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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the Month of July 2023

Commission File Number: 001-32294

 

 

 

LOGO

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  ☒ 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  ☒

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  ☒

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  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g 3-2(b): Not Applicable

 

 

 

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TABLE OF CONTENTS

 

Item 1

    2024 FY Q1 Interim Financial Statements

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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/ Mr Maloy Kumar Gupta
Name:   Mr Maloy Kumar Gupta
Title:   Company Secretary

Dated: July 27, 2023

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LOGO

Jaguar Land Rover Automotive plc Interim Report
For the three-month period ended
30 June 2023
Company registered number: 06477691

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Group, Company, Jaguar Land Rover, JLR plc and JLR refers to Jaguar Land Rover Automotive plc and its subsidiaries. Note 2 to the Condensed consolidated interim financial statements defines a series of alternative performance measures some of which are stated below, along with certain abbreviations.

 

Adjusted EBITDA margin    measured as adjusted EBITDA as a percentage of revenue.
Adjusted EBIT margin    measured as adjusted EBIT as a percentage of revenue.
Net debt/cash    defined by the Company as cash and cash equivalents plus short-term deposits and other investments less total balance sheet borrowings.
Q1 FY24    3 months ended 30 June 2023

Q4 FY23

Q1 FY23

   

3 months ended 31 March 2023

3 months ended 30 June 2022

China Joint Venture    Chery Jaguar Land Rover Automotive Co., Ltd.

 

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Management’s discussion and analysis of financial condition and results of operations

Revenue was £6.9 billion in Q1 FY24, up 57% year-on-year from Q1 FY23 reflecting higher volume and model mix, favourable pricing and FX, offset partially by planned marketing, selling expenses and inflationary costs. Wholesale volumes (excluding China Joint Venture) of 93,253 up 29.9% year-on-year and down (1.5)% on the prior quarter. The order book remained strong with over 185,000 client orders at quarter end, reducing from 200,000 at 31 March 2023 in line with expectations, as chip and other supply constraints continue to improve. Range Rover, Range Rover Sport and Defender demand remains particularly strong, representing 76% of the order book.

Market environment and business developments

 

•  

Wholesale volumes increased significantly year-on -year as chip and other supply constraints continued to improve.

 

•  

Strong order book of 185,000 client orders at quarter end, a reduction of c. 15,000 units since 31 March 2023 in line with expectations; 76% of the order book is for our three most profitable models, the Range Rover, Range Rover Sport and Defender.

 

•  

Chip supply is expected to continue to gradually improve, and partnership agreements put in place with key chip suppliers are providing greater visibility over near-term supply.

 

•  

Inflation continues to remain at elevated levels, exacerbated by the Ukraine conflict, higher energy prices and post Covid supply disruption. We are working to offset this through Refocus profitability improvement actions.

 

•  

Increasing interest rates (including the UK, USA and Europe) will flow through into financing costs for consumers and could impact future demand.

Revenue and profits, quarter ending 30 June 2023

 

•  

Revenue was £6.9 billion in Q1 FY24, up 56.7% from Q1 FY23 reflecting favourable volumes, model mix, pricing and FX

 

•  

Adjusted EBITDA1 was £1,123 million (EBITDA margin: 16.3%) in Q1 FY24, up from £293 million (EBITDA margin: 6.7%) in Q1 FY23 (restated2)

 

•  

Adjusted EBIT1 was £595 million (8.6%) in Q1 FY24, up from negative £(196) million (-4.4%) in Q1 FY23

 

•  

The profit before tax and exceptional items was £435 million in Q1 FY24 compared to a loss before tax and exceptional items of £(524) million in Q1 FY23. The year-on-year improvement primarily reflects the following factors:

 

  •  

£829 million favourable volume and mix

 

  •  

£197 million favourable pricing and lower variable marketing costs

 

  •  

£(78) million increase in material and manufacturing costs as a result of inflationary pressures, plus a £(18) million increase in warranty costs

 

  •  

£(118) million increase in structural costs, reflecting SG&A (up £100m primarily for planned marketing & selling expenses) and Admin expenses up by £61m, slightly offset by £83m favourable engineering & capitalisation

 

  •  

£129 million for FX and commodities, including £125 million FX revaluation, £(66) million impact of the strengthening pound on revenue and costs partially offset by £37 million of realised hedges, and £32 million of unrealised commodity hedges

 

•  

Profit after tax was £323 million (after a tax charge of £(112) million) for Q1 FY24, an improvement from a loss of £(482) million in Q1 FY23 (including a tax charge of £(113)  million)

Cash flow

 

•  

Free cash flow1 was £451 million in Q1 FY24 compared to negative free cashflow of £(771) million in Q1 FY23

 

•  

Working capital movements in the quarter were £13 million (vs £(630) million3 in Q1 FY23) with increases in inventories of (£451) million and receivables of £(9)million more than offset by increases in payables of £446 million and other of £27 million since 31 March 2023

 

•  

Investment spending of £697 million in the quarter was up from £489 million in Q1 FY23 and includes £523 million of engineering spend, of which 61% was capitalised, and £174 million of capital investments

 

1 

Please see note 2 of the financial statements for alternative performance measures

2 

Q1 FY23 EBITDA restated from £279 million (6.3% margin) due to a change in accounting policy

3 

Q1 FY23 working capital restated from £(614)m due to a change in definition of Free cash flow

 

3

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LOGO

 

4

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Sales volumes

Retail sales for the first quarter were 101,994 units, up 29.4% compared to the same quarter a year ago and 0.9% lower than from the prior quarter ending 31 March 2023.

Wholesale volumes1 in Q1 FY24 were 93,253 units in the period (excluding our China Joint Venture), up 29.9% compared to the same quarter a year ago ending 30 June 2022 and down 1.5% compared to the quarter ending 31 March 2023 reflecting shipping schedules, while production was up quarter on quarter.

 

LOGO

Range Rover brand includes the models Range Rover, Range Rover Sport, Range Rover Velar and Range Rover Evoque. Defender brand includes Defender 90, Defender 110 and Defender 130. Discovery brand includes the models Discovery and Discovery Sport. Jaguar brand includes the Jaguar XE, XF, F-Type, E-Pace, F-Pace and I-Pace models.

 

1 

Wholesale volumes exclude sales from unconsolidated Chinese joint venture

 

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Funding and liquidity

Total cash and cash equivalents, deposits and investments at 30 June 2023 were £4.0 billion (£3.8 billion at 31 March 2023) comprising £3.83 billion of cash and cash equivalents and £180 million of short-term deposits and other investments. The cash and financial deposits include an amount of £380 million held in subsidiaries of Jaguar Land Rover outside of the United Kingdom. The cash in some of these jurisdictions may be subject to impediments to remitting cash to the UK other than through annual dividends.

In December 2022, the Company completed a renewal of its undrawn revolving credit facility at £1.45 billion with the maturity date extended from March 2024 to April 2026. This was increased to £1.52 billion in January 2023.

An extension to the RMB 5 billion (c. £544 million equivalent) China bank loan facility was signed in January 2023. The extension is for 3-years with an annual confirmatory review, the first being in January 2024.

The following table shows details of the Company’s financing arrangements at 30 June 2023:

 

£ millions

    Facility
amount		      Amount
outstanding		      Undrawn
amount		  

$ 700m 7.750% Senior Notes due Oct 2025

      554        554        —    

$ 500m 4.500% Senior Notes due Oct 2027

      395        395        —    

$ 650m 5.875% Senior Notes due Jan 2028

      514        514        —    

€ 650m 2.200% Senior Notes due Jan 2024

      559        559        —    

€ 500m 5.875% Senior Notes due Nov 2024

      430        430        —    

€ 500m 6.875% Senior Notes due Nov 2026

      430        430        —    

€ 500m 4.500% Senior Notes due Jul 2028

      430        430        —    

$ 500m 5.500% Senior Notes due Jul 2029

      395        395        —    

€ 500m 4.500% Senior Notes due Jan 2026

      430        430        —    

$ 800m Syndicated Loan due Jan 2025

      631        631        —    

China RMB 5,000m revolving facility due Mar 20241

      544        544        —    

UKEF amortising loan due Oct 2024

      167        167        —    

UKEF amortising loan due Dec 2026

      437        437        —    
  

 

 

     

 

 

     

 

 

  

Subtotal

      5,916        5,916        —    
  

 

 

     

 

 

     

 

 

  

Lease obligations2

      693        693        —    

Other3

      36        36        —    

Prepaid costs

      (22 )       (22 )       —    

Fair value adjustments4

      (137 )       (137 )       —    
  

 

 

     

 

 

     

 

 

  

Total

      6,486        6,486        —    
  

 

 

     

 

 

     

 

 

  

Undrawn RCF

      1,520        —          1,520  
  

 

 

     

 

 

     

 

 

  

Total including RCF

      8,006        6,486        1,520  
  

 

 

     

 

 

     

 

 

  

 

1 

The China RMB 5 billion 3-year syndicated revolving loan facility is subject to an annual confirmatory review in January each year

2 

Lease obligations accounted for as debt under IFRS 16

3 

Primarily an advance as part of a sale and leaseback transaction

4 

Fair value adjustments relate to hedging arrangements for the $500m 2027 Notes and €500m 2026 Notes

 

6

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Risks and mitigating factors

There are a number of potential risks which could have a material impact on the Group’s performance and could cause actual results to differ materially from expected and/or historical results, particularly those risks relating to continuing supply shortages of semiconductors, and those discussed on pages 46-49 of the Annual Report 2022/23 of the Group (available at www.jaguarlandrover.com/annual-report-2023) along with mitigating factors. The principal risks discussed in the Group’s Annual Report FY23 are competitive business efficiency, global economic and geopolitical environment, brand positioning, rapid technology change, environmental regulations and compliance, litigation / regulatory, supply chain disruptions, information security, client service delivery, manufacturing operations, and human capital.

