TIDMJMAT
RNS Number : 7114Q
Johnson Matthey PLC
23 June 2020
23(rd) June 2020
Johnson Matthey Plc
(the "Company")
Annual Report and Accounts
The Company announces that it has today published the 2020
Annual Report and Accounts and Notice of Annual General Meeting.
Both documents are available on the Company's website, matthey.com
.
In accordance with Listing Rule 9.6.1, copies of both documents,
together with the Form of Proxy, have been submitted to the
National Storage Mechanism and will shortly be available for
viewing at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
.
The information in the Appendix below should be read in
conjunction with the Company's preliminary results for the year
ended 31(st) March 2020, issued on 11(th) June 2020. That
information, together with the Appendix below, is provided in
accordance with Rule 6.3.5R of the Disclosure Guidance and
Transparency Rules in full unedited text. This announcement is not
a substitute for reading the full Annual Report and Accounts. Page
and note references in the text below refer to those in the 2020
Annual Report and Accounts.
APPIX
Risks and uncertainties
Principal risks are critically assessed to ensure that JM meets
the challenges facing the business and strategic objectives. The
COVID-19 pandemic, which has altered the external environment, has
impacted the risks JM manages including supplier disruption, rise
in mandatory / voluntary work from home and a shift in customer
behaviours. JM has taken decisive action to protect its people,
support its communities across the globe and manage the continuity
of the business to deliver its vision for a cleaner, healthier
world.
Specifically, in this context, managing today's financial
performance is imperative as it further underpins the future
success of JM. The board and GMC are continually assessing the
potential impact of COVID-19 on the business with the assumption
that the global economy, JM's customers and suppliers will be
affected for far longer than the next few months and that some
changes may well be permanent. This is explored further within the
Viability section on page 75. Also, in the same way as governments
around the world are planning their COVID-19 exit strategies, JM is
too. This means, first and foremost, continuing to keep all people
safe, then focusing on the choices and actions to put JM in the
best position to deliver the long term future strategy.
To understand the current risk universe for JM, GMC risk
sponsors have assessed changes to their risks, prioritising
principal risks as required, with updated plans to mitigate them.
This has been enabled by the risk management process facilitated by
the Corporate Assurance function and additionally through the
COVID-19 Group Incident Management Team.
It further contributed to discussions by the board and GMC to
ensure JM's operational posture reflects the current
environment.
The following key changes, additions and updates on JM's
principal risks and uncertainties in 2019/20 have been
considered:
-- The 'Existing market outlook' risk has been reassessed to
include both the short term market risk that can be foreseen and
reacted to and longer term 'black swan' events where the quality of
response is the important factor. COVID-19 has increased the
volatility and uncertainty of our outlook in our existing markets
but over time we would expect both of these elements to reduce with
revised market understanding.
-- The 'Future growth' risk has been refined to focus on the
main elements that drive our growth (identifying opportunities,
developing the products and services required and building the
capability to deliver). This has provided clearer ownership,
accountability and monitoring of differing risk exposures in
strategic investments and / or delivery of expected business cases.
We have improved our visibility and awareness of our Fuel Cells
business' risks and uncertainties as it executes its ambitious
growth plans.
-- The assessment criteria for the 'Environment, health and
safety' risk has been enhanced to drive stronger alignment with the
Environment, health and safety (EHS) strategy and maintaining
strong focus on JM's aspiration of zero harm. The risk has also
been updated to reflect greater environmental actions. COVID-19 has
created unprecedented challenges in the working environment around
us. As the health, safety and wellbeing of our employees is vital,
JM reacted quickly to take relevant actions such as implementing
global travel restrictions, restricting attendance / organisation
of large events, increasing remote working at scale and enhancing
process safety measures. JM has further instigated frequent
employee communications and engagement around the importance of
safety in the context of COVID-19 and issued additional guidance
for process safety measures. JM has also leveraged its global
presence to learn from our colleagues in China. It enabled an early
start of our COVID-19 preparations around the globe to implement
measured responses to the pandemic across all of JM facilities.
-- Climate change is incorporated into our risk management
process as a driver of certain principal risks, especially 'Future
growth', 'Environment, health and safety', 'Supply failure' and
'Failure of operations'. We recognise that effective management of
climate change risks are crucial to deliver our growth strategy and
inspire confidence from our stakeholders. The rate and extent of
change of our key markets in response to climate change is the
subject of extensive scenario planning and we are further analysing
the validity of a stand alone risk for this area.
