Good morning, everyone. I'm Martin Dunwoodie, the Director of Investor Relations at Johnson Matthey. Welcome to the London Stock Exchange this morning and our full year results presentation. Unfortunately, we don't have a live audience here today, but hopefully we will be able to see each other soon. We have a presentation followed by Q&A, as usual, with our Chief Executive, Robert MacLeod, our Chief Financial Officer, Stephen Oxley, and our Sector Chief Executives for Clean Air and Efficient Natural Resources, Joan Braca and Jane Toogood. With that, I will hand over to our Chief Executive, Robert MacLeod. Thanks, Martin. Good morning, everybody. I hope you're all very well. To start with, I'm very pleased that we have today delivered a robust set of results. In the context of a global pandemic, where some of our key end markets saw significant volatility, this is a testament to the efforts of everyone across JM. After a challenging first half, we saw a strong recovery through the second half. It's pleasing to report that this momentum has continued into the current year. More so than ever, over the last 12 months, we've worked to support each other, keep everyone across JM safe and well, while continuing to deliver for our customers and driving significant changes across JM which will enable growth going forward. As the world moves at pace to solve urgent challenges such as addressing climate change, improving air quality, enabling the transport and energy transitions, decarbonizing chemicals production, and creating a more circular economy, JM has never been more relevant. We are leveraging that to develop sustainable solutions to solve these challenges. We have clear strategies for our businesses. We will capitalize on tighter legislation in the coming years to grow our Clean Air business. Joan will also detail the levers we can pull to ensure that we will generate at least GBP 4 billion of cash in the coming 10 years as Clean Air's markets mature. We are also strongly positioned to win in a net zero world and are well-positioned to benefit from the push for decarbonization and increased circularity. This will drive growth in Efficient Natural Resources, as well as in battery materials and hydrogen. To manage the transition in our end market successfully, our business needs to be agile to take advantage of the fast-changing world around us. That's why we're creating a more focused and efficient business and promoting a high-performance culture to set us up for success. This will save costs and drive clear accountabilities. At the same time, we're actively managing our portfolio to ensure that we focus on businesses where we have clear competitive advantage. Across all of JM, we're really excited to be playing our role in the transitioning to a more sustainable future, helping our customers achieve their ambitions. We've also recently announced our own new sustainability goals, as I'll explain on the next slide. As you'll see throughout this presentation, we have a growing number of solutions to help achieve our vision of a cleaner, healthier world. At the same time, we need to be doing our bit by decarbonizing our own operations and supply chains. We've set ourselves some ambitious targets. We've committed to being net zero by 2040. Alongside this, we've outlined science-based targets, an absolute reduction in Scope 1 and Scope 2 greenhouse gas emissions of at least 33% and Scope 3 greenhouse gas emissions of at least 20%, both by 2030. These will be challenging. By moving to renewable energy, improving our plant operations to minimize processed greenhouse gases, working with our supply chain partners to reduce their emissions, we can achieve this. Furthermore, through our asset renewal program, we will be reducing our dependence on natural gas by switching to alternative energy sources such as hydrogen as they become available. It's pleasing to see that our efforts are being increasingly recognized by our stakeholders. I'll talk more about our strategy shortly, but first let me hand over to Stephen to introduce himself and give you the financial highlights. Stephen. Thank you, Robert. Good morning, everyone. I joined Johnson Matthey in April, which was straight after year-end. You can imagine it's been a pretty hectic few weeks. I do know JM well from my time at KPMG when Johnson Matthey was previously a client. What's great about JM, which is really why I'm here, is not only the opportunity to help transform the company, but also to genuinely provide solutions that will help transition to a more sustainable, greener, and healthier world. I'm going to start by looking at my priorities for the company. Firstly, it's ensuring that JM just executes on the basics, doing what we say we'll do, continuing to improve our controls, our systems, delivering efficiencies, and improving our cash generation. Secondly, we need to move quickly to commercialize our great science and capture value from it. That means Johnson Matthey being more focused, more disciplined in our investment, and being more agile and moving at pace to drive growth. We'll do that with a strong grip on our balance sheet and a clear, disciplined allocation of our capital to prioritize investments and growth, both organic and bolt-on, and to continue to pay a sustainable dividend. After which, we'll consider the return of any excess capital. Let's begin by looking at this year's financial highlights, where we've delivered a robust performance throughout the pandemic. It's been a year of two halves. Following a challenging first half, our end markets recovered strongly, particularly for Clean Air, and helped by higher precious metals prices. Our second half operating profit was up 30%. This momentum has continued with a strong exit rate into the current financial year, where we're performing well. We're continuing to run our businesses better. Our efficiency initiatives are on track, delivering GBP 66 million in the year, with more to come from our manufacturing footprint. Despite higher precious metals prices, we've delivered significant reductions in working capital and generated improved free cash flow of GBP 305 million. We ended the year with lower net debt at GBP 775 million, down by over GBP 300 million from last year. We proposed a final dividend of GBP 0.50 per share, making it GBP 0.70 for the year as a whole. Let's go into the financials in more detail. Starting with sales, which were down 5% over the full year for the group as a whole. The impact of COVID-19 was mostly felt in our first half, particularly in Clean Air, where sales were impacted by customer shutdowns and by weaker demand. In the second half, demand recovered strongly with total sales up 11%. I'll go through sales for each of our sectors in detail shortly. First, group underlying operating profit that was down 5% for the year. The impact of COVID-19 was partially offset by the benefit of higher metal prices. We incurred higher corporate costs that include the impact of bonuses payable this year, compared to a very low base for 2020. Again, second half profits were significantly stronger, up 30% year-on-year, with a strong recovery in Clean Air, as well as the benefit of those metal prices. Turning to our sectors in more detail. Our Clean Air business was most affected by the pandemic. We saw demand weaken and our customers temporarily closed plants, which led to a significantly weaker first half performance. While there's been volatility in demand, we saw a strong recovery in the second half with sales up 16% over the previous half-year. For the year as a whole, sales were down just 7%. In light-duty, we outperformed global auto production due to increased value from tighter legislation in Europe, in China, and in India. In heavy-duty, the Americas and Europe performed in line with the depressed market, whereas in Asia we outperformed, benefiting from the value uplift driven by China VI, which is now about 25% of the way through its adoption. Looking at U.S. heavy-duty and the Class 8 truck cycle, where JM is the market leader, we did begin to see that market recover in Q4 with continued strength today. The bars on the right-hand side of the chart here show the quarterly progression of Clean Air sales. You can see the full impact of the pandemic at the start of the year with a strong recovery from Q2. The business has had a good start to the current financial year, with April showing a strong performance and with continued strength in end market