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1、Jaguar Land Rover Automotive plcInterim ReportFor the three and nine month periods ended31 December 2024Company registered number:06477691 2ContentsManagements discussion and analysis of financial condition and results of operations.4Market environment and business developments 4Revenue and profits.

2、4Cash flow.6Sales volumes.7Funding and liquidity.8Risk and mitigating factors.9Off-balance sheet financial arrangements.9Personnel 9Board of directors.9Condensed consolidated interim financial statements 10 3Group,Company,Jaguar Land Rover,JLR plc and JLR refers to Jaguar Land Rover Automotive plc a

3、nd its subsidiaries.Note 2 to the condensed consolidated interim financial statements defines a series of alternative performance measures some of which are stated below,along with certain abbreviations.Adjusted EBITDA margin measured as adjusted EBITDA as a percentage of revenue.Adjusted EBIT margi

4、nmeasured as adjusted EBIT as a percentage of revenue.Net debtdefined by the Company as cash and cash equivalents plus short-term deposits and other investments less total balance sheet borrowings including lease liabilities.Q3 FY25three month period ended 31 December 2024Q2 FY25three month period e

5、nded 30 September 2024Q3 FY24three month period ended 31 December 2023FY25 YTDnine month period ended 31 December 2024FY24 YTDnine month period ended 31 December 2023China Joint VentureChery Jaguar Land Rover Automotive Co.,Ltd.4Managements discussion and analysis of financial condition and results

6、of operationsRevenue was 7.5 billion in Q3 FY25,up 2%year-on-year from Q3 FY24.The increase in revenue in comparison to the prior year reflects favourable volumes and realised revenue hedges.Wholesale volumes(excluding China Joint Venture)of 104,427 were up 3%year-on-year and up 20%on the prior quar

7、ter.The overall mix of the most profitable Range Rover,Range Rover Sport and Defender models was 70%of total wholesale volumes.Market environment and business developmentsJLR delivered a robust third quarter in FY25,with record Q3 revenue,the best Q3 EBIT margin in a decade,and a ninth successive pr

8、ofitable quarter.Strong wholesales growth was delivered within the quarter,reflecting an improvement following supply disruptions in the second quarter.Economic challenges in China continue to affect the amount and cost of credit available to retailers and clients across the industry.GBP has depreci

9、ated over the quarter,with the GBP weakening vs USD by 6.2%.Executive Team strengthened with new appointments of Steve Marsh,Executive Director Vehicle Programmes;Swarna Ramanathan,Chief Strategy Officer;John Beswick,Chief Transformation and Performance Officer,Andrea Debbane,Chief Sustainability Of

10、ficer and Russ Leslie,Executive Director Enterprise Quality.Jaguar revealed its exciting new future as Type 00 debuted at Miami Art Week,showcasing a vibrant new identity.Range Rover Electric prototypes nears completion,undergoing the most intensive testing ever,in the deserts of the UAE.Range Rover

11、 clients in the UK can now benefit from a new insurance solution for new and used vehicle purchases to help alleviate recent challenges clients have faced when seeking insurance.Revenue and profits,quarter ending 31 December 2024Revenue was 7.5 billion in Q3 FY25,up 2%from Q3 FY24 reflecting favoura

12、ble volumes and realised revenue hedges.Adjusted EBITDA1 was 1,060 million(EBITDA margin:14.2%)in Q3 FY25,down from 1,192 million(EBITDA margin:16.2%)in Q3 FY24.Adjusted EBIT1 was 674 million(EBIT margin:9.0%)in Q3 FY25,up from 648 million(EBIT margin:8.8%)in Q3 FY24.The profit before tax and except

13、ional items was 523 million in Q3 FY25 down from 627 million in Q3 FY24.Profit after tax was 375 million(after a tax charge of(148)million)in Q3 FY25,a reduction from a profit of 592 million in Q3 FY24,including a tax charge of(35)million.YoY Profit WalkYoY Profit WalkQ3 FY25|IFRS,mQ3 FY25|IFRS,m_1

14、Please see note 2 of the financial statements for alternative performance measures.5Revenue and profits,fiscal year to dateRevenue was 21.2 billion in Q3 FY25,compared to 21.1 billion in Q3 FY24.Adjusted EBITDA1 was 2,968 million(EBITDA margin:14.0%)in Q3 FY25,down from 3,336 million(EBITDA margin:1

15、5.8%)in Q3 FY24.Adjusted EBIT1 was 1,647 million(EBIT margin:7.8%)in Q3 FY25,down from 1,744 million(EBIT margin:8.3%)in Q3 FY24.The profit before tax and exceptional items was 1,614 million in Q3 FY25,up from 1,504 million in Q3 FY24.Profit after tax was 1,160 million(after a tax charge of(462)mill

16、ion)in Q3 FY25,a decrease from 1,187 million in Q3 FY24,including a tax charge of(317)million.YTD Profit WalkYTD Profit WalkYTD FY25|IFRS,mYTD FY25|IFRS,m_1 Please see note 2 of the financial statements for alternative performance measures.6Cash flowFree cash flow1 was 157 million in Q3 FY25 compare

17、d to free cash flow of 626 million in Q3 FY24.Working capital movements in the quarter were 8 million(vs 247 million in Q3 FY24)with decreases in payables(270)million and receivables(16)million,partially offset by inventory of 168 million and other of 126 million since 30 September 2024.Investment s

18、pend of 1,012 million in the quarter was up from 862 million in Q3 FY24 and includes 688 million of engineering spend,of which 67%was capitalised,and 324 million of capital investments.Q3 FY25|IFRS,mQ3 FY25|IFRS,m_1 Please see note 2 of the financial statements for alternative performance measures.7

19、Sales volumesRetail sales1 in Q3 FY25 were 106,334 units,down 3%compared to the same quarter a year ago and up 3%from the prior quarter ended 30 September 2024.FY25 retail sales to date were 320,662,up 1%compared to the prior year.Wholesale volumes in Q3 FY25 were 104,427 units in the period(excludi

20、ng our China Joint Venture),up 3%compared to Q3 FY24 and up 20%compared to the quarter ended 30 September 2024.Strong wholesales growth was delivered within the quarter,reflecting an improvement following supply disruptions in the second quarter._1 Retail sales represent vehicle sales made by dealer

21、s to end customers.Please see note 2 of the financial statements for definition of alternative performance measures.8Funding and liquidityTotal cash and cash equivalents,deposits and investments at 31 December 2024 were 3.5 billion(30 September 2024:3.4 billion)comprising 3.4 billion of cash and cas

22、h equivalents and 104 million of short-term deposits and other investments.The cash and financial deposits include an amount of 354 million held in subsidiaries of Jaguar Land Rover outside of the UK.The cash in some of these jurisdictions may be subject to impediments to remitting cash to the UK ot

23、her than through annual dividends.During the quarter,JLR took out two loans for RMB 1.5 billion each(RMB 3 billion aggregate)with banks in China with a tenor of 12-months.The following table shows details of the Companys financing arrangements at 31 December 2024:millionsFacility amountAmount outsta

24、ndingUndrawn amount$700m 7.750%Senior Notes due Oct 2025 558 558 -500m 4.500%Senior Notes due Jan 2026 415 415 -500m 6.875%Senior Notes due Nov 2026 247 247 -$500m 4.500%Senior Notes due Oct 2027 398 398 -$650m 5.875%Senior Notes due Jan 2028 441 441 -500m 4.500%Senior Notes due Jul 2028 415 415 -$5

25、00m 5.500%Senior Notes due Jul 2029 326 326 -$800m Syndicated Loan due Jan 2025 635 635 -UKEF amortising loan due Dec 2026 250 250 -China loan due Dec 2025 326 326 -Subtotal 4,011 4,011 -Lease obligations 688 688 -Other 39 39 -Prepaid costs(9)(9)-Fair value adjustments1(130)(130)-Total 4,599 4,599 -

26、Undrawn RCF2 1,600 -1,600 Total 6,199 4,599 1,600 _1Fair value adjustments relate to hedging arrangements for the 500m 2026 Notes and$500m 2027 Notes2Undrawn Revolving credit facility refinanced in October 2024 at 1,600m 9Risks and mitigating factorsThere are a number of potential risks which could

27、have a material impact on the Groups performance and could cause actual results to differ materially from expected and/or historical results,discussed on pages 52-54 of the FY24 Annual Report of the Group(available at https:/ with mitigating factors.The principal risks discussed in the Groups FY24 A

28、nnual Report are competitive business efficiency,global economic and geopolitical environment,brand positioning,rapid technology change,supply chain disruptions,information security,client service delivery,people capability and capacity,data management,IT infrastructure,environmental regulations and

29、 compliance,and litigation/regulatory.Off-balance sheet financial arrangementsAt 31 December 2024,Jaguar Land Rover Limited(a subsidiary of the Company)sold 490 million equivalent of receivables under a$900 million invoice discounting facility signed in September 2024.PersonnelAt 31 December 2024,Ja

