- ----------- -------- ---------------------------
In Hydrogen Technologies, we provide components across the value
chain for fuel cells and electrolysers including catalyst coated
membranes (CCMs) and membrane electrode assemblies (MEAs). Our
ambition is to be the market leader in CCMs, which are the critical
performance defining components at the centre of fuel cells, PEM
(proton exchange membrane) and AEM (anion exchange membrane) electrolysers.
Performance commentary
Sales
In the half, sales in Hydrogen Technologies were up 61% to GBP37
million driven by growth in both fuel cells and electrolysers.
Fuel cells - which represent the majority of our business today
- grew strongly reflecting higher commercial volumes into both
automotive and non-road transport applications for our strategic
customers. In electrolysers, we saw higher sales from the supply
of components as well as prototypes and samples.
Across our business, we saw higher manufacturing output as we focused
on operational performance and continued to improve our processes
and drive efficiency. As we further scale and develop long-term
relationships, we are focusing our business towards strategic customers.
Underlying operating loss
Underlying operating loss of GBP26 million reflects increased investment
in building capability and product development as we scale the
business to meet customer demand, partly offset by higher volumes
from strategic customers.
Business update
Since May 2022, we have agreed multi-year strategic partnerships
with Plug Power in the US and Hystar in Europe. As we develop the
business we are growing the number of strategic customers, and
supply chain partnerships are improving security of supply.
In the UK, construction of our 3GW facility in Royston is on track
to be complete by the end of 2023/24. In the US, we are planning
to co-invest with Plug Power into a new manufacturing plant. This
plant will initially have 5GW capacity scaling to 10GW over time.
Based on process improvements with our current and planned UK capacity,
we now expect increased output and will be able to serve more demand
from these facilities. Consequently, together with Plug Power,
we are optimising our planned investment in the US including the
timing and level of capex required. We seek to maximise appropriate
government support where available.
Although the global hydrogen value chain is in an early stage of
development and continues to evolve, we continue to target sales
of more than GBP200 million by the end of 2024/25. We anticipate
the business to breakeven in 2025/26, with significant growth in
sales and profitability thereafter.
Value Businesses
Disposals on track to be agreed by end of 2023/24
-- Performance in the half largely reflects lower volumes in Battery
Systems following exceptional customer demand in the prior period
-- Sale of Diagnostic Services completed on 29(th) September 2023
Half year ended % change % change, constant FX rates
30(th) September
2023 2022
GBP million GBP million
Sales
Value Businesses(1) 190 235 -19 -21
Underlying operating profit(2) 14 21 -33 -33
Underlying operating profit margin 7.4% 8.9%
EBITDA margin 10.0% 11.1%
Reported operating profit 8 15
----------------------------------- ----------- ----------- -------- ---------------------------
Value Businesses is managed to drive shareholder value from activities
considered to be
non-core to JM, and comprises Battery Systems and Medical Device
Components. In the period, we completed the sale of Diagnostic
Services.
Overall, sales in Value Businesses were down 21% in the half. On
a like for like basis (i.e.
excluding Advanced Glass Technologies and Battery Materials), sales
were down 15%.
Sales performance was largely driven by a decline in Battery Systems.
Volumes normalised following exceptional customer demand in the
prior year, as supply chain constraints eased and we satisfied
a backlog of orders. This was partly offset by pricing benefits
from sales of higher value next generation e-bike products. Excluding
the impact from the disposal of Piezo Products, sales in Medical
Device Components grew reflecting recent project wins and higher
production following investments to upgrade assets and drive efficiency.
Diagnostic Services grew well, supported by a higher oil price
which drove increased customer activity.
Underlying operating profit
Underlying operating profit was GBP14 million, a decline of GBP7
million on the prior period. This largely reflects lower volumes
in Battery Systems as demand normalised, following strong growth
in the prior year. We also experienced temporary dual running costs
in Medical Device Components as we transferred manufacturing to
a lower cost location.
Corporate
Corporate costs were GBP45 million, an increase of GBP16 million
from the prior period, largely reflecting higher costs in relation
to the implementation of new IT systems.
Notes:
1. Sales relating to divestments of Advanced Glass Technologies
and Diagnostic Services: (1H 2022/23:
GBP41 million, 1H 2023/24: GBP37 million).
2. Operating profit related to divestments of Advanced Glass Technologies
and Diagnostic Services: (1H 2022/23:
GBP2 million, 1H 2023/24: GBP3 million).
Financial review - continuing operations
Research and development (R&D)
R&D spend was GBP104 million in the half. This was broadly in line
with the prior period spend of GBP106 million and represents c.5%
of sales excluding precious metals. We are prioritising spend in
our growth areas Catalyst Technologies and Hydrogen Technologies,
as we continue to commercialise our sustainable solutions, fuel
cell and electrolyser offerings.
Foreign exchange
The calculation of growth at constant rates excludes the impact
of foreign exchange movements arising from the translation of overseas
subsidiaries' profit into sterling. The group does not hedge the
impact of translation effects on the income statement. The principal
overseas currencies, which represented 75% of the non-sterling
denominated underlying operating profit in the half year ended
30(th) September 2023, were:
Share of 1H 2023/24 Average exchange % change
non-sterling denominated rate
underlying operating Half year ended
profit 30(th) September
------------------------- --------
2023 2022
----------------- ------------------------- --------- -------- --------
US dollar 22% 1.26 1.21 +4
Euro 39% 1.16 1.17 -1
Chinese renminbi 14% 8.99 8.18 +10
----------------- ------------------------- --------- -------- --------
For the half, the impact of exchange rates decreased sales by GBP52
million and underlying operating profit by GBP9 million.
If average rates for November 2023 month to date (GBP:US$ 1.227,
GBP:EUR 1.145, GBP:RMB 8.937) are maintained throughout the year
ending 31(st) March 2024, foreign currency translation will have
an adverse impact of c.GBP15 million on underlying operating profit.
A one cent change in the average US dollar and a ten fen change
in the average rate of the Chinese renminbi have an impact of approximately
GBP1 million on operating profit whilst a one cent change in the
average rate of the Euro has approximately a GBP2 million impact
on full year underlying operating profit.
Efficiency savings
Our group transformation programme which is expected to deliver
savings in excess of
GBP150 million by 2024/25 is well underway. Associated costs to
deliver the programme are around GBP100 million, all of which are
cash. In the first half, we delivered c.GBP25 million of savings
against our expected savings of c.GBP55 million for the year.
Items outside underlying operating profit
Non-underlying (charge) / income As at As at
(GBP million) 30(th) September 30(th) September
2023 2022
------------------------------------- ----------------- -----------------
Major impairment and restructuring
charges (42) (9)
Amortisation of acquired intangibles (2) (2)
Total (44) (11)
------------------------------------- ----------------- -----------------
There was a GBP42 million charge relating to major impairment and
restructuring charges comprising a net impairment charge of GBP12
million and restructuring charges of
GBP30 million. The net impairment charge of GBP12 million includes
further impairment charges to production related assets in Clean
Air as the business continues to consolidate its existing capacity
into new and more efficient plants. Further impairment charges
were also recognised in relation to amounts due from the sale of
Battery Materials to EV Metals Group.
Finance charges
Net finance charges in the period amounted to GBP41 million, up
from GBP21 million in the first half of 2022/23, largely reflecting
higher average borrowings and increased interest charges related
to our floating rate debt.
Taxation
The tax charge on underlying profit before tax for the half year
ended 30(th) September 2023 was GBP31 million, an effective underlying
tax rate of 22.0%, up from 19.9% in the first half of 2022/23 largely
due to phasing differences between the first and second half.
The effective tax rate on reported profit for the half year ended
30(th) September 2023 was 22.8%. This represents a tax charge of
GBP19 million, compared with GBP38 million in the prior period,
largely due to lower profit before tax in the current period.
We currently expect the effective tax rate on underlying profit
for the year ending
31(st) March 2024 to be around 20%.
Post-employment benefits
IFRS - accounting basis
At 30(th) September 2023, the group's net post-employment benefit
position, was a surplus of GBP98 million.
The cost of providing post-employment benefits in the period was
GBP11 million, down from
GBP16 million in the same period last year.
Capital expenditure
We are making disciplined investments to drive growth and deliver
attractive returns. We have further prioritised our capital expenditure
and now expect cumulative spend to decline by c.10% to c.GBP1 billion
over the three year period to 2024/25.
