Aston Martin Lagonda Global Holdings PLC · LSE:AML
Aston Martin Lagonda Global — H1 2021 Earnings Presentation
25 slides from Aston Martin Lagonda Global's earnings presentation, Jul 28, 2021
Slide 1: H1 2021 Results
H1 2021 RESULTS S I X M O N T H S E N D E D 3 0 th J U N E 2 0 2 1
Slide 2: Tobias Moers, Chief Executive Officer
Chief Executive Officer Tobias Moers
Slide 3: H1 2021 highlights
H1 2021 highlights Significant improvement year-on-year, in-line with expectations 1 • Wholesales and revenue more than trebled to 2,901 and £499m • Adjusted EBITDA £49m with 10% margin Operating as a luxury company 2 • GT/Sport rebalance completed in Q1, earlier than originally planned • Good visib
Slide 4: Kenneth Gregor, Chief Financial Officer
Chief Financial Officer Kenneth Gregor
Slide 5: H1 2021 financial results
H1 2021 financial results Significant improvement on prior year 1 Total Wholesales Adjusted Operating Loss (Units) (£m) H1 2021 2,901 H1 2021 (36) H1 2020 895 H1 2020 (146) 2 Revenues Free Cash Flow (£m) (£m) H1 2021 499 H1 2021 (44) H1 2020 146 H1 2020 (371) Adjusted EBITDA Net Debt (£m) (£m) H1 20
Slide 6: H1 2021 wholesales
H1 2021 wholesales Supply to demand rebalance achieved, improved pricing Total wholesales: 2,901 By model (units YoY change) By geography 1 Specials: 20 Other: 6 n.m. (60%) Sport: 670 137% 58% 277% 214% 444% China 620% SUV: 1,595 n.m. GT: 610 2% Wholesale ASP (£k) 156 124 811 1,056 150 600 121 434 2
Slide 7: H1 2021 revenue
H1 2021 revenue Strong wholesales and pricing drive growth (£m) 345 9 2 (3) 499 146 H1 2020 Sale of vehicles Sale of parts Servicing of Brand and motorsport H1 2021 vehicles 1 Sale of vehicles 2 Sale of parts and Servicing of vehicles 3 Brand & motorsport • Increased wholesales • Increased as dealer
Slide 8: H1 2021 adjusted EBITDA
H1 2021 adjusted EBITDA £138m y-o-y increase; Q2 margin 12% ex. doubtful debt provision (£m) n.m. 9.8% PBT Analysis £m H1 2021 H1 2020 25 2 5 115 49 Adjusted EBITDA 48.8 (89.0) (9) D&A (84.8) (56.5) Adjusted EBIT (36.0) (145.5) Net adjusted financing expense (66.7) (68.1) Adjusted PBT (102.7) (213.6
Slide 9: H1 2021 free cash outflow
H1 2021 free cash outflow Project Horizon working capital benefits (£m) 62 136 (3) 42 (91) (44) (57) (91) 1 2 PBT Add back D&A/other non- Tax Paid Cash generated after tax Working Capital Investing Activities (excl. Net Interest Free Cash Flow cash interest) 1 PBT 2 Add backs 3 Working Capital 4 Inv
Slide 10: H1 2021 cash and net debt
H1 2021 cash and net debt Improved cash position with additional liquidity raise (£m) £m H1 2021 FY 2020 791 727 62 Loan notes (1,041.6) (965.0) (2) Inventory financing (39.8) (38.2) 489 506 (44) Bank loans and overdrafts (118.0) (119.8) Lease liabilities (99.2) (103.0) Gross debt (1,298.6) (1,226.0
Slide 11: H1 trading as expected; full year guidance substantially unchanged
H1 trading as expected; full year guidance substantially unchanged1 2021 – uncertainty remains due to COVID-19 Wholesales c. 6,000 Mid-teens % prior to £15m impact of Adj. EBITDA margin legal action1 Adjusted EBITDA expected to be heavily weighted to H2, particularly Q4, given timing of Specials D&A
Slide 12: Tobias Moers, Chief Executive Officer
Chief Executive Officer Tobias Moers
Slide 13: 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
Slide 14: Project Horizon: portfolio strategy & cycle planning
