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 May 2014
Commission File Number: 001-32294
TATA MOTORS LIMITED
(Translation of registrant’s name into English)
BOMBAY HOUSE
24, HOMI MODY STREET,
MUMBAI 400 001, MAHARASHTRA, INDIA
Telephone # 91 22 6665 8282 Fax # 91 22 6665 7799
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
Indicate by check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:
Yes ¨ No x
If “Yes” is marked, indicate below the file
number assigned to the registrant in
connection with Rule 12g 3-2(b): Not Applicable
TABLE OF CONTENTS
| Item 1: Form 6-K dated May 29, 2014 along with the Press Release. |
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: May 29, 2014
|
|
Jaguar Land Rover results for the year ended 31 March 2014
29 May 2014
|
|
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 laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Company operates, changes in Government regulations, tax laws and other statutes and incidental factors.
Q4 FY14 represents the 3 month period from 1 January 2014 to 31 March 2014 Q4 FY13 represents the 3 month period from 1 January 2013 to 31 March 2013 FY14 represents the 12 month period from 1 April 2013 to 31 March 2014 FY13 represents the 12 month period from 1 April 2012 to 31 March 2013
Consolidated results of Jaguar Land Rover Automotive plc and its subsidiaries contained in the presentation are unaudited and presented under IFRS as approved in the EU.
2
|
|
Participants
Kenneth Gregor
CFO Jaguar Land Rover
Bennett Birgbauer
Treasurer Jaguar Land Rover
C. Ramakrishnan
CFO Tata Motors
3
|
|
Agenda
Key topics Page
Financial performance 5
Other developments 14
Closing Q&A 17
4
|
|
FY14 financial highlights
Record sales, revenue and profits
Retail volumes 434,311 for the full year, up 16% from prior year, with Jaguar up 37% and Land Rover up 12%
Revenue £19.4bn, up £3.6bn on the prior year
EBITDA £3,393m, up £1,054m with EBITDA margin of 17.5%, up 2.7ppt from FY13
PBT of £2,501m, up £827m on the prior year
Free cash flow of £1,150m after total investment of £2,680m, before financing costs
Cash and financial deposits £3.5bn and undrawn long-term committed bank lines £1.3bn
Declared £150m dividend which will be paid in June 2014
5
|
|
Key financial metrics
Key metrics—IFRS
Quarter ended 31 March 12 months ended 31 March
(£ millions, unless stated) 2014 2013 Change 2014 2013 Change
Retail volumes (‘000 units) 125 115 10 434 375 59
Wholesale volumes (‘000 units) 121 116 5 430 372 58
Revenues (IFRS) 5,349 5,053 296 19,386 15,784 3,602
EBITDA * 920 820 100 3,393 2,339 1,054
EBITDA % 17.2% 16.2% 1.0 ppt 17.5% 14.8% 2.7 ppt
Profit before tax 576 507 69 2,501 1,674 827
Profit after tax 449 377 72 1,879 1,214 665
Free cash flow 827 505 322 1,150 595 555
Cash 3,459 2,847 612 3,459 2,847 612
* EBITDA now defined to include revaluation of current assets and liabilities and realised FX and commodity hedges and excludes
revaluation of long term foreign currency debt and unrealised FX and commodity hedges 6
|
|
Strong overall performance
Land Rover retail volume up 38k units (12%) – primarily reflects new Range Rover, new Range Rover Sport and Evoque sales growth
Jaguar retail volume up 21k units (37%) – reflecting launch of new F-TYPE, XF Sportbrake and new all-wheel drive and smaller engine options for XF and XJ
EBITDA of £3,393m (margin of 17.5%), up £1,054m (up 2.7ppt) from FY13, reflecting:
- wholesale volume increase
- richer product mix supported by launch of new Range Rover Sport, new Range Rover and Jaguar F-TYPE
- richer geographic mix, with increased volumes in emerging markets
- partially offset by the impact of a less favourable operational foreign exchange environment, net of realised hedges, in Q4
PBT of £2,501m, up £827m reflecting higher EBITDA and favourable revaluation of debt and unrealised hedges, partially offset by higher depreciation and amortisation as well as higher finance expense primarily related to the tender and early redemption of c. £750m of debt in the quarter
PAT of £1,879m reflects an effective tax rate of 25%
7
|
|
12 month retail volumes by carline Total retail sales of 434k up 16% overall
Jaguar – 12 months FY14 vs 12 months FY13
Units in ‘000
