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JAGUAR LAND ROVER AUTOMOTIVE PLC Annual Report 2020/21 CONTENTS FISCAL YEAR 2020/21 at a GLANCE

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JAGUAR LAND ROVER AUTOMOTIVE PLC Annual Report 2020/21 CONTENTS FISCAL YEAR 2020/21 at a GLANCE 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. RETAIL SALES1 WHOLESALES1 439,588 UNITS 347,632 UNITS FY 2020/21: 439,588 FY 2020/21: 347,632 FY 2019/20: 508,659 FY 2019/20: 475,952 FY 2018/19: 578,915 FY 2018/19: 507,895 REVENUE PROFIT/(LOSS) BEFORE TAX 40 Investor relations engagement STRATEGIC REPORT AND EXCEPTIONAL CHARGES1,2 40 Jaguar Land Rover’s approach to tax £19.7 BN 3 Fiscal year 2020/21 at a glance £0.7 BN 4 Chairman’s statement FY 2020/21: £19.7bn FY 2020/21: £0.7bn 5 Chief Executive Officer’s statement DIRECTORS’ REPORT FY 2019/20: £23.0bn FY 2019/20: £(0.4)bn 6 Our strategy 42 Directors’ report FY 2018/19: £24.2bn FY 2018/19: £(0.4)bn 10 Refocus 11 Our business model 12 Our achievements FINANCIAL STATEMENTS 14 Our environmental and social 1 1 responsibility FREE CASH FLOW NET DEBT 46 Independent auditor’s report 18 Global retail sales 54 Consolidated income statement £0.2 BN £1.9 BN 20 Chief Financial Officer’s statement 54 Consolidated statement of 21 Our financial performance comprehensive income and expense FY 2020/21: £0.2bn FY 2020/21: £1.9bn 24 Our approach to risks 55 Consolidated balance sheet FY 2019/20: £(0.8)bn FY 2019/20: £2.2bn 26 Principal risks 56 Consolidated statement of FY 2018/19: £(1.3)bn FY 2018/19: £0.7bn changes in equity 28 Introduction to governance 57 Consolidated cash flow statement 34 Leadership 58 Notes (forming part of the consolidated 1 Please see note 3 of the financial statements on page 73 for alternative performance measures, some of which have been restated compared to 36 Effectiveness financial statements) the prior year, most notably Free cash flow, Adjusted EBITDA and Adjusted EBIT. 38 Accountability 126 Parent company financial statements 2 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 JAGUAR LAND ROVER AUTOMOTIVE PLC 3 Annual Report 2020/21 CHAIRMAN’S STATEMENT CHIEF EXECUTIVE OFFICER’S STATEMENT The previous year has been amongst the most challenging to- In September 2020 it was my privilege to become Chief Execu- date with the Covid-19 pandemic causing grief and suffering to tive Officer of Jaguar Land Rover. humanity at large while adversely impacting the global economy. For Jaguar Land Rover this resulted in a lower consumer demand My view of the company from afar was always one of unique- along with disruptions in production, supply chain and retail ness, of Britishness, and of immense brand equity. From inside, networks. This was further exacerbated by the uncertainty over the clarity of that view is even sharper. future trading relations with the EU post Brexit. Nobody could have anticipated the tragic events of the past In this context, I am happy to share that the company has year. I’m deeply proud of our people and the way we worked to- delivered a resilient performance during the year. Its financial gether to support our communities throughout the year. The tre- and market performance notwithstanding, Jaguar Land Rover mendous resilience of my Jaguar Land Rover colleagues is truly with its famous British brands made a critical contribution to the inspiring. 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- Despite a 14% drop in revenue to £19.7 billion, the business way navigated during the final two quarters is evidence of our improved its EBIT margins by 250 basis points to 2.6% and fundamentally strong, re-emerging business. generated positive free cash flows of £185 million. Retail sales declined 14% for the year with China being the exception Of course, there are still many hurdles to overcome, including the growing at a strong 23%. The all-new Land Rover Defender was current global shortage of semiconductors, but we now have a a standout performer retailing 45.2K units for the full year as well clear view of the road ahead with our Reimagine strategy; a fu- as winning the 2021 World Car Design of the Year. ture of modern luxury by design. During the year, we had a smooth CEO transition where Thierry Reimagine allows us to confidently transform the business and Bolloré took over as the CEO of Jaguar Land Rover from Professor its distinct brands, to over satisfy our