Automotive   |   Jaguar Land Rover
Jaguar Land Rover PLC (previously JaguarLandRover Limited)  
Directors' report and financial statements  
Year ended 31 March 2011  
TABLE OF CONTENTS  
Page  
KEY FIGURES ................................................................................................................................................  
KEY MILESTONES.........................................................................................................................................  
DIRECTORS' REPORT  
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4
Operating review ...............................................................................................................................  
5
General Trends in Performance (including Results of Operations) ................................................... 10  
Business Risks and Mitigating Factors............................................................................................... 13  
Other Business Factors...................................................................................................................... 23  
Liquidity and Capital Resources......................................................................................................... 25  
Related Party Transactions ................................................................................................................ 30  
Acquisitions and Disposals................................................................................................................. 30  
Off Balance Sheet Arrangements....................................................................................................... 30  
Contingencies..................................................................................................................................... 30  
Commitments ..................................................................................................................................... 30  
Board of Directors............................................................................................................................... 31  
Corporate Governance....................................................................................................................... 31  
Audit ................................................................................................................................................... 34  
Acknowledgements............................................................................................................................ 34  
Independent Auditors’ Report to the Members of Jaguar Land Rover PLC (previously  
JaguarLandRover Limited) ................................................................................................................ 36  
CONSOLIDATED FINANCIAL STATEMENTS............................................................................................... 38  
Consolidated Income Statement ........................................................................................................ 39  
Consolidated Statement of Comprehensive Income.......................................................................... 40  
Consolidated Balance Sheet.............................................................................................................. 41  
Consolidated Statement of Changes in Equity................................................................................... 43  
Consolidated Cash Flow Statement................................................................................................... 44  
Notes .................................................................................................................................................. 46  
Parent Company Balance Sheet........................................................................................................ 110  
Parent Company Statement of Changes in Equity............................................................................. 111  
This report refers to: group, company, Jaguar Land Rover, JLR etc which refers to Jaguar Land Rover  
PLC and its subsidiaries.  
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Jaguar Land Rover PLC (previously JaguarLandRover Limited)  
Directors' report and financial statements  
Year ended 31 March 2011  
KEY FIGURES  
Year ended 31 March  
2010  
2011  
% Change  
Volume ( in 000's)  
Retail  
241  
244  
208  
194  
16  
26  
Wholesales  
£
in millions  
Income Statement  
Revenue  
9,871  
1,502  
15.2  
6,527  
349  
5.4  
51  
EBITDA  
EBITDA Margin %  
Net Income (PAT)  
Net Income (PAT) %  
Balance Sheet  
Net assets / (liabilities)  
Cash  
1,036  
10.5  
24  
0.4  
1,475  
1,028  
1,382  
354  
(463)  
680  
Debt  
3,030  
2,350  
Net Debt (Debt less Cash)  
Cash Flow  
Free Cash flow (Cash from  
operations plus Cash used in  
investing)  
876  
(101)  
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Jaguar Land Rover PLC (previously JaguarLandRover Limited)  
Directors' report and financial statements  
Year ended 31 March 2011  
KEY MILESTONES FOR THE YEAR ENDED 31 MARCH 2011  
th  
0 Anniversary of the E-Type  
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Jaguar hosted E-Type drives at the Parc des Eaux Vives in Geneva, where the original car was launched  
by the marque's founder Sir William Lyons half a century ago.  
The appeal of the E-Type transcended the automotive world. Such is the inherent rightness of its  
proportions, stance and purity of line, that it is a permanent exhibit in New York's Museum of Modern Art.  
Its influence is still apparent in Jaguar's modern range - products that offer a peerless blend of  
performance, comfort, cutting-edge technology and award-winning design.  
th  
5 Anniversary of the Jaguar marque  
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23 September 2010 marked the 75th anniversary of the Jaguar marque. To celebrate the occasion, a  
group of 75 individually-numbered, iconic Jaguars from across the years made a two-day journey from  
Coventry to Goodwood. This exclusive celebration drive, started in Coventry, took in London's May Fair  
Hotel  site of the original Jaguar model launch in 1935 – and finished at the UK's largest heritage motor  
festival, the Goodwood Revival.  
Further celebrations of Jaguar's 75th anniversary were unveiled on 30 September 2010 with the C-X75  
concept car, embracing 4 wheel electronic drive technology, supported by micro gas turbines to generate  
power to extend the range to 560 miles, whilst delivering supercar performance and producing only 28  
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grams of CO per kilometre.  
th  
0 Anniversary of the 'iconic' Range Rover  
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The Range Rover celebrated its 40th birthday on 17 June 2010. Recognised as one of the most  
significant vehicles in the history of motoring, the Range Rover was the world's first vehicle to be as good  
on-road as it was off-road. It was the first fully capable, luxury 4x4 and was a milestone in the  
development of the Sport Utility Vehicle.  
