REG - Aston Martin Lagonda - Final Results
23/02/2022 07:00
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RNS Number : 4915C Aston Martin Lagonda Global Hld PLC 23 February 2022
23 February 2022
Aston Martin Lagonda Global Holdings plc
Preliminary results for the 12 months to 31 December 2021
- Retail sales well ahead of wholesales; >6,000 core vehicles
wholesaled
- Significant growth in Americas and record sales in China, driven by
strong DBX demand
- Targeting Net-Zero manufacturing facilities by 2030
- 2024/25 medium-term targets confirmed
£m 31-Dec-21 31-Dec-20 % change Q4-21 Q4-20 % change
Total wholesales(1) 6,178 3,394 82% 1,928 1,839 5%
Revenue 1,095.3 611.8 79% 358.9 341.8 5%
Adjusted EBITDA(2) 137.9 (70.1) n.m. 65.6 47.5 38%
Adjusted operating loss (2) (74.3) (224.9) 67% (9.2) (9.7) 5%
Operating loss (76.5) (322.9) 76% (8.3) (93.8) 91%
Loss before tax (213.8) (466.0) 54% (25.2) (158.1) 84%
Net debt(2) (891.6) (726.7) (891.6) (726.7)
1. Number of vehicles including Specials; 2. For definition of alternative
performance measures please see Appendix
Financial Highlights
· Wholesales increased 82% as more normal operations were resumed
following COVID-19 restrictions in 2020 and completed rebalance of dealer
inventory in Q1
- Achieved core targets and delivered over 3,000 DBXs in first full year
- Transition to ultra-luxury operating model successfully completed with
retails well ahead of wholesales
· Revenue increased to £1.1bn largely due to substantial volume
growth, driven by customer demand, and strong pricing dynamics; represents 12%
growth on 2019 revenues of £981m pre-COVID and strategic shift to
ultra-luxury
- Core ASP of £150k up from £136k in 2020 and a 14% improvement versus
2019 (£132k)
· Adjusted EBITDA of £138m (consistent with January 2022 trading
update) an improvement of more than £200m versus 2020 and £19m on 2019, with
a 13% margin; Q4 adjusted EBITDA margin of 18% reflecting strength of trading,
Specials deliveries and Project Horizon efficiencies
- Reduced operating loss of £77m despite increased investment in brand and
marketing activities, higher depreciation and amortisation and non-repeat of
2020 £13m furlough credit
· Positive cash inflow from operations of £179m; Free cash outflow
of £123m, a £416m improvement on the prior year (£215m improvement on
2019), with rephased capital expenditure aligned to business plan deliverables
· Strong liquidity, year-end cash of £419m (2020: £489m); Net
debt of £892m (2020: £727m)
Transformation continues at pace
· Delivering exciting products
- DBX achieved an estimated 20% market share; DBX707, the most powerful
luxury SUV on the market, unveiled 1 February 2022 with deliveries expected
from Q2
- Core electrification journey started with mild-hybrid DBX Straight-Six
launched in China in Q4
§ First plug-in hybrid electric vehicle (PHEV) planned for early 2024
deliveries
§ First battery electric vehicle (BEV) targeted for launch in 2025 and all
new car lines to have the option of an electrified powertrain by 2026 (PHEV or
BEV); fully electrified Sport/GT and SUV portfolio by 2030
- Deliveries of era-defining Aston Martin Valkyrie programme started in Q4
at a slower pace than originally expected due to following a quality-focused
approach
§ All Aston Martin Valkyrie Coupes are sold out with a waiting list running;
the Spider version was two-times over-subscribed at launch
- V12 Vantage attracting excellent customer demand ahead of deliveries
scheduled for Q3 2022
· Focusing on customer & brand
- Optimal front-engine dealer inventory levels achieved with healthy
orderbook for all core vehicles
- Attracted a large number of new customers as DBX broadens addressable
market - 50% new to brand
- Class-leading configurator led to a trebling of leads to our dealers;
significant increase in reported third-party dealer profitability with >75%
growth in new dealership enquiries
- Sponsorship of Aston Martin Cognizant F1(TM) Team which reached c.2.8bn
people driving a strong uplift to website traffic on race weekends
· Delivering operational excellence, agility and efficiency
- Manufacturing consolidation has led to a c.20% reduction in manufacturing
costs
- New launches will be targeting contribution margins of over 40%
- Creation of Engineering Centres of Excellence with a global footprint
- Almost 20% of employees new to the business; commercial, technical, and
