庄信万丰 (JMPLF) 首席执行官罗伯特麦克劳德 (Robert MacLeod) 在 2019年 第四季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月06日 · 130 次阅读
· OTCPK:JMPLF

Johnson Matthey plc (OTCPK:JMPLF) Q4 2019 Results Earnings Conference Call May 30, 2019 4:30 AM ET

Johnson Matthey plc([OTCPK:JMPLF])2019年第四季度业绩收益电话会议2019年5月30日美国东部时间上午4:30

****高管

Robert MacLeod - CEO
Anna Manz - CFO
John Walker - Sector Chief Executive Clean Air & Executive Director
Jane Toogood - Sector Chief Executive of Efficient Natural Resources

罗伯特麦克劳德 - 首席执行官

Anna Manz - 首席财务官

John Walker - 行业首席执行官Clean Air&Executive Director

Jane Toogood - 高效自然资源部门首席执行官

****分析师

Sebastian Bray - Berenberg Bank
Andrew Stott - UBS
Ranulf Orr - Redburn
Jean-Baptiste Rolland - Bank of America Merrill Lynch
Adam Collins - Liberum
Marc Elliott - Investec
Chetan Udeshi - JP Morgan
Nicola Tang - Exane BNP Paribas
Charlie Webb - Morgan Stanley
Martin Evans - HSBC
Tom Wrigglesworth - Citi

Sebastian Bray - Berenberg Bank

安德鲁斯托特 - 瑞银集团

Ranulf Orr - Redburn

Jean-Baptiste Rolland - 美国银行美林证券

亚当柯林斯 - Liberum

Marc Elliott - Investec

Chetan Udeshi - 摩根大通

Nicola Tang - Exane BNP Paribas

查理韦伯 - 摩根士丹利

马丁埃文斯 - 汇丰银行

Tom Wrigglesworth - 花旗

罗伯特麦克劳德

Good morning, everybody, and welcome to our 2018-19 results presentation. As we've done previously, Anna and I are going to do this in 3 sections, and I will start with the highlights.
We had clear aims for the year, deliver a strong performance and progress our strategy. And we delivered on these goals. These results are in line with our expectations, and as I will come onto after Anna has taken you through the financials, we continue to make progress with the changes and investments that will strengthen our platform for growth.
In the year, we grew underlying earnings per share by 10% led by Clean Air, which performed strongly as expected. Efficient Natural Resources saw good sales growth and we delivered strong margin improvement from improved efficiency and higher pgm prices.
In Health, the changes we made have improved our footprint, positioning ourselves for growth. And in Battery Materials, we continue to make significant progress. We have leading technology in eLNO and are now investing in its commercialization, which will deliver breakout growth over the medium term.
Our return on invested capital was 16.4% held back by the higher levels of metal inventory we've had over the course of this year as Anna will explain. Given this strong performance and our confidence in the group's prospects, the full year dividend is up 7%.
So now let me hand over to Anna to talk you through the financials, the progress we've made against our focus areas and the outlook.

大家早上好,欢迎参加我们2018-19的成果发表会。正如我们之前所做的那样,Anna和我将分三个部分进行,我将从重点开始。

我们有明确的目标,提供强大的业绩和进步我们的战略。我们实现了这些目标。这些结果符合我们的预期,正如我将在安娜带您完成财务报告后,我们将继续在变革和投资方面取得进展,这将巩固我们的增长平台。

在这一年中,我们将基础清洁空气的每股基本盈利增长了10%,其表现强劲。高效自然资源的销售增长良好,我们通过提高效率和提高pgm价格实现了强劲的利润率提升。

在Health,我们所做的改变改善了我们的足迹,为增长做好准备。在电池材料方面,我们继续取得重大进展。我们在eLNO拥有领先的技术,现在正在投资其商业化,这将在中期内实现突破性增长。

正如安娜所解释的那样,我们在今年的金属库存水平较高,我们的投资回报率为16.4%。鉴于这一强劲表现以及我们对集团前景的信心,全年股息增长了7%。

现在,让我交给安娜,向您介绍财务状况,我们针对我们的重点领域和前景所取得的进展。

安娜曼兹

Thanks, Robert. Good morning, everyone.
Overall, we've had a very good year. And despite challenges in some of our end markets, we're doing exactly what we said we would. At constant rates, our sales were up 10% and underlying operating profit was up 8%. Underlying earnings per share is up 10%. And as Robert mentioned, we increased the final dividend by 7%.
Firstly, looking at sales for the group. Sales were strong throughout the year, up 10%. We saw growth across all of our sectors but particularly Clean Air, which grew double-digit in both our Light and Heavy Duty businesses.
Operating profit was up 8%, towards the upper end of our mid- to high single-digit guidance for operating profit. This was a strong performance led by Clean Air and Efficient Natural Resources. In Health, operating profit declined slightly as expected and New Markets was also lower.
Corporate costs increased due to our investments in various group initiatives which will help drive further efficiencies across our business. Some of these costs are included in the sector's operating profit whilst others sit in corporate. Overall, this was a good operating performance for the group.
Progressing now to my 3 focused areas. As I go through this presentation, I'll be talking about those focused areas. And to remind you what they are, driving increasing business-wide efficiency, disciplined management of working capital and rigorous and transparent resource allocation.
Overall, we've made good progress. However, progress has been impacted by the increase we've seen in precious metal working capital, which was caused by unscheduled downtime in one of our refineries in the year. This will have a temporary impact on some aspects of our performance including finance costs, return on invested capital, cash flow and net debt, and I'll cover more about that later.
We're delivering now as we invest for the future. The 8% growth in operating profit was achieved whilst we incurred cost as we invest to drive improvements across our business. We've invested in the rollout of a single global ERP system, building our procurement function, improving our commercial capability and in other areas, all of which will set us up for sustainable growth.
Growth in our underlying business also includes both the GBP 15 million saving associated with the closure of our Health plant at Riverside and the investments that we're making to improve the efficiency of our footprint in this sector. This net cost in the year will deliver significant benefits in the future. Through driving business-wide efficiency, we're seeing tangible results and expect further benefits in the medium term.
We've made good progress on the number of efficiency initiatives in the year. In procurement, we've continued to invest in building our procurement capability and we're on track to deliver the expected GBP 60 million of savings over 3 years. So far, we've delivered GBP 28 million and expect to deliver the remainder over the next 2 years. As I've said previously, roughly 3/4 will directly benefit the P&L.

谢谢,罗伯特。大家,早安。

总的来说,我们度过了非常好的一年。尽管我们的一些终端市场面临挑战,但我们正在按照我们的意愿行事。按固定利率计算,我们的销售额增长了10%,基本营业利润增长了8%。每股基本盈利增长10%。正如罗伯特所说,我们将末期股息增加了7%。

首先,看一下集团的销售情况。全年销售强劲,增长10%。我们看到所有行业的增长,特别是清洁空气,我们的轻型和重型业务增长了两位数。

营业利润增长8%,达到我们的中高个位数营业利润指标的上限。这是由Clean Air和Efficient Natural Resources领导的强劲表现。在健康方面,营业利润按预期略有下降,新市场也较低。

由于我们投资于各种集团计划,企业成本增加,这将有助于提高我们业务的效率。其中一些成本包含在该行业的营业利润中,而其他成本则包含在企业中。总的来说,这对集团来说是一个很好的经营业绩。

现在进展到我的3个重点领域。在我完成这个演讲时,我将谈论那些重点领域。并提醒您它们是什么,推动提高全业务效率,严格管理营运资金和严格透明的资源分配。

总的来说,我们取得了很好的进展。然而,我们在贵金属营运资金中看到的增长影响了进展,这是由于我们一家炼油厂在一年中意外停工造成的。这将对我们业绩的某些方面产生暂时影响,包括财务成本,投资资本回报率,现金流量和净债务,我稍后会详细介绍。

我们现在正在为未来投资。营业利润增长8%,同时我们投入资金以推动整个业务的改善。我们投资推出单一的全球ERP系统,建立我们的采购职能,提高我们的商业能力,并在其他领域,所有这些都将为我们的可持续增长奠定基础。

我们基础业务的增长还包括与Riverside的Health工厂关闭相关的1500万英镑的节省以及我们为提高我们在该领域的足迹效率而进行的投资。这一年的净成本将在未来带来显着的收益。通过提高整个企业的效率,我们看到了切实的成果,并期望在中期内获得进一步的利益。

我们在这一年的效率举措数量上取得了很大进展。在采购方面,我们继续投资建设我们的采购能力,我们有望在3年内实现预期的6000万英镑的节省。到目前为止,我们已经交付了2800万英镑,并预计在未来两年内交付剩余部分。正如我之前所说,大约3/4将直接有利于损益。

Our group restructuring program that we started last year is now substantially complete, generating annualized cost savings of around GBP 25 million. And in Health, we've optimized our Manufacturing footprint by closing our Riverside plant and expect savings of GBP 20 million.
This is just the start. We're continually identifying opportunities to run our business more efficiently and this enables to reinvest, driving further growth. All of this will strengthen our platform for the future.
Moving on now to the sectors in more detail, and I'll cover our performance in the year and strategic progress. Robert will give you the forward-looking view and a sense of our priorities.
Clean Air performed well, delivering sales growth of 11% driven by double-digit growth in both Light and Heavy Duty. And this was in a year when we saw a decline in global auto production.
Starting with Light Duty, as expected, growth was driven both by diesel and gasoline in our European business. Our diesel catalyst sales grew 22% in a market that declined 9% driven by respective market share gains. We achieved a 20 percentage point increase in our Light Duty diesel market share in Europe which increased from 45% at the start of the year to around 65% by the end.
Our gasoline business in Europe grew 18%. This was ahead of the market and largely due to a positive sales mix with more gasoline particulate filters being sold. Our Asian Light Duty business grew ahead of the market production in most markets, and our Americas Light Duty business slightly underperformed the market.
In Heavy Duty, we saw double-digit growth and we outperformed the truck market in Europe and the Americas and we were in line in Asia. Our growth is driven by the Americas where we grew 19%, and this reflects a strong performance in the U.S. Class 8 and 47 truck markets. We continue to expect high levels of activity in the U.S. Class 8 market with production peaking in the middle of the 2019 calendar year.
Our European Heavy Duty business grew 4% in a low-growth market driven by non-road. And in Asia Heavy Duty, our sales were broadly flat.
Clean Air's operating profit grew 13%, with a 20 basis point increase in margin largely due to volume leverage particularly in Europe. Overall, this is a strong performance this year.
In addition, I'm really pleased with our strategic progress. As expected, our European Light Duty business has driven growth in the short term and we achieved our planned share gains in Light Duty diesel, a significant milestone due to our technology leadership.
And to support this growth, we're taking steps to expand our manufacturing footprint. In the year, we broke ground and made good progress on our new manufacturing facilities in China and in Poland. We'll be ramping up both of these plants through 2020. And we're also building a plant in India, which will cost around GBP 50 million to meet the increasing demand in that region from Bharat IV which comes into force in April 2020. And of course, we remain focused on maintaining a margin of around 14% through delivering planned efficiencies and optimizing our manufacturing footprint.

我们去年开始的集团重组计划现已基本完成,每年可节省约2500万英镑的成本。在Health,我们通过关闭Riverside工厂优化了我们的制造业务,并预计可节省2000万英镑。

这只是开始。我们不断发现更有效地运营业务的机会,这有助于再投资,推动进一步增长。所有这些都将加强我们的未来平台。

现在更详细地介绍各个行业,我将介绍我们今年的业绩和战略进展。罗伯特将为您提供前瞻性的观点和我们的优先事项。

清洁空气表现良好,轻载和重载两位数增长带动销售增长11%。这是在我们看到全球汽车产量下降的一年。

正如预期的那样,Light Duty开始在我们的欧洲业务中由柴油和汽油推动增长。我们的柴油催化剂销售额增长了22%,市场份额增长下降了9%。我们的轻型柴油市场份额在欧洲增长了20个百分点,从年初的45%增加到年底的65%左右。

我们在欧洲的汽油业务增长了18%。这领先于市场,主要是由于销售量较大,销售的汽油微粒过滤器更多。我们的亚洲轻型企业在大多数市场的市场生产中领先,而我们的美洲轻型企业略微落后于市场。

在Heavy Duty,我们实现了两位数的增长,我们在欧洲和美洲的卡车市场表现优异,而且我们在亚洲排名第一。我们的增长是由美洲推动的,我们增长了19%,这反映了美国8级和47级卡车市场的强劲表现。我们继续预期美国8级市场的活动水平较高,2019历年中期产量达到峰值。

我们的欧洲重型企业在非道路驱动的低增长市场中增长了4%。在亚洲重型公司,我们的销售额基本持平。

Clean Air的营业利润增长了13%,利润率增加了20个基点,这主要归功于欧洲的销量杠杆。总的来说,这是今年的强劲表现。

另外,我对我们的战略进展感到非常满意。正如预期的那样,我们的欧洲轻型企业在短期内推动了增长,我们实现了Light Duty柴油的计划份额增长,这是我们技术领先地位的一个重要里程碑。

为了支持这种增长,我们正在采取措施扩大我们的制造业务。在这一年里,我们在中国和波兰的新生产设施上取得了良好的进展。到2020年,我们将逐步增加这两家工厂。我们还将在印度建设一座工厂,耗资约5000万英镑,以满足该地区从2020年4月生效的巴拉特四世不断增长的需求。当然,我们仍然专注于通过提供计划的效率和优化我们的制造足迹来保持14%左右的利润率。

Looking forward to '19-'20, we expect a year of more modest growth. Growth will be weighted to the first half as we realize the benefit of the annualized share gains partly offset by reinvestment into R&D and the new manufacturing capacity. We anticipate that these investments for growth and efficiency will lead to a slightly lower margin than prior year.
Beyond '19-'20, we expect sales and operating profit growth to be increasingly driven by the introduction of newer legislation both in China and in India.
Looking at Efficient Natural Resources. Sales grew 4%, driven by the growth in our refill business in Catalyst Technologies and Pgm Services. Overall, Catalyst Technologies was broadly flat. We saw double-digit sales growth in refill catalysts offset by lower sales from first fill catalysts, while licensing was flat.
Refill catalysts and additives are reoccurring in nature. These sales make up the majority of our Catalyst Technologies business and we outperformed our markets in aggregate.
First fill catalysts are one-off in nature and are driven by the timing and number of new plants being commissioned. As expected, licensing income was flat as activity around new builds especially for the technologies we license remains subdued. We signed 5 new licenses in the year, so there were some signs of improvement. But as revenue is recognized over the period of plant construction, we won't see a material impact in the near term. In PGM Services, sales grew 10%, benefiting from higher more volatile average precious metal prices, slightly offset by lower sales of industrial products.
Moving now to operating profit, this was up 15% and the margin improved 1.8 percentage points. We benefited from higher pgm prices, a GBP 16 million impact in the year. Additionally, we saw net benefits from improved efficiency due to initiatives across a number of areas including procurement and restructuring. Most of these efficiency benefits are ongoing, although around GBP 5 million will not repeat.
Of course, we've made good progress in running our business more efficiently, we are investing to improve the safety, resilience and efficiency of our pgm refineries. Our pgm refineries are critical in ensuring that we have security of supply for Clean Air as well as for our external customers, and that's why we're investing around GBP 100 million over the next 3 years. This investment is already included in our CapEx guidance. So overall in the year, ENR performed well.
Taking a step back and looking at our strategic progress to date, we've taken some significant actions within this business to support the delivery of our strategy. For example, a lot of work has gone on behind the scenes to simplify our product portfolio with the removal of a significant number of products. This will optimize our offering to the market and improve our cost to serve our customers.
We're making good progress in commercializing newly developed sustainable technologies. For example, we've signed a large new license in the year for mono ethylene glycol. At the same time, we're also seeing benefits from our focus on efficiency. I've talked about the restructuring savings that we've achieved in the year and we'll continue to look for further improvement as we drive profit growth ahead of sales.