customers, and reward Sir Ralf Speth. I would like to thank Professor Sir Ralf Speth for his both our investors and our people. invaluable contributions to make Jaguar Land Rover what it is today. During his tenure the company grew its revenues by over We will simplify our architecture strategy and reorganise our 3.5x and its EBITDA by over 6x. Under his leadership, Jaguar Land manufacturing footprint, placing quality and sustainability at the Rover has become a differentiated luxury OEM with two fabled heart of everything we do. We are now becoming a more agile well-invested brands, a talent base that is world class and a set organisation that plays to our human-centric strengths. of skills and capabilities that will serve us well for the future. We will create a knowledge-sharing collaborative ecosystem Thierry has very quickly moved into his role and worked closely with the very best partners in global industry to leapfrog forward with the team and the Board to develop the future strategy. in clean energy, software and digitalisation. Jaguar Land Rover under his leadership, has now unveiled its and our performance is improving consistently. We have the programme development and product lifecycles, as Vehicle Pro- new Reimagine strategy to make the company a world leader foundations in place for a sustained, cash accretive growth. Jaguar Land Rover will focus on value creation through a prof- grammes lead. in electrified luxury vehicles, sustainability, manufacturing it-over-volume approach. Our goal is to deliver double-digit EBIT efficiency and new automotive technologies to deliver a strong I look forward with confidence to Jaguar Land Rover’s profitable, margin and become one of the world’s most profitable luxury Finally, to reinforce the importance of carefully curated brand market performance which shall create long-term shareholder growing, and electric future and I would like to thank all our manufacturers. values and design excellence in the success of modern luxury, value. colleagues and partners for their continued hard work in making Professor Gerry McGovern joins the Jaguar Land Rover Limited this a reality. Reimagine will see us journey towards net zero carbon by 2039. Board of Directors for both brands as Chief Creative Officer. I am very excited by this new aspiration of the company which Both our brands will be transformed by electrification, with six will help it cement its place as a sustainable mobility leader. new all-electric Land Rover models in the next five years and Ultimately, our will is to become the creator of the world’s most We are also working together to drive greater collaboration Jaguar completely reimagined as a pure electric brand, from desirable luxury vehicles and products, for the most discerning and synergies within the Tata Group in areas like clean energy, 2025. of customers. connected services, data and software development. NATARAJAN CHANDRASEKARAN Reimagine is our clear strategy. Driving it forward is our Refocus Our plan is not to catch up; our plan is to lead. Looking into the next year and beyond, I am happy that we have CHAIRMAN programme, which will generate sustainable, long-term value come out of the pandemic much stronger, with a future ready Jaguar Land Rover Automotive plc through operational excellence. strategy that we will execute flawlessly. Our portfolio is fresh, 28 May 2021 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- CHIEF EXECUTIVE OFFICER ty & Customer Satisfaction; Dave Owen oversees a new Supply Jaguar Land Rover Automotive plc Chain function; and Nick Collins assumes responsibility for all 28 May 2021 JAGUAR LAND ROVER AUTOMOTIVE PLC 5 Annual Report 2020/21 OUR STRATEGY OUR VISION IS CLEAR: TO BECOME THE CREATOR By the end of the decade, full-BEV powertrains are expected to OF THE WORLD’S MOST DESIRABLE LUXURY represent around 60% of total Jaguar Land Rover sales. VEHICLES AND SERVICES, FOR THE MOST QUALITY & EFFICIENCY DISCERNING OF CUSTOMERS. To enable this accelerated shift in electrification, we will establish Jaguar Land Rover is unique in the global automotive industry. new benchmark standards in quality and efficiency for the luxury sector and central to this is our new architecture strategy. We create peerless models, from an unrivalled understanding of modern luxury, a rich brand equity and spirit of Britishness.
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