REG - Johnson Matthey PLC - Final Results <Origin Href="QuoteRef">JMAT.L</Origin> - Part 3
16/07/2015 09:22
- Part 3: For the preceding part double click ID:nRSD1642Pb
operating profit (26.5) (0.1) (7.8) (1.2) (2.4) (38.0)
Current service cost - capitalised (0.3) - - - - (0.3)
Net interest (3.7) (0.4) (0.7) (1.8) (0.7) (7.3)
Past service cost - - (0.2) (0.7) 0.6 (0.3)
Curtailment gains - - 1.6 1.0 - 2.6
Settlement gains - - 0.6 - 0.2 0.8
Remeasurements (20.8) (1.4) (13.6) (2.0) (14.3) (52.1)
Company contributions 52.7 0.3 10.3 0.7 3.2 67.2
Sale of business - - - - (0.7) (0.7)
Transferred to assets / liabilities held for sale - - - - 1.2 1.2
Exchange adjustments - - (2.7) (5.0) 3.7 (4.0)
At 31st March 2015 (77.2) (11.0) (26.6) (46.6) (32.3) (193.7)
These are included in the balance sheet as:
2015 2015 2015 2014 2014 2014
Post- Post-
employment Employee employment Employee
benefit benefit benefit benefit
net assets obligations Total net assets obligations Total
£ million £ million £ million £ million £ million £ million
UK pension plan - (77.2) (77.2) - (78.6) (78.6)
UK post-retirement medical benefits plan - (11.0) (11.0) - (9.4) (9.4)
US pension plans - (26.6) (26.6) 0.1 (14.2) (14.1)
US post-retirement medical benefits plan 6.1 (52.7) (46.6) 4.8 (42.4) (37.6)
Other plans 0.8 (33.1) (32.3) 3.3 (26.4) (23.1)
Total post-employment plans 6.9 (200.6) (193.7) 8.2 (171.0) (162.8)
Other long term employee benefits (2.8) (2.5)
Total long term employee benefit obligations (203.4) (173.5)
12 Assets and liabilities classified as held for sale
The group's long term strategy is to focus on areas where it can use its expertise in chemistry and its applications to
deliver high technology solutions or that provide a strategic service to the rest of the group. In line with this
strategy, during the year the board decided to sell Fine Chemicals' Research Chemicals business and negotiations with
several interested parties have taken place. This business has been classified as a disposal group held for sale and
presented separately on the balance sheet. We are in advanced stage negotiations regarding its sale and expect to be in a
position to announce that agreement on the sale has been reached in the near future. We anticipate that the transaction
will be completed by the end of the calendar year. The proceeds less costs to sell are expected to substantially exceed
the book value of the net assets and so no impairment loss has been recognised.
13 Acquisitions
On 26th September 2014 the group acquired a cathode material manufacturing facility and related business from A123 Systems
LLC (A123). On 28th February 2015 the group acquired the battery materials business of Clariant AG (Clariant). These
acquisitions will strengthen the group's battery technologies capability and are an important step in the group's long term
strategy to establish new businesses in adjacent markets with strong growth potential that align with the group's
technology competences.
The fair value of the net assets acquired, consideration paid and goodwill arising on these were:
A123 Clariant Other
£ million £ million £ million
Net assets acquired
Property, plant and equipment 9.8 29.5 0.2
Intangible assets 1.2 11.6 6.5
Non-current other receivables 1.0 - -
Net debt - 2.6 -
Other net current (liabilities) / assets (0.1) 2.1 0.5
Deferred income tax assets / (liabilities) 0.7 (1.1) (0.1)
Non-current provisions and other payables (0.4) (0.1) (1.3)
Total net assets acquired 12.2 44.6 5.8
Goodwill on acquisition 3.4 4.1 0.5
15.6 48.7 6.3
Satisfied by
Purchase consideration - cash 15.5 49.1 4.1
Purchase consideration - deferred 0.1 - 0.2
Purchase consideration - to be refunded - (0.4) -
Purchase consideration - contingent - - 2.0
15.6 48.7 6.3
FINANCIAL CALENDAR
2015
11th June
Ex dividend date
12th June
Final dividend record date
22nd July
124th Annual General Meeting (AGM)
4th August
Payment of final dividend subject to declaration at the AGM
19th November