demand. We are seeing the auto supply chain struggling with a number of shortages, including microchips, so we do expect some volatility through the course of this year. Overall, Clean Air operating profit was down just 8% year-on-year. The work to consolidate our manufacturing footprint is well underway, and with volume recovery, our second half margin of 13.6% is moving back towards pre-pandemic levels. In Efficient Natural Resources, sales were broadly flat. The two main drivers here were a strong performance in PGM Services, offset by a weaker performance in Catalyst Technologies. In PGM Services, our refining and trading businesses benefited from higher average PGM prices that made a net contribution of around GBP 80 million, as well as benefits from a more volatile price environment. In CT, we saw good sales growth in our first fills business as new hydrogen and ammonia plants came on stream. Recurring catalyst sales were lower. Here, our methanol catalyst business declined in comparison to a strong performance in the prior year with the phasing of customer change-outs. Some of our end markets were impacted by weaker demand affected by the pandemic, particularly in formaldehyde and additives. In licensing, sales were also down as we saw delays on new plant builds, also because of the pandemic. However, we have a strong pipeline of projects, and we signed 10 new licenses in the year, thereby locking in future catalyst sales. We've also started to recognize our first income from our new technologies, including catalysts used in the production of sustainable aviation fuel and from low carbon blue hydrogen projects, both of which point to a really exciting future. Underlying operating profit for the sector grew by 6%, primarily as a result of the metal price benefit in the year. Our margin expanded to 25.4%. Moving now to health. Despite COVID, sales grew in both our generics and innovator business. This included sales from our API product pipeline of around GBP 60 million. In generics, sales grew 11%, primarily driven by new agreements for the supply of opioid addiction therapies. Our innovators business grew 3% as we saw increased demand from Gilead, where we supply the active ingredient for TRODELVY used in the treatment of triple-negative breast cancer. In new markets, sales declined 6%. In fuel cells, we continue to see strong demand, with sales up 24% in the year to GBP 41 million. Growth was driven by increased demand from our automotive customers, particularly in Asia. Sales to auto customers have now doubled since the prior year and now represent around half of all fuel cell sales. We expect further rapid growth in fuel cells. Robert will talk further about our recent wins. We also saw sales growth in Life Science Technologies, a business that provides advanced catalysts to the pharmaceutical and agricultural chemicals markets. New market sales were offset by lower sales in battery systems and medical device components, which were both impacted by the pandemic. Our sales decline includes the disposal of two small non-core businesses in the second half. I've included a note in the results release to say that we're making some small changes to our reporting segments for FY 2022. These will provide you with greater transparency of our new market's green energy businesses and separately our value businesses, which are non-core as we continue to focus on our growth opportunities. As we move further down the income statement, finance charges were broadly in line with the prior year. We've worked hard to reduce the amount of metal required within our business, and this is now starting to come through in lower finance costs. The underlying effective tax rate was 16.3%, slightly higher than last year and affected by the mix of profits. Underlying EPS was down 9%, reflecting the lower underlying operating profit. Our reported or GAAP operating profit was impacted by GBP 171 million of impairment and restructuring charges associated with the initiatives to transform JM into a more effective and efficient company. GBP 91 million of the charge was for non-cash asset write-downs. The majority of the spend relates to the restructuring of Clean Air and the rationalization of its manufacturing footprint. Our efficiency initiatives are on track. Our active program delivered GBP 37 million of benefit this year, with annualized savings of GBP 110 million expected by the end of fiscal 2024. These are in addition to the previous program that is now complete. Some of you will know that I have a strong dislike of perpetual exceptional restructuring charges. Only expect these when we announce a major change to our operations. Our balance sheet is strong, with net debt to EBITDA of 1.2x, slightly below our target range of 1.5-2. We've delivered this great outcome by further reducing working capital with our refining backlogs now running at historically low levels. Looking at precious metal in particular, our actions reduced backlogs by GBP 581 million before the impact of increased volumes and higher metal prices. Leaving us broadly flat for precious metal working capital overall. We've also made good progress with our non-precious metal working capital that was down by GBP 196 million, although some of this is timing and will reverse. The value of our metal leases, which are held off balance sheet, remained flat. Looking at FY 2022, assuming our end markets remain robust, we expect to deliver low to mid- teens growth in underlying operating performance at both constant currency and assuming constant metals prices. Current exchange rates indicate a headwind of around GBP 25 million to operating profit. On metal, we've indicated that should high prices remain, especially for rhodium and palladium, we would expect a significant additional benefit of up to GBP 120 million. Of course, sustained higher metal prices will also result in higher working capital and net debt, which as Joan will describe in a minute, we are working hard to moderate and limit the impact on our cash flow. Finally, CapEx, where I want to give you some more color. In the coming year, we expect CapEx to be up to GBP 600 million as we continue to invest in our strategic capital projects to drive future growth. These include our continued investment in battery materials, which is on track and in line with previous expectations, and which Robert will come to in a minute. In Efficient Natural Resources, we're investing in our PGM refineries, both our new refinery at Royston in the U.K. and the renewal of our asset base to improve the resilience and efficiency of this business and to increase our refining capacity. We're also investing more in hydrogen to take advantage of our leading positions in fuel cells and green hydrogen and the strong growth that we expect in these markets. With that, I'll hand back to Robert. Thank you, Stephen. You've seen our performance in the year. Now let's talk about the exciting opportunities that will drive our future growth. As we said before, our vision is for a cleaner, healthier world, not just today, but for future generations. Throughout our history, we have helped to address some of the world's complex challenges, and as the world builds back greener following the pandemic, our capabilities have never been more relevant. There's an urgent need for more sustainable solutions to address climate change. Our technology is central to this. Joan and Jane will shortly talk you through our plans for Clean Air and Efficient Natural Resources. Strong cash flow generation in Clean Air, an exciting growth in Catalyst Technologies given the move towards a net zero world. In Health, we continue to make progress with our new product pipeline, as Stephen outlined. Although you are aware that we've commenced a strategic review of our Health business, we're doing that now given the compelling range of other opportunities we have across the group. We have a significant opportunity in both battery materials and hydrogen, as I'll talk to you shortly. At the heart of all of this is science and complex metal chemistry. I'll now hand over to Joan and Jane, who will talk through what we're doing in Clean Air and then Efficient Natural Resources. Joan. Thank you, Robert. Good morning, everyone. It's really great to be here today. What I want to do is to give you some color around how I think about Clean Air and its strategy. Clean Air is a really great business. It's had several decades of good growth and profitability