Acquisitions and disposals

There were no material acquisitions or disposals in Q1 FY24.

Off-balance sheet financial arrangements

At 30 June 2023, Jaguar Land Rover Limited (a subsidiary of the Company) had sold £512 million equivalent of receivables under a $900 million invoice discounting facility signed in March 2023.

Personnel

At 30 June 2023, Jaguar Land Rover employed 40,800 people worldwide, including agency personnel, compared to 37,020 at 30 June 2022.

Board of directors

The following table provides information with respect to the members of the Board of Directors of Jaguar Land Rover Automotive plc as at 30 June 2023:

 

Name    Position    Year appointed
Natarajan Chandrasekaran    Chairman and Director    2017
Adrian Mardell    Interim Chief Executive Officer and Director1    2022
Prof Sir Ralf D Speth2    Vice Chairman and Director    2020
Mr P B Balaji    Director    2017
Hanne Sorensen    Director    2018
Charles Nichols    Director    2022
Al-Noor Ramji    Director    2022

 

1 

Adrian officially became Chief Executive Officer on 20 July 2023

2

Previously appointed as CEO and Director in 2010 and subsequently Vice Chairman and Director in 2020

 

 

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Condensed Consolidated Income Statement

 

            Three months ended  

£ millions

    Note      30 June
2023		     30 June
2022
Restated*		  

Revenue

      3        6,903       4,406  

Material and other cost of sales

         (4,026 )      (2,762 ) 

Employee costs

      4        (716 )      (570 ) 

Other expenses

      9        (1,376 )      (1,009 ) 

Exceptional items

      4        —         155  

Engineering costs capitalised

      5        320       90  

Other income

      6        74       66  

Depreciation and amortisation

         (538 )      (491 ) 

Foreign exchange and fair value adjustments

      7        (118 )      (149 ) 

Finance income

      8        33       7  

Finance expense (net)

      8        (131 )      (114 ) 

Share of profit of equity accounted investments

         10       2  
     

 

 

    

 

 

  

Profit/(loss) before tax

         435       (369 ) 
     

 

 

    

 

 

  

Income tax expense

      14        (112 )      (113 ) 
     

 

 

    

 

 

  

Profit/(loss) for the period

         323       (482 ) 
     

 

 

    

 

 

  

 

*

See note 1 for details of restatement as a result of a change in accounting policy.

The notes on pages 14 to 33 are an integral part of these condensed consolidated financial statements.

 

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Condensed Consolidated Statement of Comprehensive Income and Expense

 

            Three months
ended		  

£ millions

    Note      30 June
2023		     30 June
2022		  

Profit/(loss) for the period

         323       (482 ) 

Items that will not be reclassified subsequently to profit or loss:

        

Remeasurement of net defined benefit obligation

      23        (130 )      379  

Income tax related to items that will not be reclassified

         33       (95 ) 
     

 

 

    

 

 

  
        (97 )      284  
     

 

 

    

 

 

  

Items that may be reclassified subsequently to profit or loss:

        

Gain/(loss) on cash flow hedges (net)

         651       (651 ) 

Currency translation differences

         (42 )      18  

Income tax related to items that may be reclassified

         (23 )      161  
     

 

 

    

 

 

  
        586       (472 ) 
     

 

 

    

 

 

  

Other comprehensive income/(expense) net of tax

         489       (188 ) 
     

 

 

    

 

 

  

Total comprehensive income/(expense) attributable to shareholder

         812       (670 ) 
     

 

 

    

 

 

  

The notes on pages 14 to 33 are an integral part of these condensed consolidated financial statements.

 

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Condensed Consolidated Balance Sheet

 

As at (£ millions)

    Note      30 June
2023		      31 March
2023
Restated*		      30 June
2022
Restated*		  

Non-current assets

            

Investments in equity accounted investees

         317        329        330  

Other non-current investments

         48        43        32  

Other financial assets

      11        219        149        229  

Property, plant and equipment

      15        5,780        5,842        6,314  

Intangible assets

      15        4,942        4,864        4,974  

Right-of-use assets

         626        635        625  

Pension asset

      23        542        659        987  

Other non-current assets

      13        116        75        53  

Deferred tax assets

         381        357        339  
     

 

 

     

 

 

     

 

 

  

Total non-current assets

         12,971        12,953        13,883  
     

 

 

     

 

 

     

 

 

  

Current assets

            

Cash and cash equivalents

         3,829        3,687        3,411  

Short-term deposits and other investments

         180        105        280  

Trade receivables

         1,028        1,013        836  

Other financial assets

      11        507        375        358  

Inventories

      12        3,692        3,238        3,131  

Other current assets

      13        655        607        525  

Current tax assets

         3        16        51  

Assets classified as held for sale

         60        62        28  
     

 

 

     

 

 

     

 

 

  

Total current assets

         9,954        9,103        8,620  
     

 

 

     

 

 

     

 

 

  

Total assets

         22,925        22,056        22,503  
     

 

 

     

 

 

     

 

 

  

Current liabilities

            

Accounts payable

         6,130        5,891        5,291  

Short-term borrowings

      19        1,352        1,478        1,839  

Other financial liabilities

      16        870        923        1,103  

Provisions

      17        1,133        1,089        964  

Other current liabilities

      18        847        590        738  

Current tax liabilities

         103        110        88  
     

 

 

     

 

 

     

 

 

  

Total current liabilities

         10,435        10,081        10,023  
     

 

 

     

 

 

     

 

 

  

Non-current liabilities

            

Long-term borrowings

      19        4,441        4,600        5,392  

Other financial liabilities

      16        909        1,123        1,325  

Provisions

      17        1,110        1,091        1,100  

Retirement benefit obligation

      23        21        22        26  

Other non-current liabilities

      18        810        772        674  

Deferred tax liabilities

         147        128        102  
     

 

 

     

 

 

     

 

 

  

Total non-current liabilities

         7,438        7,736        8,619  
     

 

 

     

 

 

     

 

 

  

Total liabilities

         17,873        17,817        18,642  
     

 

 

     

 

 

     

 

 

  

Equity attributable to shareholders

            

Ordinary shares

         1,501        1,501        1,501  

Capital redemption reserve

         167        167        167  

Other reserves

      21        3,384        2,571        2,193  
     

 

 

     

 

 

     

 

 

  

Equity attributable to shareholders

         5,052        4,239        3,861  
     

 

 

     

 

 

     

 

 

  

Total liabilities and equity

         22,925        22,056        22,503  
     

 

 

     

 

 

     

 

 

  

 

*

See note 1 for details of restatement as a result of a change in accounting policy.

The notes on pages 14 to 33 are an integral part of these condensed consolidated financial statements.

These condensed consolidated interim financial statements were approved by the JLR plc Board and authorised for issue on 25 July 2023.

