The following has evaluated to null or missing:
==> .vars['reserved-article-group-id'] [in template "161555#161602#ARTICLE-PAGE---HERO" at line 14, column 20]
----
Tip: It's the final [] step that caused this error, not those before it.
----
Tip: If the failing expression is known to legally refer to something that's sometimes null or missing, either specify a default value like myOptionalVar!myDefault, or use <#if myOptionalVar??>when-present<#else>when-missing</#if>. (These only cover the last step of the expression; to cover the whole expression, use parenthesis: (myOptionalVar.foo)!myDefault, (myOptionalVar.foo)??
----
----
FTL stack trace ("~" means nesting-related):
- Failed at: #assign groupId = .vars["reserved-art... [in template "161555#161602#ARTICLE-PAGE---HERO" at line 14, column 1]
----
1<#assign namespace = randomNamespace />
2<#assign JSONFactoryUtil = staticUtil["com.liferay.portal.kernel.json.JSONFactoryUtil"] />
3<#assign journalArticleLocalService = serviceLocator.findService("com.liferay.journal.service.JournalArticleLocalService") />
4<#assign containerId = randomNamespace />
5<#assign shareURL = themeDisplay.getPortalURL()+themeDisplay.getURLCurrent()/>
6
7<#-- Auto-assign ALL category to every article -->
8<#assign assetCategoryLocalService = serviceLocator.findService("com.liferay.asset.kernel.service.AssetCategoryLocalService") />
9<#assign assetEntryLocalService = serviceLocator.findService("com.liferay.asset.kernel.service.AssetEntryLocalService") />
10<#assign journalArticleLocalService = serviceLocator.findService("com.liferay.journal.service.JournalArticleLocalService") />
11
12<#-- Get current JournalArticle -->
13<#assign articleId = .vars['reserved-article-id'].data />
14<#assign groupId = .vars['reserved-article-group-id'].data?number />
15<#assign journalArticle = journalArticleLocalService.getArticle(groupId, articleId) />
16
17<#-- Get AssetEntry for this article -->
18<#assign assetEntry = assetEntryLocalService.getEntry("com.liferay.journal.model.JournalArticle", journalArticle.getResourcePrimKey()) />
19
20<#-- Your ALL category ID -->
21<#assign allCategoryId = 4614994 />
22
23<#-- Assign ALL category if not already set -->
24<#if !assetEntry.getCategories()?seq_contains(assetCategoryLocalService.getCategory(allCategoryId))>
25 <#assign categoryIds = assetEntry.getCategoryIds() + [allCategoryId] />
26 ${assetEntryLocalService.updateEntry(
27 assetEntry.getUserId(),
28 assetEntry.getGroupId(),
29 assetEntry.getClassName(),
30 assetEntry.getClassPK(),
31 assetEntry.getUuid(),
32 assetEntry.getClassTypeId(),
33 categoryIds,
34 assetEntry.getTagNames()
35 )}
36</#if>
37
38<div class="hero jmarticle__hero-main-container">
39 <div class="container">
40 <div class="row">
41 <div class="article__cont">
42 <h1 class="article__heading">${Title.getData()}</h1>
43 <#if (SubTitle.getData())??>
44 <p class="article__para">
45 ${SubTitle.getData()}
46 </p>
47 </#if>
48
49 <#assign Date_Data=getterUtil.getString(Date.getData())>
50 <#if validator.isNotNull(Date_Data)>
51 <p class="article__date">
52 <#assign Date_DateObj=dateUtil.parseDate("yyyy-MM-dd", Date_Data, locale)>
53 ${dateUtil.getDate(Date_DateObj, "dd MMMM yyyy", locale)}
54 </p>
55 </#if>
56
57 <#if Link_Title?? && Link_Title.getData()?has_content>
58 <#list Link_Title.getSiblings() as cur_Link_Title>
59 <#if cur_Link_Title?? && cur_Link_Title.getData()?has_content>
60 <#assign linkHref="#" />
61 <#assign target="" />
62
63 <#assign rowId = containerId + cur_Link_Title?index />
64 <#if cur_Link_Title.Link_Internal?? && cur_Link_Title.Link_Internal.getFriendlyUrl()?has_content>
65 <#assign linkHref=cur_Link_Title.Link_Internal.getFriendlyUrl() />
66 <#elseif cur_Link_Title.Link_Media?? && cur_Link_Title.Link_Media.getData()?has_content>
67 <#assign linkHref=cur_Link_Title.Link_Media.getData() />
68 <#elseif cur_Link_Title.Link_Mailto?? && cur_Link_Title.Link_Mailto.getData()?has_content>
69 <#assign linkHref="mailto:" + cur_Link_Title.Link_Mailto.getData() />
70 <#elseif cur_Link_Title.Link_External?? && cur_Link_Title.Link_External.getData()?has_content>