-- Metal liquidity and supply - JM continues to refine and
enhance the Precious Metal Management (PMM) team's approach to both
the financial processes which govern metal management, and
operational processes. Significant advances have been made in
reducing the amount of working capital absorbed by metal prior to
the impact of COVID-19, as well as strengthened governance
including additional specialist resources to the PMM team. While
the pandemic disruption has been a factor that JM considered in
metal supply, it has not had an immediate impact on our supply
positions. We continue to monitor the situation with our suppliers
including potential shortages of supply created by mine
closures.
-- Battery Materials - recognising the significant strategic
potential of the Battery Materials business in developing and
bringing to market eLNO, JM is creating a leading risk and
governance capability to focus on managing programme and business
risks. The priority is to ensure that business and programme risks
receive appropriate management attention and are addressed quickly
and effectively in this complex environment.
-- Within the 'Applications, systems and cyber' risk, key cyber
security technologies have been deployed to increase our ability to
predict, prevent, detect and respond to cyber threats. These have
been fine tuned for the increased risk of attack associated with
COVID-19 as we anticipate a continued increase in volume and scale
of financially motivated cyber attacks where the pandemic is used
as a cover. We have increased the level of communication and
awareness activities to ensure our employees are more alert. We
continue to track external threats working with governments, law
enforcement and industry specialists as appropriate.
-- Brexit - JM is continuing to monitor and assess the potential
impact of the UK's exit from the European Union on current
operations and strategy. Plans are well developed, and JM is
confident that the acute demands of managing the COVID-19 response
will not reduce the ability to respond to changes caused by
Brexit.
The following table sets out the principal risks and
uncertainties facing the group and the mitigating actions we have
in place. It also details any profile changes for each principal
risk during the course of the year.
Strategic risks are listed first followed by operational risks.
Each risk has a GMC sponsor who is responsible for the risk and to
ensure controls are adequate and prioritised effectively. Each
principal risk is also linked to one or more of our strategic
enablers - 'Efficiency and excellence', 'Sustainable business',
'Innovation' and 'Values-driven culture'.
Key
E Efficiency and excellence
S Sustainable business
I Innovation
V Values driven culture
1 Existing market ESIV
outlook
---------------------------------------------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Execution of the strategic planning process to assess annual
The impact of changing and understand external trends and assessment of the report
assumptions in our key associated impacts across our sectors (including the We continue to monitor
markets is either balance, scale and focus of investments). global macroeconomic
unplanned factors and we are
or unforeseen and we improving
are not agile enough * Regular review of our portfolio is undertaken to our sensitivity
to respond to them. ensure that each part of the business is providing analysis
This risk includes value to the group. In turbulent times the resilience through the strategic
potential of this portfolio demonstrates their benefits. planning and budgeting
impact of legislative process. The agility
changes (e.g. those of this process has
caused by Brexit), * Integration of strategic risk within the strategic allowed us to re-plan
other planning process to challenge implicit assumptions quickly and
market movements and drive proactively the consideration of different efficiently.
outside market outcomes. COVID-19 has changed
of our predictions, our market outlook
the extended impact through
of global pandemics * Monitoring of key viability and liquidity metrics supply disruption,
such as COVID-19 and (including balance sheet strength) as part of plant
emerging trends such budgeting and going concern testing. shutdowns and changing
as the imposition of consumer demands.
tariffs as well as We have so far seen
regional * Technology road mapping to understand our response significant impact to
and global slowdowns options to evolution in our markets and associated our business throughout
to which our business scientific and technological requirements. Q1 2020/21 driven by
may be sensitive. COVID-19. Other than
GMC sponsor: Christian the health, safety and
Günther * Monitoring of changes to key drivers (including GDP wellbeing of our
and market assumptions), scenario planning and employees,
adjusting business plans accordingly. we have specifically
focused our actions
in managing cash flow,
reducing cost and
working
capital to ensure JM
remains robust, with
sufficient liquidity.
COVID-19 has increased
the volatility and
uncertainty
of our outlook in
existing
markets but over time
we would expect
volatility
to reduce and with
revised
market understanding
uncertainty to decline.