The iconic Range Rover's credentials have attracted attention and ultimately ownership from a broad  
range of high profile individuals including sports personalities, actors, politicians, fashion models and  
royal households around the globe.  
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addition to Range Rover product range - Range Rover Evoque  
th  
To coincide with the 40 anniversary celebrations Land Rover revealed the Range Rover Evoque. This  
all-new coupe will join Range Rover and Range Rover Sport in the product line-up during the summer of  
2011. The Range Rover Evoque will be the smallest, lightest and most fuel efficient Range Rover ever  
produced. Customers will have a choice of both 4WD and 2WD versions, with sub 130g/km CO . The  
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Range Rover Evoque will be built at the company's Halewood plant. In addition the appointment of  
Victoria Beckham as Creative Design Executive was announced; she will be collaborating on future  
special edition Range Rover design projects, starting with a Special Edition Range Rover Evoque.  
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Jaguar Land Rover PLC (previously JaguarLandRover Limited)  
Directors' report and financial statements  
Year ended 31 March 2011  
DIRECTORS' REPORT  
The Directors of Jaguar Land Rover PLC present the Annual Report and Audited consolidated Financial  
Statements of Jaguar Land Rover PLC and its subsidiary companies ('the company'), for the year ended  
st  
1 March 2011.  
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The company was formed by Tata Motors on 18 January 2008 to acquire Jaguar Cars Limited and Land  
Rover from Ford. The transaction was completed on 2 June 2008. The company is a wholly-owned  
subsidiary and integrated business division of Tata Motors, a part of the Tata Group, an Indian business  
conglomerate with operations in more than 80 countries across six continents. Tata Motors is India’s  
leading automobile company and ranks as the third largest bus manufacturer and the fourth largest truck  
manufacturer in the world.  
Operating review  
Business background  
The company designs, develops, manufactures and sells Jaguar premium sports saloons and sports cars  
and Land Rover premium all-terrain vehicles, as well as related parts and accessories. The company has  
a long tradition as a manufacturer of premium passenger vehicles with internationally recognised brands,  
an exclusive product portfolio of award-winning vehicles, a global distribution network and strong  
research and development (‘‘R&D’’) capabilities. Jaguar and Land Rover collectively received over 80  
awards from leading international motoring writers, magazines and opinion formers during the year to 31  
March 2011.  
The company operates three major production facilities and two advanced design and engineering  
facilities all in the United Kingdom. At 31 March 2011, the company employed 18,059 employees globally  
(
including agency staff of 2,849).  
The company operates a global sales and distribution network designed to achieve worldwide sales and  
facilitate growth in key markets. The company's three principal regional markets are North America, the  
United Kingdom and the Rest of Europe (including Russia), which respectively accounted for 21.6%,  
24.0% and 27.2% of the company's wholesale volumes in the year ended 31 March 2011 and 19.4%,  
28.4% and 27.2% in 2010. The company have also increased its presence in China, which accounted for  
11.0% of the wholesale volumes in the year ended 31 March 2011 and 9.7% in 2010.  
Product design, development and technology  
The company's vehicles are designed and developed by award-winning design teams, and the company  
is committed to a programme of periodic enhancements in product design. The company's two design  
and development centres are equipped with computer-aided design, manufacturing and engineering  
tools, and are configured for competitive product development cycle time and efficient data management.  
In recent years, the company has refreshed the entire Jaguar range under a unified concept and design  
language and continued to enhance the design of Land Rover’s range of all-terrain vehicles.  
The company's R&D operations look for synergies through sharing premium technologies, powertrain  
designs and vehicle architecture. All of the company's products are designed and engineered primarily in  
the United Kingdom. The company endeavours to implement the best technologies into the company's  
product range to meet the requirements of a globally competitive market. The company aims to develop  
vehicles running on alternative fuels and hybrids and also invest in other programmes for the  
development of technologies aiming to improve the environmental performance of its vehicles including  
the reduction of CO2 emissions.  
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Jaguar Land Rover PLC (previously JaguarLandRover Limited)  
Directors' report and financial statements  
Year ended 31 March 2011  
The company's vehicles  
Jaguar Models and Update  
Jaguar designs, develops and manufactures premium sports saloons and sports cars recognised for their  
performance, design and unique British style. Jaguar’s range of products comprises the XK sports car  
(
coupe and convertible), the XF saloon and the new XJ saloon.  
