Obligation Jaguar Land Rover Automotive Plc 4.5% ( USG5002FAM89 ) en USD

Jaguar Land Rover Automotive Plc

94.87 % ▲

Royaume-uni

USG5002FAM89 ( en USD )

4.5% par an ( paiement semestriel )

30/09/2027

Prospectus brochure de l'obligation Jaguar Land Rover Automotive Plc USG5002FAM89 en USD 4.5%, échéance 30/09/2027

200 000 USD

500 000 000 USD

G5002FAM8

B ( Très spéculatif )

N/A

01/10/2024 ( Dans 160 jours )

L'Obligation émise par Jaguar Land Rover Automotive Plc ( Royaume-uni ) , en USD, avec le code ISIN USG5002FAM89, paye un coupon de 4.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/09/2027
L'Obligation émise par Jaguar Land Rover Automotive Plc ( Royaume-uni ) , en USD, avec le code ISIN USG5002FAM89, a été notée B ( Très spéculatif ) par l'agence de notation Standard & Poor's ( S&P ).

NOT FOR GENERAL CIRCULATION
IN THE UNITED STATES
Jaguar Land Rover Automotive plc
$500,000,000 4.500% Senior Notes due 2027
Guaranteed on a senior unsecured basis by Jaguar Land Rover Limited
and Jaguar Land Rover Holdings Limited
The 4.500% Senior Notes due 2027 were issued in the aggregate principal amount of $500,000,000 (the "Notes"). The Notes
will bear interest at the rate of 4.500% per annum, payable semi-annually in arrears on 1 April and 1 October of each year, beginning on 1
April 2018. The Notes will mature on 1 October 2027. Jaguar Land Rover Automotive plc (the "Issuer") may redeem the Notes, in whole
or in part, at any time at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date,
plus the "make-whole" premium set forth in this offering memorandum. In addition, the Issuer may redeem all of the Notes at a price equal
to their principal amount plus accrued and unpaid interest, if any, upon the occurrence of certain changes in applicable tax law. There is no
sinking fund for the Notes. In the event of a Change of Control Repurchase Event (as defined herein), the Issuer must make an offer to
purchase the Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of
purchase.
The Notes will be the Issuer's senior obligations and will rank equally in right of payment with all existing and future
indebtedness of the Issuer that is not subordinated (and is not senior) in right of payment to the Notes and will be senior in right of payment
to all existing and future indebtedness of the Issuer that is subordinated in right of payment to the Notes. The Notes will be fully and
unconditionally guaranteed on a senior unsecured basis by Jaguar Land Rover Limited and Jaguar Land Rover Holdings Limited (the
"Guarantors"). The guarantees of the Notes by each of the Guarantors (the "Note Guarantees") will rank equally in right of payment with
all of the existing and future indebtedness of such Guarantor that is not subordinated in right of payment to the Note Guarantees, and senior
in right of payment to all existing and future indebtedness of such Guarantor that is subordinated in right of payment to the Note
Guarantees. The Notes and the Note Guarantees will also be effectively subordinated to all of the Issuer's and each of the Guarantors'
existing and future secured debt to the extent of the value of the assets securing such debt and to all existing and future debt of all the
Issuer's subsidiaries that do not guarantee the Notes.
Application has been made to admit the Notes to the Official List of the Luxembourg Stock Exchange and to trading on the
Luxembourg Stock Exchange's Euro MTF market (the "Euro MTF Market"). The Euro MTF Market is not a regulated market pursuant to
the provisions of Directive 2004/39/EC. This Offering Memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg
law on prospectuses for securities dated July 10, 2005, as amended.
Investing in the Notes involves risks. Please see "Risk Factors" beginning on page 21.
The Notes and the Note Guarantees have not been registered under the US Securities Act of 1933, as amended (the "US
Securities Act"), or any state securities laws. Accordingly, the Notes and the Note Guarantees are being offered and sold only to qualified
institutional buyers ("QIBs") in accordance with Rule 144A under the US Securities Act ("Rule 144A") and to persons outside the United
States that are not, and are not acting for the account or benefit of, "U.S. persons" (as defined in Regulation S under the US Securities Act
("Regulation S")) in offshore transactions in accordance with Regulation S. Prospective purchasers that are QIBs are hereby notified that
the seller of the Notes may be relying on the exemption from the registration requirements under the US Securities Act provided by Rule
144A.
Issue Price: 100.000% plus accrued interest, if any, from 10 October 2017
The Notes were issued in the form of global notes in registered form. Please see "Book-entry; Delivery and Form".
Physical Bookrunners
Senior Joint Bookrunners
Joint Bookrunners
16 October 2017