While putting our own
business strength and
continuity first, we
have also been
assessing
opportunities created
by these market
conditions.
--------------------------------------------------------------- --------------------------
2 Future growth ESIV
------------------------- --------------------------------------------------------------- --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * A clear strategy, which is continuously reviewed in annual
Failure to deliver the light of new information, and a business review report
planned process to track execution of that strategy This risk has been
growth and value (Transformation Office). refined
creation to focus on the main
through ineffective elements that drive
execution of strategic * Ongoing reviews and monitoring of new technologies our growth (identifying
initiatives and and market competitiveness. opportunities,
investments. developing
GMC sponsor: Robert the products and
MacLeod * Targeted investment in research and development, services
capital projects and people with the specific skills required and building
necessary to deliver effectively and support the the capability to
realisation of our strategy. deliver).
We have reviewed our
growth choices, timing
* Proactive engagement with current and potential of investments and
customers as well as industry bodies, for example the execution
Hydrogen Council, to understand future needs and risks in light of
potential product / market evolution. COVID-19.
Specifically, we have
conducted detailed
* Regular reviews of all strategic capital projects by assessments
dedicated group capital projects team. of the impact on
projects
delivery and start up
due to limitations on
resource and equipment
availability. We
continue
to ensure that our
future
growth is aligned with
global macro trends
(including climate
change)
such as fuel cell
technology.
--------------------------------------------------------------- --------------------------
3 Competitive ESIV
advantage
------------------------- --------------------------------------------------------------- --------------------------
Risks, opportunities Key Mitigations Changes since 2019
and impact * Strong customer relationships due to JM's technical annual
Failure to maintain proposition, good market reputation and a high level report
our competitive of technical service. We are delivering and
advantage tracking our major
in existing markets capability
and, as a result, not * Regular engagement with customers at multiple levels building programmes
meeting customers' and performing satisfaction surveys. including commercial,
evolving procurement and digital
needs as effectively transformation.
and profitably as our * Regular strategy reviews including a review of our We have processes in
competitors. competitive position and competitors' moves. place to enable
GMC sponsor: Maurits effective
van Tol decisions to allocate
* Research and development as well as capital innovation resource
management process ensuring resources are prioritised and capital. Through
against the areas of greatest opportunity. our innovation
excellence
programme, we
* Strong innovation portfolio with new technology continuously
platform and product development process. improve the processes
that further expand
JM's product,
application
and technology toolbox.
COVID-19 has provided
both challenges and
opportunities to our
business. We have
therefore
also been focused with
our response on
emerging
opportunities that
would
transform our business
at pace.
--------------------------------------------------------------- --------------------------
4 Environment, health and safety (EHS) ESV
------------------------------------------------------------------------------------------ --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Embedded health and safety culture, including clear annual
As per similar high policies and standards, continual training and report
hazard manufacturing awareness activities and audits. The health and safety
companies, our of our employees
business continues
operations are subject * Continue to operate process safety reviews on to be our absolute
to a wide range of applicable sites. priority
challenging across the business.
health, safety and We have made progress
environmental * Investigations carried out to determine the root in embedding our
laws, standards and cause of incidents and accidents and the development policies
regulations from of remediation plans. across the business
government and continue our
and non-governmental execution
bodies around the * Reporting and management of environmental data. of all EHS improvement
world. plans in a controlled
If we fail to operate manner, with rigorous
safely, we could and regular tracking
injure which has resulted in
our people or breach improved leading and
applicable laws which lagging indicators
could adversely impact across
our employees. This the group.
could result in lost This risk has been
production time and updated
potentially attract to clearly articulate
negative interest from the way we are managing
the media and our health and safety
regulator. exposure, and
GMC sponsor: Robert specifically
MacLeod to encompass all
relevant
areas such as our
environmental
impact.
COVID-19 has impacted
the ways of working
for many of our
employees.
We have deployed new
EHS policies and
guidelines
to protect our
employees
and we have further
developed our wellbeing
support programme.