In the half, capital expenditure was GBP157 million, 1.6 times
depreciation and amortisation (excluding amortisation of acquired
intangibles). In the period, key projects included:
-- Hydrogen Technologies - investing to increase manufacturing
capacity in the UK
-- PGM Services - investing in the resilience, efficiency and long-term
sustainability of our refinery assets
Strong balance sheet
Net debt as at 30(th) September 2023 was GBP1,044 million, an increase
from GBP1,023 million at 31(st) March 2023 and GBP963 million at
30(th) September 2022. Net debt is GBP18 million higher at GBP1,062
million when post tax pension deficits are included. The group's
net debt (including post tax pension deficits) to EBITDA was 1.7
times (30(th) September 2022: 1.5 times), in line with our target
range of 1.5 to 2.0 times.
We use short-term metal leases as part of our mix of funding for
working capital, which are outside the scope of IFRS 16. Precious
metal leases amounted to GBP186 million as at
30(th) September 2023 (31(st) March 2023: GBP138 million, 30(th)
September 2022: GBP129 million).
Free cash flow and working capital
Free cash flow was GBP78 million in the half, compared to GBP133
million in the prior period, largely reflecting lower proceeds
from disposals and reduced operating profit, partly offset by a
net working capital inflow.
Excluding precious metal, average working capital days to 30(th)
September 2023 increased to 57 days compared to 35 days to 30(th)
September 2022. This largely reflects inventory build ahead of
Clean Air site closures as well as higher working capital in Catalyst
Technologies and Hydrogen Technologies to support growth.
Going concern
The group maintains a strong balance sheet with around GBP1.5 billion
of available cash and undrawn committed facilities. Cash generation
was positive during the period with free cash flow of GBP78 million.
Net debt was in line with 31(st) March 2023 at GBP1,044 million.
As set out on page 31, the directors have reviewed the base case
scenario forecasts for the group and have reasonable expectation
that there are no material uncertainties that cast doubt about
the group's ability to continue operating for at least twelve months
from the date of approving these half-yearly accounts. In arriving
at this view, the base case scenario was stress tested to a severe
but plausible downside case which assumes lower demand across our
markets to account for further disruptions and recession.
Additionally, the group considered scenarios including the impact
from metal price volatility, a slow down in China and increase
in the amount of metal that we would have to hold. Under all scenarios,
the group has sufficient headroom against committed facilities
and key financial covenants are not in breach during the going
concern period. The directors have reviewed a range of scenario
forecasts for the group and have reasonable expectation that there
are no material uncertainties that cast doubt about the group's
ability to continue operating for at least twelve months from the
date of approving this half year accounts and so determine that
it is appropriate to prepare the accounts on a going concern basis.
Risks and uncertainties
JM's principal risk landscape continues to be reviewed and updated
to reflect our refreshed strategy and the challenges that come
from operating within the current global environment and economic
climate. JM is committed to improving its risk management approach
and insights used to support various business decisions. The Group's
principal risks are listed below.
1. Significant change in demand or margin sustainability - Failure
to correctly anticipate market trends driving demand and commoditisation
of our products. With shifts being slower or faster than anticipated,
we may fail to make the right and timely decisions to respond to
these shifts. This risk, combined with a failure to identify other
new markets relevant for JM, may adversely impact revenue, cash
flow and profitability, including our position as technology and
cost leader.
2. Significant geopolitical or macroeconomic event - Due to the
nature of JM's global footprint, there is a risk that we may face
disruption in operations, supply chain and/or customer markets
due to geopolitical risks such as conflicts, trade disputes, sanctions,
pandemics, inflation and economic recession in specific countries
or regions where we operate or where our supply chains are located.
3. Failure to deliver value from capital projects - The success
of our strategy, especially in growth areas, depends on our ability
to effectively prioritise and deliver our strategic capital investment
pipeline. There is a risk that we might be unable to meet production
capacity expectations, breach budgeted costs or lose our competitive
position.
4. Development of products that do not meet customer needs - Inability
to develop products that are competitive enough to meet our market
ambitions and our customer's needs. This includes our ability to
identify and understand customer expectations, translate this into
effective R&D and develop our nascent technologies into an industrial
production scale.
5. A significant work related EHS incident - Failure to operate
safely, resulting in injury or breach to applicable laws/regulations,
which could lead to negative effects on our people, our reputation
and/or the environment. This could also mean the loss of production
time as well as attracting negative interest from the media and
regulators, leading to significant fines and penalties.
6. Disruption to inbound goods or services provided - Given the
nature of the products and services we provide, there are only
a few suppliers that are approved to source certain important raw
materials. If there was significant disruption in our supply chains
this would impact the supply of our products and services.
7. A low performing culture undermines our strategy - A low-performing
culture, characterised by an insufficiently engaged and inclusive
workforce, lacking commitment to take accountability and drive
results could impact the successful execution of our strategy.
8. Breach to security or control of platinum group metals in our
processes - There is a risk that we have insufficient metal available
for our manufacturing businesses and customer metal commitments.
Metal price volatility affects how much our trading business earns.
Our refining business earnings also depend on metal prices; a fall
in these prices reduces revenue and operating profit. In addition,
a failure of our security management systems may result in a loss
of or theft of precious metal, which could lead to financial loss
and / or failure to satisfy our customers. This could reduce customer
confidence or result in legal action.
9. Failure in one or more of our critical operational assets -
A failure in a critical asset at our sites may have a material
effect on our supply chain, performance, share value and reputation.
Also, more frequent extreme weather events and natural disasters
may disrupt our operations and increase our costs
10. Unsuccessful delivery of key business transformation programmes
- There are currently various transformation programmes in place
across the group to support the delivery of our strategy and a
more agile and streamlined organisation. In order to achieve this,
JM's acceptance of calculated risk with corresponding need for
mitigation has increased to enable several transformation activities
to run in parallel. Failure to successfully deliver these programmes
may delay the expected benefits, disrupt services to customers
or trigger a loss of key talent.
11. Business failure through cyber-attack or other IT incidents
- A failure to adapt our Information Technology to changing business
requirements, the occurrence of significant disruption to our systems
or a major cyber security incident may adversely affect our financial
position, harm our reputation, and could lead to regulatory penalties
or non-compliance with laws.
Responsibility statement of the Directors in respect of the half
yearly report
The half yearly report is the responsibility of the directors.
Each of the directors as at the date of this responsibility statement,
whose names and functions are set out below, confirms that to the
best of their knowledge:
-- the condensed consolidated accounts have been prepared in accordance
with UK adopted International Accounting Standard (IAS) 34 -
'Interim Financial Reporting'; and
-- the interim management report included in the Half-Yearly Report
includes a fair review of the information required by:
a) DTR 4.2.7R of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules, being an indication of important
events that have occurred during the first six months of
the financial year and their impact on the condensed consolidated
accounts; and a description of the principal risks and uncertainties
for the remaining six months of the financial year; and
b) DTR 4.2.8R of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules, being related party transactions
that have taken place in the first six months of the current
financial year and that have materially affected the financial
position or performance of the company during that period;
and any changes in the related party transactions described
in the last annual report that could do so.
The names and functions of the directors of Johnson Matthey Plc
are as follows:
Patrick Thomas Chair of the Board and of the Nomination Committee
Liam Condon Chief Executive Officer
Stephen Oxley Chief Financial Officer
Barbara Jeremiah Senior Independent Non-Executive Director
Rita Forst Non-Executive Director
Jane Griffiths Non-Executive Director and Chair of Societal
Value Committee
Xiaozhi Liu Non-Executive Director
Chris Mottershead Non-Executive Director
John O'Higgins Non-Executive Director and Chair of the Remuneration
Committee
Doug Webb Non-Executive Director and Chair of the Audit
Committee
The responsibility statement was approved by the Board of Directors
on 21(st) November 2023 and is signed on its behalf by:
Patrick Thomas
Chair
Independent Review Report
to Johnson Matthey Plc
Report on the condensed consolidated accounts
Our conclusion
We have reviewed Johnson Matthey Plc's condensed consolidated accounts
(the "interim financial statements") in the half year results of Johnson
Matthey Plc for the 6 month period ended 30(th) September 2023 (the
"period").
Based on our review, nothing has come to our attention that causes
us to believe that the interim financial statements are not prepared,
in all material respects, in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority.