Company registered number: 06477691

 

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Condensed Consolidated Statement of Changes in Equity

 

£ millions

    Ordinary
shares		      Capital
redemption
reserve		      Other
reserves		      Total
equity		  

Balance at 1 April 2023

      1,501        167        2,571        4,239  

Profit for the period

      —          —          323        323  

Other comprehensive income for the period

      —          —          489        489  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total comprehensive income

      —          —          812        812  
  

 

 

     

 

 

     

 

 

     

 

 

  

Amounts removed from hedge reserve and recognised in inventory

      —          —          1        1  
  

 

 

     

 

 

     

 

 

     

 

 

  

Balance at 30 June 2023

      1,501        167        3,384        5,052  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

£ millions

    Ordinary
shares		      Capital
redemption
reserve		      Other
reserves		     Total
equity		  

Balance at 1 April 2022

      1,501        167        2,835       4,503  

Loss for the period

      —          —          (482 )      (482 ) 

Other comprehensive expense for the period

      —          —          (188 )      (188 ) 
  

 

 

     

 

 

     

 

 

    

 

 

  

Total comprehensive expense

      —          —          (670 )      (670 ) 
  

 

 

     

 

 

     

 

 

    

 

 

  

Amounts removed from hedge reserve and recognised in inventory

      —          —          35       35  

Income tax related to amounts removed from hedge reserve and recognised in inventory

      —          —          (7 )      (7 ) 
  

 

 

     

 

 

     

 

 

    

 

 

  

Balance at 30 June 2022

      1,501        167        2,193       3,861  
  

 

 

     

 

 

     

 

 

    

 

 

  

The notes on pages 14 to 33 are an integral part of these condensed consolidated financial statements.

 

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Condensed Consolidated Cash Flow Statement

 

            Three months ended  

£ millions

    Note      30 June
2023		     30 June
2022		  

Cash flows from operating activities

        

Cash generated from/(used in) operations

      26        1,144       (334 ) 

Dividends received

         2       —    

Income tax

         (100 )      (101 ) 
     

 

 

    

 

 

  

Net cash generated from/(used in) operating activities

         1,046       (435 ) 
     

 

 

    

 

 

  

Cash flows from investing activities

        

Purchases of other investments

         (2 )      —    

Investment in other restricted deposits

         (2 )      (6 ) 

Redemption of other restricted deposits

         11       12  

Movements in other restricted deposits

         9       6  

Investment in short-term deposits and other investments

         (142 )      (268 ) 

Redemption of short-term deposits and other investments

         64       180  

Movements in short-term deposits and other investments

         (78 )      (88 ) 

Purchases of property, plant and equipment

         (160 )      (130 ) 

Purchases of other assets acquired with view to resale

         —         (12 ) 

Net cash outflow relating to intangible asset expenditure

         (332 )      (100 ) 

Issuance of loans to related parties

         (20 )      —    

Finance income received

         30       6  

Disposal of subsidiaries (net of cash disposed)

         —         2  
     

 

 

    

 

 

  

Net cash used in investing activities

         (553 )      (316 ) 
     

 

 

    

 

 

  

Cash flows from financing activities

        

Finance expenses and fees paid

         (113 )      (100 ) 

Proceeds from issuance of borrowings

         —         594  

Repayment of borrowings

         (133 )      (656 ) 

Payments of lease obligations

         (17 )      (18 ) 
     

 

 

    

 

 

  

Net cash used in financing activities

         (263 )      (180 ) 
     

 

 

    

 

 

  

Net increase/(decrease) in cash and cash equivalents

         230       (931 ) 

Cash and cash equivalents at beginning of period

         3,687       4,223  

Effect of foreign exchange on cash and cash equivalents

         (88 )      119  
     

 

 

    

 

 

  

Cash and cash equivalents at end of period

         3,829       3,411  
     

 

 

    

 

 

  

The notes on pages 14 to 33 are an integral part of these condensed consolidated financial statements.

 

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Notes (forming part of the condensed consolidated interim financial statements)

 

1

Accounting policies

Basis of preparation

The financial information in these interim financial statements is unaudited and does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The condensed consolidated interim financial statements of Jaguar Land Rover Automotive plc have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ in accordance with the requirements of UK-adopted international accounting standards. The balance sheet and accompanying notes as at 30 June 2022 have been disclosed solely for the information of the users.

The comparative figures for the financial year ended 31 March 2023 are not the company’s statutory accounts for that financial year but are derived from those accounts. Those accounts have been reported on by the company’s auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial instruments held at fair value as highlighted in note 20.

The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 March 2023, which were prepared in accordance with UK-adopted international accounting standards.

The condensed consolidated interim financial statements have been prepared on the going concern basis as set out within the directors’ report of the Group’s Annual Report for the year ended 31 March 2023.

The accounting policies applied are consistent with those of the annual consolidated financial statements for the year ended 31 March 2023, as described in those financial statements, except as described below.

Change in accounting policy

During the three months ended 30 June 2023, the Group reviewed its accounting policy choice over the net presentation of grants relating to property, plant and equipment and intangible assets.

As a result, it was considered more appropriate to adopt a policy to present grants related to property, plant and equipment and intangible assets gross as separate liabilities instead of deducting them from the cost of the assets; and to present the unwind of the grant over the useful economic lives of the assets in ‘Other income’, rather than a reduction of ‘Depreciation and amortisation’.

Separate disclosure of amounts received for grants in relation to capital assets more closely aligns the presentation of assets in the consolidated balance sheet with the Group’s reported cash flows from investing activities; and improves transparency of the financial statements by allowing users to better understand the extent of grant income supporting investments. The policy is also aligned to that of the Group’s ultimate parent company and therefore enhances comparability with its other subsidiaries.

The prior period comparatives have been represented on this basis. The impact on the consolidated income statement for the three months ended 30 June 2022 and on the consolidated balance sheet at 30 June 2022 and 31 March 2023 are shown below:

Consolidated income statement (extract)

 

     Three months ended 30 June 2022  

£ millions

    As reported      Restatement      Restated  

Other income

      52        14        66  

Depreciation and amortisation

      (477 )       (14 )       (491 ) 
  

 

 

     

 

 

     

 

 

  

 

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Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

1

Accounting policies (continued)

Change in accounting policy (continued)

 

Consolidated balance sheet (extract)

 

£ millions

    As at 31 March 2023     As at 30 June 2022  
   As reported     Restatement     Restated     As reported     Restatement     Restated  

Non-current assets

             

Property, plant and equipment

      5,759       83       5,842       6,233       81       6,314  

Intangible assets

      4,600       264       4,864       4,731       243       4,974  

Current liabilities

             

Other current liabilities

      (528 )      (62 )      (590 )      (691 )      (47 )      (738 ) 

Non-current liabilities

             

Other non-current liabilities

      (487 )      (285 )      (772 )      (397 )      (277 )      (674 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

There is no impact to profit/loss before or after taxation, reported equity, or net assets in any of the previous financial periods.

The revised accounting policy is given below.

Government grants

Government grants are recognised when there is reasonable assurance that the Group will comply with the relevant conditions and the grant will be received.

Government grants are recognised in the consolidated income statement, either on a systematic basis when the Group recognises, as expenses, the related costs that the grants are intended to compensate or immediately, if the costs have already been incurred.

Government grants related to income are presented as an offset against the related expenditure except in cases where there are no ongoing performance obligations to the Group, in which case the government grant is recognised as other income in the period in which the Group becomes entitled to the grant.

Government grants related to assets are presented gross as separate liabilities and unwound over the useful economic lives of the assets as other income.

Cash flows arising from grants related to income and assets are presented within cash flows from operating activities in the consolidated cash flow statement.

The terms and treatment of each grant is assessed on a case by case basis.

Sales tax incentives received from governments are recognised in the consolidated income statement at the reduced tax rate, and revenue is reported net of these sales tax incentives.

Estimates and judgements

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimate uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 March 2023.

Going concern

The condensed consolidated interim financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons set out below.

The Directors have assessed the financial position of the Group as at 30 June 2023, and the projected cash flows of the Group for at least the twelve-month period from the date of authorisation of the condensed consolidated interim financial statements (the ‘going concern assessment period’).

 

14

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Notes (forming part of the condensed consolidated interim financial statements)

 

1

Accounting policies (continued)

Going concern (continued)

 

The Group had available liquidity of £5.5 billion at 30 June 2023, £4 billion of which is cash with the remainder the undrawn RCF facility. There is a £1 billion minimum quarter-end liquidity covenant in the Group’s UKEF loans and RCF facility, which applies to the going concern assessment period. There is £1.4 billion of maturing debt in the going concern assessment period, comprising UKEF and CNY loan repayments and EUR bond repayments, and no new funding is assumed.

The Group has assessed its projected cash flows over the going concern assessment period. This base case uses the most recent Board-approved forecasts that include the going concern assessment period; taking into account the Group’s expectations of improved semiconductor supply, optimisation of production to prioritise the highest margin products along with the expectations relating to prevailing economic conditions, including the impact of inflationary pressures on material costs and environmental, social and governance (“ESG”) commitments.

The base case assumes a steady improvement in wholesale volumes, with associated increases in EBIT, in the going concern assessment period compared to the previous 12 months as semiconductor supply related production constraints are expected to progressively ease, supported by new partnership agreements with key semiconductor suppliers.