TABLE OF CONTENTS
Page
Important Information .....................................................................................................................................
ii
Defined Terms Used in This Offering Memorandum......................................................................................
vi
Presentation of Financial and Other Data ........................................................................................................
x
Industry and Market Data ................................................................................................................................
xiv
Forward-Looking Statements ..........................................................................................................................
xv
Exchange Rates................................................................................................................................................
xviii
Summary..........................................................................................................................................................
1
Risk Factors .....................................................................................................................................................
21
Use of Proceeds ...............................................................................................................................................
43
Capitalisation ...................................................................................................................................................
44
Selected Consolidated Financial and Other Data ............................................................................................
45
Operating and Financial Review and Prospects...............................................................................................
48
Our Business....................................................................................................................................................
77
Board of Directors and Senior Management....................................................................................................
103
Major Shareholders and Related Party Transactions ......................................................................................
109
Description of Other Indebtedness...................................................................................................................
111
Description of The Notes.................................................................................................................................
120
Book-Entry; Delivery and Form ......................................................................................................................
141
Taxation...........................................................................................................................................................
145
Plan of Distribution..........................................................................................................................................
149
Notice to Investors...........................................................................................................................................
152
Legal Matters...................................................................................................................................................
154
Independent Auditors.......................................................................................................................................
154
Service of Process and Enforcement of Judgments ........................................................................................
155
Where You Can Find More Information .........................................................................................................
157
Listing and General Information......................................................................................................................
158
Glossary of Selected Terms .............................................................................................................................
160
Index to the Consolidated Financial Statements .............................................................................................
F-1

IMPORTANT INFORMATION
You should rely only on the information contained in this offering memorandum (this "Offering
Memorandum"). None of the Issuer, the Guarantors or and (collectively, the "initial purchasers") has
authorised anyone to provide you with any information or represent anything about the Issuer, the Guarantors or the
initial purchasers, the Issuer's financial results or this offering that is not contained in this Offering Memorandum. If
given or made, any such other information or representation should not be relied upon as having been authorised by
the Issuer, the Guarantors or the initial purchasers. None of the Issuer, the Guarantors or the initial purchasers is
making an offering of the Notes in any jurisdiction where this offering is not permitted. You should not assume that
the information contained in this Offering Memorandum is accurate as at any date other than the date on the front of
this Offering Memorandum.
In making an investment decision, prospective investors must rely on their own examination of the Issuer and the
terms of this offering, including the merits and risks involved.
This Offering Memorandum has been prepared by the Issuer solely for use in connection with the proposed
offering of the Notes described in this Offering Memorandum and for application for listing particulars to be approved by the
Luxembourg Stock Exchange and for the Notes to be admitted to the Official List of the Luxembourg Stock Exchange and
admitted to trading on its Euro MTF Market. The Offering Memorandum may only be used for the purpose for which it has
been published. This Offering Memorandum does not constitute an offer to any other person or to the public generally to
subscribe for or otherwise acquire Notes.
In addition, none of the Issuer, the Guarantors or the initial purchasers or any of our or their respective
representatives is making any representation to you regarding the legality of an investment in the Notes, and you should not
construe anything in this Offering Memorandum as legal, business or tax advice. You should consult your own advisers as to
legal, tax, business, financial and related aspects of an investment in the Notes. You must comply with all laws applicable in
any jurisdiction in which you buy, offer or sell the Notes or possess or distribute this Offering Memorandum, and you must
obtain all applicable consents and approvals; none of the Issuer, the Guarantors or the initial purchasers shall have any
responsibility for any of the foregoing legal requirements.
The Issuer is an indirect, wholly owned subsidiary of Tata Motors Limited ("Tata Motors"). Tata Motors does not
assume any liability for or guarantee the Notes and investors in the Notes will not have any recourse against Tata Motors in
the event of default by Jaguar Land Rover Automotive plc or any of the Guarantors of their respective obligations under the
terms of the Notes and the Note Guarantees.
The initial purchasers make no representation or warranty, express or implied, as to the accuracy or completeness
of the information contained in this Offering Memorandum. Nothing contained in this Offering Memorandum is, or shall be
relied upon as, a promise or representation by the initial purchasers as to the past or future.
The Issuer and the Guarantors accept responsibility for the information contained in this Offering Memorandum.
To the best of the knowledge and belief of the Issuer and the Guarantors, the information contained in this Offering
Memorandum is in accordance with the facts and does not omit anything likely to affect the import of such information.
However, the information set out under the headings "Exchange Rates", "Summary", "Operating and Financial Review and
Prospects" and "Our Business" includes extracts from information and data, including industry and market data and
estimates, released by publicly available sources in Europe and elsewhere. While we accept responsibility for the accurate
extraction and summarisation of such information and data, we have not independently verified the accuracy of such
information and data and we accept no further responsibility in respect thereof.
Unless the context indicates otherwise, when we refer to "we", "us", "our", "Jaguar Land Rover", "the Group" and
"our Group" for the purposes of this Offering Memorandum, we are referring to the Issuer and its subsidiaries.
The information set out in relation to sections of this Offering Memorandum describing clearing arrangements,
including the section entitled "Book-Entry; Delivery and Form", is subject to any change in or reinterpretation of the rules,
regulations and procedures of The Depository Trust Company ("DTC") currently in effect. While the Issuer accepts
responsibility for accurately summarising the information concerning DTC, it accepts no further responsibility in respect of
such information. In addition, this Offering Memorandum contains summaries believed to be accurate with respect to certain
documents, but reference is made to the actual documents for complete information. All such summaries are qualified in their
ii