The interim financial statements comprise:
-- the Condensed Consolidated Balance Sheet as at 30(th) September 2023;
-- the Condensed Consolidated Income Statement and Condensed Consolidated
Statement of Total Comprehensive Income for the period then ended;
-- the Condensed Consolidated Cash Flow Statement for the period then
ended;
-- the Condensed Consolidated Statement of Changes in Equity for the
period then ended; and
-- the explanatory notes to the interim financial statements.
The interim financial statements included in the half year results
of Johnson Matthey Plc have been prepared in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of the
United Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard
on Review Engagements (UK) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the
Financial Reporting Council for use in the United Kingdom ("ISRE (UK)
2410"). A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and, consequently,
does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
We have read the other information contained in the half year results
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for conclusion section
of this report, nothing has come to our attention to suggest that
the directors have inappropriately adopted the going concern basis
of accounting or that the directors have identified material uncertainties
relating to going concern that are not appropriately disclosed. This
conclusion is based on the review procedures performed in accordance
with ISRE (UK) 2410. However, future events or conditions may cause
the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The half year results, including the interim financial statements,
is the responsibility of, and has been approved by the directors.
The directors are responsible for preparing the half year results
in accordance with the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority. In
preparing the half year results, including the interim financial statements,
the directors are responsible for assessing the group's ability to
continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless
the directors either intend to liquidate the group or to cease operations,
or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the half year results based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the
Basis for conclusion paragraph of this report. This report, including
the conclusion, has been prepared for and only for the company for
the purpose of complying with the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority
and for no other purpose. We do not, in giving this conclusion, accept
or assume responsibility for any other purpose or to any other person
to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
21(st) November 2023
Condensed Consolidated Income Statement
for the six months ended 30(th) September 2023
Six months ended
30.9.23 30.9.22
Notes GBP million GBP million
2,
Revenue 3 6,531 7,328
Cost of sales (6,084) (6,841)
----------- -----------
Gross profit 447 487
Distribution costs (62) (57)
Administrative expenses (205) (208)
Amortisation of acquired intangibles 4 (2) (2)
Major impairment and restructuring charges 4 (42) (9)
----------- -----------
Operating profit 136 211
Finance costs (71) (48)
Investment income 30 27
Share of losses of associates (13) (2)
Profit before tax from continuing operations 82 188
Tax expense 5 (19) (38)
----------- -----------
Profit for the period from continuing operations 63 150
Profit after tax from discontinued operations - 10
----------- -----------
Profit for the period 63 160
----------- -----------
pence pence
Earnings per ordinary share
Basic 6 34.7 87.5
Diluted 6 34.6 87.1
pence pence
Earnings per ordinary share from continuing operations
Basic 6 34.7 82.0
Diluted 6 34.6 81.7
Condensed Consolidated Statement of Total Comprehensive
Income
for the six months ended 30(th) September 2023
Six months ended
30.9.23 30.9.22
Notes GBP million GBP million
Profit for the period 63 160
----------- -----------
Other comprehensive (expense) / income
Items that will not be reclassified to the income statement
in subsequent years
Remeasurements of post-employment benefit
assets and liabilities 13 (75) (115)
Fair value losses on equity investments (3) (4)
Tax on items that will not be reclassified to the
income statement 19 28
----------- -----------
Total items that will not be reclassified to the income
statement (59) (91)
----------- -----------
Items that may be reclassified to the income
statement:
Exchange differences on translation of foreign
operations (16) 187
Exchange differences on translation of discontinued
operations - (32)
Amounts credited / (charged) to hedging
reserve 2 (12)
Fair value losses on net investment hedges (3) (22)
Tax on items that may be reclassified to the income
statement (1) 4
----------- -----------
Total items that may be reclassified to the income statement
(in subsequent years) (18) 125
----------- -----------
Other comprehensive (expense) / income for the period (77) 34
----------- -----------
Total comprehensive (expense) / income for the period (14) 194
----------- -----------
Total comprehensive income for the period arises from:
Continuing operations (14) 216
Discontinued operations - (22)
----------- -----------
(14) 194
----------- -----------
Condensed Consolidated Statement of Financial Position
as at 30(th) September 2023
30.9.23 31.3.23
GBP
Notes million GBP million
Assets
Non-current assets
Property, plant and equipment 8 1,378 1,332
Right-of-use assets 49 49
Goodwill 363 364
Other intangible assets 9 294 287
Investments in associates 63 75
Investments at fair value through other comprehensive
income 45 49
Other receivables 114 113
Interest rate swaps 18 19 20
Other financial assets 52 48
Deferred tax assets 145 121
Post-employment benefit net assets 13 134 203
-------- -----------
Total non-current assets 2,656 2,661
-------- -----------
Current assets
Inventories 1,517 1,702
Taxation recoverable 9 12
Trade and other receivables 1,759 1,882
Cash and cash equivalents 18 493 650
Other financial assets 58 47
Assets classified as held for sale 12 17 75
-------- -----------
Total current assets 3,853 4,368
-------- -----------
Total assets 6,509 7,029
-------- -----------
Liabilities
Current liabilities
Trade and other payables (2,263) (2,497)
Lease liabilities 18 (9) (9)
Taxation liabilities (90) (105)
Cash and cash equivalents -- bank overdrafts 18 (31) (13)
Borrowings and related swaps 18 (71) (155)
Other financial liabilities (21) (27)
Provisions (71) (63)
Liabilities classified as held for sale 12 - (25)
-------- -----------
Total current liabilities (2,556) (2,894)
-------- -----------
Non-current liabilities
Borrowings and related swaps 18 (1,398) (1,460)
Lease liabilities 18 (31) (31)
Deferred tax liabilities (9) (19)
Interest rate swaps 18 (16) (15)
Employee benefit obligations 13 (39) (41)
Provisions (23) (28)
Trade and other payables (4) (2)
-------- -----------
Total non-current liabilities (1,520) (1,596)
-------- -----------
Total liabilities (4,076) (4,490)
-------- -----------
Net assets 2,433 2,539
-------- -----------
Equity
Share capital 215 215
Share premium 148 148
Treasury shares (19) (19)
Other reserves 97 118
Retained earnings 1,992 2,077
-------- -----------
Total equity 2,433 2,539
-------- -----------
Condensed Consolidated Statement of Cash Flows
for the six months ended 30(th) September 2023
Six months ended
30.9.23 30.9.22
Notes GBP million GBP million
Cash flows from operating activities
Profit before tax from continuing operations 82 188
Loss before tax from discontinued operations - (5)
Adjustments for:
Share of losses of associates 13 2
Depreciation 72 73
Amortisation 23 16
Share-based payments 7 8
Decrease / (increase) in inventories 169 (169)
Decrease in receivables 113 41
(Decrease) / increase in payables (217) 26
Increase / (decrease) in provisions 6 (8)
Contributions in excess of employee benefit obligations
charge (5) (3)
Changes in fair value of financial instruments (17) (9)
Net finance costs 41 21
Income tax paid (51) (36)
----------- -----------
Net cash inflow from operating activities 236 145
----------- -----------
Cash flows from investing activities
Interest received 19 11
Purchases of property, plant and equipment (125) (111)
Purchases of intangible assets (33) (26)
Government grant income received 1 -
Net proceeds from sale of businesses 39 166
Net cash (outflow) / inflow from investing
activities (99) 40
----------- -----------
Cash flows from financing activities
Purchase of treasury shares - (45)
Proceeds from borrowings 2 272
Repayment of borrowings (151) (259)
Dividends paid to equity shareholders 7 (101) (100)
Interest paid (53) (38)
Principal element of lease payments (6) (6)
----------- -----------
Net cash outflow from financing activities (309) (176)
----------- -----------
Net (decrease) / increase in cash and cash
equivalents (172) 9
Exchange differences on cash and cash equivalents (3) 14
Cash and cash equivalents at beginning of
year 637 346
Cash and cash equivalents at end of period 18 462 369
----------- -----------
Cash and deposits 193 161
Money market funds 300 253
Bank overdrafts (31) (45)
Cash and cash equivalents 18 462 369
----------- -----------
Condensed Consolidated Statement of Changes in Equity
for the six months ended 30(th) September 2023
Share Share Treasury Other Retained Total
capital premium shares reserves earnings equity
GBP million GBP million GBP million GBP million GBP million GBP million
At 1(st) April 2022 218 148 (24) 50 2,049 2,441
Total comprehensive income
for
the period - - - 121 73 194
Dividends paid (note 7) - - - - (100) (100)
Purchase of treasury
shares (3) - - 3 - -
Share-based payments - - - - 12 12
Cost of shares transferred
to employees - - 4 - (8) (4)
At 30(th) September 2022 215 148 (20) 174 2,026 2,543
Total comprehensive
(expense) /
income for the period - - - (56) 91 35
Dividends paid (note 7) - - - - (41) (41)
Purchase of treasury
shares - - - - (1) (1)
Share-based payments - - - - 6 6
Cost of shares transferred
to employees - - 1 - (6) (5)
Tax on share-based
payments - - - - 2 2
At 31(st) March 2023 215 148 (19) 118 2,077 2,539
Total comprehensive
(expense) /
income for the period - - - (21) 7 (14)
Dividends paid (note 7) - - - - (101) (101)
Share-based payments - - - - 12 12
Cost of shares transferred
to employees - - - - (3) (3)
At 30(th) September 2023 215 148 (19) 97 1,992 2,433
----------- ----------- ----------- ----------- ----------- -----------
1 Basis of preparation and statement of compliance
This condensed consolidated interim financial report for the
half-year reporting period ended 30(th) September 2023 has been
prepared in accordance with the UK-adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the UK's Financial
Conduct Authority. The accounting policies, estimates and
judgements applied in this condensed consolidated interim financial
report are consistent with the accounting policies, estimates and
judgements applied by the group in its consolidated accounts as at,
and for the year ended, 31(st) March 2023, with the exception of
the adoption of amended accounting policies and standards as
explained below.