期待'19 -'20,我们预计一年的增长将会温和增长。由于我们意识到年度化股票收益的好处部分被研发和新制造能力的再投资所抵消,因此增长将加权至上半年。我们预计这些增长和效率投资将导致利润率略低于上年。

在'19 -'20之后,我们预计中国和印度将推出更新的立法,从而推动销售和营业利润的增长。

看高效的自然资源。由于我们在Catalyst Technologies和Pgm Services的补充业务增长,销售额增长了4%。总体而言,Catalyst Technologies基本持平。由于首批填充催化剂的销售额下降,我们看到再填充催化剂的销售额实现两位数增长,而许可证则持平。

再填充催化剂和添加剂本质上是重复出现的。这些销售占我们Catalyst Technologies业务的大部分,我们的总体表现优于我们的市场。

首先填充催化剂本质上是一次性的,并且受到委托的新工厂的时间和数量的驱动。正如预期的那样,许可收入持平,因为围绕新建筑的活动尤其是我们许可的技术仍然受到抑制。我们在当年签署了5个新许可证,因此有一些改进的迹象。但由于收入在工厂建设期间得到确认,我们不会在短期内看到实质性影响。在PGM服务业,销售额增长10%,受益于较高波动性的平均贵金属价格上涨,但略微被工业产品销售额下降所抵消。

现在转向营业利润,增长了15%,利润率提高了1.8个百分点。我们受益于更高的pgm价格,今年的影响为1600万英镑。此外,由于采购和重组等多个领域的举措,我们看到了提高效率带来的净收益。大多数这些效率优势正在持续,但不会重复约500万英镑。

当然,我们在更有效地经营业务方面取得了良好进展,我们正在投资以提高我们的pgm炼油厂的安全性,适应性和效率。我们的pgm炼油厂在确保我们为清洁空气以及外部客户提供供应安全方面至关重要,这也是我们在未来3年内投资约1亿英镑的原因。此投资已包含在我们的资本支出指引中。因此,整体而言,ENR表现良好。

退后一步,看看我们迄今为止的战略进展,我们已经在此业务中采取了一些重要行动来支持我们的战略交付。例如,通过删除大量产品,在幕后进行了大量工作以简化我们的产品组合。这将优化我们向市场提供的产品,并提高我们为客户服务的成本。

我们在新开发的可持续技术商业化方面取得了很大进展。例如,我们今年签署了一份新的许可证,用于单乙二醇。与此同时,我们也看到了对效率的关注。我已经谈到了我们今年实现的重组节约,我们将继续寻求进一步改善,因为我们在销售前推动利润增长。

Looking to '19-'20, we drive these*,* as we drive these efficiencies in our business and continuing to focus on higher growth segments, we expect sales growth and with operating profit growth ahead of sales growth. This guidance assumes metal prices remain at current levels.
In Health, we saw sales growth of 3%. In our Generics business, sales were broadly flat. Sales of controlled APIs, that's active pharmaceutical ingredients, grew slightly, with growth in bulk and specialty opiates, while sales of ADHD APIs were flat.
Sales of noncontrolled APIs declined. This was largely due to lower sales of dofetilide, an antiarrhythmic drug, as new competitors for our customer entered the market, and we expected this. Our Innovator business has performed well with sales up 14%. We had increased sales from APIs where our customers are moving into late-stage testing ahead of commercialization.
Moving now to operating profit. As expected, this was slightly down and the margin declined by 1.3 percentage points. This was primarily driven by the change in product mix as our current portfolio moves through its natural life cycle. Additionally, we saw higher costs from our manufacturing footprint optimization as we restructure our business to support our future growth which offset the GBP 15 million of savings achieved in the year from the closure of Riverside.
As we execute our strategy, we've made significant progress in restructuring our assets. The closure of the Riverside plant in the U.S. is now complete and we're ramping up our UK plant in Annan. This is in line with our focus on complex, high-value, low-volume APIs rather than bulk-quantity manufacturing that Riverside was designed for. Over the medium term, this optimization will deliver annualized benefits of GBP 20 million and provide the efficient platform to deliver value for our global product portfolio.
As you know, we've been investing in our new product pipeline across both Generic and Innovators. We're also on track to deliver an additional GBP 100 million in operating profit from our pipeline by 2025. At the end of March 2019, we've got 46 products in our Generic pipeline and we've included the slide in the appendix showing our progress in the year.
Our Innovator pipeline is also progressing well with 3 products in late-stage development and nearing commercial launch. And finally, looking to '19-'20, we expect sales to be broadly stable whilst operating profit will grow double-digit driven by the cost savings that we've made from the closure of Riverside.
In New Markets, we saw strong sales growth, up 17% driven by alternative powertrain which includes battery systems, fuel cells as well as the LFP and eLNO cathode materials businesses. Alternative powertrain sales were driven by demand for nonautomated applications within battery systems, such as e-bikes; and growth in demand within our fuel cell business, which is now profitable. The development and commercialization of eLNO is on track and have made good progress during the year. Robert will speak more about eLNO later in the presentation.

展望'19 -'20,我们推动这些因为我们在业务中提高效率并继续专注于更高增长的细分市场,我们预计销售增长和营业利润增长将超过销售增长。本指南假设金属价格保持在当前水平。

在Health,我们看到销售额增长了3%。在我们的仿制药业务中,销售额基本持平。受控制的原料药(活性药物成分)的销售略有增长,其中散装和专业鸦片剂的增长,而ADHD原料药的销售持平。

非受控API的销售额下降。这主要是由于我们的客户的新竞争者进入市场,抗心律失常药物多非利特的销售额下降,我们对此表示期待。我们的创新者业务表现良好,销售额增长14%。我们增加了API的销售额,我们的客户在商业化之前进入后期测试阶段。

现在转向营业利润。正如预期的那样,这个数字略有下降,利润率下降了1.3个百分点。这主要是由于我们当前的投资组合在其自然生命周期中的变化导致产品组合的变化。此外,我们的制造足迹优化成本更高,因为我们重组业务以支持我们的未来增长,抵消了Riverside关闭后当年实现的1500万英镑的节省。

在我们执行战略时,我们在重组资产方面取得了重大进展。美国Riverside工厂的关闭工作现已完成,我们正在安南开设英国工厂。这符合我们对复杂,高价值,低产量API的关注,而不是Riverside设计的大批量生产。从中期来看,这项优化将带来2000万英镑的年度收益,并为我们的全球产品组合提供高效的平台。

如您所知,我们一直在通过Generic和Innovators投资我们的新产品线。我们还有望在2025年之前从我们的管道中获得额外的1亿英镑的营业利润。在2019年3月底,我们的Generic管道中有46个产品,我们在附录中显示了幻灯片我们今年的进展。

我们的Innovator管道也在进展顺利,其中3种产品处于后期开发阶段并接近商业发布。最后,展望'19 -'20,我们预计销售将大致稳定,而营业利润将增长两位数,这是由于我们通过关闭Riverside所节省的成本。

在新市场,我们看到强劲的销售增长,由替代动力系统推动17%,其中包括电池系统,燃料电池以及LFP和eLNO阴极材料业务。替代动力系统销售受到电动车系统(如电动自行车)内非自动化应用需求的推动

In the year, operating profit declined, primarily due to further investments in our Battery Materials business, eLNO, and weaker profitability in medical device components. Looking forward to '19-'20 we expect new markets to deliver both sales and operating profit growth.
Moving down the income statement, as expected finance charges increased in the year, primarily driven by the higher precious metal funding costs associated with the pgm refinery downtime. Next year, we anticipate that the finance charges will be significantly higher.
As guided, our underlying tax rate decreased to 15.9% following the lowering of the U.S. corporate tax rate and our mix of profits by country. In '19-'20, we expect the underlying tax rate to remain about 16%. Underlying EPS was up 10% to 228.8p benefiting from better operating profit and the lower tax charge.
Our reported results were impacted by a number of one-off items, the largest of which was a legal settlement. We recognized a charge of GBP 17 million in respect of a settlement with one customer in relation to an issue we previously highlighted in our contingent liability note with no admission of fault.
Free cash flow was an outflow of GBP 13 million due to net working capital outflow of GBP 224 million, the bulk of which relates to precious metals which I'll come to on the next slide. Whilst the working capital outflow is disappointing, the business has strong cash generation characteristics. CapEx in the year was GBP 323 million with cash spend of GBP 300 million.
Disciplined management of working capital is another of my focused areas. And over the next 2 slides, I'll talk through our precious metal and non-precious metal working capital progress.
Starting with precious metal working capital, this has increased as a result of unscheduled downtime in one of our refineries in the year. Since the downtime occurred, we've worked hard to reduce the backlog in ounces. It's a complex process that takes time.
Whilst there's been an improvement since the half year, our progress in reducing the value has been partially masked by higher pgm prices. We expect to make further progress through the course of '19-'20 weighted to the second half and anticipate return to more normalized levels in 2021.
Now looking at nonprecious metal working capital, our continued focus on improving working capital and running the business as efficiently as possible everyday has again resulted in progress in the period.
Average working capital days excluding precious metal improved by 3 to 59. The improvement has been delivered despite specific factors this year, including the preparations that we made ahead of the UK's planned withdrawal from the EU. As you can see, we've had an 11-day improvement since 2016. Overall, we're pleased with progress, and we will continue to drive an underlying improvement in working capital.
Moving to the balance sheet, our net debt increased by GBP 187 million since last year to GBP 866 million reflecting the increase in precious metal working capital. Our balance sheet remains strong with net debt-to-EBITDA of 1.3 times. We target our net debt-to-EBITDA of 1.5 times to 2 times allowing us to invest in value-enhancing opportunities to accelerate future growth and in line with our disciplined capital allocation framework.

年内,营业利润下降,主要是由于我们的电池材料业务,eLNO的进一步投资以及医疗器械组件的盈利能力下降所致。展望'19 -'20,我们预计新市场将带来销售和营业利润增长。

下调利润表,因为预期财务费用在年内有所上升,主要是由于与炼油厂停工相关的贵金属融资成本上升所致。明年,我们预计财务费用将显着提高。

在指导下,随着美国公司税率的降低以及各国利润的混合,我们的基本税率降至15.9%。在'19 -'20,我们预计基本税率将保持在16%左右。受益于更好的营业利润和更低的税费,相关每股盈利增长10%至228.8p。

我们报告的结果受到一些一次性项目的影响,其中最大的项目是法律和解。我们就一项客户与我们先前在或有负债票据中强调的问题达成的和解协议确认了1700万英镑的费用。

由于净营运资金流出2.24亿英镑,自由现金流量流出1300万英镑,其中大部分涉及贵金属,我将在下一张幻灯片中公布。虽然营运资金流出令人失望,但该业务具有强大的现金产生特征。年内资本支出为3.23亿英镑,现金支出为3亿英镑。

有纪律的营运资金管理是我的另一个重点领域。在接下来的两张幻灯片中,我将谈谈我们的贵金属和非贵金属营运资金的进展。

从贵金属营运资金开始,由于我们的一家炼油厂在一年中出现意外停工,这种情况有所增加。自停机发生以来,我们一直在努力减少盎司的积压。这是一个复杂的过程需要时间。

虽然自半年以来有所改善,但我们在降低价值方面的进展已被部分价格上涨所掩盖。我们期望在19'-20加权到下半年的过程中取得进一步的进展,并期望在2021年回归更加正常化的水平。

现在看着非贵金属营运资金,我们继续专注于改善营运资金,并且每天尽可能有效地经营业务,这再次导致了这一时期的进步。

不计贵金属的平均营运资金天数增加3至59.尽管今年有特定因素,包括我们在英国计划退出欧盟之前所做的准备工作,已经取得了改善。如您所见,自2016年以来,我们已经有了11天的改善。总体而言,我们对进展感到满意,并且我们将继续推动营运资本的潜在改善。

进入资产负债表后,我们的净债务自去年以来增加了1.87亿英镑,达到8.66亿英镑,反映了贵金属营运资金的增加。我们的资产负债表依然强劲,净债务对EBITDA为1.3倍。我们将净债务对EBITDA的目标定为1.5倍至2倍,使我们能够投资于增值机会,以加速未来增长,并符合我们严格的资本分配框架。

And moving now to my final focused area, rigorous resource allocation. We continue to focus on ensuring spend is targeted to higher growth areas. Our annualized return on invested capital excluding net pension assets was 16.4% compared to 17% last year. We took the decision to remove the pension assets and related deferred tax liability from our calculation as it isn't an operating asset and it masks the underlying performance.
For transparency, we've given you return on invested capital using both our old and our new methodology. But on this slide, I'll talk through the movements on the new basis.
Return on invested capital in the year was impacted by our increased precious metal working capital and higher recent metal prices. Over the near term, we will be investing and building assets for growth and therefore you would expect a temporary reduction.
However, following these near term investments, we will begin to realize returns. We've already won the business required to fill our Clean Air plants and are working hard on our plans for eLNO commercialization. We have a clear path to achieve a 20% return on invested capital over the medium term.
Turning to the outlook, we expect growth in operating performance at constant rates to be within our medium-term guidance of mid- to high single-digit growth. Working capital continues to be a focus and we're targeting a further reduction in underlying average working capital days. And we expect CapEx to be up to GBP 500 million next year as we invest for future growth, for example as we commercialize eLNO and we complete our 2 Clean Air plants in Poland and China and our smaller plant in India.
I'll now hand back to Robert who will take you through our strategic progress.

