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Investor Presentation
6 June 2008
Forward Looking Statements
This presentation and other statements by Tata Motors Limited may include forward-looking statements within the
meaning of applicable securities laws and regulations with respect to the pending JLR acquisition, products under
development, future expenses, future levels of available capital resources, and other future financial or business
performance, conditions, strategies, expectations or goals. All statements that are not descriptions of historical facts
are forward-looking statements, based on management’s estimates, assumptions and projections that are subject to
risks and uncertainties. These statements can generally be identified by the use of forward-looking terminology such as
“believes,” “expects,” “intends,” “may,” “will,” “should,” or “anticipates” or similar terminology.
Actual results could differ materially from those currently anticipated due to a number of factors, including among other
things:
– the risk that anticipated synergies and other benefits of the acquisition will not materialise;
– costs and availability of financing on favorable terms and future capital needs;
– changes in costs of supplies and raw materials, consumer preferences, exchange rates and other national, regional
or global economic and financial conditions;
– the potential inability to retain existing JLR management, upon whom we will rely;
– risks related to our anticipated reliance on Ford Motor Company during a transition period for supply of engines and
parts, research and development, and advanced power train development and other matters;
– marketing, regulatory, product liability, supply, competition and other risks; and
– changes in environmental, fuel economy, tax, labor and employment, automobile dealership and other laws and
regulations.
Additional important factors that could cause actual results to differ materially from our current expectations are
identified in our filings with applicable securities regulators and stock exchanges. We will not update any forward-
looking statements to reflect new, changing or unanticipated events or circumstances that occur after the date on which
the statement is made, except as may be required by applicable law or regulation.
All information are based on un-audited internal management accounts and data from Ford Motor Company
1
Update on Tata Motors Limited
Net Revenues 4.6%
EBITDA 6.6%
PAT 6.0%
Basic EPS 5.8%
Dividend of Rs 15 per share
EBIDTA margin under pressure on account of weak demand
and high input costs
Highlights
Standalone Financial Performance
52.6449.76Basic EPS (Rs) s)
20,289.219,134.6Profit After Tax
25,764.725,731.8PBT
10.76%12.06%EBITDA Margin
30,923.233,123.7EBITDA
287308.2274,700.3Net Revenue
330,939.3318,194.8Gross Revenue
FY08FY07Rs millions
7
Consolidated Financial Performance
Net Revenues 10.0 %
EBITDA 7.0 %
Net profit maintained at last year’s level
Basic EPS marginally low (0.3%)
Highlights
Strong subsidiary performance helped maintain profitability
in a challenging environment
56.2456.43Basic EPS (Rs)
21,67721,699.9Profit After Tax
30,86330,880PBT
12.37%12.72%EBITDA Margin
44,108.541,147.2EBITDA
356,514.8323,600.8Net Revenue
403,407.9369,214.9Gross Revenue
FY08FY07Rs millions
8
634.12,032.45791,966.7HVAL
474.41,922.9449.61,755.9HVTL
447.78,369.4127.91,600.3TMFL
299.911,002.5162.89,573.9Tata Tech
3,236.227,179.91,838.618,141.6Telcon
1,584.830,752.1829.623,336.1TDCV
PATSalesPATSalesIn Rs. mn
FY 08FY 07
Subsidiary Financial Performance
** FY 07 data is for the period Jun 06 to Mar 07
**
9
Commercial Vehicles
Strategic Elements
Flexible new platforms : Ace, World Truck
Dedicated production facilities
Product Development Capability in Fully Built Buses & Coaches
Enhancing
Capabilities
Enhancing sales and service network
Doubling customer touch points in next 4 years
Establish manufacturing footprint in South Africa
Thonburi Joint Venture ( 70:30 JV )
– Xenon launched in Thailand in March’08 to an encouraging response
Enhancing
Reach
Ace variants
Marcopolo Buses
World Truck
Defence Vehicles
Ready – to –use solutions
New Products
12
Passenger Vehicles
Strategic Elements
New Indigo
New UV platform
Fiat Punto
Fiat Linea
Fiat Joint Venture (50:50 JV)
– Enhanced value proposition through world class car engine technology from Fiat
– Supplement Tata Motors capacity
Plant for Small car
Enhancing
Capabilities
2nd largest network among passenger vehicle manufacturers
Tripling customer touch points in next 4 years
Eco car project
– Application approved by Thailand government
Enhancing
Reach
Sumo Grande
New Indica
Tata Nano
Crossover
New Products
13
1996 : India’s 1st SUV (Safari)
1998 : India’s 1st Passenger Car (Indica)
2005 : India’s first mini-truck (Ace)
1984 : India’s 1st LCV (407 truck)
2004 : Acquisition of Tata Daewoo, Korea
2005 : Acquisition of stake in Hispano, Spain
2007 : Formed an industrial JV with Fiat
2007 : JV in Thailand with Thonburi
2008 : People’s car – Tata Nano
2008 : Acquisition of Jaguar Land Rover
2007 : JV in India with Marcopolo of Brazil
Tata Motor’s Growth Strategy
Growth Strategy
To consolidate position in the domestic
market and expand international
footprint through development of new
products by
– Leveraging in house capabilities
– Acquisitions and strategic
collaborations to gain complementary
capabilities
11
Why Acquire JLR ?