71 <#assign linkHref=cur_Link_Title.Link_External.getData() />
72 </#if>
73 <#if (cur_Link_Title.Link_Target??) && (cur_Link_Title.Link_Target.getData())?has_content>
74 <#assign target=cur_Link_Title.Link_Target.getData() />
75 </#if>
76 <div id="blue_button_click_div" data-analytics-asset-type="custom">
77 <div class="jmarticle__hero-btn-list">
78 <a id="panel_blue_button_${rowId}" class="article__btn" href="${linkHref}" title="${cur_Link_Title.getData()}" target="${target}" data-analytics-asset-action="click" onclick="onBlueButtonClick(this)" >
79 <span class="btn__text">${cur_Link_Title.getData()}</span>
80 <span class="arrow__forward"></span>
81 </a>
82 </div>
83 </div>
84 </#if>
85 </#list>
86 </#if>
87 <div class="article-download-share">
88
89 <#if PDFTitle?? && PDFTitle.getData()?has_content>
90 <#assign title = PDFTitle.getData() />
91 <#assign pdf_link = "#" />
92 <#assign pdfrowId = containerId />
93 <#if PDFTitle.PDF?? && PDFTitle.PDF.getData()?has_content>
94 <#assign pdf_link = PDFTitle.PDF.getData() />
95 </#if>
96 <div class="article-download">
97 <div id="blue_button_click_div" data-analytics-asset-type="custom">
98 <div class="jmarticle__hero-btn-list">
99 <a id="panel_blue_button_${pdfrowId}" class="article__btn" href="${pdf_link}" title="${title}" data-analytics-asset-action="click" onclick="onBlueButtonClick(this)">
100 <span class="btn__text">${title}</span>
101 <span class="arrow__forward"></span>
102 </a>
103 <a id="panel_blue_button_${pdfrowId}" class="article__btn-mobile" href="${pdf_link}" title="${title}" data-analytics-asset-action="click" onclick="onBlueButtonClick(this)">
104 <img src="${themeDisplay.getPathThemeImages()}/new__jm__images/download-white-icon.svg" alt="twitter image"/>
105 </a>
106 </div>
107 </div>
108 </div>
109 </#if>
110
111 </div>
112
113 </div>
114 </div>
115 <#if (ImageLarge.getData())?? && ImageLarge.getData() != "">
116 <div class="row jmarticle__hero-banner" id="jmarticle__hero-${namespace}"
117 style="background-image: url(${ImageLarge.getData()})">
118 </#if>
119
120 </div>
121 </div>
122</div>
123
124<#if Author?? && Author.getData()?has_content>
125 <div class="jmarticle__author-info">
126 <div class="container">
127 <div class="hero__bar">
128 <#list Author.getSiblings() as cur_Author>
129 <#if cur_Author?? && cur_Author.getData()?has_content>
130 <#assign
131 webContentData = jsonFactoryUtil.createJSONObject(cur_Author.getData())
132 gId = groupId
133 journalArticle = journalArticleLocalService.getArticleByUrlTitle(gId, webContentData.title)
134 docXML = saxReaderUtil.read(journalArticle.getContent())
135
136 fName = docXML.valueOf("//dynamic-element[@name='FullName']/dynamic-content/text()")
137 jobTitle = docXML.valueOf("//dynamic-element[@name='JobTitle']/dynamic-content/text()")
138 role = docXML.valueOf("//dynamic-element[@name='ContactInfo']/dynamic-content/text()")
139 photoXML = docXML.valueOf("//dynamic-element[@name='Photo']/dynamic-content/text()")
140 photoSrc = JSONFactoryUtil.createJSONObject(photoXML).getString("uuid")
141 fullName = docXML.valueOf("//dynamic-element[@name='Title']/dynamic-content/text()")
142 authorImageXML = docXML.valueOf("//dynamic-element[@name='ImageLarge']/dynamic-content/text()")
143 authImageSrc = JSONFactoryUtil.createJSONObject(authorImageXML).getString("uuid")
144 summary = docXML.valueOf("//dynamic-element[@name='Summary']/dynamic-content/text()")
145 />
146
147 <div class="author">
148 <figure class="author__image">
149 <#if authImageSrc?? && authImageSrc?has_content>
150 <img src="/documents/${groupId}/${authImageSrc}" alt="${fullName}" class="author_img_class_new">
151 <#elseif photoSrc?? && photoSrc?has_content>
152 <img src="/documents/${groupId}/${photoSrc}" alt="${fName}" class="author_img_class_new">
153 </#if>
154 </figure>
155 <div class="author__details d-flex flex-column">
156 <h3 class="author__name">
157 <a rel="author">
158 <#if fullName?? && fullName?has_content>
159 ${fullName}
160 <#elseif fName?? && fName?has_content>
161 ${fName}
162 </#if>
163 </a>
164 </h3>