These condensed consolidated accounts do not constitute
statutory accounts within the meaning of Section 435 of the
Companies Act 2006. The interim report does not include all of the
notes of the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the
annual report for the year ended 31(st) March 2023, which has been
prepared in accordance with UK-adopted International Accounting
Standards (IAS) and with the requirements of the Companies Act
2006.
Information in respect of the year ended 31(st) March 2023 is
derived from the company's statutory accounts for that year which
have been delivered to the Registrar of Companies. The auditor's
report on those statutory accounts was unqualified, did not include
a reference to any matters to which the auditor drew attention by
way of emphasis without qualifying its report and did not contain
any statement under Section 498 (2) or Section 498 (3) of the
Companies Act 2006.
The half-yearly accounts are unaudited but have been reviewed by
the auditors. They were approved by the board of directors on
21(st) November 2023.
Going concern
The directors have reviewed the base case scenario, and the
severe but plausible downside case scenario and have reasonable
expectation that there are no material uncertainties that cast
doubt about the group's ability to continue operating for at least
twelve months from the date of approving these half-yearly
accounts.
As at 30(th) September 2023, the group maintains a strong
balance sheet with around GBP1.5 billion of available cash and
undrawn committed facilities. Cash generation was positive during
the period with free cash flow of around GBP78 million. Net debt
was in line with 31(st) March 2023 at GBP1,044 million. Net debt
(including post tax pension deficits) to EBITDA, was within our
target range at 1.7 times.
Despite the significant headwinds faced in the current
macroeconomic environment such as continued high levels of
inflation and economic and political uncertainties, the group's
performance during the period was resilient, both in terms of
underlying operating profit and cash flow. For the purposes of
assessing going concern, we have revisited our financial
projections using the latest forecasts for our base case scenario.
The base case scenario was stress tested to a severe but plausible
downside case which reflects lower demand across our markets to
account for further ongoing disruptions and a deeper recession.
Additionally, the group considered scenarios including the
impact from metal price volatility and increases in the amount of
metal that we would have to hold, along with a slowdown in
operations in China. We have also considered the impact of a
refinery shutdown for a prolonged period. Whilst the combined
impact would reduce profitability and EBITDA against our latest
forecast, our balance sheet would remain strong.
The group has a robust funding position comprising a range of
long-term debt and a GBP1 billion five year committed revolving
credit facility maturing in March 2027 which was entirely undrawn
at 30(th) September 2023. There was GBP300 million of cash held in
money market funds. Of the existing loans, around GBP105 million of
term debt matures in the period to December 2024 which has been
included in our going concern modelling. As a long time, highly
rated issuer in the US private placement market, the group expects
to be able to access additional funding in its existing markets
should it need to. The group also has a number of additional
sources of funding available including uncommitted lease facilities
that support precious metal funding. Whilst we would fully expect
to be able to utilise the metal lease facilities, they are excluded
from our going concern modelling.
Basis of preparation and statement of compliance
1 (continued)
Going concern (continued)
Under all scenarios above, the group has sufficient headroom
against committed facilities and key financial covenants are not in
breach during the going concern period. There remain risks to the
group including more extreme economic outcomes. Against these, the
group has a range of levers which it could utilise to protect
headroom including reducing capital expenditure and future dividend
distributions.
The directors are therefore of the opinion that the group has
adequate resources to fund its operations for the period of twelve
months following the date of this announcement and so determine
that it is appropriate to prepare the accounts on a going concern
basis.
Non-GAAP measures
The group uses various measures to manage its business which are
not defined by generally accepted accounting principles (GAAP). The
group's management believes these measures provide valuable
additional information to users of the accounts in understanding
the group's performance. The group's non-GAAP measures are defined
and reconciled to GAAP measures in note 18.
Amended standards adopted by the group
The IASB has issued the following amendments, which have been
endorsed by the UK Endorsement Board, for annual periods beginning
on or after 1(st) January 2023:
- Amendments to IFRS 17, Insurance Contracts;
- Amendments to IAS 1 and IFRS Practice Statement 2;
- Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors; and
- Amendments to IAS 12, Deferred Tax related to Assets and
Liabilities arising from a Single Transaction
These changes have not had a material impact on the group. The
group has not early adopted any standard, interpretation or
amendment that was issued but is not yet effective.
On the 19(th) July 2023, the UK endorsed the amendments to IAS
12 Income Taxes, issued by the International Accounting Standards
Board on 23(rd) May 2023, which grants companies a temporary
exemption from applying IAS 12 to the International Tax Reform:
Pillar Two Model Rules. For the half year report, the group has
adopted the amendments to IAS 12, and applied the exception to
recognising and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes. The group has
commenced Pillar Two impact analysis but is, as yet, not in a
position to provide quantified analysis of the potential future
impact.
2 Segmental information
Revenue, sales and underlying operating
profit by business
Clean Air - provides catalysts for emission control after-treatment
systems used in light and heavy duty vehicles powered by internal combustion
engines.
PGM Services - enables the energy transition through providing circular
solutions as demand for scarce critical materials increases. Provides
a strategic service to the group, supporting the other segments with
security of metal supply, and manufactures value add PGM products.
Catalyst Technologies - enables the decarbonisation of chemical and
fuel value chains.
Hydrogen Technologies - providing catalyst coated membranes that are
a critical component for fuel cells and electrolysers.
Value Businesses - a portfolio of businesses managed to drive shareholder
value from activities considered to be non-core to the Group. This
includes Battery Systems, Medical Device Components and Diagnostic
Services (sold on 29(th) September 2023 - refer to note 11). Battery
Materials UK and Battery Materials Canada were sold on 26(th) May 2022
and 1(st) November 2022 respectively and are included within the prior
period balances.
The Group Leadership Team (the chief operating decision maker as defined
by IFRS 8, Operating Segments) monitors the results of these operating
businesses to assess performance and make decisions about the allocation
of resources. Each operating business is represented by a member of
the Group Leadership Team. These operating businesses represent the
group's reportable segments and their principal activities are described
on pages 14 to 21 of the 2023 Annual Report. The performance of the
group's operating businesses is assessed on sales and underlying operating
profit (see note 18). Sales between segments are made at market prices,
taking into account the volumes involved.
