Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Jaguar Land Rover — Q1 FY16 Earnings Presentation
25 slides from Tata Motors Passenger Vehicles's earnings presentation, Aug 7, 2015
Slide 1: Jaguar Land Rover Results
Jaguar Land Rover Results For the quarter ended 30 June 2015 7 August 2015 1
Slide 2: Disclaimer
Disclaimer Statements in this presentation describing the objectives, projections, estimates and expectations of Jaguar Land Rover Automotive plc and its direct and indirect subsidiaries (the “Company”, “Group” or “JLR”) may be “forward-looking statements” within the meaning of applicable securities
Slide 3: Participants
Participants Kenneth Gregor C. Ramakrishnan CFO, Jaguar Land Rover Group CFO, Tata Motors Bennett Birgbauer Treasurer, Jaguar Land Rover 3
Slide 4: Agenda
Agenda Key topics Page Financial performance 5 New products and other developments 15 Closing Q&A 19 4
Slide 5: Solid FY16 profits
Solid FY16 profits Lower than very strong quarter a year ago on weaker China sales • Retail volumes 114,905, down slightly (0.6)%, with Land Rover up 0.8% and Jaguar down (7.4)% • Revenue £5,002m, down £351m • EBITDA £821m and PBT £638m, down £266m and £286m respectively • with an EBITDA margin of 1
Slide 6: Key financial metrics
Key financial metrics Key metrics - IFRS Quarter ended 30 June (£ millions, unless stated) 2015 2014 Change 22 14 Retail volumes ('000 units)* 114.9 115.6 (0.7) Wholesale volumes ('000 units) 110.6 115.2 (4.6) Revenues 5,002 5,353 (351) EBITDA ** 821 1,087 (266) EBITDA % 16.4% 20.3% (3.9 ppt) Profit
Slide 7: Q1 FY16 financial performance detail
Q1 FY16 financial performance detail • Land Rover retail volumes of 96.8k units, up 0.8% - Range Rover, Range Rover Sport and Discovery up, as well as Discovery Sport up on the discontinued Freelander • Jaguar retail volumes of 18.1k, down (7.4)% - XF and XJ down ahead of all new XF and refreshed XJ
Slide 8: Quarterly retail volumes by geography
Quarterly retail volumes by geography Total retail sales of 114.9k down (0.6)% overall* UK North America China Jun FY16 Up 20% Up 13% Down (33)% Overseas, UK, 20% 18% 22.8 20.9 32.9 18.5 Europe North 18.9 21.9 (ex. America, Russia), 18% 17.8 14.5 17.1 27.0 25% 14.5 18.7 China Region, 4.3 4.9 4.0 3.9
Slide 9: Quarterly retail volumes by carline
Quarterly retail volumes by carline Total retail sales of 114.9k down (0.6)% overall* Jaguar - Q1FY15 vs Q1FY16 Land Rover - Q1FY15 vs Q1FY16 Down (7.4)% Up 0.8% 96.0 96.8 12.7 14.7 Range Rover Range Rover F-TYPE 20.6 Sport 21.1 XK Range Rover Evoque XJ Discovery 32.2 27.4 XF XE Discovery * Sport 11
Slide 10: Market Focus China
Market Focus China Market Challenges As previously indicated, economic conditions in China has become more mixed and we have expected a certain “normalization” of the automotive market, which gathered pace in the last Quarter with the industry down (3.4)% year on year in June. JLR sales were down mo
Slide 11: Other Market focus
Other Market focus Strong performance over the quarter JLR sales excluding China were up 12.5% compared to Q1 FY15, with strong growth in Europe, UK and North America, reflecting strong Range Rover and Range Rover Sport sales and ramp up of the Discovery Sport and Jaguar XE. Europe • JLR sales were
Slide 12: Income Statement