operational teams substantially strengthened with new talent whilst delivering
efficiencies in manufacturing
· Integrating ESG with new sustainability goals
- Committed to the Science Based Targets initiative (SBTi) Net-Zero
Standard, showing our commitment to target net-zero manufacturing facilities
and a 30% reduction in supply chain emissions by 2030
- Aiming to achieve zero plastic packaging waste, in addition to reducing
water consumption by 15% by 2025
- Targeting 25% female leadership within the next five years, tailoring
leadership development and a number of wider initiatives to create a more
inclusive culture
· Governance
- Comprehensive Board renewal added extensive automotive and luxury
experience; almost 30% of Board are women
§ Product Strategy Committee formed, leveraging industry experience
§ Sustainability Committee formed to oversee implementation of new
sustainability strategy
Lawrence Stroll, Aston Martin Lagonda Executive Chairman commented:
"My second year as Executive Chairman of this iconic and great company has
been another of significant progress. We have successfully transitioned our
operating model to that of an ultra-luxury performance brand, with customer
demand well ahead of supply. Our core business is strong and delivered to
plan, with substantially improved profitability.
We have strengthened our teams, adding more luxury and automotive experience
to the Board, broadening relevant experience at the executive level and
substantially bolstering our operational and development teams. The return of
the Aston Martin name to the Formula One(TM) grid has dramatically increased
our brand exposure, desirability and global awareness, in line with our growth
ambitions.
The Aston Martin Valkyrie programme pushes the boundaries of what is possible
to bring to market outside an F1(TM) racing environment. We inherited a
challenging programme, and while it was disappointing that some deliveries
were rescheduled from late 2021, following an in-depth review and now under a
dedicated team we are confident of continuing to deliver these truly
extraordinary vehicles to our customers with no compromises.
We have a strong pipeline of extraordinary products to come with both DBX707
and V12 Vantage this year and a new generation of front-engine cars for 2023.
This high-performance new portfolio will command stronger pricing and
profitability compared with the past, driving delivery of our financial
targets. Our path to electrification is clear with three of our product
launches in 2021 featuring hybrid technology, our first plug-in hybrid coming
in 2024, our first battery electric vehicle targeted for launch in 2025 and
all new car lines will have an electrified powertrain option by 2026.
When I invested, I knew this transformation would take four to five years to
recreate Aston Martin as the world's most desirable, ultra-luxury British
performance brand. We have made very strong progress already and are well on
plan to achieve our ambitious goal."
Tobias Moers, Aston Martin Lagonda Chief Executive Officer commented:
"The operating environment remained challenging throughout 2021. Despite this,
we grew our core business to plan, with a demand-led delivery of our volume
targets and enhanced core profitability. We achieved strong pricing and closed
the year with dealer stock at optimum levels. We also started delivery of the
once-in-a-generation Aston Martin Valkyrie hypercars. This was achieved
despite the technical ambition of the product, supply chain constraints and
with no compromise on quality, resulting in fewer cars than originally planned
shipping in 2021.
Brand desirability is strong as evidenced by retails outpacing wholesales and
the demand we see for our products, with the Aston Martin Valkyrie Spider,
two-times oversubscribed following its launch in the summer and the order book
filling up for our plug-in hybrid supercar Valhalla, which with a small timing
shift is now due to start deliveries in early 2024.
We are expanding our offer in the growing luxury SUV segment. We launched the
Straight-Six mild hybrid in China in November 2021 and earlier this month
unveiled the highest performing luxury SUV on the market, DBX707. These
products, coupled with the benefits of the efficiency actions undertaken
through Project Horizon and alongside our Specials programme give us
confidence in delivering meaningful growth in 2022.