2 Segmental information (continued)
Six months ended 30(th) September
2023
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Corporate Eliminations Total
GBP GBP GBP GBP GBP GBP GBP GBP
million million million million million million million million
Revenue from external
customers 2,768 3,169 308 45 241 - - 6,531
Inter-segment revenue - 1,364 11 - - - (1,375) -
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
Revenue 2,768 4,533 319 45 241 - (1,375) 6,531
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
External sales (1) 1,286 182 272 37 190 - - 1,967
Inter-segment sales - 48 10 - - - (58) -
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
Sales (1) 1,286 230 282 37 190 - (58) 1,967
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
Underlying operating
profit (1) 124 78 35 (26) 14 (45) - 180
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
Six months ended 30(th) September
2022
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Corporate Eliminations Total
GBP GBP
GBP million million GBP million GBP million GBP million GBP million GBP million million
Revenue from external
customers 2,995 3,682 342 27 282 - - 7,328
Inter-segment revenue - 1,679 7 - - - (1,686) -
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
Revenue 2,995 5,361 349 27 282 - (1,686) 7,328
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
External sales (1) 1,278 240 269 23 235 - - 2,045
Inter-segment sales - 42 6 - - - (48) -
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
Sales (1) 1,278 282 275 23 235 - (48) 2,045
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
Underlying operating
profit (1) 108 125 21 (24) 21 (29) - 222
------------- -------- ------------ -------------- ------------ ------------- ------------ -------
(1) Sales and underlying operating profit are non-GAAP measures (see
note 18 for reconciliation to GAAP measures). Sales excludes the sale
of precious metals. Underlying operating profit excludes profit or loss
on disposal of businesses, gain or loss on significant legal proceedings,
together with associated legal costs, amortisation of acquired intangibles
and major impairment and restructuring charges.
2 Segmental information (continued)
Net assets by business
At 30(th) September
2023
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Corporate Total
GBP GBP GBP GBP GBP
million million GBP million GBP million million million million
Segmental net assets 1,496 107 723 165 226 547 3,264
-------- ------------ -------------- ------------ ------------- ------------
Net debt (see note 18) (1,044)
Post-employment benefit net assets
and liabilities 95
Deferred tax net assets 136
Provisions and non-current other payables (98)
Investments in associates 63
Net assets held for sale (see note 12) 17
-------
Net assets 2,433
-------
At 31(st) March
2023
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Corporate Total
GBP GBP
million GBP million GBP million GBP million GBP million GBP million million
Segmental net assets 1,784 (2) 680 114 175 515 3,266
-------- ------------ -------------- ------------ ------------- ------------ -------
Net debt (see note 18) (1,023)
Post-employment benefit net assets
and liabilities 162
Deferred tax net assets 102
Provisions and non-current other
payables (93)
Investments in associates 75
Net assets held for sale 50
Net assets 2,539
-------
3 Revenue
Products and services
The group's principal products and services by operating business and
sub-business are disclosed in the table below, together with information
regarding performance obligations and revenue recognition. Revenue
is recognised by the group as contractual performance obligations to
customers are completed.
Primary Principal products and Performance
Sub-business industry services obligations Revenue recognition
---------------------- --------------------- ---------------------------------------------------- ------------ ---------------------
Clean Air
-----------------------------------------------------------------------------------------------------------------------------------------
Light Duty Automotive Catalysts for cars and other Point On despatch
Catalysts light duty vehicles in time or delivery
Heavy Duty Automotive Catalysts for trucks, buses Point On despatch
Catalysts and non-road equipment in time or delivery
PGM Services
-----------------------------------------------------------------------------------------------------------------------------------------
Platinum Group Various Platinum Group Metal refining Over time Based on output
Metal Services and recycling services
Platinum Group Metal trading Point On receipt of
in time payment
Other precious metal products Point On despatch
in time or delivery
Platinum Group Metal chemical, Point On despatch
industrial products and in time or delivery
catalyst
Catalyst Technologies
-----------------------------------------------------------------------------------------------------------------------------------------
Catalyst Technologies Chemicals Speciality catalysts and Point On despatch
/ oil and additives in time or delivery
gas
Process technology licences Over time Based on costs
incurred or
straight-line
over the licence
term(1)
Engineering design services Over time Based on costs
incurred
Hydrogen Technologies
-----------------------------------------------------------------------------------------------------------------------------------------
Fuel Cells Various Fuel cell catalyst coated Point On despatch
technologies membranes in time or delivery
Electrolysis Various Electrolyser catalyst coated Point On despatch
Technology membrane in time or delivery
Value Businesses
-----------------------------------------------------------------------------------------------------------------------------------------
Other Markets Various Precious metal pastes and Point On despatch
(excluding enamels, battery systems in time or delivery
Diagnostic and products found in devices
Services) used in medical procedures
Diagnostic Oil and gas Detection, diagnostic and Over time Based on costs
Services measurement solutions incurred
(1) Revenue recognition depends on whether the licence is distinct
in the context of the contract.
Metal revenue : Metal revenue relates to the sales of precious metals
to customers, either in pure form or contained within a product. Metal
revenue arises in each of the reportable segments in the Group. Metal
revenue is affected by fluctuations in the market prices of precious
metals and, in many cases, the value of precious metals is passed directly
on to customers. Given the high value of these metals this makes up
a significant proportion of revenue
3 Revenue (continued)
Revenue from external customers by principal products and services
Six months ended 30(th) September 2023
Continuing operations
---------------------------------------------------------------------------------
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Total
GBP GBP
million GBP million GBP million GBP million GBP million million
Metal 1,482 2,987 36 8 51 4,564
Heavy Duty Catalysts 454 - - - - 454
Light Duty Catalysts 812 - - - - 812
Platinum Group Metal Services - 182 - - - 182
Catalyst Technologies - - 272 - - 272
Fuel Cells - - - 37 - 37
Battery Systems - - - - 106 106
Diagnostic Services - - - - 37 37
Medical Device Components - - - - 45 45
Other 20 - - - 2 22
Revenue 2,768 3,169 308 45 241 6,531
Six months ended 30(th) September 2022
Continuing operations
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Total
GBP GBP
million GBP million GBP million GBP million GBP million million
Metal 1,717 3,442 73 4 47 5,283
Heavy Duty Catalysts 447 - - - - 447
Light Duty Catalysts 814 - - - - 814
Platinum Group Metal Services - 240 - - - 240
Catalyst Technologies - - 269 - - 269
Fuel Cells - - - 23 - 23
Battery Systems - - - - 135 135
Diagnostic Services - - - - 34 34
Medical Device Components - - - - 46 46
Other 17 - - - 20 37
Revenue 2,995 3,682 342 27 282 7,328
Revenue 2,995 3,682 342 27 282 7,328
The contract receivables balance at 30(th) September 2023 is GBP46 million
(31(st) March 2023: GBP70 million).
3 Revenue (continued)
Revenue from external customers by point in time and over time performance
obligations
Six months ended 30(th) September 2023
Continuing operations
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Total
GBP GBP
million GBP million GBP million GBP million GBP million million
Revenue recognised at a point
in time 2,768 3,081 255 45 213 6,362
Revenue recognised over time - 88 53 - 28 169
Revenue 2,768 3,169 308 45 241 6,531
Six months ended 30(th) September 2022
Continuing operations
Clean PGM Catalyst Hydrogen Value
Air Services Technologies Technologies Businesses Total
GBP GBP
million GBP million GBP million GBP million GBP million million
Revenue recognised at a point
in time 2,995 3,541 270 27 264 7,097
Revenue recognised over time - 141 72 - 18 231
Revenue 2,995 3,682 342 27 282 7,328
4 Operating profit
Six months ended
30.9.23 30.9.22
GBP
GBP million million
Operating profit is arrived at after charging
/ (crediting):
Research and development expenditure charged
to the income statement 104 106
Less: External funding received - from governments (7) (7)
Net research and development expenditure charged
to the income statement 97 99
Depreciation
of:
Property, plant and equipment 66 67
Right-of-use assets 6 6
Depreciation 72 73
Amortisation
of:
Acquired intangibles 2 2
Other intangible assets 21 14
Amortisation 23 16
Major impairment and restructuring charges:
Inventories 2 -
Trade and other receivables 10 -
Impairment losses 12 -
Restructuring charges 30 9
Major impairment and restructuring charges 42 9
Profit on disposal of businesses
On 15(th) June 2023, the group completed the sale of Johnson
Matthey Catalysts LCC, and on 29(th) September 2023, the group
completed the sale of its Diagnostic Services business, see note
11.
Major impairment and restructuring charges
Major impairment and restructuring charges are shown separately
on the face of the income statement and excluded from underlying
operating profit, see note 18.
Major impairments - the group's net impairment charge of GBP12
million includes further impairment charges to production related
assets in Clean Air as the business continues to consolidate its
existing capacity into new and more efficient plants. Further
impairment charges were also recognised in relation to amounts due
from the sale of Battery Materials to EV Metals Group.
