Aston Martin Lagonda Global Holdings Plc · LSE:AML

Aston Martin Lagonda Global — FY2020 Earnings Presentation

28 slides from Aston Martin Lagonda Global's earnings presentation, Feb 23, 2022

  1. Slide 1: FY 2020 Results

    FY 2020 RESULTS T W E LV E M O N T H S E N D E D 3 1 s t D E C E M B E R 2 0 2 0

  2. Slide 2: Tobias Moers, Group Chief Executive Officer

    GROUP CHIEF EXECUTIVE OFFICER TOBIAS MOERS

  3. Slide 3: Agenda

    AGEN DA 1 2020 key results 2 Financial review 3 Strategic update 4 Q&A APPENDIX 3

  4. Slide 4: Creating a world-class luxury automaker

    Creating a world-class luxury automaker Aggressive de-stock of dealer inventory 1 • Dealer GT/Sports inventory expected to be largely complete in Q1 2021 • GT/Sport order intake ahead of expectations Successful launch of DBX 2 • 1,516 units wholesaled; Strong and building order book in-line with exp

  5. Slide 5: Kenneth Gregor, Chief Financial Officer

    CHIEF FINANCIAL OFFICER KENNETH GREGOR

  6. Slide 6: FY 2020 – in line with expectations

    FY 2020 – in line with expectations 1 3 Total Retails Adjusted EBITDA (Units) (£m) 2020 4,150 2020 (70) 2019 6,136 2019 119 2 4 Total Wholesales Free Cash Flow (Units) (£m) 2020 3,394 2020 (539) 2019 5,862 2019 (338) 3 Revenues Net Debt (£m) (£m) 2020 612 2020 727 2019 981 2019 988 Note: Certain fin

  7. Slide 7: Improved financial performance in Q4

    Improved financial performance in Q4 1 3 Total Retails Adjusted EBITDA (Units) (£m) 48 1,398 (29) 1,010 760 982 (38) (51) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 4 Total Wholesales Free Cash Flow (Units) (£m) (93) (143) (26) 1,839 (278) 578 317 660 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 Revenues Net Debt (£m) (£m) 956 869 342

  8. Slide 8: FY 2020 wholesales and retails

    FY 2020 wholesales and retails Total wholesales 3,394 By model (units YoY change) By geography 1 Specials: 43 Other: 28 (33%) (83%) (55%) (43%) (19%) (40%) China (39%) Sport: 691 (69%) SUV: 1,516 (n.m.) 2,050 1,429 1,074 865 1,309 786 923 820 GT: 1,116 (67%) Americas UK EMEA ex.UK APAC 2019 2020 Who

  9. Slide 9: Revenue of £612m

    Revenue of £612m (£m) Sale of vehicles 1 Impact of de-stocking, Covid-19 and fewer 981 Specials (43 vs 64 in 2019) Sale of parts 2 Impacted by Covid-19 restrictions on dealer operations (346) (6) (3) (14) 612 Servicing of vehicles 3 Reduced capacity for restorations as produced DB5 Goldfinger Contin

  10. Slide 10: Adjusted EBITDA reflects de-stock and Covid-19 impact

    Adjusted EBITDA reflects de-stock and Covid-19 impact (£m) PBT Analysis 12.1% n.m. £m 2020 20191 19 138 Adjusted EBITDA (70) 119 119 D&A (155) (129)3 Adjusted EBIT (225) (10) Net adjusted financing expense (75) (61) 45 20 (70) (15) Adjusted PBT (299) (71) (17) (242) Adjusting items (167) (49) 2 2019

  11. Slide 11: Free cash outflow of £(539)m

    Free cash outflow of £(539)m (£m) 385 (90) (9) (80) (466) (261) (539) (109) 1 PBT D&A, impairment & non- Tax Paid Cash loss after tax Net Interest CAPEX Working Capital Free Cash Flow cash 1 PBT 2 Non-cash add backs 3 Net interest 4 Working capital Loss primarily due to • D&A £155m • Interest paid £

  12. Slide 12: Refinancing strengthens financial resilience and supports growth ambitions

    Refinancing strengthens financial resilience and supports growth ambitions 923 (£m) (2) 489 Cash significantly higher at £489m Total equity raised £813m 108 • Significant investment from Yew Tree Consortium now 21% shareholder (539) Cash balance Free Cash Flow Cash inflow from financing Effect of ex

  13. Slide 13: Outlook unchanged and Q1 trading as expected

    Outlook unchanged and Q1 trading as expected 2021 – uncertainty remains due to COVID-19 Wholesales c. 6,000 Adj. EBITDA margin Mid-teens % Adjusted EBITDA expected to be heavily weighted to H2, particularly Q4, given timing of Specials D&A c. £240m - £250m Interest expense c.£155m1 Capex and R&D c.