30、guar Land Rover employed 45,529 people worldwide,including agency personnel,compared to 43,546 at 31 December 2023.Board of directorsThe following table provides information with respect to the members of the Board of Directors of Jaguar Land Rover Automotive plc as at 31 December 2024:NamePositionY

31、ear appointedNatarajan ChandrasekaranChairman and Director2017Adrian MardellChief Executive Officer and Director2022Prof Sir Ralf D SpethVice Chairman and Director2020Mr P B BalajiDirector2017Hanne SorensenDirector2018Charles NicholsDirector2022Al-Noor RamjiDirector2022 10CONDENSED CONSOLIDATED INTE

32、RIM FINANCIAL STATEMENTSCondensed Consolidated Income Statement Three months ended Nine months ended millionsNote31 December 202431 December 202331 December 202431 December 2023Revenue3 7,486 7,375 21,234 21,135 Material and other cost of sales*4(4,329)(4,237)(12,341)(12,429)Employee costs(846)(809)

33、(2,505)(2,238)Other expenses*4,9(1,844)(1,557)(5,021)(4,358)Exceptional items4-8 -Engineering costs capitalised5 459 376 1,343 1,064 Other income 6 87 85 287 253 Depreciation and amortisation(377)(547)(1,321)(1,610)Foreign exchange(loss)/gain and fair value adjustments7(71)2 59 (85)Finance income8 3

34、0 47 107 121 Finance expense(net)8(63)(111)(228)(367)Share of(loss)/profit of equity accounted investments(9)3 -18 Profit before tax 523 627 1,622 1,504 Income tax expense 17(148)(35)(462)(317)Profit for the period 375 592 1,160 1,187*Material and other cost of sales and Other expenses exclude the e

35、xceptional items explained in note 4.The notes on pages 15 to 32 are an integral part of these condensed consolidated financial statements.11Condensed Consolidated Statement of Comprehensive Income and Expense Three months ended Nine months ended millions31 December 202431 December 202331 December 2

36、02431 December 2023Profit for the period 375 592 1,160 1,187 Items that will not be reclassified subsequently to profit or loss:Remeasurement of net defined benefit obligation(31)(273)(63)(400)Income tax related to items that will not be reclassified 8 68 17 100 (23)(205)(46)(300)Items that may be r

37、eclassified subsequently to profit or loss:(Loss)/gain on cash flow hedges(net)(782)583 (156)865 Currency translation differences 4 (6)(23)(31)Income tax related to items that may be reclassified 196 (121)39 (77)(582)456 (140)757 Other comprehensive(expense)/income net of tax(605)251 (186)457 Total

38、comprehensive(expense)/income attributable to shareholders(230)843 974 1,644 The notes on pages 15 to 32 are an integral part of these condensed consolidated financial statements.12Condensed Consolidated Balance SheetAs at(millions)Note31 December 202431 March 202431 December 2023Non-current assetsI

39、nvestments in equity accounted investees 324 328 325 Other non-current investments 58 52 50 Other financial assets14 322 355 300 Property,plant and equipment11 5,881 5,724 5,725 Intangible assets12 6,372 5,406 5,224 Right-of-use assets13 600 608 602 Pension asset25 250 300 289 Other non-current asse

40、ts16 361 143 262 Deferred tax assets 1,030 1,157 385 Total non-current assets 15,198 14,073 13,162 Current assetsCash and cash equivalents 3,352 4,051 4,152 Short-term deposits and other investments 104 103 102 Trade receivables 864 1,236 886 Other financial assets14 606 543 504 Inventories15 3,842

41、3,751 3,593 Other current assets16 755 657 605 Current tax assets 13 2 2 Assets classified as held for sale 34 54 91 Total current assets 9,570 10,397 9,935 Total assets 24,768 24,470 23,097 Current liabilitiesAccounts payable 6,471 7,113 6,260 Short-term borrowings21 1,644 1,256 1,558 Other financi

42、al liabilities18 936 885 826 Provisions19 1,199 1,026 948 Other current liabilities20 705 711 846 Current tax liabilities 125 125 129 Total current liabilities 11,080 11,116 10,567 Non-current liabilitiesLong-term borrowings21 2,267 2,936 3,589 Other financial liabilities18 831 758 756 Provisions19

43、1,502 1,311 1,235 Retirement benefit obligation25 24 22 22 Other non-current liabilities20 1,086 957 897 Deferred tax liabilities 94 91 147 Total non-current liabilities 5,804 6,075 6,646 Total liabilities 16,884 17,191 17,213 Equity attributable to shareholdersOrdinary shares 1,501 1,501 1,501 Capi

44、tal redemption reserve 167 167 167 Other reserves23 6,216 5,611 4,216 Equity attributable to shareholders 7,884 7,279 5,884 Total liabilities and equity 24,768 24,470 23,097 The notes on pages 15 to 32 are an integral part of these condensed consolidated financial statements.These condensed consolid

45、ated interim financial statements were approved by the JLR plc Board and authorised for issue on 30 January 2025.Company registered number:06477691 13Condensed Consolidated Statement of Changes in Equity millionsOrdinary sharesCapitalredemptionreserveOther reservesTotal equityBalance at 1 April 2024

46、 1,501 167 5,611 7,279 Profit for the period-1,160 1,160 Other comprehensive expense for the period-(186)(186)Total comprehensive income -974 974 Amounts removed from hedge reserve and recognised in inventory-23 23 Income tax related to amounts removed from hedge reserve and recognised in inventory-

47、(5)(5)Dividends paid-(387)(387)Balance at 31 December 2024 1,501 167 6,216 7,884 millionsOrdinary sharesCapital redemptionreserveOther reservesTotal equityBalance at 1 April 2023 1,501 167 2,571 4,239 Profit for the period-1,187 1,187 Other comprehensive income for the period-457 457 Total comprehen

48、sive income -1,644 1,644 Amounts removed from hedge reserve and recognised in inventory-2 2 Income tax related to amounts removed from hedge reserve and recognised in inventory-(1)(1)Balance at 31 December 2023 1,501 167 4,216 5,884 The notes on pages 15 to 32 are an integral part of these condensed

49、 consolidated financial statement.14Condensed Consolidated Cash Flow StatementThree months ended Nine months ended millionsNote31 December 202431 December 202331 December 202431 December 2023*Cash flows from operating activitiesCash generated from operations28 1,065 1,445 2,716 3,554 Income tax paid

50、 (85)(98)(243)(238)Net cash generated from operating activities 980 1,347 2,473 3,316 Cash flows from investing activitiesPurchases of other investments(2)(2)(7)(5)Investment in other restricted deposits(6)(2)(21)(17)Redemption of other restricted deposits 13 13 29 27 Movements in other restricted d

51、eposits 7 11 8 10 Investment in short-term deposits and other investments-(285)Redemption of short-term deposits and other investments-131 -287 Movements in short-term deposits and other investments-131 -2 Purchases of property,plant and equipment(311)(247)(825)(589)Proceeds from sale of fixed asset

52、s and assets held for sale 28 8 65 14 Cash outflow relating to intangible asset expenditure(470)(393)(1,384)(1,108)Acquisition of subsidiary(net of cash acquired)-(60)-Finance income received 31 45 113 113 Dividends received-2 2 Disposal of subsidiaries(net of cash disposed)-(22)9 Net cash used in i

53、nvesting activities(717)(447)(2,110)(1,552)Cash flows from financing activitiesFinance expenses and fees paid(101)(134)(313)(371)Proceeds from issuance of borrowings 326 -326 -Repayment of borrowings(491)(601)(585)(796)Payments of lease obligations(22)(19)(63)(54)Dividends paid-(387)-Net cash used i

54、n financing activities(288)(754)(1,022)(1,221)Net(decrease)/increase in cash and cash equivalents(25)146 (659)543 Cash and cash equivalents at beginning of period 3,317 4,057 4,051 3,687 Cash and cash equivalents reclassified as held for sale-Effect of foreign exchange on cash and cash equivalents 6

55、0 (51)(40)(78)Cash and cash equivalents at end of period 3,352 4,152 3,352 4,152*The comparatives for the nine month period ended 31 December 2023 have been re-presented to align with presentation changes made during the year ended 31 March 2024.Dividends received have been reclassified to investing

56、 activities from operating activities.The notes on pages 15 to 32 are an integral part of these condensed consolidated financial statements.151 Accounting policiesBasis of preparationThe financial information in these interim financial statements is unaudited and does not constitute statutory accoun

57、ts as defined in Section 435 of the Companies Act 2006.The condensed consolidated interim financial statements of Jaguar Land Rover Automotive plc have been prepared in accordance with International Accounting Standard 34,Interim Financial Reporting in accordance with the requirements of UK-adopted

58、international accounting standards.The balance sheet and accompanying notes as at 31 December 2023 have been disclosed solely for the information of the users.The comparative figures for the financial year ended 31 March 2024 are not the Companys statutory accounts for that financial year but are de