entirety by such reference. Copies of documents referred to herein will be made available to prospective investors upon
request to us or the initial purchasers.
By receiving this Offering Memorandum, you acknowledge that you have had an opportunity to request from the
Issuer for review, and that you have received, all additional information you deem necessary to verify the accuracy and
completeness of the information contained in this Offering Memorandum. You also acknowledge that you have not relied on
the initial purchasers in connection with your investigation of the accuracy of this information or your decision whether to
invest in the Notes.
The Issuer is making this offering subject to the terms described in this Offering Memorandum and the purchase
agreement relating to the Notes entered into between the Issuer and the initial purchasers (the "Purchase Agreement").
None of the US Securities and Exchange Commission (the "SEC"), any state securities commission or any other
regulatory authority has approved or disapproved of the Notes, nor have any of the foregoing authorities passed upon or
endorsed the merits of this offering or the accuracy or adequacy of this Offering Memorandum. Any representation to the
contrary is a criminal offence in the United States and could be a criminal offence in other countries.
The Notes are subject to restrictions on transferability and resale and may not be transferred or resold, except as
permitted under the US Securities Act and the applicable state securities laws, pursuant to registration or exemption
therefrom. As a prospective investor, you should be aware that you may be required to bear the financial risks of this
investment for an indefinite period of time. Please refer to the sections in this Offering Memorandum entitled "Plan of
Distribution" and "Notice to Investors".
The distribution of this Offering Memorandum and the offering and sale of the Notes in certain jurisdictions may
be restricted by law. Please see "Notice to US Investors", "Notice to EEA Investors" and "Notice to UK Investors".
The Notes were issued in the form of global notes. Please see "Book-Entry; Delivery and Form".
NOTICE TO US INVESTORS
Each purchaser of the Notes will be deemed to have made the representations, warranties and acknowledgements
that are described in this Offering Memorandum under "Notice to Investors".
The Notes offered hereby have not been and will not be registered under the US Securities Act or with any
securities regulatory authority of any state or other jurisdiction in the United States and may not be offered or sold in the
United States, except to "qualified institutional buyers", or QIBs, within the meaning of Rule 144A in reliance on an
exemption from the registration requirements of the US Securities Act provided by Rule 144A. Prospective purchasers are
hereby notified that the sellers of the Notes may be relying on the exemption from the registration requirements of Section 5
of the US Securities Act provided by Rule 144A. The Notes may be offered and sold to persons outside the United States that
are not, and are not acting for the account or benefit of, "U.S. persons" (as defined in Regulation S) in reliance on Rule 903
or Rule 904 of Regulation S. For a description of certain further restrictions on resale or transfer of the Notes, please see
"Notice to Investors".
The Notes described in this Offering Memorandum have not been registered with, recommended by or approved
by the SEC, any state securities commission in the United States or any other securities commission or regulatory authority,
nor has the SEC, any state securities commission in the United States or any such securities commission or authority passed
upon the accuracy or adequacy of this Offering Memorandum. Any representation to the contrary is a criminal offence.
THE NOTES MAY NOT BE OFFERED TO THE PUBLIC WITHIN ANY JURISDICTION. BY
ACCEPTING DELIVERY OF THIS OFFERING MEMORANDUM, YOU AGREE NOT TO OFFER, SELL,
RESELL, TRANSFER OR DELIVER, DIRECTLY OR INDIRECTLY, ANY NOTES TO THE PUBLIC.
NOTICE TO EEA INVESTORS
This Offering Memorandum has been prepared on the basis that any offer of Notes in any Member State of the
European Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State") will be made
pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of Notes.
Accordingly, any person making or intending to make an offer in that Relevant Member State of Notes which are the subject
iii