165 <p class="author__desc text-size-a author_job_title">
166 <#if jobTitle?? && jobTitle?has_content>
167 ${jobTitle}
168 </#if>
169 </p>
170 <span>
171 <p class="author__desc text-size-a">
172 <#if summary?? && summary?has_content>
173 ${summary}
174 </#if>
175 <#if role?? && role?has_content>
176 ${role}
177 </#if>
178 </p>
179 </span>
180 </div>
181 <div>
182 <div class="author__contact">
183 <ul class="author__contact-list">
184 </ul>
185 </div>
186 </div>
187 </div>
188 </#if>
189 </#list>
190 </div>
191 </div>
192 </div>
193</#if>
194
195
196
197<div class="container">
198 <div class="row">
199 <div class="article__intro">
200 <#if (Introduction.getData())??>
201 ${Introduction.getData()}
202 </#if>
203
204 <div class="article-download-share">
205
206 <#if PDFTitle?? && PDFTitle.getData()?has_content>
207 <#assign title = PDFTitle.getData() />
208 <#assign pdf_link = "#" />
209 <#assign pdfrowId = containerId />
210 <#if PDFTitle.PDF?? && PDFTitle.PDF.getData()?has_content>
211 <#assign pdf_link = PDFTitle.PDF.getData() />
212 </#if>
213 <div class="article-download">
214 <div id="blue_button_click_div" data-analytics-asset-type="custom">
215 <div class="jmarticle__hero-btn-list">
216 <a id="panel_blue_button_${pdfrowId}" class="article__btn" href="${pdf_link}" title="${title}" data-analytics-asset-action="click" onclick="onBlueButtonClick(this)">
217 <span class="btn__text">${title}</span>
218 <span class="arrow__forward"></span>
219 </a>
220 <a id="panel_blue_button_${pdfrowId}" class="article__btn-mobile" href="${pdf_link}" title="${title}" data-analytics-asset-action="click" onclick="onBlueButtonClick(this)">
221 <img src="${themeDisplay.getPathThemeImages()}/new__jm__images/download-white-icon.svg" alt="twitter image"/>
222 </a>
223 </div>
224 </div>
225 </div>
226 </#if>
227
228
229 <div class="article-share">
230 <a href="https://linkedin.com/shareArticle?url=${shareURL}&title=<#if (Title.getData())??>${Title.getData()}</#if>" target="_blank">
231 <img class="socialicons__img" src="${themeDisplay.getPathThemeImages()}/new__jm__images/social_icons-LinkedIN.png" alt="twitter image"/>
232 </a>
233 <a href="https://twitter.com/share?url=${shareURL}&text=<#if (Title.getData())??>${Title.getData()}</#if>" target="_blank">
234 <img class="socialicons__img" src="${themeDisplay.getPathThemeImages()}/new__jm__images/social_icons-Twitter.png" alt="twitter image"/>
235 </a>
236 </div>
237 </div>
238
239 </div>
240 </div>
241</div>
242
243<style>
244 img.author_img_class_new {
245 width: 100% !important;
246 height: 100% !important;
247 position: absolute;
248 margin: auto;
249 top: 0;
250 bottom: 0;
251 }
252
253 .article__btn:focus-visible {
254 outline: 2px solid blue !important;
255}
256
257@media (min-width: 320px) and (max-width: 650px) {
258 .article__intro li {
259 margin-left: -32px !important;
260 }
261 .journal-content-article .container .article__intro {
262 margin-top: 22px !important;
263}
264}
265@media (min-width: 540px) and (max-width: 834px) {
266 .article__intro li {
267 margin-left: -32px !important;
268 }
269 .article__intro {
270 margin: 60px 15px 0 5px !important;
271 }
272}
273
274@media (min-width: 320px) and (max-width: 539px){
275.jmarticle__author-info {
276 padding: 0px 0;
277}
278.jmarticle__author-info .author__image {
279 width: 39px;
280 height: 40px;
281}
282
283.jmarticle__author-info .author__name a {
284 line-height: 0px;
285 font-size: 18px !important;
286 margin-right: 10px;
287}
288
289.jmarticle__author-info .author__desc {
290
291 line-height: 14px;
292 font-size: 12px !important;
293 margin-bottom: 7px;
294}
295}
296
297</style>
Robert MacLeod, Chief Executive, commented:
The COVID-19 pandemic has created great uncertainty for businesses and society globally. Our priority has been the safety of our people, customers, suppliers and the communities in which we operate. It has been a challenging period but the steps we have taken in recent years to create a more simple, agile and efficient business, coupled with the dedication of all my colleagues across the whole of Johnson Matthey, have enabled us to navigate it well. I am pleased that we delivered operating performance ahead of market expectations, as well as good cash generation, and made further progress on transforming the group.