Project Horizon: portfolio strategy & cycle planning Vantage F1® edition and V12 Speedster first of more than 10 new vehicles to launch by 2023 Aston Martin Valkyrie to lead the way for mid-engine programme from H2; Valkyrie AMR Pro to start deliveries in Q4 First DBX derivative on track for start o
Slide 15: Project Horizon: go-to-market
Project Horizon: go-to-market Aston Martin Cognizant Formula OneTM Team driving brand awareness; over 1.4bn social media impressions year-to- date Welcoming customers at race weekends; Silverstone used as platform to reveal Valhalla plug-in hybrid supercar Leadership team boosted further with new He
Slide 16: Project Horizon: operational excellence
Project Horizon: operational excellence Touches all aspects of the value chain, including logistics, materials and suppliers Revised efficient assembly concept for manufacturing • Gaydon move to single line completed in April • Paint shop and St Athan efficiencies live post summer break All sports m
Slide 17: Creating a world-class ultra-luxury automaker
Creating a world-class ultra-luxury automaker Customer focused product renewal • Two new products delivered, three more in H2 • Aston Martin Valkyrie production on track • Valhalla hybrid supercar revealed Operational excellence • Excellent progress with Project Horizon transformation plan • Manufac
Slide 18: Appendix
ASTON MARTIN
Slide 19: Income Statement, Cash Flow and Net Debt
Income Statement, Cash Flow and Net Debt £m H1 2021 H1 2020 £m H1 2021 H1 2020 Revenue 498.8 146.0 Cash generated / (used) from operating activities 103.8 (179.4) Cost of sales (355.5) (148.8) Capital expenditure (91.0) (161.5) Gross profit/(loss)(1) 143.3 (2.8) Gross margin 28.7% n.m. Net cash inte
Slide 20: APM reconciliation and Adjusting items
APM reconciliation and Adjusting items Income Statement reconciliation H1 2021 Adjusting items £m H1 2021 H1 2020 £m Income Statement (Loss) for the year before tax (90.7) (227.4) Restructuring costs 0.5 Adjusting operating expenses 2.0 13.8 Site consolidation (0.6) Adjusting finance expenses (14.0)
Slide 21: EPS reconciliation
EPS reconciliation H1 2021 H1 2020 Adjusted Earnings Per Ordinary Share (Loss) available for equity holders (£m) (72.7) (200.3) Adjusting Items Adjusting items before tax (£m) (12.0) 13.8 Tax on adjusting items (£m) (13.3) (3.6) Adjusted Earnings (£m) (98.0) (190.1) Basic weighted average number of
Slide 22: H1 Results
H1 Results £m Q1-21 Q1-20 Q2-21 Q2-20 H1-21 H1-20 Total wholesale volumes (#)(1) 1,353 578 1,548 317 2,901 895 Revenue 224.4 88.8 274.4 57.2 498.8 146.0 Adj. EBITDA 20.7 (38.1) 28.1 (50.9) 48.8 (89.0) Adj. operating loss (15.3) (67.0) (20.7) (78.5) (36.0) (145.5) Operating loss (15.3) (67.9) (22.7)
Slide 23: 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 24: Disclaimer
Disclaimer This presentation has been prepared by Aston Martin Lagonda Global Holdings plc (“AML”) solely for use at the H1 results analyst and investor meetings being held on Wednesday, 28 July 2021 in connection with a discussion of its H1 2021 results. For purposes of this notice, this “presentat
Slide 25: Aston Martin Lagonda Investor Relations Team
Aston Martin Lagonda Investor Relations Team [email protected] www.astonmartinlagonda.com Charlotte Cowley – Director of Investor Relations [email protected] Tel: +44 (0)19 2650 1065 Brandon Henderson – Senior Manager, Investor Relations brandon.henderson@astonmartin.
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