Launched in 2006, the all-aluminium XK is Jaguar’s premium luxury sports car, combining  
performance and luxury in coupe and convertible models. The XK was significantly updated in  
2009 with a new engine and exterior and interior design enhancements, and the XK range has  
been further revised, with a new look for 2011. The new XKR-S was unveiled at the Geneva  
Motor Show on 1 March 2011, which is the sporting flagship for the company's revitalised XK line-  
up. The XKR-S is the fastest and most powerful production sports GT that Jaguar has ever built.  
The XF, launched in 2008, is a premium executive car that merges sports car styling with the  
sophistication of a luxury saloon. The Jaguar XF is Jaguar’s best-selling model across the world  
by volume and it has garnered more than 80 international awards since its launch, including  
being named ‘‘Best Executive Car’’ by What Car? Magazine in every year since its launch. For  
2011, fundamental design changes to the front and rear of the XF aim to bring a more assertive,  
purposeful stance to the XFR, which the company believes is now a bolder and more appealing  
automobile closer to the original C-XF concept car. In addition, the Jaguar 2012 Model Year  
(
12MY) line-up was introduced at the New York Auto Show in April 2011, including a new four-  
cylinder 2.2-litre diesel version of the XF with Intelligent Stop-Start Technology, making it the  
most fuel-efficient Jaguar yet and allowing Jaguar to compete more effectively with competitors in  
the UK fleet and company car markets.  
The XJ is Jaguar’s largest luxury saloon vehicle, powered by a choice of supercharged and  
naturally aspirated 5.0-litre V8 petrol engines and a 3.0-litre diesel engine. A 3.0-litre V6 petrol  
engine was launched in the Chinese market in early 2011 which provides significant savings on  
duty in that market. Using Jaguar’s aerospace inspired aluminium body architecture, the XJ’s  
lightweight aluminium body provides improved agility and economy. In May 2010, customer  
deliveries of the new XJ started and it received more than 20 international awards in 2010,  
including ‘‘Best Luxury Car’’ from China’s Auto News, ‘‘Annual Limousine King’’ from Quattroroute  
(
Italy), ‘‘Luxury Car of the Year’’ from Top Gear (UK), Automobile Magazine’s ‘‘2011 Design of the  
Year’’ and ‘‘Best Executive Sedan’’ at the Bloomberg Awards in the United States. For 2011, the  
XJ has been upgraded to include a new Executive Package and a Rear Seat Comfort package,  
which makes the company's flagship model the ultimate executive limousine experience.  
The Jaguar C-X75 concept car was showcased at the Paris Motorshow in September 2010 to  
mark the brand’s 75th anniversary. This dominated all media outlets at the show. It revealed next-  
generation powertrain technology in the form of electric motors and a Bladon Jets developed  
turbine generator. The design also received great praise, leading the way for Jaguars of the  
future. In May 2011, the company announced its decision to build production versions of the C-  
X75 in association with Williams F1.  
Land Rover models and update  
Land Rover designs, develops and manufactures premium all-terrain vehicles that aim to differentiate  
themselves from the competition by their simplicity, ability, strength and durability. Land Rover’s range of  
products comprises the Defender, Freelander 2 (LR2), Discovery 4 (LR4), Range Rover Sport and Range  
Rover.  
The Defender is Land Rover’s most capable off-roader, and is recognised as a leading vehicle in  
the segment targeting extreme all-terrain abilities.  
The Freelander 2 is a versatile vehicle for both urban sophistication and off-road capability. For  
the 2011 Model Year, the company introduced a choice of 4WD and 2WD, with an eD4 engine  
capable of 4.98L/100km which was especially well received in major European markets.  
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Jaguar Land Rover PLC (previously JaguarLandRover Limited)  
Directors' report and financial statements  
Year ended 31 March 2011  
The Discovery 4 is a mid-size SUV that features genuine all-terrain capability. A range of new  
features, including the new 3.0-litre LR-TDV6 diesel engine, helped the Discovery win the What  
Car? Magazine award for the Best 4x4 for the seventh successive year.  
The Range Rover Sport combines the performance of a sports tourer with the versatility of a Land  
Rover.  
The Range Rover is the flagship of the brand with a unique blend of British luxury, classic design  
with distinctive, high-quality interiors and outstanding all-terrain ability. The 2011 Model Year  
Range Rover, with an all-new 4.4-litre TDV8 engine, aiming to achieve a 14% reduction in CO  
emissions and a 19% improvement in fuel consumption to 7.81L/100km compared to the 2010  
Model Year, has been particularly well received in the UK, Europe and overseas.  
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Land Rover products offer a range of powertrains, including turbocharged V6 diesel, V6 petrol  
engines and V8 naturally aspirated and supercharged petrol engines, with manual and automatic  
transmissions.  
The Range Rover Evoque, a class leading urban 4x4 was launched on 4 July 2011.  
Facilities  
The company operates three automotive manufacturing facilities in the United Kingdom. At Solihull, the