Aston Martin Lagonda Global Holdings Plc · LSE:AML
Aston Martin Lagonda Global — FY 2022 Earnings Presentation
34 slides from Aston Martin Lagonda Global's earnings presentation, Mar 1, 2023
Slide 1: FY 2022 Results
FY 2022 Results Twelve months ended 31 December 2022
Slide 2: Agenda
Agenda 1. FY 2022 highlights 2. Financial review 3. Strategic foundations 4. Q&A Appendix
Slide 3: Amedeo Felisa, Chief Executive Officer
Amedeo Felisa CHIEF EXECUTIVE OFFICER
Slide 4: 2022 Highlights
2022 Highlights Enhanced key strategic foundations, while delivering amidst a challenging operating environment ▪ FY performance in-line with outlook; strong Q4 performance and demand across the portfolio • FY 2022 revenue up 26% year-on-year with record total ASP of more than £200k • c.80% of curre
Slide 5: Doug Lafferty, Chief Financial Officer
Doug Lafferty CHIEF FINANCIAL OFFICER
Slide 6: 2022 Financial Results
2022 Financial Results Results in line with prior outlook with strong Q4 performance 2022 2021 Total Wholesales1 (units) Adjusted Operating Loss (£m) 6,412 (118) 6,178 (74) Revenues (£m) Free Cash Flow2 (£m) 1,382 (299) 1,095 (123) Adjusted EBITDA (£m) Net Debt (£m) 190 766 138 892 1,000 500 0 6 Cer
Slide 7: 2022 Wholesales & ASP
2022 Wholesales & ASP Strong demand across the portfolio, record total ASPs of more than £200k. DBX represented more than 50% of volumes Total wholesales1: 6,412 Wholesale ASP (£k) By model (units); YoY % change 201 Other: 0 Specials: 89 (9)% 162 nm Sport: 1,833 24% 177 150 SUV: 3,219 7% FY 2021 FY
Slide 8: 2022 Wholesales by Region
2022 Wholesales by Region Volumes remain well balanced across all regions, quarterly fluctuations impacted by supply chain disruptions during the year Change by region 0% 0% 19% 0% China (3)% 1,984 1,980 1,815 1,814 1,508 1,109 1,110 1,270 Americas UK EMEA ex.UK APAC FY 2021 FY 2022 8 Certain financ
Slide 9: 2022 Gross Margin
2022 Gross Margin Strong underlying core YoY gross margin progression, aligned with ultra-luxury strategy; lower special YoY gross margin driven by transitional mix shift 50 (£m) 45 40 4% 35 2% 30 (3%) (1%) 25 20 15 31% 33% 10 5 0 2021 Gross Margin Core Wholesales Special Wholesales Supply Chain Rec
Slide 10: 2022 Adjusted EBITDA
2022 Adjusted EBITDA 38% YoY increase as strong pricing and mix dynamics and FX tailwinds were partially offset by higher operating expenses (£m) EBT Analysis 10 13.8% £m FY 2022 FY 2021 56 margin 31 Adjusted EBITDA 190.2 137.9 12.6% D&A (308.1) (212.2) margin 10 (55) Adjusted EBIT (117.9) (74.3) 19
Slide 11: 2022 Free Cashflow
2022 Free Cashflow Positive FCF in Q4 driven by strong profitability and cash inflows from working capital 200 195 190 185 180 175 170 165 160 155 (£m) 150 145 140 135 130 125 120 115 110 105 100 95 90 85 (7) (15) 80 75 70 65 60 142 55 50 45 40 35 30 25 20 15 10 5 0 -5 -10 -15 -20 -25 -30 -35 -40 (2
Slide 12: 2022 Cash & Debt
2022 Cash & Debt Strengthened liquidity position; net debt declined by more than £125 million YoY, despite adverse £156m (non cash) FX impact; successful debt tender in Q4 (£m) £m FY 2022 FY 2021 Loan notes (1,104.0)* (1,074.9) 7 Inventory financing (38.2) (19.7) 583 Bank loans and overdrafts (107.1
Slide 13: 2023 & Medium-Term Outlook
2023 & Medium-Term Outlook Significant growth in profitability and positive FCF expected in H2’23; On track to achieve mid-term financial targets 2023 Guidance Wholesales Growth to c. 7,000 units • H1’23 adj. EBITDA & FCF expected to be similar to H1’22 Adj. EBITDA margin Up to c.20% • Profile of FC
Slide 14: Amedeo Felisa, Chief Executive Officer
Amedeo Felisa CHIEF EXECUTIVE OFFICER
Slide 15: Strategic Foundations
Strategic Foundations Key strengths which underpin our strategy and future growth ambitions Brand Product Innovation Aston Martin is an iconic global brand, with a A breathtaking and comprehensive core unique position transcending ultra-luxury portfolio across front-engine, SUV and mid- and high per
Slide 16: Brand
