Automotive   |   Jaguar Land Rover
JAGUAR  
LAND ROVER  
AUTOMOTIVE PLC  
Annual Report 2020/21  
CONTENTS  
FISCAL YEAR 2020/21 AT A GLANCE  
WE ARE A GLOBAL AUTOMOTIVE MANUFACTURER WITH DISTINCT BRANDS,  
JAGUAR AND LAND ROVER.  
OUR NEW STRATEGY IS THE REIMAGINING OF THE FUTURE OF MODERN LUXURY BY DESIGN THROUGH  
A CANVAS OF TRUE SUSTAINABILITY AND A NEW BENCHMARK IN QUALITY. WE WILL BECOME THE  
CREATOR OF THE WORLD’S MOST DESIRABLE, LUXURY VEHICLES AND SERVICES FOR THE MOST  
DISCERNING OF CUSTOMERS.  
R E TA I L S A L E S 1  
W H O L E S A L E S 1  
439,588 UNITS  
347,632 UNITS  
FY 2020/21: 439,588  
FY 2019/20: 508,659  
FY 2018/19: 578,915  
FY 2020/21: 347,632  
FY 2019/20: 475,952  
FY 2018/19: 507,895  
R E V E N U E  
P R O F I T/ ( L O S S ) B E F O R E TA X  
A N D E X C E P T I O N A L C H A R G E S  
4
4
0
0
I n v e s t o r r e l a t i o n s e n g a g e m e n t  
S T R AT E G I C R E P O R T  
1 , 2  
J a g u a r L a n d R o v e r ’s a p p r o a c h t o t a x  
£19.7 BN  
3
4
5
6
0
1
2
4
F i s c a l y e a r 2 0 2 0 / 2 1 a t a g l a n c e  
£0.7 BN  
C h a i r m a n ’s s t a t e m e n t  
C h i e f E x e c u t i v e O f f i c e r ’s s t a t e m e n t  
O u r s t r a t e g y  
FY 2020/21: £19.7bn  
FY 2019/20: £23.0bn  
FY 2018/19: £24.2bn  
FY 2020/21: £0.7bn  
D I R E C T O R S ’ R E P O R T  
FY 2019/20: £(0.4)bn  
4
2
D i r e c t o r s ’ r e p o r t  
FY 2018/19: £(0.4)bn  
1
1
1
1
R e f o c u s  
O u r b u s i n e s s m o d e l  
O u r a c h i e v e m e n t s  
F I N A N C I A L S TAT E M E N T S  
O u r e n v i r o n m e n t a l a n d s o c i a l  
r e s p o n s i b i l i t y  
F R E E C A S H F L O W 1  
N E T D E B T 1  
4
5
5
6
4
4
I n d e p e n d e n t a u d i t o r ’s r e p o r t  
1
2
2
2
2
2
3
3
3
8
0
1
4
6
8
4
6
8
G l o b a l r e t a i l s a l e s  
C o n s o l i d a t e d i n c o m e s t a t e m e n t  
£0.2 BN  
£1.9 BN  
C h i e f F i n a n c i a l O f f i c e r ’s s t a t e m e n t  
O u r f i n a n c i a l p e r f o r m a n c e  
O u r a p p r o a c h t o r i s k s  
P r i n c i p a l r i s k s  
C o n s o l i d a t e d s t a t e m e n t o f  
FY 2020/21: £0.2bn  
FY 2019/20: £(0.8)bn  
FY 2018/19: £(1.3)bn  
FY 2020/21: £1.9bn  
FY 2019/20: £2.2bn  
FY 2018/19: £0.7bn  
c o m p r e h e n s i v e i n c o m e a n d e x p e n s e  
5 5  
5 6  
C o n s o l i d a t e d b a l a n c e s h e e t  
C o n s o l i d a t e d s t a t e m e n t o f  
c h a n g e s i n e q u i t y  
I n t r o d u c t i o n t o g o v e r n a n c e  
L e a d e r s h i p  
5
5
7
8
C o n s o l i d a t e d c a s h f l o w s t a t e m e n t  
N o t e s ( f o r m i n g p a r t o f t h e c o n s o l i d a t e d  
f i n a n c i a l s t a t e m e n t s )  
1
Please see note 3 of the financial statements on page 73 for alternative performance measures, some of which have been restated compared to  
the prior year, most notably Free cash flow, Adjusted EBITDA and Adjusted EBIT.  
Please see note 4 of the financial statements on page 76 for more information relating to exceptional items. Of the £1,523 million of exceptional  
charges in FY21, £1,486 million were incurred as a result of announcing the Reimagine strategy in February 2021, comprising £952 million of non-  
cash write downs and £534 million of restructuring and other costs  
E f f e c t i v e n e s s  
2
A c c o u n t a b i l i t y  
1 2 6  
P a r e n t c o m p a n y f i n a n c i a l s t a t e m e n t s  
JAGUAR LAND ROVER AUTOMOTIVE PLC  
Annual Report 2020/21  
3
CHAIRMAN’S STATEMENT  
CHIEF EXECUTIVE OFFICER’S STATEMENT  
The previous year has been amongst the most challenging to-  
date with the Covid-19 pandemic causing grief and suffering to  
humanity at large while adversely impacting the global economy.  
For Jaguar Land Rover this resulted in a lower consumer demand  
along with disruptions in production, supply chain and retail  
networks. This was further exacerbated by the uncertainty over  
future trading relations with the EU post Brexit.  
