JLR Results Presentation Q4 FY 13 (IFRS) - Tata Motors
JLR Results Presentation Q4 FY 13 (IFRS) - Tata Motors
JLR Results Presentation Q4 FY 13 (IFRS) - Tata Motors
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Jaguar Land Rover results under <strong>IFRS</strong> for<br />
the year ended 31 March 20<strong>13</strong><br />
29 May 20<strong>13</strong>
Disclaimer<br />
Statements in this presentation describing the objectives, projections, estimates and expectations of Jaguar<br />
Land Rover Automotive plc and its direct and indirect subsidiaries (the “Company”, “Group” or “<strong>JLR</strong>”) may be<br />
“forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results<br />
could differ materially from those expressed or implied. Important factors that could make a difference to the<br />
Company’s operations include, among others, economic conditions affecting demand / supply and price<br />
conditions in the domestic and overseas markets in which the Company operates, changes in Government<br />
regulations, tax laws and other statutes and incidental factors.<br />
• <strong>Q4</strong> <strong>FY</strong><strong>13</strong> represents the 3 month period from 1 January 20<strong>13</strong> to 31 March 20<strong>13</strong><br />
• <strong>Q4</strong> <strong>FY</strong>12 represents the 3 month period from 1 January 2012 to 31 March 2012<br />
• <strong>FY</strong><strong>13</strong> represents the 12 month period from 1 April 2012 to 31 March 20<strong>13</strong><br />
• <strong>FY</strong>12 represents the 12 month period from 1 April 2011 to 31 March 2012<br />
Consolidated results of Jaguar Land Rover Automotive plc and its subsidiaries contained in the presentation<br />
are unaudited and presented under <strong>IFRS</strong> as approved in the EU<br />
2
Participants<br />
Kenneth Gregor<br />
• CFO Jaguar Land Rover<br />
C. Ramakrishnan<br />
• CFO <strong>Tata</strong> <strong>Motors</strong><br />
Bennett Birgbauer<br />
• Treasurer Jaguar Land Rover<br />
3
Agenda<br />
Key topics<br />
Page<br />
Financial performance 5<br />
Looking ahead / other developments 14<br />
Closing Q&A 17<br />
4
<strong>FY</strong><strong>13</strong> financial highlights<br />
Record sales, revenue and profits<br />
Retail volumes 375k for the full year, up 22% from prior year, with Land Rover up 26% and<br />
Jaguar up 8%<br />
<strong>FY</strong><strong>13</strong> revenue £15.8bn, up £2.3bn on the prior year<br />
Full year EBITDA £2,402m, up £375m with EBITDA margin of 15.2%, up 0.2ppt from <strong>FY</strong>12<br />
PBT of £1,675m for the full year up £168m on the prior year<br />
Free cash flow of £595m after investment, reflecting higher profits offset by higher investment<br />
spending<br />
Cash and financial deposits £2,847m and undrawn committed bank lines £865m<br />
5
Key financial metrics – <strong>Q4</strong> and full year<br />
Key metrics - <strong>IFRS</strong><br />
Quarter ended 31 March<br />
Year ended 31 March<br />
(£ millions, unless stated) 20<strong>13</strong> 2012 Change 20<strong>13</strong> 2012 Change<br />
Retail volumes ('000 units) 115 99 16 375 306 69<br />
Wholesale volumes ('000 units) 116 98 18 372 314 58<br />
Revenues (<strong>IFRS</strong>) 5,053 4,144 909 15,784 <strong>13</strong>,512 2,272<br />
EBITDA 856 605 251 2,402 2,027 375<br />
EBITDA % 16.9% 14.6% 2.3 ppt 15.2% 15.0% 0.2 ppt<br />
Profit before tax 508 530 (22) 1,675 1,507 168<br />
Profit after tax 378 696 (318) 1,215 1,481 (266)<br />
Free cash flow (1) 505 339 166 595 958 (363)<br />
Cash (2) 2,847 2,430 417 2,847 2,430 417<br />
1 Cash from operating activities after investing activities (excluding investments in financial deposits)<br />
2 Includes cash and cash equivalents and financial deposits<br />
6
Strong overall performance<br />
Land Rover retail volume up 64k units (26%) – primarily reflects increases in the Range<br />
Rover Evoque and the Freelander<br />
Jaguar retail volume up 4k units (8%) – reflecting launch of new all-wheel drive and smaller<br />
