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    JMAT   GB00BZ4BQC70

JOHNSON MATTHEY PLC

(JMAT)
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Delayed London Stock Exchange  -  05/27 11:35:20 am EDT
2113.00 GBX   -6.75%
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Johnson Matthey provides an update on its intention to exit Battery Materials

01/13/2022 | 10:20am EDT

Johnson Matthey, a global leader in sustainable technologies, provides an update on its intention to exit Battery Materials.

On 11th November 2021, we announced our intention to pursue the sale of all or parts of our Battery Materials business with the ultimate intention of exiting. Further to that announcement, we have held discussions with a number of parties about a sale of the entire business. These discussions have not resulted in an agreement to sell the entire business as a going concern. Consequently, we are announcing today that we are commencing consultation with our employees about our proposed closure of the Battery Materials business, and we are pursuing the sale of its individual assets.

In our interim results we fully impaired the carrying value of our battery materials assets as at 30th September 2021, resulting in a charge of GBP314 million. While the outcome of the sales process is uncertain, full or partial closure will result in additional impairment charges, the settlement of contractual liabilities, redundancy, closure and abandonment costs as we indicated at our interim results on 24th November 2021. After anticipated asset disposal proceeds, we currently estimate these cash costs will be in the order of GBP150 million, which will be recorded as an exceptional item outside of underlying operating profit in our full year results.

Contact:

Investor

Martin Dunwoodie

Director of Investor Relations

T: +44 20 7269 8241

Louise Curran

Senior Investor Relations Manager

T: +44 20 7269 8235

Carla Fabiano

Senior Investor Relations Manager

T: +44 20 7269 8004

Media

Barney Wyld

Group Corporate Affairs Director

T: +44 7485 337498

Harry Cameron

Tulchan Communications

T: +44 20 7353 4200

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 4 049 M 5 108 M 5 108 M
Net income 2022 270 M 340 M 340 M
Net Debt 2022 963 M 1 215 M 1 215 M
P/E ratio 2022 15,2x
Yield 2022 3,55%
Capitalization 3 861 M 4 871 M 4 871 M
EV / Sales 2022 1,19x
EV / Sales 2023 1,17x
Nbr of Employees 13 258
Free-Float 94,0%
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Mean consensus HOLD
Number of Analysts 18
Last Close Price 2 113,00 GBX
Average target price 2 219,17 GBX
Spread / Average Target 5,02%
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Managers and Directors
Liam Condon Chief Executive Officer
Stephen Oxley Chief Financial Officer & Executive Director
Patrick Webster Thomas Chairman-Supervisory Board
Paul Jonathan Coby Chief Information Officer
Maurits van Tol Chief Technology Officer
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