Beyond 2022 we are confident in the medium and long-term potential for the
business with our exciting product plans and a defined path to
electrification."
Outlook
We are well on our way to achieving our medium-term targets of c.10,000
wholesales, c.£2bn revenue and c.£500m adjusted EBITDA by 2024/25.
For 2022, we expect to deliver significant growth with a c.8% increase in core
volumes expected to deliver a c.50% improvement in adjusted EBITDA from the
core business. We will deliver the first two vehicles from the new management
team, DBX707 and the V12 Vantage, with improved profitability compared with
prior models as well as price adjustments across the full portfolio, given the
pricing power of the brand.
In addition, 75-90 Aston Martin Valkyrie programme vehicles are planned for
shipment.
Supply chains globally continue to experience disruption and our teams remain
focused on mitigating any impact on production. Q1 is expected to be the
smallest quarter of the year, given the timing of product launches (DBX707 in
Q2 and V12 Vantage in Q3) and as we focus on refining the production process
for Aston Martin Valkyrie programme vehicles with a focus on quality.
2022 guidance:
· Wholesales: growth to > 6,600 units
· Adjusted EBITDA margin: c.350-450bps expansion
· Capex and R&D: c.£300m
· Depreciation and amortisation: c.£315m-£330m
Reflecting Aston Martin Valkyrie programme shipments and a full year of
accelerated depreciation of capitalised development costs ahead of next
generation GT/sports vehicles in 2023
· Interest costs: c.£170m (P&L)/ c.£125m (cash) assuming
current exchange rates prevail for 2022
Pension scheme closure
The Company successfully negotiated the closure to future accrual of its
defined benefit pension scheme in January 2022. This is expected to deliver
annual savings of c.£4.5m per year with an associated one-off adjusting item
of c.£14m expected to be booked in 2022 (not included within adjusted
EBITDA). In cash terms, with transition payments to scheme members in
2022-2024, the net cash impact is c.£1m benefit in each of those years and a
c.£4.5m benefit thereafter.
Strategic technology agreement
The Company is embedding the first tranche of technology from Mercedes-Benz AG
into its product renewal and expansion pipeline. There are currently no plans
to issue additional shares to Mercedes-Benz AG until early 2023.
Enquiries
Investors and Analysts
Charlotte Cowley Director of Investor Relations +44 (0)7771 976764
charlotte.cowley@astonmartin.com
Holly Grainger Deputy Head, Investor Relations +44 (0)7442 989551
holly.grainger@astonmartin.com
Brandon Henderson Senior Manager, Investor Relations +44 (0)7585 326704
brandon.henderson@astonmartin.com
Media
Kevin Watters Director of Communications +44 (0)7764 386683
kevin.watters@astonmartin.com
Paul Garbett Head of Corporate and Brand Communications +44 (0)7501 380799
paul.garbett@astonmartin.com
Grace Barnie Corporate Communications Manager +44 (0)7880 903490
grace.barnie@astonmartin.com
Tulchan Communications
Harry Cameron and Simon Pilkington +44 (0)20 73534200
· Recorded presentations accompanying this release from Lawrence
Stroll, Tobias Moers and Kenneth Gregor are available on the corporate website
from 07.00am GMT today; there will be a live Q&A for investors and
analysts at 08:30am GMT
· Presentations and the Q&A can be accessed here:
www.astonmartinlagonda.com/investors/calendar
· A replay facility will be available on the website later in the
day
No representations or warranties, express or implied, are made as to, and no
reliance should be placed on, the accuracy, fairness or completeness of the
information presented or contained in this release. This release contains
certain forward-looking statements, which are based on current assumptions and
estimates by the management of Aston Martin Lagonda Global Holdings plc
("Aston Martin Lagonda"). Past performance cannot be relied upon as a guide to
future performance and should not be taken as a representation that trends or
activities underlying past performance will continue in the future. Such
statements are subject to numerous risks and uncertainties that could cause
actual results to differ materially from any expected future results in
forward-looking statements. These risks may include, for example, changes in
the global economic situation, and changes affecting individual markets and
exchange rates.