Up 37%
80
59 3
9
4 20 16
39 49
12 months FY13 12 months FY14
XK F-TYPE XJ XF Total
Land Rover – 12 months FY14 vs 12 months FY13
Up 12%
354
316 46
31
51 57 16
123 113
45 45
54 56
16 17
12 months FY13 12 months FY14
Units in ‘000
Range Rover
New Range Range Rover Sport Rover Range Sport Rover Evoque Discovery Freelander
Defender
8
|
|
12 month retail volumes by geography
UK North America China 12 months FY14
Up 6% Up 20% Up 34%
103
77 75 77 72 63
83
57 60 56
68 50
15 17 13 19 20 9
12 months 12 months 12 months 12 months 12 months 12 months FY13 FY14 FY13 FY14 FY13 FY14
All other UK markets 17.7% Asia (ROW) Pacific 16.9% 5.2% North Europe America (ex. 17.4% Russia) 19.1%
China 23.7%
434,311 units
Europe Asia Pacific All other markets 12 months FY13
Up 2% Up 28% Up 15%
81 83
70 72
11 11
12 months 12 months FY13 FY14
23 18
14 18
4 5
12 months 12 months FY13 FY14
73 63
65 57
6 8
12 months 12 months FY13 FY14
All other UK markets 19.3% Asia (ROW) Pacific 16.9% 4.8% North Europe America (ex. 16.8% Russia) 21.6% China 20.6%
374,636 units
Land Rover Jaguar Units in ‘000
9
|
|
Income statement
Consolidated income statement—IFRS
Quarter ended 31 March 12 months ended 31 March
(£ millions, unless stated) 2014 2013 Change 2014 2013 Change
Revenues 5,349 5,053 296 19,386 15,784 3,602
Material cost of sales(3,291)(3,070)(221)(11,904)(9,904)(2,000)
Employee costs(463)(366)(97)(1,654)(1,334)(320)
Other (expense)/Income(1)(933)(995) 62(3,465)(3,067)(398)
Product development costs capitalised 258 198 60 1,030 860 170
EBITDA(1) 920 820 100 3,393 2,339 1,054
Depreciation and amortisation(236)(213)(23)(875)(622)(253)
Debt/unrealised hedges MTM (2) 22(84) 106 137(47) 184
Net finance (expense) / income (3)(130)(16)(114)(154) 4(158)
Profit before tax 576 507 69 2,501 1,674 827
Income tax expense(127)(130) 3(622)(460)(162)
Profit after tax 449 377 72 1,879 1,214 665
1. Now includes mark to market of current assets and liabilities and realised gains on matured FX and commodity hedges
2. Includes mark to market of unrealised FX options and commodity hedges and revaluation of long term foreign currency debt
3. Includes £62m cost for tender and early redemption of c. £750m of debt , £47m reversal of gain on related bond call options (embedded derivative), as well as £7m start-up costs in China JV
10
|
|
Strong cash flow to support investment
Consolidated cash flow—IFRS
Quarter ended 31 March 12 months ended 31 March
(£ millions, unless stated) 2014 2013 Change 2014 2013 Change
EBITDA 920 820 100 3,393 2,339 1,054
Working capital changes 517 314 203 393 382 11
Tax paid(125)(21)(104)(402)(248)(154)
Other 50(9) 59 38(44) 82
Cash flow from operations 1,362 1,104 258 3,422 2,429 993
Investment in fixed and intangible assets(608)(599)(9)(2,444)(1,917)(527)
Other (including finance income) 73—73 172 83 89
Free cash flow (before financing) 827 505 322 1,150 595 555
Investment in financial deposits(177)(475) 298(464)(775) 311
Changes in debt(437) 236(673)(79) 151(230)
Dividend paid — -(150)(150) -
Finance expenses and fees(134)(35)(99)(269)(179)(90)
Net change in cash & cash equivalents 79 231(152) 188(358) 546
11
|
|
Strong financing structure
Key financial indicators—IFRS
(£ millions, unless stated) 31 March 2014 31 March 2013 Change
Cash and cash equivalents 2,260 2,072 188
Financial deposits 1,199 775 424
Cash and financial deposits 3,459 2,847 612
Long term undrawn credit facilities 1,290 795 495
Other undrawn committed facilities 47 70(23)
Total liquidity 4,796 3,712 1,084
Total equity 5,864 3,539 2,325
Total debt(2,010)(2,167) 157
Net cash 1,449 680 769
Total debt / annualised EBITDA 0.6 x 0.9 x 0.3 x
Total debt/equity 0.3 x 0.6 x 0.3 x
Financing Activity
Issued $700m 5 year bond in Dec 13 and £400m 8 year bond in Jan 14 to pre-finance the anticipated redemption of £750m of debt callable in May 14
As of 31 March, completed successful tender for £419m of £750m equivalent May 2018 notes callable in May 2014
Paid the balance of the £750m to the Facility agent to discharge this debt in March 2014
Facility agent subsequently redeemed the callable debt in May 2014
12
|
|
Agenda
Key topics Page
Financial performance 5
Other developments 14
Closing Q&A 17
13
|
|
Exciting new products ...