underpinned by very strong social purpose. We see further growth in the coming years from new regulation in China, India, Europe, and possibly the Americas. Our market will mature at some point as vehicles electrify, and in a maturing market, you need to be very smart about where you play, how you win, and the skills and capabilities you need to manage the maturity curve. You need to think about the market scenarios that could develop and be sure you're agile enough to deliver consistent performance in any of them. When I joined, I spent time with our employees, customers, and regulators to really get under the skin of the business. This has helped us sharpen the strategy. It's not a wholesale change. It's rather a pivot to drive specific focus on where we play, how we win, and which skills and capabilities we need to generate the most value for our stakeholders. Our strategy is differentiated depending on the segment, and you can see the rough split of our business from the chart. In diesel, we're the leader. The technology is harder and more complex than it is in gasoline, and this really plays to our strengths. We have strong positions today in both light and heavy duty. The heavy duty market has longevity given that the move to electrification there is harder and further away than it is in passenger cars. Light duty diesel will electrify more quickly. We're focused on retaining our share in both segments, and we will bring specific focus to driving efficiency as they respectively mature. In gasoline, our strategy is to be selective. It's a huge market. It's more competitive, and it's also more intensive in terms of working capital. We're targeting the highest return business in the parts of the market where we know we can be a technology leader or be differentiated in terms of supply or service. It's important to note that Clean Air strategy goes beyond how we win in Clean Air. It's really about how we win across Johnson Matthey. Particularly, how we help build new businesses like fuel cells and battery materials. We've got decades of experience in automotive and long-standing customer relationships, so it's our job to be Johnson Matthey's ambassador to the automotive industry. We open the right doors for fuel cells and battery materials. We get everyone in the room to hold the right conversation so we can give our customers the best solution as they evolve their powertrains. I won't spend too long on this slide. I want to quickly show you the various market scenarios that we see for powertrain evolution. In the center is our 2030 base case, and to the sides, you'll see scenarios for faster and slower electrification. Versus our last guidance, our base case is updated to reflect recent market developments, including faster adoption of battery electric vehicles and a decline in the light-duty diesel fraction in Europe. You will also note that in the fast electrification scenario, we took a very prudent view of how the market size would look, and we held it at 90 million because we really wanted to pressure test our ability to perform. We've run a model against every scenario and we're comfortable we know how to pull the right levers in each of the cases outlined so that we deliver consistent cash performance across our scenarios. Now let's have a look at what those levers are. First off, Clean Air will continue to see good profit growth. We will continue to see the overall market size recover in the coming years. We've also got value uplift coming from China VI in heavy duty, from Euro 6d-ISC-FCM, and this gives us modest top-line growth to the middle of the decade. Post that, we anticipate seeing combustion engines decline, we will generate profit growth with China VII and Euro 7. With a changed administration in the U.S., there's also a good chance we'll see more legislation there. New legislation is a great thing for us because it raises the bar. It means there are challenging technical hurdles to overcome. For example, some of the new legislation being talked about could require an 80% reduction in particulates and an 80% reduction in NOx in the heavy-duty diesel segment. Our technology leadership will enable us to capture value as we develop solutions to these new challenges. We will continue to invest in R&D through the course of the new legislation. As the market matures, we'll further increase our focus on driving efficiency and cash flow. We absolutely need to be best in class on costs, and we have a number of levers that we can pull. We're delivering a number of excellence programs and also driving very rigorous management of our overheads in line with our volumes. Our footprint offers exciting opportunities for us. Our newest plants are completely standardized, and they're a step change in efficiency versus our old assets. We now have five of these world-class manufacturing plants, two in Europe, two in Asia, and one in America. This gives us a truly global, efficient, yet flexible network which can absorb the growth and also offer us consolidation opportunity as our market matures. In fact, we've already started to consolidate some of the older capacity in Europe into our new plants, and we're seeing the benefits. Our final strategic investments are now substantially complete. Our big spend is behind us, which means we target CapEx at around GBP 50 million per annum. To frame this number for you, we've spent around GBP 135 million per annum over the last three years on average. We've also looked really hard at how we manage working capital to support the driving of cash flow. Our new global supply chain team is in place, and they're helping us to optimize inventory. We're also resetting customer terms where needed so that we appropriately share risk. It's not these levers in isolation that's important, it's how we manage them across the different scenarios. In the more extreme case, where we see faster electrification, we can pull our efficiency levers harder and faster. For example, looking at our network of 16 plants and consolidating it faster to drive out cost more quickly. This gives us confidence that we'll deliver attractive cash generation that's more than GBP 4 billion over the next 10 years under our range of scenarios. Assuming stable metal prices, we expect to deliver this GBP 4 billion in broadly equal increments, so approximately GBP 400 million per annum. Thank you for listening and from here, I'm pleased to turn it over to Jane Toogood, who's going to talk to you about the very exciting opportunities we have in Efficient Natural Resources. Jane, over to you. Thank you. Thank you, Joan Braca. Good morning, everyone. Today, I want to tell you why Efficient Natural Resources is strongly positioned to enable and win in a net zero world. While COVID-19 has been an extraordinary challenge for society as a whole, what we've seen is a step change in the desire to create a more sustainable future for our planet. As the world builds back greener, JM's technology is at the heart of this revolution, and we've seen a huge acceleration in the demand for our sustainable technologies. These are solutions that we already have or are developing, and it's brought forward their adoption by multiple years. This growth builds on our strong foundations and leading positions across the sector. We are the world's leading refiner of platinum group metals and a leading supplier of catalyst and process technology in the chemicals space. We've many decades of experience developing our technology and working together with customers to apply it, building those strong and trusted relationships. We'll continue to grow from this strong base in areas like methanol and ammonia. As the transition accelerates, tomorrow's world is going to need new solutions, which will be about decarbonization and circularity, and we'll be applying our sustainable technologies to enable these, as this is at the heart of what we do. I'll come on to explain our role in both of these. Looking at decarbonization. One of the areas we unlock such as hydrogen, carbon, and oxygen. It's vital in the production of hydrogen, methanol, and ammonia, which help to make many of the products we all use every single day. Around 40% of major primary chemicals production come from the syngas value chain. This is relevant today and will remain relevant tomorrow. However, these value chains need to be decarbonized. Catalysts in segments such as hydrogen, methanol, and ammonia. Importantly, our technologies are feedstock