of the offering contemplated by this Offering Memorandum may only do so in circumstances in which no obligation arises
for the Issuer or any of the initial purchasers to publish a prospectus pursuant to Article 3 of the Prospectus Directive in
relation to such offer. Neither the Issuer nor the initial purchasers have authorised, nor do they authorise, the making of any
offer of Notes in circumstances in which an obligation arises for the Issuer or the initial purchasers to publish a prospectus for
such offer. The expression Prospectus Directive means Directive 2003/71/EC (as amended, including by Directive
2010/73/EU), and includes any relevant implementing measure in the Relevant Member State.
NOTICE TO UK INVESTORS
This Offering Memorandum has not been approved by an authorised person in the United Kingdom. This Offering
Memorandum is for distribution only to persons who: (i) have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended
(the "Financial Promotion Order"); (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies,
unincorporated associations, etc.) of the Financial Promotion Order; (iii) are outside the United Kingdom, or (iv) are persons
to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial
Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be
communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This
Offering Memorandum is directed only at relevant persons and must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which this Offering Memorandum relates is available only to
relevant persons and will be engaged in only with relevant persons.
NOTICE TO CANADIAN INVESTORS
The Notes may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited
investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act
(Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and
Ongoing Registrant Obligations. Any resale of the Notes must be made in accordance with an exemption from, or in a
transaction not subject to, the prospectus requirements of applicable securities laws.
Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for
rescission or damages if this offering memorandum (including any amendment thereto) contains a misrepresentation,
provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the
securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the
securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.
Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"), the initial
purchasers are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of
interest in connection with this offering.
NOTICE REGARDING SERVICE OF PROCESS AND ENFORCEMENT OF JUDGMENTS
ALL OR SUBSTANTIALLY ALL OF THE DIRECTORS AND EXECUTIVE OFFICERS OF THE ISSUER
ARE NON-RESIDENTS OF THE UNITED STATES. ALL OR A SUBSTANTIAL PORTION OF THE ASSETS OF
SUCH NON-RESIDENT PERSONS AND A SUBSTANTIAL PORTION OF THE ASSETS OF THE ISSUER ARE
LOCATED OUTSIDE THE UNITED STATES. AS A RESULT, IT MAY NOT BE POSSIBLE FOR INVESTORS TO
EFFECT SERVICE OF PROCESS WITHIN THE UNITED STATES UPON SUCH PERSONS OR THE ISSUER, OR TO
ENFORCE AGAINST THEM IN US COURTS JUDGMENTS OBTAINED IN SUCH COURTS PREDICATED UPON
THE CIVIL LIABILITY PROVISIONS OF THE FEDERAL SECURITIES LAWS OF THE UNITED STATES.
FURTHERMORE, THE ISSUER IS ADVISED THAT: (1) RECOGNITION AND ENFORCEMENT IN ENGLAND AND
WALES OF JUDGMENTS IN CIVIL AND COMMERCIAL MATTERS FROM US FEDERAL OR STATE COURTS IS
NOT AUTOMATIC BUT IS INSTEAD SUBJECT TO VARIOUS CONDITIONS BEING MET; AND (2) IT IS
QUESTIONABLE WHETHER THE COURTS OF ENGLAND AND WALES WOULD ACCEPT JURISDICTION AND
IMPOSE CIVIL LIABILITY IF THE ORIGINAL ACTION WAS COMMENCED IN ENGLAND AND WALES,
INSTEAD OF THE UNITED STATES, AND PREDICATED SOLELY UPON US FEDERAL SECURITIES LAWS.
STABILISATION
In connection with the offering of the Notes, the Stabilising Manager (or persons acting on behalf of the
Stabilising Manager) may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a
iv