In September 2020 it was my privilege to become Chief Execu-  
tive Officer of Jaguar Land Rover.  
My view of the company from afar was always one of unique-  
ness, of Britishness, and of immense brand equity. From inside,  
the clarity of that view is even sharper.  
Nobody could have anticipated the tragic events of the past  
year. I’m deeply proud of our people and the way we worked to-  
gether to support our communities throughout the year. The tre-  
mendous resilience of my Jaguar Land Rover colleagues is truly  
inspiring.  
In this context, I am happy to share that the company has  
delivered a resilient performance during the year. Its financial  
and market performance notwithstanding, Jaguar Land Rover  
with its famous British brands made a critical contribution to the  
Tata Group ’s worldwide efforts to help our communities and our  
people.  
Even without the impacts of Covid-19, the business faced chal-  
lenges that could be considered major risks. However, the path-  
way navigated during the final two quarters is evidence of our  
fundamentally strong, re-emerging business.  
Despite a 14% drop in revenue to £19.7 billion, the business  
improved its EBIT margins by 250 basis points to 2.6% and  
generated positive free cash flows of £185 million. Retail sales  
declined 14% for the year with China being the exception  
growing at a strong 23%. The all-new Land Rover Defender was  
a standout performer retailing 45.2K units for the full year as well  
as winning the 2021 World Car Design of the Year.  
Of course, there are still many hurdles to overcome, including the  
current global shortage of semiconductors, but we now have a  
clear view of the road ahead with our Reimagine strategy; a fu-  
ture of modern luxury by design.  
During the year, we had a smooth CEO transition where Thierry  
Bolloré took over as the CEO of Jaguar Land Rover from Professor  
Sir Ralf Speth. I would like to thank Professor Sir Ralf Speth for his  
invaluable contributions to make Jaguar Land Rover what it is  
today. During his tenure the company grew its revenues by over  
Reimagine allows us to confidently transform the business and  
its distinct brands, to over satisfy our customers, and reward  
both our investors and our people.  
We will simplify our architecture strategy and reorganise our  
manufacturing footprint, placing quality and sustainability at the  
heart of everything we do. We are now becoming a more agile  
organisation that plays to our human-centric strengths.  
3.5x and its EBITDA by over 6x. Under his leadership, Jaguar Land  
Rover has become a differentiated luxury OEM with two fabled  
well-invested brands, a talent base that is world class and a set  
of skills and capabilities that will serve us well for the future.  
We will create a knowledge-sharing collaborative ecosystem  
with the very best partners in global industry to leapfrog forward  
in clean energy, sof ware and digitalisation.  
Thierry has very quickly moved into his role and worked closely  
with the team and the Board to develop the future strategy.  
Jaguar Land Rover under his leadership, has now unveiled its  
new Reimagine strategy to make the company a world leader  
in electrified luxury vehicles, sustainability, manufacturing  
efficiency and new automotive technologies to deliver a strong  
market performance which shall create long-term shareholder  
value.  
and our performance is improving consistently. We have the  
foundations in place for a sustained, cash accretive growth.  
programme development and product lifecycles, as Vehicle Pro-  
grammes lead.  
Jaguar Land Rover will focus on value creation through a prof-  
it-over-volume approach. Our goal is to deliver double-digit EBIT  
margin and become one of the world ’s most profitable luxury  
manufacturers.  
I look forward with confidence to Jaguar Land Rover ’s profitable,  
growing, and electric future and I would like to thank all our  
colleagues and partners for their continued hard work in making  
this a reality.  
Finally, to reinforce the importance of carefully curated brand  
values and design excellence in the success of modern luxury,  
Professor Gerry McGovern joins the Jaguar Land Rover Limited  
Board of Directors for both brands as Chief Creative Officer.  
Reimagine will see us journey towards net zero carbon by 2039.  
Both our brands will be transformed by electrification, with six  
new all-electric Land Rover models in the next five years and  
Jaguar completely reimagined as a pure electric brand, from  
2025.  
I am very excited by this new aspiration of the company which  
will help it cement its place as a sustainable mobility leader.  
We are also working together to drive greater collaboration  
and synergies within the Tata Group in areas like clean energy,  
connected services, data and sof ware development.  
Ultimately, our will is to become the creator of the world ’s most  
desirable luxury vehicles and products, for the most discerning  
of customers.  
Our plan is not to catch up; our plan is to lead.  
NATARAJAN CHANDRASEKARAN  
CHAIRMAN  
Jaguar Land Rover Automotive plc  
28 May 2021  
Reimagine is our clear strategy. Driving it forward is our Refocus  
programme, which will generate sustainable, long-term value  
through operational excellence.  
Looking into the next year and beyond, I am happy that we have  
come out of the pandemic much stronger, with a future ready  
strategy that we will execute flawlessly. Our portfolio is fresh,  
To help deliver our vision, we have created four new roles on the  
Jaguar Land Rover Limited Board of Directors during the last fi-  
nancial year.  
THIERRY BOLLORÉ  
Nigel Blenkinsop joins as Executive Director of Company Quali-  
ty & Customer Satisfaction; Dave Owen oversees a new Supply  
Chain function; and Nick Collins assumes responsibility for all  
CHIEF EXECUTIVE OFFICER  
Jaguar Land Rover Automotive plc  
28 May 2021  
JAGUAR LAND ROVER AUTOMOTIVE PLC  
5
Annual Report 2020/21