Income Statement Consolidated income statement - IFRS Quarter ended 30 June (£ millions, unless stated) 2015 2014 Change 22 14 Revenues 5,002 5,353 (351) Material and other cost of sales (2,906) (3,299) 393 Employee costs (552) (429) (123) Other (expense) /Income(1) (1,038) (811) (227) Product devel
Slide 13: Cash flow
Cash flow Higher inventories for XE and XF launch and slower sales in China Consolidated cash flow - IFRS Quarter ended 30 June (£ millions, unless stated) 2015 2014 Change 22 14 EBITDA 821 1,087 (266) Working capital changes (886) (377) (509) Tax paid (57) (101) 44 Other 1 11 (10) Cash flow from op
Slide 14: Solid financing structure
Solid financing structure Key financial indicators - IFRS (£ millions, unless stated) June 2015 June 2014 Change 22 14 Cash and cash equivalents 2,021 1,868 153 Financial deposits 1,237 1,433 (196) Cash and financial deposits 3,258 3,301 (43) Long term undrawn credit facilities 1,485 1,325 160 Total
Slide 15: Agenda
Agenda Key topics Page Financial performance 5 New products and other developments 15 Closing Q&A 19 15
Slide 16: Exciting upcoming products
Exciting upcoming products Evoque 2016MY – goes on sale Q2 2015 XJ 2016MY – goes on sale Autumn 2015 Range Rover SVAutobiography – debuted April 2015 at the New York Auto Show Jaguar XF – goes on sale Q2 2015 16
Slide 17: The new Jaguar F-PACE
The new Jaguar F-PACE Performance crossover on sale in 2016 17
Slide 18: Looking Ahead
Looking Ahead Solid profitability in Q1 FY16, despite weaker China market Jaguar Land Rover remains focused on: • Building on the successful launches of the new Discovery Sport and the new Jaguar XE • Launching the all new Jaguar XF and Range Rover Evoque in Q2 FY16, the 16 Model Year Jaguar XJ in A
Slide 19: Agenda
Agenda Key topics Page Financial performance 5 New products and other developments 15 Closing Q&A 19 19
Slide 20: Q&A
Q&A Kenneth Gregor CFO, Jaguar Land Rover 20
Slide 21: Thank You
Thank You Kenneth Gregor JaguarLand Jaguar Land Rover Rover W/1/26 Abbey Road, Whitley CFO, Jaguar Land Rover Abbey Road, Coventry Whitley, CV3 Coventry 4LF, UK CV3 4LF jaguarlandrover.com C. Ramakrishnan Jaguarlandrover.com Group CFO, Tata Motors Bennett Birgbauer Treasurer, Jaguar Land Rover Jagua
Slide 22: Additional slides
“ROVER 4 jee Additional slides 22
Slide 23: Quarterly wholesale volumes by carline
Quarterly wholesale volumes by carline Wholesales of 110.6k down (3.9)% overall Jaguar - Q1FY15 vs Q1FY16 Land Rover - Q1FY15 vs Q1FY16 Up 8.3% Down (6.4)% 95.6 89.4 13.8 Range Rover 13.7 Range Rover F-TYPE Sport 19.6 XK 19.6 Range Rover Evoque XJ Discovery XF 31.6 22.8 XE * Discovery Sport 10.4 Fre
Slide 24: Quarterly wholesale volumes by geography
Quarterly wholesale volumes by geography Wholesales of 110.6k down (3.9)% overall UK North America China Jun FY16 Up 15% Up 22% Down (53)% Ov erseas, 17% UK, 19% 21.2 22.1 18.3 34.0 North 18.1 Europe (ex. America, 14.5 Russia), 20% 14.2 17.5 27.2 16.0 14.7 * 29% China 13.4 Region, 4.1 6.6 4.6 6.8 3.
Slide 25: Product and other investments
Product and other investments Key financial indicators - IFRS Quarter ended 30 June (£ millions, unless stated) 2015 2014 Change 22 14 R&D expense Capitalised 315 273 42 Expensed 64 53 11 Total R&D expense 379 326 53 Investment in tangible and other 397 356 41 intangible assets Total product and oth