Aston Martin Lagonda Global Holdings PLC · LSE:AML
Aston Martin Lagonda Global — H1 2024 Earnings Presentation
22 slides from Aston Martin Lagonda Global's earnings presentation, Jul 24, 2024
Slide 1: H1 2024 Results
H1 2024 Results Interim results for the six months ended 30 June 2024 H1 2024 Results, July 2024
Slide 2: Agenda
Agenda H1 2024 highlights 4 The second half of 2024 5 Financial review 7 H1 2024 Results, July 2024
Slide 3: Lawrence Stroll, Executive Chairman
Lawrence Stroll EXECUTIVE CHAIRMAN H1 2024 Results, July 2024
Slide 4: Successful execution of our strategy in H1 2024
Successful execution of our strategy in H1 2024 Launch and delivery of next generation core and Specials models remains on track DB12 Volante Vantage “FOR NOW, IT’S HARD TO “THE NEW VANTAGE IS THINK OF A CAR THAT ABOUT FEEL, FEEDBACK BETTER COMBINES THE AND CAREFULLY EMOTIONAL PULL OF A RESOLVED DET
Slide 5: Commencing an exciting second half of 2024
Commencing an exciting second half of 2024 Immense product transformation supporting volume growth and expected positive free cash flow generation later this year Production and deliveries on track Order book continues to progress 2024 guidance and medium-term targets reiterated • Commenced delivery
Slide 6: Doug Lafferty, Chief Financial Officer
Doug Lafferty CHIEF FINANCIAL OFFICER H1 2024 Results, July 2024
Slide 7: H1 2024 Financial summary
H1 2024 Financial summary Performance reflects successful execution of core portfolio transition and strong Specials volumes Last twelve months • H1 2024 volumes decreased 32% 6,620 reflecting our planned core portfolio Total Wholesales1 6,412 (Units) 6,178 transition H1’24: 1,998 • Q2 2024 volumes
Slide 8: Wholesale volumes & Average Selling Prices (ASP)
Wholesale volumes & Average Selling Prices (ASP) Volumes reflected our planned core portfolio transition ahead of new model launches; ASP supported by higher Specials volumes Total H1 2024 wholesales1: 1,998, down 32% Total ASP: £274k, up 29% By model (units); YoY % change £k Specials: 118 211% 274
Slide 9: H1 2024 Wholesales by region
H1 2024 Wholesales1 by region Balanced delivery across regions underpinned by DB12 volumes ahead of H2 volume ramp up from new Vantage, upgraded DBX707, V12 Vanquish and Valiant Special YoY change in wholesales by region (40%) (34%) (19%) (36%) Ex. China (13%) 1,062 834 635 674 613 445 295 394 Ameri
Slide 10: H1 2024 Gross margin
H1 2024 Gross margin 370 basis point YoY improvement in gross margin driven by Specials volumes and options revenue on new next generation models; approaching our FY24 target of c. 40% (%) 6.5% (1.1)% (0.8)% (0.9)% 38.6% 34.9% H1 2023 Core Wholesales1 Specials M&L Other/FX H1 2024 Core Wholesales Sp
Slide 11: H1 2024 Adjusted EBITDA
H1 2024 Adjusted EBITDA Ahead of guidance due to phasing of Specials; 160 basis point decrease in margin reflects planned lower volumes, and general inflationary impacts (£m) EBT Analysis 11.9% 10 £m H1 2024 H1 2023 margin Adjusted EBITDA 62.2 80.6 (4) 1 10.3% (10) margin D&A (162.0) (167.3) (15) Ad
Slide 12: H1 2024 Financial summary: capex, free cash flow, net debt
H1 2024 Financial summary Pivotal moment reached as investment in portfolio transformation delivers significant financial growth in H2 2024 (200) H1’24 Capital Expenditure • Capex of £200m; investment focused on (£m) (180) H1’23 development of future product pipeline H1’24: (200) (138) H1’22 • FY24
Slide 13: Free cash flow
H1 2024 Free cash flow Free cash flow in line with guidance; reflects impact on profitability and working capital due to portfolio transformation and Specials deliveries (£m) 265 (1) 47 (217) (119) (313) (200) (41) 1 EBT Add back D&A/other Tax paid Cash generated after tax Working Capital Investing
Slide 14: Cash & debt
H1 2024 Cash & debt Total liquidity of £247m ahead of positive free cash flow generation in H2 2024 (£m) £m H1 2024 H1 2023 Loan notes (1,140.5)* (1,051.9) Inventory financing (38.9) (39.9) Bank loans and overdrafts (88.1) (57.8) Lease liabilities (99.0) (96.7) Gross debt (1,366.5) (1,246.3) 94 74 3
Slide 15: Commencing exciting second half of 2024 as ramp up in new model volumes drives growth
Commencing exciting second half of 2024 as ramp up in new model volumes drives significant growth Remain on track to deliver FY 2024 guidance and medium-term targets maintained FY 2024 Guidance FY 2027/2028 Targets Wholesales High single-digit % growth Revenue c. £2.5bn Improving to achieve Gross ma
Slide 16: Q&A
Q&A H1 2024 Results, July 2024
Slide 17: Appendix
Appendix Income statement 18 Cashflow, Balance Sheet & Net Debt 19 Alternative performance measures 20 Disclaimer 21 Contacts 22 H1 2024 Results, July 2024
Slide 18: Income Statement
Income Statement H1 2024 vs H1 2023 £m H1 2024 H1 2023 Q2 2024 Q2 2023 Revenue 603.0 677.4 335.3 381.5 Cost of sales (370.1) (441.1) (202.1) (247.1) Gross profit 232.9 236.3 133.2 134.4 Gross margin % 38.6% 34.9% 39.7% 35.2% 1 Operating expenses (332.7) (323.0) (175.9) (173.3) of which depreciation
Slide 19: Cashflow, Balance Sheet & Net Debt
Cashflow, Balance Sheet & Net Debt H1 2024 vs H1 2023 £m H1 2024 H1 2023 Q2 2024 Q2 2023 Cash generated from operating activities (71.9) 17.5 (10.4) 50.5 Cash used in investing activities (excl. interest) (200.1) (180.2) (113.8) (94.9) Net cash interest paid (40.6) (55.6) 2.0 (55.6) Free cash (outfl
Slide 20: 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 21: Disclaimer
Disclaimer This presentation has been prepared by Aston Martin Lagonda Global Holdings PLC (“AML”) solely for use at the H1 2024 results analyst and investor meetings being held on 24th July 2024 in connection with a discussion of its H1 2024 results. For the purposes of this notice, this “presentat
Slide 22: Aston Martin Lagonda Investor Relations Team
Aston Martin Lagonda Investor Relations Team [email protected] www.astonmartinlagonda.com James Arnold – Head of Investor Relations [email protected] Tel: +44 (0) 7385 222347 Ella South – Investor Relations Analyst [email protected] Tel: +44 (0) 7776 545420 H1 20
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