level higher than that which might otherwise prevail. However stabilisation action may not necessarily occur. Any
stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offering of the
Notes is made and, if begun, may cease at any time, but it must end no later than 30 days after the date on which the Issuer
received the proceeds of the issue, or no later than 60 days after the date of the allotment of the Notes, whichever is the
earlier. Any stabilisation action or over-allotment must be conducted by the Stabilising Manager (or persons acting on its
behalf) in accordance with all applicable laws and rules.
v

DEFINED TERMS USED IN THIS OFFERING MEMORANDUM
The following terms used in this Offering Memorandum have the meanings assigned to them below.
Notes
"2011 Notes"
The 8.125% Senior Notes due 2021 issued 19 May 2011 and fully redeemed
on 16 May 2016.
"2012 Notes"
The 8.250% Senior Notes due 2020 issued 27 March 2012 and fully
redeemed on 15 March 2016.
"January 2013 Notes"
The existing $500,000,000 5.625% Senior Notes due 2023 issued 28 January
2013.
"December 2013 Notes"
The existing $700,000,000 4.125% Senior Notes due 2018 issued
17 December 2013.
"January 2014 Notes"
The existing £400,000,000 5.000% Senior Notes due 2022 issued 31 January
2014.
"October 2014 Notes"
The existing $500,000,000 4.250% Senior Notes due 2019 issued 31 October
2014.
"February 2015 Notes"
The existing £400,000,000 3.875% Senior Notes due 2023 issued
24 February 2015.
"March 2015 Notes"
The existing $500,000,000 3.500% Senior Notes due 2020 issued 6 March
2015.
"January 2017 Euro Notes"
The existing 650,000,000 2.200% Senior Notes due 2024 issued 17 January
2017.
"January 2017 Pound Notes"
The existing £300,000,000 2.750% Senior Notes due 2021 issued 24 January
2017.
"January 2017 Notes"
The January 2017 Euro Notes and the January 2017 Pound Notes.
"Existing Notes"
The January 2013 Notes, the December 2013 Notes, the January 2014 Notes,
the October 2014 Notes, the February 2015 Notes, the March 2015 Notes, the
January 2017 Euro Notes and the January 2017 Pound Notes.
Certain Other Terms
"Board" or "board of directors"
The board of directors of the Issuer.
"British pounds", "GBP", "pounds sterling", Pounds sterling, the currency of the United Kingdom of Great Britain and
"sterling", or "£"
Northern Ireland.
"Chery"
Chery Automobile Company Ltd.
"China Joint Venture"
Chery Jaguar Land Rover Automotive Co., Ltd., our joint venture with Chery
to develop, manufacture and sell certain Jaguar Land Rover vehicles and at
least one own-branded vehicle in China.
vi

