Tata Motors Limited · NSE:TMCV
Tata Motors — Q3 FY15 Earnings Presentation
27 slides from Tata Motors's earnings presentation, Feb 9, 2015
Slide 1: Interim Report Three and Nine Months Ended 31 December 2014
JAGUAR LAND ROVER INTERIM REPORT THREE AND NINE MONTHS ENDED 31 DECEMBER 2014 Contents Management’s discussion and analysis of financial condition and results of operations Recent developments General trends in performance (including results of operations) Performance in key geographical markets on
Slide 2: Jaguar Land Rover results for the quarter ended 31 December 2014
Jaguar Land Rover results for the quarter ended 31 December 2014 5 February 2015
Slide 3: Disclaimer
Disclaimer JAGUAR LAND ROVER 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
Participants JAGUAR LAND ROVER Kenneth Gregor CFO Jaguar Land Rover Bennett Birgbauer Treasurer Jaguar Land Rover C. Ramakrishnan CFO Tata Motors 3
Slide 5: Agenda
Agenda JAGUAR LAND ROVER Key topics Page Financial performance 5 Other developments 15 Closing Q&A 19 4
Slide 6: Q3 FY15 financial highlights
Q3 FY15 financial highlights Solid sales, revenue and profits JAGUAR LAND ROVER Retail volumes 111,525 for the quarter, down (0.6)% from prior year, with Land Rover flat and Jaguar down (3.5)% Wholesale volumes 122,187 for the quarter, up 5%, driving revenue of £5.9b, up £0.6b EBITDA £1,096m, up £79
Slide 7: Key financial metrics
Key financial metrics JAGUAR LAND ROVER Key metrics - IFRS Quarter ended 31 December 9 months ended 31 December (£ millions, unless stated) 2014 2013 Change 2014 2013 Change Retail volumes (‘000 units) 111.5 112.2 (0.7) 337.9 309.6 28.3 Wholesale volumes (‘000 units) 122.2 116.4 5.8 341.3 309.0 32.4
Slide 8: Solid performance for the quarter
Solid performance for the quarter JAGUAR LAND ROVER Land Rover retail volume of 93.2k units, flat vs prior year - robust sales of Range Rover and Discovery Jaguar retail volume of 18.3k, down 0.7k units (3.5)% - lower XF and XJ sales partially offset by F-Type EBITDA of £1,096m, up £79m from Q3 FY14
Slide 9: Quarterly retail volumes by carline
Quarterly retail volumes by carline Total retail sales of 111.5k down (0.6)% overall JAGUAR LAND ROVER Jaguar – Q3 FY15 vs Q3 FY14 Down (3.5)% F-TYPE 0.7 19.0 18.3 XK 0.5 1.7 2.7 XJ 4.9 4.0 XF 11.7 11.1 Q3FY14 Q3FY15 Units in ‘000 Land Rover – Q3 FY15 vs Q3 FY14 Flat 93.2 12.3 20.3 32.5 10.3 0.0 13.
Slide 10: Quarterly retail volumes by geography
Quarterly retail volumes by geography Total retail sales of 111.5k down (0.6)% overall JAGUAR LAND ROVER UK Up 11% 15.3 17.0 12.3 13.2 3.0 3.8 Q3FY14 Q3FY15 Europe Flat 21.6 21.5 19.0 19.2 2.5 2.3 Q3FY14 Q3FY15 North America Down (10)% 20.9 18.9 16.1 14.7 4.8 4.3 Q3FY14 Q3FY15 Asia Pacific Up 12% 5.