Aston Martin Lagonda provides no guarantee that future development and future
results achieved will correspond to the forward-looking statements included
here and accepts no liability if they should fail to do so. Aston Martin
Lagonda undertakes no obligation to update these forward-looking statements
and will not publicly release any revisions that may be made to these
forward-looking statements, which may result from events or circumstances
arising after the date of this release.
This release is for informational purposes only and does not constitute or
form part of any invitation or inducement to engage in investment activity,
nor does it constitute an offer or invitation to buy any securities, in any
jurisdiction including the United States, or a recommendation in respect of
buying, holding or selling any securities.
BUSINESS REVIEW
2021 presented both new and old challenges as Aston Martin navigated a
difficult operating environment both due to supply chain constraints and the
ongoing COVID-19 pandemic. Despite this, the Company built on the foundational
work in 2020 to deliver on its core portfolio as planned and successfully
completed an extensive and challenging development and testing schedule for
the era-defining Aston Martin Valkyrie, with shipments started in December.
In their first full year, the management team focused on delivery while
redefining the Vision and Strategy, driving change throughout every area of
the business and executing on Project Horizon.
The Company built on the strong executive management appointments in 2021 by
also strengthening the Board, appointing world-class leaders in both the
luxury and automotive sectors, adding relevant expertise and experience to
support Aston Martin's journey to become the world's most desirable
ultra-luxury British performance brand.
As the Company focuses on the upcoming portfolio of exciting new products and
embarks on its electrification journey, engineering and procurement has been a
key point of emphasis alongside upskilling operational and commercial
functions. The business has recruited over 350 new employees, to lead the
Company into a new era of ultra-luxury performance vehicles.
Project Horizon transformation - delivering operational excellence, agility
& efficiency
The Project Horizon journey started in late 2020 and the Company has made
substantial progress throughout 2021 in becoming more agile and efficient.
Delivering exciting products
In Q1, the Company successfully achieved the rebalance of front-engine supply
to demand, which was earlier than originally planned. Retails outpaced
wholesales by a significant margin, driving strong pricing dynamics and
demonstrating the strength of the brand and demand for front-engine vehicles.
The Vantage F1(TM) edition, the first F1(TM) branded Aston Martin road car,
was well received by customers generating strong sales.
Aston Martin's first SUV, DBX, successfully delivered over 3,000 units in its
first full year of production, achieving an estimated 20% share of the luxury
SUV market, while maintaining a healthy orderbook throughout the year. The
first derivative of this, a Straight-Six mild-hybrid, was released exclusively
for China in Q4. Initial demand is strong and is expected to continue to
build. The second derivative, DBX707, the most powerful luxury SUV on the
market, was unveiled on 1 February 2022, adding another dimension to the Aston
Martin SUV offer and is expected to deliver strong growth in the segment from
Q2 2022 onwards.
The first true F1(TM) car for the road, Aston Martin Valkyrie, started
deliveries of road and track versions to customers in December. This
pioneering hypercar programme has pushed new boundaries in British automotive
engineering and comprises the revolutionary Aston Martin Valkyrie road car,
the track evolution AMR Pro, as well as the open-top Aston Martin Valkyrie
Spider, which was two-times oversubscribed following its launch in August.
Three of the models launched this year featured hybrid technology as the
Company sets out on its path to electrification. The Aston Martin Valkyrie
programme serves as a halo to our mid-engine vehicles, with the mid-engine
supercar Valhalla, planned to be the Company's first PHEV on the market in
2024. The expectation is for all new car lines to have an electrified
powertrain option by 2026 and for the Sport/GT and SUV portfolio to be fully
electrified by 2030.