Major restructuring - the group's transformation programme was
launched in May 2022 and was designed to drive increased
competitiveness, improved execution capability and create financial
headroom to facilitate further investment in high growth areas.
Restructuring charges of GBP17 million have been recognised of
which the majority is redundancy and implementation costs. The
remaining GBP13 million charge is related to Clean Air's ongoing
plant consolidation initiatives, of which the majority is
redundancy costs.
5 Tax expense
The charge for taxation at the half year ended 30(th) September
2023 is GBP19 million (1H 2022/23: GBP38 million), an effective tax
rate of 22.8%. The tax charge on underlying profit before tax was
GBP31 million, an effective tax rate of 22.0%, an increase from
19.9% in the half year ended 30(th) September 2022. The tax rate on
underlying profit for the year ending 31(st) March 2024 is
estimated to be 20% (2022/23: 19%).
6 Earnings per ordinary share
Six months ended
30.9.23 30.9.22
pence pence
Basic 34.7 87.5
Diluted 34.6 87.1
Basic from continuing operations 34.7 82.0
Diluted from continuing operations 34.6 81.7
Earnings per ordinary share have been calculated by dividing profit
for the period by the weighted average number of shares in issue
during the period.
Six months ended
Weighted average number of shares in issue 30.9.23 30.9.22
Basic 183,213,834 183,006,485
Dilution for long term incentive plans 907,731 665,316
Diluted 184,121,565 183,671,801
7 Dividends
An interim dividend of 22.00 pence (1H 2022/23: 22.00 pence) per
ordinary share has been proposed by the board which will be paid on
6(th) February 2024 to shareholders on the register at the close of
business on 1(st) December 2023. The estimated amount to be paid is
GBP40 million (1H 2022/23: GBP42 million) and has not been
recognised in these accounts.
Six months ended
30.9.23 30.9.22
GBP million GBP million
2021/22 final ordinary dividend paid
-- 55.00
pence per share - 100
2022/23 final ordinary dividend paid
-- 55.00
pence per share 101 -
Total dividends 101 100
Property, plant
8 and equipment
Assets
in
Freehold Plant the course
land Leasehold and of
and
buildings improvements machinery construction Total
GBP million GBP million GBP million GBP million GBP million
Cost
At 1(st) April
2023 599 28 2,151 360 3,138
Additions - - 16 111 127
Transfers from
assets in the
course
of construction 9 1 39 (49) -
Disposals (1) - (8) - (9)
Disposals of
businesses (note
11) (1) - (4) - (5)
Exchange
adjustments (9) - (18) (4) (31)
At 30(th)
September 2023 597 29 2,176 418 3,220
Accumulated depreciation and
impairment
At 1(st) April
2023 284 15 1,499 8 1,806
Charge for the
period 8 - 58 - 66
Disposals (1) - (8) - (9)
Disposals of
businesses (note
11) (1) - (4) - (5)
Exchange
adjustments (4) - (12) - (16)
At 30(th)
September 2023 286 15 1,533 8 1,842
Carrying amount
at 30(th)
September
2023 311 14 643 410 1,378
Carrying amount
at 1(st) April
2023 315 13 652 352 1,332
9 Other intangible assets
Customer Patents, Acquired
contracts research
and Computer trademarks and Development
relationships software and licences technology expenditure Total
GBP million GBP million GBP million GBP million GBP million GBP million
Cost
At 1(st) April 2023 116 475 43 37 135 806
Additions - 29 1 - - 30
Disposals - - (12) - - (12)
Exchange adjustments (1) - - (1) (1) (3)
At 30(th) September 2023 115 504 32 36 134 821
Accumulated amortisation and impairment
At 1(st) April 2023 101 209 39 37 133 519
Charge for the period 1 21 1 - - 23
Disposals - - (12) - - (12)
Exchange adjustments (1) - (1) (1) - (3)
At 30(th) September 2023 101 230 27 36 133 527
Carrying amount at 30(th)
September
2023 14 274 5 - 1 294
Carrying amount at 1(st)
April
2023 15 266 4 - 2 287
10 Investments in associates
As part of the disposal of our Health business in the prior
year, we received GBP75 million in the form of shares which
constitutes approximately 30% equity interest in the re-branded
business (Veranova). The group determined that it has significant
influence and therefore has equity accounted this stake as an
investment in associate. The group has also disclosed a contingent
liability relating to this associate, see note 17.
Associates
GBP
million
At 1(st) April 2023 75
Group's share of losses for the period (13)
Exchange adjustments 1
At 30(th) September 2023 63
11 Disposals
Diagnostic Services
On 29(th) September 2023, the group completed the sale of its
Diagnostic Services business for an enterprise value of GBP55
million (GBP47 million on a debt free basis, after working capital
adjustments). The business was disclosed as a disposal group held
for sale as at 31(st) March 2023.
Diagnostic
Services
30(th) September 2023 GBP million
Proceeds
Cash consideration 47
Cash and cash equivalents
disposed (3)
Net cash consideration 44
Disposal costs paid (2)
Net cash inflow 42
Assets and liabilities
disposed
Non-current assets
Property, plant and
equipment 19
Current assets
Inventories 5
Trade and other receivables 32
Cash and cash equivalents 3
Deferred
tax 3
Current liabilities
Trade and other payables (9)
Non-current liabilities
Lease liabilities (11)
Net assets disposed 42
Cash consideration 47
Deferred consideration 4
Working capital adjustments at
time of disposal 4
Less: carrying amount of net assets sold (42)
Less: disposal costs (8)
Cumulative currency translation gain recycled from
other comprehensive income (1)
Profit recognised in the income
statement 4
Johnson Matthey Catalysts LLC
On 15(th) June 2023, the group completed the sale of Johnson
Matthey Catalysts LLC, its operations in Russia, to Catalysts and
Technologies LLC for a cash consideration of GBP11 million. All
assets excluding cash had previously been impaired. The sale
resulted in a net loss on sale of GBP4 million due to a cumulative
currency translation loss being recycled from other comprehensive
income.
Assets and liabilities classified
12 as held for sale
The group strategically drives for efficiency and disciplined
capital allocation to enhance returns, as such we continue to
actively manage our portfolio. In line with this strategy and to
focus on our core businesses, during the period we completed the
sale of our Diagnostic Services business (refer to note 11).
Held for sale at 30(th) September 2023 is the land and buildings
of our previous Battery Materials business in Poland. This has been
classified as held for sale at fair value.
The major classes of assets and liabilities comprising the
businesses classified as held for sale are:
30.9.23 31.3.23
GBP
GBP million million
Non-current assets
Property, plant and equipment 17 27
Right-of-use-assets - 9
Goodwill - 1
Other intangible assets - 3
Current assets
Inventories - 5
Trade and other receivables - 30
Current liabilities
Trade and other payables - (14)
Lease liabilities - (1)
Taxation liabilities - (1)
Non-current liabilities
Lease liabilities - (9)
Net assets of disposal group 17 50
13 Post-employment benefits
Background
The group operates a number of post-employment benefit plans
around the world, the forms and benefits of which vary with
conditions and practices in the countries concerned. The major
defined benefit plans are pension plans and post-retirement medical
plans in the UK and the US.
Financial assumptions
The financial assumptions for the major plans are as follows:
30.9.23 31.3.23
UK plan US plans UK plan US plans
% % % %
First year's rate of increase
in salaries 3.50 4.50 4.40 4.50
Ultimate rate of increase
in salaries 3.50 4.50 3.40 4.50
Rate of increase in pensions
in payment 2.95 - 2.90 -
Discount rate 5.60 5.80 4.80 4.90
Inflation - 2.50 - 2.50
- UK Retail Prices Index
(RPI) 3.20 - 3.10 -
- UK Consumer Prices Index
(CPI) 2.75 - 2.65 -
Current medical benefits
cost trend rate 12.50 - 12.50 -
Ultimate medical benefits
cost trend rate 5.40 - 5.40 -
The financial assumptions for the other plans are reviewed and updated
annually.