59、rived from those accounts.Those accounts have been reported on by the Companys auditor and delivered to the registrar of companies.The report of the auditor was(i)unqualified,(ii)did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying thei

60、r report;and(iii)did not contain a statement under section 498(2)or(3)of the Companies Act 2006.The condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial instruments held at fair value as highlighted in note 22.The condensed co

61、nsolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 March 2024,which were prepared in accordance with UK-adopted international accounting standards.The condensed consolidated interim financial statements have b

62、een prepared on the going concern basis as set out within the directors report of the Groups Annual Report for the year ended 31 March 2024.The accounting policies applied are consistent with those of the annual consolidated financial statements for the year ended 31 March 2024,as described in those

63、 financial statements.Estimates and judgementsThe preparation of condensed consolidated interim financial statements requires management to make judgements,estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities,income and expen

64、se.Actual results may differ from these estimates.In preparing these condensed consolidated interim financial statements,the significant estimates include Impairment of intangible and tangible fixed assets,Retirement benefit obligation,Deferred tax asset recognition and Product warranty.For further

65、information on significant judgements and estimates refer to the consolidated financial statements for the year ended 31 March 2024 and note 19 of this report.Going concernThe condensed consolidated interim financial statements have been prepared on a going concern basis,which the Directors consider

66、 appropriate for the reasons set out below.The Directors have assessed the financial position of the Group as at 31 December 2024,and the projected cash flows of the Group for the twelve month period from the date of authorisation of the condensed consolidated interim financial statements(the going

67、concern assessment period).The Group has available liquidity of 5.1 billion at 31 December 2024,3.5 billion of which is cash,short term deposits and other investments,with the remainder 1.6 billion being the undrawn RCF facility.Within the going concern assessment period there is a 1 billion minimum

68、 quarter-end liquidity covenant attached to the Groups UKEF loans and forward start RCF facility.There is 2.1 billion of maturing debt in the going concern assessment period,and other than the refinancing of the US Syndicated loan of$500 million,no new funding is assumed.Net debt decreased by 0.1 bi

69、llion in the quarter ended 31 December 2024.The Group will continue to monitor and take action to reduce net debt in the future.Further details of the Groups available financing facilities and the maturity of facilities are described in note 21.The Group has assessed its projected cash flows over th

70、e going concern assessment period.This base case uses the most recent Board-approved forecasts that include the going concern assessment period.The base case assumes steady wholesale volumes,with associated increases in EBIT in the going concern assessment period compared to the previous 12 months r

71、eflecting the continued implementation of the Reimagine strategy,strong demand and a reduction in supply constraints.The Group has carried out a reverse stress test against the base case to determine the decline in wholesale volumes over a twelve month period that would result in a liquidity level t

72、hat breaches the 1 billion liquidity financing covenant.The reverse stress test models an appropriate assumption in reduction in demand across the Groups product portfolio as the primary risk on wholesale volumes is now deemed to be more likely to arise from demand rather than supply given resolutio

73、n of previously noted supply constraints.In order to reach a liquidity level that breaches covenants,it would require a sustained decline in wholesale volumes of 45%compared to the base case over a twelve month period.The reverse stress test reflects the variable profit impact of the wholesale volum

74、e decline,and assumes all other assumptions are held in line with the base case.It does not reflect other potential upside measures that could be taken in such a reduced volume scenario;nor any new funding.The Group does not consider this scenario to be plausible given that the stress test volumes a

75、re significantly lower than demand forecasts and the volumes achieved during previous component supply constraint periods.The Group has a strong order bank and is confident that it can significantly exceed reverse stress test volumes.The Group has considered the impact of severe but plausible downsi

76、de scenarios,including scenarios that reflect a decrease in variable profit per unit compared with the base case to include additional increases in material and other related production costs.Under all these scenarios the Group has sufficient headroom.The Directors,after making appropriate enquiries

77、 and taking into consideration the risks and uncertainties facing the Group,consider that the Group has adequate financial resources to continue operating throughout the going concern assessment period,meeting its liabilities as they fall due.Accordingly,the Directors continue to adopt the going con

78、cern basis in preparing these condensed consolidated interim financial statements.162Alternative performance measuresIn reporting financial information,the Group presents alternative performance measures(APMs)that are not defined or specified under the requirements of IFRS.The Group believes that th

79、ese APMs,which are not considered to be a substitute for or superior to IFRS measures,provide stakeholders with additional helpful information on the performance of the business.The APMs used by the Group are defined below:Alternative performance measureDefinitionAdjusted EBITDAAdjusted EBITDA is de

80、fined as profit/(loss)before:income tax expense;exceptional items;finance expense(net of capitalised interest)and finance income;gains/losses on debt and unrealised derivatives,realised derivatives entered into for the purpose of hedging debt,and equity or debt investments held at fair value;foreign

81、 exchange gains/losses on other assets and liabilities,including short-term deposits and cash and cash equivalents;share of profit/(loss)from equity accounted investments;depreciation and amortisation.Adjusted EBITAdjusted EBIT is defined as for adjusted EBITDA but including share of profit/(loss)fr

82、om equity accounted investments,depreciation and amortisation.Return on capital employed(ROCE)ROCE is defined as EBIT for the last twelve months divided by the average capital employed over the same period.Capital employed is defined as net assets excluding interest-bearing borrowings and lease liab

83、ilities.Profit before tax and exceptional itemsProfit/(loss)before tax excluding exceptional items.Free cash flow Net cash generated from operating activities less net cash used in automotive investing activities,excluding investments in joint ventures,associates and subsidiaries and movements in fi

84、nancial investments,and after finance expenses and fees paid.Financial investments are those reported as cash and cash equivalents,short-term deposits and other investments,and equity or debt investments held at fair value.Total product and other investmentCash used in the purchase of property,plant

85、 and equipment,intangible assets,investments in equity accounted investments and other trading investments,acquisition of subsidiaries and expensed research and development costs.Working capital and accrualsChanges in assets and liabilities as presented in note 28.This comprises movements in assets

86、and liabilities excluding movements relating to financing or investing cash flows or non-cash items that are not included in adjusted EBIT or adjusted EBITDA.Total cash and cash equivalents,deposits and investmentsDefined as cash and cash equivalents,short-term deposits and other investments,marketa

87、ble securities and any other items defined as cash and cash equivalents in accordance with IFRS.Available liquidityDefined as total cash and cash equivalents,deposits and investments plus committed undrawn credit facilities.Net debtTotal cash and cash equivalents,deposits and investments less total

88、interest-bearing loans and borrowings including lease liabilities.Retail salesJaguar Land Rover retail sales represent vehicle sales made by dealers to end customers and include the sale of vehicles produced by our Chinese joint venture,Chery Jaguar Land Rover Automotive Company Ltd.WholesalesWholes

89、ales represent vehicle sales made to dealers.The Group recognises revenue on wholesales.The Group uses adjusted EBITDA as an APM to review and measure the underlying profitability of the Group on an ongoing basis for comparability as it recognises that increased capital expenditure year-on-year will

90、 lead to a corresponding increase in depreciation and amortisation expense recognised within the consolidated income statement.The Group uses adjusted EBIT as an APM to review and measure the underlying profitability of the Group on an ongoing basis as this excludes volatility on unrealised foreign

91、exchange transactions.Due to the significant level of debt and currency derivatives,unrealised foreign exchange distorts the financial performance of the Group from one period to another.The Group uses ROCE to assess the efficiency in allocating capital to profitable investments.Free cash flow is co

92、nsidered by the Group to be a key measure in assessing and understanding the total operating performance of the Group and to identify underlying trends.Total product and other investment is considered by the Group to be a key measure in assessing cash invested in the development of future new models

93、 and infrastructure supporting the growth of the Group.Working capital is considered by the Group to be a key measure in assessing short-term assets and liabilities that are expected to be converted into cash within the next twelve-month period;as well as over the longer term.Total cash and cash equ

94、ivalents,deposits and investments and available liquidity are measures used by the Group to assess liquidity and the availability of funds for future spend and investment.Exceptional items are defined in note 4.Reconciliations between these alternative performance measures and statutory reported mea

95、sures are shown on the next pages.172 Alternative performance measures(continued)Adjusted EBIT and Adjusted EBITDA Three months ended Nine months ended millionsNote31 December 202431 December 202331 December 202431 December 2023Adjusted EBITDA 1,060 1,192 2,968 3,336 Depreciation and amortisation(37

96、7)(547)(1,321)(1,610)Share of(loss)/profit of equity accounted investments(9)3 -18 Adjusted EBIT 674 648 1,647 1,744 Foreign exchange on debt,derivatives and balance sheet revaluation 28 (44)43 74 45 Unrealised(loss)/gain on commodity derivatives 28 (76)1 15 (42)Finance income 8 30 47 107 121 Financ