  14. Slide 14: Tobias Moers, Group Chief Executive Officer

    GROUP CHIEF EXECUTIVE OFFICER TOBIAS MOERS

  15. Slide 15: Creating a world-class luxury automaker

    Creating a world-class luxury automaker Transformation, turnaround and growth underway SUV platform successfully launched, strong DBX 1 demand Landmark agreement for world class technology 2 signed Rebalance of supply to demand near complete; 3 inventory significantly down Project Horizon transforma

  16. Slide 16: Project Horizon: delivering operational excellence, agility and efficiency

    Project Horizon: delivering operational excellence, agility and efficiency throughout every aspect of the Company I AM Portfolio Strategy & Product Development Operational Go-to-Market Product Aston Martin Cycle Planning Efficiency Excellence ▪ Organisational ▪ Sustainable product ▪ F1TM engagement

  17. Slide 17: Renewed products underpinned by Mercedes-Benz AG technology

    Renewed products underpinned by Mercedes-Benz AG technology – more than 10 new vehicles to be launched by 2023 Technology improves customer 1 Front - engine proposition • Cycle Plan includes full refresh • Historic run-rate c. 4,000 units • Editions and design-to-cost drive New technology fully marg

  18. Slide 18: F1 – strengthens brand and provides global marketing platform

    F1TM – strengthens brand and provides global marketing platform Driving Brand Awareness Provides tremendous brand reach and halo without team ownership costs1 Strengthen Brand >80% of luxury/premium car buyers are interested in F1TM 22 Races Opportunity to engage with over 85 million fans and custom

  19. Slide 19: Creating a world-class luxury automaker

    Creating a world-class luxury automaker Customer focused product renewal: - Three pillar cycle plan: Front-engine, SUV and mid-engine - Embed world-class technology - Roadmap to BEV/electric vehicles Operating excellence: - Driving innovation, agility and efficiency - Six distinct workstreams Sustai

  20. Slide 20: Q&A

    Q&A

  21. Slide 21: Q4 wholesales and retails

    Q4 wholesales and retails Total wholesales 1,839 By model (units) By geography 1 Specials: 32 Other: 7 88% (85%) (22%) (27%) 26% 35% Sport: 322 China 22% (60%) SUV: 1,171 (n.m.) GT: 307 749 (71%) 581 480 425 483 350 336 358 Americas UK EMEA ex.UK APAC Q4 2019 Q4 2020 Wholesale change by region Whole

  22. Slide 22: Income Statement, Cash Flow and Net Debt

    Income Statement, Cash Flow and Net Debt £m FY 2020 FY 2019(1) £m FY 2020 FY 2019(1) Revenue 611.8 980.5 Cash generated from operating activities (198.6) 19.4 Cost of sales (500.7) (642.7) Gross profit(2) 111.1 337.8 Capital Expenditure (260.7) (310.2) Gross margin 18.2% 34.5% Operating expenses(2)

  23. Slide 23: APM reconciliation and Adjusting items

    APM reconciliation and Adjusting items Income Statement reconciliation FY 2020 Adjusting items £m FY 2020 FY 2019(1) £m Income Statement Operating items (Loss) for the year before tax (466.0) (119.6) Impairment of assets (79.3) Adjusting operating expenses 98.0 42.1 Restructuring costs (12.4) Adjust

  24. Slide 24: EPS reconciliation

    EPS reconciliation FY 2020 FY 2019(1) Adjusted Earnings Per Ordinary Share (Loss) available for equity holders (£m) (419.3) (126.4) Adjusting Items Adjusting items before tax (£m) 166.6 (48.7) Tax on adjusting items (£m) (32.9) (8.8) Adjusted Earnings (£m) (285.6) (86.5) Basic weighted average numbe

  25. Slide 25: FY Results

    FY Results £m Q1-20 Q1-19 Q2-20 Q2-19 Q3-20 Q3-19 Q4-20 Q4-19 Total wholesale volumes (#)(1) 578 1,057 317 1,385 660 1,497 1,839 1,923 Revenue 88.8 201.5 57.2 204.5 124.0 244.0 341.8 330.5 Adj. EBITDA (38.1) 34.0 (50.9) (13.2) (28.6) 42.9 47.5 55.2 Adj. operating (loss)/profit (67.0) 3.5 (78.5) (39.

  26. Slide 26: Alternative Performance Measures

    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 provi

  27. Slide 27: Disclaimer

    Disclaimer This presentation has been prepared by Aston Martin Lagonda Global Holdings plc (“AML”) solely for use at the FY results analyst and investor meetings being held on Thursday, 25 February 2020 in connection with a discussion of its FY 2020 results. For purposes of this notice, this “presen

  28. Slide 28: Aston Martin Lagonda Investor Relations Team

    Aston Martin Lagonda Investor Relations Team investor.relations@astonmartin.com www.astonmartinlagonda.com Charlotte Cowley – Director of Investor Relations charlotte.cowley@astonmartin.com Tel: +44 (0)19 2650 1065 Brandon Henderson – Senior Manager, Investor Relations brandon.henderson@astonmartin.

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