Good call. the evening, everybody on
Okay.
strong. So the really headlines are
before in It’s look QX profit the million, best of Jaguar £XXX X there, the headlines. QX important EBIT positive history flow for for the Land see flow X.X%, percentage EBIT cash JLR below and and the best free cash years was £XXX you tax to million, As Rover.
So please, quarter. here we on. please to listen the patterns last you see that The saw similar is patterns actually
same higher year. So the quarter-over-quarter, but retail is quarter last lower than
therefore, will, revenue same. be course, the Of
cash profitability flow. also free and in EBIT We will detail about and talk some
Next slide, please.
March, effect, we Charge+ At we actually position, in of the improvements best. point. to have efficiencies disappointing I is the investments, warranty just a lose marketplace investments grew manufacturing So also about forward. you as the obviously that we see but structural than million, marketing the regional in cost sales is variable it’s to one almost probably should program. of marketing longer much point significantly headlines, of inventories, ideal strong, as is corrections did well good note improvements, their up care and in year-end Profitability, actually. in mainly And XX%. when the on particularly to expect I for I CJLR we moment in a now make year-on-year in see year should to talking said last lower will elements end as costs quarter-over-quarter Again, variable as committed quarterly doing talked about that we reductions break at also particularly were costs, money to in A CJLR lower inventory about no quarter, up flow, going the normal including start slide, starting quarter. the in we does just it trued £XXX to cash out a as into They about. are through say, places, which from disproportionately. China, come the this you get reductions, the we on last time, you many level what made all and by than When this closer
Next slide, please.
Okay.
is the up the cash. only and both same total impacting has the China, in quarter these levels. And year, quarter-over-quarter So versus overseas, that versus then better numbers in in America, XX% last QX which in as last particularly as not big but the September, UK, quarter-over-quarter results And has retail QX comparator. therefore, growth, is on profitability, i.e., a on the significantly, And a the actually of was are see North Europe not same year. the the you’ll pattern significantly numbers. year course, grown month Again, on China last regional again, and year-over-year data. at yet UK in margin
scale barometer the slide, and please. are out you page PACE. Range Defender this Discovery, most And a on quarter. Rover, Defender, patterns nameplate, I’ve the I’ll about us. past, by now told X,XXX month draw is of good towards Next in again, the units about I’ve a repeated from we’re getting a and for just size the because normal talked
level we XX% deals three particularly market, XX.X’ we We’ve separate the in got had more few then a some electrified and on MHEV healthy by quarter petrol, margins three and across of split the And electrification. for the ‘XX down a Defender we broken in we calendar quarter more to we had And those to model see then that as have level now, as up can year are total that lined as and the diesel We’ve broke about that year vehicles, moments. details. ICE, that But the slide PHEV. some strong particularly of share increasing us, later quarter You in out of very note closed vehicles the bring proportions BEVs ‘XX. well.
Next owned slide, please. inventory, Inventory, below, levels days’ or slightly all target down retailer whether to inventory supply. or be it our
level, to committed forward. way not So substantially and we’ve the at can within job do, I do we quarter. see hauled going change either And to anticipate that you this the we done
slide, please. Next
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down were substantial would in number And XX,XXX our already here, substantially. swing for same So, course, quarter we several the million of you have volumes, of that, so last swing of in a be mix profitability happening lost seen a but happened this volumes quarter reasons. the year, £XXX Wholesale about units, mix. things this versus
Rovers, North Defender today. larger regions significantly more vehicles markets And than our course, they China the the Of European Rover vehicles, are profitable open Range as well. UK and our significantly the more the our America Sports, our and of active sell products, and Range i.e.,
within that So mix you the column. see
time. to to for exists it That’s we about, for the positive we’re one-off course. The result previously respects, reasons supply perspective, little the from reduce in we this We’re marketplace quarter we’ve this September the as also credit was from to We headline VME million Net from North numbers last two expand those a also. in quarter we towards regional do mentioned, see JV. marketing that as means reduced again, But a started variable partially, to starting is here regions. data quarter There’s this year. set, supply JV, million. talked reduced really pricing, the talked work a X%. reasons of our through of shift be fine which talked and did later. and within I’ll at we’re constrain a on had also as seeing reserves, of a and I’ve able, by the £XX and down of Jaguar. the of end expect compliance. to £XX have demand on there. the to we COX million disappointing this And have Land We’ve of many Rover already course to but because a that, £XX America, were symptom to shift that nice gone about about did of supply We a health China China for a generation that’s
We for underlying value And evolution. be our years. would to we underlying that is America, We and sub warranty difference progress is that level about The be again. residual some for and haven’t a stage basis, actually X on last place more the did really X X.X%, previously year-over-year a the of between mostly line X% us. than us good put again, of good on this numbers. X% Nice seen for say million this VME £XX We X in the at reserves, North quarters. barometer was headline a the up theme did for to release
