Aston Martin Lagonda Global Holdings Plc · LSE:AML
Aston Martin Lagonda Global — Q3 2023 Earnings Presentation
18 slides from Aston Martin Lagonda Global's earnings presentation, Nov 1, 2023
Slide 1: Q3 2023 Results
Q3 2023 Results Nine months ended 30 September 2023
Slide 2: YTD and Q3 2023 Highlights
YTD and Q3 2023 Highlights Performance in line with guidance and shows continued momentum and strong demand across product lines ▪ Q3 performance in line with guidance; FY 2023 guidance maintained other than marginally updated volumes • YTD revenue up 21%, driven by ASP growth and strong demand • Gr
Slide 3: YTD 2023 Financial Results
YTD 2023 Financial Results Q3 performance in-line with guidance, FY guidance maintained other than marginally updated volume outlook YTD 2023 YTD 2022 Total Wholesales1 (units) Adjusted Operating Loss (£m) 4,398 (135) 4,060 (128) Revenues (£m) Free Cash Flow2 (£m) 1,040 (297) 857 (336) Adjusted EBIT
Slide 4: YTD 2023 Wholesales & ASP
YTD 2023 Wholesales & ASP 8% volume growth driven by strong demand across the portfolio; Q3 volumes reflect ongoing transition to our next generation sports cars; Continued strong ASP progression Total wholesales1: 4,398 Wholesale ASP (£k) By model (units); YoY % change Specials: 68 36% 219 195 SUV:
Slide 5: YTD 2023 Wholesales by Region
YTD 2023 Wholesales by Region Strong growth in all regions ex. China due to higher DBS 770 Ultimate and DBX volumes; China impacted by weaker market conditions Change by region 23% 12% 44% (30)% China (57)% 1,417 1,334 1,152 1,267 774 940 880 694 Americas UK EMEA ex.UK APAC YTD 2022 YTD 2023 5 Certa
Slide 6: YTD 2023 Gross Margin
YTD 2023 Gross Margin YoY improvement in gross margin driven by core portfolio, partially offset higher manufacturing & logistics costs and FX headwinds (%) 3.8% 0.3% (0.9)% (0.9)% 33.4% 35.7% YTD 2022 Core Special M&L Other/FX YTD 2023 Core Wholesales Specials Manufacturing & Logistics Costs Other
Slide 7: YTD 2023 Adjusted EBITDA
YTD 2023 Adjusted EBITDA 64% YoY increase and 330 basis points margin expansion as higher volumes, strong pricing dynamics & mix were partially offset by higher operating expenses (£m) EBT Analysis 16 0 £m YTD 2023 YTD 2022 75 12.6% (6) Adjusted EBITDA 131.1 79.8 margin D&A (266.2) (208.0) (34) 9.3%
Slide 8: YTD 2023 Free Cash Flow
YTD 2023 Free Cash Flow YTD 2023 performance ahead of YTD 2022 including £63m YoY increase in capex (£m) 365 (5) 100 (69) (260) (297) (275) (53) EBT Add back D&A/other Tax paid Cash generated after tax Working Capital Investing activities Net interest paid FCF non cash/financing excluding interest e
Slide 9: YTD 2023 Cash & Debt
YTD 2023 Cash & Debt Cash balance of £544m includes £216m gross proceeds from share offering and £95m gross proceeds of Geely share issuance; c.£600m of overall liquidity (£m) 263 583 £m YTD 2023 YTD 2022 544 (6) Loan notes (1,102.2)* (1,339.5) Inventory financing (38.8) (39.5) Bank loans and overdr
Slide 10: 2023 Outlook
2023 Outlook FY guidance maintained other than volumes 2023 Guidance Wholesales Growth to c.6,700 units (revised from c.7,000 units) Adj. EBITDA margin Up to c. 20% D&A c. £350-370m Interest expense c. £120m cash1 Capex and R&D c. £370m • Expect strong year-on-year growth in profitability in Q4 2023
Slide 11: Medium Term Outlook
Medium Term Outlook On track to substantially achieve 2024/25 financial targets in 2024; Reiterated targets for 2027/28 2024/2025 Targets Revenue c. £2bn • Expect to substantially achieve these targets by 2024 and, with continued Adj. EBITDA c. £500m strong momentum, likely to exceed them in 2025 Fr
Slide 12: Q&A
Q&A
Slide 13: Appendix
ASTON MARTIN Appendix
Slide 14: Income Statement and Cashflow
Income Statement and Cashflow YTD and Q3 comparisons £m YTD 2023 YTD 2022 Q3 2023 Q3 2022 £m YTD 2023 H1 2023 FY 2022 YTD 2022 Revenue 1,039.5 857.2 362.1 315.5 Cash generated from operating 31.4 17.5 127.1 (56.9) Cost of sales (668.7) (571.0) (227.6) (217.4) activities Cash used in investing activi
Slide 15: 2023 Quarter-on-Quarter Comparisons
2023 Quarter-on-Quarter Comparisons Income statement and cashflow £m Q1 2023 Q2 2023 Q3 2023 YTD 2023 £m Q1 2023 Q2 2023 Q3 2023 YTD 2023 Revenue 295.9 381.5 362.1 1,039.5 Cash generated from operating (33.0) 50.5 13.9 31.4 Cost of sales (194.0) (247.1) (227.6) (668.7) activities Cash used in invest
Slide 16: 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 17: Disclaimer
Disclaimer This presentation has been prepared by Aston Martin Lagonda Global Holdings plc (“AML”) solely for use at the Q3 2023 results analyst and investor meetings being held on 1st November 2023 in connection with a discussion of its Q3 2023 results. For the purposes of this notice, this “presen
Slide 18: Aston Martin Lagonda Investor Relations Team
Aston Martin Lagonda Investor Relations Team investor.relations@astonmartin.com www.astonmartinlagonda.com Robert Berg – Head of Investor Relations robert.berg@astonmartin.com Tel: +44 (0)7833 080458 Ella South – Investor Relations Analyst ella.south@astonmartin.com Tel: +44 (0)7776 545420
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