Financial Data and Key Metrics Changes - Group sales were materially down, primarily due to COVID-19, with a 27% decline in sales [13] - Operating profit declined by 42%, although mitigated by a focus on cost efficiencies [14] - Free cash inflow improved to £256 million from a £382 million outflow in the previous year [34] - Underlying EPS was down materially, and finance charges were higher due to increased interest rates [24] Business Line Data and Key Metrics Changes - **Clean Air**: Sales down 27%, operating profit down 56%, but recovery in demand is noted [14][15] - **Efficient Natural Resources**: Sales down 10%, operating profit down 12%, but PGM Services saw double-digit growth due to higher metal prices [19][21] - **Health**: Sales grew in both Innovators and Generics, but operating profit declined by 21% due to a weaker business mix [22] - **New Markets**: Sales declined 8%, but Fuel Cells grew by 30% [23] Market Data and Key Metrics Changes - In Europe and the U.S., light-duty production is expected to decline by about 20%, while heavy-duty declines are around 30% [18] - The Chinese market is stronger and is likely to be above the prior year [18] Company Strategy and Development Direction - The company is focusing on climate change solutions and has made significant changes to create a more efficient organization [5][11] - Plans to scale up in Battery Materials and expand capacity in Fuel Cells are underway [7][8] - The company aims to deliver annualized savings of around £225 million by the end of fiscal year 2022-2023 [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating through the challenging period and highlighted a strong recovery in the automotive sector, particularly in China [4][5] - The company expects a materially stronger second half compared to the first half, despite uncertainties [34] Other Important Information - The Board approved an interim dividend of £0.20 per share, with a commitment to return to pre-COVID levels when circumstances permit [25] - The company has maintained a strong balance sheet with access to £1.8 billion of liquidity [33] Q&A Session Summary Question: Details on eLNO capacity and customer engagement - Management expressed confidence in the need for additional capacity based on market opportunity and positive customer testing [62][63] Question: Green hydrogen engagement and CapEx requirements - Management confirmed ongoing engagement with key electrolyzer players and indicated that expansion costs would be in the tens of millions rather than hundreds [65] Question: Clarification on return targets for eLNO - Management clarified that the 10% to 15% return on invested capital is expected for the entire business, with the second plant moving towards that target [66][67] Question: Value uplift in Clean Air and CapEx plans - Management indicated that they are about one-third of the way through value uplift in light-duty vehicles in China and discussed future CapEx plans [72][86]

Financial Performance - Group sales decreased by 20% to £1,679 million[16] - Underlying operating profit decreased by 42% to £151 million[21] - Free cash flow improved significantly to £256 million from (£382) million[58] - Net debt improved to £878 million from £1100 million in March 2020[56] - Interim dividend per share decreased by 18% to 200p[44] Business Segment Performance - Clean Air sales decreased by 27% to £1,003 million, and operating profit decreased by 56%[25] - Efficient Natural Resources sales decreased by 10% to £446 million, and operating profit decreased by 12%[33, 34] - Health sales increased by 8% to £119 million, but operating profit decreased by 21%[38, 39] - New Markets sales decreased by 8% to £168 million, but Fuel Cells sales grew strongly by 30% to £19 million[41, 84] Strategic Initiatives - On track to deliver total annualised cost savings of approximately £225 million by 2022/23[51] - Precious metal working capital backlog reduced by approximately £400 million since 2019/20[52] - Capex expected to be up to £400 million[60]

Presentation of results for the year ended 31st March 2020 11th June 2020 Cautionary statement This presentation 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 Johnson Matthey operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actua ...