现在转到我最后关注的领域,严格的资源分配。我们继续专注于确保将支出用于高增长领域。除去年养老金净资产外,我们的年度投资回报率为16.4%,去年为17%。我们决定从我们的计算中删除养老金资产和相关递延所得税负债,因为它不是经营资产,它掩盖了基本业绩。

为了透明,我们使用旧方法和新方法给您投资回报。但是在这张幻灯片中,我将在新的基础上讨论这些动作。

本年度投资资本回报受到我们增加的贵金属营运资金及近期金属价格上涨的影响。在短期内,我们将投资和建设资产以促进增长,因此您预计会暂时减少。

然而,在这些近期投资之后,我们将开始实现回报。我们已经赢得了填补我们的清洁空气工厂所需的业务,并正在努力实现我们的eLNO商业化计划。我们有一条明确的途径可以在中期内实现20%的投资回报率。

谈到前景,我们预计恒定利率的经营业绩增长将在我们中高个位数增长的中期指引之内。营运资金仍然是一个焦点,我们的目标是进一步降低基本平均营运资金天数。我们预计明年的资本支出将达到5亿英镑,因为我们投资于未来的增长,例如我们将eLNO商业化,我们在波兰和中国以及我们在印度的小型工厂完成了2个清洁空气工厂。

我现在回复罗伯特,他将带领你完成我们的战略进展。

罗伯特麦克劳德

Thank you, Anna. Johnson Matthey's strategy will deliver on our vision for a cleaner, healthier world. This year, we outlined a new sustainable business framework which runs through to 2025 and it's centered around the 6 U.N. Sustainable Development Goals where we can make the biggest impact. The changes and investments that I've continued to drive will create an agile and efficient business for all our stakeholders, and that is what I'm going to talk you through in the next section.
You've seen our results which give you a picture of our performance, but what you can't see is what goes on behind the scenes, is that every day nearly 15,000 people are working to solve the challenges our customers face and deliver our strategy. To do that, we're making fundamental changes across all aspects of our group*,* people, processes and systems*,* to build a more sustainable business going forward. These changes are crucial to our long-term success and will enable us to strengthen our platform for growth.
In a fast-changing world, we would not be able to deliver on our growth promise if we stayed as we were. Our people deliver our strategy and vision, and the executive team and the Board create the culture that drives success.
As we move through different phases of our strategy, I'm building a management team with the right mix of skills, experience and diversity to deliver on our ambitions. Most recently, we have agreed the appointment of a new CEO for Battery Materials who has strong business leadership skills. They will join us in September.
We've also changed a significant proportion of our broader senior management team, those that report into the group management committee. These appointments are a combination of talent developed in-house and recruited from outside.
In addition, we're building capability across the whole of JM and are investing in their development through ongoing leadership programs and other courses as we embed a greater performance culture across the organization.
To enable our people to succeed, we're changing our processes, standard transparent processes will transform the way that we work, but it will substantially reduce complexity and increase our efficiency, allowing more time for our leaders to focus on delivering great products and services for our customers. Better processes, better data and improved visibility allows us to roll our business more effectively and will create even more value across the group.
We have a number of group-wide initiatives, and of those, our procurement program probably has the biggest impact in the short term. Alongside this, our commercial excellence program is about capturing a fair share of the value we create for our customers. It's also about gaining a deeper understanding of our customers' needs and ensuring that we have a clear view of our customer and product profitability.
We do this, for example, through our recently established JM sales academy where we have trained 350 colleagues so far to focus on creating a better awareness of customer needs and where we can apply our capabilities accordingly.

谢谢你,安娜。庄信万丰的战略将实现我们对更清洁,更健康的世界的愿景。今年,我们概述了一个新的可持续业务框架,该框架一直持续到2025年,它以可持续发展的6个目标为中心,我们可以在这个目标中产生最大的影响。我继续推动的变革和投资将为我们所有的利益相关者创造一个灵活高效的业务,这就是我将在下一节中向您介绍的内容。

您已经看到了我们的结果,这些结果可以让您了解我们的表现,但您看不到的是幕后发生的事情,每天有将近15,000人正在努力解决客户面临的挑战并实施我们的战略。为此,我们正在对我们集团的所有方面进行根本性的改变人员,流程和系统以建立一个更可持续的业务。这些变化对我们的长期成功至关重要,并将使我们能够加强我们的增长平台。

在瞬息万变的世界中,如果我们保持原样,我们就无法实现增长承诺。我们的员工提供我们的战略和愿景,执行团队和董事会创造了推动成功的文化。

当我们经历战略的不同阶段时,我正在建立一支管理团队,他们拥有适当的技能,经验和多样性,以实现我们的抱负。最近,我们同意任命一位具有强大业务领导技能的电池材料新CEO。他们将在九月加入我们。

我们还改变了我们更广泛的高级管理团队的很大一部分,即向集团管理委员会报告的团队。这些任命是内部开发和外部招聘的人才组合。

此外,我们正在整个JM中建立能力,并通过持续的领导力计划和其他课程投资于他们的发展,因为我们在整个组织中嵌入了更好的绩效文化。

为了使我们的员工取得成功,我们正在改变我们的流程,标准的透明流程将改变我们的工作方式,但它将大大降低复杂性并提高效率,让我们的领导者有更多时间专注于提供优质的产品和服务为我们的客户。更好的流程,更好的数据和更高的可见性使我们能够更有效地推动业务发展,并在整个集团中创造更多价值。

我们有一些集团范围的举措,其中,我们的采购计划可能在短期内产生最大的影响。除此之外,我们的商业卓越计划旨在为我们的客户创造公平的价值。这也是为了更深入地了解客户的需求,并确保我们清楚地了解客户和产品的盈利能力。

例如,我们通过最近成立的JM销售学院来实现这一目标,迄今为止我们已培训了350名同事,专注于提高客户需求的认知度,并相应地应用我们的能力。

Our systems investments are also key to delivering the efficiency targets we have set ourselves. The rollout of a single global ERP system will underpin everything that we do. And although the pace and level of change is high, our world-class sites remains at the heart of our business. We will continue to invest in our science and technology to maintain our competitive advantage.
But around this core, we will have a business that's more agile and efficient, one that will enable us to deliver for our customers. We will be able to meet their requirements through standard ways of working across all our various plants, which enable us to scale up our business even further. The result will be a business that is better positioned to drive growth in a world that is constantly changing around us.
I now have a broader senior leadership team that is committed to delivering on this promise to all of our stakeholders. Of course, we will deliver our strategy through our sectors, so I want to look at the impact of the changes we're having on each of them.
In Clean Air, we delivered exactly as planned and are on track to achieve the sustained growth and margin as we'd outlined. The growth drivers for this business are the global demand for improving air quality and the tighter emissions legislation which underpins that, especially in Asia.
We'll deliver our strategy through our global leadership with the best technology, our competitive advantage in working with our customers to enable them to meet increasingly stringent legislation and through an efficient manufacturing footprint.
And we have 3 priorities. First, to maintain our technology leadership through our research and development. In Europe, our technology leadership in Light Duty diesel delivered our share gains this year. But given market dynamics, we are now reallocating some research and development spend to gasoline to deliver future share gains.
Second, further legislative change will be a key driver for growth in Clean Air, particularly in China and India with the implementation of China VI and Bharat VI for light and heavy duty vehicles. We will capture this growth to double our Asia business over the medium term and will support our growth through our new capacity, expanding our manufacturing footprint in Europe and Asia.
As we progress through the year, our key priority will be ensuring the smooth ramp-up of our new manufacturing plants in Poland and China, as you can see on this slide. On the left, you can see our new plant in Gliwice, Poland; and in the right, our plant in Zhangjiagang, China.
Both of these plants will be highly flexible and extremely efficient which helps us drive further operational efficiencies across the sector. Our ability to operate efficiently is a key priority in Clean Air and indeed across the group, and this will enable us to keep margins broadly stable as planned.
Almost 2 years ago, we outlined our medium-term projections for Clean Air to 2025. As you've seen from our results, we have delivered the strong growth we projected for the first 2 years. But as we look forward to the next big opportunity, it is in Asia, particularly in China where we'll see a similar transformation as we did in Europe with the Euro 6 legislation for both light and heavy duty.

我们的系统投资也是实现我们自己设定的效率目标的关键。推出单一的全球ERP系统将巩固我们所做的一切。虽然变化的速度和程度很高,但我们的世界级网站仍然是我们业务的核心。我们将继续投资于我们的科学和技术,以保持我们的竞争优势。

但围绕这个核心,我们将拥有一个更敏捷,更高效的业务,这将使我们能够为客户提供服务。我们将通过各种工厂的标准工作方式满足他们的要求,这使我们能够进一步扩大业务。结果将是一个更有利于在我们周围不断变化的世界中推动增长的企业。

我现在拥有一支更广泛的高级领导团队,致力于为所有利益相关方兑现这一承诺。当然,我们将通过我们的部门提供我们的战略,所以我想看看我们对每个部门所做的改变的影响。

在洁净空气中,我们按计划完成交付,并按照我们的概述实现持续增长和利润。这项业务的增长动力是全球对改善空气质量的需求以及更严格的排放法规,尤其是在亚洲。

我们将通过我们的全球领导力,通过最佳技术,我们与客户合作的竞争优势,使他们能够满足日益严格的法规和有效的制造足迹,来实现我们的战略。

我们有3个优先事项。首先,通过我们的研发来保持我们的技术领先地位。在欧洲,我们在Light Duty柴油领域的技术领先地位使我们今年的份额增加。但鉴于市场动态,我们现在正在将一些研发支出重新分配给汽油,以实现未来的市场份额增长。

其次,进一步的立法改革将成为清洁空气增长的关键驱动因素,特别是在中国和印度,中国VI和Bharat VI将用于轻型和重型车辆。我们将抓住这一增长,在中期内使我们的亚洲业务翻番,并通过我们的新产能支持我们的增长,扩大我们在欧洲和亚洲的制造业务。

随着我们全年的进展,我们的主要优先事项将是确保我们在波兰和中国的新制造工厂的顺利开展,如本幻灯片所示。在左边,您可以看到我们在波兰格利维采的新工厂

In China, on the light duty side, we'll see the implementation of China VI from 2020. In the short term, we expect some vehicles to be fitted with a coated filter which could double the value per vehicle to us. But from 2023, when China VIb comes into force, we will see a significant ramp-up in penetration of coated filters.
Whilst in heavy duty, the implementation of China VI is earlier than expected driven by the Chinese government's blue sky legislation which requires early implementation in some provinces from July this year. The adoption of this legislation will ramp up over time and drive a tripling of value to us per vehicle.
We'll also see this tripling of value in the India Heavy Duty segment from April 2020. Therefore, our projections for sustained growth, which we laid out on our Capital Markets Day 2 years ago over the period from 2017 to 2025, are absolutely unchanged. But of course, this depends a little bit on the level of diesel decline in Europe and battery electrical vehicle penetration.
In Efficient Natural Resources, in the year, we continue to make solid progress. Building on this, going forward, we will focus on our technology on higher-growth segments and also look to improve our efficiency.
The growth driver for Efficient Natural Resources is the need for a more sustainable world, one that makes the most efficient use of the world's natural, critical resources. With the growth of population and increasing wealth, the demand for chemicals continues to increase. Our leading market positions in chemical catalyst technologies will benefit from these megatrends.
We'll achieve our strategy through targeted investments in higher-growth segments, a continued focus on efficiency and by extending our capabilities into new technologies. Those targeted investments in new technologies will start with an assessment of the potential for profitable growth. For example, we're assessing whether battery materials recycling is an opportunity for us.
Given the developments of the battery market, this could be a significant for the mid-2020s as there are a greater number of end-of-life batteries available. This closed-lip offering has the potential to be a key part of our customer proposition. We feel confident in our chemistry skills. Recycling and refining is part of our DNA after all. And although the metals involved aren't pgms, we know we have the expertise to succeed in this space.
Another key focus for us will be to expand our newly developed license technologies. As well as the mono ethylene glycol license that Anna mentioned, we're also looking at ways to aviation fuel, a fabulous example of how our technology enables a more sustainable future. This is a really interesting opportunity for us.
We have a license agreement with Fulcrum BioEnergy, a biofuel producer, to support them in converting household waste into diesel and jet fuels. This has the potential to be a significant, particularly as Fulcrum looks to build more and larger plants, and we are seeing interest from customers who want to use this technology in other applications.

在中国,在轻型方面,我们将看到2020年中国VI的实施。短期内,我们预计一些车辆将配备涂层过滤器,这可能使每辆车的价值翻倍。但是从2023年开始,当中国VIb生效时,我们将看到涂层过滤器的渗透率显着提升。

虽然中国政府的蓝天立法需要在今年7月份的某些省份提前实施,但在重型工作中,中国VI的实施早于预期。随着时间的推移,这项立法的采用将逐步增加,并使每辆车的价值增加三倍。

从2020年4月起,我们还将看到印度重型汽车部门的价值增长两倍。因此,我们对2年前资本市场日2017年至2025年期间的持续增长预测绝对不变。但当然,这在一定程度上取决于欧洲的柴油下降水平和电池电动汽车的渗透率。

在高效自然资源方面,我们在这一年继续取得坚实的进展。在此基础上,我们将继续关注高增长领域的技术,并着眼于提高效率。

高效自然资源的增长动力是对更加可持续发展的世界的需求,这个世界可以最有效地利用世界自然的关键资源。随着人口的增长和财富的增加,对化学品的需求不断增加。我们在化学催化剂技术方面的领先市场地位将受益于这些大趋势。

我们将通过针对高增长领域的有针对性的投资,持续关注效率以及将我们的能力扩展到新技术来实现我们的战略。这些针对新技术的有针对性的投资将首先评估盈利增长的潜力。例如,我们正在评估电池材料回收是否为我们提供了机会。

鉴于电池市场的发展,这可能对20世纪20年代中期具有重要意义,因为有更多的报废电池可用。这种封闭式产品有可能成为我们客户主张的关键部分。我们对化学技巧充满信心。毕竟,回收和精炼是我们DNA的一部分。虽然涉及的金属不是pgms,但我们知道我们拥有在这个领域取得成功的专业知识。

我们的另一个重点将是扩展我们新开发的许可技术。除了安娜提到的单乙二醇许可证外,我们还在寻找航空燃料的方法,这是我们的技术如何实现更可持续未来的绝佳例子。这对我们来说是一个非常有趣的机会。

我们与生物燃料生产商Fulcrum BioEnergy签订了许可协议,以支持他们将家庭废物转化为柴油和喷气燃料。这有可能是一个重要的,特别是当Fulcrum希望建造更多更大的工厂时,我们看到希望在其他应用中使用该技术的客户的兴趣。

And of course, we will drive efficiency across Efficient Natural Resources. Therefore, an important priority in the near term is continued investment in our refineries to ensure their safety and resilience. So overall, I'm confident that the sector will deliver sales growth ahead of the market and operating profit growth above this.
Turning now to Health. In the year, Jason and his team have done a massive amount of work to improve our footprint, build the team and increase our efficiency. The business is now better structured to deliver the breakout growth we've outlined.
The main growth driver for Health is increased health care costs which are driving more targeted and potent APIs. And our strategy is all about enhancing the performance of our existing business, expanding our new product pipeline and building capabilities to better support our customers.
The team will now leverage the work we've done on optimizing our footprint. They will get an immediate operating cost benefit next year from these changes, but the long-term benefit is that we now have production assets matched to our plans. Having built the team, we can now fully focus on our new product pipeline across both Generic and Innovators.
Delivering our pipeline depends on our customers' time frames, our delivery and the time it takes to get regulatory approval and launch. But in Generics, our goal is an additional GBP 100 million in operating profit by 2025.
In Innovators, we do see significant potential in this business due to the nature of these APIs, which can be more complicated requiring deeper expertise and advanced technology capabilities which play to our strengths.
Our Innovator pipeline is progressing well with 3 products in late-stage development and nearing commercial launch. And this year, we announced a strategic partnership for the manufacture of high-potent API used in the production of immuno-oncology treatment for triple negative breast cancer.
And of course, we continue to enhance our capabilities to better support our customers. For example, we're building our capability in particle technology and we're also globalizing our development capabilities through our work with solid form sciences in Cambridge.
This year has seen a lot of change in our Health business. I'm pleased with the progress that has been made and I'm confident this will drive breakout growth in the medium term.
In Battery Materials, we've made good progress in the development and commercialization of our portfolio of leading ultrahigh energy density cathode battery materials which we call eLNO. Our materials are next generation. They're designed to perform ahead of new products, such as NMC811 and will suit a range of electric vehicle applications.
In particular, eLNO has high-performance capabilities enabling greater adoption, long-range battery electric vehicles with longer cycle life, higher safety and higher energy density.
The growth drivers for this business are all about improved air quality and increased battery electric vehicle penetration which requires new technologies. To deliver our strategy, we will maintain our technology leadership in an area of the market where we can add value and we will commercialize and scale up this business.