Slide 11: Quarterly wholesale volumes by geography
Quarterly wholesale volumes by geography Wholesales of 122.2k up 5.0% overall JAGUAR LAND ROVER 16.1 13.0 3.2 Q3FY14 22.9 20.4 2.5 Q3FY14 UK Up 9% 17.5 13.9 3.6 Q3FY15 Europe Up 10% 25.3 22.7 2.6 Q3FY15 North America Down (5)% 22.2 17.1 5.1 Q3FY14 Asia Pacific 5.7 4.3 1.4 Q3FY14 21.0 16.1 4.9 Q3FY15
Slide 12: Income statement
Income statement JAGUAR LAND ROVER Consolidated income statement - IFRS 9 months ended 31 December (£ millions, unless stated) Revenues Material cost of sales Employee costs Other (expense) /Income(1) Product development costs capitalised EBITDA Depreciation and amortisation Debt/unrealised hedges M
Slide 13: Healthy cash flow to support investment
Healthy cash flow to support investment JAGUAR LAND ROVER Consolidated cash flow - IFRS (£ millions, unless stated) EBITDA Working capital changes Tax paid Other Cash flow from operations Investment in fixed and intangible assets Other (including finance income) Free cash flow (before financing) Inv
Slide 14: Solid financing structure
Solid financing structure JAGUAR LAND ROVER Key financial indicators - IFRS (£ millions, unless stated) Cash and cash equivalents Financial deposits Cash and financial deposits Long term undrawn credit facilities Other undrawn committed facilities Total liquidity Total equity Total debt Net cash Tot
Slide 15: Agenda
Agenda JAGUAR LAND ROVER Key topics Page Financial performance 5 Other developments 15 Closing Q&A 19 14
Slide 16: 2015/16 is an important year for Jaguar Land Rover
2015/16 is an important year for Jaguar Land Rover JAGUAR LAND ROVER 2015/16 is an important year for JLR with major developments including: - Launch of the Discovery Sport, Jaguar XE, F-Pace and other exciting new products and derivatives - Launch of the new Ingenium Engine plant - Launch of the ne
Slide 17: Investment spending update
Investment spending update Continuing investment to grow the business JAGUAR LAND ROVER JLR remains committed to it’s strategy to invest substantially in future products, technologies and capacities to deliver profitable volume growth - For 2014/15, spending is now expected to come in at £3.0b-£3.2b
Slide 18: Summary
Summary JAGUAR LAND ROVER Solid performance in Q3 FY15 For the remainder of 2014/15 fiscal year, - continue to build on the sales momentum of the two brands - continue to ramp up production and sales of the new Discovery Sport and prepare for the first deliveries of the new Jaguar XE in the first ha
Slide 19: Agenda
Agenda JAGUAR LAND ROVER Key topics Page Financial performance 5 Other developments 15 Closing Q&A 19 18
Slide 20: Q&A
Q&A
Slide 21: Additional slides
Additional slides
Slide 22: Quarterly wholesale volumes by carline
Quarterly wholesale volumes by carline Wholesales of 122.2k up 5% overall JAGUAR LAND ROVER Jaguar – Q3 FY15 vs Q3 FY14 Down (6)% 0.9 20.4 0.2 19.1 2.1 2.8 5.3 4.4 12.1 11.7 Q3FY14 Q3FY15 F-TYPE XK XJ XF Units in ‘000 Land Rover – Q3 FY15 vs Q3 FY14 Up 7% 96.0 13.3 23.0 32.6 9.1 0.0 13.6 5.4 103.1 1
Slide 23: 9 month retail volumes by carline
9 month retail volumes by carline Total retail sales of 337.9k up 9% overall JAGUAR LAND ROVER Jaguar – 9 months FY15 vs 9 months FY14 Up 2 % 56.5 57.5 2.2 2.3 6.3 9.2 14.5 12.8 33.5 33.2 YTD FY14 YTD FY15 F-TYPE XK XJ XF Units in ‘000 Land Rover – 9 months FY15 vs 9 months FY14 280.4 Up 11% 253.0 4
Slide 24: 9 month retail volumes by geography
9 month retail volumes by geography Total retail sales of 337.9k up 9% overall JAGUAR LAND ROVER UK Up 12% 51.9 58.0 40.7 45.1 11.2 12.9 YTD FY14 YTD FY15 Europe Up 6% 57.9 61.4 50.1 54.4 7.8 7.0 YTD FY14 YTD FY15 North America Down (1)% 55.7 55.1 41.4 42.9 14.4 12.1 YTD FY14 YTD FY15 Asia Pacific U
Slide 25: 9 month wholesale volumes by carline
9 month wholesale volumes by carline Total wholesales of 341.3k up 10% overall JAGUAR LAND ROVER Jaguar – 9 months FY15 vs 9 months FY14 Down (2) % 57.8 56.4 2.2 1.9 8.6 9.3 14.2 12.7 32.8 32.5 YTD FY14 YTD FY15 F-TYPE XK XJ XF Units in ‘000 Land Rover – 9 months FY15 vs 9 months FY14 Up 13% 284.9 2
Slide 26: 9 month wholesale volumes by geography
9 month wholesale volumes by geography Total wholesales of 341.3k up 10% overall JAGUAR LAND ROVER UK Up 12% 51.0 57.0 39.1 44.9 11.9 12.1 YTD FY14 YTD FY15 Europe Up 8% 58.4 62.9 50.6 55.8 7.8 7.1 YTD FY14 YTD FY15 North America Up 3% 53.2 54.5 39.4 43.4 13.8 11.1 YTD FY14 YTD FY15 Asia Pacific Up
Slide 27: Product and other investment
Product and other investment JAGUAR LAND ROVER Key financial indicators - IFRS Quarter ended 31 December 9 months ended 31 December (£ millions, unless stated) 2014 2013 Change 2014 2013 Change R&D expense Capitalised 303 271 32 850 772 78 Expensed 65 55 10 180 167 13 Total R&D expense 368 326 42 1,