Brand New brand positioning and go-to-market strategy, realising our iconic brand’s potential ▪ Impactful new creative identity and Intensity. Driven. brand positioning, supported by new model launches, enhanced data management and customer targeting tools • Resulting in a >10% increase in sales lea
Slide 17: Product Innovation
Product Innovation
Slide 18: DBX707
DBX707 The world’s most powerful luxury SUV “An SUV that drives like a super coupe” Wall Street Journal, July 2022
Slide 19: V12 Vantage and DBS Ultimate
V12 Vantage and DBS 770 Ultimate Iconic finale models, sold out
Slide 20: Valkyrie and Valkyrie AMR Pro
Valkyrie and Valkyrie AMR Pro Space-age engineering, bringing track performance onto the streets
Slide 21: Valhalla
Valhalla Latest development upgrades to hybrid supercar Valhalla showcased at Pebble Beach
Slide 22: DBR22
DBR22 A spectacular V12-engined two-seater coach-built design concept
Slide 23: Thrilling next generation sports cars
Thrilling next generation sports cars First deliveries to commence in Q3 2023
Slide 24: Sustainability
Sustainability Making sustainability central to everything we do ▪ Accelerated progress towards the Racing. Green. goals • Unchanged timeline for electrification – first PHEV (the Valhalla) commences delivery in 2024, first BEV targeted for launch in 2025, fully electrified sports and SUV portfolio
Slide 25: People
People No one builds an Aston Martin on their own ▪ New appointments and internal promotions • Continuing to add and promote key talent, including senior leaders in engineering, commercial, HR and operational teams • New executive management appointments during 2022: • CEO Amedeo Felisa, CFO Doug La
Slide 26: Accelerating forward
Accelerating forward …To become the worlds’ most desirable ultra-luxury British performance brand • Exciting product renewal with increased profitability • Elevated brand strength driving demand • Improved execution & innovation capabilities to support long-term growth • Enhanced financial base with
Slide 27: Q&A
Q&A
Slide 28: Appendix
ASTON MARTIN Appendix
Slide 29: Income Statement, Cashflow and Balance Sheet
Income Statement, Cashflow and Balance Sheet 2022 vs 2021 £m FY 2022 FY 2021 Q4 2022 Q4 2021 £m FY 2022 FY 2021 Revenue 1,381.5 1,095.3 524.3 358.9 Cash generated from operating activities 127.1 178.9 Cost of sales (930.8) (751.6) (359.8) (237.1) Cash used in investing activities (excl. Gross profit
Slide 30: 2022 Quarterly Breakdown
2022 Quarterly Breakdown Income statement, cashflow and Alternative Performance Measures £m Q1 2022 Q2 2022 Q3 2022 Q4 2022 £m Q1 2022 Q2 2022 Q3 2022 Q4 2022 Revenue 232.7 309.0 315.5 524.3 Cash generated/(used in) from 43.2 (76.3) (23.8) 184.0 Cost of sales (148.7) (204.9) (217.4) (359.8) operatin
Slide 31: Significant reduction in nominal debt, both in USD and GBP terms
Significant reduction in nominal debt, both in USD and GBP terms Redemption of $200m of Senior Secured Notes in Q4’22 GBP:USD GBP:USD GBP:USD GBP:USD GBP:USD Senior Secured 1.35 1.32 1.21 1.12 1.20 Notes, 1.6 USD and GBP billions 1.5 1.4 1.3 1.2 1.1 1 0.9 0.8 0.7 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2
Slide 32: Alternative performance measures
Alternative performance measures In the reporting of financial information, the Directors have adopted various Alternative Performance Measures ("APMs"). APMs should be considered in addition to IFRS measurements. The Directors believe that these APMs assist in providing useful information on the un
Slide 33: Disclaimer
Disclaimer This presentation has been prepared by Aston Martin Lagonda Global Holdings plc (“AML”) solely for use at the FY 2022 results analyst and investor meetings being held on 1st March 2023 in connection with a discussion of its FY 2022 results. For the purposes of this notice, this “presentat
Slide 34: Aston Martin Lagonda Investor Relations Team
Aston Martin Lagonda Investor Relations Team investor.relations@astonmartin.com www.astonmartinlagonda.com Sherief Bakr – Director of Investor Relations sherief.bakr@astonmartin.com Tel: +44 (0)7789 177547 Holly Grainger – Deputy Head of Investor Relations holly.grainger@astonmartin.com Tel: +44 (0)
Aston Martin Lagonda Global Holdings — FY 2022 Earnings Presentation on 6ix