engine options for XF and XJ and XF Sportbrake<br />
EBITDA of £2,402m (margin of 15.2%), up £375m (up 0.2ppt) from <strong>FY</strong>12, reflecting:<br />
- wholesale volume increase<br />
- more favourable foreign exchange (eg average $:£ rate from 1.60 in <strong>FY</strong>12 to 1.58 in <strong>FY</strong><strong>13</strong>)<br />
- richer product mix supported by launch of new Range Rover<br />
- richer market mix supported by continued growth in China<br />
PBT of £1,675m, up £168m due to higher EBITDA partially offset by higher depreciation and<br />
amortisation, unfavourable fx revaluation, net of lower finance expense<br />
PAT of £1,215m reflects an effective tax rate of 27%<br />
7
12 month retail volumes by carline<br />
Jaguar – 12 months <strong>FY</strong><strong>13</strong> vs 12 months <strong>FY</strong>12<br />
Land Rover – 12 months <strong>FY</strong><strong>13</strong> vs 12 months <strong>FY</strong>12<br />
Up 26%<br />
316<br />
252<br />
30<br />
<strong>13</strong><br />
18<br />
57<br />
56<br />
52<br />
1<strong>13</strong><br />
New Range<br />
Rover<br />
Range Rover<br />
Up 8%<br />
54 58<br />
5<br />
4<br />
16<br />
16<br />
33 39<br />
12 months <strong>FY</strong>12 12 months <strong>FY</strong><strong>13</strong><br />
XK<br />
XJ<br />
XF<br />
Total<br />
46 45<br />
47 54<br />
20 16<br />
12 months <strong>FY</strong>12 12 months <strong>FY</strong><strong>13</strong><br />
Range Rover<br />
Sport<br />
Range Rover<br />
Evoque<br />
Discovery<br />
Freelander<br />
Defender<br />
8
12 month retail volumes by geography<br />
60<br />
46<br />
UK North America China 12 month <strong>FY</strong><strong>13</strong><br />
Up 20% Up 9% Up 48%<br />
72<br />
57<br />
14 15<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
58<br />
63<br />
44 50<br />
14 <strong>13</strong><br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
7 9<br />
374,636 units<br />
Europe Asia Pacific All other markets 12 month <strong>FY</strong>12<br />
52<br />
45<br />
12 months<br />
<strong>FY</strong>12<br />
77<br />
68<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
All other<br />
markets<br />
(ROW)<br />
Asia 16.9%<br />
Pacific<br />
4.8%<br />
Europe<br />
(ex.<br />
Russia)<br />
21.6%<br />
China<br />
20.6%<br />
UK<br />
19.3%<br />
North<br />
America<br />
16.8%<br />
68<br />
58<br />
Land Rover<br />
Up 18% Up 27% Up 19%<br />
81<br />
70<br />
10 11<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
Jaguar<br />
14<br />
18<br />
10 14<br />
4 4<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
53<br />
48<br />
63<br />
57<br />
5 6<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
All other<br />
markets<br />
(ROW)<br />
Asia 17.5%<br />
Pacific<br />
4.6%<br />
Europe<br />
(ex.<br />
Russia)<br />
22.4%<br />
China<br />
17.0%<br />
UK<br />
19.6%<br />
305,859 units<br />
North<br />
America<br />
19.0%<br />
9
Income statement<br />
Consolidated income statement - <strong>IFRS</strong><br />
Quarter ended 31 March<br />
Year ended 31 March<br />
(£ millions, unless stated) 20<strong>13</strong> 2012 Change 20<strong>13</strong> 2012 Change<br />
Revenues 5,053 4,144 909 15,784 <strong>13</strong>,512 2,272<br />
Material cost of sales (3,070) (2,670) (400) (9,904) (8,733) (1,171)<br />
Employee costs (365) (312) (53) (1,333) (1,011) (322)<br />
Other expenses (960) (751) (209) (3,005) (2,492) (5<strong>13</strong>)<br />
Product development costs capitalised 198 194 4 860 751 109<br />
EBITDA 856 605 251 2,402 2,027 375<br />
Depreciation and amortisation (2<strong>13</strong>) (123) (90) (622) (465) (157)<br />
Foreign exch. gain/(loss) (net) (1) (118) 57 (175) (108) 14 (122)<br />
Net finance income / (expense) (2) (17) (9) (8) 3 (69) 72<br />
Profit before tax 508 530 (22) 1,675 1,507 168<br />
Income tax expense (<strong>13</strong>0) 166 (296) (460) (26) (434)<br />
Profit after tax 378 696 (318) 1,215 1,481 (266)<br />
1. Includes mark to market of hedging instruments and revaluation of loans and other balance sheet items<br />