Announcement of results for the six months ending 30th September 2015
26th November
Ex dividend date
27th November
Interim dividend record date
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 sectors 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 Public Limited Company
Registered Office: 5th Floor, 25 Farringdon Street, London EC4A 4AB
Telephone: 020 7269 8400
Internet address: www.matthey.com
E-mail: jmpr@matthey.com
Registered in England - Number 33774
Registrars
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA
Telephone: 0871 384 2344
Internet address: www.shareview.co.uk
Key Financial Data
for the year ended 31st March 2015
Group Highlights (Underlying Results)
Year ended % at Year ended
31.3.15 31.3.14 constant 31.3.15 31.3.14
£ million £ million % rates £ million £ million %
Sales excluding precious metals 3,125 2,981 +5 +8 Earnings per share (pence) 180.6 170.6 +6
Operating profit 477.1 468.9 +2 +5 Dividend per share (pence) 68.0 62.5 +9
Net finance costs (37.5) (42.1) +11 Total research and development 169.9 152.3 +12
Share of profit of joint venture 0.5 0.5 Long term employee benefits costs 56.4 51.5 +10
Profit before tax 440.1 427.3 +3 Net cash flow from operating activities 125.8 476.9
Income tax expense (74.9) (82.7) Capital expenditure 211.8 218.3
Profit for the year 365.2 344.6 +6 Net debt 994.4 729.2
Divisional Highlights
ECT Process Technologies PMP Fine Chemicals New Businesses
Year ended Year ended Year ended Year ended Year ended
31.3.15 31.3.14 31.3.15 31.3.14 31.3.15 31.3.14 31.3.15 31.3.14 31.3.15 31.3.14
£ million £ million % £ million £ million % £ million £ million % £ million £ million % £ million £ million %
Sales excl. precious metals 1,782 1,645 +8 591 565 +5 379 430 -12 327 322 +1 91 76 +20
Underlying operating profit 236.9 203.6 +16 106.0 101.9 +4 101.5 130.9 -22 88.8 84.1 +6 (22.1) (18.3) -21
Return on sales 13.3% 12.4% 17.9% 18.0% 26.8% 30.5% 27.2% 26.1% n/a n/a
Return on invested capital 24.1% 21.0% 14.6% 15.3% 21.6% 36.6% 18.4% 18.8% n/a n/a
Divisional Sales Excluding Precious Metals Detail Average Exchange Rates
Year ended % at Year ended
31.3.15 31.3.14 constant 31.3.15 31.3.14 %
£ million £ million % rates USD/GBP 1.61 1.59 +1
LDV Europe 622 571 +9 +14 EUR/GBP 1.28 1.19 +8
LDV Asia 257 255 +1 +5 RMB/GBP 9.99 9.73 +3
LDV North America 179 183 -2 -1
LDV 1,058 1,009 +5 +9 Average Metal Prices
HDD North America 441 374 +18 +20 Year ended
HDD Europe 225 212 +6 +13 31.3.15 31.3.14
HDD Asia 58 50 +17 +25 $/oz $/oz %
HDD 724 636 +14 +18 Platinum 1,333 1,441 -7
ECT 1,782 1,645 +8 +12 Palladium 820 729 +12
Syngas 184 166 +11 +15
Oleo/biochemicals 70 66 +7 +10
Petrochemicals 88 107 -18 -17 Market Data
Chemicals 342 339 +1 +4 Estimated LDV Sales and Production *
Refineries 133 124 +7 +8 Year ended
Gas Processing 38 34 +9 +9 31.3.15 31.3.14
Diagnostic Services 78 68 +15 +18 million million %
Oil and Gas 249 226 +10 +11 North America Sales 19.6 18.4 +6
Process Technologies 591 565 +5 +7 Production 16.8 16.3 +3
Precious Metals Management 17 51 -67 -67 Europe Sales 18.0 18.1 -
Refining 103 111 -7 -4 Production 19.9 19.9 -
Services 120 162 -26 -24 Asia Sales 39.6 38.5 +3
Noble Metals 133 138 -4 -1 Production 44.9 43.6 +3
Advanced Glass Technologies 82 86 -5 - Global Sales 88.5 86.7 +2
Chemical Products 44 44 +2 +4 Production 86.8 85.6 +1
Manufacturing 259 268 -3 -
PMP 379 430 -12 -9 Estimated HDD Truck Sales and Production *
API Manufacturing 216 211 +3 +3 Year ended
Catalysis and Chiral Technologies 34 32 +4 +7 31.3.15 31.3.14
Research Chemicals 77 79 -3 -1 thousand thousand %
Fine Chemicals 327 322 +1 +3 North America Sales 514 447 +15
Battery Technologies 84 69 +23 +31 Production 543 467 +16
Fuel Cells 6 7 -15 -14 EU Sales 273 298 -8
Water 1 - n/a n/a Production 387 436 -11
New Businesses 91 76 +20 +27 * Source: LMC Automotive
Eliminations (45) (57)
Group 3,125 2,981 +5 +8
This information is provided by RNS
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