Tata Motors Limited · NSE:TMCV
Tata Motors — Q3 FY2012 Earnings Presentation
63 slides from Tata Motors's earnings presentation, Feb 15, 2012
Slide 1: Tata Motors Limited Form 6-K
FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the Month of February 2012 Commission File Number: 001-32294 TATA MOTORS LIMITED (Translation of registrant’s name into English) BO
Slide 2: Table of Contents
TABLE OF CONTENTS Item 1: Form 6-K dated February 14, 2012 along with the Press Release.
Slide 3: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised. Tata Motors Limited By: /s/ Hoshang K Sethna Name: Hoshang K Sethna Title: Company Secretary Dated: Febr
Slide 4: Jaguar Land Rover PLC Interim Report
Jaguar Interim for the Land three Report months - RoverPLC Rover and nine months ended 31 December 2011
Slide 5: Table of Contents
TABLE Page KEY AWARDS MANAGEMENT’S General Business Employees Liquidity Acquisitions Off-balance Board CONDENSED Condensed Notes This Group, FY12 FY11 Q1 Q2 Q3 H1 19M ––report 63EVENTS METRICS 9–17 of months Company, months Year OF trends Directors risks and AND uses: 7Consolidated CONTENTS sheet en
Slide 6: Key Financial Metrics
JLR 100 000’s 4,000 £600 500 Q1 FY11 Guidance Underlying Net EBITDA Investment 2Free million Q2 Income 80 500 400 KEY Cash Retails Revenue Underlying Net 3,000 Q3 60300 400 –Notes: Income METRICS 40 Flow Q4 measured –PBT is 2,000 300 200 Represents 20 FY12 after FY12 –0is 200 100 PBT Measured FY12 1
Slide 7: Key Events and Recognitions for the Quarter
Key JLR volume Jaguar AWARDS of The Range 3With theJaguar XF Range Events announces continued Year Rover Rover’s Land growth 2.2AND Rover 2011, XF XKR-S XJ Diesel Rover Evoque 3.0 has Range-e required 1,000 focus RECOGNITION Scottish Evoque litre completes won announces green woncontinues on new Die
Slide 8: Management's Discussion and Analysis
MANAGEMENT’S expected European Europe whilst remained investing at General Results Quarter The compared Our In Rover During 4the its the quarter launch market Company Solihull UK, Evoque. GBP/Euro the have and financial trends to profits high market toUS at quarter of turmoil remain share prospects
Slide 9: Results of Operations
Revenue improvement). EBITDA 9M Net was A recognition Volume Total growth, Much prior Retail retail whilst Wholesale units Performance United The environment. US Jaguar 5Land tax premium total FY11. Income Company EBITDA US £115.8 year. for retail volumes Rover charge of volumes Russia retail States
Slide 10: Results of Operations by Market
UK premium Europe government Jaguar Land Trading GDP Russia Russia’s The Total 6quarter UK Euro German Russian growth retail Russian Rover and retail increased (excluding within economy premium crisis Land volumes retail credit volumes premium of car retail certain is 4%Rover segment by continuing v
Slide 11: Liquidity and Capital Resources
China’s introduced Evoque Jaguar Land China Business exchange At Employees Liquidity As £709 in The Borrowings £Facility £500m Committed $410m Revolving Preference Receivables Uncommitted Other Subtotal Capitalized 7Total incertain the discussed atmillions Chinese following million retail 2,778.8 Ro
Slide 12: Cash Flows, Acquisitions and Board of Directors
Net Ralf plant £544.7 including Cash £372.9 FY12. Acquisitions There Off-balance Board The Name Year Ratan Ravi Andrew 8Dr. cash Company following appointed Kant and flow used were N. Position of Cash million). M. D. provided used Directors Tata equipment costs Director data inSpeth no Robb sheet us
Slide 13: Condensed Consolidated Income Statement - Three Months
Condensed for Three Note Trading Non Revenue Total Material Employee Development Other Depreciation Foreign MTM Finance Income Net 9417.0 the income operating (23.8) expenses income months on three tax exchange result income expense and 3,749.1 un-hedged cost Consolidated expense before attributable