2. Includes £(12)m start-up costs in China JV and £47m unrealised gain on call options in bond debt for the full year<br />
10
YTD cash generation and strong liquidity<br />
Consolidated cash flow - <strong>IFRS</strong><br />
Quarter ended 31 March<br />
Year ended 31 March<br />
(£ millions, unless stated) 20<strong>13</strong> 2012 Change 20<strong>13</strong> 2012 Change<br />
Cash from operating activities 812 584 228 2,296 2,119 177<br />
Working capital changes 314 299 15 381 532 (151)<br />
Tax paid (21) (86) 65 (248) (151) (97)<br />
Cash flow from operations 1,105 797 308 2,429 2,500 (71)<br />
Investment in fixed and intangible assets (533) (374) (159) (1,850) (1,411) (439)<br />
Other (including finance income) (67) (84) 17 16 (<strong>13</strong>1) 147<br />
Free cash flow (before financing) 505 339 166 595 958 (363)<br />
Investment in financial deposits (475) - (475) (775) - (775)<br />
Changes in debt 236 421 (185) 151 572 (421)<br />
Dividend paid - - - (150) - (150)<br />
Finance expenses and fees (35) (17) (18) (179) (128) (51)<br />
Net change in cash & cash equivalents 231 743 (512) (358) 1,402 (1,760)<br />
Cash & cash equivalents at start of period 1,841 1,687 154 2,430 1,028 1,402<br />
Cash & cash equivalents at end of period 2,072 2,430 (358) 2,072 2,430 (358)<br />
Memo: cash including short term deposits 2,847 2,430 417 2,847 2,430 417<br />
11
Strong financing structure<br />
Key financial indicators - <strong>IFRS</strong><br />
(£ millions, unless stated) 31 March 20<strong>13</strong> 31 March 2012 Change<br />
Cash 2,847 2,430 417<br />
Long term undrawn credit facilities 795 710 85<br />
Other undrawn committed facilities 70 <strong>13</strong>9 (69)<br />
Total liquidity 3,712 3,279 433<br />
Total equity 3,539 2,924 615<br />
Total debt (2,167) (1,974) (193)<br />
Net cash 680 456 224<br />
Total debt / annualised EBITDA 0.9 x 1.0 x 0.1 x<br />
Total debt/equity 0.6 x 0.7 x 0.1 x<br />
12
Agenda<br />
Key topics<br />
Page<br />
Financial performance 5<br />
Looking ahead / other developments 14<br />
Closing Q&A 17<br />
<strong>13</strong>
Recent launch: All-New Range Rover<br />
Start of retail sales<br />
December 2012<br />
The All-New Range Rover<br />
• Enhanced performance and handling on all terrains,<br />
and significant advances in environmental sustainability<br />
• The world’s first SUV with a lightweight<br />
all-aluminium body<br />
• All-aluminium body shell has helped reduce<br />
the weight of the car substantially<br />
• Diesel hybrid Range Rover is currently being developed<br />
• Won numerous awards since its launch, including:<br />
Top Gear Luxury Car<br />
What Car? Luxury Car of<br />
Sunday Times 4x4<br />
of the Year 2012<br />
the Year 20<strong>13</strong><br />
Award 2012 14
Developments<br />
Engines – investing in new engine facility<br />
F-TYPE – World car design of the year<br />
All new Range Rover Sport<br />
New China JV<br />
15
Summary<br />
Strong performance in 2012/<strong>13</strong><br />
In the 20<strong>13</strong>/14 fiscal year, focus is on:<br />
- continuing to build sales momentum with the new Range Rover, Jaguar XF<br />
Sportbrake and other new derivatives<br />
- successfully launching Jaguar F-TYPE and new Range Rover Sport<br />
- continuing to invest in more new products and new technologies to meet consumer<br />
and regulatory requirements and build manufacturing capacity in the UK and<br />
internationally<br />
- continuing to monitor economic and sales trends closely to balance sales and<br />
production<br />
- continuing to generate strong operating cash flows to support investment in the region<br />
of £2.75bn in <strong>FY</strong>14<br />
16
Agenda<br />
Key topics<br />
Page<br />
Financial performance 5<br />
Looking ahead / other developments 14<br />
Closing Q&A 17<br />
17
Q&A
Additional slides
<strong>Q4</strong> key metrics – strong quarter compared to prior quarters<br />
Key metrics<br />
(£ millions, unless stated) Q1 Q2 Q3 <strong>Q4</strong> YTD 2012<br />