Focusing on customer & brand
Returning to the grid after over 60 years, the Aston Martin Cognizant Formula
One(TM) Team has connected the brand with a highly engaged worldwide audience,
with c.2.8bn social media impressions since March, during the most thrilling
F1(TM) season for decades. Brand equity research shows improved perception and
increased buying intent among luxury car buyers, particularly in China and the
US, linked to the presence of the Aston Martin brand in F1(TM). Furthermore,
the role of the Vantage F1(TM) Edition and DBX as Official Safety and Medical
Cars of Formula 1(TM) for half of the season's race weekends has brought
heightened global exposure, resulting in increased web traffic, up 25% on
those weekends, and increased buying interest.
The Company has also reinvested in fixed marketing to support the brand and
the expansion of the portfolio. In July, the business leveraged the Goodwood
Festival of Speed to re-launch the plug-in hybrid supercar Valhalla, and in
August unveiled the Aston Martin Valkyrie Spider at the Pebble Beach Concours
d'Elegance. Aston Martins also took a leading role in the latest James Bond
film, No Time To Die, with four of the brand's cars featuring.
In July the Company launched a class-leading configurator, enhancing the
customer journey to create a truly unique and luxurious experience. Leads to
dealers have increased significantly since launch and option uptake has
increased throughout the portfolio.
Reported third-party dealer profitability in all regions has significantly
improved, supported by the improved pricing dynamics, increasing residual
values and strength in the pre-owned market alongside the expansion of the
product offer. This transformation has contributed to a >75% increase in
new dealer inquiries.
Delivering on operational excellence, agility and efficiency
In Q2, the Company transformed the manufacturing process at Gaydon into a
centre of excellence for GT/sports cars, converting from two production lines
to one, improving efficiencies and consolidating Specials assembly into the
one plant. During Q3, the Company refined the manufacturing process at St
Athan and consolidated its paint application operations. Bespoke paints are
now only applied in Gaydon allowing the new St Athan paint shop to run more
efficiently and effectively for all other colours, resulting in net savings of
over £1,000 per vehicle. Combined, these initiatives reduced manufacturing
costs per vehicle by c.20%.
The business navigated the challenging supply chain environment throughout the
year and implemented measures to mitigate disruption, identify suppliers at
risk and work with them proactively to resolve any pending situations. The
Company has also worked on developing stronger, longer-term strategic
partnerships with Tier 1 suppliers.
Becoming a world-leading sustainable ultra-luxury automotive business
Tackling climate change
A key issue of global awareness is climate change and as a responsible
business, the Company recognises that it is now time to accelerate action and
escalate our ambition on tackling climate change. Through investment and
adapting the production processes, the business plans to work closely with the
SBTi to set and verify targets to deliver net-zero emission manufacturing
facilities by 2030, a 30% reduction in supply chain emissions by 2030, and
net-zero supply chain emissions by 2039.
Creating a better environment
By 2025, the Company is aiming to generate zero plastic packaging waste and
waste for landfill, as well as reduce water consumption by 15%. The business
is also aiming to continue to maximise the use of sustainable materials and
boost biodiversity across all sites.
Investing in people and opportunities
Investing in people and opportunity will continue to shape the Company's
future. The Company relies on the skills and dedication of a brilliant team;
a team that must be kept safe, a team that must be supported, and a team that
must be sustained for the long-term. This demands a relentless focus on
targeting zero accidents, supporting employees to realise their potential, and
creating a more diverse and inclusive environment that promotes, attracts and
develops the very best talent.
As part of the new ESG Strategy, the Company is targeting 25% of female
leadership within the next five years, compared with the current level of
14%.
Take-off into a new era for Aston Martin
The next stage of our journey encompasses a new vision and refined strategy to
accelerate growth and drive profitability.
Our vision is to be the world's most desirable ultra-luxury British
performance brand - creating vehicles with the ultimate technology, precision
and craftsmanship that deliver thrilling performance and a bespoke,
class-leading customer experience.