Financial
information
Movements in the net post-employment benefit assets and liabilities,
including reimbursement rights, were:
UK UK UK post- US post-
pension pension
- - retirement retirement
cash
legacy balance medical US medical
section section benefits pensions benefits Other Total
GBP GBP GBP GBP GBP GBP
million million million GBP million million million million
At 1(st) April
2023 169 27 (7) 6 (10) (20) 165
Current service
cost
- in
operating
profit (1) (7) - (1) - - (9)
Administrative
expenses
- in
operating
profit (2) - - - - - (2)
Interest 3 1 - - - - 4
Remeasurements (70) (3) - (3) 1 - (75)
Company
contributions 2 11 - 2 - 1 16
Benefits paid - - - - - - -
Exchange - - - (1) (1) 1 (1)
At 30(th)
September
2023 101 29 (7) 3 (10) (18) 98
Post-employment benefits
13 (continued)
Financial
information
(continued)
The post-employment benefit assets and liabilities are included in
the balance sheet as follows:
30.9.23 30.9.23 31.3.23 31.3.23
Post- Post-
employment Employee employment Employee
benefit benefit
benefit net benefit net
net
assets obligations net assets obligations
GBP GBP GBP
million million million GBP million
UK pension - legacy section 101 - 169 -
UK pension - cash balance
section 29 - 27 -
UK post-retirement medical
benefits - (7) - (7)
US pensions 3 - 6 -
US post-retirement medical
benefits - (10) - (10)
Other 1 (19) 1 (21)
Total post-employment plans 134 (36) 203 (38)
Other long-term employee
benefits (3) (3)
Total long-term employee benefit
obligations (39) (41)
14 Fair values
Fair value hierarchy
Fair values are measured using a hierarchy where the inputs
are:
-- Level 1 -- quoted prices in active markets for identical assets or liabilities.
-- Level 2 -- not level 1 but are observable for that asset or
liability either directly or indirectly.
-- Level 3 -- not based on observable market data (unobservable).
Fair value of financial instruments
Certain of the group's financial instruments are held at fair
value. The fair value of a financial instrument is the price that
would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the
balance sheet date.
The fair value of forward foreign exchange contracts, interest
rate swaps, forward precious metal price contracts and currency
swaps is estimated by discounting the future contractual cash flows
using forward exchange rates, interest rates and prices at the
balance sheet date.
The fair value of trade and other receivables measured at fair
value is the face value of the receivable less the estimated costs
of converting the receivable into cash.
The fair value of money market funds is calculated by
multiplying the net asset value per share by the investment held at
the balance sheet date.
There were no transfers of any financial instrument between the
levels of the fair value hierarchy during the current or prior
periods.
14 Fair values (continued)
Fair value
30.9.23 31.3.23 hierarchy
GBP
million GBP million level
Financial instruments measured at fair value
Non-current
Investments at fair value through other comprehensive
income(1) 45 49 1
Interest rate swaps - assets 19 20 2
Other financial assets(2) 52 48 2
Interest rate swaps - liabilities (16) (15) 2
Borrowings and related swaps (5) (5) 2
Other payables (2) - 2
Current
Trade receivables(3) 281 329 2
Other receivables(4) 12 21 2
Cash and cash equivalents - money market funds 300 521 2
Other financial assets(2) 58 47 2
Other financial liabilities(2) (21) (27) 2
Fair value
30.9.23 31.3.23 hierarchy
GBP
million GBP million level
Financial instruments not measured at fair value
Non-current
Borrowings and related swaps (1,393) (1,455) -
Lease liabilities (31) (31) -
Other receivables 63 57 -
Other payables (2) (2) -
Current
Amounts receivable under precious metal sale
and repurchase agreements 320 222 -
Amounts payable under precious metal sale and
repurchase agreements (812) (838) -
Cash and cash equivalents - cash and deposits 193 129 -
Cash and cash equivalents - bank overdrafts (31) (13) -
Borrowings and related swaps (71) (155) -
Lease liabilities (9) (9) -
Trade and other receivables 914 1,075 -
Trade and other payables (1,230) (1,478) -
(1) Investments at fair value through other comprehensive income are
quoted bonds purchased to fund pension deficit (GBP35 million) and
an investment held at fair value through other comprehensive income
(GBP10 million).
(2) Other financial assets includes forward foreign exchange contracts
(GBP4 million), forward precious metal price contracts (GBP91 million)
and currency swaps (GBP15 million). Other financial liabilities includes
forward foreign exchange contracts (GBP16 million) and currency swaps
(GBP5 million).
(3) Trade receivables held in a part of the group with a business
model to hold trade receivables for collection or sale. The remainder
of the group operates a hold to collect business model and receives
the face value, plus relevant interest, of its trade receivables from
the counterparty without otherwise exchanging or disposing of such
instruments.
(4) Other receivables with cash flows that do not represent solely
the payment of principal and interest.
14 Fair values (continued)
The fair value of financial instruments, excluding accrued interest,
is approximately equal to book value except for:
30.9.23 31.3.23
Carrying Fair Carrying Fair
amount value amount value
GBP million GBP million GBP million GBP million
US Dollar Bonds 2025, 2027, 2028,
2029
and 2030 (521) (481) (648) (618)
Euro Bonds 2025, 2028, 2030 and 2032 (349) (312) (368) (340)
Sterling Bonds 2024, 2025 and 2029 (145) (134) (145) (137)
KfW US Dollar Loan 2024 (41) (39) (40) (39)
The fair values are calculated using level 2 inputs by
discounting future cash flows to net present values using
appropriate market interest rates prevailing at the period end.
15 Precious metal leases
The group leases precious metals to fund temporary peaks in
metal requirements provided market conditions allow. These leases
are from banks for specified periods (less than 12 months) and the
group pays a fee which is expensed on a straight-line basis over
the lease term in finance costs. The group holds sufficient
precious metal inventories to meet all the obligations under these
lease arrangements as they fall due. At 30(th) September 2023,
precious metal leases were GBP186 million at closing prices (31(st)
March 2023: GBP138 million). Precious metal leases do not fall
under the scope of IFRS 16.
16 Transactions with related parties
There have been no material changes in related party
relationships in the six months ended 30(th) September 2023. During
the half year ended 30(th) September 2023, the group had sales with
associates totalling GBP11 million (1H 2022/23: GBP5 million). No
other related party transactions have occurred which have
materially affected the financial position or performance of the
group during the period.
17 Contingent liabilities
The group is involved in various disputes and claims which arise
from time to time in the course of its business including, for
example, in relation to commercial matters, product quality or
liability, employee matters and tax audits. The group is also
involved from time to time in the course of its business in legal
proceedings and actions, engagement with regulatory authorities and
in dispute resolution processes. These are reviewed on a regular
basis and, where possible, an estimate is made of the potential
financial impact on the group. In appropriate cases a provision is
recognised based on advice, best estimates and management
judgement. Where it is too early to determine the likely outcome of
these matters, no provision is made. Whilst the group cannot
predict the outcome of any current or future such matters with any
certainty, it currently believes the likelihood of any material
liabilities to be low, and that such liabilities, if any, will not
have a material adverse effect on its consolidated income,
financial position or cash flows.
Following the sale of its Health business in May 2022, the
purchaser of the Health business, Veranova Bidco LP, has issued a
claim against the group in connection with: i) certain alleged
representations said to have been made during the course of the
negotiation of the sale and purchase agreement dated 16(th)
December 2021 ("SPA"); and, ii) certain warranties given in the SPA
at the time of signing. Having reviewed the claim with its
advisers, the group is of the opinion that it has a defensible
position in respect of these allegations and is vigorously
defending its position. The outcome of the legal proceedings
relating to this matter is not certain, since the issues of
liability and quantum will be for determination by the court at
trial. Accordingly, the group is unable to make a reliable estimate
of the possible financial impact at this stage, if any.
18 Non-GAAP measures
The group uses various measures to manage its business which are
not defined by generally accepted accounting principles (GAAP). The
group's management believes these measures provide valuable
additional information to users of the accounts in understanding
the group's performance. Certain of these measures are financial
Key Performance Indicators which measure progress against our
strategy.
All non-GAAP measures are on a continuing operations basis.
18 Non-GAAP measures (continued)
Definitions
Measure Definition Purpose
Sales(1) Revenue excluding sales Provides a better measure of
of precious metals to customers the growth of the group as revenue
and the precious metal can be heavily distorted by year
content of products sold on year fluctuations in the market
to customers. prices of precious metals and,
in many cases, the value of precious
metals is passed directly on
to customers.
Underlying Operating profit excluding Provides a measure of operating
operating profit(2) non-underlying items. profitability that is comparable
over time.
Underlying Underlying operating profit Provides a measure of how we
operating profit divided by sales. convert our sales into underlying
margin(1,2) operating profit and the efficiency
of our business.