Slide 14: Condensed Consolidated Income Statement - Nine Months
Condensed for Nine Note Trading Non Revenue Total Material Employee Development Other Depreciation Foreign MTM Finance Income Net 10 the income operating months expenses income on nine tax exchange result income expense and 9,367.5 un-hedged cost Consolidated expense months before attributable other
Slide 15: Condensed Consolidated Statement of Comprehensive Income
Condensed for Three Nine Net Other Currency Actuarial Cash Total 11 the income months flow other comprehensive comprehensive months three gains translation hedges comprehensive Consolidated attributable and ended ended and nine booked moved losses 30 December 31 December (loss) income months income:
Slide 16: Condensed Consolidated Balance Sheet
Condensed at Note £m Investments Property, Pension Intangible Cash Trade Inventories Accounts Short Current Non-current Other Deferred Provisions Total 12 31£m 31 December and assets current non-current liabilities term current financial receivables (Unaudited) assets liabilities income asset Decemb
Slide 17: Condensed Consolidated Balance Sheet (continued)
Condensed at Note £m (Unaudited) Ordinary Capital Reserves/(accumulated Equity Total These Company 13 31£m 31 December liabilities condensed attributable redemption December shares registered Consolidated (Audited) and 2011 1,500.6 consolidated to 2011 reserve equity number: equity deficit) 1,500.6
Slide 18: Condensed Consolidated Statement of Changes in Equity
Condensed for Reserves 644.6 Cancellation Ordinary Capital Reserves/ Net Other Total Balance 14 the income Equity comprehensive -comprehensive nine (1,107.4) redemption atshares Shares /accumulated accumulated 31 Consolidated months for £m ofDecember March the preference £m £m (462.8) nine reserve e
Slide 19: Condensed Consolidated Cash Flow Statement
Condensed for Nine Depreciation Loss Foreign Exchange Share Movement Income Cash Investment Change Finance Purchases Acquisition Dividends Net 15 the income cash on months paid generated flows ofnine tax in exchange sale expense income joint from used loss on of restricted received in in Consolidate
Slide 20: Condensed Consolidated Cash Flow Statement (continued)
Condensed for Nine Finance Payment Proceeds Repayment Net Cash 16 the cash change months flows and nine expense from of from cash Consolidated (used in of lease months ended cash short-term long-term financing equivalents issuance and liabilities in)and 31 ended /fees from December cash of activitie
Slide 21: Notes: Basis of Preparation
1Notes Basis consolidated the accordance Standards for The 17Accounting the European information condensed accounting of (forming year preparation Board. with ended interim Union policies consolidated part policies IFRS for31the of (‘EU’). financial March as the nine applied adopted condensed There
Slide 22: Notes (continued)
2Notes R&D Development 3Interest Three Nine Trading Foreign Total Mark 18Research Foreign months R&D development foreign to expensed months (continued) capitalised exchange foreign market exchange and costs ended exchange costs ended development (43.5) on exchange 234.2 (loss) before additions forei
Slide 23: Notes (continued)
4Notes Recognised Three Nine Impact Finance Total 5The Changes 31 Allowance At 19 Allowances Finance December March beginning end capitalisation months finance months (continued) ofexpense income inperiod discount 2011 income made released the inended income expense of 2011 for ended net allowances
Slide 24: Notes (continued)
6Notes Advances Derivative Other 743.6 Raw Work-in-progress Finished 81,473.7 31 Prepaid VAT 9426.6 Recognised The 10 Capital million) 20 Taxation Inventories Other December March Capital income 61.5 386.3 materials 293.2 0.5 (continued) expenditure 1,155.6 financial current expenses was goods 3.7 2
