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>
Resilient performance in the first half
Underlying performance¹,²
- Sales of £1.9 billion, up 21%, driven by a strong recovery in Clean Air and Efficient Natural Resources
- Underlying operating profit of £293 million, up 102% and ahead of pre-pandemic levels, driven by strong sales growth and higher average precious metal prices
- Underlying EPS of 114.8 pence, up materially reflecting higher underlying operating profit and lower net finance costs
- Free cash flow of £189 million, benefiting from continued strong management of working capital (1H 2020/21: £256 million)
- Strong balance sheet with net debt of c.£700 million as lower auto demand benefited working capital; net debt to EBITDA of 0.9 times
- Return on invested capital (ROIC) of 17.7%, up from 10.4% in the prior year driven by higher underlying operating profit
Reported results
- Revenue increased 23% primarily driven by higher average precious metal prices
- Following the announcement of our intention to exit Battery Materials, the assets have been impaired by £314 million
- Operating profit of £20 million, reflecting the one-off impairment in Battery Materials
- Loss before tax of £9 million, driven by lower operating profit
- Reported loss per share of 14.8 pence
- Cash inflow from operating activities of £412 million (1H 2020/21: £482 million)
- Interim dividend of 22.0 pence per share, up 10%
- Share buyback of £200 million, beginning in the New Year
Key developments
- A resilient trading performance, with strong sales growth driven by a recovery in Clean Air and Efficient Natural Resources
- Portfolio changes – agreed the sale of Advanced Glass Technologies for £178 million, and in discussions about a potential sale of Health
- Announced intention to exit Battery Materials
- Good momentum across our hydrogen businesses of Fuel Cells and Green Hydrogen
- New five-year framework contract with EKPO (ElringKlinger Plastic Omnium JV) to supply fuel cell components into commercial vehicle applications
- Following the completion of our hydrogen technologies capacity expansion in the UK and China, planning further expansion across these regions
- Increasing pipeline of opportunities in blue hydrogen – now over 20 projects – including HyNet which continues to move towards commercialisation in 2025
- In Clean Air, on track for strong cash generation in 2021/22
- Delivered £42 million of cost savings, from our total programme of £110 million per annum by 2023/24
Robert MacLeod, Chief Executive, commented:
We delivered a resilient trading performance in what has been a challenging environment, given the supply chain volatility which has affected a number of our end markets.
Looking forward, the changing world around us means that Johnson Matthey has never been more relevant. Our metal expertise and process technologies are critical to many new markets focused on climate change solutions and give us a strong competitive advantage. We have strong foundations in Clean Air and in Efficient Natural Resources and exciting opportunities to drive our future growth in circularity, hydrogen and decarbonisation.
To ensure we are focusing our resources on these core growth opportunities we have taken some strategic decisions around our portfolio. In particular, we announced our intention to exit Battery Materials as we concluded that this business would not generate adequate returns for us. In addition, today we are announcing that we have agreed the sale of Advanced Glass Technologies and are in discussions about the potential sale of our Health business.
After eight years in the role, I will be stepping down as Chief Executive, with Liam Condon joining as my successor from 1st March 2022 and I wish him well in leading Johnson Matthey through the next stage of its evolution.
Outlook for the year ending 31st March 2022
Our expectations on guidance for the year ending 31st March 2022 are unchanged from our trading update on 11th November.
Demand remains strong in many of our end markets. However, supply chain volatility especially the shortage of semi-conductors is affecting production for a number of our auto and truck customers. Global auto production is now forecast to decline 5% for our fiscal year which is a 14% reduction since our trading update in July⁴. Consequently, precious metal prices have also declined, largely because of the lower demand from the automotive industry. We are also experiencing acute temporary labour shortages in the US that are adversely impacting our Health business.
For 2021/22 we expect growth in underlying operating performance to be low single digit at constant precious metals prices⁵ and constant currency.
If precious metals prices remain at their current level⁶ for the rest of this year, we would expect a full year net benefit of c.£45 million.
At current foreign exchange rates⁷, translational foreign exchange movements for the year ending 31st March 2022 are expected to adversely impact underlying operating profit by c.£15 million.
Our capital expenditure is now expected to be c.£450 million for the year⁸ given our intended exit from Battery Materials.
Dividend and share buyback
The board approved an interim dividend of 22.0 pence per share, an increase of 10% against the prior year (1H 2020/21: 20.0 pence per share). The interim dividend will be paid on 1st February 2022 to shareholders on the register at 3rd December 2021.
The board has also approved a share buyback of £200 million that will commence in the New Year.
Chief Executive Announcement
As previously announced, Robert MacLeod will step down as Chief Executive and from the board on 28th February 2022. Robert will stay on to support the transition process until the Company’s Annual General Meeting on 21st July 2022, when he will then retire from JM. Liam Condon will succeed Robert MacLeod, joining as Chief Executive on 1st March 2022.
Group Management Committee Change
Joan Braca, Chief Executive Clean Air, has decided to leave Johnson Matthey. Joan’s last day will be on 31st December 2021.
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
Barney Wyld, Group Corporate Affairs Director, 020 7269 8001
Harry Cameron, Tulchan Communications, 07799 152 148
Notes:
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 50.
2. Unless otherwise stated, sales and operating profit commentary refers to performance at constant exchange rates. Growth at constant rates excludes the translation impact of foreign exchange movements, with 2020/21 results converted at 2021/22 average rates. In 1H 2021/22, the translational impact of exchange rates on group sales and underlying operating profit was negative c.£71 million and c.£6 million respectively.
3. Revenue excluding sales of precious metals to customers and the precious metal content of products sold to customers.
4. As forecast by external consultants – IHS (October 2021).
5. Based on actual precious metal prices in 2020/21.
6. Based on current precious metal prices as at 22nd November 2021.
7. Based on foreign exchange rates as at 22nd November 2021.
8. Our previous guidance was for capital expenditure of up to £600 million for the year, which included our investment in Battery Materials.