agnostic, so we can grow in a decarbonized world. We have deep expertise in fine-tuning the process technology and the catalysts to work better with varied feedstocks. Just as importantly, we can adapt the processes in collaboration with our customers to help them decarbonize their production. For example, by improving efficiency, improving and incorporating renewable energy into the processes, switching to hydrogen fuel with potential pull-through for our hydrogen technologies, and integrating with carbon capture. In the future net zero world, customers will be producing these chemicals with green feedstocks, incorporating green hydrogen and using renewable energy, so-called e-chemicals. For instance, using green hydrogen to produce green ammonia and other green chemicals. With the growth of the hydrogen economy, ammonia and methanol will be increasingly important as potential hydrogen carriers, ways to transport green hydrogen between where it is produced and where it is used. Not only can we help customers decarbonize their existing processes, but as they shift to these new paths, we have the technology to enable them. An example of this is the Haru Oni green methanol plant being built in Chile. Given the increasing desire for our customers to decarbonize and produce chemicals in a sustainable way, and that there are hundreds of plants globally in the syngas value chain using our catalysts and process technologies, we are confidently targeting Catalyst Technologies to deliver high single-digit growth over the medium term. To summarize, we have the technologies the world needs, and we have the longstanding and trusted customer relationships. We are a leader in these areas it's at the heart of this transition. We're a leader in circularity. Our platinum group metal recycling business is the largest globally, and it's more than twice the size of our nearest competitor. We are already playing our part in increasing the recycling of scarce critical materials and reducing carbon intensity. In fact, a gram of recycled platinum group metal contains around 50 times less embedded carbon than newly mined metal. It makes sense to reuse and recycle where possible. PGM recycling is not the only technology of today. It will be critical going forward as many of the sustainable technologies, such as fuel cells and electrolyzers to produce green hydrogen, need scarce metals such as platinum and iridium. Our technologies will enable lower carbon intensity, the security of supply of these scarce but critical materials that our customers need, and it will give them the confidence of knowing that their raw materials come from a sustainable and a reputable source. We'll build upon our existing expertise to help our customers in designing to recycle so that their products are more easily recycled, promoting further closed loop circularity. We'll also apply our expertise in new settings and are ideally placed to expand into fuel cells recycling and battery materials recycling with lithium, nickel, and cobalt. You've heard today that we are well positioned for a net zero world, but we are already seeing our technologies beginning to be used today in this transition. You can see here a few examples of projects already being commercialized. Our leading blue hydrogen technology already has a pipeline of around 15 projects globally, which has the potential to support our growth with licensing and engineering fees of, say, around GBP 60 million for a blue hydrogen plant, around twice the size of HyNet phase 1, and roughly GBP 5 million of catalyst refills every three to four years once the plant is running. We're involved in the recent Haru Oni project being developed in Chile with Siemens Energy and Porsche for e-fuels. With our technology enabling the production of e-methanol in the process. You've heard us mention before, our technology is being used in the production of sustainable aviation fuel from waste. We're also actively developing further solutions, and we'll see growth coming from recycling as we expand into. Five, with the expected level of growth in the market, supply of locally sourced cathode materials will be in deficit if we look at capacity announced to date. It's vitally important for the market that we continue to move at pace to address this opportunity. Our customers and supply chain partners tell us about the importance of creating a fully sustainable battery ecosystem, which is what the ultimate consumer is demanding. I'll now give you some more color on our progress across each of these areas, starting firstly with customers. As we said before, the testing and development timeline for our customers is quite long, and we would expect to be in the full cell testing stage for up to about two years. We're pleased with our progress as we continue to move through the development funnel as we expected. Our materials continue to third party Wildcat Discovery Technologies. These are positive developments giving us further and continued confidence in our materials. In addition, to support more advanced testing and customization, we recently opened our second state-of-the-art battery technology center, which is in Oxford. These centers allow us to work with customers more closely, more advanced testing facilities and increased capacity to start construction later this year. This plant, like our plant in Poland, will be powered solely by renewable energy. To make sure we protect the local environment, it will use an innovative waste treatment solution to treat sodium sulfate, a common byproduct of cathode materials production. We've also secured a long-term sustainable supply of critical materials, including nickel, cobalt, and lithium hydroxide, given related, but the technologies, customers and manufacturing processes for them are very closely aligned to our other syngas related routes that Jane described. That said, like this year, going forward, we will provide detail of our total sales to the hydrogen market to give you an idea of the scale of our overall hydrogen offering. We're seeing strong momentum in these businesses. I'll take you through each of these in turn. It's where the clever chemistry is. The membrane in particular helps with durability, a key performance metric for OEMs. As well as improving performance, we're also working hard on the cost down roadmap. The market is growing really quickly, and the outlook is very positive, in line with or potentially even ahead of the guidance that we gave last September in our hydrogen seminar. Namely, a catalyst-coated membrane market in 2030 of around GBP 1 billion or more than GBP 10 billion per annum in 2040. On the customer front, we're working with many of the leading fuel cell players, including Doosan, as well as REFIRE Group and SinoHytec, the only two Chinese government approved system integrators. Most recently, we signed a development agreement and a long-term supply agreement commencing in 2022 with a major German automotive supplier for the supply of next generation catalyst-coated membranes into the global automotive market. The customers that I've mentioned are all system integrators or stack manufacturers, and as such, they will be targeting more than one OEM each, giving us access to a wide number of potential downstream customers and ultimately demand. Having said that, of course, we're also working with a number of OEMs directly as well. We're seeing lots of activity in the market, and this is evident from our strong customer pipeline, which includes around 10 major truck and automotive OEM platforms due to launch from 2022 to 2025. To support this demand, we've doubled our manufacturing capacity in the year to around 2 GW across the U.K. and China. Given the opportunities ahead of us, we're already planning major expansion beyond this. We're well on track to delivering a business that will have sales of around GBP 200 million by 2025. To hydrogen production. Building on our expertise in fuel cells, things have progressed really quickly this year in our green hydrogen business. That's being the production of hydrogen by electrolysis of water using renewable energy. Our focus is on the development and manufacture of catalyst-coated membranes for PEM electrolyzers. We've been testing our products with a number of the leading electrolyzer manufacturers with very good feedback on our performance. We're seeing that paying off already with one of these players with the recently signing of a memorandum of understanding with Plug