97、e expense(net)8 (63)(111)(228)(367)Fair value gain/(loss)on equity investments 28 2 (1)(1)3 Profit before tax and exceptional items 523 627 1,614 1,504 Exceptional items 4 -8 -Profit before tax 523 627 1,622 1,504 Return on capital employedAs at(millions)Note31 December 202431 March 202431 December

98、2023Adjusted EBIT-last twelve months 2,371 2,468 2,206 Capital employedNet assets 7,884 7,279 5,884 Add:total debt21 4,599 4,886 5,828 Capital employed 12,483 12,165 11,712 Average capital employed 12,098 11,596 11,573 Return on capital employed(%)19.6%21.3%19.1%Free cash flow Three months ended Nin

99、e months ended millions31 December 202431 December 202331 December 202431 December 2023*Net cash generated from operating activities 980 1,347 2,473 3,316 Purchases of property,plant and equipment(311)(247)(825)(589)Cash outflow relating to intangible asset expenditure(470)(393)(1,384)(1,108)Proceed

100、s from sale of fixed assets and assets held for sale 28 8 65 14 Issuance of loans to related parties-(20)Repayment of loans to related parties-20 Dividends received-2 2 Finance expenses and fees paid(101)(134)(313)(371)Finance income received 31 45 113 113 Free cash flow 157 626 131 1,377*The compar

101、atives for the nine month period ended 31 December 2023 have been re-presented to align with presentation changes made during the year ended 31 March 2024.Dividends received have been presented on a separate line following the reclassification of this cash flow from operating activities to investing

102、 activities.There has been no change to total Free cash flow.Total product and other investments Three months ended Nine months ended millionsNote31 December 202431 December 202331 December 202431 December 2023Purchases of property,plant and equipment 311 247 825 589 Cash outflow relating to intangi

103、ble asset expenditure 470 393 1,384 1,108 Engineering costs expensed 5 229 220 694 632 Purchases of other investments 2 2 7 5 Total product and other investments 1,012 862 2,910 2,334 Total cash and cash equivalents,deposits and investmentsAs at(millions)31 December 202431 March 202431 December 2023

104、Cash and cash equivalents 3,352 4,051 4,152 Short-term deposits and other investments 104 103 102 Total cash and cash equivalents,deposits and investments 3,456 4,154 4,254 182 Alternative performance measures(continued)Available liquidityAs at(millions)Note31 December 202431 March 202431 December 2

105、023Cash and cash equivalents 3,352 4,051 4,152 Short-term deposits and other investments 104 103 102 Committed undrawn credit facilities 21 1,600 1,520 1,520 Available liquidity 5,056 5,674 5,774 Net debtAs at(millions)Note31 December 202431 March 202431 December 2023Cash and cash equivalents 3,352

106、4,051 4,152 Short-term deposits and other investments 104 103 102 Interest-bearing loans and borrowings 21 (4,599)(4,886)(5,828)Net debt(1,143)(732)(1,574)Retails and wholesales Three months ended Nine months endedUnits 31 December 202431 December 202331 December 202431 December 2023Retail sales 106

107、,334 109,140 320,622 317,695 Wholesales 104,427 101,043 289,485 291,113 Retail sales include the sale of vehicles produced by our Chinese joint venture,Chery Jaguar Land Rover Automotive Company Ltd.,as defined on page 16.3 Revenue Three months ended Nine months ended millions31 December 202431 Dece

108、mber 202331 December 202431 December 2023Revenue recognised for sales of vehicles,parts and accessories 7,058 7,084 20,002 20,198 Revenue recognised for services transferred 113 82 338 249 Revenue-other 240 234 733 749 Total revenue from contracts with clients 7,411 7,400 21,073 21,196 Realised reve

109、nue hedges 75 (25)161 (61)Total revenue 7,486 7,375 21,234 21,135 4 Exceptional itemsNo exceptional items were recognised during the three month periods ended 31 December 2024 or 2023,or during the nine month period ended 31 December 2023.The exceptional items recognised during the nine month period

110、 ended 31 December 2024 comprise:10 million update to the exceptional item recognised during the years ended 31 March 2022 and 2021 in relation to the impact of the Groups Reimagine strategy;(6)million in relation to transaction costs associated with the acquisition of a subsidiary;and4 million upda

111、te to the exceptional item recognised during the year ended 31 March 2022 in relation to customer liabilities arising from sanctions imposed against Russia.The table below sets out the exceptional items recorded during the nine month period ended 31 December 2024 and the impact on the condensed cons

112、olidated income statement if these items were not disclosed separately as exceptional items.Nine months ended 31 December 2024 millionsOther expensesMaterial and othercost of salesExcluding exceptional items (5,021)(12,341)Restructuring costs-third party obligations 4 6 Other(2)-Including exceptiona

113、l items(5,019)(12,335)195Engineering costs capitalised Three months ended Nine months ended millions31 December 202431 December 202331 December 202431 December 2023Total engineering costs incurred 688 596 2,037 1,696 Engineering costs expensed(229)(220)(694)(632)Engineering costs capitalised 459 376

114、 1,343 1,064 Interest capitalised in relation to engineering costs 58 24 153 56 Total capitalised in property,plant and equipment and intangible assets 517 400 1,496 1,120 6Other income Three months ended Nine months ended millions31 December 202431 December 202331 December 202431 December 2023Grant

115、 income 53 57 178 169 Commissions 7 6 20 16 Other 27 22 89 68 Total other income 87 85 287 253 7Foreign exchange and fair value adjustments Three months ended Nine months ended millions31 December 202431 December 202331 December 202431 December 2023Foreign exchange and fair value adjustments on loan

116、s(39)90 89 131 Foreign exchange loss on economic hedges of loans(6)(46)(49)(107)Foreign exchange(loss)/gain on derivatives(4)(2)(4)2 Other foreign exchange gain/(loss)56 (18)36 (23)Realised loss on commodity derivatives(4)(22)(27)(49)Unrealised(loss)/gain on commodity derivatives(76)1 15 (42)Fair va

117、lue gain/(loss)on equity investments 2 (1)(1)3 Foreign exchange and fair value adjustments(71)2 59 (85)8Finance income and expense Three months ended Nine months ended millions31 December 202431 December 202331 December 202431 December 2023Finance income 30 47 107 121 Total finance income 30 47 107

118、121 Interest expense on lease liabilities(14)(14)(41)(42)Total interest expense on financial liabilities measured at amortised cost other than lease liabilities measured at amortised cost(79)(96)(257)(306)Interest expense on derivatives designated as a fair value hedge of financial liabilities(7)(7)

119、(22)(20)Unwind of discount on provisions(21)(19)(62)(57)Interest capitalised 58 25 154 58 Total finance expense(net)(63)(111)(228)(367)The capitalisation rate used to calculate borrowing costs eligible for capitalisation during the nine months period ended 31 December 2024 was 7.0%(nine months perio

120、d ended 31 December 2023:6.3%).9Other expenses Three months ended Nine months ended millions31 December 202431 December 202331 December 202431 December 2023Stores,spare parts and tools 37 36 103 94 Freight cost 180 180 518 522 Works,operations and other costs 913 858 2,633 2,338 Power and fuel 37 38

121、 94 98 Product warranty 445 234 989 724 Publicity 232 211 684 582 Total other expenses 1,844 1,557 5,021 4,358 2010 Allowances for trade and other receivables Nine months ended millions31 December 202431 December 2023At beginning of period 6 4 Charged during the period 2 10 Unused amounts reversed(2

122、)(7)At end of period 6 7 11 Property,plant and equipment millionsLand andbuildingsPlant andequipmentVehicles IT equipment Fixtures and fittingsHeritage vehicles Under constructionTotal CostBalance at 1 April 2024 2,668 10,551 11 202 131 14 866 14,443 Additions -4 2 -791 797 Transfers 159 193 -(352)-

123、Transfers from right-of-use assets*-2 -2 Disposals(9)(327)-(5)(3)-(344)Assets classified as held for sale(9)-(1)-(10)Acquisition of subsidiary 1 28 -29 Foreign currency translation(16)(20)-(1)-(37)Balance at 31 December 2024 2,794 10,427 11 200 129 14 1,305 14,880 Depreciation and impairmentBalance

124、at 1 April 2024 834 7,646 11 132 89 7 -8,719 Depreciation charge for the period 95 515 -11 5 -626 Disposals(8)(316)-(5)(3)-(332)Assets classified as held for sale(1)-(1)Foreign currency translation(4)(9)-(13)Balance at 31 December 2024 916 7,836 11 138 91 7 -8,999 Net book valueAt 1 April 2024 1,834

125、 2,905 -70 42 7 866 5,724 At 31 December 2024 1,878 2,591 -62 38 7 1,305 5,881*Amounts with a net book value of 2 million(31 March 2024:nil,31 December 2023:nil)were reclassified from right-of-use assets to property,plant and equipment at the cessation of the respective leases.The assets reclassifie