--------------------------------------------------------------- --------------------------
5 Supply failure ESIV
------------------------- --------------------------------------------------------------- --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Supplier relationship management through annual
The nature of JM's formalisation of regular reviews to discuss their report
operations constraints and quality management processes. We have made progress
means there are in the implementation
limited of our procurement
suppliers from which * Where deemed appropriate, we carry strategic stocks strategy
to source certain of raw materials and monitor those levels regularly and sharpened our
strategic in the context of the external environment. understanding
raw materials of supply chain across
including the sectors including
precious metals. Any * Strategic materials and key suppliers potentially our capital projects
significant breakdown susceptible to COVID-19 related supply disruption in supply chain.
in the supply of these and across geographies identified and hyper care We have committed,
materials would lead plans in place to ensure continuity and future through
to an inability to strength of our supply chain. Q1 of 2020/21, to
manufacture support
and satisfy customer suppliers, particularly
demand. The impact of * Groupwide co-ordination of sourcing and sharing of our smaller suppliers
COVID-19 has reduced resources to ensure personal protective equipment who may suffer hardship
customer demand and (PPE) continuity of supply and operations to protect as a result of
increased its our people. COVID-19.
volatility We are also placing
while simultaneously greater emphasis on
impacting the entire * Improving resilience on supply chain logistics, goods the customer and
supply chain. It has security in particular. consumer
changed the nature of impact of our supply
this risk as it chain and potential
requires * Regular investigation of alternative materials as supply failure (e.g.
JM to respond at pace part of research and development. to a major OEM).
to the changing We have reduced the
external precious metal backlogs
environment. * Prioritised ramp up plans in place to ensure agile in our refineries,
GMC sponsor: Jane response to resumption in demand. providing
Toogood access to precious
(metal) and Anna Manz metal
(other sourcing) * Continued investment in our pgm refining business to meaning that we are
ensure access to recycled precious metals. currently able to
continue
servicing critical
* Ongoing market research to understand and monitor the customers.
impact of short term events on longer term supply of
metal.
--------------------------------------------------------------- --------------------------
6. People EV
------------------------- --------------------------------------------------------------- --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Values and behaviours embedded in all internal annual
To successfully processes including hiring and performance reviews. report
execute We are continuing to
our strategy and invest in our
deliver * Culture focused sessions arranged with leadership and leadership
growth, we need to development of culture statement roadmap. by clarifying the
ensure capabilities
that we have the and behaviours required
breadth * Ongoing leadership development and wellbeing through the development
and depth of programmes. at all levels of the
leadership organisation.
and the appropriate We have undertaken a
skills and * Global employee engagement survey conducted every two further employment
capabilities years followed by development and delivery of engagement
to drive a motivated, targeted action plans. survey and are
inclusive and engaged implementing
workforce. action plans relevant
GMC sponsor: Annette * Pulse surveys carried out to test the progress being to local sites, as well
Kelleher made in specific areas and course correct as as global programmes
necessary. focused on
communication,
development and ways
of working.
We have in place
several
mitigating actions in
response to COVID-19.
These include
prioritising
our employees' safety
and health, social
distancing
and enabling a
significant
number of colleagues
to work from home as
well as necessary
crisis
cover. In the short
term, while our leaders
navigate the COVID-19
situation, we have put
our leadership
development
programmes on hold and
increased our focus
on their resilience
and wellbeing.
We have a series of
leadership engagement
and employee
communications
planned on a regular
basis to support
colleagues
in times of uncertainty
and maintain motivation
across the group.
--------------------------------------------------------------- --------------------------
7. Security of metal / highly regulated E
substances
------------------------------------------------------------------------------------------ --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Continue execution of the security roadmap which sets annual
The group has out the three year plan to further strengthen the report
significant function. Our level of control
quantities of high will increase through
value the delivery of the
precious metals or * Implementation and application of the Group Security security roadmap, which
highly policies across all sites. includes implementation
regulated substances of control measures
on site and in across our critical
transit. * Execution of security assessments and audits. sites.
Loss or theft due to In light of COVID-19,
a failure of the we have accelerated
security * Threat evaluation and horizon scanning regularly certain aspects of the
management systems carried out. security plan and are
associated ensuring full and
with the protection comprehensive
of metal or highly * Insurance coverage in place. security cover.
regulated
substances may result
in financial loss and * Ongoing security awareness campaigns and training
/ or a failure to including rigorous follow up of thefts and continuous
satisfy learnings.
our customers which
could reduce our
customers'
confidence in JM and
potential legal
action.
