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 2013
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, 2013 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, 2013
Jaguar Land Rover results under IFRS for the year ended 31 March 2013
29 May 2013
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 FY13 represents the 3 month period from 1 January 2013 to 31 March 2013
Q4 FY12 represents the 3 month period from 1 January 2012 to 31 March 2012
FY13 represents the 12 month period from 1 April 2012 to 31 March 2013
FY12 represents the 12 month period from 1 April 2011 to 31 March 2012
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
C. Ramakrishnan
CFO Tata Motors
Bennett Birgbauer
Treasurer Jaguar Land Rover
3
Agenda
Key topics Page
Financial performance 5
Looking ahead / other developments 14
Closing Q&A 17
4
FY13 financial highlights
Record sales, revenue and profits
Retail volumes 375k for the full year, up 22% from prior year, with Land Rover up 26% and Jaguar up 8%
FY13 revenue £15.8bn, up £2.3bn on the prior year
Full year EBITDA £2,402m, up £375m with EBITDA margin of 15.2%, up 0.2ppt from FY12
PBT of £1,675m for the full year up £168m on the prior year
Free cash flow of £595m after investment, reflecting higher profits offset by higher investment spending
Cash and financial deposits £2,847m and undrawn committed bank lines £865m
5
Key financial metrics – Q4 and full year
Key metrics - IFRS
Quarter ended 31 March Year ended 31 March
(£ millions, unless stated)
Retail volumes (‘000 units)
Wholesale volumes (‘000 units)
Revenues (IFRS)
EBITDA
EBITDA %
Profit before tax
Profit after tax
Free cash flow (1)
Cash (2)
2013
115
116
5,053
856
16.9%
508
378
505
2,847
2012
99
98
4,144
605
14.6%
530
696
339
2,430
Change
16
18
909
251
2.3 ppt
(22)
(318)
166
417
2013
375
372
15,784
2,402
15.2%
1,675
1,215
595
2,847
2012
306
314
13,512
2,027
15.0%
1,507
1,481
958
2,430
Change
69
58
2,272
375
0.2 ppt
168
(266)
(363)
417
1 Cash from operating activities after investing activities (excluding investments in financial deposits)
2 Includes cash and cash equivalents and financial deposits
6
Strong overall performance
Land Rover retail volume up 64k units (26%) – primarily reflects increases in the Range Rover Evoque and the Freelander
Jaguar retail volume up 4k units (8%) – reflecting launch of new all-wheel drive and smaller engine options for XF and XJ and XF Sportbrake
EBITDA of £2,402m (margin of 15.2%), up £375m (up 0.2ppt) from FY12, reflecting:
wholesale volume increase
more favourable foreign exchange (eg average $:£ rate from 1.60 in FY12 to 1.58 in FY13)
richer product mix supported by launch of new Range Rover
richer market mix supported by continued growth in China
PBT of £1,675m, up £168m due to higher EBITDA partially offset by higher depreciation and amortisation, unfavourable fx revaluation, net of lower finance expense
PAT of £1,215m reflects an effective tax rate of 27%
7
12 month retail volumes by carline
Jaguar – 12 months FY13 vs 12 months FY12
Land Rover – 12 months FY13 vs 12 months FY12
54
5
16
33
12 months FY12
Up 8%
58
4
16
39
12 months FY13
XK
XJ
XF
Up 26%
252
30
56
52
46
47
20
12 months FY12
316
13
18
57
113
45
54
16
12 months FY13
New Range Rover
Range Rover
Range Rover Sport
Range Rover Evoque
Discovery Freelander
Defender
8
12 month retail volumes by geography
UK North America China
Up 20% Up 9% Up 48%
72 77
60 58 63
52
57 68
46 44 50
45
14 15 14 13 7 9
12 months 12 months 12 months 12 months 12 months 12 months
FY12 FY13 FY12 FY13 FY12 FY13
Europe Asia Pacific All other markets
Up 18% Up 27% Up 19%
81
68
63
53
70
58
14 18 48 57
10 14
10 11 4 4 5 6
12 months 12 months 12 months 12 months 12 months 12 months
FY12 FY13 FY12 FY13 FY12 FY13
Land Rover Jaguar
12 month FY13
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
12 month FY12
All other UK
markets 19.6%