Discovery Vision Concept Car
Concept car for new Discovery family of vehicles unveiled at New York International Auto Show Discovery Sport announced as first member of the Discovery family to be launched in late 2014
Jaguar XE
Announced new smaller Jaguar sedan to be named “XE” at the Geneva Auto show in Mar 2014 Will be launched in early 2015
14
|
|
Other developments
China
New JV plant on track
Localisation sourcing completed for first product
Engine plane (AJ200)
Construction progressing well, Job #1 in vehicle scheduled for January 2015
Brazil
Investing c. £240m in new plant in Brazil
Plant capacity of 24,000 vehicles
Start of production targeted for early 2016
15
|
|
Summary
- prepare for launch of new Discovery Sport, Jaguar XE, Ingenium family of 2l engines in new engine plant and new China JV manufacturing plant - continuing to invest in more new products and new technologies to meet consumer and regulatory requirements and build manufacturing capacity in the UK and internationally - continuing to monitor economic and sales trends closely to balance sales and production - continuing to generate strong operating cash flows to support investment in the region of £3.5-3.7bn in FY15
Sport, Jaguar XF Sportbrake and Jaguar F-TYPE
Very strong performance in FY14
In the 2014/15 fiscal year, continued focus is on:
- continuing to build sales momentum with the new Range Rover, new Range Rover
16
|
|
Agenda
Key topics Page
Financial performance 5
Looking ahead / other developments 15
Closing Q&A 18
17
|
|
Q & A
|
|
Additional slides
|
|
Q4 retail volumes by carline
Total retails for the quarter at 125k , 8% up on prior period
Jaguar – Q4 FY14 vs Q4 FY13
Up 19%
24 XK
20
1 F-TYPE
2
1
5 6 XJ
15 XF
14 Total
Q4 FY13 Q4 FY14
Land Rover – Q4 FY14 vs Q4 FY13
Up 6%
101 95
13 12
15 23
Range Rover
34 32
New Range Rover Sport Range Rover Sport Range Rover
12 Evoque 11 Discovery
17 Freelander 16 Defender
5 5
Q4 FY13 Q4 FY14
20
|
|
Q4 retail volumes by geography
UK North America China
Down (3)% Up 13% Up 36%
30
26 25
20 22 18
23
21 19
15 18 14
5 5 5 6
4 4
Q4 FY13 Q4 FY14 Q4 FY13 Q4 FY14 Q4 FY13 Q4 FY14
Europe Asia Pacific All other markets
Down (3)% Up 13% Flat
26 25
19 19
22 21
6 17 17
6
4 3 4 5
1 1 2 2
Q4 FY13 Q4 FY14 Q4 FY13 Q4 FY14 Q4 FY13 Q4 FY14
Land Rover Jaguar
Q4 FY14
All other
UK markets
19.9% (ROW) Asia
15.4% Pacific
5.0%
Europe North (ex. America Russia) 16.0%
20.0%
China
23.7%
124,776 units
Q4 FY13
All other UK markets 22.3% (ROW) Asia 16.7% Pacific
4.8%
Europe North (ex. America Russia) 15.3%
22.2%
China
18.8%
115,471 units
21
|
|
Q4 wholesale volumes by carline
Jaguar – Q4 FY14 vs Q4 FY13 Land Rover – Q4 FY14 vs Q4 FY13
Up 4% 99 95
13 13
22 16
Range Rover
34 32
New Range Up 2% Rover Sport Range Rover Sport
22 XK Range Rover
21 12 12
Evoque
1 1 F-Type Discovery
2
6 5
XJ
16 Freelander XF 15