Power for the supply of key components across the value chain for the production of green hydrogen. We are delighted to be collaborating with Plug Power, one of the leading players in the hydrogen market globally, and look forward to working together as we accelerate the commercialization of this technology. With our existing manufacturing capacity here in the U.K., we can already work on world scale projects, and we can rapidly scale up to multi-gigawatt capacity as demand increases. This is exciting progress, and we anticipate first commercial sales from this business in 2022. In blue hydrogen, you've already heard from Jane Toogood where we are further advanced. As you can see, things are coming along well in our hydrogen business. We have a significant opportunity over the next decade as this market comes towards us. Given our leading technology and customer traction, we're strongly positioned to benefit. Taken together across our hydrogen offerings, we would expect to grow from the GBP 100 million of sales that we have today to at least GBP 300 million by 2025 or up to half a billion if the market moves forward more quickly, which it well could. Before we move to Q&A, let me wrap up. In a world that's moving to a more sustainable future with net zero at its core, JM has never been more relevant given our strong portfolio of sustainable solutions. At the same time, we've set ourselves our own new ambitious sustainability targets. We have a multitude of growth opportunities in the short, medium and long term. We're continuing to focus our portfolio to concentrate on these exciting growth opportunities, and we're investing at pace. We delivered a robust performance with good cash generation in the last year. Looking forward, this year has started well, supported by strong momentum in our key markets that have continued to recover well. As you've heard today, this means we expect to deliver low to mid-teens underlying operating performance this year before taking account of the benefit of higher current metal prices. At least GBP 4 billion of cash from Clean Air in the coming 10 years. High single digit growth in Catalyst Technologies in the medium term, all alongside our longer term growth opportunities to scale up our hydrogen and battery materials businesses. That concludes our presentation. Thank you very much for your time listening. With that, we'll be very happy to take your questions. Ladies and gentlemen, we now begin the question and answer session. If you wish to ask a question, please press star one on your telephone. We have the first question from the line of Tom Wrigglesworth from Citi. Please go ahead. Excuse me. Can we turn the volume up a little bit? It's hard to hear. Yeah. The first question is from the line of Tom Wrigglesworth from Citi. Please go ahead. That's much better. Thank you. Tom, good morning. Good morning, Robert and team. Thank you very much for the presentation. Three questions, if I may. Firstly, you've given us obviously your CapEx assumptions for your GBP 4 billion of cash flow generation from Clean Air. I was wondering if you could elaborate a little bit further about the assumptions on the shape of the market over that 10-year period, just so we can kind of get some barometer of the conservatism of the assumptions made. Second question, if I may, a little bit more near-term focus. We can see that ENR lost GBP 84 million of sales, largely due to the COVID. Does that recover rapidly into the FY 2021, 2022? Do you then grow on top of that GBP 84 million in that timeframe? My third question is, you clearly state Wildcat Discovery Technologies has validated your eLNO. Could you just elaborate for us as to what that means? Is there approval? Is that approval requisite for some customers? Does that give you access to a broader market, perhaps than maybe without having that Wildcat Technologies approval? Thank you. Thank you, Tom. Look, we'll go through those three questions and I'll hand the first one, Joan, if I may, just a little bit more color around the scenarios. Absolutely, Tom. Great question, and thank you. Look, the way I think about the GBP 400 million or the GBP 4 billion was an at-least number, and it's a number we feel we can achieve across the range of the scenarios that we laid out on the slide. If I think about the most aggressive, which is fast electrification, we're assuming a market in light duty of GBP 90 million, whereas the center cut view of the market at that point in time would be north of 100, maybe 110. We're assuming LDD comes down to 5% in Europe, and what that means is light-duty diesel passenger cars essentially are gone, and that 5% really represents exports from Europe to other markets where LDD is probably still relevant. Battery electric vehicles at 40% is a very aggressive assumption. The center cut of the market is somewhere more like 20 or 25. I think our at least 400 is pressure tested against that faster electrification scenario, which is prudent upon prudent upon prudent. When I think about the shape of the market, when you look at all the information that's out there, our talks with our customers, et cetera, people, the center cut would be more the scenario that we've modeled at the base case, and you can see the numbers there on the chart. I hope that's the color you were looking for, Tom. Thanks. Thank you. Thanks, Joan. Jane, near term on Catalyst Technologies. Do you want to answer Tom's question there? Thank you, Tom. I think the question was a little bit about ENR actually in the near term in total. Of course, we don't give guidance at the sector level. I think we cover that at the group level. The markets have been recovering at different rates. I think if you look back at last year, of course, what we saw was that the PGM Services business continued working throughout the pandemic, and we actually continued our plants running, and we saw good demand for those metals through the year. We expect that to continue. With Catalyst Technologies, of course, we did have the hit from the pandemic, and we would expect to see that to come back. It does vary, of course, by location and by, of course, the sorts of technologies that are there. I think we would expect it to come back quite quickly. Lastly, on Wildcat Technologies. No, it's not a prerequisite to get any sort of approval or validation by Wildcat Technologies. It's just another independent outfit who tests lots of other companies, competitors' materials. It's for us to benchmark our materials versus others. The testing that really matters is the testing that happens with our customers, the OEMs and the cell manufacturers, which is separate from Wildcat. Although sometimes some OEMs do use Wildcat Technologies as well to do some of their testing. It's really further validation of our materials, and how we are benchmarking versus our competitors. Noted. Great. Thank you very much. Thanks, Tom. Thank you for your question. We have another question from the line of Andrew Scott from UBS. Please go ahead. Yeah. Morning, everybody. Andrew Scott, UBS. A two questions. The first one's going back to the GBP 4 billion cash flow guidance. Here, please, Joan Braca, correct me if I'm wrong on the math. If I'm assuming your cash flow guidance is ex tax, ex group interest costs, it sort of implies a run rate of high GBP 400 million to EBITDA for Clean Air for the long term. That's about GBP 50 million higher than you were doing pre-COVID. On the face of it, that looks ambitious, and I'm just interested in some of the levers you mentioned, market share in gasoline, the value uplift, for example, from Euro 7, and of course, cost savings. I'm interested in the weighting or the pecking order of those levers. What do you see as the most important factor in lifting your long-term EBITDA from pre-COVID? Again, I'm happy to be corrected on the basic maths. That's the first question. Second question is a bit more straightforward, probably one for Stephen. You've released GBP 1.7 billion through payables in the last two years. You've effectively had a cash cost of GBP 1 billion of receivables, so it's an impressive GBP 700 million net. How do you see that net developing over the course of the next 12-24 months? Thank you. Okay, Andrew. Thanks very much indeed for your questions. Joan, do you want to have a go at. Yeah Clean Air question around cash flow and the levers? Yeah, I'm happy to do it. Let me start with the levers that we have in front of us. The most lucrative lever