当然,我们将提高Efficient Natural Resources的效率。因此,近期的一个重要优先事项是继续对我们的炼油厂进行投资,以确保其安全性和适应性。总体而言,我相信该行业将在市场和营业利润增长之前实现销售增长。

现在转向健康。在这一年中,杰森和他的团队已经做了大量的工作来改善我们的足迹,建立团队并提高我们的效率。现在,该业务的结构更加完善,可以实现我们概述的突破性增长。

健康的主要增长动力是增加医疗保健成本,从而推动更具针对性和有效的API。我们的战略是提高现有业务的绩效,扩展新产品线和建立能力以更好地支持我们的客户。

该团队现在将利用我们在优化足迹方面所做的工作。他们将在明年从这些变化中获得直接的运营成本效益,但长期的好处是我们现在拥有与我们的计划相匹配的生产资产。建立团队后,我们现在可以完全专注于通用和创新者的新产品管道。

交付我们的管道取决于我们客户的时间框架,我们的交付以及获得监管部门批准和启动所需的时间。但在泛型公司,我们的目标是到2025年额外增加1亿英镑的营业利润。

在Innovators中,由于这些API的性质,我们确实看到了这项业务的巨大潜力,这些API可能更复杂,需要更深入的专业知识和先进的技术能力,这些能力发挥了我们的优势。

我们的Innovator管道在3个产品的后期开发和接近商业发布方面进展顺利。今年,我们宣布了一项战略合作伙伴关系,用于生产用于三阴性乳腺癌免疫肿瘤治疗的高效API。

当然,我们会继续加强我们的能力,以更好地支持我们的客户。例如,我们正在建立我们的粒子技术能力,我们还通过我们在剑桥的固体形态科学的工作使我们的开发能力全球化。

今年我们的健康业务发生了很大变化。我对已经取得的进展感到高兴,我相信这将推动中期的突破性增长。

在电池材料领域,我们在领先的超高能量密度阴极电池材料产品组合的开发和商业化方面取得了良好进展,我们将其称为eLNO。我们的材料是下一代。它们的设计目标是在NMC811等新产品之前执行,并适用于各种电动车应用。

特别是,eLNO具有高性能,能够实现更广泛的应用,远程电池电动汽车具有更长的循环寿命,更高的安全性和更高的能量密度。

这项业务的增长动力是改善空气质量和增加电池电动汽车普及率,这需要新技术。为了实现我们的战略,我们将在我们可以增加价值的市场领域保持我们的技术领先地位,并且我们将商业化和扩展这项业务。

To do that, our priorities are to start the construction on our commercial plants and identify the opportunities for scale-up. Our commercial plant in Konin, Poland is close to major customers in the battery electric vehicle supply chain.
At the time that we announced our plant location, we also secured our first supply agreement with Nemaska Lithium for raw materials. These long-term and sustainable relationships are an important step in the road to commercialization.
Building our first 10,000-ton plant is the quickest route to market and preserves our options and we are currently undertaking the preparatory work. The FEED, the front-end engineering design, work should be completed this summer. And we are ordering the long-lead-time items, we have submitted our environmental impact assessment and we started some initial work on clearing the site. Of course, this isn't an exhaustive list, but we've made really good progress so far.
The site also gives us the potential to expand our eLNO manufacturing capacity to up to 100,000 tons per year well below*,* beyond the capacity of our first 10,000-ton commercial plant.
As you know, eLNO is a range of battery materials, all sharing the same high-performance attributes. In addition to these performance characteristics, our customers are increasingly looking for customized solutions to their problems, and this plays right to our strengths. Over the last year, we've been working hard to tailor eLNO to meet specific customer requirements. Our ability to customize is a key differentiator and puts us at the leading edge of technology.
As we work through the various stages of testing, we receive constant feedback from our customers, and I'm pleased to say that this feedback remains positive. And it's great to hear that we're adding value, which goes back to the core of our strategy, we help our customers solve complex problems.
You can see some quotes on the left-hand side which shows that our customers value our willingness and ability to customize, and our commitment to having the best technology.
As we move to full-scale commercialization, we'll continue to work through customer qualification. We've moved from lab scale to our pilot plant which is now complete, and our customers are now looking to test eLNO in their own applications to assess how our material performs against their specific requirements.
To support this, we are building 3 best-in-class customer application centers, 2 in the UK and 1 in Japan, with a plan for further expansion. The first UK center will be completed in 2019 and the remaining 2 in 2020.
These centers will include a range of facilities from laboratories to demonstration cell manufacturing capability and are critical to delivering the tailored solutions our customers are asking for. In the last year, we have achieved some major milestones as we positioned ourselves for success in the global electric vehicle market.
So to conclude, we delivered a strong performance this year, it's in line with our expectations and we've done it while making fundamental changes across almost every aspect of our business. We are investing to strengthen the platform for the future which will enable us to successfully execute on our strategy that we've laid out to you before.

为此,我们的首要任务是开始建设我们的商业工厂并确定扩大规模的机会。我们位于波兰科宁的商业工厂靠近电池电动汽车供应链的主要客户。

在我们宣布工厂位置时,我们还与Nemaska Lithium签订了第一份原材料供应协议。这些长期和可持续的关系是商业化道路上的重要一步。

建造我们的第一个10,000吨级工厂是最快的上市途径并保留我们的选择,我们目前正在进行准备工作。 FEED,前端工程设计,工作应该在今年夏天完成。我们正在订购长期交付项目,我们已经提交了环境影响评估,我们开始了一些清理网站的初步工作。当然,这不是一个详尽的清单,但到目前为止我们取得了很好的进展。

该网站还使我们有可能将我们的eLNO生产能力扩展到每年高达100,000吨,远低于超出我们第一个10,000吨商业工厂的产能。

如您所知,eLNO是一系列电池材料,都具有相同的高性能属性。除了这些性能特征之外,我们的客户也越来越多地寻求针对他们的问题的定制解决方案,这正是我们的优势所在。在过去的一年中,我们一直在努力量身定制eLNO以满足特定客户的要求。我们的定制能力是一个关键的差异化因素,使我们处于技术的前沿。

当我们完成测试的各个阶段时,我们会收到客户的持续反馈,我很高兴地说这些反馈仍然是积极的。我们很高兴听到我们正在增加价值,这可以追溯到我们战略的核心,我们帮助客户解决复杂的问题。

您可以在左侧看到一些引用,表明我们的客户重视我们的定制意愿和能力,以及我们对拥有最佳技术的承诺。

随着我们全面商业化,我们将继续通过客户资格认证。我们已从实验室规模转移到现已完成的试验工厂,我们的客户现在正在寻求在自己的应用中测试eLNO,以评估我们的材料如何满足其特定要求。

为了支持这一点,我们正在建设3个一流的客户应用中心,其中2个在英国,1个在日本,并计划进一步扩展。第一个英国中心将于2019年完工,其余2个将于2020年完工。

这些中心将包括从实验室到示范电池制造能力的一系列设施,对于提供客户所需的定制解决方案至关重要。去年,随着我们在全球电动汽车市场取得成功,我们已经取得了一些重要的里程碑。

总而言之,我们今年表现出色,符合我们的期望,我们已经完成了这项工作,同时对我们业务的几乎每个方面进行了根本性的改变。我们正在投资以加强未来的平台,这将使我们能够成功执行我们之前为您提供的战略。

As you've seen, Johnson Matthey has an exciting future ahead. I'm confident that we will deliver, and these results and those over the past couple of years provide you with clear evidence that we can and are.
And if I don't see you beforehand, I look forward to updating you all on our Capital Markets Day in September.
So that concludes our presentation. Thank you for listening. And with that, we'll pause and take any questions you may have.

正如您所见,庄信万丰未来将迎来激动人心的未来。 我相信我们会交付,而这些结果和过去几年的结果为您提供了我们可以和现在的明确证据。

如果我事先没有见到您,我期待在9月的资本市场日为您提供最新信息。

所以我们的演讲结束了。 谢谢你的收听。 有了它,我们会暂停并接受您可能遇到的任何问题。

问答环节

Okay, who wants to go first? Should we go*,* let's go over there.

好的,谁想先走? 我们应该去让我们去那里。

塞巴斯蒂安布雷

Sebastian Bray of Berenberg Bank. I would have 3 questions, please. The first is on corporate costs. What is the expected development for 2020? Is*,* do some of the one-off items recorded in that line potentially fall away? Or is it a roughly flattish development that we should look for? The second is on the Health portfolio. Why is it that there is no top line growth predicted for next year?
There's quite an ambitious operating profit target even against the backdrop of improving margins to 2025. Is the pipeline very heavily back-end loaded? Or how should we think about this? And the final question on long-term CapEx. Could you give us an idea of how much of the GBP 500 million is dedicated towards eLNO-related activities, and if*,* how to put this, if the Chinese and Polish facilities are effectively done after 2020?

Berenberg Bank的Sebastian Bray。 请问我有3个问题。 首先是企业成本。 2020年的预期发展是什么? 是该行中记录的一些一次性物品可能会消失吗? 或者我们应该寻找一个大致平坦的发展? 第二个是健康组合。 为什么明年没有预测的收入增长?

即使在利润率提高到2025年的背景下,也有一个雄心勃勃的营业利润目标。管道是否非常后端负载? 或者我们应该如何看待这个? 关于长期资本支出的最后一个问题。 您能否告诉我们5亿英镑中有多少用于eLNO相关活动?如果如何设置,如果中国和波兰的设施在2020年后有效完成?

罗伯特麦克劳德

Okay. Why don't*,* Anna, why don't you take the corporate cost ones. And do want to take the CapEx one as well? And then I'll come back to the Health one.

好的。 为什么不安娜,你为什么不采取企业成本。 并且还想要获得CapEx一个吗? 然后我会回到健康之一。

安娜曼兹

Yes. So corporate costs, specifically what is in corporate. I think*,* because don't confuse it with investment in group initiatives because some of that investment sits in our sectors. Corporate cost has grown in the year and we would expect some further growth, but not at the same level as I look forward. Looking at CapEx, you asked how much of that is in the eLNO. I'm not going to tell you that number exactly, but what I would say*,* and I would have told you already if I was going to, is that Clean Air and eLNO together are well more than half of it. So I would think about it that way. And in terms of the Clean Air plants, Poland and China should be substantially complete this year. We'll still have spend in India looking beyond that.

是。 所以企业成本,特别是企业成本。 我认为因为不要将其与集团计划的投资混淆,因为其中一些投资属于我们的行业。 公司成本在今年有所增长,我们预期会有一些进一步增长,但与我期待的水平不同。 看看资本支出,你问eLNO有多少。 我不会准确地告诉你这个号码,但是我会说如果我要去的话,我会告诉你的,清洁空气和eLNO在一起的情况远远超过它的一半。 所以我会这样思考。 就清洁空气工厂而言,波兰和中国今年应该基本完成。 我们仍然会在印度花钱超越这个。

罗伯特麦克劳德

And on the Health pipeline, I wouldn't get too worked up about the sort of sales number for next year because, of course, it all depends upon the mix of the overall portfolio. The new pipeline is coming through. We did talk about there's a few delays in a couple of projects. But the sort of ramp-up to GBP 100 million that we've talked about sometime, we're still positive on that and confident about. But the*,* it's all about the mix of the overall portfolio of products, some come to the end of their lives and so drop off a bit in the sales line and then some come through. And it's a whole mix issue rather than anything else that we're concerned about. So I wouldn't get too worked up about it. Okay, next question. Should we go to*,* Andrew, you put your hand up quickly.

在健康管道上,我不会对明年的销售数量进行过多的研究,因为当然,这完全取决于整体投资组合的组合。 新的管道即将到来。 我们确实谈到了几个项目中的一些延迟。 但是,我们在某个时候谈到的那种上涨到1亿英镑,我们对此持肯定态度并对此充满信心。 但全部是关于整体产品组合的混合,有些已经到了生命的终点,因此在销售线上稍微下降,然后有些人通过。 这是一个完整的混合问题,而不是我们关注的任何其他问题。 所以我不会对它太过努力。 好的,下一个问题。 我们应该去安德鲁,你快速举起手来。

安德鲁·斯托特

Andrew Stott, UBS. A question for John, just appreciate an update on some of the timings of legislation. So start on Euro 6 in light duty in China. I think you said in November, you might get some pull-forward, just wonder where we are with that. And then also you said April 2020 for India on trucks. Can you just remind me of China on the phasing? And broadly when you talk about the doubling and then the tripling, so the timeframe you're thinking about roughly? And then I had a second question for Anna on the interest costs. Can you just remind me how that works? I know that's*,* is that all leasing costs? And then is that just tied to palladium prices primarily? Is that the problem?

瑞银(UBS)安德鲁•斯托特 约翰的问题,只是欣赏一些立法时间的最新情况。 因此,从中国轻型6欧6开始吧。 我想你在十一月说过,你可能会有一些前进,只是想知道我们在哪里。 然后你也说到2020年4月印度用卡车。 你能告诉我中国的分阶段吗? 当你谈到加倍然后三倍的时候,那么大概是你所考虑的时间框架? 然后我就安娜的利息成本提出了第二个问题。 你能提醒我这是怎么回事吗? 我知道那是是所有租赁费用吗? 那么这主要与钯价格挂钩吗? 那是问题吗?

罗伯特麦克劳德

Okay, Andrew. So John, are you happy to take those to start with?

好的,安德鲁。 约翰,你是否乐意接受这些开头?

John Walker

Yes. So on the China 6 legislation, that has been kind of moving around, mostly moving forward. So the blue sky initiative was announced in 13 provinces in China. So on light duty, what that means is that from July of 2019, they're introducing NS 6b, as they call it, but there's no particle number specification and there's no real-world driving. So you know, they're calling it the second standard. They've excluded on the pull-forward the particle number spec, which drives filter fitment and the real-world driving, which isn't more challenging target there, too.
So on the light-duty side of things, that's not going to have a huge impact on our sales. The real impact in China on the first legislation is in heavy duty. And for the blue sky initiative there, that was pulled forward to July '19. And now that's been limited to most of the cities, city-type vehicles, sanitation vehicles, buses, postal service vehicles and things like that. So there's a limit to that. But actually, that's a little bit of an upside compared to what we had in our plan. So we should see a benefit starting in '19-'20 in China from that legislation.
The real doubling of our light-duty business and tripling is when the 6b legislation comes in. And that's when we really get to those levels. And that's not until 2023. So in China, just to finish that story, the translation through there is that more provinces will start adding the 6b legislation without real-world driving in January of 2020. And then the 6b*,* full 6b comes in, in July of 2023, okay? So*,* and then in India, it's the same kind of a thing, they have what they call kind of first stage and second stage of the legislation.
First stage comes in, in April 2020. And that's for everything. That's for gasoline, diesel, heavy duty, non-road and motorcycles, okay? So it affects the whole product mix. And so in there, again the first stage of this legislation doesn't include any particle number specifications. So there's very little filter fitment on light duty. And then when the stage 2 comes in 2023, that's when you add the particle number standard and the real-world driving. And that's going to begin to put filters on light-duty gasoline vehicles and will be the full system on heavy duty. So sorry, that's a little bit of a complex story, but there's a lot going on there.