The refined strategy advances the work completed through Project Horizon and
builds on the inherent strengths of the business, focusing on four strategic
pillars:
· Brand: Iconic brand with 109 years of deep, rich history;
· Product innovation: Pushing the limits of ultra-luxury,
technology and performance;
· Sustainability: Driving new standards in the ultra-luxury
segment;
· Team: World-class leadership team and brand attracting and
developing top talent globally.
Leveraging the progress made through Project Horizon, in combination with the
refined strategy, will position the Company to accelerate growth and drive
increased profitability.
FINANCIAL REVIEW
Sales and revenue analysis
Number of vehicles FY-21 FY-20 % change Q4-21 Q4-20 % change
Wholesale 6,178 3,394 82% 1,928 1,839 5%
Core (excluding Specials) 6,080 3,351 81% 1,886 1,807 4%
By region:
UK 1,109 820 35% 381 350 9%
Americas 1,984 923 115% 546 581 (6%)
EMEA ex. UK 1,270 865 47% 372 425 (12%)
APAC 1,815 786 131% 629 483 30%
By model:
Sports 1,479 691 114% 520 322 61%
GT 1,589 1,116 42% 546 307 78%
SUV 3,001 1,516 98% 815 1,171 (30%)
Other 11 28 (61%) 5 7 (29%)
Specials 98 43 128% 42 32 31%
Note: Sports includes Vantage, GT includes DB11 and DBS, SUV includes DBX and
Other includes prior generation models such as Rapide AMR
Total wholesales grew 82% to 6,178 units, driven by strong demand across the
portfolio and a return to a more normal operating environment post COVID-19
restrictions on manufacturing in 2020 and a successfully completed rebalancing
of dealer inventory. Q4 was the largest quarter and skewed towards December
given supply chain constraints. Signifying the start of our core
electrification journey, deliveries of the mild-hybrid DBX Straight-Six
launched seamlessly in China in Q4.
Geographically, both APAC and the Americas delivered triple-digit growth over
the prior year, up 131% and 115% respectively, as SUV demand skewed towards
these regions as expected. Combined they now represent c.60% of total volumes.
The 98 Specials included10 Aston Martin Valkyrie programme vehicles.
Revenue by Category
£m FY-21 FY-20 % change
Sale of vehicles 1,005.4 535.1 88%
Sale of parts 65.5 56.6 16%
Servicing of vehicles 10.6 6.6 61%
Brand and motorsport 13.8 13.5 2%
Total 1,095.3 611.8 79%
Revenue grew to £1.1bn (2020: £612m), driven mainly by increased wholesales
along with strong pricing dynamics. Sales of parts and servicing increased as
dealers returned to more normal operations in most markets for the majority of
the year - with the prior year significantly impacted by COVID-related
restrictions on operations.
Pricing dynamics were strong, following the successful rebalancing of dealer
inventory completed in Q1, reflecting significantly reduced customer and
retail financing support. With demand ahead of supply and positive geographic
and product mix, core ASP increased to £150k (2020: £136k). Total ASP of
£162k reflected the 98 Specials in the year compared with 43 in the prior
year (2020: £157k).