Retail volumes ('000 units) 86 85 89 115 375 306<br />
Wholesale volumes ('000 units) 84 77 95 116 372 314<br />
Revenues (<strong>IFRS</strong>) 3,638 3,288 3,804 5,053 15,784 <strong>13</strong>,512<br />
EBITDA 527 486 533 856 2,402 2,027<br />
EBITDA % 14.5% 14.8% 14.0% 16.9% 15.2% 15.0%<br />
Profit before tax 333 431 404 508 1,675 1,507<br />
Free cash flow 106 116 (<strong>13</strong>2) 505 595 958<br />
20
Quarterly retail volumes by carline<br />
Jaguar – <strong>Q4</strong> <strong>FY</strong><strong>13</strong> vs <strong>Q4</strong> <strong>FY</strong>12<br />
Land Rover – <strong>Q4</strong> <strong>FY</strong><strong>13</strong> vs <strong>Q4</strong> <strong>FY</strong>12<br />
Up 15%<br />
95<br />
83<br />
8<br />
11<br />
1<br />
15<br />
15<br />
34<br />
15<br />
1<br />
4<br />
10<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
Up 30%<br />
20<br />
1<br />
5<br />
14<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
XK<br />
XJ<br />
XF<br />
Total<br />
29<br />
12<br />
<strong>13</strong><br />
17<br />
12<br />
5 5<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
New Range<br />
Rover<br />
Range Rover<br />
Range Rover<br />
Sport<br />
Range Rover<br />
Evoque<br />
Discovery<br />
Freelander<br />
Defender<br />
21
Quarterly retail volumes by geography<br />
22<br />
18<br />
UK North America China <strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
Up 18% Up 16% Up 21%<br />
26<br />
21<br />
4 5<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
15<br />
12<br />
18<br />
14<br />
3 4<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
115,471 units<br />
Europe Asia Pacific All other markets <strong>Q4</strong> <strong>FY</strong>12<br />
18<br />
16<br />
2<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
22<br />
18<br />
4<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
All other<br />
markets<br />
(ROW)<br />
Asia 16.7%<br />
Pacific<br />
4.8%<br />
Europe<br />
(ex.<br />
Russia)<br />
22.2%<br />
China<br />
18.8%<br />
UK<br />
22.3%<br />
North<br />
America<br />
15.3%<br />
23<br />
20<br />
Land Rover<br />
Up 9% Up 17% Up 25%<br />
26<br />
22<br />
3 4<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
Jaguar<br />
5 6<br />
4 4<br />
1 1<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
15<br />
14<br />
19<br />
17<br />
2 2<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
All other<br />
markets<br />
(ROW)<br />
Asia<br />
15.7%<br />
Pacific<br />
4.8%<br />
Europe<br />
(ex.<br />
Russia)<br />
23.8%<br />
China<br />
18.3%<br />
UK<br />
22.1%<br />
98,608 units<br />
North<br />
America<br />
15.5%<br />
22
Quarterly wholesale volumes by carline<br />
Jaguar – <strong>Q4</strong> <strong>FY</strong><strong>13</strong> vs <strong>Q4</strong> <strong>FY</strong>12<br />
Land Rover – <strong>Q4</strong> <strong>FY</strong><strong>13</strong> vs <strong>Q4</strong> <strong>FY</strong>12<br />
Up <strong>13</strong>%<br />
95<br />
84<br />
<strong>13</strong><br />
9<br />
16<br />
16<br />
14<br />
1<br />
4<br />
9<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
Up 50%<br />
21<br />
1<br />
6<br />
15<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
XK<br />
XJ<br />
XF<br />
Total<br />
34<br />
28<br />
<strong>13</strong> 12<br />
<strong>13</strong> 15<br />
5 4<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
New Range<br />
Rover<br />
Range Rover<br />
Range Rover<br />
Sport<br />
Range Rover<br />
Evoque<br />
Discovery<br />
Freelander<br />
Defender<br />
23
Quarterly wholesale volumes by geography<br />
20<br />
17<br />
UK North America China <strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
Up 25% Up 16% Up 32%<br />
26<br />
21<br />
3 5<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
16<br />
<strong>13</strong><br />
3<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
19<br />
14<br />
5<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
All All other<br />
markets<br />
UK<br />
Asia<br />
21.9%<br />
Asia<br />
(ROW) UK<br />