GMC sponsor: Jane
Toogood
--------------------------------------------------------------- --------------------------
8. Intellectual property management ESI
------------------------------------------------------------------------------------------ --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Portfolio management of intellectual property and annual
Failure to adequately technology enabled governance. report
manage our own, and The intellectual
third party, property
intellectual * Continued training and awareness of Information landscapes for the
property, knowledge Classification Policy. technologies
and information could in which JM operates
lead to a loss in remains inherently
business * Implementation of business intellectual property challenging
advantage, loss of management strategies. as, for example,
freedom sustainable
to operate and technology development
reputational * Intellectual property lawyers used to provide is a very dynamic
damage associated with specialist guidance including in the use of space.
litigation. intellectual property as a business tool. We have made progress
GMC sponsor: Maurits implementing mitigating
van Tol actions, notably
rolling
out the information
security policies
including
information
classification,
a robust stage gating
process and in
developing
intellectual property
strategies on a per
sector / business basis
as appropriate.
--------------------------------------------------------------- --------------------------
9. Failure of ES
operations
------------------------- --------------------------------------------------------------- --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Continuous implementation of Group Business annual
We will experience Continuity Policy and Manual, and manufacturing report
interruptions excellence programme across all sites. The Group Business
which result in delays Continuity
in the manufacturing Policy and Manual are
and supply of our * Regular maintenance of critical machinery and embedded across all
products. continued investment in infrastructure. sites, personal process
This may result in safety performance has
lost been further enhanced.
sales and / or profit * Continue to develop comprehensive response plans with In addition we have
affecting our annual testing. successfully
financial implemented
performance and our Group Incident
reputation. Management
GMC sponsor: Joan Team to manage our
Braca response
to the current global
pandemic and
implemented
a number of COVID-19
specific measures
including
a groupwide pandemic
response plan, site
operational procedures
(focusing on social
distancing measures),
a groupwide alert level
status matrix and a
comprehensive site
pandemic
response measures
playbook.
--------------------------------------------------------------- --------------------------
10. Ethics and SV
compliance
------------------------- --------------------------------------------------------------- --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Implementation of a refreshed Code of Ethics annual
Failure to comply with supported by continued training and tone from the top, report
ethical and regulatory set by senior leadership. We have launched
compliance standards several
leading to refreshed key policies
reputational * Assurance programme in place to monitor business unit (Gifts, Hospitality
damage, possible and sector compliance with key controls. and Charitable
criminal Donations,
/ legal exposure for Anti-bribery and
the company or for * Ethics panel and 'speak up' facility available and Corruption)
individuals. any issues fully investigated, and any recommended with aligned training.
GMC sponsor: Robert actions implemented. We have also developed
MacLeod a more detailed action
plan to address all
* Use of internal and external subject matter experts identified risks.
to identify risks, set standards and provide advice We have increased the
and training. level of awareness
activities
to ensure our employees
* Annual ethical working practice certification by all are aware of the
management with any issues raised investigated. heightened
risk due to the
additional
financial pressures
that people and
companies
may be suffering due
to the impact of
COVID-19
pandemic.
--------------------------------------------------------------- --------------------------
11. Business ESIV
transition
--------------------------------------------------------------- --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Strategic Transformation Office set up to ensure annual
Failure to manage and appropriate governance across key initiatives to report
deliver change in a coordinate and drive delivery of change in a We have implemented
controlled manner to controlled manner. strategic oversight
achieve expected of the key change
business initiatives
benefits. * Monitoring of JM wide risks and interdependencies of by the creation of a
GMC sponsor: Robert the change. Chief Transformation
MacLeod Officer role. This role
orchestrates cross
* Support from subject matter experts in the execution group
of business change. initiatives and
supports
leaders to drive
* Independent assurance on key change programmes. forward
the delivery of the
expected benefits
* Implementation of project management framework across creating
all key initiatives. an agile and efficient
business, providing
flexibility to
consistently
deliver to our people,
customers and
stakeholders.
Key programme themes
are manufacturing
footprints
and target operating
model reviews, customer
and growth, innovation,
people and culture.
There has been minimal
direct impact on these
programmes due to
COVID-19
and there is
opportunity
to accelerate in some
areas to drive
efficiency
going forward.
We have introduced and
embedded change in
managing
strategic capital
projects
and our procurement
excellence programme
has become part of
business
as usual activities.