Sharing of best practises between Jaguar, Land Rover and Tata Motors in the future5
Long-term benefits from component sourcing, low cost engineering and design services6
Jaguar offers a range of “Performance/Luxury” vehicles to broaden the brand portfolio4b
Land Rover provides a natural fit above TML’s Utility Vehicles/SUV/Crossover offerings for the 4x4
premium category
4a
Unique opportunity to move into premium segment with access to world class iconic brands4
3
2
1
Increased business diversity across markets and product segments
Opportunity to participate in two fast growing auto segments (premium and small cars) and to build
a comprehensive product portfolio with a global footprint immediately
Long term strategic commitment to automotive sector
19
Acquisition Structure & Financing
SPV 1
(Singapore)
SPV 2
(UK)
JLR
Pension Funds
$2.3bn
100% Ownership of JLR
$600mn
Acquisition Debt $3bn
CorporateGuarantee
Equity Funding
Equity Funding – TML Cash Resources
Re-Financing PlansAcquisition Structure
Maybe backed by JLR assets without
recourse to Tata Motors
Currently TML has raised a 15 month bridge loan of
$3bn to finance the acquisition
Board approval obtained to raise about Rs.92bn
($2,300mn) – Rs.96bn ($2,400mn) (through issue of
equity / equity linked instruments to refinance bridge
loan
– 3 simultaneous but unlinked Rights Issues of
about Rs.72bn ($1,800mn) of the following
securities
– Equity shares upto Rs.22bn ($550mn)
– ‘A’ Equity shares carrying differential voting
rights upto Rs.20bn ($500mn)
– 5 year 0.5% Convertible Preference Shares
(CCPs) upto Rs.30bn, optionally convertible
into ‘A’ Equity Shares after 3 years but before 5
years from the date of allotment (upto $750mn)
– Price range to be determined in due course
– Approx USD 500/600mn to be raised through
issue of securities in the foreign markets
Above equity issues estimated to increase existing
equity capital by about 30%-35% in FY09 ; In the
event of CCP conversions between 2011 and 2013,
additional increase of about 12% estimatedNote:
SPV 1: TML Holdings Pte Ltd.
SPV 2: Jaguar Land Rover Ltd.
Jaguar Cars Ltd Land Rover UK
17
Thank you

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Jaguar land-rover-acquisition-part-1

  • 2. Forward Looking Statements This presentation and other statements by Tata Motors Limited may include forward-looking statements within the meaning of applicable securities laws and regulations with respect to the pending JLR acquisition, products under development, future expenses, future levels of available capital resources, and other future financial or business performance, conditions, strategies, expectations or goals. All statements that are not descriptions of historical facts are forward-looking statements, based on management’s estimates, assumptions and projections that are subject to risks and uncertainties. These statements can generally be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” or “anticipates” or similar terminology. Actual results could differ materially from those currently anticipated due to a number of factors, including among other things: – the risk that anticipated synergies and other benefits of the acquisition will not materialise; – costs and availability of financing on favorable terms and future capital needs; – changes in costs of supplies and raw materials, consumer preferences, exchange rates and other national, regional or global economic and financial conditions; – the potential inability to retain existing JLR management, upon whom we will rely; – risks related to our anticipated reliance on Ford Motor Company during a transition period for supply of engines and parts, research and development, and advanced power train development and other matters; – marketing, regulatory, product liability, supply, competition and other risks; and – changes in environmental, fuel economy, tax, labor and employment, automobile dealership and other laws and regulations. Additional important factors that could cause actual results to differ materially from our current expectations are identified in our filings with applicable securities regulators and stock exchanges. We will not update any forward- looking statements to reflect new, changing or unanticipated events or circumstances that occur after the date on which the statement is made, except as may be required by applicable law or regulation. All information are based on un-audited internal management accounts and data from Ford Motor Company 1
  • 3. Update on Tata Motors Limited