is the footprint consolidation. We feel very good about that. We have 16 plants. Of those 16 plants, 11 of them are older, less efficient assets, and five of them are very new, very standard assets. Our new assets are not an order of magnitude better than our old assets, but they're multiples better. You can do the math on that and think every time we consolidate down our smaller plants into our bigger ones, we're in a much, much better place. That's very attractive. Overhead, supply chain, all these things, those are all degrees of increments, but we feel very comfortable that collectively our efficiency programs will give us a good chunk of money. We have no doubt about that. The value uplift is, we feel very strongly it's there. The world needs another round of legislations. We feel comfortable we'll see something in Europe, China, et cetera. If you look at what China VI did for us or what BS VI did for us, it was a multiple of the number of parts in the car, the bricks in the car, and it really did raise the overall profit and the value of the business for us. Look, we may need to take the math offline because I'm not sure I entirely followed, and Robert can jump in and help me here. The way I think about the math is, we're spending about GBP 85 million less in CapEx per year going forward than we had the three years prior. We're working super hard on working capital and inventory. At stable metal prices, you'd give yourself back GBP 50 or more there. Your underlying profit number plus the GBP 50 plus the GBP 85, we feel very comfortably, easily gets us to GBP 400. That's how I've thought about it. If that's not clear, we're happy to follow with Martin later. I think that was clear for me, Joan. I hope it was clear for you, Andrew. I think rather than going through the math now, it'd probably be better to follow up with IR later, if that's all right. On the working capital, thank you. I think it's a really impressive performance over the last few years. In fact, we came in with a lower net debt number than we were expecting by a little way. That, of course, is after absorbing a whole bunch of higher metal prices that came through, particularly in the second half of the year. How have we done that? We've talked about the backlog reduction in our refineries, and we've talked about precious metal working capital in Joan business, in Clean Air, also being managed really tightly. On the non-precious metal, you've seen that come down a little bit, and we'd hope to maintain at least some of that. Look, I'm confident that we can maintain the current position. We're not going to let go on that discipline at all. I think we will see a tick up a little bit as a result of the higher metals prices. Of course, we'll work hard, as we've described, to mitigate as much of that as we possibly can. I think it's clear as well, just to build on that is, with our backlogs in our refineries now at historically low levels, we're not as exposed to the swings in metal prices as we once were. Maybe a couple of years ago when we had significant backlogs, these higher metal prices would have had a really significant impact on our working capital. Of course, with backlogs levels much lower than we're much more robust. Thank you very much. Thanks, Andrew. Thank you for your question. We have the next question from the line of Charlie Bently. He is from Jefferies. Please go ahead. Hello? Hello, can you hear me? We can now, yes. Okay, perfect. Thank you for having me on the call. I've got a couple of questions, perhaps starting with blue hydrogen. I understand that you will hit your first revenues on the two projects, the HyNet and the other one. May I ask what proportion these revenues account for the GBP 100 million of total hydrogen revenues you generated this year? What contributions should we expect from these two projects specifically in 2022? Also, when would this be completed? I understand you also have 15 projects in the pipeline. When could you expect the next set of awards? Maybe on fuel cells, just a quick one. I understand that the bulk of your revenues are generated in China, and you already have Synosynergy, we heard fuel cells running in trucks and buses there. Where could we see fuel cells included in vehicles outside of China, in Europe and the U.S.? Thank you. Fine. Thank you very much for your question. I'm afraid I don't think we're going to give much help for you on blue hydrogen. Jane, maybe you want to give a little bit of color, but we don't want to go into getting into much detail on every individual project. No, I apologize because I couldn't hear the very beginning of that. If you can help me with the I've got all the piece about the different projects, but perhaps let me just give you a picture about blue hydrogen. It's a really interesting time, of course, in the hydrogen market, and blue hydrogen is an essential part of the solution in terms of technology, just as green hydrogen is. We're going to need both of these technologies if we're going to decarbonize in the future. We're seeing a real uptick in interest, as I described earlier. We have 15 projects in the pipeline. They're at early stages, and this is consistent with what you'll be reading about as you're reading IEA reports and so on. We're working in those stages. We're at the stage where we usually work extremely closely and confidentially with customers to tailor what they need to really suit the project. For that reason, I won't give you any further details about it. I did mention, of course, both the HyNet and Acorn projects, where we've seen some of those first revenues, and they are, again, at an early stage, there's information about those available, what we need now are these projects to move to FID so that the world can decarbonize. I did hear the first part of the question. Look, we give you the fuel cells component, about GBP 40 million of the GBP 100 million. The lion's share of the other component is on gray hydrogen. It's catalyst into the gray hydrogen market because, as Jane just said, the blue hydrogen market is at very, very early stages. We expect it to grow rapidly, it does require, as Jane said, these projects to actually get approved. It's still fairly early days in the blue hydrogen market. The gray hydrogen renewal of catalyst will remain and keep going. On fuel cells, yes, we are selling into the Chinese market today. Significant majority of our sales to the automotive market are into China. We would expect to see that continue to grow over the next few years. I think outside of China, there's a lot of activity in Europe and North America. It's probably a few years away before you start to see meaningful sales growth here, because you've got to develop the whole infrastructure, not just making a truck or making a bus. You've got to have the hydrogen fuel cell, sort of fueling systems as well. A little bit of time to wait, I think, before we're going to see much growth here in Europe and America. In the meantime, I think very significant opportunities, particularly in China and other parts of Asia. Okay. Thank you. Thank you. Thank you for your question. We have the next question from the line of Alex Stewart from Barclays. Please go ahead. Hi there. Good morning. Good morning. Thanks for taking my question. Can I ask one on eLNO, which we don't talk about so much anymore. You, JMat, has always talked about cathode manufacturing being high fixed cost operation, Umicore, and plenty of other people talk about the same thing. You've also talked about wanting to get to sort of 70,000 to 80,000 tons of scale in order to get the kind of returns that you were aiming for for cathodes. With all that in mind, could you just explain the rationale for splitting the 40,000 ton project into two different sites, which presumably come with twice the fixed cost loading? This strikes me as a high fixed cost initiative should aggregate around a fewer number of sites, rather than vice versa. I'd be interested to hear your thoughts on that, please. I think I got your question. It was really hard to hear you, but I think your question was really around two different sites rather than one site. I think there are sometimes efficiencies about having one single site, but of course, there are some significant risks of one single site, because, of course, then you run the risk of having all your production in one site, which, of course, the OEMs would be slightly nervous of if something went wrong on a particular site. I