15 14 Defender Total 4 4
Q4 FY13 Q4 FY14 Q4 FY13 Q4 FY14
22
|
|
Q4 wholesale volumes by geography
UK
North America
China
Q4 FY14
Down (2)%
Down (4)%
Up 19%
26
25
19
18
25
29
21
20
5
5
Q4 FY13 Q4 FY14
14
5
14
4
Q4 FY13 Q4 FY14
19
5
24
5
Q4 FY13 Q4 FY14
Asia Pacific 5.1% Europe (ex. Russia) 20.4%
All other markets (ROW) 15.1%
UK 21.9%
North America 16.4%
China 21.1%
All other markets (ROW) 15.0%
UK 20.6%
North America 15.1%
China 24.2%
Europe (ex Russia) 20.1%
Asia Pacific 5.2%
Europe
Asia Pacific
All other markets
120,953 units
Q4 FY13
Up 2%
Up 5%
Up 3%
24
20
4
24
21
3
Q4 FY13 Q4 FY14
6
6
5 1
5 1
18
16
2
18
16
2
Q4 FY13 Q4 FY14
Q4 FY13 Q4 FY14
116,340 units
Land Rover Jaguar
23
|
|
12 month wholesale volumes by carline
Jaguar – 12 months FY14 vs 12 months FY13
Up 37%
79 XK
58 3 F-Type
10
16 4 19 XJ XF
38 47
Total
12 months FY13 12 months FY14
Land Rover – 12 months FY14 vs 12 months FY13
Up 12%
351 314
46
30
57 57 9
Range Rover 121 116 New Range Rover Sport Range Rover Sport
44 Range Rover
44 Evoque Discovery
Freelander
52 57
Defender
15 17
12 months FY13 12 months FY14
24
|
|
Land Rover Jaguar
12 month wholesale volumes by geography
12 months FY14
All other UK markets 17.6% Asia (ROW) Pacific 17.1%
5.3% North America Europe 16.6% (ex.
Russia) 19.2%
China 24.2%
429,861 units
12 months FY13
All other UK markets 18.3% Asia (ROW) Pacific 16.8%
4.9%
North Europe America (ex. 17.5% Russia) 21.2% China 21.4%
372,062 units
25
UK North America China
Up 12% Up 10% Up 31%
76 68
59 54
14 17
12 months 12 months FY13 FY14
71 65
53 51
14 18
12 months 12 months FY13 FY14
104
79
85 69
19 10
12 months 12 months FY13 FY14
Europe Asia Pacific All other markets
Up 5% Up 24% Up 17%
79 83
69 72
10 11
12 months 12 months FY13 FY14
23 18
14 18
4 5
12 months 12 months FY13 FY14
73 63
65 57
6 8
12 months 12 months FY13 FY14
|
|
Product and other investment
Key financial indicators—IFRS
Quarter ended 31 March 12 months ended 31 March
(£ millions, unless stated) 2014 2013 Change 2014 2013 Change
R&D expense
Capitalised 258 198 60 1,030 860 170
Expensed 69 54 15 236 198 38
Total R&D expense 327 252 75 1,266 1,058 208
Investment in tangible and other intangible
assets 350 335 15 1,414 990 424
Total product and other investment 677 587 90 2,680 2,048 632
26
|
|
EBITDA definition change impact
FY 2014
(£ millions, unless stated) Q1 Q2 Q3 Q4 FY 14
Revenues (IFRS) 4,097 4,612 5,328 5,349 19,386
EBITDA (old basis) 675 823 955 840 3,293
EBITDA % 16.5% 17.8% 17.9% 15.7% 17.0%
EBITDA (restated) 647 809 1,017 920 3,393
EBITDA % (restated) 15.8% 17.5% 19.1% 17.2% 17.5%
FY 2013
(£ millions, unless stated) Q1 Q2 Q3 Q4 FY13
Revenues (IFRS) 3,638 3,288 3,804 5,053 15,784
EBITDA (old basis) 527 486 533 856 2,402
EBITDA % 14.5% 14.8% 14.0% 16.9% 15.2%
EBITDA (restated) 529 458 531 820 2,339
EBITDA % (restated) 14.5% 13.9% 14.0% 16.2% 14.8%
27