The Group has carried out a reverse stress test against the base case to determine the decline in wholesale volumes over a twelve-month period that would result in a liquidity level that breaches the £1 billion liquidity financing covenant. The reverse stress test assumes continued supply constraints over the 12-month period and optimisation of production to maximise production of higher margin products.

In order to reach a liquidity level that breaches covenants, it would require a sustained decline in wholesale volumes of more than 65% compared to the base case over a 12-month period. The reverse stress test reflects the variable profit impact of the wholesale volume decline, and assumes all other assumptions are held in line with the base case. It does not reflect other potential upside measures that could be taken in such a reduced volume scenario; nor any new funding.

The Group does not consider this scenario to be plausible given that the stress test volumes are significantly lower than the volumes achieved during both the peak of the COVID-19 pandemic and the worst quarter of semiconductor shortages. The Group has a strong order bank and is confident that it can significantly exceed reverse stress test volumes.

The Group has considered the impact of severe but plausible downside scenarios, including scenarios that reflect a decrease in variable profit per unit compared with the base case to include additional increases in material and other related production costs. The expected wholesale volumes under all of these scenarios is higher than under the reverse stress test.

The Directors, after making appropriate enquiries and taking into consideration the risks and uncertainties facing the Group, consider that the Group has adequate financial resources to continue operating throughout the going concern assessment period, meeting its liabilities as they fall due. Accordingly, the Directors continue to adopt the going concern basis in preparing these condensed consolidated interim financial statements.

 

15

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Notes (forming part of the condensed consolidated interim financial statements)

 

2

Alternative Performance Measures

In reporting financial information, the Group presents alternative performance measures (‘APMs’) which are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the business.

The APMs used by the Group are defined below.

 

Alternative Performance
Measure

   

Definition

Adjusted EBITDA    Adjusted EBITDA is defined as profit before: income tax expense; exceptional items; finance expense (net of capitalised interest) and finance income; gains/losses on debt and unrealised derivatives, realised derivatives entered into for the purpose of hedging debt, and equity or debt investments held at fair value; foreign exchange gains/losses on other assets and liabilities, including short-term deposits and cash and cash equivalents; share of profit/loss from equity accounted investments; depreciation and amortisation.
Adjusted EBIT    Adjusted EBIT is defined as for adjusted EBITDA but including share of profit/loss from equity accounted investments, depreciation and amortisation.
Profit/(loss) before tax and exceptional items    Profit/(loss) before tax excluding exceptional items.
Free cash flow   

Net cash generated from operating activities less net cash used in automotive investing

activities, excluding investments in joint ventures, associates and subsidiaries and movements in financial investments, and after finance expenses and fees paid. Financial investments are those reported as cash and cash equivalents, short-term deposits and other investments, and equity or debt investments held at fair value.

Total product and other investment    Cash used in the purchase of property, plant and equipment, intangible assets, investments in equity accounted investments and other trading investments, acquisition of subsidiaries and expensed research and development costs.
Working capital    Changes in assets and liabilities as presented in note 26. This comprises movements in assets and liabilities excluding movements relating to financing or investing cash flows or non-cash items that are not included in adjusted EBIT or adjusted EBITDA.
Total cash and cash equivalents, deposits and investments    Defined as cash and cash equivalents, short-term deposits and other investments, marketable securities and any other items defined as cash and cash equivalents in accordance with IFRS.
Available liquidity    Defined as total cash and cash equivalents, deposits and investments plus committed undrawn credit facilities.
Net debt    Total cash and cash equivalents, deposits and investments less total interest-bearing loans and borrowings.
Retail sales   

Jaguar Land Rover retail sales represent vehicle sales made by dealers to end customers

and include the sale of vehicles produced by our Chinese joint venture, Chery Jaguar Land

Rover Automotive Company Ltd.

Wholesales    Wholesales represent vehicle sales made to dealers. The Group recognises revenue on wholesales.

The Group uses adjusted EBITDA as an APM to review and measure the underlying profitability of the Group on an ongoing basis for comparability as it recognises that increased capital expenditure year-on-year will lead to a corresponding increase in depreciation and amortisation expense recognised within the consolidated income statement.

The Group uses adjusted EBIT as an APM to review and measure the underlying profitability of the Group on an ongoing basis as this excludes volatility on unrealised foreign exchange transactions. Due to the significant level of debt and currency derivatives, unrealised foreign exchange distorts the financial performance of the Group from one period to another.

 

16

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Notes (forming part of the condensed consolidated interim financial statements)

 

2

Alternative Performance Measures (continued)

 

Free cash flow is considered by the Group to be a key measure in assessing and understanding the total operating performance of the Group and to identify underlying trends.

During the year ended 31 March 2023, the definition of ‘Free cash flow’ was amended to exclude investments in associates, joint ventures and subsidiaries. The Group considers the amended Free cash flow measure to be more useful as it provides a clearer view of recurring cash flows that is not distorted by the impact of one-off transactions. Free cash flow for period ended 30 June 2022 prior to the change was £(769) million.

Total product and other investment is considered by the Group to be a key measure in assessing cash invested in the development of future new models and infrastructure supporting the growth of the Group.

Working capital is considered by the Group to be a key measure in assessing assets and liabilities that are expected to be converted into cash within the next 12-month period; as well as over the longer term.

Total cash and cash equivalents, deposits and investments and available liquidity are measures used by the Group to assess liquidity and the availability of funds for future spend and investment.

Exceptional items are defined in note 4.

Reconciliations between these alternative performance measures and statutory reported measures are shown below and on the next page.

Adjusted EBIT and Adjusted EBITDA

 

            Three months ended  

£ millions

    Note      30 June
2023		      30 June 2022
Restated*		  

Adjusted EBITDA

         1,123        293  

Depreciation and amortisation

         (538 )       (491 ) 

Share of profit of equity accounted investments

         10        2  
     

 

 

     

 

 

  

Adjusted EBIT

         595        (196 ) 
     

 

 

     

 

 

  

Foreign exchange on debt, derivatives and balance sheet revaluation*

      26        13        (114 ) 

Unrealised loss on commodities

      26        (78 )       (109 ) 

Finance income

      8        33        7  

Finance expense (net)

      8        (131 )       (114 ) 

Fair value gain on equity investments

      26        3        2  
     

 

 

     

 

 

  

Profit/(loss) before tax and exceptional items

         435        (524 ) 
     

 

 

     

 

 

  

Exceptional items

      4        —          155  
     

 

 

     

 

 

  

Profit/(loss) before tax

         435        (369 ) 
     

 

 

     

 

 

  

 

*

See note 1 for details of restatement as a result of a change in accounting policy.

Free cash flow

 

     Three months ended  

£ millions

    30 June
2023		      30 June 2022
Restated*		  

Net cash generated from/(used in) operating activities

      1,046        (435 ) 

Purchases of property, plant and equipment

      (160 )       (130 ) 

Net cash outflow relating to intangible asset expenditure

      (332 )       (100 ) 

Issuance of loans to related parties

      (20 )       —    

Purchases of other assets acquired with view to resale

      —          (12 ) 

Finance expenses and fees paid

      (113 )       (100 ) 

Finance income received

      30        6  
  

 

 

     

 

 

  

Free cash flow

      451        (771 ) 
  

 

 

     

 

 

  

 

*

Comparative information has been restated for the change in definition explained above.

 

17

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

2

Alternative Performance Measures (continued)

 

Total product and other investment

 

            Three months ended  

£ millions

    Note      30 June
2023		      30 June
2022		  

Purchases of property, plant and equipment

         160        130  

Net cash outflow relating to intangible asset expenditure

         332        100  

Engineering costs expensed

      5        203        259  

Purchases of other investments

         2        —    
     

 

 

     

 

 

  

Total product and other investment

         697        489  
     

 

 

     

 

 

  

Total cash and cash equivalents, deposits and investments

 

As at (£ millions)

    30 June
2023		      31 March
2023		      30 June
2022		  

Cash and cash equivalents

      3,829        3,687        3,411  

Short-term deposits and other investments

      180        105        280  
  

 

 

     

 

 

     

 

 

  

Total cash and cash equivalents, deposits and investments

      4,009        3,792        3,691  
  

 

 

     

 

 

     

 

 

  

Available liquidity

 

As at (£ millions)

    Note      30 June
2023		      31 March
2023		      30 June
2022		  

Cash and cash equivalents

         3,829        3,687        3,411  

Short-term deposits and other investments

         180        105        280  

Committed undrawn credit facilities

      19        1,520        1,520        —    
     

 

 

     

 

 

     

 

 

  

Available liquidity

         5,529        5,312        3,691  
     

 

 

     

 

 

     

 

 

  

Net debt

 

As at (£ millions)

    Note      30 June
2023		      31 March
2023		      30 June
2022		  

Cash and cash equivalents

         3,829        3,687        3,411  

Short-term deposits and other investments

         180        105        280  

Interest-bearing loans and borrowings

      19        (6,486 )       (6,788 )       (7,897 ) 
     

 

 

     

 

 

     

 

 

  

Net debt

         (2,477 )       (2,996 )       (4,206 ) 
     

 

 

     

 

 

     

 

 

  

Retails and wholesales

 

     Three months ended  

Units

    30 June
2023		      30 June
2022		  

Retail sales

      101,994        78,825  
  

 

 

     

 

 

  

Wholesales*

      93,253        71,815  
  

 

 

     

 

 

  

 

*

Wholesale volumes exclude sales from Chery Jaguar Land Rover – Q1 FY24: 13,032 units, Q1 FY23: 10,772 units.