think as you grow this business, you'd always expect to see a number of different manufacturing plants. Where we are at the moment is as the market has moved forward, and as we're developing the market, what's very clear is having the sustainable battery ecosystem is absolutely vital. Access to those critical raw materials in Finland is very attractive to us, and that's why we're going there for our second plant. The diseconomies of having two plants are not material in the whole grand scheme of the overall capital investment. It's not something I would particularly worry about. Thank you. Thanks, Alex. Thank you for your question. We have the next question from the line now. Nicola Tang from Exane BNP Paribas. Please go ahead. Hi, everyone. Thanks for taking the questions. Firstly, on CapEx, thanks for the guidance for this year. Could you talk a little bit more about the direction of CapEx for the next few years? When does the spending on eLNO peak? How do we think about the investments in fuel cells from here? Do you need additional CapEx to achieve your net zero targets on the midterm? The second question was just on the health review. Could you just provide a little bit more context about why now, and what kind of options you're exploring? On those other value businesses, which you're now calling non-core, are those businesses that you will proactively try to exit from here? Thanks. I'll answer the second question first, and then Stephen, you can answer the CapEx question. Look, we're not going to really go into too much detail about the health review. It's ongoing. As I said when I spoke, why now is because we've got a tremendous number of very exciting growth opportunities. We want to make sure that we are really clear on the areas that we're going to focus on for growth. That's why we're doing a review of the health business. On the Values Businesses, we're very clear, again, they're non-core. That's all we're going to say at this stage. Okay, on CapEx. Beyond this coming year, I guess it's fair to say that there are a number of variables and phasing. Therefore, I would expect a number that is at least GBP 600 million for FY 2023. What maybe I'll do is give you a feel for some of the buckets, if you like, in that as they affect this year. We've said this year will be GBP 600 million. There's really three areas of growth that we're looking at that I mentioned. It's the investment in battery materials that Robert MacLeod's talked about. We've talked about the timing of the opening of the two plants, both in Finland and Poland, and therefore you have a feel for that. The second area is really hydrogen, which we're really excited about. That's both fuel cells and green hydrogen. The CapEx in this coming year is actually reasonably small. We'd look to accelerate that rapidly. Don't forget that's a high return on investment business. It's a modular degree of CapEx. We'll accelerate that over the coming years. Lastly, it's the refineries where we're looking both to put down new capacity, particularly in the U.K. and China, also to spend money to build the resilience and the efficiency of those businesses that releases working capital and enables us to run those businesses harder. That gives you a feel and of the GBP 600 I'd say that about two-thirds supports future growth and a third is what I'd call the maintenance CapEx just essentially keeping the lights on. That gives you a feel for this coming year. You can extrapolate some of that forward. Thanks Stephen. Thank you. Just to give you an answer on the net zero, we can't achieve net zero without spending some CapEx, but all the new plants that we're putting in place will obviously, and all the growth that Stephen's talked about, will have net zero embedded and all the targets embedded into those investments at the start. They'll need an element of retrofitting of things on our existing facilities, but the whole scheme of CapEx for those is relatively modest, and will be phased over the next few years. Makes sense. Thank you. Thank you. Your next question came from the line of Jean-Baptiste Rolland from Bank of America. Please go ahead. Hi, good morning. Thank you for taking my question. I have three questions. The first one on Clean Air. Do you see any upside to your BEV penetration base case of 30%, which you're showing on Slide 23? Looking at the strategy dates from Volkswagen and Daimler, it feels like targets are moving towards 60% penetration both in the cars and the truck segment. I was interested if you could elaborate on that point. Second question around the metal prices profit uplift. The GBP 120 million number feels a little bit high in the context of, for example, the profits that you realized in FY 2020, in FY 2020. Has there been a significant change in the palladium, platinum, and rhodium weight that you previously provided for your metal basket? Lastly, just a housekeeping question on your in the EBITDA bridge. I think you've got GBP 73 million of cost saving left to realize over the next three years. I just wanted to make sure, should we assume that these will be broadly split evenly across over that period? Thank you. Okay. Jean-Baptiste Rolland, thank you very much for your questions. Shall we start? Just go through the order and I'm going to hand all three of these questions over, actually. I'll start with you, Joan Braca, on your EV chart and VW and Daimler. It's nice to hand them all over, huh? Yes, exactly. From me. Okay. Hi, Jean-Baptiste Rolland, good morning. Great question. I watched the Daimler thing with interest over the weekend and paid attention to all the customer report outs. Look, my view on it is I think everyone in the industry, no one can predict the future, right? We all have different pressure testing scenarios, but we're all trying to make sure that we're prepared for the shift, whether it goes faster or slower. We all have different numbers in terms of how we pressure test. When I think about our base case, our base case is very much in line with government programs to put in infrastructure. It's very much in line with things like the European Commission mobility report. It does seem to be the middle of where industry thinks it's going to move. Our faster electrification was the equivalent of Daimler's 60% number. It was our pressure test for our P&L of how tough it could get for us. When you look at LDD, it's 40 some odd, 42% of our business now, it's 30% as a fraction today, we've cut it to five. We've held the market at 90 million. The market today is at 84. Holding it at 90 in the timeframe that we've outlined is a very aggressive way to think about it. I think we're all doing the same thing. I don't think our approach to it is any different. It's just that people pressure test their portfolio and their P&L in the way that best suits them. I feel very good. Our 400 is an at-least number. We get there even in this difficult, faster electrification scenario. Our customers' pressure test may look slightly different, and that's good for them. We feel very comfortable that our scenario is prudent upon prudent upon prudent, and we're prepared to deliver in that scenario. Thanks, Jane. The next question, Stephen, on metal prices and then the EBIT bridge, the cost savings. Yeah, I'll pick up both of those. On metal, look, we're in a volatile and high-price environment. Really, that's why we've split the guidance this year to pull out the underlying and then highlight the additional metal benefit. We've said GBP 120 million net. That number's moving around, actually, and we've provided in the back of the deck the current prices. To give you an illustration, the rhodium price has dropped 20% in the last three weeks. That's probably why it's slightly lower than you were expecting. To be clear, there's been no change in our palladium, rhodium basket. That hasn't changed. The mix hasn't changed. The mix hasn't changed, no. As we go through the course of this year, obviously, we'll update you on the price impact in those underlying results. On the EBIT bridge we've delivered, and this is the second program, it's in addition to the first program, we've delivered GBP 37 million of efficiency benefit this year. That will reach GBP 110 million by the end of fiscal 2024. I'd assume that sort of phases evenly across that period. Worth saying, of course, that you might not necessarily just see that drop straight through. There are all sorts of other costs in the business, so we'll have cost inflation, we