(Original post by TheMcSame)
Rising year on year? As in making less money than the year before for the last 3 financial years? FY15 was the last time their profits went up. They've been going down year on year ever since. Their profits for FY18 were almost half that of FY15.
In fact, I believe sales for CY18 were down 4.6% compared to CY17 for JLR (IIRC Jaguar saw a 1.2% rise, but the company as a whole was down 4.6%), and they reported a £90M pre-tax loss back in October.
Not sure I would read them that way, at a group level there are some fairly chunky pension valuation adjustments, amortisation/impairment adjustments and very high exchange swings that frankly I would ignore as noise, page 104 has, ignoring the RB adjustments and currency /exchange adjustments;
But after the RB adjustments and currency hedges and other comprehensive income we have:
or we could have EBITDA as disclosed;
What I would read from all of the above is whilst possibly not growing the underlying has actually been relatively static, but short of spending 3-4 hours wading through the accounts I doubt I would conclude much beyond this, at the end of the day Group Sales have marginally improved and I do not see the drastic issues you appear to be stating:
Year ended 31 March 2018 £m 2017 £m 2016 £m
Sale of goods 27,175 25,659 22,208
Realised revenue hedges (1,389) (1,320) 78
Total revenue 25,786 24,339 22,286