"Chinese yuan", "CNY" or "yuan"
Chinese yuan, the currency of the People's Republic of China.
"EBIT"
Profit for the period before income tax expense, exceptional items, finance
expense (net), finance income, gains/losses on unrealised commodity
derivatives, foreign exchange gains/losses on unrealised derivatives as well as
debt (not designated as hedges) and realised currency derivatives entered into
to hedge certain foreign currency debt.
"EBITDA"
Profit for the period before income tax expense, exceptional items, finance
expense (net), finance income, gains/losses on unrealised commodity
derivatives, foreign exchange gains/losses on unrealised derivatives as well as
debt (not designated as hedges) and realised currency derivatives entered into
to hedge certain foreign currency debt, share of profit/loss from equity
accounted investments and depreciation and amortisation.
"EMC"
The engine manufacturing centre in Wolverhampton.
"EUR", "euro" or ""
Euro, the currency of the member states of the European Union participating
in the European Monetary Union.
"Fiscal 2015"
Year beginning 1 April 2014 and ended 31 March 2015.
"Fiscal 2016"
Year beginning 1 April 2015 and ended 31 March 2016.
"Fiscal 2017"
Year beginning 1 April 2016 and ended 31 March 2017.
"Fiscal 2018"
Year beginning 1 April 2017 and ending 31 March 2018.
"Fiscal year"
Year beginning 1 April and ending 31 March of the following year.
"Ford"
Ford Motor Company and its subsidiaries.
"Free cash flow"
Net cash generated from operating activities less net cash used in investing
activities (excluding movements in short-term deposits) and after finance
expenses and fees and payments of lease obligations. Free cash flow also
includes foreign exchange gains/losses on short-term deposits and cash and
cash equivalents.
"IAS 34"
International Accounting Standard (IAS 34) Interim Financial Reporting.
"IAS 36"
International Accounting Standard (IAS 36) Impairment of Assets.
"IAS 39"
International Accounting Standard (IAS 39) Financial Instruments:
Recognition and Measurement.
"IFRS"
International Financial Reporting Standards and interpretations issued by the
International Accounting Standards Board and adopted by the European
Union.
"IFRS--IASB"
International Financial Reporting Standards and interpretations issued by the
International Accounting Standards Board.
"Indenture"
The indenture governing the Notes offered hereby.
vii

"Issuer"
Jaguar Land Rover Automotive plc, a public limited company incorporated
under the laws of England and Wales.
"Jaguar Land Rover", "Jaguar Land Rover
Jaguar Land Rover Automotive plc and its subsidiaries (including any of their
Group", "Group", "we", "us" and "our"
predecessors).
"LIBOR"
London Interbank Offered Rate.
"MTM"
Mark-to-market.
"National sales companies" or "NSCs"
National sales companies for Jaguar Land Rover products, which are all
wholly owned indirect subsidiaries of the Issuer.
"Net cash"
Cash and cash equivalents plus short-term deposits less total balance sheet
borrowings.
"Net Income/(expense)"
Profit/(loss) after tax or profit/(loss) for the period.
"Overseas"
The marketing region including Australia, Brazil, India, Japan, Russia, South
Korea, South Africa, New Zealand, Sub-Saharan Africa importers, Latin
America importers, Asia Pacific importers, Middle East and North Africa
importers as well as all other minor markets. The volumes from Hong Kong
and Taiwan have been included in Overseas since the beginning of Fiscal
2017.
"Product and other investment"
Cash used in the purchase of property, plant and equipment, intangible assets,
investments in subsidiaries, joint ventures, associates and other trading
investments and expensed research and development costs.
"Retail volumes"
Aggregate number of finished vehicles sold by dealers (and in limited
numbers by us directly) to end users. Although retail volumes do not directly
impact our revenue, we consider retail volumes as the best indicator of
consumer demand for our vehicles and the strength of our brands.
"Revolving Credit Facility"
The £1,885,000,000 unsecured syndicated revolving credit facility entered
into in July 2015 and maturing in July 2022, as amended.
"Rs"
Indian rupees, the currency of the Republic of India.
"Russian rouble"
Russian roubles, the currency of Russian Federation.
"SEC"
United States Securities and Exchange Commission.
"US dollars", "USD", "US$" or "$"
US dollars, the currency of the United States of America.
"US GAAP"
Generally accepted accounting principles in the United States of America.
"Wholesale volumes"
Aggregate number of finished vehicles sold to (i) dealers in the United
Kingdom or foreign markets in which we have established an NSC and
(ii) importers in all other markets. Generally, we recognise revenue on the
sale of finished vehicles and parts (net of discounts, sales incentives,
customer bonuses and rebates granted) when products are delivered to dealers
and, in connection with sales to importers, when products are delivered to a
viii

carrier for export sales.
ix

Document Outline

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