Slide 25: Notes (continued)
Notes 11 In support Company’s 12 Liabilities Interest Derivative 352.6 Finance Non-Current Long 142.3 13 31 Current Defined Non-current Other Product Provision Total 21 June Investments Other Provisions December March current non-current term 132.9 20.4 payables retirement (continued) 2011, accrued
Slide 26: Notes: Provisions (continued)
Notes 13 Impact Product Provisions Residual Environmental 31 Opening Provision Closing 22 Provisions December March (continued) ofliability warranty balance balance risk made used discounting 2011 used2011 (continued) during liability (Audited) during in 548.9 21.8 13.8 21.9 503.1 19.1 7.0 18.3 the
Slide 27: Notes: Provisions (continued)
Notes 13 The Product occurred. A Residual In residual Environmental This 14 31 Liability VAT Others 681.1 23 product certain Provisions Other December March group provision payable 360.2 (continued) 33.5 warranty liability value for risk current markets, 2011 liability offers 18.8 advances 246.6 pro
Slide 28: Notes: Interest Bearing Loans and Borrowings
Notes 15 31 Euro Loan Redeemable Intercompany Finance 1,583.7 Less: Current Long Presented On 16 The Translation Hedging Pension Profit Total Net Loss Deferred Movements Balance 24 Interest December March Other 19 income bonds bond movement on MTF short Reserves from term Current and (continued) May
Slide 29: Notes: Reserves (continued)
Notes 16 Translation Hedge Pension Accumulated Total Net Foreign Gain Cancellation Deferred Movements Balance 17 On 18 During preference 25 Other Capital Dividends 31 income on Reserves (continued) March reserve both currency Reserve cash atreserves taxredemption 1shares. 31reserve for in the April
Slide 30: Notes: Employee Benefits
Notes 19 Jaguar the Nine Year Service Interest Actuarial Expected Employer Change Amount 31 Present Fair Restriction Net Non-current Noncurrent 26 Employee December March disclosure pension liability value to months (continued) Cars 31 value cost in recognised loss return 2011 contributions of net r
Slide 31: Notes: Employee Benefits (continued)
Notes 19 The December March Discount Rate Inflation Expected For Executive allowance 27 Employee the range of(continued) 2011 valuation increase increase rate rate Pension of for 2011 %assumptions benefits 4.7 of long % in return at 5.5 3.0 Plan, compensation term 313.5 (continued) March on improvem
Slide 32: Notes: Commitments and Contingencies
Notes 20 In the its accounts aggregate, Litigation not Other compensation that Commitments (31 The quantities There Financial During ‘Financial 28 the financial Commitments assistance considered March these following group claims normal are (continued) the unless Instruments other guarantees will of
Slide 33: Notes: Capital Management and Related Parties
Notes 21 mixture 31 Equity Short Long Total 22 Company and The Nine With Sale Services Trade Accounts Loans 29 Capital December March Related joint Company Company’s following of months associates parent debt capital term and (continued) payable 2,017.9 products of received ventures. payable 2011 ro
Slide 34: Notes: Related Party Transactions (continued)
Notes 22 Compensation Nine 31 2011 (Unaudited) £m Key 30 Related December £m management months 2010 (continued) party (Unaudited) ended 31ofDecember transactions key personnel Nine management months remuneration (continued) ended personnel 13.5 5.8
Slide 35: Front Cover Pictures
Front Vehicles Range Jaguar For 31 further Cover Rover XKR-S XFabove -details 2.2 Pictures ‘Ultimate Evoque convertible Diesel visit–has www.jaguarlandrover.com production Edition’ been on – interior started sale from detail in September September with 2011an order bank of 25000 vehicles.
Slide 36: Jaguar Land Rover PLC address