In Clean Air, following the temporary disruption earlier in the year, we are currently seeing a strong recovery in demand across all regions, especially in China. Efficient Natural Resources saw an impact from weaker demand in some end markets, although we are seeing positive momentum in licensing with new wins and are strongly positioned for the energy transition. Health is benefiting from new customer contracts which will also drive future growth. We are making good progress with the commercialisation of eLNO® and, given our increasing confidence from customer testing, are now proceeding with the front end engineering design for our second commercial plant.
Across the group we have made structural improvements to our operating model to drive efficiency and increase capability, and are already starting to see the benefits. Our actions include executing on our targeted annualised cost savings of c.£225 million by the end of 2022/23; optimising our global manufacturing footprint in Clean Air and delivering significant working capital benefits by fundamentally changing our metal operating model. Consistent with our ongoing strategy to create a simpler and more efficient portfolio, we completed the disposal of two of our smaller non-core activities.
Activity in autos and other key markets has improved since the beginning of the COVID-19 pandemic and we expect a materially stronger second half in comparison to the first half of this year. However, the path of recovery remains uncertain and we are not providing quantitative guidance for the group overall for the year ending 31st March 2021. In light of the market backdrop, but also reflecting the group’s performance and the importance of dividends to shareholders, the board has approved an interim dividend of 20.0 pence per share.
I am excited by our medium term growth prospects driven by accelerating global trends and we are purpose led to reduce the impact of climate change. We are investing for our future and remain focused on executing our growth opportunities including battery materials, fuel cells and our hydrogen production technologies.
Reported results
- Reported revenue increased 2% driven by higher average precious metal prices
- Reported operating profit declined 74% driven by lower demand in Clean Air and major impairment and restructuring charges of £78 million
- Reported EPS declined 87%, reflecting lower reported operating profit and higher net finance charges
- Cash inflow from operating activities was £482 million
Underlying performance¹
- Sales declined 20%, primarily driven by weaker demand in Clean Air. Sales in Efficient Natural Resources and New Markets also declined whilst Health grew
- Underlying operating profit declined 42% primarily driven by Clean Air. In aggregate, operating profit from our other operating sectors was broadly flat
- Underlying EPS declined 50% reflecting lower operating profit and higher net finance charges
- Capital expenditure of £148 million as we continue to invest in our strategic growth projects
- Free cash flow improved to £256 million benefiting from lower precious metal working capital, despite higher average precious metal prices
- Strong balance sheet maintained with net debt of £0.9 billion; net debt to EBITDA of 1.6 times
- Return on invested capital (ROIC) decreased to 10.4% primarily due to lower operating profit
Dividend
The group maintains a strong balance sheet, good access to liquidity and is cash generative. In a challenging period, operating performance improved progressively through the first half, although remains below the prior year with heightened levels of uncertainty persisting. In considering all these factors and recognising the importance of dividends to shareholders, the board has approved an interim dividend of 20.0 pence per share (1H 2019/20: 24.5 pence per share).