是。所以在中国6立法上,这种情况一直在变化,大多是向前发展。因此,在中国的13个省宣布了蓝天倡议。因此,在轻型工作中,这意味着从2019年7月开始,他们正在引入NS 6b,他们称之为,但没有粒子数规格,也没有现实世界的驾驶。所以你知道,他们称之为第二标准。他们排除了前进的粒子数规格,这推动了过滤器的装配和现实世界的驾驶,这也不是更具挑战性的目标。

因此,在轻量级方面,这不会对我们的销售产生巨大影响。中国对第一部立法的真正影响是重要的。对于那里的蓝天倡议,那被推到了19年7月。现在这种情况仅限于大多数城市,城市型车辆,环卫车辆,公共汽车,邮政服务车辆等。所以这是有限的。但实际上,与我们的计划相比,这有点上升。因此,我们应该看到中国从19-20年开始从该立法中获益。

我们的轻型企业和三倍的真正翻倍是6b立法进入的时候。那就是我们真正达到这些水平的时候。而且直到2023年才这样。所以在中国,只是为了完成这个故事,通过那里的翻译,更多的省份将在2020年1月开始增加6b立法而没有实际驾驶。然后6b*满6b进来,在2023年7月,好吗?所以*然后在印度,它是同一种东西,他们有他们所谓的第一阶段和第二阶段的立法。

第一阶段是在2020年4月进入。这就是一切。那是汽油,柴油,重型,非公路和摩托车,好吗?所以它会影响整个产品组合。因此,在那里,该立法的第一阶段也不包括任何粒子数规格。所以在轻型载荷上几乎没有过滤器配件。然后当第二阶段出现在2023年时,那就是你添加粒子数标准和现实世界的驾驶。而这将开始在轻型汽油车上安装过滤器,并将成为重载的全系统。很抱歉,这是一个复杂的故事,但那里有很多事情。

罗伯特麦克劳德

I know some of you like data. And hopefully, that was enough data for you. You can get more data if you want to. There is actually a chart on Slide 34 of the presentation which gives some of that legislation map and does tie in with those dates that John talked about. The key thing to understand is that real-world driving, and there's a tighter regulation on particle number things, is in the sort of b's, sort of the 6bs is when that changes*,* drives the principal change. But some people are pulling forward.
And whereas in the U.S., we tended to have a prebuy of old technology. If you remember that happened in 2010 when we went to U.S. 2010 regulations, not very imaginatively named. And then we pulled forward old technology in China, happens the other way around. They tended to want to try and pull forward new technology because they're particularly worried about resale value of the vehicle. So it's a slightly different dynamics. You do get some of that pull-forward. But as John said, it's particularly going to come through as we get closer to '23. And Anna, our interest costs?

我知道有些人喜欢数据。希望这对你来说足够了。如果您愿意,可以获得更多数据。实际上,演示文稿的幻灯片34上有一张图表,其中给出了一些立法地图,并与约翰谈到的那些日期相关。要理解的关键是现实世界的驾驶,以及对粒子数量事物的更严格的规定,就像b那样,6bs就是那种变化驱动主要变化。但有些人正在向前推进。

而在美国,我们倾向于对旧技术进行预购。如果你还记得那次发生在2010年我们参加2010年美国法规的时候,并没有非常富有想象力的名字。然后我们在中国推出旧技术,反过来发生。他们倾向于试图推动新技术,因为他们特别担心车辆的转售价值。所以它的动态略有不同。你确实得到了一些前进的东西。但正如约翰所说,当我们接近'23时,它会特别成功。和安娜,我们的利息成本?

安娜曼兹

Interest costs. So we will be running with higher precious metal because of the backlogs that we're working down through a chunk of the fiscal year. And we've got to fund that metal. And we do that through leases and so that hits the interest line. So that's really what's going on. So it's a factor of higher ounces and higher prices.

利息成本。 因此,我们将使用更高的贵金属,因为我们在本财年的大部分时间都在积压。 我们必须资助这种金属。 我们通过租赁来实现这一目标,从而达到利益线。 所以这才是真正发生的事情。 所以它是更高的盎司和更高的价格的一个因素。

罗伯特麦克劳德

Okay. Can we just pass the phone to Ranulf Orr.

好的。 我们可以把电话传给Ranulf Orr吗?

Ranulf Orr

Ranulf Orr of Redburn. So another question for John actually. On the margin outlook in Clean Air, can you just run through some of the pluses and minuses in terms of the dynamic over the next 12 months, please, as you see them? And the second question is on the ENR division. The first fill catalyst drop of GBP 30-odd million in the year. Can you give us some quantum of what is left in the full year sales figure in terms of first fill catalysts because it continually seems to go south? And so I wonder if there's much left.

Redburn的Ranulf Orr。 实际上约翰的另一个问题。 关于清洁空气的利润率前景,你能否在未来12个月内看到一些优势和优势,请看,如你所见? 第二个问题是关于ENR部门。 今年第一次填充催化剂下降了30多万英镑。 你能否给我们一些关于第一次填充催化剂在全年销售数字中留下的数量,因为它似乎一直向南? 所以我想知道是否剩下多少。

罗伯特麦克劳德

John, do you want to answer the first one?

约翰,你想回答第一个吗?

John Walker

Yes. So on the pluses on margin, we're consolidating our position in Europe on the share gains in diesel. So that will be continuing throughout the year. But the real plus is going to be the increases in our sales value of the beginnings of what's happening in China. So that's pretty much the 2 positives, I guess, that are going to come from that. And then on the things that are drawing us down, I think Anna alluded to all those in her talk. We have our increased R&D investment, which is adding more investment on the gasoline side.
We have the beginnings of some of the systems that are coming out, where Clean Air is one of the early adopters of those. So some of that stuff in terms of depreciation starting to hit our P&L. And then we have 2 new big plants coming onstream. So we have all the start-up costs from the new plants.

是。 因此,在保证金上涨的情况下,我们将巩固我们在欧洲的市场份额,以增加柴油的份额。 所以这将持续一整年。 但真正的优势在于我们在中国发生的事件开始时的销售额增长。 因此,我认为这几乎是两个积极的因素。 然后在那些让我们失望的事情上,我认为安娜在谈话中提到了所有人。 我们增加了研发投入,增加了对汽油方面的投资。

我们已经开始推出一些系统,其中Clean Air是其中的早期采用者之一。 因此,折旧方面的一些东西开始影响我们的损益。 然后我们有两个新的大型工厂投入运营。 因此,我们承担了新工厂的所有启动成本。

罗伯特麦克劳德

And I think I would say longer-term guidance may change, around about 4%. We said that*,* sorry, 4%? 14%, sorry. Right, not 4%, 14%. And so no change there at all. And I think there's always a little bit of*,* actually the big movement is, of course, that the new plants that come onstream. And some of the benefits, John talked about the ERP system. Until we've got 1 plant, 2 plants, 3 plants, the benefits come as you start to roll out multiple plants. You end up with a sort of depreciation in a way coming in early. And the benefits coming in a little bit later. So you'll see the benefits coming through. But in the short one, you've got a sort of a cost coming into the*,* and the same is true with the new plant.
And on Efficient Natural Resources, I mean the first fill numbers came down quite a bit as you said. It's principally due to a pretty large order, one very large order last year. But it's driven by licensing in many ways. And so as we got relatively steady licenses, depending on when those plants come onstream, you'll then have new first fills accordingly. But we don't tend to split out the amount of first fills, the amount of refills. Although as Anna said, the bulk of those sales in the catalyst side, well, all these businesses are on refills. Yes, huge bulk. Right. Should we just*,* since the mic is just in front of*,* we'll come*,* don't worry, guys, we'll come back to you.

而且我想我会说长期指导可能会改变,大约4%左右。我们说抱歉,4%? 14%,抱歉。对,不是4%,14%。所以根本没有变化。而且我认为总会有一点实际上,大运动当然是新工厂的上市。还有一些好处,约翰谈到了ERP系统。在我们拥有1个工厂,2个工厂,3个工厂之前,当您开始推出多个工厂时,这些优势就会到来。你最终会以一种早期的方式进行某种折旧。并且稍后会带来好处。所以你会看到好处。但在短期内,你有一种成本进入和新工厂也是如此。

而对于高效自然资源,我的意思是第一个填充数字下降了很多,如你所说。这主要是由于一个非常大的订单,去年一个非常大的订单。但它在许多方面受到许可的驱动。因此,当我们获得相对稳定的许可证时,根据这些工厂投入运营的时间,您将相应地进行新的首次填充。但我们并不倾向于分出首次填充量,补充量。虽然正如安娜所说,催化剂方面的大部分销售,嗯,所有这些业务都在重新填充。是的,巨大的体积。对。我们应该因为麦克风就在前面,我们会来别担心,伙计们,我们会回复你。

Jean-Baptiste Rolland

Jean-Baptiste Rolland, Bank of America Merrill Lynch. 3 questions, please. The first one on North American Class 8 trucks. I can see that net orders seems to be approaching trough levels. And I was wondering when would you expect this to filter through your P&L and also maybe what is baked into your guidance for next year. Second question on Clean Air in Asia, I was wondering if there is any development against Asian competitors. And finally on Battery Materials, what's the current market dynamic in LFP? It seems that the switch to NMC in Chinese e-buses is sort of halting. And I'm just wondering if you're seeing any sort of renewed interest in the technology.

Jean-Baptiste Rolland,美国银行美林证券。 请问3个问题。 第一辆北美8级卡车。 我可以看到净订单似乎接近低谷水平。 而且我想知道你什么时候会期望这可以过滤你的损益,也可能是你明年的指导。 关于亚洲清洁空气的第二个问题,我想知道是否有针对亚洲竞争对手的任何发展。 最后是电池材料,LFP目前的市场动态是什么? 看来中国电动公交车转向NMC有点停滞不前。 而我只是想知道你是否对这项技术有了新的兴趣。

罗伯特麦克劳德

I guess we'll start with the Clean Air ones first. I mean, John, I mean I think Class 8, what we said, we expect it to carry on through this summer of this year?

我想我们先从清洁空气开始。 我的意思是,约翰,我的意思是我认为8级,我们所说的,我们希望它能在今年夏天继续进行?

John Walker

Class 8 will carry on to this summer. I mean the extension now is filling some of the backfill that some of the orders that have been building up. But we expect it to start to tail off this summer. But that's been an extension of what is called a normal cycle.

8级将继续到今年夏天。 我的意思是扩展现在正在填补一些已经建立的订单的回填。 但我们预计它将在今年夏天开始关闭。 但这是所谓的正常周期的延伸。

罗伯特麦克劳德

And that's what's embedded in our plans and everything with the projections and guidance that we've been giving is based on that. But I think in...

这就是我们的计划中所包含的内容,以及我们所提供的预测和指导的所有内容都是基于此。 但我认为......

John Walker

I didn't understand the second question.

我不明白第二个问题。

罗伯特麦克劳德

The second question was about Asia. And any competitive dynamics changed? No, not really. I mean it hasn't changed. And we've won the business that we expected to win and was in our strategic plan and the guidance that we had. So everything is on track for wherever we expected it to be when we talked to you at the Capital Markets Day, was it 2 years ago, in Asia. On the LFP dynamic, yes, look, it's*,* the business has been*,* we had a tough time in last year or so in LFP. There are areas and opportunities for us to continue to have LFP growth.
But it's not going to be a large part of the business. It's still relatively small, relatively tamed. But our plant in China is we've got commitments from our customer there. And we'll continue to fill*,* to use the plant in Canada that we have for other technologies. And there are some really interesting opportunities for us out there. But it's never going to be a large part of the business. And I wouldn't expect to see a sudden massive growth in that portfolio. Okay. Should we go over to*,* why don't we go to the back. We've got a couple sitting next to each other. Where's the mic going to come from? It's going to come from*,* I think it's coming from my right, your left.

第二个问题是关于亚洲。任何竞争动态都改变了?不,不是真的。我的意思是它没有改变。我们赢得了我们期望赢得的业务,并且符合我们的战略计划和我们的指导。因此,当我们在资本市场日与您交谈时,无论我们在何处预期,一切都在轨道上,就在两年前,在亚洲。关于LFP的动态,是的,看,它是业务一直是我们在去年左右在LFP中遇到了困难。我们有继续增加LFP的领域和机会。

但它不会成为业务的重要组成部分。它仍然相对较小,相对驯服。但我们在中国的工厂是我们的客户承诺。我们将继续填写以使用我们在加拿大的工厂用于其他技术。对我们来说,有一些非常有趣的机会。但它永远不会成为业务的重要组成部分。我不希望看到该投资组合突然大幅增长。好的。我们应该转向为什么我们不去后面。我们有几个人坐在一起。麦克风将从何而来?它将来自我认为它来自我的右边,你的左边。

亚当柯林斯

It's Adam Collins from Liberum. I have 3 questions as well. First one is on R&D. Forgive me if you talked about that. But what's the sort of direction of travel in terms of R&D spending? Will it increase from 5%? And could you talk a little bit about the capitalized R&D component with GBP 19 million last year? So not a big number, but where was that? And will capitalized R&D develop, too, over time? On U.S. truck, I think you're being sensible in predicting a decline for mid-year. Historically, that's been quite a cyclical business, where there have been volume declines, they have been sometimes quite significant.
And I have a sort of slight concern that the U.S. business doesn't have a light-duty opportunity like we see perhaps from Royston to fall back on. So in the event that we do see a significant volume decline, what would be the contingency planning there? To what extent are there offsets? And then just finally on precious metals refining, it strikes me that industry is pretty tight today. We've seen some decommissions in Europe from BASF and Vale. The other 2 main players in that area have had outages in the last year, yourself and Umicore. So it looks to be like market conditions are pretty benign there. Would you concur?

这是来自Liberum的Adam Collins。我也有3个问题。第一个是研发。如果你谈到这个,请原谅我。但就研发支出而言,旅行的方向是什么?它会从5%增加吗?您能否谈谈去年以1900万英镑划分的资本化研发部分?所以不是一个很大的数字,但那是什么?随着时间的推移,资本化的研发也会发展吗?在美国卡车上,我认为你在预测年中下降时是明智的。从历史上看,这是一个非常具有周期性的业务,其数量有所下降,但它们有时非常重要。

而且我有点担心美国企业没有像我们从罗伊​​斯顿看到的那样轻松的机会。因此,如果我们确实看到产量大幅下降,那么应急计划会是什么?抵消的程度有多大?然后我们终于对贵金属进行了精炼,这让我觉得今天的行业非常紧张。我们已经看到巴斯夫和淡水河谷在欧洲的一些退役。该地区的另外两个主要参与者在去年中断了自己和优美科。所以看起来市场条件非常温和。你同意吗?

罗伯特麦克劳德

Well, good questions, Adam. Let me just make sure we can have the mic so that Jane can answer the last question. And we've got mic here. So we'll come back to you, Jane, in a second. On the first one on R&D, look, we invested last year around about GBP 200 million in R&D. It wasn't exactly GBP 200 million.

好吧,好问题,亚当。 让我确保我们可以拥有麦克风,以便简可以回答最后一个问题。 我们这里有麦克风。 所以我们会在一秒钟内回到你的身边。 关于研发的第一个,看起来,我们去年投入了大约2亿英镑的研发费用。 这不完全是2亿英镑。

安娜曼兹

GBP 190 million.