JAGUAR Jaguar Banbury CV35 Warwickshire Gaydon 32 0RG Land Road LAND RoverROVER PLC
Slide 37: Jaguar Land Rover Results for the period ended 31 December 2011
Jaguar JAGUAR for LAND 14 February the Land period ROVER2012 Rover endedResults 31 December Under IFRS 2011
Slide 38: Disclaimer
JAGUAR Statements Disclaimer may could Company Q3 9M 2Consolidated FY12 FY11 FY12 FY11 bemake “forward-looking represents represents operates, LAND in a results difference this ROVER presentation changes the of theJaguar 3to 9statements” month month the in Land Company’s Government describing period
Slide 39: Participants
JAGUAR Kenneth Participants Bennett Treasurer C. CFO Vijay 3Head Ramakrishnan Tata Jaguar of Somaiya Birgbauer Treasury Gregor Jaguar Motors LAND LandLand & ROVER Rover Investor Rover Relations Tata Motors
Slide 40: Key Topics
JAGUAR Key Agenda Financial Looking 4Closing topics Q&A ahead performance LAND Page 16 14ROVER5
Slide 41: Q3 Financial Performance Summary
JAGUAR Jaguar Q3 Retail Wholesale Revenue Profit EBITDA Free 5Cash financial cash and before volumes Land £3,749m, £639m, money flow LAND volumes Rover performance tax(before 78,293 £509m, market compared ROVER compared 86,322 financing) units, investments compared summary units, toup to£453m 19,925
Slide 42: Key Financial Metrics
JAGUAR Key Quarter (£ Retail Wholesale Revenues EBITDA Profit Free 61Cash cash millions, financial metrics cash 1,687 before volumes from Ended 639 % flow 3,749 LAND volumes 1,000 unless 17.0% operating -tax 453 metrics IFRS 31 (1) (‘000 2,650 509 ROVER 687 December 186 385 stated) 17.1% (‘000 296 u
Slide 43: Significant Improvement in Profitability
JAGUAR Significant Jaguar Wholesale Land Higher Continued 7Profit Rover before Land margin LAND strong favourable volumes improvement retail Rover taxproduct includes growth ROVER volume upforeign 23,167 mix, in £14m upprofitability China supported 41%, exchange units, of and favourable driven prima
Slide 44: Retail Volumes by Carline - Quarter
JAGUAR Retail Jaguar Land 11,924 990 1,003 3,644 7,249 up 13,518 46,444 19,614 65,287 10,554 6,719 7,458 4,517 4,683 14,090 Q3 Freelander 8Range 9% 41% FY11 3,606 Rover XJ 8,397 volumes Rover -13,006 8,888 9,678 12,012 Q3 Q3 LAND XK Defender FY12 -XF FY12 Evoque Sport Q3 byFY12 ROVER vs carline Rang
Slide 45: Retail Volumes by Geography - Quarter
JAGUAR Retail Up 12,593 7,695 2,463 3,220 13,592 13,959 16,738 3,146 3,731 2,136 7,421 10,477 7,983 12,613 up 2,443 10,400 16,024 12,843 18,695 4,532 3,115 1,761 7,585 10,953 9,346 13,122 Q3 All UK North Europe China Russia Total: 9Land 46% 15% FY11 Other North 16.1% 18.7% Rover 4,111 10,130 562 2,6
Slide 46: Consolidated Income Statement
JAGUAR Consolidated Quarter Revenues Material Employee Other Product EBITDA Depreciation Foreign Net Income Profit Memo Fx 10 option finance expenses before after : tax statement Ended dev. exch. cost 639 and 3,749 LAND costs tax expense expense costs tax and of income 453 gain/(loss) commodity 393
Slide 47: Healthy Cash Generation
JAGUAR Healthy Consolidated Quarter Working Investment Other Free Changes Finance Net Cash 11 change cash from flow &(including cash Ended cash expenses in capital flow LAND from operating in debt equivalents generation cash tangible cash 31 (before operations changes 24 finance ROVER and December f
Slide 48: Sound Financial Health
JAGUAR Sound Key (£ 2011 Cash New Undrawn Total Net Includes 12 millions, cash financial committed 2011 1,687 liquidity equity Debt financial £50 /committed LAND (debt) 1,563 1,340 unless 2,018 m indicators 2,412 for health revolving /(excl. 1,542 ROVER 347 equity 1,749 stated) a 1,576 facilities fa
Slide 49: Key Topics
JAGUAR Key Agenda Financial Looking Closing 13 topics Q&A ahead performance LAND Page 19 14ROVER5
Slide 50: Summary