 

18

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

3

Disaggregation of revenue

 

     Three months
ended		  

£ millions

    30 June
2023		      30 June
2022		  

Revenue recognised for sales of vehicles, parts and accessories

      6,621        4,213  

Revenue recognised for services transferred

      82        74  

Revenue - other

      259        195  
  

 

 

     

 

 

  

Total revenue excluding realised revenue hedges

      6,962        4,482  
  

 

 

     

 

 

  

Realised revenue hedges

      (59 )       (76 ) 
  

 

 

     

 

 

  

Total revenue

      6,903        4,406  
  

 

 

     

 

 

  

 

4

Exceptional items

 

     Three months
ended		  

£ millions

    30 June
2023		      30 June
2022		  

Employee costs excluding exceptional items

      (716 )       (570 ) 

Impact of:

      

Past service credit

      —          155  
  

 

 

     

 

 

  

Employee costs including exceptional items

      (716 )       (415 ) 
  

 

 

     

 

 

  

The exceptional item recognised during the three months ended 30 June 2022 was comprised of a pension past service credit of £155 million due to a change in inflation index from RPI to CPI.

 

5

Engineering costs capitalised

 

    

Three months

ended

  

£ millions

    30 June
2023		      30 June 2022
Restated*		  

Total engineering costs incurred

      523        349  

Engineering costs expensed

      (203 )       (259 ) 
  

 

 

     

 

 

  

Engineering costs capitalised

      320        90  
  

 

 

     

 

 

  

Interest capitalised in engineering costs capitalised

      13        5  
  

 

 

     

 

 

  

Total internally developed intangible additions

      333        95  
  

 

 

     

 

 

  

 

*

See note 1 for details of restatement as a result of a change in accounting policy.

 

6

Other income

 

    

Three months

ended

  

£ millions

    30 June
2023		      30 June 2022
Restated*		  

Grant income

      48        38  

Commissions

      3        6  

Other

      23        22  
  

 

 

     

 

 

  

Total other income

      74        66  
  

 

 

     

 

 

  

 

*

See note 1 for details of restatement as a result of a change in accounting policy.

 

19

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

7

Foreign exchange and fair value adjustments

 

     Three months
ended		  

£ millions

    30 June
2023		      30 June
2022		  

Foreign exchange and fair value adjustments on loans

      106        (254 ) 

Foreign exchange (loss)/gain on economic hedges of loans

      (112 )       148  

Foreign exchange loss on derivatives

      —          (13 ) 

Other foreign exchange (loss)/gain

      (26 )       50  

Realised (loss)/gain on commodities

      (11 )       27  

Unrealised loss on commodities

      (78 )       (109 ) 

Fair value gain on equity investments

      3        2  
  

 

 

     

 

 

  

Foreign exchange and fair value adjustments

      (118 )       (149 ) 
  

 

 

     

 

 

  

 

8

Finance income and expense

 

     Three months ended  

£ millions

    30 June
2023		     30 June
2022		  

Finance income

      33       7  
  

 

 

    

 

 

  

Total finance income

      33       7  
  

 

 

    

 

 

  

Interest expense on lease liabilities

      (14 )      (12 ) 

Interest expense on financial liabilities measured at amortised cost other than lease liabilities

      (106 )      (101 ) 

Interest expense on derivatives designated as a fair value hedge of financial liabilities

      (6 )      —    

Unwind of discount on provisions

      (19 )      (8 ) 

Interest capitalised

      14       7  
  

 

 

    

 

 

  

Total finance expense (net)

      (131 )      (114 ) 
  

 

 

    

 

 

  

The capitalisation rate used to calculate borrowing costs eligible for capitalisation during the three month period ended 30 June 2023 was 6.1% (three month period ended 30 June 2022: 5.0%).

 

9

Other expenses

 

     Three months ended  

£ millions

    30 June
2023		      30 June
2022		  

Stores, spare parts and tools

      30        23  

Freight cost

      172        152  

Works, operations and other costs

      735        513  

Power and fuel

      32        38  

Product warranty

      223        169  

Publicity

      184        114  
  

 

 

     

 

 

  

Total other expenses

      1,376        1,009  
  

 

 

     

 

 

  

 

10

Allowances for trade and other receivables

 

     Three months
ended		  

£ millions

    30 June
2023		      30 June
2022		  

At beginning of period

      4        4  

Charged during the period

      4        1  
  

 

 

     

 

 

  

At end of period

      8        5  
  

 

 

     

 

 

  

 

20

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

11

Other financial assets

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022  

Non-current

         

Restricted cash

      10        9        11  

Derivative financial instruments

      140        71        149  

Warranty reimbursement and other receivables

      54        54        56  

Other

      15        15        13  
  

 

 

     

 

 

     

 

 

  

Total non-current other financial assets

      219        149        229  
  

 

 

     

 

 

     

 

 

  

Current

         

Restricted cash

      1        11        7  

Derivative financial instruments

      204        101        106  

Warranty reimbursement and other receivables

      100        85        77  

Accrued income

      53        40        57  

Other

      149        138        111  
  

 

 

     

 

 

     

 

 

  

Total current other financial assets

      507        375        358  
  

 

 

     

 

 

     

 

 

  

 

12

Inventories

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022  

Raw materials and consumables

      179        148        140  

Work-in-progress

      474        504        623  

Finished goods

      3,037        2,589        2,347  

Inventory basis adjustment

      2        (3 )       21  
  

 

 

     

 

 

     

 

 

  

Total inventories

      3,692        3,238        3,131  
  

 

 

     

 

 

     

 

 

  

 

13

Other assets

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022  

Non-current

         

Prepaid expenses

      65        66        26  

Research and development expenditure credit

      40        3        18  

Other

      11        6        9  
  

 

 

     

 

 

     

 

 

  

Total non-current other assets

      116        75        53  
  

 

 

     

 

 

     

 

 

  

Current

         

Recoverable VAT

      249        252        196  

Prepaid expenses

      290        219        252  

Research and development expenditure credit

      100        121        60  

Other

      16        15        17  
  

 

 

     

 

 

     

 

 

  

Total current other assets

      655        607        525  
  

 

 

     

 

 

     

 

 

  

 

14

Taxation

Recognised in the income statement

Income tax for the three month period ending 30 June 2023 and 30 June 2022 is charged at the estimated effective tax rate expected to apply for the applicable financial year ends and adjusted for relevant deferred tax amounts where applicable.

A tax charge of £112 million was incurred in the three month period ending 30 June 2023. The effective tax rate of 26% is impacted by the ability of the UK to shelter UK tax liabilities with UK deferred tax assets which are currently not fully recognised on the balance sheet.

 

21

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

15

Capital expenditure

Capital expenditure on property, plant and equipment in the three month period was £215 million (three month period to 30 June 2022: £198 million) and on intangible assets was £345 million (three month period to 30 June 2022: £105 million). There were no material disposals or changes in the use of assets.

 

16

Other financial liabilities

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022  

Current

         

Lease obligations

      70        70        62  

Interest accrued

      98        95        104  

Derivative financial instruments

      357        461        659  

Liability for vehicles sold under a repurchase arrangement

      345        297        265  

Other

      —          —          13  
  

 

 

     

 

 

     

 

 

  

Total current other financial liabilities

      870        923        1,103  
  

 

 

     

 

 

     

 

 

  

Non-current

         

Lease obligations

      623        640        604  

Derivative financial instruments

      275        472        694  

Other

      11        11        27  
  

 

 

     

 

 

     

 

 

  

Total non-current other financial liabilities

      909        1,123        1,325  
  

 

 

     

 

 

     

 

 

  

 

17

Provisions

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022*  

Current

         

Product warranty

      698        696        606  

Emissions compliance

      18        9        83  

Restructuring

      3        5        40  

Third party claims and obligations

      343        300        159  

Other provisions

      71        79        76  
  

 

 

     

 

 

     

 

 

  

Total current provisions

      1,133        1,089        964  
  

 

 

     

 

 

     

 

 

  

Non-current

         

Product warranty

      982        976        1,007  

Emissions compliance

      80        71        45  

Other provisions

      48        44        48  
  

 

 

     

 

 

     

 

 

  

Total non-current provisions

      1,110        1,091        1,100  
  

 

 

     

 

 

     

 

 

  

 

*

The comparatives at 30 June 2022 have been re-presented to align with presentation changes made during the year ended 31 March 2023. Product Warranty and Restructuring amounts are consistent with previous periods. Legal and product liability amounts disclosed in previous periods are now split into Emissions compliance, Third party claims and obligations and Other provisions. Provisions for residual risk, environmental liability and other employee benefits obligations amounts disclosed in previous periods are now grouped in Other provisions. This has not resulted in any change to reported ‘total current provisions’ or ‘total non-current provisions’.