1.9亿英镑。

罗伯特麦克劳德

GBP 190 million. I expect it will grow a little bit this year. But it will be within the range of 5% to 5.5% of sales, which is where we've guided for some time. And it will continue to grow with that sort of level. But this year, the year we're now in, I expect it will grow a little bit ahead of that, driven partly by the increased investment that John has talked about in gasoline but partly run*,* and eLNO as well, where I think we'll see a little bit more investment.
On the capitalized development side, the largest part of capitalized development, I think, is in Health as we developed the pipeline. And that's gone up over the last year. Of course again, that's the amount of investment on that pipeline ahead of the growth that will come through into the next few years. And we're putting something*,* we're capitalizing some of the eLNO development, too. On the U.S. truck cycle, John, I mean we're used to truck cycle. It's alive and well and been there for decades.

1.9亿英镑。 我预计今年它会有所增长。 但它将在销售额的5%到5.5%范围内,这是我们已经指导了一段时间的地方。 并且它将继续以这种水平增长。 但是今年,即我们现在所处的那一年,我预计它会比这更快一点,部分原因是约翰谈到的汽油增加的投资,但部分运行和eLNO, 在哪里,我认为我们会看到更多的投资。

在资本化的发展方面,我认为,资本化发展的最大部分是在我们开发管道时的健康。 这在过去一年里上升了。 当然,这是在未来几年内将会出现的增长前的管道投资额。 而且我们正在投入一些东西**,我们也正在利用一些eLNO开发资本。 在美国卡车周期中,约翰,我的意思是我们已经习惯了卡车循环。 它活得很好,已经存在了几十年。

John Walker

I think we're quite experienced in that. And we, I guess, have a lot more flexibility in North America to scale up our business and scale down our business depending on what the demand is on the plants. So we've got 3 manufacturing facilities there. And we're quite experienced in being able to use those efficiencies to be able to move the footprint around to optimize that. So I don't think this is going to be*,* I don't disagree with everything you said. But I think we've got quite a lot of experience there.

我认为我们在这方面很有经验。 我想,我们在北美拥有更大的灵活性,可以扩大我们的业务,并根据对工厂的需求来缩减业务。 所以我们在那里有3个制造工厂。 我们在能够利用这些效率来移动足迹以优化它方面具有丰富的经验。 所以我认为这不会是我不同意你所说的一切。 但我认为我们在那里有很多经验。

罗伯特麦克劳德

And remember, of course, about 75% of our costs are variables. So you never see a great operational leverage on the upside. But on the other hand, you don't see much operational deleverage on the downside either. Now, I've given you a bit of time to think, Jane. And I'm sure you didn't need it. But over to you, Jane.

当然,请记住,我们大约75%的成本是变量。 因此,您永远不会看到良好的运营杠杆作用。 但另一方面,您也没有看到下行的操作去杠杆化程度。 现在,我给了你一点时间思考,简。 我相信你不需要它。 但对你来说,简。

Jane Toogood

Is it working now?

它现在有效吗?

罗伯特麦克劳德

Yes.

是。

Jane Toogood

Yes, okay. So thanks for the question. So with respect to the refining question was, is the market benign? I mean I don't describe market as benign really. But it's true that we've been very busy in our refinery. And our refinery has a very important strategic position for JM because we're making sure that we've got that secured availability of pgms for the JM group because that's our fundamental purpose of having refining activity. And one of the reasons it's taken time to work off our backlogs is because we're optimized the whole time in demand and also our supplies. So we're full and we're busy all the time.
It's also true across the palladium market is seeing quite a bit of change this year with increasing prices. So we have managed to also increase our returns in the business. And that's been a positive dynamic for us. So it's been an interesting year with respect to the markets. And I'm sure it'll continue to be very volatile going forward. But an interesting period. I can't say*,* I don't know who asked the question, I couldn't see there. Thank you very much. So an interesting period for us, but it just underlines the importance of having a refining business for JM.

是的,好的。谢谢你提出这个问题。因此,就炼油问题而言,市场是否良性?我的意思是我并不认为市场是良性的。但确实,我们的炼油厂一直很忙。我们的炼油厂对JM具有非常重要的战略地位,因为我们确保我们已经为JM集团获得了pgms的安全可用性,因为这是我们进行炼油活动的根本目的。并且需要时间来解决我们的积压工作的原因之一是因为我们优化了整个需求时间以及我们的供应。所以我们很满,我们一直很忙。

钯金市场也是如此,随着价格的上涨,今年出现了相当大的变化。所以我们也设法增加了业务回报。这对我们来说是一个积极的动力。因此,对于市场而言,这是一个有趣的一年。而且我相信它会继续变得非常不稳定。但是一个有趣的时期。我不能说我不知道是谁问的问题,我看不到那里。非常感谢你。对我们来说这是一个有趣的时期,但它只是强调了为JM提供炼油业务的重要性。

罗伯特麦克劳德

Thanks, Jane. So you just pass the mic to your right.

谢谢,简。 所以你只需将麦克风传递到右边。

Marc Elliott

Marc Elliott, Investec. Just a quick couple of questions. I noticed rare earths have been dragged into the trade dispute at the moment. And I think back in 2011, it was somewhat problematic for the autocat business because you used a bit of it. Is that something you're preparing for? Are you able to pass on sort of cost that may come through or may not come through? Or is there any sort of working capital that needs to be considered on that side?
And also just a little bit about raw material sourcing, I think Umicore signed up a deal with Glencore the other day on cobalt. You've got the deal with Nemaska. Are there any cost implications? Because Nemaska, I think, is struggling a little bit at the moment with financing and so forth. Is there any implication if they sort of don't get through? And lastly on eLNO, I was just curious to know. 811 struggles a little bit with charge rates. It obviously has high-energy density. Does eLNO have quite a good charge rate characteristics so to give it a further advantage?

Investec的Marc Elliott。只是一两个问题。我注意到目前稀土已被拖入贸易争端。我想早在2011年,它对于自动定位业务来说有些问题,因为你使用了它。那是你准备的东西吗?您是否能够传递可能通过或未通过的某种成本?或者是否需要在这方面考虑任何类型的营运资金?

而且还有一点关于原材料采购的问题,我认为优美科前几天与钴公司签订了一项关于钴的协议。你和Nemaska达成了协议。是否有任何成本影响?我认为,因为Nemaska目前正在融资等等。如果他们没有通过,有任何暗示吗?最后在eLNO上,我只是很想知道。 811与收费率有点挣扎。它显然具有高能量密度。 eLNO是否具有相当好的充电率特性,从而为其提供进一步的优势?

罗伯特麦克劳德

I thought for a minute, you were going to have 2 questions and everybody else has had 3. So it feels like you were going to miss out on your third question, but you threw one in there at the end. Well done. So just very briefly on eLNO, the answer is yes. It does have good charge characteristics.
And that's one of the things that our customers like about it. And not just it's energy density and safety, but some of the other characteristics that it has as well. And of course, they're looking at a whole suite of characteristics, not just one. It's just not about energy density or whatever metric. And so there's a wide range of things they look at of which charging capabilities is one. So that's good for eLNO, which is one of the things that customers like.
And of course, one of the things we talked about as well is that customization piece because every customer is different. Every customer wants something separate. And so the ability to customize a product and give each individual customer what they particularly want is something that we think we can differentiate. And eLNO enables us to do that. We talked about raw material sourcing. And do you want to answer that one, Anna, because you've been involved in the sourcing group?

我想了一会儿,你会有2个问题,而其他人都有3个问题。所以你觉得你错过了第三个问题,但是最后你扔了一个问题。做得好。所以在eLNO上非常简短,答案是肯定的。它确实具有良好的充电特性。

这是我们的客户喜欢它的一件事。不仅仅是能量密度和安全性,还有其他一些特性。当然,他们正在研究一整套特征,而不仅仅是一个特征。这不仅仅是能量密度或任何指标。因此,他们会看到各种各样的充电功能。这对eLNO来说是好事,eLNO是客户喜欢的东西之一。

当然,我们谈到的其中一件事就是定制件,因为每个客户都是不同的。每个客户都希望分开。因此,定制产品并为每个客户提供他们特别想要的东西的能力是我们认为可以区分的。 eLNO使我们能够做到这一点。我们谈到了原材料采购。你想回答那个,安娜,因为你参与了采购小组吗?

安娜曼兹

Yes. I think we're in good place on sourcing. So we've got*,* we moved into the Nemaska Lithium to secure the lithium contract. I think we are quite confident we can see a route through that. In terms of the other metals, right now we buy big quantities of nickel anyway, so we're well sorted around that. And we have done for very many decades in Jane's business so that's not a new thing for us. Cobalt, our levels of acquisition of cobalt are relatively low. But we're building onto the relationships at the moment. We don't want to move into long-term sourcing agreements too early. You need to have the volumes there to secure the best deal.

是。 我认为我们在采购方面处于有利地位。 所以我们已经我们进入Nemaska Lithium以获得锂合约。 我认为我们相信我们可以看到通过它的路线。 就其他金属而言,我们现在仍然购买大量的镍,因此我们对此进行了很好的分类。 我们在简的业务中已经做了很多年,所以这对我们来说并不是什么新鲜事。 钴,我们对钴的收购水平相对较低。 但我们现在正在建立关系。 我们不希望太早进入长期采购协议。 你需要有那里的卷来确保最好的交易。

罗伯特麦克劳德

The point is that we actually have a group that are looking at and thinking about sourcing and the tactics around that, I think, is an important thing. You should just be aware of that we are monitoring and managing that and how we think about that going forward. And last but not least was the rare earth question. And yes, you're right.
So in 2011, we did have quite a big impact. When the prices went up enormously, we always managed to access the rare earths we needed. And I don't think there's any difference this time. Although we've learned the lessons from that. So we've now got within the sort of our arrangements, we've got multiple sourcing options, multiple sourcing routes.
As well as if prices go up, we've got a price escalator in our contracts. So from a point of view of sourcing, we're quite content at the moment. And if the prices were to spike up again like they did previously, we've got a mechanism in the contracts to manage that risk going forward. Would you want*,* would you add anything else, John?

关键是我们实际上有一个正在考虑和考虑采购的团队,我认为这是一个重要的事情。您应该意识到我们正在监控和管理这些以及我们如何考虑这一点。最后但并非最不重要的是稀土问题。是的,你是对的。

所以在2011年,我们确实产生了相当大的影响。当价格大幅上涨时,我们总能设法获得我们所需的稀土。而且这次我认为没有任何区别。虽然我们从中吸取了教训。所以我们现在有了这样的安排,我们有多个采购选择,多个采购路线。

如果价格上涨,我们的合约中还有一个价格自动扶梯。因此,从采购的角度来看,我们现在非常满意。如果价格像之前一样再次飙升,我们在合同中有一个机制来管理未来的风险。你想要你会添加别的吗,约翰?

John Walker

No. I think we're in pretty good shape on the tariff side. Our rare earth usage as our total global spend in North America is relatively small. And as Robert said, we've got multiple options on some raw materials, which gives us change-out ability if one is a China-sourced material. And we have supply chain options to be able to work around that. So on the tariff side, we are in pretty good shape.

不,我认为我们在关税方面处于良好状态。 我们的稀土用量作为我们在北美的全球总支出相对较小。 正如罗伯特所说,我们在一些原材料上有多种选择,如果一种是中国采购的材料,它可以为我们提供更换能力。 我们有供应链选项,可以解决这个问题。 所以在关税方面,我们的状况非常好。

罗伯特麦克劳德

Okay. I saw some hands*,* a hand over here. So the mic's*,* sorry, we'll come back*,* we'll give you time over here. And then we'll go to the mic over there.

好的。 我看到了一些手一只手在这里。 所以麦克风,抱歉,我们会回来,**我们会给你时间。 然后我们将去那边的麦克风。

Chetan Udeshi

Chetan from JPMorgan. A few questions. On U.S. truck, you said you expected to sort of peak at the middle of this year. So for full year '19-'20, can that business see sales growth? That's number one. Number two question was to Anna, maybe on CapEx. Is there a way to think about GBP 500 million or up to GBP 500 million this year in terms of how much of that may be phasing-related one-offs? Or in other words, what I'm trying to get to is looking beyond this year, is that the sort of run rate number? Or is that sort of just impacted by some phasing of CapEx in different projects?
And the last question is on the guidance for this year in terms of EBIT growth, where you've said you're comfortable with mid- to high single-digit in terms of the range that you have forecasted for the full year. When I look at the second half constant currency EBIT growth, it was 5%, I know and second half sort of already incorporates bulk of the share gains in diesel et cetera. So is there a reason to believe we see a big uplift from that run rate going into this year? Or is sort of 5% the right number to think about for '19-'20?

来自摩根大通的Chetan。几个问题。在美国的卡车上,你说你预计会在今年年中达到顶峰。因此,对于全年'19 -'20,该业务能看到销售增长吗?这是第一名。第二个问题是安娜,也许是在资本支出。今年是否有办法考虑5亿英镑或高达5亿英镑,其中有多少可能是阶段相关的一次性?或者换句话说,我想要达到的目标是超越今年,是那种运行率数字?或者是否只是受到不同项目中某些阶段的资本支出的影响?

最后一个问题是关于息税前利润增长的今年指导,你已经说过你对全年预测范围的中高个位数感到满意。当我看到下半年的固定货币息税前利润增长时,它是5%,我知道,后半部分已经包含柴油等大部分股票收益。那么有理由相信我们看到今年的运行率会大幅提升吗?或者是对于'19 -'20考虑的正确数字的5%?

罗伯特麦克劳德

Okay, thank you for your question. So John, do you want to talk about U.S. truck phasing for this year?

好的,谢谢你的提问。 约翰,你想谈谈今年美国卡车的分期吗?

John Walker

U.S. truck. I mean we had a full year of Class 8 strong sales last year and we're going to have the better part of the half year this year so*,* and I think there's growth in that Class 8 story for '19-'20.

美国卡车。 我的意思是我们去年有一整年的8级强劲销售,我们将在今年的半年中有更好的部分******我认为'19的8级故事的增长 - '20。

罗伯特麦克劳德

But it's not going to fall off a cliff from the 1st of October. I do know that we're seeing a normal cycle and of course you're going to work through the sort of backlogs and stuff like that, the truck orders so*,* and as I said*,* as we said already, we can adjust our cost base very, very quickly.
But from a top line point of view, there's nothing else we can do about it obviously. But from a bottom line point of view, we're pretty immune, but pretty dampened to that volatility.
Anna, on CapEx and EBIT, I mean I think we're looking for very*,* a little precision here and I'm not sure you're going to give it, but I'll...

但是从10月1日起它不会从悬崖上掉下来。 我知道我们正在看到一个正常的周期,当然你会通过那种积压和类似的东西来工作,卡车订单如此和我说我们 我们已经说过了,我们可以非常快速地调整我们的成本基础。

但从顶线的角度来看,显然我们无能为力。 但从底线的角度来看,我们很有免疫力,但对这种波动非常不利。

安娜,在资本支出和息税前利润,我的意思是我认为我们正在寻找非常在这里有点精确,我不确定你会给它,但我会......