126、d related to leases with purchase options for which the Group had been depreciating the assets over their expected economic lives.millionsLand and buildingsPlant andequipmentVehiclesIT equipmentFixtures and fittingsHeritage vehiclesUnder constructionTotal CostBalance at 1 April 2023 2,646 11,360 14

127、213 140 40 388 14,801 Additions -4 3 -701 708 Transfers 85 315 -(400)-Disposals(9)(303)-(6)(6)(25)-(349)Assets classified as held for sale(51)(14)-(2)-(67)Foreign currency translation(5)(8)-(13)Balance at 31 December 2023 2,666 11,350 14 209 137 15 689 15,080 Depreciation and impairmentBalance at 1

128、April 2023 736 7,953 11 132 93 34 -8,959 Depreciation charge for the period 93 637 -13 6 -749 Disposals(9)(277)-(5)(5)(25)-(321)Assets classified as held for sale(12)(13)-(3)-(28)Foreign currency translation(1)(3)-(4)Balance at 31 December 2023 807 8,297 11 137 94 9 -9,355 Net book valueAt 1 April 2

129、023 1,910 3,407 3 81 47 6 388 5,842 At 31 December 2023 1,859 3,053 3 72 43 6 689 5,725 2112 Intangible assets millionsGoodwillSoftwarePatents and technological know-howCustomer relatedIntellectual property rights and other intangiblesProduct development-completedProduct development-in progressTotal

130、 CostBalance at 1 April 2024-772 147 61 650 9,078 2,184 12,892 Additions-externally purchased-42 -42 Additions-internally developed-1,495 1,495 Transfers -90 (90)-Disposals -(57)(147)-(22)(2,676)-(2,902)Acquisition of subsidiary 40 -11 -51 Foreign currency translation-(1)-(1)Balance at 31 December 2

131、024 40 756 -61 639 6,492 3,589 11,577 Amortisation and impairmentBalance at 1 April 2024-579 147 53 175 6,532 -7,486 Amortisation charge for the period -44 -1 1 573 -619 Disposals -(55)(147)-(22)(2,676)-(2,900)Balance at 31 December 2024-568 -54 154 4,429 -5,205 Net book valueAt 1 April 2024-193 -8

132、475 2,546 2,184 5,406 At 31 December 2024 40 188 -7 485 2,063 3,589 6,372 On 20 June 2024,JLR completed the acquisition of a non-core subsidiary for cash consideration of 72 million resulting in initial goodwill of 40 million.Finalisation of fair value adjustments to the assets and liabilities in li

133、ne with IFRS 3 Business Combinations resulted in net nil adjustment to goodwill.millionsSoftwarePatents and technological know-howCustomer relatedIntellectual property rights and other intangiblesProduct development-completedProduct development-in progressTotal CostBalance at 1 April 2023 948 147 61

134、 650 9,152 793 11,751 Additions-externally purchased 44 -44 Additions-internally developed-1,120 1,120 Transfers -148 (148)-Disposals (125)-(222)-(347)Balance at 31 December 2023 867 147 61 650 9,078 1,765 12,568 Amortisation and impairmentBalance at 1 April 2023 743 147 48 173 5,776 -6,887 Amortisa

135、tion charge for the period 54 -5 2 733 -794 Disposals (115)-(222)-(337)Balance at 31 December 2023 682 147 53 175 6,287 -7,344 Net book valueAt 1 April 2023 205 -13 477 3,376 793 4,864 At 31 December 2023 185 -8 475 2,791 1,765 5,224 2213 Right-of-use assets millionsLand and buildingsIT equipmentPla

136、nt and equipmentVehiclesFixtures and fittingsOtherTotal CostBalance at 1 April 2024 795 22 92 9 16 3 937 Additions 20 2 15 3 -40 Disposals (19)(2)(6)(2)(10)-(39)Transfers to property,plant and equipment*-(6)-(6)Acquisition of subsidiary 24 -1 -25 Foreign currency translation(1)-(1)Other 15 -15 Balan

137、ce at 31 December 2024 834 22 96 10 6 3 971 DepreciationBalance at 1 April 2024 263 9 43 5 7 2 329 Depreciation charge for the period 54 5 12 3 1 1 76 Transfers to property,plant and equipment*-(4)-(4)Disposals(13)(2)(6)(2)(7)-(30)Balance at 31 December 2024 304 12 45 6 1 3 371 Net book valueAt 1 Ap

138、ril 2024 532 13 49 4 9 1 608 At 31 December 2024 530 10 51 4 5 -600*Amounts with a net book value of 2 million(31 March 2024:nil,31 December 2023:nil)were reclassified from right-of-use assets to property,plant and equipment at the cessation of the respective leases.The assets reclassified related t

139、o leases with purchase options for which the Group had been depreciating the assets over their expected economic lives.millionsLand and buildingsIT equipmentPlant and equipmentVehiclesFixtures and fittingsOtherTotal CostBalance at 1 April 2023 781 17 94 7 17 4 920 Additions 26 1 15 2 -44 Disposals (

140、17)(4)(15)(1)-(2)(39)Foreign currency translation(1)-(1)-(2)Other(6)-(6)Balance at 31 December 2023 783 14 93 8 17 2 917 DepreciationBalance at 1 April 2023 208 9 57 3 5 3 285 Depreciation charge for the period 51 3 10 2 1 -67 Disposals(15)(4)(15)(1)-(2)(37)Balance at 31 December 2023 244 8 52 4 6 1

141、 315 Net book valueAt 1 April 2023 573 8 37 4 12 1 635 At 31 December 2023 539 6 41 4 11 1 602 2314 Other financial assetsAs at(millions)31 December 202431 March 202431 December 2023Non-currentRestricted cash 8 8 8 Derivative financial instruments 192 223 222 Warranty reimbursement and other receiva

142、bles 63 58 55 Other 59 66 15 Total non-current other financial assets 322 355 300 CurrentRestricted cash 1 10 3 Derivative financial instruments 243 239 239 Warranty reimbursement and other receivables 210 121 95 Accrued income 51 53 58 Other 101 120 109 Total current other financial assets 606 543

143、504 15 InventoriesAs at(millions)31 December 202431 March 202431 December 2023Raw materials and consumables 131 109 130 Work-in-progress 607 538 540 Finished goods 3,094 3,103 2,923 Inventory basis adjustment 10 1 -Total inventories 3,842 3,751 3,593 Inventories of finished goods include 444 million

144、(31 March 2024:429 million,31 December 2023:497 million)relating to vehicles sold to rental car companies,fleet clients and others with guaranteed repurchase arrangements.During the nine months period ended 31 December 2024,the Group recorded an inventory write-down expense of 41 million(nine months

145、 period ended 31 December 2023:70 million).The write-down is included in“Material and other cost of sales”.16Other assetsAs at(millions)31 December 202431 March 202431 December 2023Non-currentPrepaid expenses 173 131 125 Research and development expenditure credit 176 1 126 Other 12 11 11 Total non-

146、current other assets 361 143 262 CurrentRecoverable VAT 246 158 213 Prepaid expenses 300 306 271 Research and development expenditure credit 179 178 98 Other 30 15 23 Total current other assets 755 657 605 17 TaxationRecognised in the income statementIncome tax for the nine months period ended 31 De

147、cember 2024 and 31 December 2023 is charged at the estimated effective tax rate expected to apply for the applicable financial year ends and adjusted for relevant deferred tax amounts where applicable.A tax charge of 462 million was incurred in the nine month period ended 31 December 2024.In the nin

148、e months period ended 31 December 2023 a tax charge of 317 million was incurred.The effective tax rate of 28%reflects the mixture of corporate tax rates applied in the countries in which the Group operates.2418 Other financial liabilitiesAs at(millions)31 December 202431 March 202431 December 2023Cu

149、rrentLease obligations 78 73 75 Interest accrued 77 84 87 Derivative financial instruments 289 265 256 Liability for vehicles sold under a repurchase arrangement 492 455 408 Other -8 -Total current other financial liabilities 936 885 826 Non-currentLease obligations 610 621 606 Derivative financial

150、instruments 220 136 135 Other 1 1 15 Total non-current other financial liabilities 831 758 756 19 ProvisionsAs at(millions)31 December 202431 March 2024*31 December 2023*CurrentProduct warranty 837 720 668 Emissions compliance 111 41 10 Third party claims and obligations 212 197 194 Other provisions

151、 39 68 76 Total current provisions 1,199 1,026 948 Non-currentProduct warranty 1,331 1,145 1,102 Emissions compliance 120 118 84 Other provisions 51 48 49 Total non-current provisions 1,502 1,311 1,235*The comparatives as at 31 March 2024 and 31 December 2023 have been re-presented to align with pre

152、sentation changes made during the quarter ended 30 June 2024.Amounts previously disclosed as Restructuring have been presented in Third party claims and obligations and Other provisions as applicable.This has not resulted in any change to the reported Total current provisions or Total non-current pr

