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JLR recorded 8.5% yoy growth in sales volume to 19,431 vehicles for April month, which is
marginally below peer BMW but better than Daimler growth. It also concluded long-term bond
fund raising at around 8% per annum interest rate, which seems on higher side and will be
impacting short-term profitability.
April JLR sales volume performance
Volume no's YoY growth MoM growth
Jaguar 3,079 -13.5% -18.4%
Land Rover 16,352 13.9% -19.6%
JLR 19,431 8.5% -19.4%
Source: Company data
JLR sales volume growth eases to 8.5% yoy in April
Jaguar sales volume continue to remain weak with dip of 13.5% yoy and 18.4% mom.
Relatively, Land Rover performance was better with 13.9% yoy but 19.6% dip mom.
JLR performance for April was sandwiched between global major performance for the month
as it was better than Daimler (7.8% yoy) but lower than BMW(14.8% yoy).
Our strong volume growth assumptions for FY12F are based on new product Evoque launch
in CY11 with attractive pricing and product features.
JLR concludes long-term fund bond fund raising, but at high interest rates
JLR today concluded long-term bond fund raising of £1bn at around 8% per annum coupon
rate, a combination of dollar and pound bonds with 8-10 years tenure.
It concluded £500mn bond raising due in 2018 at 8.13% p.a., $410mn bond due in 2018 at
7.75% and $410mn bond due in 2021 at 8.13%.
Management highlighted that the funds raised will be used to repay part of existing £1.65bn
net debt and fund FY12F increased capex of £1.5bn.
The increased capex for FY12F (by 50% to £1.5bn of capex and R&D budget) and high
interest rates for long-term bonds to fund it will be putting pressure on short-term profitability
of the company.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
JLR recorded 8.5% yoy growth in sales volume to 19,431 vehicles for April month, which is
marginally below peer BMW but better than Daimler growth. It also concluded long-term bond
fund raising at around 8% per annum interest rate, which seems on higher side and will be
impacting short-term profitability.
April JLR sales volume performance
Volume no's YoY growth MoM growth
Jaguar 3,079 -13.5% -18.4%
Land Rover 16,352 13.9% -19.6%
JLR 19,431 8.5% -19.4%
Source: Company data
JLR sales volume growth eases to 8.5% yoy in April
Jaguar sales volume continue to remain weak with dip of 13.5% yoy and 18.4% mom.
Relatively, Land Rover performance was better with 13.9% yoy but 19.6% dip mom.
JLR performance for April was sandwiched between global major performance for the month
as it was better than Daimler (7.8% yoy) but lower than BMW(14.8% yoy).
Our strong volume growth assumptions for FY12F are based on new product Evoque launch
in CY11 with attractive pricing and product features.
JLR concludes long-term fund bond fund raising, but at high interest rates
JLR today concluded long-term bond fund raising of £1bn at around 8% per annum coupon
rate, a combination of dollar and pound bonds with 8-10 years tenure.
It concluded £500mn bond raising due in 2018 at 8.13% p.a., $410mn bond due in 2018 at
7.75% and $410mn bond due in 2021 at 8.13%.
Management highlighted that the funds raised will be used to repay part of existing £1.65bn
net debt and fund FY12F increased capex of £1.5bn.
The increased capex for FY12F (by 50% to £1.5bn of capex and R&D budget) and high
interest rates for long-term bonds to fund it will be putting pressure on short-term profitability
of the company.
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