Statutory Reports
Corporate Overview
69th Annual Report 2013-14
88
Financial Statements
Investments
/
loans
in
subsidiary / associates / JV
(net)
(751.78)
(398.15)
Dividend and Interest received 1,784.38
2,064.72
Net Cash from Financing
Activities
(5,033.81) (4,045.69)
(988.12)
Dividend and interest paid
(2,398.71)
(3,269.83)
Net borrowings (net of issue
expenses)
(2,635.10)
(775.86)
Net decrease in cash and
cash equivalent
(17.44)
(795.75)
Cash and cash equivalent,
beginging of the year
205.57
919.64
Effect of exchange fluctuation
on cash flows
10.55
81.68
Cash and cash equivalent,
end of the year
198.68
205.57
a.
Reduction in net cash generated from operations reflects
impact of reduction in sales and profitability. The cash used in
operations before working capital changes was
`
938.82 crores
as compared to net cash generated from operations
`
1,648.32
crores in the previous year. There was a net inflow of
`
3,458.34
towards working capital changes mainly attributable to
decrease in trade receivables, Inventories and increase in the
Trade payable and other current liabilities.
b.
The net cash inflow from investing activity was
`
2,552.91
crores as compared to
`
991.50 crores for the previous year
and was mainly attributable to:
Inflow by way of divestments in foreign subsidiary
companies to TML Holdings Pte Ltd, Singapore and
Redemption of preference shares by TML Holdings
Singapore, resulting in cash inflow of
`
3,978.48 crores as
compared to
`
1,378.95 crores in FY 2012-13.
Inflow by way of dividend and interest was
`
1,784.38
crores (
`
2,064.72 crores for FY 2012-13).
The cash used for payments for fixed assets was
`
3,094.05
crores (net) (
`
2,588.44 crores for FY 2012-13),
There was an outflow (net) of
`
706.72 crores (
`
203.00
crores for FY 2012-13) towards investments in subsidiary
and associates companies.
c.
The net change in financing activity was an outflow of
(
`
5,033.81 crores) against (
`
4,045.69 crores) for last year. The
outflow is attributable to the following:
i.
The Company repaid fixed deposits -
`
362.19 crores
(
`
1,868.38 crores for FY 2012-13).
ii.
The long term borrowings (net) repayment of
`
579.84
crores (Last year was
`
814.63 crores).
iii.
Short term borrowings – net outflow of
`
1,605.27 crores
(last year there was inflow of
`
2,983.74 crores).
FINANCIAL PERFORMANCE OF JLR (AS PER IFRS)
The financial statement of JLR is prepared as per International
Financial Reporting Standards (IFRS) applicable in the UK. This
information is given to enable the readers to understand the
performance of JLR
Revenue:
During the year, JLR generated record revenue and
profits. This was primarily driven by increased demand for both
brands as well as a strong product and market mix. Consolidated
revenues for FY 2013-14 were GB£19,386 million, an increase of
22.8% compared to FY 2012-13.
EBITDA:
Consolidated EBITDA for FY 2013-14 was a record
GB£3,393 million, an increase of 45% compared to FY 2012-13.
The EBITDA improvement comprises increased sales volumes and
revenues, as well as favourable product and market mix, as higher
margin products were sold in higher margin destinations, notably
China. Also JLR has been able to keep costs in check, through cost
discipline, and various efficiencies and improvement initiatives.
Material cost
of sales for the year was GB£11,904 million, equivalent
to 61.4% of revenue. This represents an improvement of 1.3% from
FY 2012-13 in part due to decreases in raw material prices
Employee costs
for FY 2013-14 were up GB£320 million (24%)
to GB£1,654 million as JLR has increased permanent and agency
headcount, particularly in product development and manufacturing,
to support the JLR’s growth agenda..