 

22

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

17

Provisions (continued)

 

£ millions

    Product
Warranty		     Emissions
compliance		     Restructuring     Third party
claims and
obligations		     Other
provisions		     Total  

Balance at 1 April 2023

      1,672       80       5       300       123       2,180  

Provisions made during the period

      195       21       —         191       8       415  

Provisions used during the period

      (202 )      —         (2 )      (116 )      (3 )      (323 ) 

Unused amounts reversed in the period

      (4 )      (1 )      —         (32 )      (2 )      (39 ) 

Impact of unwind of discounting

      19       —         —         —         —         19  

Foreign currency translation

      —         (2 )      —         —         (7 )      (9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at 30 June 2023

      1,680       98       3       343       119       2,243  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Product warranty

The Group provides product warranties on all new vehicle sales in respect of manufacturing defects, which become apparent in the stipulated policy period dependent on the market in which the vehicle purchase occurred. The estimated liability for product warranty is recognised when products are sold or when new warranty programmes are initiated.

Provisions are recognised for the costs of repairing manufacturing defects, recall campaigns, customer goodwill (representing the Group’s constructive obligation to its clients when managing those warranty claims) and the Group’s other obligations under the warranty.

Assumptions are made on the type and extent of future warranty claims based on experience of the frequency and extent of vehicle faults and defects historically. The estimates also include assumptions on the amounts of potential repair costs per vehicle and the effects of possible time or mileage limits and are regularly adjusted to reflect new information. The timing of outflows will vary as and when a warranty claim will arise.

The Group’s calculation methodology uses historical data corrected for experience as information becomes available as well as individual campaign assumptions (such as scope, uptake rates and repair costs). This can lead to changes in the carrying value of provisions as assumptions are updated over the life of each warranty; however there are no individual assumptions that can be reasonably expected to move over the next financial year to such a degree that it would result in a material adjustment to the warranty provision.

The discount on the warranty provision is calculated using a risk-free discount rate as the risks specific to the liability, such as inflation, are included in the base calculation.

The Group also has back-to-back contractual arrangements with its suppliers in the event that a vehicle fault is proven to be a supplier’s fault. Estimates are made of the expected reimbursement claims based upon historical levels of recoveries by supplier, adjusted for inflation and applied to the population of vehicles under warranty at the balance sheet date. Supplier reimbursement claims are presented as separate assets within “Other financial assets” in note 11. Supplier recoveries are recognised only when the Group considers there to be virtual certainty over the reimbursement, which also requires historical evidence to support.

The Group notes that changes in the automotive environment regarding the increasing impact of battery electric vehicles presents its own significant challenges, particularly due to the lack of maturity and historical data available at this time to help inform estimates for future warranty claims, as well as any associated recoveries from suppliers due to such claims. The Group offers warranties of up to eight years on batteries in electric vehicles. The related provisions are made with the Group’s best estimate at this time to settle such obligations in the future, but will be required to be continually refined as sufficient, real-world data becomes available.

Restructuring

The restructuring provision includes amounts for third party obligations arising from Group restructuring programmes. This includes amounts payable to employees following the announcement of the Group’s Reimagine strategy in the year ending 31 March 2021 as well as other Group restructuring programmes. Amounts are also included in relation to legal and constructive obligations made to third parties in connection with cancellations under the Group’s Reimagine strategy.

The estimated liability for restructuring activities is recognised when the Group has reason to believe there is a legal or constructive obligation arising from restructuring actions taken.

The amount provided at the reporting date is calculated based on currently available facts and certain estimates for those obligations. These estimates are established using historical experience based on the settlement costs for similar liabilities, with proxies being used where no direct comparison exists.

The amounts and timing of outflows will vary as and when restructuring obligations are progressed with third parties.

 

23

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

17

Provisions (continued)

 

Third party claims and obligations

A provision is maintained in respect of legal and constructive obligations to third parties. This includes claims and obligations related to supplier claims, motor accident claims, consumer complaints, retailer terminations, employment cases and personal injury claims. The increase in the year is driven mainly by supplier claims related to the significant inflation experienced during the period as well as lower than expected volumes.

The provision recognised is based on previous experience, which is considered as a reasonable assumption to estimate the final settlement, if any, at the time of the claim. The timing and amount of outflows will vary with decreasing uncertainty from the point at which each claim is received to when it is subsequently settled.

Emissions compliance

The Group maintains a provision for non compliance with legal emissions requirements for certain jurisdictions. The measurement of the provision considers the sales volume in that jurisdiction and the fee or cost per the applicable legislation. The Group aims to mitigate non-compliance risk by purchasing emission credits, participating in emission pools or, subject to the terms of the relevant legislation, generating credits by producing and selling compliant vehicles in the future. The measurement of the provision at the balance sheet date does not include the impact of credits forecast to be generated in the future via the production and sale of compliant vehicles.

The timing of outflows will vary and is not known with certainty.

Other provisions

Other provisions predominantly include the environmental liability and residual risk provisions. The timing of outflows will vary and is not known with certainty.

 

18

Other liabilities

 

As at (£ millions)

    30 June 2023      31 March 2023
Restated*		      30 June 2022
Restated*		  

Current

         

Liabilities for advances received

      106        51        170  

Ongoing service obligations

      306        301        297  

VAT

      117        98        82  

Deferred grant income

      71        62        47  

Other taxes payable

      236        70        129  

Other

      11        8        13  
  

 

 

     

 

 

     

 

 

  

Total current other liabilities

      847        590        738  
  

 

 

     

 

 

     

 

 

  

Non-current

         

Ongoing service obligations

      513        478        388  

Deferred grant income

      294        291        284  

Other

      3        3        2  
  

 

 

     

 

 

     

 

 

  

Total non-current other liabilities

      810        772        674  
  

 

 

     

 

 

     

 

 

  

 

*

See note 1 for details of restatement as a result of a change in accounting policy.

 

24

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

 

19

Interest bearing loans and borrowings

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022  

Short-term borrowings

         

Bank loans

      544        658        615  

Current portion of long-term EURO MTF listed debt

      558        571        811  

Current portion of long-term loans

      250        249        413  
  

 

 

     

 

 

     

 

 

  

Short-term borrowings

      1,352        1,478        1,839  
  

 

 

     

 

 

     

 

 

  

Long-term borrowings

         

EURO MTF listed debt

      3,427        3,512        4,108  

Bank loans

      979        1,053        1,249  

Other unsecured

      35        35        35  
  

 

 

     

 

 

     

 

 

  

Long-term borrowings

      4,441        4,600        5,392  
  

 

 

     

 

 

     

 

 

  

Lease obligations

      693        710        666  
  

 

 

     

 

 

     

 

 

  

Total debt

      6,486        6,788        7,897  
  

 

 

     

 

 

     

 

 

  

Undrawn facilities

As at 30 June 2023, the Group has a fully undrawn revolving credit facility of £1,520 million (31 March 2023: £1,520 million, 30 June 2022: £nil), with maturity date of April 2026.

 

20

Financial instruments

The condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial instruments held at fair value. These financial instruments are classified as either level 2 fair value measurements, as defined by IFRS 13, being those derived from inputs other than quoted prices which are observable, or level 3 fair value measurements, being those derived from significant unobservable inputs. There have been no changes in the valuation techniques used or transfers between fair value levels from those set out in note 37 to the annual consolidated financial statements for the year ended 31 March 2023.

The tables below show the carrying amounts and fair value of each category of financial assets and liabilities, other than those with carrying amounts that are reasonable approximations of fair values.