153、ovisions.millionsProduct warrantyEmissions complianceThird party claims and obligationsOther provisionsTotalBalance at 1 April 2024 1,865 159 197 116 2,337 Provisions made during the period 1,052 146 270 38 1,506 Provisions used during the period(806)(41)(171)(15)(1,033)Unused amounts reversed in th

154、e period(5)(33)(85)(17)(140)Liabilities directly associated with assets classified as held for sale-(36)(36)Acquisition of subsidiary-5 5 Impact of unwind of discounting 62 -62 Foreign currency translation-1 (1)-Balance at 31 December 2024 2,168 231 212 90 2,701 Product WarrantyInformation on the as

155、sumptions made in estimating the product warranty provision are included within the consolidated financial statements for the year ended 31 March 2024 and remain unchanged.Due to the uncertainty and potential volatility of the inputs to the assumptions,such as number of vehicles impacted and repair

156、costs,it is reasonably possible that the actual cost over an extended period of time could be different to the estimate.20Other liabilitiesAs at(millions)31 December 202431 March 202431 December 2023CurrentLiabilities for advances received59 102 125 Ongoing service obligations366 324 319 VAT86 104 9

157、8 Deferred grant income41 70 71 Other taxes payable141 100 224 Other12 11 9 Total current other liabilities705 711 846 Non-currentOngoing service obligations615 605 569 Deferred grant income465 348 326 Other6 4 2 Total non-current other liabilities1,086 957 897 2521 Interest bearing loans and borrow

158、ingsAs at(millions)31 December 202431 March 202431 December 2023Short-term borrowingsBank loans326-331 Current portion of long-term EURO MTF listed debt557 427 998 Current portion of long-term bank loans760 829 229 Other secured1-Total short-term borrowings1,644 1,256 1,558 Long-term borrowingsBank

159、loans125 217 871 EURO MTF listed debt2,105 2,683 2,682 Other unsecured37 36 36 Total long-term borrowings2,267 2,936 3,589 Lease obligations688 694 681 Total debt4,599 4,886 5,828 Undrawn facilitiesAs at 31 December 2024,the Group has a fully undrawn revolving credit facility of 1,000 million,with a

160、 maturity date of October 2029,and a fully undrawn revolving credit facility of 600 million,with a maturity date of October 2027,totaling 1,600 million(31 March 2024:1,520 million,31 December 2023:1,520 million).This includes a covenant requiring the Group to maintain a minimum quarter-end liquidity

161、 of 1 billion.22Financial instrumentsThe condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial instruments held at fair value.These financial instruments are classified as either level 2 fair value measurements,as defined by IF

162、RS 13,being those derived from inputs other than quoted prices which are observable,or level 3 fair value measurements,being those derived from significant unobservable inputs.There have been no changes in the valuation techniques used or transfers between fair value levels from those set out in not

163、e 37 to the annual consolidated financial statements for the year ended 31 March 2024.The tables below show the carrying amounts and fair value of each category of financial assets and liabilities.Fair value through profit and loss As at 31 December 2024(millions)Amortised costFinancial assetsDeriva

164、tives other than in hedging relationshipDerivatives in hedging relationshipTotal carrying valueTotal fair valueCash and cash equivalents 3,352 -3,352 3,352 Short-term deposits and other investments 104 -104 104 Trade receivables 864 -864 864 Other non-current investments-58 -58 58 Other financial as

165、sets-current 363 -23 220 606 606 Other financial assets-non-current 130 -2 190 322 322 Total financial assets4,813 58 25 410 5,306 5,306 Accounts payable 6,471 -6,471 6,471 Short-term borrowings 1,644 -1,644 1,646 Long-term borrowings*2,267 -2,267 2,404 Other financial liabilities-current 647 -92 19

166、7 936 936 Other financial liabilities-non-current 611 -41 179 831 880 Total financial liabilities11,640-133 376 12,149 12,337*Included in long-term borrowings is 415 million that is designated as the hedged item in a fair value hedge relationship.Included within long-term borrowings is(130)million o

167、f fair value adjustments of which(114)million relates to the ongoing hedge relationship and(16)million relates to hedge relationships that were discontinued during the year ended 31 March 2023.Included in long-term borrowings is 1,723 million that is designated as a hedging instrument in a cash flow

168、 hedge relationship.Fair value through profit and loss As at 31 March 2024(millions)Amortised costFinancial assetsDerivatives other than in hedging relationshipDerivatives in hedging relationshipTotal carrying valueTotal fair valueCash and cash equivalents 4,051 -4,051 4,051 Short-term deposits and

169、other investments 103 -103 103 Trade receivables 1,236 -1,236 1,236 Other non-current investments-52 -52 52 Other financial assets-current 304 -52 187 543 543 Other financial assets-non-current 132 -4 219 355 355 Total financial assets5,826 52 56 406 6,340 6,340 Accounts payable 7,113 -7,113 7,113 S

170、hort-term borrowings 1,256 -1,256 1,261 Long-term borrowings*2,936 -2,936 3,068 Other financial liabilities-current 620 -74 191 885 885 Other financial liabilities-non-current 622 -49 87 758 830 Total financial liabilities12,547-123 278 12,948 13,157*Included in long-term borrowings is 428 million t

171、hat is designated as the hedged item in a fair value hedge relationship.Included within long-term borrowings is(133)million of fair value adjustments of which(112)million relates to the ongoing hedge relationship and(21)million relates to hedge relationships that were discontinued during the year en

172、ded 31 March 2023.Included in long-term borrowings is 952 million that is designated as a hedging instrument in a cash flow hedge relationship.2622Financial instruments(continued)Fair value through profit and loss As at 31 December 2023(millions)Amortised costFinancial assetsDerivatives other than i

173、n hedging relationshipDerivatives in hedging relationshipTotal carrying valueTotal fair valueCash and cash equivalents 4,152 -4,152 4,152 Short-term deposits and other investments 102 -102 102 Trade receivables 886 -886 886 Other non-current investments-50 -50 50 Other financial assets-current 265 -

174、87 152 504 504 Other financial assets-non-current 78 -8 214 300 300 Total financial assets5,483 50 95 366 5,994 5,994 Accounts payable 6,260 -6,260 6,260 Short-term borrowings 1,558 -1,558 1,563 Long-term borrowings*3,589 -3,589 3,709 Other financial liabilities-current 570 -73 183 826 826 Other fin

175、ancial liabilities-non-current 621 -46 89 756 871 Total financial liabilities12,598-119 272 12,989 13,229*Included in long-term borrowings is 434 million that is designated as the hedged item in a fair value hedge relationship.Included within long-term borrowings is(130)million of fair value adjustm

176、ents of which(108)million relates to the ongoing hedge relationship and(22)million relates to hedge relationships that were discontinued during the year ended 31 March 2023.Included in long-term borrowings is 941 million that is designated as a hedging instrument in a cash flow hedge relationship.Th

177、e following table shows the levels in the fair value hierarchy for financial assets and liabilities held at fair value and for financial liabilities that are not measured at fair value,where the carrying value is not a reasonable approximation of fair value:As at 31 December 2024 millionsLevel 1Leve

178、l 2Level 3TotalFinancial assets measured at fair valueOther non-current investments-58 58 Derivative assets-435-435 Total-435 58 493 Financial liabilities measured at fair valueDerivative liabilities-509-509 Total-509-509 Financial liabilities not measured at fair valueBorrowings 2,799 1,251 -4,050

179、Total2,799 1,251-4,050 As at 31 March 2024 millionsLevel 1Level 2Level 3TotalFinancial assets measured at fair valueOther non-current investments-52 52 Derivative assets-462-462 Total-462 52 514 Financial liabilities measured at fair valueDerivative liabilities-401-401 Total-401-401 Financial liabil

180、ities not measured at fair valueBorrowings3,243 1,086-4,329 Total3,243 1,086-4,329 As at 31 December 2023 millionsLevel 1Level 2Level 3TotalFinancial assets measured at fair valueOther non-current investments-50 50 Derivative assets-461-461 Total-461 50 511 Financial liabilities measured at fair val

181、ueDerivative liabilities-391-391 Total-391-391 Financial liabilities not measured at fair valueBorrowings3,800 1,472-5,272 Total3,800 1,472-5,272 2722Financial instruments(continued)Reconciliation of level 3 fair valuesThe following table gives a reconciliation of the movements in level 3 financial

182、assets held at fair value:Nine months ended millions31 December 202431 December 2023Balance at beginning of the period52 43 Originated/purchased during the period7 5 Fair value changes recognised in consolidated income statement(1)3 Foreign currency translation-(1)At end of period58 50 23 Other rese

183、rvesThe movement in reserves is as follows:millionsTranslation reserveHedging reserve Cost of hedging reserveRetained earningsTotal otherreservesBalance at 1 April 2024(367)177 (6)5,807 5,611 Profit for the period-1,160 1,160 Remeasurement of defined benefit obligation-(63)(63)Gain/(loss)on effectiv