(ROW)
Asia 17.5%
Pacific
4.6%
North
Europe America
(ex. 19.0%
Russia)
22.4%
China
17.0%
305,859 units
9
Income statement
Consolidated income statement - IFRS
Quarter ended 31 March Year ended 31 March
(£ millions, unless stated)
Revenues
Material cost of sales
Employee costs
Other expenses
Product development costs capitalised
EBITDA
Depreciation and amortisation
Foreign exch. gain/(loss) (net) (1)
Net finance income / (expense) (2)
Profit before tax
Income tax expense
Profit after tax
2013
5,053
(3,070)
(365)
(960)
198
856
(213)
(118)
(17)
508
(130)
378
2012
4,144
(2,670)
(312)
(751)
194
605
(123)
57
(9)
530
166
696
Change
909
(400)
(53)
(209)
4
251
(90)
(175)
(8)
(22)
(296)
(318)
2013
15,784
(9,904)
(1,333)
(3,005)
860
2,402
(622)
(108)
3
1,675
(460)
1,215
2012
13,512
(8,733)
(1,011)
(2,492)
751
2,027
(465)
14
(69)
1,507
(26)
1,481
Change
2,272
(1,171)
(322)
(513)
109
375
(157)
(122)
72
168
(434)
(266)
1. Includes mark to market of hedging instruments and revaluation of loans and other balance sheet items
2. Includes £(12)m start-up costs in China JV and £47m unrealised gain on call options in bond debt for the full year
10
YTD cash generation and strong liquidity
Consolidated cash flow - IFRS
Quarter ended 31 March
Year ended 31 March
(£ millions, unless stated)
Cash from operating activities
Working capital changes
Tax paid
Cash flow from operations
Investment in fixed and intangible assets
Other (including finance income)
Free cash flow (before financing)
Investment in financial deposits
Changes in debt
Dividend paid
Finance expenses and fees
Net change in cash & cash equivalents
Cash & cash equivalents at start of period
Cash & cash equivalents at end of period
Memo: cash including short term deposits
2013
812
314
(21)
1,105
(533)
(67)
505
(475)
236
-
(35)
231
1,841
2,072
2,847
2012
584
299
(86)
797
(374)
(84)
339
-
421
-
(17)
743
1,687
2,430
2,430
Change
228
15
65
308
(159)
17
166
(475)
(185)
-
(18)
(512)
154
(358)
417
2013
2,296
381
(248)
2,429
(1,850)
16
595
(775)
151
(150)
(179)
(358)
2,430
2,072
2,847
2012
2,119
532
(151)
2,500
(1,411)
(131)
958
-
572
-
(128)
1,402
1,028
2,430
2,430
Change
177
(151)
(97)
(71)
(439)
147
(363)
(775)
(421)
(150)
(51)
(1,760)
1,402
(358)
417
11
Strong financing structure
Key financial indicators - IFRS
(£ millions, unless stated) 31 March 2013 31 March 2012 Change
Cash
Long term undrawn credit facilities
Other undrawn committed facilities
Total liquidity
Total equity
Total debt
Net cash
Total debt / annualised EBITDA
Total debt/equity
2,847
795
70
3,712
3,539
(2,167)
680
0.9 x
0.6 x
2,430
710
139
3,279
2,924
(1,974)
456
1.0 x
0.7 x
417
85
(69)
433
615
(193)
224
0.1 x
0.1 x
12
Agenda
Key topics Page
Financial performance 5
Looking ahead / other developments 14
Closing Q&A 17
13
Recent launch: All-New Range Rover
The All-New Range Rover
Start of retail sales
December 2012
Enhanced performance and handling on all terrains, and significant advances in environmental sustainability
The world’s first SUV with a lightweight all-aluminium body
All-aluminium body shell has helped reduce the weight of the car substantially
Diesel hybrid Range Rover is currently being developed
Won numerous awards since its launch, including:
Top Gear Luxury Car
of the Year 2012
What Car? Luxury Car of
the Year 2013
Sunday Times 4x4
Award 2012
14
Developments
Engines – investing in new engine facility
F-TYPE – World car design of the year
All new Range Rover Sport
New China JV
15
Summary
Strong performance in 2012/13
In the 2013/14 fiscal year, focus is on:
continuing to build sales momentum with the new Range Rover, Jaguar XF Sportbrake and other new derivatives
successfully launching Jaguar F-TYPE and new Range Rover Sport
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 £2.75bn in FY14
16
Agenda
Key topics Page
Financial performance 5
Looking ahead / other developments 14