Underlying Profit before tax excluding Provides a measure of profitability
profit before non-underlying items. that is comparable over time.
tax(2)
Underlying Profit for the year excluding Provides a measure of profitability
profit for non-underlying items and that is comparable over time.
the year(2) related tax effects.
Underlying Underlying profit for the Our principal measure used to
earnings per year divided by the weighted assess the overall profitability
share(1,2) average number of shares of the group.
in issue.
Average working Monthly average of non-precious Provides a measure of efficiency
capital days metal related inventories, in the business with lower days
(excluding trade and other receivables driving higher returns and a
precious metals)(1) and trade and other payables healthier liquidity position
(including any classified for the group.
as held for sale) divided
by sales for the last three
months multiplied by 90
days.
Free cash flow Net cash flow from operating Provides a measure of the cash
activities after net interest the group generates through its
paid, net purchases of operations, less capital expenditure.
non-current assets and
investments, proceeds from
disposal of businesses,
dividends received from
joint ventures and associates
and the principal element
of lease payments.
Net debt (including Net debt, including post Provides a measure of the group's
post tax pension tax pension deficits and ability to repay its debt. The
deficits) to quoted bonds purchased group has a long-term target
underlying to fund the UK pension of net debt (including post tax
EBITDA (excluded when the UK pension pension deficits) to underlying
plan is in surplus) divided EBITDA of between 1.5 and 2.0
by underlying EBITDA for times, although in any given
the same period. year it may fall outside this
range depending on future plans.
(1) Key Performance Indicator
(2) Underlying profit measures are before profit or loss on
disposal of businesses, gain or loss on significant legal
proceedings, together with associated legal costs, amortisation of
acquired intangibles, major impairment and restructuring charges,
share of profits or losses from non-strategic equity investments
and, where relevant, related tax effects. These items have been
excluded by management as they are not deemed to be relevant to an
understanding of the underlying performance of the business.
As noted in our 2023 annual report, our strategy involves making
substantial investment in the coming years to support the growth
and transformation of the group. Our businesses have different
investment and return profiles and therefore we no longer use a
group measure of Return on Invested Capital as a key performance
indicator.
18 Non-GAAP measures (continued)
Reconciliations to GAAP measures
Sales
See note 2.
Underlying profit measures
Profit
Operating Profit Tax for
before
profit tax expense the period
GBP
Six months ended 30(th) September 2023 GBP million GBP million million GBP million
Underlying 180 139 (31) 108
Amortisation of acquired intangibles (2) (2) - (2)
Profit on disposal of businesses - - (3) (3)
Major impairment and restructuring
charges(1) (42) (42) 13 (29)
Share of losses of associates - (13) 2 (11)
Reported 136 82 (19) 63
(1) For further detail please see note 4.
Profit
Operating Profit Tax for
before
profit tax expense the period
GBP
Six months ended 30(th) September 2022 GBP million GBP million million GBP million
Underlying 222 201 (40) 161
Amortisation of acquired intangibles (2) (2) - (2)
Major impairment and restructuring
charges (9) (9) 2 (7)
Share of losses of associates - (2) - (2)
Reported 211 188 (38) 150
Six months
Underlying earnings per share ended
30.9.23 30.9.22
Underlying profit for the period (GBP
million) 108 161
Weighted average number of shares in
issue
(million) 183.2 183.0
Underlying earnings per share (pence) 59.1 88.2
18 Non-GAAP measures (continued)
Average working capital days (excluding
precious Six
metals) Six months Year months
ended ended ended
30.9.23 31.3.23 30.9.22
GBP
GBP million GBP million million
Inventories 1,517 1,702 1,781
Trade and other receivables 1,759 1,882 1,881
Trade and other payables (2,263) (2,497) (2,567)
1,013 1,087 1,095
Working capital balances classified as
held
for sale - 22 10
Total working capital 1,013 1,109 1,105
Less: Precious metal working capital (371) (622) (502)
Working capital (excluding precious
metals) 642 487 603
Average working capital days (excluding
precious
metals) 57 42 35
Free cash flow from continuing
operations
Six months
ended
30.9.23 30.9.22
GBP GBP
million million
Net cash inflow from operating
activities 236 145
Interest received 19 11
Interest paid (53) (38)
Purchases of property, plant and
equipment (125) (111)
Purchases of intangible assets (33) (26)
Government grant income 1 -
Proceeds from sale of businesses 39 166
Principal element of lease payments (6) (6)
Less: Net cash inflow from discontinued operations - (8)
Free cash flow 78 133
18 Non-GAAP measures (continued)
Net debt (including post tax pension
deficits)
to underlying EBITDA
30.9.23 31.3.23 30.9.22
GBP
million GBP million GBP million
Cash and deposits 193 129 161
Money market funds 300 521 253
Bank overdrafts (31) (13) (45)
Cash and cash equivalents 462 637 369
Interest rate swaps - non-current assets 19 20 31
Interest rate swaps - non-current
liabilities (16) (15) (14)
Borrowings and related swaps - current (71) (155) (183)
Borrowings and related swaps -
non-current (1,398) (1,460) (1,113)
Lease liabilities - current (9) (9) (12)
Lease liabilities - non-current (31) (31) (41)
Lease liabilities - current -
transferred to
liabilities classified as held for sale - (1) -
Lease liabilities - non-current -
transferred
to liabilities classified as held for
sale - (9) -
Net debt (1,044) (1,023) (963)
(Decrease) / Increase in cash and cash
equivalents (172) 287 9
Less: Increase in cash and cash equivalents from
discontinued operations - (8) (8)
Less: Decrease / (increase) in
borrowings 149 (391) (13)
Less: Principal element of lease
payments 6 14 6
Increase in net debt resulting from cash
flows (17) (98) (6)
New leases, remeasurements and
modifications (7) (13) (6)
Less: New leases, remeasurements and
modifications
from discontinued operations - - 6
Disposal of businesses 10 - -
Exchange differences on net debt 2 (53) (117)
Other non-cash movements (9) (3) 16
Movement in net debt (21) (167) (107)
Net debt at beginning of year (1,023) (856) (856)
Net debt at end of year (1,044) (1,023) (963)
Net debt (1,044) (1,023) (963)
Add: Pension deficits (21) (21) (39)
Add: Related deferred tax 3 2 7
Net debt (including post tax pension
deficits) (1,062) (1,042) (995)
Underlying EBITDA for this period 273 309
Underlying EBITDA for prior year 647 724
Less: Underlying EBITDA for prior half
year (309) (382)
Annualised underlying EBITDA 611 647 651
Net debt (including post tax pension deficits)
to underlying EBITDA 1.7 1.6 1.5
18 Non-GAAP measures (continued)
30.9.23 31.3.23 30.9.22
GBP
million GBP million GBP million
Underlying EBITDA 273 647 309
Depreciation and amortisation (95) (187) (89)
Profit on disposal of businesses - 12 -
Gains and losses on significant legal
proceedings - (25) -
Major impairment and restructuring
charges (42) (41) (9)
Finance costs (71) (110) (48)
Finance income 30 49 27
Share of losses of associates (13) (1) (2)
Income tax expense (19) (80) (38)
Profit for the period from continuing
operations 63 264 150
2023
22(nd) November
Announcement of results for the half year ending 30(th) September 2023
30(th) November
Ex dividend date
1(st) December
Interim dividend record date
2024
6(th) February
Payment of interim dividend
23(rd) May
Announcement of results for the year ending 31(st) March 2024
18(th) July
133(rd) Annual General Meeting (AGM)
Cautionary Statement
This announcement contains 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 businesses in which the group operates. It is believed that the
expectations reflected in this announcement 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.
Johnson Matthey Plc
Registered Office: 5th Floor, 25 Farringdon Street, London EC4A 4AB
Telephone: +44 (0) 20 7269 8400
Fax: +44 (0) 20 7269 8433
Internet address: www.matthey.com
E-mail: jmpr@matthey.com
Registered in England -- Number 33774
LEI code: 2138001AVBSD1HSC6Z10
Registrars
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA
Telephone: 0371 384 2344 (in the UK) *
+44 (0) 121 415 7047 (outside the UK)
Internet address: www.shareview.co.uk
* Lines are open 8.30am to 5.30pm Monday to Friday excluding public
holidays in England and Wales.
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END
IR NKBBQABDKADB
(END) Dow Jones Newswires
November 22, 2023 02:00 ET (07:00 GMT)
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