 

     30 June 2023      31 March 2023      30 June 2022  

As at (£ millions)

    Carrying
value		      Fair value      Carrying
value		      Fair value      Carrying
value		      Fair value  

Cash and cash equivalents

      3,829        3,829        3,687        3,687        3,411        3,411  

Short-term deposits and other investments

      180        180        105        105        280        280  

Trade receivables

      1,028        1,028        1,013        1,013        836        836  

Other non-current investments

      48        48        43        43        32        32  

Other financial assets - current

      507        506        375        375        358        358  

Other financial assets - non-current

      219        219        149        149        229        229  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total financial assets

      5,811        5,810        5,372        5,372        5,146        5,146  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Accounts payable

      6,130        6,130        5,891        5,891        5,291        5,291  

Short-term borrowings

      1,352        1,344        1,478        1,476        1,839        1,818  

Long-term borrowings

      4,441        4,371        4,600        4,376        5,392        4,822  

Other financial liabilities - current

      870        870        923        923        1,103        1,103  

Other financial liabilities - non-current

      909        834        1,123        1,080        1,325        1,252  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total financial liabilities

      13,702        13,549        14,015        13,746        14,950        14,286  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

25

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

 

21

Other Reserves

The movement in reserves is as follows:

 

£ millions

    Translation
reserve		     Hedging
reserve		     Cost of
hedging
reserve		     Retained
earnings		     Total
other
reserves		  

Balance at 1 April 2023

      (320 )      (608 )      (34 )      3,533       2,571  

Profit for the period

      —         —         —         323       323  

Remeasurement of defined benefit obligation

      —         —         —         (130 )      (130 ) 

Gain/(loss) on effective cash flow hedges

      —         601       (7 )      —         594  

Income tax related to items recognised in other comprehensive income

      —         (18 )      9       33       24  

Cash flow hedges reclassified to profit and loss

      —         61       (4 )      —         57  

Income tax related to items reclassified to profit or loss

      —         (15 )      1       —         (14 ) 

Amounts removed from hedge reserve and recognised in inventory

      —         1       —         —         1  

Currency translation differences

      (42 )      —         —         —         (42 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at 30 June 2023

      (362 )      22       (35 )      3,759       3,384  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

£ millions

    Translation
reserve		     Hedging
reserve		     Cost of
hedging
reserve		     Retained
earnings		     Total
other
reserves		  

Balance at 1 April 2022

      (333 )      (454 )      19       3,603       2,835  

Loss for the period

      —         —         —         (482 )      (482 ) 

Remeasurement of defined benefit obligation

      —         —         —         379       379  

Loss on effective cash flow hedges

      —         (713 )      (14 )      —         (727 ) 

Income tax related to items recognised in other comprehensive income

      —         171       4       (95 )      80  

Cash flow hedges reclassified to profit and loss

      —         80       (4 )      —         76  

Income tax related to items reclassified to profit or loss

      —         (15 )      1       —         (14 ) 

Amounts removed from hedge reserve and recognised in inventory

      —         32       3       —         35  

Income tax related to amounts removed from hedge reserve and recognised in inventory

      —         (7 )      —         —         (7 ) 

Currency translation differences

      18       —         —         —         18  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at 30 June 2022

      (315 )      (906 )      9       3,405       2,193  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

22

Dividends

During the three-month periods ended 30 June 2023 and 30 June 2022, no ordinary share dividends were proposed or paid.

 

26

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

 

23

Employee benefits

The Group has pension arrangements providing employees with defined benefits related to pay and service as set out in the rules of each scheme. The following table sets out the disclosure pertaining to employee benefits of the JLR Automotive Group plc which operates defined benefit pension schemes.

 

     Three months ended  

£ millions

    30 June 2023      30 June 2022  

Change in present value of defined benefit obligation

      

Defined benefit obligation at beginning of period

      5,089        7,522  

Current service cost

      15        25  

Past service credit

      —          (155 ) 

Interest expense

      59        50  

Actuarial (gains)/losses arising from:

      

Changes in demographic assumptions

      (78 )       —    

Changes in financial assumptions

      (268 )       (1,537 ) 

Experience adjustments

      52        105  

Exchange differences on foreign schemes

      (1 )       —    

Benefits paid

      (53 )       (130 ) 
  

 

 

     

 

 

  

Defined benefit obligation at end of period

      4,815        5,880  
  

 

 

     

 

 

  

Change in fair value of scheme assets

      

Fair value of schemes’ assets at beginning of period

      5,726        7,931  

Interest income

      68        54  

Remeasurement loss on the return of plan assets, excluding amounts included in interest income

      (424 )       (1,053 ) 

Administrative expenses

      (3 )       (7 ) 

Employer contributions

      22        46  

Benefits paid

      (53 )       (130 ) 
  

 

 

     

 

 

  

Fair value of schemes’ assets at end of period

      5,336        6,841  
  

 

 

     

 

 

  

The principal assumptions used in accounting for the pension schemes are set out below:

 

As at

    30 June 2023     30 June 2022  

Discount rate

      4.8 %      3.9 % 

Expected rate of increase in benefit revaluation of covered employees

      1.9 %      2.0 % 

RPI inflation rate

      2.7 %      3.0 % 

CPI Inflation rate (capped at 5% p.a.)

      2.5 %      2.5 % 

CPI Inflation rate (capped at 2.5% p.a.)

      1.7 %      1.7 % 

Amounts recognised in the condensed consolidated balance sheet consist of:

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022  

Present value of defined benefit obligations

      (4,815 )       (5,089 )       (5,880 ) 

Fair value of schemes’ assets

      5,336        5,726        6,841  
  

 

 

     

 

 

     

 

 

  

Net asset

      521        637        961  
  

 

 

     

 

 

     

 

 

  

Non-current assets

      542        659        987  

Non-current liabilities

      (21 )       (22 )       (26 ) 

In June 2023, the Group was informed that one of the investments held by the UK DB pension schemes has been revalued by the fund’s independent valuation agent and that the valuation of the holding as of March 31, 2023, across the schemes, has been reduced by £78 million to £73 million. There is some uncertainly as at 30 June 2023 over the remaining valuation, however the Group does not consider the uncertainty to be material. This change in asset value is included in OCI as part of the asset and liability movements over the quarter.

 

27

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

23

Employee benefits (continued)

 

For the valuations at 30 June 2023 and at 31 March 2023 the mortality assumptions used are the SAPS base table, in particular S2PxA tables and the Light table for members of the Jaguar Executive Pension Plan.

 

•  

For the Jaguar Pension Plan, scaling factors of 101 per cent to 115 per cent have been used for male members and scaling factors of 103 per cent to 118 per cent have been used for female members.

 

•  

For the Land Rover Pension Scheme, scaling factors of 105 per cent to 117 per cent have been used for male members and scaling factors of 100 per cent to 116 per cent have been used for female members.

 

•  

For the Jaguar Executive Pension Plan, an average scaling factor of 93 per cent to 97 per cent has been used for male members and 91 per cent to 96 per cent has been used for female members.

For the valuations at 30 June 2022, the mortality assumptions used are the SAPS base table, in particular S3 tables and the Light table for members of the Jaguar Executive Pension Plan.

 

  •  

For the Jaguar Pension Plan, scaling factors of 101 per cent to 115 per cent were used for male members and 103 per cent to 118 per cent for female members.

 

  •  

For the Land Rover Pension Scheme, scaling factors of 105 per cent to 117 per cent were used for male members and 100 per cent to 116 per cent for female members.

 

  •  

For the Jaguar Executive Pension Plan, scaling factors of 93 per cent to 97 per cent were used for male members and 91 per cent to 96 per cent for female members.

For 30 June 2023 period end calculations there is an allowance for future improvements in line with the CMI (2021) projections and an allowance for long-term improvements of 1.25 per cent per annum and a smoothing parameter of 7.5 (31 March 2023: CMI (2021) projections with 1.25 per cent per annum improvements and a smoothing parameter of 7.5, 30 June 2022: CMI (2021) projections with 1.25 per cent per annum improvements and a smoothing parameter of 7.5).

 

24

Commitments and contingencies

The following includes a description of contingencies and commitments. The Group assesses such commitments and claims as well as monitors the legal environment on an ongoing basis, with the assistance of external legal counsel wherever necessary. The Group record a liability for any claims where a potential loss is probable and capable of being estimated and disclosures such matters in the financial statements, if material. For potential losses that are considered possible, but not probable, the Group provides disclosure in the consolidated financial statements but does not record a liability unless the loss becomes probable. Such potential losses may be of an uncertain timing and / or amounts.

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022*  

Contingencies:

         

- Third party claims and obligations

      370        601        395  

- Taxes and duties

      59        61        75  

- Other

      160        121        161  

Commitments:

         

- Plant and equipment

      430        386        709  

- Intangible assets

      23        15        17  

Pledged as collateral/security against the borrowings and commitments:

         

- Inventory

      —          —          —    

- Trade receivables

      —          —          —    

- Other financial assets

      20        20        14  

 

*

The comparatives at 30 June 2022 have been re-presented to align with presentation changes made during the year ended 31 March 2023. Litigation and product related amounts disclosed in previous periods, in addition to third party claims previously disclosed under Other, are now presented together in Third Party Claims and Obligations. This has not resulted in any change to total contingent liabilities and commitments disclosed.