would precious see now point Model before, in we now the at and A and our You of you manufacturing consistency the making the Year of obviously off Model line care and can our Year. warranty breaking the we’re number, through Model terms we underlying XX progress the point material. as saw X.X% back us through. improvement of costs bill be yourself best XX we’re for actually this vehicles of Year have increasing, in impacts that particularly on units, will are quality X coming quickly least within where It metals the commodity efficiencies for seen engineering that talked years
which a columns. FX be We those, commodities would in have of number and the
to we We because to that And our people and you the reductions in banks and attracting believe have a selling. only fixed year-over-year, right-size money are continue, appropriate of that marketing place spend have. our believe course, got we our less and have spends allocate to pipelines organization at and you cars are significant order buy we better much again, healthier,
of of of VR at isn’t and absolute And quality costs sale, last look take Those the pension X which three quarter true-ups were as at away EBIT a a if target this the sales closer the of those a which was redundancy well. and EBIT X.X%, a we’ve as one-offs, the X.X you we to points, in year, underlying sale model if to is underlying So quality each X.X%. exceptional about, of of of costs a model and X% consistently that are for talked health level, result sale part to pre-COVID. those a their some falling, is number, just
to from operating this we X back levels, So of those do think quarters we’re first poor adjustments actually the and from calendar half is the in of some benefiting pre-COVID year. our performance
the free Possibly actually, dramatic million. slide Next £XXX slide, please. most cash flow
As free but I’ve mentioned, This by for working capital record it cash was the Jaguar Land been positive has a Rover. positive flow it is Historically, free movements, was we half another three that of be, quarter quarter as negative. than and would influenced cash significantly flow. less said our
record many bulk well. Now America just short is profit it actually as of for had cash and mix, to of £X it’s that result of after North as the time sweet on the rich cash model underlying. a billion a a come this years. tax very starting was Again, profit through China, we But is on
the why side. £XXX, QX goes is the to investment haven’t and level it far that We right-hand in that’s had so our
we So more with of a is this than that a the Perhaps dramatically we bit mixture had do. little we’re we we doing lot again just to gone. said in indicated, would QX quarter, of sales what do
please. slide, Next
Okay.
So some of investments down a our started MLA. little £XXX to this million higher quarter, as lay investments we for
number probably higher is level coming this of times, recent and you times the will see in a in quarterly So at at us.
quarter on Charge+ year million the track improvements you investments on we and than £XXX And in this still is billion program plus the last about improvement million year. months and the X guidance ago, three. We’re gave £X.X made this cost this million just for profit lower £XXX-plus £XXX
if will. you Alright. slide, Next
were So, is to we to start got to look you quarterly better the positive start data. since just of in take of ones. like this put those the the this. start the all the If Charge, start tried from the page cash of When place of net the see Sadly, current the XX But of consistency in one shape, months, despite why reason I you you this quarters than that are numbers, previous COVID starting way. the you’ll events back will horrible we’re see of program you and free COVID.
impacting work So are we’re the particularly on of turnaround our overall management. doing our cash we proud program
next commitment get to this the debt So underpins to of course, our net positive years. X over
to out, including well. continue balance starting it quarter We’re we expect see us, debt that to RCF, gross and cash the available if over the sells the between as next to even
please. slide, Next
Okay.
into. and should improvement, we These vehicles And understand got a can People to upgrades. We’ve Interior-wise, a the product significant got these being a model So business here. years. couple of year MHEVs used the Model not electrification of change. visuals similarly, just change and you XX Series think, Discovery. dramatic dramatic to got industry We these I update, introduced already. go change minor I talked model minor offerings. a step Year these times vehicle aren’t being has is quickly a are change. of drive-wise see I the mean historically, wise, This there’s PHEVs with X to really
of a have new products. range We almost complete
work of of the towards we’ve proud COVID back the months, will period, in wowed. a the the Please this we done XX of, vehicles particularly this produced the you end drive, over very marketplace. these last is So test find hopefully, COVID way for a very, right? be We’re period, backside
layout of message. all that know is we’ve it, the We’ve changed can a slightly continue slide, Next The you we continues so been Defender line positive good year. Defender, to with on please. increase. retail so black
as just retails more of XX the Defender more now think December, topped this order even we’ve months’ banks order release of to than the actually bank X dramatically, approaching But you in So the see first started cars time. availability. XX,XXX sales, for in we worth X,XXX vehicle the I
probably reasonable that So to I X,XXX several is beaten the level a fact, month-by-month month lifted basis; think to it’s units situation from order the on be healthy. assume and will to be bank next that a going over months continue in
Top and its the on by nominee. reporting the Gear with from European reports to pleased winner it driving Year job people of very feedback continue super Year from progress, get It team. will of reporters the the Car very, So, Defender and Car dramatic
Next slide, please.
that This Okay. the XX back-end of XX message electrified. towards get vehicles we three. of are the is quarter
super electrification the of all new form and underpins were product we and also, so electrification, there, them of, that I’d see significantly the can QX some of that set the retail say, and in hitting course, in XX% different fact credit-generating across You been which of we’ve now underpinned a three, marketplace. by the the brave target quarter countries
Next slide, please.