安娜曼兹

I'll try and help. So on CapEx, maybe the way to think about it, Chetan, is that you've got GBP 250 million we're investing in plants in Clean Air. The 2 big ones, China and Poland, will be substantively complete this year. So yes, there'll be continued spend around India next year.
If you look at eLNO, we are breaking ground this year so the spend on the commercial plant, not that demo plants or the application centers, which will be weighted to this year, the spend on the commercial plant will be continuing through next year.
So those were the sort of really big chunky bits and we talked about needing to reinvest in the refineries to ensure their resilience. That will start this year and continue and be weighted towards next year.
So I would suspect that we continue to see higher CapEx growth. Will it be as high? It's sort of a little bit, depends on the phasing. We were quite careful in our wording of up to GBP 500 million in that these are really big and complex projects that go over the year-end based on the build schedule that we have today, which will almost certainly change as we continue to build these projects because it always does. The exact phasing of which year some of this sits in will become clearer as we move through.

我会尽力帮忙。所以在CapEx上,或许可以考虑它的方式,Chetan,就是你已经获得2.5亿英镑,我们正在投资清洁空气中的工厂。中国和波兰这两大国将在今年实质性完成。所以是的,明年将在印度继续消费。

如果你看看eLNO,我们今年将破土动工,因此商业工厂的支出,而不是今年将加权的示范工厂或应用中心,商业工厂的支出将持续到明年。

所以这些都是那些非常大块的东西,我们谈到需要再投资炼油厂以确保它们的弹性。这将从今年开始,继续并在明年加权。

所以我怀疑我们会继续看到更高的资本支出增长。它会高吗?它有点像,取决于分阶段。我们在高达5亿英镑的措辞中非常谨慎,因为根据我们今天的构建时间表,这些是非常大而复杂的项目,这些项目将在年底结束,这几乎肯定会随着我们继续构建这些项目而改变项目,因为它总是这样。当我们走过时,其中一些所处的确切阶段将变得更加清晰。

罗伯特麦克劳德

But this is, I would kind of argue, good news because, in John's parts, his business is a 30% return on capital business. There's absolutely no reason why this won't be accretive to the group and deliver great ROIC. And of course, the investments in the eLNO, in particular, those are the 2 big investments, will all be about the long-term growth of the company and it's about making sure we get the right return rate and on...

但是,我认为这是一个好消息,因为在John的部分,他的业务是资本业务的30%回报。 绝对没有理由为什么这不会增加该团队并提供很好的ROIC。 当然,对eLNO的投资,特别是那些是两大投资,都是关于公司的长期增长,而且是关于确保我们获得正确的回报率并且......

安娜曼兹

EBIT?

EBIT?

罗伯特麦克劳德

EBIT.

EBIT。

安娜曼兹

Will it be 5%, I'm not going to answer that question explicitly. But what I'd say is there is a consensus out there and we have not guided in a way to change consensus because we're broadly happy with it.

它是5%,我不会明确地回答这个问题。 但我要说的是有一个共识,我们没有指导改变共识,因为我们对此大加满意。

罗伯特麦克劳德

Okay. Now get over to the side of the room now.

好的。 现在到了房间的一边。

Nicola Tang

Nicola Tang from Exane BNP Paribas. I have 2 questions, first, on Clean Air. Thanks for laying out your views on regulatory drivers. Can you talk a little bit about your assumptions on the underlying market, particularly in Light Duty across the globe, how have things been tracking so far because the data doesn't necessarily look that great.
And my second question in Battery Materials or in eLNO, Robert, you hinted that you're doing preparatory work on stages beyond the current investment. Could you talk a little bit in terms of what options you're exploring there? And does the warning from Umicore on a delay and demand for cathode materials concern you at all?

来自Exane BNP Paribas的Nicola Tang。 我有2个问题,首先是关于清洁空气。 感谢您就监管司机提出意见。 您能否谈谈您对基础市场的假设,特别是全球轻量级市场的假设,到目前为止事情如何跟踪,因为数据看起来并不那么好。

我在电池材料或eLNO中的第二个问题罗伯特,你暗示你正在进行超出当前投资阶段的准备工作。 你能谈谈你在那里探索的选择吗? 优美科对延迟和阴极材料需求的警告是否会引起您的关注?

罗伯特麦克劳德

Okay. John, do you want to talk a little bit about the underlying market, what you're seeing so far?

好的。 约翰,你想谈谈潜在的市场,你到目前为止看到了什么?

John Walker

So I just think, in general, I would agree that we have kind of global outlook of a couple of percent growth in Asia. Much of that growth in China, in particular, is electric vehicles. But the point of our business is that our growth is coming from legislation. So I don't want to say that if car sales are 0 growth for the rest of the lifetime, that our business is going to fall apart. But with very little growth in the market, our sales are going to grow and I think that has been our story, that the growth that's built into our plans is for legislation growth and that's where the growth is coming from in our business.

所以我想,总的来说,我会同意我们对亚洲几个百分点增长的全球展望。 特别是中国的大部分增长都是电动汽车。 但我们的业务重点是我们的增长来自立法。 所以我不想说,如果汽车销售在其余生命中增长0,我们的业务就会崩溃。 但由于市场增长很少,我们的销售额将会增长,我认为这是我们的故事,我们计划中的增长是立法增长,而这正是我们业务增长的来源。

罗伯特麦克劳德

Okay. And on eLNO, I mean I'm not obviously going to talk about Umicore's announcement, that's their announcement. I mean*,* but didn't change anything to do with our plans and our thinking. Our thinking is very much we need to be the best technology and the technology leadership end of the market where the market is looking at*,* I mean look at all the data, it would suggest when you get into the middle of the decade, certainly the middle of the next decade, that's when the demand for ultra-high-energy density material is really going to grow and that's where our opportunity is because that's where we play, at the high end of the market and the customized emissions. So nothing's particularly changed. We need to make sure we scale up at the right pace with the right pace in the market.
I'm not really going to go into the details of our scale-up strategy at this stage. I think that's probably something we can talk a little bit more about maybe at the Capital Markets Day. We're on the results day today. But all I would say is we are thinking about it, we've got a plan*,* we're developing our plans about how we would scale up this business and move away from sort of development phase of the business, which is where we were for the last couple of years into very much the sort of commercialization and scale-up of the business.
Can you go and just pass to the left, yes.

好的。在eLNO,我的意思是我显然不会谈论优美科的公告,这是他们的公告。我的意思是但是没有改变我们的计划和思路。我们的想法是,我们需要成为市场正在关注的市场中最好的技术和技术领导端我的意思是看看所有的数据,当你进入中间时它会建议十年,当然是下一个十年的中期,那时对超高能量密度材料的需求确实会增长,这就是我们的机会所在,因为我们所处的位置,高端市场和定制排放。所以什么都没有特别改变。我们需要确保以正确的步伐以适当的速度扩大市场规模。

在这个阶段,我真的不打算详细介绍我们的扩展战略。我认为这可能是我们可以在资本市场日谈论更多的事情。我们今天在结果日。但我要说的是我们正在考虑它,我们有一个计划我们正在制定计划,以便我们如何扩大这项业务并摆脱业务的某种发展阶段,这是我们过去几年所处的商业化和规模扩张的地方。

你能去,只是向左转,是的。

查理韦伯

Charlie Webb from Morgan Stanley. Just maybe a few on new markets, so just following up on eLNO. When do you think your move to A sampling? Is that a 2019 event or do you see that in a bit later? So I think that's still ahead of you.
Secondly, on the CapEx for eLNO that you kind of originally guided to, is that still unchanged in the medium term or has that increased?
And then on fuel cells, you obviously saw significant growth there. Can you perhaps tell us what the backlog looks for you in that business today versus last year? Or at least give a kind of idea of that change? That'd be very helpful.
And then just a couple of others, really quick ones. On restructuring costs, what should we expect as we look into next year versus the GBP 30-odd million that we had in FY '19?
And then just on working capital, given the kind of continued improvement if we kind of strike at current pricing, would you expect an inflow in '20 or is it still expect to be an outflow?

来自摩根士丹利的查理韦伯。 可能只是新市场的一些,所以只需跟进eLNO。 你认为什么时候搬到A采样? 那是2019年的事件,还是稍后会看到? 所以我认为这仍然领先于你。

其次,在您最初引导的eLNO的资本支出上,是在中期内仍然没有变化,还是有所增加?

然后在燃料电池上,你显然看到了显着的增长。 你能否告诉我们今天该业务与去年相比你的积压什么? 或者至少给出一种改变的想法? 那会非常有帮助。

然后只是其他几个,非常快。 关于重组成本,我们对明年的预期与我们在19财年的30多万英镑相比应该有什么期望?

然后仅仅依靠营运资金,如果我们按照目前的定价进行罢工,那么你会预期到20年的流入还是预计会出现流出?

罗伯特麦克劳德

Okay. Anna, I'll ask you to answer the second two. We've got 5 questions in there. But look, the eLNO is sort of one, new markets is one.
So look, A sampling, I wouldn't get to*,* sometimes it's not very black-and-white with customers where you're going from A to B to C. But we're really pleased with the progress we're making. We're moving in very much into the next stage of testing with them, with the customers, and that's one of the reasons why we're building our application centers because that will give us the capability ourselves to do the testing and validation work, which they often will then rely on because they trust our data. So the progress we're making is absolutely in line with what we expected. Was it A sample or not, it's quite hard to judge. Different customers have different terminologies. But are we making the progress we expected to make? Yes, we are.
On the CapEx question with eLNO. The guidance we said was really we talked about the demo plant and the commercial plant. We didn't talk about the application centers, which clearly are, I mean, much, much smaller numbers. So there's a bit more CapEx*,* that's right, we didn't talk numbers for that. We talked numbers for the main commercial plant. Look, until we finish the whole front-end engineering design, we don't know exactly what the CapEx spend is going to be. That's what you do with the design. And so when that work is finished, we'll be able to articulate it more. But the overall spend because we didn't talk about them and we didn't talk about the application centers, will be a bit larger than we talked about before.
And on fuel cells, I'll keep going on then. On fuel cells, look, it's a tiny part of the business at the moment but it is a profitable part of the business. And for those of you who have been around for a while, followed JM for many years, you'll remember we used to spend GBP 10 million*,* have losses of about GBP 10 million a year from this business. It's now profitable, they're not big numbers, but at least going in the right direction. And with what's going on with the whole need for the hydrogen economy to grow and the opportunity for fuel cells, we are going to invest more in the fuel cell business over the next few years, initially probably for demand in China but then for opportunities in Europe, too.
The backlog is*,* much of our sales for this year are secured or at least very much on track, but I don't think you're going to suddenly see becoming meaningfully for the whole group at this stage. I think the longer-term opportunity for fuel cells is absolutely quite exciting actually, and the level of investment required for fuel cells versus the level of investment for our business versus batteries is quite different. So it's a really exciting adjunct to the whole zero-emission vehicle opportunity for us.
Restructuring and working capital?

好的。安娜,我会请你回答第二个问题。我们在那里有5个问题。但是看,eLNO就是一个,新市场就是一个。

所以看,一个样品,我不会得到有时它不是非常黑白的客户,你从A到B去C。但我们真的很高兴我们的进步正在制作。我们正在与客户一起进入下一阶段的测试阶段,这也是我们构建应用程序中心的原因之一,因为这将使我们能够自行完成测试和验证工作,他们经常会依赖它,因为他们信任我们的数据。因此,我们所取得的进展绝对符合我们的预期。这是一个样本与否,很难判断。不同的客户有不同的术语。但我们是否正在取得预期的进展?是的我们是。

关于eLNO的CapEx问题。我们所说的指导实际上是我们谈论的演示工厂和商业工厂。我们没有谈论应用程序中心,我的意思是,它们的数量要小得多。所以有更多的资本支出这是正确的,我们没有谈论数字。我们谈到了主要商业工厂的数字。看,在我们完成整个前端工程设计之前,我们并不确切知道资本支出将花费多少。这就是你对设计的所作所为。因此,当这项工作完成后,我们将能够更清楚地表达出来。但总体支出因为我们没有谈论它们而我们没有谈论应用中心,将比我们之前谈到的要大一些。

在燃料电池上,我会坚持下去。在燃料电池上看,它目前只是业务的一小部分,但它是业务中有利可图的一部分。对于那些已经存在一段时间的人,跟随JM多年,你会记得我们曾经花费1000万英镑这项业务每年损失约1000万英镑。它现在有利可图,它们不是大数字,但至少走向正确的方向。随着氢能经济增长的全部需求和燃料电池的机遇,我们将在未来几年投入更多燃料电池业务,最初可能是为了满足中国市场的需求,欧洲也是。

积压是我们今年的大部分销售都是有保障的或至少非常正常,但我认为你不会突然看到在这个阶段对整个集团都有意义。我认为燃料电池的长期机会实际上是非常令人兴奋的,燃料电池所需的投资水平与我们的业务与电池的投资水平完全不同。因此,对于我们来说,这是整个零排放车辆机会的一个非常令人兴奋的辅助手段。

重组和营运资金?

安娜曼兹

I'm not going to be that helpful, I'm afraid. So we guide*,* so you're after what sits below operating*,* underlying operating profit. And there, were we to foresee anything, we would have explained it and announced it. At this point, I don't foresee anything. But as we've had a legal settlement this year, there may be things that come up through the course of the year. And if and when they do, we will share those with you.
With respect to cash flow, again, we don't guide on cash flow, but we do talk through the pieces. We will expect to see working capital return to a more normalized level on metals so you should see that benefit through the year. But of course, there will be cash outflow associated with that CapEx cost. I'll let you work it through.

我不会那么有帮助,我害怕。 因此,我们引导因此您将追踪低于运营基本营业利润。 在那里,如果我们预见到任何事情,我们会解释它并宣布它。 在这一点上,我没有预见到任何事情。 但是,由于我们今年已经达成了法律解决方案,因此今年可能会出现一些问题。 如果他们这样做,我们将与您分享。

关于现金流,我们再次没有指导现金流,但我们确实在讨论这些问题。 我们预计营运资金将恢复到金属更为正常的水平,因此您应该看到全年的利益。 但当然,会有与该资本支出成本相关的现金流出。 我会让你解决它。

罗伯特麦克劳德

I mean on the restructurings, I mean what goes outside of underlying is, of course, the major restructurings. We're always doing things in the business all the time, but they're all above the line, because they're just normal activities. There's not any of the sort of bigger ones that we would talk about outside of underlying and then I would reach out exactly what I understand. We would have talked about it if there was one planned.
How are we doing? Martin hasn't asked one yet so should we go to the front to Martin and then, Adam, I think you wanted*,* do you get another three? No, not sure. You only get one when you came for a second time around.

我的意思是重组,我的意思是除了潜在的东西,当然是重大的重组。 我们一直在做生意,但他们都在线上,因为他们只是正常的活动。 我们不会在底层之外谈论任何更大的那些,然后我会完全理解我的理解。 如果有计划,我们会谈论它。

我们怎么样? 马丁还没有问过一个人,所以我们应该前往马丁,然后,亚当,我想你想要你又得到另外三个吗? 不,不确定。 你第二次来的时候才会得到一个。

马丁埃文斯

Martin Evans, HSBC. I guess, for Anna, just on these procurement savings of GBP 26 million in the year, which is a useful figure. Will you just remind me, we normally*,* or you at the end of that procurement sort of prices now, and how easy has it been to achieve those versus how the company functioned before?
And secondly, in the press release, which I'm quoting in front of us. I saw something about IT systems and SAP, which sent a shudder of sort of past recollections of how companies have come a little bit unstuck on implementing SAP. Again, can you say what you're aiming to do there and how far advanced that is?