184、e cash flow hedges-36 (29)-7 Income tax related to items recognised in other comprehensive income-(9)7 17 15 Cash flow hedges reclassified to profit and loss-(156)(7)-(163)Income tax related to items reclassified to profit or loss-39 2 -41 Amounts removed from hedge reserve and recognised in invento

185、ry-21 2 -23 Income tax related to amounts removed from hedge reserve and recognised in inventory-(5)-(5)Dividends paid-(387)(387)Foreign currency translation(23)-(23)Balance at 31 December 2024(390)103 (31)6,534 6,216 millionsTranslation reserveHedging reserve Cost of hedging reserveRetainedearnings

186、Total otherreservesBalance at 1 April 2023(320)(608)(34)3,533 2,571 Profit for the period-1,187 1,187 Remeasurement of defined benefit obligation-(400)(400)Gain on effective cash flow hedges-791 16 -807 Income tax related to items recognised in other comprehensive income-(65)3 100 38 Cash flow hedge

187、s reclassified to profit and loss-69 (11)-58 Income tax related to items reclassified to profit or loss-(17)2 -(15)Amounts removed from hedge reserve and recognised in inventory-2 -2 Income tax related to amounts removed from hedge reserve and recognised in inventory-(1)-(1)Foreign currency translat

188、ion(31)-(31)Balance at 31 December 2023(351)171 (24)4,420 4,216 24 DividendsIn May 2024,the Company paid an ordinary dividend of 387 million to its immediate parent company TML Holdings Pte.Ltd.(Singapore).2825Employee benefitsThe Group has pension arrangements providing employees with defined benef

189、its related to pay and service as set out in the rules of each scheme.The following tables set out disclosures pertaining to employee benefits of the Group which operates defined benefit pension schemes:Change in present value of defined benefit obligation Nine months ended millions31 December 20243

190、1 December 2023Defined benefit obligation at beginning of period 5,104 5,089 Current service cost 49 47 Interest expense 190 178 Actuarial(gains)/losses arising from:Changes in demographic assumptions(49)(78)Changes in financial assumptions(313)35 Experience adjustments 39 68 Exchange differences on

191、 foreign schemes-(1)Member contributions -1 Benefits paid (169)(152)Defined benefit obligation at end of period 4,851 5,187 Change in fair value of schemes assets Nine months ended millions31 December 202431 December 2023Fair value of schemes assets at beginning of period 5,382 5,726 Interest income

192、 202 203 Remeasurement loss on the return of plan assets,excluding amounts included in interest income(386)(375)Administrative expenses(6)(7)Employer contributions 54 58 Member contributions -1 Benefits paid (169)(152)Fair value of schemes assets at end of period 5,077 5,454 The principal assumption

193、s used in accounting for the pension schemes are set out below:As at31 December 202431 December 2023Discount rate5.6%4.8%Expected rate of increase in benefit revaluation of covered employees2.0%1.9%RPI inflation rate3.0%2.9%CPI inflation rate(capped at 5%p.a.)2.6%2.5%CPI inflation rate(capped at 2.5

194、%p.a.)1.8%1.8%Amounts recognised in the condensed consolidated balance sheet consist of:As at(millions)31 December 202431 March 202431 December 2023Present value of defined benefit obligation(4,851)(5,104)(5,187)Fair value of schemes assets 5,077 5,382 5,454 Net pension asset 226 278 267 Presented a

195、s non-current asset 250 300 289 Presented as non-current liability(24)(22)(22)For the valuations at 31 December 2024 the mortality assumptions used are the Self-Administered Pension Schemes(SAPS)mortality base table,S3 tables(“Light”tables for members of the Jaguar Executive Pension Plan).For the Ja

196、guar Pension Plan,scaling factors of 97 per cent to 115 per cent have been used for male members and 102 per cent to 116 per cent have been used for female members.For the Land Rover Pension Scheme,scaling factors of 103 per cent to 112 per cent have been used for male members and 100 per cent to 11

197、5 per cent have been used for female members.For the Jaguar Executive Pension Plan,scaling factors of 92 per cent to 99 per cent have been used for male members and 92 per cent to 98 per cent have been used for female members.2925 Employee benefits(continued)For the valuations at 31 March 2024 the m

198、ortality assumptions used were the SAPS mortality base table,S3 tables(“Light”tables for members of the Jaguar Executive Pension Plan).For the Jaguar Pension Plan,scaling factors of 95 per cent to 111 per cent have been used for male members and 99 per cent to 113 per cent have been used for female

199、members.For the Land Rover Pension Scheme,scaling factors of 101 per cent to 109 per cent have been used for male members and 97 per cent to 111 per cent have been used for female members.For the Jaguar Executive Pension Plan,scaling factors of 87 per cent to 93 per cent have been used for male memb

200、ers and 86 per cent to 92 per cent have been used for female members.For the valuations at 31 December 2023 the mortality assumptions used were the SAPS mortality base table,S3 tables(“Light”tables for members of the Jaguar Executive Pension Plan).For the Jaguar Pension Plan,scaling factors of 101 p

201、er cent to 115 per cent have been used for male members and 103 per cent to 118 per cent have been used for female members.For the Land Rover Pension Scheme,scaling factors of 105 per cent to 117 per cent have been used for male members and 100 per cent to 116 per cent have been used for female memb

202、ers.For the Jaguar Executive Pension Plan,scaling factors of 93 per cent to 97 per cent have been used for male members and 91 per cent to 96 per cent have been used for female members.For the 31 December 2024 period end calculations there is an allowance for future improvements in line with the CMI

203、(2023)projections with a long-term rate of improvement of 1.25 per cent per annum and a smoothing parameter of 7.0(31 March 2024:CMI(2022)projections with 1.25 per cent per annum improvements and a smoothing parameter of 7.0,31 December 2023:CMI(2022)projections with 1.25 per cent per annum improvem

204、ents and a smoothing parameter of 7.0).26Commitments and contingenciesThe following includes a description of contingencies and commitments.The Group assesses such commitments and claims as well as monitors the legal environment on an ongoing basis,with the assistance of external legal counsel where

205、ver necessary.The Group records a liability for any claims where a potential loss is probable and capable of being estimated and discloses such matters in the financial statements,if material.For potential losses that are considered possible,but not probable,the Group provides disclosure in the cons

206、olidated financial statements but does not record a liability unless the loss becomes probable.Such potential losses may be of uncertain timing and/or amounts.As at(millions)31 December 202431 March 202431 December 2023*Contingencies:-Third party claims and obligations334 332 413 -Taxes and duties68

207、 60 59 Commitments:-Plant and equipment740 655 528-Intangible assets23 20 21 Pledged as collateral/security-Other financial assets8 27 27*The comparatives for the year ended 31 December 2023 have been represented to align with presentation changes for the year ended 31 March 2024.Other contingencies

208、 are now presented in Third Party Claims and Obligations.This has not resulted in any change to total contingent liabilities and commitments disclosed.Contingencies Contingencies relate to legal and constructive obligations to third parties.There are claims and obligations against the Group which ma

209、nagement has not recognised,as settlement is not considered probable.These claims and obligations relate primarily to the following:-Third party claims and obligations(primarily supplier claims)-Taxes and duties The supplier claims trend has remained consistent throughout the financial year.There ha

210、ve been no material changes to regulatory,litigation and competition matters disclosed in the Groups Interim Report for the three and nine month period ended 31 December 2024.Commitments The Group has entered into various contracts with vendors and contractors for the acquisition of plant and equipm

211、ent and intangible assets.Joint ventureStipulated within the joint venture agreement for Chery Jaguar Land Rover Automotive Company Ltd.,and subsequently amended by a change to the Articles of Association of Chery Jaguar Land Rover Automotive Company Ltd.is a commitment for the Group to contribute a

212、 total of CNY 5,000 million of capital.Of this amount,CNY 3,475 million has been contributed as at 31 December 2024.The outstanding commitment of CNY 1,525 million translates to 166 million at the 31 December 2024 exchange rate.The Groups share of capital commitments of its joint venture at 31 Decem

213、ber 2024 is 3 million(31 March 2024:2 million,31 December 2023:4 million)and contingent liabilities of its joint venture 31 December 2024 is 6 million(31 March 2024:6 million,31 December 2023:nil million).3027 Capital managementThe Groups objectives when managing capital are to ensure the going conc

214、ern operation of all subsidiary companies within the Group,to maintain an efficient capital structure to support ongoing and future operations of the Group and to meet shareholder expectations.The Group issues debt,primarily in the form of bonds,to meet anticipated funding requirements and maintain

215、sufficient liquidity.The Group also maintains certain undrawn committed credit facilities to provide additional liquidity.These borrowings,together with cash generated from operations,are loaned internally or contributed as equity to certain subsidiaries as required.Surplus cash in subsidiaries is p