Although we have
continued
to implement our global
ERP solution (Unify)
with a number of sites
going live during 2019
in the Clean Air
Sector,
we have paused
deployment
in the US to prioritise
resource in light of
COVID-19.
--------------------------------------------------------------- --------------------------
12. Product quality ESIV
------------------------- --------------------------------------------------------------- --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Monitoring and reporting of quality performance, annual
Our products are used taking corrective action where required. report
in a wide range of The regulatory
applications, environment
processes and systems. * Continue to develop robust manufacturing and continues to tighten,
The quality of these preventative maintenance systems supported by and our customers are
products is crucial standardised processes. experiencing greater
to ensuring they scrutiny and in-use
function testing.
as intended and meet * Global quality management systems embedded and We have progressed our
the established supported with training and regular communications. thinking in
quality understanding
criteria. Should a continuous improvement
product * Embed quality-by-design into new product introduction opportunities and how
fail to perform as and product change management processes. we apply inherently
expected different quality
or have quality management
defects, systems across our
we could cause harm sectors.
to consumers or expose In the context of post
ourselves to liability COVID-19 potential
claims. This could surges
lead in demand, we have
to loss of future enhanced
business, our planning to ensure
reputational damage product quality is
and loss of licence maintained
to operate. whilst we react and
GMC Sponsor: Robert manage potential
MacLeod impacts
to our supply base.
--------------------------------------------------------------- --------------------------
13. Applications, systems and cyber SIV
------------------------------------------------------------------------------------------ --------------------------
Risks, opportunities Key mitigations Changes since 2019
and impact * Key cyber security technologies have been deployed to annual
Risks that our increase our ability to predict, prevent, detect and report
applications respond to cyber threats. These have been tuned for We have continued to
and systems security the increased risk of attack associated with invest heavily in our
is inadequate or fails COVID-19. cyber security and IT
to adapt to changing general controls
business requirements providing
and / or external * Continued delivery of our Cyber Security and better visibility and
threats. Infrastructure Improvement Programme (CSIIP) to governance
The impact of these increase our organisational resilience and we have to support a more
may adversely affect prioritised this investment in the context of efficient
our financial position COVID-19. Controls have been increased in areas where business.
and could harm our we perceive the risk to be heightened. CSIIP programme
reputation. deliverables
JM's response to have been met in a
COVID-19 * Implementation of key policies and standards across controlled
has increased employee JM. manner, meeting the
remote working and milestones set. Risk
presented mitigations have been
new demands on * Continued support and assurance from third party adjusted in light of
applications, specialists. COVID-19.
systems and cyber We have increased the
security. level of communication
This has resulted in and awareness
increased risks in the activities
operational management to ensure our employees
of IT systems and are more alert to the
cyber increased external risk
risks as malicious associated with the
actors exploitation of the
look to exploit the COVID-19 pandemic. We
pandemic. continue to track
GMC sponsor: Anna Manz external
threats working with
governments, law
enforcement
and industry
specialists
as appropriate.
--------------------------------------------------------------- --------------------------
Responsibility statement of the directors in respect of the
Annual Report and Accounts
Each of the directors as at the date of the Annual Report and
Accounts, whose names and functions are set out below:
-- Patrick Thomas, Chair
-- Robert MacLeod, Chief Executive
-- Anna Manz, Chief Financial Officer
-- Alan Ferguson, Non-Executive Director
-- Jane Griffiths, Non-Executive Director
-- Xiaozhi Liu, Non-Executive Director
-- Chris Mottershead, Non-Executive Director
-- John O'Higgins, Non-Executive Director
-- Doug Webb, Non-Executive Director
states that to the best of his or her knowledge:
-- the group and parent company accounts, prepared in accordance
with the applicable set of accounting standards, give a true and
fair view of the assets, liabilities, financial position and profit
or loss of the company and the undertakings included in the
consolidation taken as a whole; and
-- the management report (which comprises the Strategic Report
and the Directors' Report) includes a fair review of the
development and performance of the business and the position of the
company and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face.
ENDS
Johnson Matthey Plc is listed on the London Stock Exchange
(JMAT)
Registered in England & Wales number: 00033774
Legal Entity Identifier number: 2138001AVBSD1HSC6Z10
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END
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