汇丰银行马丁埃文斯。 我想,对于安娜而言,这一年的采购节省额为2600万英镑,这是一个有用的数字。 您是否只是提醒我,我们通常或您现在采购的那种价格,以及实现这些与公司之前的运作方式相比有多容易?

其次,在新闻稿中,我在我们面前引用。 我看到了一些关于IT系统和SAP的信息,这让人们对公司如何在实施SAP方面有所失措感到不解。 再一次,你能说出你的目标是什么,以及它的进步程度是多少?

罗伯特麦克劳德

Anna, yes, you want to take both of them?

安娜,是的,你想要同时服用它们吗?

安娜曼兹

Yes. So we've guided to there being an opportunity of GBP 60 million in procurement savings. We delivered GBP 28 million to date, of which about GBP 7 million is in CapEx, the majority of the rest hitting the P&L. Look, we've gone from purchasing at the site level to purchasing globally. And that touches a vast number of our 15,000 people. They walk up to work differently. So I'm hugely pleased with the progress that we've made to liberate these savings. I would say we're relatively early in our procurement journey.
There is more opportunity here yet, and there will be further opportunity once we've got the group on SAP wall to wall because today, just to give you an example, I've got 44 ledger systems and multiple instances of those. So if I want to know how much we're procuring, for example, methanol, no idea in that each system calls it something different. And the only way to get that data is to suck the data out of those systems and aggregate it, which is how we're delivering these procurement savings. Once we've got a single global way of doing things, we will have real-time data and we'll be able to go faster. So this is the beginning of a journey and it's going to be consistent improvement year-on-year.
In terms of SAP, it's right to send a shudder. It should send a shudder. I'm appropriately paranoid. We've got our first site live though. We've got Clean Air in Royston live on our single global instance. Royston is a big and complex side. The number of users on that site is over 1,000, and we've been successful in that first go-live. We've got 8 more go-lives coming in the next 12 to 18 months, and we're well on track.
So I think we've already done in some ways our hardest site, which maybe wasn't the most sensible place to start, but we're in good shape. So now we just roll out from there. So we remain appropriately paranoid, but therefore you shouldn't be.

是。因此,我们已经指导有机会获得6,000万英镑的采购成本。到目前为止,我们已经交付了2800万英镑,其中大约700万英镑属于资本支出,其余大部分都用于损益。看,我们已经从网站级采购转向全球采购。这触及了我们15,000人中的大多数人。他们走路工作的方式不同。所以我对我们为解放这些储蓄所取得的进展感到非常高兴。我想说我们的采购历程相对较早。

这里还有更多的机会,一旦我们将这个小组放在SAP墙上,将会有更多的机会,因为今天,为了给你一个例子,我有44个分类帐系统和多个实例。因此,如果我想知道我们采购了多少,例如甲醇,不知道每个系统都称它为不同的东西。获取数据的唯一方法是从这些系统中吸取数据并将其汇总,这就是我们如何实现这些采购节省。一旦我们有了一种全球性的做事方式,我们就会拥有实时数据,我们将能够更快地完成任务。所以这是一个旅程的开始,它将逐年持续改善。

就SAP而言,发送一个颤抖是正确的。它应该让人不寒而栗。我是偏执狂的。我们已经有了第一个网站。我们在罗伊斯顿的清洁空气现场直播我们的全球实例。罗伊斯顿是一个庞大而复杂的一面。该网站上的用户数量超过1,000,我们在首次上线时取得了成功。在接下来的12到18个月里,我们还有8个以上的生命,我们正在顺利进行。

所以我认为我们已经在某些方面完成了我们最难的网站,这可能不是最明智的开始,但我们的状态良好。所以现在我们从那里开始。所以我们保持适当的偏执,但你不应该这样。

罗伯特麦克劳德

And the good news is that we're doing it on a site-by-site basis, so there's no big bang or anything like that and there have*,* other companies being*,* done a big bang, and of course, that's a very wary place to be. As you've done the first one, the first one is the hardest because people didn't know what they were looking*,* couldn't practice really on what it was they were going to use. So the next site, several of you can come to Royston, and as you see it, live with the people and talk to the people about what happened. So it doesn't make it easy, but we should be getting quicker and quicker about how*,* and then we should be able to roll out this ledger across the over all organization. Look, it's something that nobody really wants to do, but actually, it's...

好消息是我们是在逐个站点的基础上进行的,所以没有大爆炸或类似的东西,有其他公司做了大爆炸, 当然,这是一个非常谨慎的地方。 当你完成第一个时,第一个是最难的,因为人们不知道他们在看什么无法真正实践他们将要使用的东西。 所以下一个网站,你们中的一些人可以来到罗伊斯顿,如你所见,与人们一起生活,并与人们讨论发生的事情。 所以它并不容易,但我们应该更快更快地了解然后我们应该能够在整个组织中推出这个分类帐。 看,这是没人真正想做的事情,但事实上,它是......

安娜曼兹

I quite like it.

我挺喜欢它的。

罗伯特麦克劳德

Well, it's a lot of hard work for an awful lot of people. It touches virtually the whole organization. And so it's a big change for the organization. And a lot of effort going into do that. But the benefits that come from it , well, are really important and we'd drive those through, and we will do.
Have you got a mic, Adam? So we go over here since there's a mic just nearby and then we'll come back to you.

嗯,对于很多人来说,这是一项艰苦的工作。 它实际上涉及整个组织。 所以这对组织来说是一个很大的变化。 并且需要付出很多努力。 但是,它带来的好处是非常重要的,我们会把它们驱逐出去,我们会这样做。

亚当,你有麦克风吗? 所以我们在这里,因为附近有一个麦克风,然后我们会回到你身边。

Tom Wrigglesworth

Sorry, Adam. Is this working? Tom Wrigglesworth at Citi. So just one question on your calling out increasing R&D on gasoline. Is there something you're seeing in the outlook for gasoline that JMAT is particularly well positioned to solve or a new hurdle, a new challenge there that's leading to that R&D? If you could elaborate, that'd be helpful.

对不起,亚当。 这管用吗? 花旗的Tom Wrigglesworth。 所以只有一个问题就是你要求增加对汽油的研发。 JMAT在汽油的前景中是否看到了一些特别有利于解决的新问题或新的障碍,那里的新挑战正在导致研发? 如果你能详细说明,那会很有帮助。

罗伯特麦克劳德

Sure. John, do you want to give a bit of color there?

当然。 约翰,你想在那里给一点颜色吗?

John Walker

I think there's always new challenges. Especially if you're a technology person, that's how they live. But I think our focus on gasoline is that I guess we strive to be #1 in everything. Right now, we feel that our gasoline is on par with our competitors, and we want to be clearly the leader. And when we put our mind to doing that, I think we've demonstrated that we succeed pretty much all the time. So that's what we're trying to do.

我认为总有新的挑战。 特别是如果你是一个技术人员,那就是他们的生活方式。 但我认为我们对汽油的关注是,我想我们力争在所有方面成为第一。 现在,我们觉得我们的汽油与竞争对手相当,我们希望成为明显的领导者。 当我们想到这一点时,我想我们已经证明我们一直都在取得成功。 这就是我们正在努力做的事情。

罗伯特麦克劳德

And obviously...

显然......

John Walker

And as the market is shifting with diesel to gasoline, more towards gasoline, so I mean it just makes sense that we shift some of our R&D.

随着市场正在转向柴油转向汽油,更多的转向汽油,所以我的意思是我们转移一些研发是有意义的。

罗伯特麦克劳德

Okay. Adam?

好的。 亚当?

亚当柯林斯

Yes. I had a question in relation to the leadership changes in the business. There's been a couple of things going on in the last year that I'd be interested in your views on. The first one is, of course, on the appointment of the CEO for Battery Materials and the standing down of the CTO role. And then on the business development director side, you've had a couple of changes in as many years. It strikes me the first one maybe has something to do with the transition from research to commercialization in Battery Materials. But the second one sort of speaks to some dissatisfaction around the business development function. I wondered what your take was on what's happened here and the rationale.

是。 我对业务领导层的变化提出了疑问。 去年有一些事情我会对你的看法感兴趣。 当然,第一个是任命电池材料首席执行官和CTO角色。 然后在业务开发总监方面,您在多年后发生了一些变化。 第一个可能与电池材料从研究到商业化的转变有关。 但第二种说法是对业务发展功能的一些不满。 我想知道你对这里发生的事情以及基本原理的看法。

罗伯特麦克劳德

So well, look, on Battery Materials one, 1 year ago, we've made*,* I made a decision that we needed to move from technology development into business scale-up and so we wanted to bring in somebody into the organization who is a business leader, and as I said already, they'll join in September. Can't announce who they are at the moment, but they'll come in September. So the previous incumbent, Alan, as you know, was going to get back to CTO, but he decided he wanted to go work in a bigger organization as CTO. Disappointed to lose him, but the right thing for our business is to drive Battery Materials successfully going forward and we are, of course, going to replace that CTO role and we're well advanced in the process of doing that.
On the other role, look, not every role works perfectly every time, and maybe it does in your organization. But some you win, some you don't win so it's better to just sort of get the right people at the right time and then move on and get the right team in place. And I'm very happy with the team we have now. It's now a question of continuing to move forward from here.
I thought for a minute we were done, but not quite yet. One more question over here?

好吧,看看,1年前的电池材料,我们做了我做出了一个决定,我们需要从技术开发转向业务扩展,所以我们想引进一些人进入作为商业领袖的组织,正如我已经说过的那样,他们将在9月加入。目前无法宣布他们是谁,但他们将在9月份来。因此,如你所知,以前的现任老板Alan将回到CTO,但他决定在一个更大的组织中担任首席技术官。对失去他感到失望,但对我们的业务来说,正确的事情是推动电池材料的成功发展,当然,我们将取代CTO的角色,我们在这方面做得很好。

另一方面,看起来并非每个角色每次都能完美运行,也许在您的组织中也是如此。但有些你赢了,有些你不赢,所以最好是在合适的时间找到合适的人,然后继续前进,让合适的团队到位。而且我对我们现在拥有的团队非常满意。现在是继续从这里向前迈进的问题。

我想了一会儿我们已经完成了,但还没有完成。还有一个问题在这里?

查理韦伯

Charlie from Morgan Stanley. Just a quick couple...

来自摩根士丹利的查理。 只是一对快......

罗伯特麦克劳德

You've already asked 2 questions last time. So you get your third.

你上次已经问了2个问题。 所以你得到了第三个。

查理韦伯

Yes. No, just the*,* on Clean Air, just thinking about diesel market share, do you think you can push on from 65% you have today further and then continue to grow share in that market over time? Or do you think that's kind of done for now? That's really the only one.

是。 不,只是清洁空气的,只考虑柴油市场份额,你认为你可以从今天的65%继续推进,然后随着时间的推移继续增加该市场的份额吗? 或者你认为现在这样做了吗? 那真是唯一一个。

罗伯特麦克劳德

Yes. Don't worry, I'm not putting pressure on only 3, if you have another one, please do ask. No, okay. So John, I know what you're going to say, but go on.

是。 别担心,我不打压只有3,如果你有另一个,请问。 不,好的 约翰,我知道你要说什么,但继续。

John Walker

We're going to consolidate our position for now. We're working on some of the Euro 7 stuff. There are still diesel bids that are in Euro 7. I know the skeptics are saying diesel is going to die, but car companies are still offering request for quotes for new business. And we'll see. I'm not going to commit to say we can go beyond 65% because I don't think that's a long-term sustainable position. But we're going to hold on to it as long as we can.

我们现在要巩固我们的立场。 我们正在研究一些欧元7的东西。 目前仍有6欧元的柴油报价。我知道持怀疑态度的人说柴油即将消亡,但汽车公司仍在提供新业务报价请求。 我们会看到。 我不会承诺说我们可以超过65%,因为我不认为这是一个长期可持续的立场。 但是,只要我们能够坚持下去,我们就会坚持下去。

罗伯特麦克劳德

I think the OEMs have very powerful procurement functions. And whilst it's a technology buy, there is still that sort of*,* they don't want to be relied on to 1 company only. So they always do try to make sure that they have multiple sources, particularly on the light duty side. Heavy duty side, you can be more*,* it's more often that you can be a sole supplier. So John's got 65%. I mean the challenge initially is to keep it for as long as we can. And the numbers that we presented back 2 years ago assumed that, that would decline back down to a more normalized level. So if we can keep that at 65%, for longer, that would be upside to where we are in our current plan.
Great. Sorry, Martin, go on. You just sneaked out just as I was about to say*,* call the time, but...

我认为OEM拥有非常强大的采购功能。 虽然这是一项技术性购买,但仍有那种他们不希望只依赖于1家公司。 所以他们总是尽力确保他们有多个来源,特别是在轻型工作方面。 重型方面,你可以更多你经常可以成为唯一的供应商。 所以约翰有65%。 我的意思是最初的挑战是尽可能长时间地保持它。 我们在2年前提出的数字假设,这将下降到更正常的水平。 因此,如果我们能够保持65%的时间,那么这将是我们当前计划中的优势所在。

大。 对不起,马丁,继续。 你就像我要说的那样偷偷溜走打电话给时间,但......

马丁埃文斯

It's the last question, probably slightly unfair. I was just going to ask about how you're getting on with the new Chairman given his, and I'm sure he's watching this somewhere, given his extensive experience in the chemical industry and with investors. Do you feel he's brought a sort of new approach or new dynamism to the Board?

这是最后一个问题,可能有点不公平。 我只是想问一下你是如何与新任主席相提并论的,鉴于他在化学工业和投资者方面的丰富经验,我确信他正在某处观看。 你觉得他给董事会带来了一种新的方法或新的活力吗?

罗伯特麦克劳德

What do you expect me to say? Of course, we're getting on very*,* but genuinely, we are getting along very well. And look, he's got tremendous experience and very relevant experience. What we wanted was somebody as Chairman who deeply understood the chemical industry and deeply had an affinity to it. And I think all those of you who have met him would really deeply understand that he does. And he brings that experience to bear to help us, to challenge us, to move us forward.
And absolutely, that's what he's doing. Look, he's only been chairman now for not even a year. So you'll start to see some of that coming through, I'm sure, in the future. But we're pushing forward quite well anyway, but this is just another little bit of a gentle nudge and support, which I think is a good thing.
Great. Thank you very much. We're obviously*,* thank you for your time. Very nice to see you all. And we've got our Capital Markets Day in the middle of September, and you'll get more invitations about that soon. Thanks very much, everybody.

你希望我说什么?当然,我们非常****,但是真的,我们相处得很好。看,他有丰富的经验和非常相关的经验。我们想要的是作为主席的人,他对化学工业有着深刻的理解并且对它有着浓厚的兴趣。而且我认为所有见过他的人都会非常了解他的确如此。他带来的经验来帮助我们,挑战我们,推动我们前进。

绝对,这就是他正在做的事情。看,他现在只担任董事长一年甚至一年。因此,您肯定会在将来开始看到其中的一部分。但无论如何我们都在向前推进,但这只是另一点温和的推动和支持,我认为这是一件好事。

大。非常感谢你。我们显然是谢谢你的时间。非常高兴见到你们。我们已经在9月中旬举办了资本市场日活动,您很快就会收到更多邀请。非常感谢大家。

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写在最后

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