The board remains committed to a progressive dividend and anticipates restoring future dividend payments to levels seen prior to the COVID-19 pandemic when circumstances permit. The interim dividend will be paid to shareholders on 4th February 2021, with an ex dividend date of 26th November 2020.
Outlook for the year ending 31st March 2021
Activity in autos and other key markets has improved since the COVID-19 pandemic began earlier this year and we expect a materially stronger second half in comparison to the first half of this year. However, the path of recovery remains uncertain and we are not providing quantitative guidance for the group overall for the year ending 31st March 2021. Looking at each of our sectors:
- Clean Air performance recovered strongly through the first half. The global outlook for autos has improved, with external data now suggesting European and US automotive production could be down c.20% in our fiscal year, compared with the previous estimate of down c.25%, with China above the prior year. In heavy duty, external data suggests European and US production could be down c.30% with the Chinese market above the prior year. Order patterns remain volatile and visibility is low, meaning the actual outcome for the full year could still be materially different. Our flexible cost base, with c.75% of costs being variable before mitigation, enables us to manage different levels of activity
- Efficient Natural Resources full year operating performance is expected to be below the prior year, although we currently expect our usual seasonality and a stronger second half. Catalyst Technologies is likely to be below the prior year due to weaker demand whilst PGM Services is expected to be above the prior year, benefiting from higher average precious metal prices
- In Health we continue to make progress with our new customer contracts for active pharmaceutical ingredients used in generic opioid addiction therapies and our work with innovator customers which will drive future growth. Consequently, we expect full year operating performance to be above the level of the prior year
- In New Markets we expect operating performance to be above the level of the prior year
We continue to drive efficiency and are making good progress against our targeted annualised cost savings of c.£225 million. From these initiatives, we are on track to deliver expected benefits of £59 million4 in the year ending 31st March 2021, with costs in the year of c.£90 million. To support our medium term growth, we are continuing to invest in our strategic growth projects.
Appointment of interim Chief Financial Officer
As previously announced, Anna Manz will be stepping down as Chief Financial Officer and Executive Director of Johnson Matthey on 20th November 2020. We are pleased to announce the appointment of Karen Hayzen-Smith, currently Group Financial Controller, as interim Chief Financial Officer with immediate effect. Karen will not be appointed to the board.
Enquiries
Investor relations
Martin Dunwoodie, Director of Investor Relations 020 7269 8241
Louise Curran, Senior Investor Relations Manager 020 7269 8235
Jane Crosby, Investor Relations Manager 020 7269 8242
Media
Sally Jones, Director of Corporate Relations 020 7269 8407
David Allchurch, Tulchan Communications 020 7353 4200
Notes:
Vara consensus for underlying operating profit in the first half 2020/21 was £142 million (range: £122 million to £158 million) as at 18th November 2020.
1. Underlying is before profit or loss on disposal of businesses, gain or loss on significant legal proceedings together with associated legal costs, amortisation of acquired intangibles, major impairment and restructuring charges and, where relevant, related tax effects. For definitions and reconciliations of other non-GAAP measures, see pages 46 to 49 of the release (download below).
2. Unless otherwise stated, sales and operating profit commentary refers to performance at constant rates. Growth at constant rates excludes the translation impact of foreign exchange movements, with 2019/20 results converted at 2020/21 average exchange rates.
3. Revenue excluding sales of precious metals to customers and the precious metal content of products sold to customers.
4. £59 million includes £30 million relating to Clean Air footprint and driving group organisational efficiency, and £29 million of procurement savings.
eLNO is a trademark of Johnson Matthey Public Limited Company.