216、ooled(where practicable)and invested to satisfy security,liquidity and yield requirements.The capital structure and funding requirements are regularly monitored by the JLR plc Board to ensure sufficient liquidity is maintained by the Group.All debt issuances and capital distributions are approved by

217、 the JLR plc Board.The following table summarises the capital of the Group:As at(millions)31 December 202431 March 202431 December 2023Short-term debt1,722 1,329 1,633 Long-term debt2,877 3,557 4,195 Total debt*4,599 4,886 5,828 Equity attributable to shareholders7,884 7,279 5,884 Total capital12,48

218、3 12,165 11,712*Total debt includes lease obligations of 688 million(31 March 2024:694 million,31 December 2023:681 million).28 Notes to the consolidated cash flow statementReconciliation of profit for the period to cash generated from operations Three months ended Nine months ended millions31 Decem

219、ber 202431 December 202331 December 202431 December 2023Cash flows from operating activitiesProfit for the period 375 592 1,160 1,187 Adjustments for:Depreciation and amortisation 377 547 1,321 1,610 Loss on disposal of assets 4 3 14 28 Income tax expense 148 35 462 317 Finance expense(net)63 111 22

220、8 367 Finance income(30)(47)(107)(121)Foreign exchange on debt,derivatives and balance sheet revaluation 44 (43)(74)(45)Unrealised loss/(gain)on commodity derivatives 76 (1)(15)42 Share of loss/(profit)of equity accounted investments 9 (3)-(18)Fair value(gain)/loss on equity investments(2)1 1 (3)Exc

221、eptional items-(8)-Fair value adjustments in relation to assets held for sale-6 -6 Other non-cash adjustments(7)(3)(6)-Cash flows from operating activities before changes in assets and liabilities 1,057 1,198 2,976 3,370 Trade receivables and other assets(16)119 94 (66)Other financial assets(118)3 (

222、72)(6)Inventories 168 (86)(77)(353)Accounts payable,other liabilities and retirement benefit obligations(271)269 (565)635 Other financial liabilities(24)42 18 (7)Provisions 269 (100)342 (19)Cash generated from operations 1,065 1,445 2,716 3,554 3128 Notes to the consolidated cash flow statement(cont

223、inued)Reconciliation of movements of liabilities to cash flows arising from financing activities millionsBorrowingsLease obligationsInterest accruedTotalBalance at 1 April 2024 4,192 694 84 4,970 Cash flowsProceeds from issue of financing 326 -326 Repayment of financing(585)(63)-(648)Interest paid-(

224、41)(218)(259)Non-cash movementsIssue of new leases-39 -39 Interest accrued-41 210 251 Lease modification-13 -13 Foreign currency translation(89)(4)1 (92)Lease terminations-(16)-(16)Acquisition of subsidiary 3 25 -28 Fee amortisation 6 -6 Long-term borrowings revaluation in hedge reserve 58 -58 Balan

225、ce at 31 December 2024 3,911 688 77 4,676 Balance at 1 April 2023 6,078 710 95 6,883 Cash flowsRepayment of financing(796)(54)-(850)Interest paid-(42)(230)(272)Non-cash movementsIssue of new leases-43 -43 Interest accrued-42 222 264 Lease modification-(5)-(5)Foreign currency translation(130)(10)-(14

226、0)Lease terminations-(3)-(3)Fee amortisation 8 -8 Long-term borrowings revaluation in hedge reserve(2)-(2)Fair value adjustment on borrowings 3 -3 Gain on early repayment of borrowings(14)-(14)Balance at 31 December 2023 5,147 681 87 5,915 Included within finance expenses and fees paid in the conden

227、sed consolidated cash flow statement for the nine month period ended 31 December 2024 is 54 million(nine month period ended 31 December 2023:63 million)of cash interest paid relating to other assets and liabilities not included in the reconciliation above.3229Related party transactionsTata Sons Priv

228、ate Limited is a company with significant influence over the Groups ultimate parent company Tata Motors Limited.The Groups related parties therefore include Tata Sons Private Limited,subsidiaries and joint ventures of Tata Sons Private Limited and subsidiaries,joint ventures and associates of Tata M

229、otors Limited.The Group routinely enters into transactions with its related parties in the ordinary course of business,including transactions for the sale and purchase of products with its joint ventures,and IT and consultancy services received from subsidiaries of Tata Sons Private Limited.All tran

230、sactions with related parties are conducted under normal terms of business and all amounts outstanding are unsecured and will be settled in cash.Transactions and balances with the Groups own subsidiaries are eliminated on consolidation.The following tables summarise related party transactions and ba

231、lances not eliminated in the condensed consolidated interim financial statements:Nine months ended31 December 2024(millions)With joint venturesof the GroupWith associates of the Group and their subsidiariesWith Tata SonsPrivate Limited and its subsidiaries and joint venturesWith immediate or ultimat

232、e parent and its subsidiaries,joint ventures and associatesSale of products152-116 Purchase of goods56 124-215 Services received-343 129 Services rendered41-3 Dividends paid-387 Dividends received2-Sale of property,plant and equipment28-Trade and other receivables14-117 Accounts payable21 4 73 76 Ni

233、ne months ended31 December 2023(millions)With joint ventures of the GroupWith associates of the Group and their subsidiariesWith Tata Sons Private Limited and its subsidiaries and joint venturesWith immediate or ultimate parent and its subsidiaries,joint ventures and associatesSale of products154-1

234、48 Purchase of goods35 110-100 Services received-235 85 Services rendered47-7 2 Dividends received2-Trade and other receivables26-85 Accounts payable4 3 52 55 Compensation of key management personnel Nine months ended millions31 December 202431 December 2023Key management personnel remuneration14 17

235、 30Subsequent events On 9 January 2025,JLR signed a new term loan at a value of$500 million over a 4 year tenor(maturing in January 2029).JLR intends to draw this facility 31 January and use proceeds alongside cash to refinance the existing$798 million syndicate loan at its maturity.INDEPENDENT REVI

236、EW REPORT TO JAGUAR LAND ROVER AUTOMOTIVE PLC Conclusion We have been engaged by Jaguar Land Rover Automotive Plc(“the company”)to review the condensed consolidated interim financial statements for the three and nine months ended 31 December 2024 which comprises the Condensed Consolidated Income Sta

237、tement,Condensed Consolidated Statement of Comprehensive Income and Expenses,Condensed Consolidated Balance Sheet,Condensed Consolidated Statement of Changes in Equity,Condensed Consolidated Cashflow Statement and the related explanatory notes.Based on our review,nothing has come to our attention th

238、at causes us to believe that the condensed consolidated interim financial statements for the three and nine months ended 31 December 2024 are not prepared,in all material respects,in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK.Basis for conclusion We conducted our

239、 review in accordance with International Standard on Review Engagements(UK)2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity(ISRE(UK)2410)issued for use in the UK.A review of interim financial information consists of making enquiries,primarily of persons

240、 responsible for financial and accounting matters,and applying analytical and other review procedures.We read the other information contained in the interim report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed consolidat

241、ed interim financial statements.A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing(UK)and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit

242、.Accordingly,we do not express an audit opinion.Conclusions relating to going concern Based on our review procedures,which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report,nothing has come to our attention that causes us to believe t

243、hat the directors have inappropriately adopted the going concern basis of accounting,or that the directors have identified material uncertainties relating to going concern that have not been appropriately disclosed.This conclusion is based on the review procedures performed in accordance with ISRE(U

244、K)2410.However,future events or conditions may cause the Group to cease to continue as a going concern,and the above conclusions are not a guarantee that the Group will continue in operation.Directors responsibilities The interim report is the responsibility of,and has been approved by,the directors

245、.As disclosed in note 1,the latest annual consolidated financial statements of the company are prepared in accordance with UK-adopted international accounting standards.The directors are responsible for preparing the condensed consolidated interim financial statements included in the interim report

246、in accordance with IAS 34 as adopted for use in the UK.In preparing the condensed consolidated interim financial statements,the directors are responsible for assessing the groups ability to continue as a going concern,disclosing,as applicable,matters related to going concern and using the going conc

247、ern basis of accounting unless the directors either intend to liquidate the group or to cease operations,or have no realistic alternative but to do so.Our responsibility Our responsibility is to express to the company a conclusion on the condensed consolidated interim financial statements in the int

248、erim report based on our review.Our conclusion,including our conclusions relating to going concern,are based on procedures that are less extensive than audit procedures,as described in the Basis for conclusion section of this report.The purpose of our review work and to whom we owe our responsibilit

249、ies This report is made solely to the company in accordance with the terms of our engagement.Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose.To the fullest extent permitted by law,we do not accept or assume responsibility to anyone other than the company for our review work,for this report,or for the conclusions we have reached.Craig Parkin for and on behalf of KPMG LLP Chartered Accountants One Snowhill Birmingham B4 6GH 30 January 2025