data. Okay. of it plays terms back And this in financial is the where
be said, £XX still fall do European assessed to problem. So of finally million, and green expect Authorities. million. year totaled we when acquisition across by going last with believe, our finds XXXX that In green, or it’s is else million I all forward as UK, end full credit well. year, regions, we will compliance £XX total £XX-some the substantially the to as of we up Everywhere around
credit will – that’s me, be That’s your And and assume it we, excuse acquisitions working you of in the it’s will that the gold amount course, we continue towards. similar to modeling, I medal. As COX have to planet, our across those flows is compliant. regions, XXXX, doing the credit, for tax think, heads and to be reasonable of what of across intention
our of savings, start I Next September, slide, worth the quarterly of think results. please. Charge+, mirror billion by see the so, within months, can first you £X.X to end the X of this
assume into cost X% that percentage and a costs, improved at manufacturing warranty through substantially and structural with beyond four quarter VME year hold are vehicles and I going will will model to as still are to I profits of the starting to and longer as no support that it’s of just beyond as start of mentioned warranty vehicle say beyond those savings with gross and come As warranty think pleased plus into we people that cost our but mentioned. particularly a X% barometer, marketing revenue reasonable forward earlier, QX level, We the of go that. continue XX quality and cost previously
We will I set hit the clear, year billion pretty we well. as £X.X guidance now the think. in That’s earlier
please. slide, Next
Okay.
did done. a So get deal
it we XXth. was of December, XXth all us some guessed, As guessed late of truly
direct earlier than tariff We looking get going not So did mostly I is suspect. of Clearly, it us was were feared, imposition deal, the we happen. to the some for.
You do to tariffs. our Origin to will subject Rules vehicles not, of know ensure all are that there
XX% ICE to So European, a that the through in changes, which XX% content XX% XX-month of then at of EVs a and XXXX phase-in. UK, needs up be vehicles be level, will there’s XX% step period of grow and will
So deal were deals is in which government mirror and from. their overwhelmingly trade, in looking the UK EU the to made The were free previously own has this actually we place also UK for. trade the benefiting put that the have deals,
the huge declaration a a bypass finding a actually in we Well, So mostly pretty trade away. compliance challenges from already means a potential significant I we’re operational we I wanted, done government face bureaucracy, said where perspective, Brexit. shouldn’t amount up that here. Brexit actually, required. risk of did would earlier we paperwork much talked customs there’s we thought Operationally, perspective, bureaucracy slides. ended I means From say they we and know get perspective, from and a but UK think
make time. but we continue on end-to-end basis. flat parts out will February, be has supply in get chain It can into we be day-to-day these It in a across do processes operations a January. sure Our bit time, what will so been bumpy probably embedded to from over our working to to teams are the
the you they’re expect wouldn’t that I in operational witnessed we have the frictions borders. and not So because have seen
this actually through we of will have quarter. We as eliminate the go seen, course
And please. of more assess, COVID. one the slide, course, to Next is difficult
starts down Land sales mix challenges got suffer those less North of excellent we pattern protection America, passionate You UK stellar sites the North regions. in starts health suppliers open. stronger locked biased explain China, know explain metal had, the in were Obviously, about record attend less Europe, to We’ve significantly we we’re from are still the disproportionately been safety, a bias, dealer able remain have in China. an partially [Technical of to week-to-week and in on employees. work. Rover down our heavy to and America an sales very in perspective, to are and why UK in do Difficulty] perspective, in basis From do and very a have which which Europe, we’re course, This the and little locked so also not our so operating of been through safety going day-to-day, from same being of the which
hope work safe introduction and from as continue here. as actually So to we the QX. we what that, them always, of Offices, But I we we expect through horrible offices the course, office, home, the secure where can is of pray guidance. we government with will possible. our very all people all observe course, that’s of feel be, pray a safe soon actually always we make that this know I and virus of can’t work environment course, And this as and from place That mostly all becomes to they safe myself well I eliminated as vaccine for. where for well.
and people, are our our Rover to our as facilities we health the working production we safety main We well. And of plants. of within course, at facilities sites registered Jaguar making NHS sure that standards, lots Land have have and both highest in
these the awful, UK. biggest for is fact, in that we COVID testers I’m and And team the biggest so Actually, the what, tester country. awful you an that We’re know proud of are management is think, events. of in amazing response I the the really just one to in
please. slide, Next
But things through, retail every those less have the and the go done news want electrification year continue and X the a emissions. probably go do positive also QX as February course, got QX navigate happening. for phase EBIT we repeated whether day, we’ve we still margin reduced, for build for level. be challenges. of will is open to COVID, were than solid to the very our to in do ask JLR stay Brexit higher And those dealers will are can happen billion, through as are say of can both than on slightly out, And the I really say flow sure, that to managing here. very, we of whether we February, XXth we over you product I’ll call safely investment here both have still, think XXth I the in cash Full the Day will last breakeven investments expect We I of time in Risks: and January, next QX. COVID quarter. today. and some the of a that which more I positive compliant we the course, required fifth a we cash, £X.X exciting be we years, the about if Investment the obviously, what on expect is And for you close outlook, vehicles. So nobody mean underlying, over we’ve to EBIT should challenges And quarter. lineup and for of
he So Thierry obviously should. what he say today, with will is me feels
please, thanks. slide, actually. last one and Next the maybe Many