may have some price deflation. It's clearly providing that overall benefit. Okay. Understood. Can I just follow up on your last point, Stephen, in relation to, because if I do the math and I take the GBP 504 million that you just printed and assume for the sake of the argument, a 15% growth underlyingly, that brings me to GBP 580 million. If I assume that you've got GBP 24 million of cost savings that you're going to print, then that essentially means that excluding the cost savings, you've got an incremental profit growth, organic, excluding cost saving, which is about 9%. It shows that in the guidance, you're essentially saying that you expect to recover roughly exactly what you lost last year in organic profit, if I'm not wrong. My question then is, why aren't you expecting more given the volumes and the pricing uplift from which you're benefiting in Clean Air in the coming year? Thank you. Look, you take the GBP 504 and then add the low to mid-teens on top. That brings you about to what you said, maybe a little bit less. There is the benefit of the additional amount, but as I said, that's offset to a certain extent by other costs that are coming through. Look, I would say, Jean-Baptiste, these are growth costs. We're investing more in hydrogen, in the fuel cell business, in the green hydrogen business. We're investing more in battery materials. Those are P&L costs. When we're giving you the number, which we're talking about low to mid-teens, that is, not surprisingly, a number for the whole group, which includes strong recovery in Clean Air, because, of course, we're not going to have the downturn that we had in the first half of the year we just reported. Recovery a bit in Catalyst Technologies, as Jane's already talked about. We're also putting additional investment into our new growth areas, as I mentioned, particularly hydrogen and battery materials. That's partly offsetting the cost benefits that you're getting. It's an overall number. The cost savings are in there. Also you've got to look at the investment costs that are going in as well. Okay. Clear. Thank you. Thank you. Thank you for your question. We have another question from the line of Chetan Udeshi from JP Morgan. Please go ahead. Hi, Chetan. Yeah. Hi. Hi, morning. Morning. First question was just follow up on the previous question, slightly different on guidance. If I just look at your second half group EBIT, it was GBP 353 million. I appreciate there is some seasonality that second half is typically higher than first half. Just analyzing that GBP 350, GBP 700 million EBIT. Why is the guidance so low when I think about the? A low- to mid-teens growth ex the PGM versus what the second half run rate implies. Is that something you think within the second half last year, which is not sustainable? That's the first question. Second question was, I'm just curious of how the last five, six days of rhodium price moderation of almost 20% has impacted that PGM earnings uplift. In other words, you are talking about GBP 120 million at yesterday's pricing. What that number would have been as of last week's prices so we know the kind of sensitivity that we should be aware about. Thanks. Okay. I'm going to ask Stephen to answer the first question, but I'm afraid we're not going to give you the answer to the second question in micro detail. It would be tens of millions GBP higher. I'm not going to give you the precise number. But 20% reduction in rhodium is quite a significant impact. Going to the first question, Chetan. You can't take the second half and double it, essentially. There are a whole bunch of moving parts in there, including some stock build, some seasonality. You just can't do that. I'll give you a bit of color, though. The business that I guess has got the most clean exit rate is Clean Air. We clearly saw a strong second half. There is seasonality in there. I think if you took the exit rate on Clean Air and doubled that and then knocked off a little bit, you're not going to be a million miles off. Beyond Clean Air, there are a lot of moving parts in there. Understood. Can I just follow up on corporate line? How are you guys thinking about corporate line this year? We saw a sharp increase last year. It would be also good to understand what actually is within the corporate line, which is rising so much. Thank you. Do you want to take that one again, Stephen? Yes, the number was up, as I explained, but that was up really just because of the re-inclusion, if you like, inclusion of bonuses that obviously weren't there last year. There may be a little bit of build on corporate costs above that this year, that isn't going to be much. I think if I look back over time, there has been an increase in corporate cost. I think what that does is offset costs that are in the business as we look to take activity across the whole organization. For example, we are investing or spending money on something like procurement at the center that drives underlying benefit and margin improvement across the business. Understood. Thank you. I think going back to your question about the second half doubling and all that sort of stuff, and as Stephen said, I think there's a series of moving parts. Why don't you have a separate word with IR afterwards and they can go into a bit more detail to explain it. I do think you've got to remember that you had very high metal prices in the last quarter. You had very strong demand in the last quarter. When we talked about the outlook for next year or the year we're now in, we talked about on average prices for the year. Of course, the fourth quarter, in particular the second half, had higher than average prices. The first half had lower than average prices, and our guidance is based on the average for the whole year. That's one of the reasons, but I'll let the IR team go into a bit more detail with you. I have to say, I think our growth rates going forward do reflect the recovery in the markets and the investments that we're making. Thanks, Chetan, for your question. Thanks. Thank you for your question. We have the next question from Rob Pace from Morningstar. Please go ahead. Morning. Yeah, good morning. Thanks for taking my question. I had a couple on Efficient Natural Resources. The first one, the licensing business seems to have come back to life this year. Curious if you have any comment, what's changed in the market environment there? The second one is on the Catalyst Technologies for oil and gas, some comments on strategic plan for that business. Jane, Efficient Natural Resources, good questions for you, I think. The licensing business, what's changed, and what's going on with oil and gas? Thank you. Thanks for your question, Rob. The licensing business, as we described last year, of course, some projects were slowed during the pandemic. What we saw was a really good pipeline of new licensing opportunities coming in. We had 10 licenses that we signed last year, and I've talked already about the pipeline coming on blue hydrogen. There's a very positive sentiment here in terms of our licensing business going forward. For the strategy comment and the whole piece around the Catalyst Technologies and the oil and refining additives, well, naturally, of course, the oil and refining business, I mean oil refining business, not PGM refining. Of course, that was an area that also saw great volatility during last year, and this wasn't excluding our own business. We also saw some volatility there. As those businesses recover, then of course, we'd expect to see that come back as well. We're watching closely the evolution of that. I think in some ways with licensing, some of the wins come this year because people now have confidence. They've got confidence. They can see light at the end of the COVID tunnel, they're prepared to think longer term and start investing. I think part of the reason why what has changed is that people are more confident to start investing in the next wave of capital investments. Thank you very much. Thanks very much. Any other questions? It's a bit difficult to know on staring into space. We don't have any other questions, sir. Well, look, that's a good set of questions. Thank you very much indeed for your time and for your interest. We're starting the roadshow soon and, well, later on today. Thank you very much indeed for your time, and look forward to, well, hopefully next time, seeing you in person. Sorry it's being done virtually this time, but until the next time. Thank you very much.