Pacific 16.2%<br />
Pacific<br />
15.1% 33.1%<br />
3.6%<br />
5.1% Europe<br />
(ex.<br />
Europe<br />
Russia)<br />
North<br />
(ex.<br />
North<br />
19.3%<br />
America<br />
Russia)<br />
America<br />
16.4%<br />
20.4% China 12.0%<br />
15.8%<br />
China<br />
21.1%<br />
116,340 units<br />
Europe Asia Pacific All other markets <strong>Q4</strong> <strong>FY</strong>12<br />
19<br />
16<br />
2<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
25<br />
19<br />
5<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
23<br />
Land Rover<br />
Up 4% Up 21% Up 18%<br />
24<br />
20 20<br />
3 4<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
Jaguar<br />
5<br />
6<br />
4 5<br />
1 1<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
15<br />
<strong>13</strong><br />
18<br />
16<br />
2 2<br />
<strong>Q4</strong> <strong>FY</strong>12<br />
<strong>Q4</strong> <strong>FY</strong><strong>13</strong><br />
All other<br />
markets<br />
Asia<br />
(ROW)<br />
Pacific<br />
15.2%<br />
5.0%<br />
Europe<br />
(ex.<br />
Russia)<br />
23.3%<br />
China<br />
19.0%<br />
UK<br />
20.8%<br />
98,021 units<br />
North<br />
America<br />
16.7%<br />
24
12 month wholesale volumes by carline<br />
Jaguar – 12 months <strong>FY</strong><strong>13</strong> vs 12 months <strong>FY</strong>12<br />
Land Rover – 12 months <strong>FY</strong><strong>13</strong> vs 12 months <strong>FY</strong>12<br />
Up 21%<br />
260<br />
314<br />
16<br />
14<br />
31<br />
57<br />
56<br />
Up 7%<br />
60<br />
116<br />
New Range<br />
Rover<br />
Range Rover<br />
54 58<br />
5<br />
4<br />
16<br />
16<br />
34 38<br />
12 months <strong>FY</strong>12 12 months <strong>FY</strong><strong>13</strong><br />
XK<br />
XJ<br />
XF<br />
Total<br />
46 44<br />
47 52<br />
19 15<br />
12 months <strong>FY</strong>12 12 months <strong>FY</strong><strong>13</strong><br />
Range Rover<br />
Sport<br />
Range Rover<br />
Evoque<br />
Discovery<br />
Freelander<br />
Defender<br />
25
12 month wholesale volumes by geography<br />
62<br />
48<br />
UK North America China 12 month <strong>FY</strong><strong>13</strong><br />
Up 10% Up 11% Up 46%<br />
68<br />
54<br />
14 14<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
58<br />
45<br />
65<br />
51<br />
<strong>13</strong> 14<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
8 10<br />
372,062 units<br />
Europe Asia Pacific All other markets 12 month <strong>FY</strong>12<br />
55<br />
47<br />
12 months<br />
<strong>FY</strong>12<br />
79<br />
69<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
All other<br />
markets<br />
(ROW)<br />
Asia 16.8%<br />
Pacific<br />
4.9%<br />
Europe<br />
(ex.<br />
Russia)<br />
21.2%<br />
China<br />
21.4%<br />
UK<br />
18.3%<br />
North<br />
America<br />
17.5%<br />
72<br />
61<br />
Land Rover<br />
Up 10% Up 27% Up 16%<br />
79<br />
69<br />
11 10<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
Jaguar<br />
14<br />
18<br />
11 14<br />
3 4<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
54<br />
49<br />
63<br />
57<br />
5 6<br />
12 months<br />
<strong>FY</strong>12<br />
12 months<br />
<strong>FY</strong><strong>13</strong><br />
All other<br />
markets<br />
(ROW)<br />
Asia 17.1%<br />
Pacific<br />
4.6%<br />
Europe<br />
(ex.<br />
Russia)<br />
22.8%<br />
China<br />
17.3%<br />
UK<br />
19.7%<br />
314,433 units<br />
North<br />
America<br />
18.5%<br />
26
Product and other investment<br />
Key financial indicators - <strong>IFRS</strong><br />
Quarter ended 31 March<br />
Year ended 31 March<br />
(£ millions, unless stated) 20<strong>13</strong> 2012 Change 20<strong>13</strong> 2012 Change<br />
R&D expense<br />
Capitalised 198 194 4 860 751 109<br />
Expensed 54 45 9 198 149 49<br />
Total R&D expense 252 239 <strong>13</strong> 1,058 900 158<br />
Investment in tangible and other<br />
intangible assets<br />
335 180 155 990 660 330<br />
Total product and other investment 587 419 168 2,048 1,560 488<br />
27
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