 

28

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

24

Commitments and contingencies (continued)

 

Contingencies

Contingencies related to legal and constructive obligations to third parties. There are claims and obligations against the Group which management has not recognised, as settlement is not considered probable. These claims and obligations relate primarily to the following:

 

  -

Third party claims and obligations primarily supplier claims

 

  -

Tax and duty

 

  -

other including consumer complaints, retailer terminations, employment cases and personal injury claims.

The decrease in the period is driven mainly by supplier claims related to ongoing negotiations and lower levels of new claims.

Commitments

The Group has entered into various contracts with vendors and contractors for the acquisition of plant and equipment and various civil contracts of a capital nature and the acquisition of intangible assets.

Joint venture

Stipulated within the joint venture agreement for Chery Jaguar Land Rover Automotive Company Ltd., and subsequently amended by a change to the Articles of Association of Chery Jaguar Land Rover Automotive Company Ltd. is a commitment for the Group to contribute a total of CNY 5,000 million of capital. Of this amount, CNY 3,475 million has been contributed as at 30 June 2023. The outstanding commitment of CNY 1,525 million translates to £166 million at the 30 June 2023 exchange rate (30 June 2022: £188 million at the June 2022 exchange rate).

The Group’s share of capital commitments of its joint venture at 30 June 2023 is £7 million (31 March 2023: £12 million and 30 June 2022: £16 million) and contingent liabilities of its joint venture 30 June 2023 is £1 million (31 March 2023 and 30 June 2022: £nil).

 

25

Capital Management

The Group’s objectives when managing capital are to ensure the going concern operation of all subsidiary companies within the Group and to maintain an efficient capital structure to support ongoing and future operations of the Group and to meet shareholder expectations.

The Group issues debt, primarily in the form of bonds, to meet anticipated funding requirements and maintain sufficient liquidity. The Group also maintains certain undrawn committed credit facilities to provide additional liquidity. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries as required. Surplus cash in subsidiaries is pooled (where practicable) and invested to satisfy security, liquidity and yield requirements.

The capital structure and funding requirements are regularly monitored by the JLR plc Board to ensure sufficient liquidity is maintained by the Group. All debt issuance and capital distributions are approved by the JLR plc Board.

The following table summarises the capital of the Group:

 

As at (£ millions)

    30 June 2023      31 March 2023      30 June 2022  

Short-term debt

      1,422        1,548        1,901  

Long-term debt

      5,064        5,240        5,996  
  

 

 

     

 

 

     

 

 

  

Total debt*

      6,486        6,788        7,897  
  

 

 

     

 

 

     

 

 

  

Equity attributable to shareholders

      5,052        4,239        3,861  
  

 

 

     

 

 

     

 

 

  

Total capital

      11,538        11,027        11,758  
  

 

 

     

 

 

     

 

 

  

 

*

Total debt includes lease obligations of £693 million (31 March 2023: £710 million, 30 June 2022: £666 million).

 

29

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

 

26

Notes to the consolidated cash flow statement

Reconciliation of loss for the period to cash used in operations

 

     Three months ended  

£ millions

    30 June
2023		      30 June
2022
Restated*		  

Cash flows from operating activities

      

Profit/(loss) for the period

      323        (482 ) 

Adjustments for:

      

Depreciation and amortisation

      538        491  

Loss on disposal of assets

      12        2  

Income tax expense

      112        113  

Finance expense (net)

      131        114  

Finance income

      (33 )       (7 ) 

Foreign exchange on debt, derivatives and balance sheet revaluation

      (13 )       114  

Unrealised loss on commodities

      78        109  

Share of profit of equity accounted investments

      (10 )       (2 ) 

Fair value gain on equity investments

      (3 )       (2 ) 

Exceptional items

      —          (155 ) 

Other non-cash adjustments

      (4 )       1  
  

 

 

     

 

 

  

Cash flows from operating activities before changes in assets and liabilities

      1,131        296  
  

 

 

     

 

 

  

Trade receivables and other assets

      (9 )       (520 ) 

Other financial assets

      (20 )       (14 ) 

Inventories

      (451 )       (358 ) 

Accounts payable, other liabilities and retirement benefit obligations

      446        316  

Other financial liabilities

      (27 )       44  

Provisions

      74        (98 ) 
  

 

 

     

 

 

  

Cash generated from/(used in) operations

      1,144        (334 ) 
  

 

 

     

 

 

  

 

*

See note 1 for details of restatement as a result of a change in accounting policy.

 

30

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

26

Notes to the consolidated cash flow statement (continued)

 

Reconciliation of movements of liabilities to cash flows arising from financing activities

 

£ millions

    Borrowings     Lease
obligations		     Interest
accrued		     Total  

Balance at 1 April 2022

      7,027       570       95       7,692  

Cash flows

         

Proceeds from issue of financing

      594       —         —         594  

Repayment of financing

      (656 )      (18 )      —         (674 ) 

Interest paid

      —         (12 )      (87 )      (99 ) 

Non-cash movements

         

Issue of new leases

      —         104       —         104  

Interest accrued

      —         12       90       102  

Foreign exchange

      286       11       6       303  

Lease terminations

      —         (1 )      —         (1 ) 

Fee amortisation

      3       —         —         3  

Fair value adjustment on loans

      (23 )      —         —         (23 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance at 30 June 2022

      7,231       666       104       8,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance at 1 April 2023

      6,078       710       95       6,883  

Cash flows

         

Repayment of financing

      (133 )      (17 )      —         (150 ) 

Interest paid

      —         (15 )      (86 )      (101 ) 

Non-cash movements

         

Issue of new leases

      —         17       —         17  

Interest accrued

      —         14       91       105  

Foreign exchange

      (110 )      (14 )      (2 )      (126 ) 

Lease terminations

      —         (2 )      —         (2 ) 

Fee amortisation

      2       —         —         2  

Bond revaluation in hedge reserve

      (40 )      —         —         (40 ) 

Fair value adjustment on loans

      (4 )      —         —         (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance at 30 June 2023

      5,793       693       98       6,584  
  

 

 

    

 

 

    

 

 

    

 

 

  

Included within ‘finance expenses and fees paid’ in the condensed consolidated cash flow statement is £13 million in the three months ended 30 June 2023 (three months ended 30 June 2022: £1 million) of cash interest paid relating to other assets and liabilities not included in the reconciliation above.

 

31

Table of Contents

Notes (forming part of the condensed consolidated interim financial statements)

 

 

27

Related party transactions

Tata Sons Private Limited is a company with significant influence over the Group’s ultimate parent company Tata Motors Limited. The Group’s related parties therefore include Tata Sons Private Limited, subsidiaries and joint ventures of Tata Sons Private Limited and subsidiaries, joint ventures and associates of Tata Motors Limited. The Group routinely enters into transactions with its related parties in the ordinary course of business, including transactions for the sale and purchase of products with its joint ventures, and IT and consultancy services received from subsidiaries of Tata Sons Private Limited.

All transactions with related parties are conducted under normal terms of business and all amounts outstanding are unsecured and will be settled in cash. Transactions and balances with the Group’s own subsidiaries are eliminated on consolidation.

The following tables summarise related party transactions and balances not eliminated in the consolidated condensed interim financial statements.

 

Three months ended 30 June 2023 (£ millions)

    With joint
ventures of the
Group		      With associates
of the Group and
their subsidiaries		      With Tata Sons
Private Limited
and its
subsidiaries and
joint ventures		      With immediate
or ultimate
parent and its
subsidiaries,
joint ventures
and associates		  

Sale of products

      57        —          —          10  

Purchase of goods

      7        36        —          26  

Services received

      —          —          67        32  

Services rendered

      4        —          —          1  

Dividends received

      2        —          —          —    

Trade and other receivables

      41        —          24        45  

Accounts payable

      1        3        24        35  

 

Three months ended 30 June 2022 (£ millions)

    With joint
ventures of the
Group		      With associates
of the Group and
their subsidiaries		      With Tata Sons
Private Limited
and its
subsidiaries and
joint ventures		      With immediate
or ultimate
parent and its
subsidiaries,
joint ventures
and associates		  

Sale of products

      73        —          1        8  

Purchase of goods

      21        —          —          22  

Services received

      —          —          44        20  

Services rendered

      6        —          —          —    

Trade and other receivables

      39        —          —          22  

Accounts payable

      8        —          16        27  

Compensation of key management personnel

 

     Three months ended  
£ millions    30 June
2023		      30 June
2022		  

Key management personnel remuneration

      5        3  

 

32

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