Aston Martin Lagonda Global Holdings Plc · LSE:AML
Aston Martin Lagonda Global — Q1 2023 Earnings Presentation
16 slides from Aston Martin Lagonda Global's earnings presentation, May 3, 2023
Slide 1: Q1 2023 Results
Q1 2023 Results Three months ended 31 March 2023
Slide 2: Q1 2023 Highlights
Q1 2023 Highlights Performance in-line with expectations with strong demand ahead of new product launches ▪ Q1 performance in line with expectations; FY 2023 guidance maintained • Wholesale volumes up 9% YoY in Q1, driven by 59% growth in DBX deliveries • Retails outpaced wholesales with strong dema
Slide 3: Q1 2023 Financial Results
Q1 2023 Financial Results Q1 performance in line with expectations 2023 2022 Total Wholesales1 (units) Adjusted Operating Loss (£m) 1,269 (48) 1,168 (34) Revenues (£m) Free Cash Flow2 (£m) 296 (118) 233 (25) Adjusted EBITDA (£m) Net Debt (£m) 30 868 24 957 1,500 1,000 500 0 3 Certain financial data
Slide 4: Q1 2023 Wholesales & ASP
Q1 2023 Wholesales & ASP 9% wholesales growth driven by DBX; lower GT/Sports volumes as expected due to ongoing transition ahead of upcoming launches Total wholesales1: 1,269 Wholesale ASP (£k) By model (units); YoY % change Specials: 18 (5)% 213 181 180 151 SUV: 669 Sport/GT: 582 59% (20%) Q1 2022
Slide 5: Q1 2023 Wholesales by Region
Q1 2023 Wholesales by Region Strong growth in Americas and EMEA due to higher DBX volumes; UK driven by transition of GT/sports; China impacted by transition of GT/Sports and DBX Change by region 29% (17%) 19% (4%) China (33%) 361 467 264 220 271 322 272 260 Americas UK EMEA ex.UK APAC Q1 2022 Q1 20
Slide 6: Gross Margin
Q1 2023 Gross Margin Core gross margin improved YoY, offset by FX headwinds, transitional mix shift in Specials and inflationary pressures on manufacturing & logistics costs 50 45 (£m) 2% 40 35 1% (1%) 30 (4%) 25 20 36% 34% 15 10 5 0 2022 Gross Margin Core Wholesales Special Wholesales Manuf'ing & L
Slide 7: Adjusted EBITDA
Q1 2023 Adjusted EBITDA 24% YoY increase as higher volume and favourable mix dynamics were partially offset by higher operating expenses (£m) EBT Analysis £m Q1 2023 Q1 2022 4 14 10.2% Adjusted EBITDA 30.2 24.4 margin D&A (78.0) (58.7) 10.5% margin (10) Adjusted EBIT (47.8) (34.3) (2) 30 Net adjuste
Slide 8: Free Cashflow
Q1 2023 Free Cashflow Q1 free cash outflow in line with prior outlook, driven by higher year-on-year capex and working capital outflows 200 195 190 185 180 175 (£m) 170 165 160 155 150 145 140 135 130 125 120 115 110 105 100 95 90 85 80 75 70 65 60 55 95 50 45 40 21 35 30 25 20 15 10 5 0 -5 -10 -15
Slide 9: Cash & Debt
Q1 2023 Cash & Debt Cash balance of £408m includes a £50m repayment of RCF during Q1 (£m) £m Q1 2023 FY 2022 Loan notes (1,080.8) (1,104.0) Inventory financing (39.0) (38.2) 583 Bank loans and overdrafts (57.7) (107.1) (118) Lease liabilities (98.4) (99.8) (54) (3) 408 Gross debt (1,275.9) (1,349.1)
Slide 10: 2023 & Medium-Term Outlook
2023 & Medium-Term Outlook Guidance unchanged – 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 Adj. EBITDA margin Up to c. 20% expected to be similar to
Slide 11: Q&A
Q&A
Slide 12: Appendix
ASTON MARTIN Appendix
Slide 13: Income Statement, Cashflow and Balance Sheet
Income Statement, Cashflow and Balance Sheet 2023 vs 2022 £m Q1 2023 Q1 2022 £m Q1 2023 FY 2022 Q1 2022 Revenue 295.9 232.7 Cash generated from operating (33.0) 127.1 43.2 Cost of sales (194.0) (148.7) activities Cash used in investing activities (excl. Gross profit 101.9 84.0 (85.3) (286.9) (66.7)
Slide 14: 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 15: Disclaimer
Disclaimer This presentation has been prepared by Aston Martin Lagonda Global Holdings plc (“AML”) solely for use at the Q1 2023 results analyst and investor meetings being held on 3rd May 2023 in connection with a discussion of its Q1 2023 results. For the purposes of this notice, this “presentatio
Slide 16: 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)
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