  • 4. Net Revenues 4.6% EBITDA 6.6% PAT 6.0% Basic EPS 5.8% Dividend of Rs 15 per share EBIDTA margin under pressure on account of weak demand and high input costs Highlights Standalone Financial Performance 52.6449.76Basic EPS (Rs) s) 20,289.219,134.6Profit After Tax 25,764.725,731.8PBT 10.76%12.06%EBITDA Margin 30,923.233,123.7EBITDA 287308.2274,700.3Net Revenue 330,939.3318,194.8Gross Revenue FY08FY07Rs millions 7
  • 5. Consolidated Financial Performance Net Revenues 10.0 % EBITDA 7.0 % Net profit maintained at last year’s level Basic EPS marginally low (0.3%) Highlights Strong subsidiary performance helped maintain profitability in a challenging environment 56.2456.43Basic EPS (Rs) 21,67721,699.9Profit After Tax 30,86330,880PBT 12.37%12.72%EBITDA Margin 44,108.541,147.2EBITDA 356,514.8323,600.8Net Revenue 403,407.9369,214.9Gross Revenue FY08FY07Rs millions 8
  • 7. Commercial Vehicles Strategic Elements Flexible new platforms : Ace, World Truck Dedicated production facilities Product Development Capability in Fully Built Buses & Coaches Enhancing Capabilities Enhancing sales and service network Doubling customer touch points in next 4 years Establish manufacturing footprint in South Africa Thonburi Joint Venture ( 70:30 JV ) – Xenon launched in Thailand in March’08 to an encouraging response Enhancing Reach Ace variants Marcopolo Buses World Truck Defence Vehicles Ready – to –use solutions New Products 12
  • 8. Passenger Vehicles Strategic Elements New Indigo New UV platform Fiat Punto Fiat Linea Fiat Joint Venture (50:50 JV) – Enhanced value proposition through world class car engine technology from Fiat – Supplement Tata Motors capacity Plant for Small car Enhancing Capabilities 2nd largest network among passenger vehicle manufacturers Tripling customer touch points in next 4 years Eco car project – Application approved by Thailand government Enhancing Reach Sumo Grande New Indica Tata Nano Crossover New Products 13
  • 9. 1996 : India’s 1st SUV (Safari) 1998 : India’s 1st Passenger Car (Indica) 2005 : India’s first mini-truck (Ace) 1984 : India’s 1st LCV (407 truck) 2004 : Acquisition of Tata Daewoo, Korea 2005 : Acquisition of stake in Hispano, Spain 2007 : Formed an industrial JV with Fiat 2007 : JV in Thailand with Thonburi 2008 : People’s car – Tata Nano 2008 : Acquisition of Jaguar Land Rover 2007 : JV in India with Marcopolo of Brazil Tata Motor’s Growth Strategy Growth Strategy To consolidate position in the domestic market and expand international footprint through development of new products by – Leveraging in house capabilities – Acquisitions and strategic collaborations to gain complementary capabilities 11
  • 10. Why Acquire JLR ? Sharing of best practises between Jaguar, Land Rover and Tata Motors in the future5 Long-term benefits from component sourcing, low cost engineering and design services6 Jaguar offers a range of “Performance/Luxury” vehicles to broaden the brand portfolio4b Land Rover provides a natural fit above TML’s Utility Vehicles/SUV/Crossover offerings for the 4x4 premium category 4a Unique opportunity to move into premium segment with access to world class iconic brands4 3 2 1 Increased business diversity across markets and product segments Opportunity to participate in two fast growing auto segments (premium and small cars) and to build a comprehensive product portfolio with a global footprint immediately Long term strategic commitment to automotive sector 19
  • 11. Acquisition Structure & Financing SPV 1 (Singapore) SPV 2 (UK) JLR Pension Funds $2.3bn 100% Ownership of JLR $600mn Acquisition Debt $3bn CorporateGuarantee Equity Funding Equity Funding – TML Cash Resources Re-Financing PlansAcquisition Structure Maybe backed by JLR assets without recourse to Tata Motors Currently TML has raised a 15 month bridge loan of $3bn to finance the acquisition Board approval obtained to raise about Rs.92bn ($2,300mn) – Rs.96bn ($2,400mn) (through issue of equity / equity linked instruments to refinance bridge loan – 3 simultaneous but unlinked Rights Issues of about Rs.72bn ($1,800mn) of the following securities – Equity shares upto Rs.22bn ($550mn) – ‘A’ Equity shares carrying differential voting rights upto Rs.20bn ($500mn) – 5 year 0.5% Convertible Preference Shares (CCPs) upto Rs.30bn, optionally convertible into ‘A’ Equity Shares after 3 years but before 5 years from the date of allotment (upto $750mn) – Price range to be determined in due course – Approx USD 500/600mn to be raised through issue of securities in the foreign markets Above equity issues estimated to increase existing equity capital by about 30%-35% in FY09 ; In the event of CCP conversions between 2011 and 2013, additional increase of about 12% estimatedNote: SPV 1: TML Holdings Pte Ltd. SPV 2: Jaguar Land Rover Ltd. Jaguar Cars Ltd Land Rover UK 17