JAGUAR Jaguar Summary Strong -Going 14 building launching continuing planned generating forward Land financial investments on LAND other strong to Rover momentum monitor focus performance refreshed ROVER operating isinon: economic future ofJaguar XF cash innew 12 Q3and flows and model FY12 products
Slide 51: Key Topics
JAGUAR Key Agenda Financial Looking Closing 15 topics Q&A ahead performance LAND Page 16 15ROVER5
Slide 52: Q&A
LAND ROVER Q&A JAGUAR 16
Slide 53: Additional Slides
Additional JAGUAR LAND 17 ROVER Slides
Slide 54: Strong Consolidated Balance Sheet
JAGUAR Strong Consolidated 31 (£ Cash Other Total 18 millions, Dec& assets debt equity liabilities assets liabilities balance 31 cash LAND (excl. March unless 8,668 2,018 6,981 equivalents balance sheet 6,650 and 5,087 finance ROVER 6,676 1,476 5,648 stated) equity 5,200 sheet 3,819 1,992 leases) 54
Slide 55: Income Statement - Foreign Exchange Detail
JAGUAR Income Foreign Quarter (£ Fx Forex Revaln Other Total Mark-to-mkt Memo: 19 millions, hedges gain (4) gain of statement Ended exchange (6) other LAND /maturing /(loss) unless (loss) 2on31 10 operating FxROVER commodity 14 fx December 9on stated) options 15line (24) for. 7 (2) detail curr. 38 a
Slide 56: Retail Volumes by Carline - Nine Months
Retail Jaguar down 39,936 4,049 XJ XK up 13,279 14,609 40,359 34,911 133,940 22,710 34,071 28,544 33,050 17,687 9M Defender Freelander Range Discovery 20 26% 25,498 FY11 3% 3,704 volumes Rover –Land 38,796 22,021 41,154 168,455 9M 9M 23,479 10,041 -FY12 Evoque Sport Rover FY12 by XF carline vs 11,60
Slide 57: Retail Volumes by Geography - Nine Months
Retail Jaguar UK No 38,949 9,762 12,018 28,494 26,931 27,091 38,663 42,762 11,572 2,064 18,264 28,289 20,328 33,425 (RoW) Markets Russia 22% (excl.Russia) 20.6% America North up 44,966 37,733 8,503 11,491 10,509 714 5,065 22,509 31,053 27,574 36,351 9M All 15.9% Europe Total: 11.4% China 22.7% Land
Slide 58: Wholesale Volumes by Carline - Quarter
Wholesale Jaguar 15,272 1,272 XF Land up 14,415 49,983 24,277 71,050 4,667 7,583 10,133 13,054 Q3 Defender Freelander Range Discovery 22 16% 42% FY11 9,454 Rover XK 4,909 7,472 Rover –Land 13,172 9,314 11,122 14,087 Q3 Q3 7,596 1,023 volumes –FY12 -FY12 Evoque Sport Rover Q34,541 FY12 vsbyQ3 XJ carl
Slide 59: Wholesale Volumes by Geography - Quarter
Wholesales Jaguar 11,176 11,942 14,229 3,053 3,667 4,371 10,663 12,830 14,359 17,201 8,196 14,817 976 7,220 Markets 19.9% 23.8% Europe up 2,614 12,827 17,621 15,441 20,560 4,515 3,164 1,993 7,834 12,858 9,827 15,000 Q3 All UK 15.6% North Total: 13.0% China 24.4% Land 23 19% 33% FY11 Other North 18.9
Slide 60: Wholesale Volumes by Carline - Nine Months
Wholesale Jaguar down 13,308 3,727 4,067 39,921 42,952 25,485 Land up 33,241 18,128 22,076 13,045 14,466 40,376 33,930 134,538 32,051 176,491 40,727 9M Defender Freelander Evoque Range Discovery 24 31% FY11 Rover 7% Rover –Land XK 24,470 28,326 34,663 9M9M volumes 11,708 –-FY12 Sport Rover 9M FY12 X
Slide 61: Wholesale Volumes by Geography - Nine Months
Wholesale Jaguar No 41,375 27,911 10,666 12,618 41,095 13,797 31,903 27,298 18,692 35,222 1,773 16,919 Europe UK North China 8,679 32,044 41,222 40,723 8,619 7,952 5,418 22,414 32,463 27,832 37,851 9M All Markets Europe( 15.7% 22.9% Total: Land 25 change Other FY11 North 19.1% Rover 5,286 7,537 11,2
Slide 62: Product and Other Investment Details
Product Jaguar Details- Quarter (£ R&D Capitalised Expensed Investment 125 Total 26 millions, 70product R&D expense Land 55 Ended and IFRS 43 480 in expense 191 unless other -43 and tangible Rover 349 31 116 - 104 other December investment stated) 131 234 7577 and 557 intangible investment 159 27 20
Slide 63: Retail Volumes by Brand - Q3 by Month
Retail Jaguar 4,807 13,006 Land 24,281 65,287 Oct 27 Nov Rover 3,939 volumes –Land 22,075 Q3 Dec–4,260 FY12 -Q3 Rover Q3 18,931 byFY12 FY12 brand – Q3 by month