Tata Motors Limited · NSE:TMCV
Tata Motors — Q1 FY16 Earnings Presentation
26 slides from Tata Motors's earnings presentation, Aug 11, 2015
Slide 1: Interim Report Three months ended 30 June 2015
Interim Report Three months ended 30 June 2015 Contents Management’s discussion and analysis of financial condition and results of operations Market environment Jaguar Land Rover retail volume performance Revenue and profits Cash flow, liquidity and capital resources Subsequent events Borrowings Acq
Slide 2: Jaguar Land Rover Results for the quarter ended 30 June 2015
JAGUAR LAND ROVER Jaguar Land Rover Results For the quarter ended 30 June 2015 7 August 2015
Slide 3: Disclaimer
JAGUAR LAND ROVER 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 app
Slide 4: Participants
JAGUAR LAND ROVER Participants Kenneth Gregor CFO, Jaguar Land Rover Bennett Birgbauer Treasurer, Jaguar Land Rover C. Ramakrishnan Group CFO, Tata Motors 3
Slide 5: Agenda
JAGUAR LAND ROVER Agenda Key topics Financial performance New products and other developments Closing Q&A Page 5 15 19 4
Slide 6: Solid FY16 profits
JAGUAR LAND ROVER 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 Solid EBITDA mar
Slide 7: Key financial metrics
JAGUAR LAND ROVER Key financial metrics Key metrics - IFRS Quarter ended 30 June (£ millions, unless stated) 2015 2014 Change 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.
Slide 8: Q1 FY16 financial performance detail
JAGUAR LAND ROVER 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 a
Slide 9: Quarterly retail volumes by geography
JAGUAR LAND ROVER Quarterly retail volumes by geography Total retail sales of 114.9k down (0.6)% overall* UK Up 20.5% 18.9 14.5 4.3 Q1FY15 22.8 17.8 4.9 Q1FY16 North America Up 12.9% 18.5 14.5 4.0 Q1FY15 20.9 17.1 3.9 Q1FY16 China Down (33.4)% 32.9 27.0 5.9 Q1FY15 21.9 18.7 3.2 Q1FY16 Jun FY16 Overs
Slide 10: Quarterly retail volumes by carline
JAGUAR LAND ROVER Quarterly retail volumes by carline Total retail sales of 114.9k down (0.6)% overall* Jaguar - Q1FY15 vs Q1FY16 Down (7.4)% F-TYPE XK XJ XF XE 0.9 19.6 3.3 4.4 10.9 Q1FY15 0.1 18.1 3.2 3.1 8.8 2.9 Q1FY16 Land Rover - Q1FY15 vs Q1FY16 Up 0.8% 96.0 12.7 20.6 32.2 10.3 - 16.2 4.0 Q1FY
Slide 11: Market focus China
Market focus JAGUAR LAND ROVER 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
Slide 12: Other Market focus
Other Market focus JAGUAR LAND ROVER Strong performance over the quarter JLR retail 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.
Slide 13: Income Statement
Income Statement JAGUAR LAND ROVER Consolidated income statement - IFRS Quarter ended 30 June (£ millions, unless stated) 2015 2014 Change 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) P
Slide 14: Cash flow
Cash flow JAGUAR LAND ROVER 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 EBITDA 821 1,087 (266) Working capital changes (886) (377) (509) Tax paid (57) (101) 44 Other 1 11 (10) Cash
Slide 15: Solid financing structure
Solid financing structure JAGUAR LAND ROVER Key financial indicators - IFRS (£ millions, unless stated) June 2015 June 2014 Change 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 1,3
Slide 16: Agenda
Agenda JAGUAR LAND ROVER Key topics Financial performance New products and other developments Closing Q&A Page 5 15 19 15
Slide 17: Exciting upcoming products
Exciting upcoming products JAGUAR LAND ROVER Evoque 2016MY – goes on sale Q2 2015 XJ 2016MY – goes on sale Autumn 2015 Jaguar XF – goes on sale Q2 2015 16
Slide 18: The new Jaguar F-PACE
The new Jaguar F-PACE JAGUAR LAND ROVER Performance crossover on sale in 2016 17
Slide 19: Looking Ahead
Looking Ahead JAGUAR LAND ROVER 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
Slide 20: Agenda
Agenda JAGUAR LAND ROVER Key topics Financial performance New products and other developments Closing Q&A Page 5 15 19 19
Slide 21: Q&A
JAGUAR LAND ROVER Q&A Kenneth Gregor CFO, Jaguar Land Rover 20
Slide 22: Thank You
JAGUAR LAND ROVER Thank You Kenneth Gregor CFO, Jaguar Land Rover C. Ramakrishnan Group CFO, Tata Motors Bennett Birgbauer Treasurer, Jaguar Land Rover Jaguar Land Rover Investor Relations investor@jaguarlandrover.com Tata Motors Investor Relations Ir_tml@tatamotors.com Jaguar Land Rover Abbey Road,
Slide 23: Additional slides
JAGUAR LAND ROVER LAND SOLIHULL ENGLAND 1948-2015 ROVER No 2,000,000 Additional slides 22
Slide 24: Quarterly wholesale volumes by carline
Quarterly wholesale volumes by carline JAGUAR LAND ROVER Wholesales of 110.6k down (3.9)% overall Jaguar - Q1FY15 vs Q1FY16 Up 8.3% 1.2 19.6 3.8 4.3 10.3 Q1FY15 0.1 21.2 3.8 3.2 8.9 5.3 Q1FY16 F-TYPE XK XJ XF XE Land Rover - Q1FY15 vs Q1FY16 Down (6.4)% 95.6 13.8 19.6 31.6 10.2 - 16.3 4.0 Q1FY15 0.5
Slide 25: Quarterly wholesale volumes by geography
Quarterly wholesale volumes by geography JAGUAR LAND ROVER Wholesales of 110.6k down (3.9)% overall UK Up 15.5% 18.3 14.2 4.1 Q1FY15 21.2 14.5 6.6 Q1FY16 North America Up 22.2% 18.1 14.7 3.4 Q1FY15 22.1 17.5 4.6 Q1FY16 China Down (53.0)% 34.0 27.2 6.8 Q1FY15 16.0 13.4 2.6 Q1FY16 Jun FY16 Overseas, 1
Slide 26: Product and other investments
Product and other investments JAGUAR LAND ROVER Key financial indicators - IFRS Quarter ended 30 June (£ millions, unless stated) 2015 2014 Change R&D expense Capitalised 315 273 42 Expensed 64 53 11 Total R&D expense 379 326 53 Investment in tangible and other intangible assets 397 356 41 Total pro