Closing Q&A 17
17
Q&A
Additional slides
Q4 key metrics – strong quarter compared to prior quarters
Key metrics
(£ millions, unless stated)
Retail volumes (‘000 units)
Wholesale volumes (‘000 units)
Revenues (IFRS)
EBITDA
EBITDA %
Profit before tax
Free cash flow
Q1
86
84
3,638
527
14.5%
333
106
Q2
85
77
3,288
486
14.8%
431
116
Q3
89
95
3,804
533
14.0%
404
(132)
Q4
115
116
5,053
856
16.9%
508
505
YTD
375
372
15,784
2,402
15.2%
1,675
595
2012
306
314
13,512
2,027
15.0%
1,507
958
20
Quarterly retail volumes by carline
Jaguar – Q4 FY13 vs Q4 FY12
Up 30%
20 XK
15 1
5 XJ
1 4
XF 14 10
Q4 FY12 Q4 FY13
Land Rover – Q4 FY13 vs Q4 FY12 Up 15% 95
83 11
1 8 15
15
34
29 New Range Rover Range Rover
Range Rover
12 Sport
Range Rover 13 Evoque Discovery
12 17 Freelander Defender
5 5
Q4 FY12 Q4 FY13
21
Quarterly retail volumes by geography
UK North America China
Up 18% Up 16% Up 21%
26
22 22
18 18
15
21
18 18
12 14 16
4 5 3 4 2 4
Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13
Europe Asia Pacific All other markets
Up 9% Up 17% Up 25%
26
23
19
15
22
20
6 17
5 14
4 4
3 4 1 1 2 2
Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13
Land Rover Jaguar
Q4 FY13
All other
markets UK
(ROW) 22.3%
Asia 16.7%
Pacific
4.8%
Europe North
(ex. America
Russia) 15.3%
22.2%
China
18.8%
115,471 units
Q4 FY12
All other
markets UK
Asia (ROW) 22.1%
Pacific 15.7%
4.8%
Europe North
(ex. America
Russia) 15.5%
23.8%
China
18.3%
98,608 units
22
Quarterly wholesale volumes by carline
Jaguar – Q4 FY13 vs Q4 FY12
Up 50%
21
XK
14 1
6 XJ
1 4
XF 15 9
Q4 FY12 Q4 FY13
Land Rover –
84
9
16
28
13
13
5
Q4 FY12
New Range
Rover
Range Rover
Range Rover
Sport
Range Rover
Evoque
Discovery
Freelander
Defender
Q4 FY13 vs Q4 FY12
Up 13%
95
13
16
34
12
15
4
Q4 FY13
23
Quarterly wholesale volumes by geography
UK North America China
Up 25% Up 16% Up 32%
26 25
20
19 19
16
21 19
17 14
13 16
3 5 3 5 2 5
Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13
Europe Asia Pacific All other markets
Up 4% Up 21% Up 18%
23 24
18
15
20 20
6 16
5 13
4 5
3 4 1 1 2 2
Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13 Q4 FY12 Q4 FY13
Land Rover Jaguar
Q4 FY13
All other markets (ROW) 15.1%
Asia Pacific 5.1%
Europe (ex. Russia) 20.4%
China 21.1%
North America 16.4%
UK 21.9%
All other markets (ROW) 15.2%
Asia Pacific 5.0%
Europe (ex. Russia) 23.3%
China 19.0%
North America 16.7%
UK 20.8%
116,340 units
Q4 FY12
98,021 units
24
12 month wholesale volumes by
Jaguar – 12 months FY13 vs 12 months FY12
54
5
16
34
12 months FY12
carline
Up 7%
58
4
16
38
12 months FY13
Land Rover – 12 months FY13 vs 12 months FY12
XK
XJ
XF
Up 21%
260
31
56
60
46
47
19
12 months FY12
314
16
14
57
116
44
52
15
12 months FY13
New Range
Rover
Range Rover
Range Rover
Sport
Range Rover
Evoque
Discovery
Freelander
Defender
25
12 month wholesale volumes by geography
UK North America China
Up 10% Up 11% Up 46%
79
68 65
62 58
55
54 69
48 45 51 47
14 14 13 14 8 10
12 months 12 months 12 months 12 months 12 months 12 months
FY12 FY13 FY12 FY13 FY12 FY13
Europe Asia Pacific All other markets
Up 10% Up 27% Up 16%
79
72
63
54
61 69
18 57
14 49
11 14
11 10 3 4 5 6
12 months 12 months 12 months 12 months 12 months 12 months
FY12 FY13 FY12 FY13 FY12 FY13
Land Rover Jaguar
12 month 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
12 month FY12
All other UK
markets 19.7%
Asia (ROW)
Pacific 17.1%
4.6%
North
Europe America
(ex. 18.5%
Russia)
22.8%
China
17.3%
314,433 units
26
Product and other investment
Key financial indicators - IFRS
Quarter ended 31 March Year ended 31 March
(£ millions, unless stated)
R&D expense
Capitalised
Expensed
Total R&D expense
Investment in tangible and other
intangible assets
Total product and other investment
2013
198
54
252
335
587
2012
194
45
239
180
419
Change
4
9
13
155
168
2013
860
198
1,058
990
2,048
2012
751
149
900
660
1,560
Change
109
49
158
330
488
27