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Summary income statement and analysis
£m FY-21 FY-20 Q4-21 Q4-20
Revenue 1,095.3 611.8 358.9 341.8
Cost of sales (751.6) (500.7) (237.1) (244.8)
Gross profit 343.7 111.1 121.8 97.0
Gross margin % 31.4% 18.2% 33.9% 28.4%
Operating expenses(1) (418.0) (336.0) (131.0) (106.7)
of which depreciation & amortisation 212.2 154.8 74.8 57.2
Adjusted operating loss(2) (74.3) (224.9) (9.2) (9.7)
Adjusting operating items (2.2) (98.0) 0.9 (84.1)
Operating loss (76.5) (322.9) (8.3) (93.8)
Net financing expense (137.3) (143.1) (16.9) (64.3)
of which adjusting financing items 34.1 (68.6) 21.2 (68.6)
Loss before tax (213.8) (466.0) (25.2) (158.1)
Taxation 24.5 55.5 (7.5) 15.5
Loss for the period (189.3) (410.5) (32.7) (142.6)
Adjusted EBITDA(1,2) 137.9 (70.1) 65.6 47.5
Adjusted EBITDA margin 12.6% n.m. 18.3% 13.9%
Adjusted loss before tax(1) (245.7) (299.4) (47.3) (5.4)
EPS (pence) (165.9) (543.0)
Adjusted EPS (pence)( 2) (200.8) (369.9)
1. Excludes adjusting items; 2. For definition of alternative performance
measures please see Appendix
Adjusted EBITDA was £138m, an improvement of £208m over the prior year, with
a margin of 13%. This included a £5m trade debtor write down in Q2
related to legal action as announced on 22 June. The improved trading
performance led to a significantly reduced operating loss of £77m (2020:
£323m loss) and reflected:
- The flow through of revenue growth, a higher number of Specials and
manufacturing efficiency actions contributing to a gross margin of 31% (up
from 18% in 2020), offsetting the non-repeat of c.£13m of furlough credits
received in the prior year;
- Increased brand investment as events such as Goodwood Festival of
Speed and Pebble Beach Concours d'Elegance resumed post-pandemic, as well as
events associated with F1(TM) and the release of the James Bond film No Time
To Die;
- Higher depreciation and amortisation (D&A) charges of £212m, up
£57m on the prior year, principally due to a full year of DBX, the start of
Aston Martin Valkyrie programme deliveries and in Q4, accelerated depreciation
of capitalised development costs ahead of next generation sports cars in 2023.
2021 D&A was lower than previously guided (£225m-£235m) due to re-timing
of some Aston Martin Valkyrie programme cars; and
- A £14m benefit from exchange rate movements.
Adjusting operating items of £2m predominantly related to ERP implementation
costs (2020: £98m - predominantly impairment of capitalised development
costs).
Net adjusted financing costs of £171m were up from £75m in the prior year
reflecting a full year of the £1.1bn equivalent US$ notes issued in October
2020 and the £70m equivalent notes issued in February 2021. The charge also
includes a £12m adverse FX charge given the US$ denomination of the notes
(2020 included a £31m FX benefit). Adjusted loss before tax was £246m (2020:
£299m loss). The adjusting net finance credit of £34m related to fair value
movements of outstanding warrants (2020: adjusting net finance charge of
£69m), leading to a reduced loss before tax of £214m (2020: £466m).
The tax credit on the adjusted loss before tax is £16m. The effective tax
rate at 6.6% is lower than the 19% standard UK tax rate mainly due to
movements in unprovided deferred tax related to losses and a restriction on
the amount of interest that can be deducted for tax purposes. Tax on
adjusting items was recognised as appropriate and resulted in a net tax credit
of £8m, giving an overall tax credit of £25m.
The total share count at 31 December 2021 was 116 million following the
exercise of 1.5 million warrants linked to the second lien notes. The weighted
average number of shares in 2021 was 116 million. 4.8 million warrants remain
outstanding and are exercisable until December 2027. The Company is embedding
the first tranche of technology from Mercedes-Benz AG into its product renewal
and expansion pipeline. There are currently no plans to issue additional
shares to Mercedes-Benz AG until early 2023.
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Cash flow and net debt
£m FY-21 FY-20 Q4-21 Q4-20
Cash generated/(used) from operating activities 178.9 (198.6) 27.5 73.5
Cash used in investing activities (excl. interest) (185.2) (260.7) (49.0) (56.6)
Net cash interest paid (116.9) (80.0) (62.6) (42.6)
Free Cash outflow (123.2) (539.3) (84.1) (25.7)
Cash inflow from financing activities (excl. interest) 51.5 922.5 7.5 204.9
(Decrease)/increase in net cash (71.7) 383.2 (76.6) 179.2
Effect of exchange rates on cash and cash equivalents 1.2 (1.7) 0.3 2.9
Cash balance 418.9 489.4 418.9 489.4
Net cash inflow from operating activities was £179m (2020: £199m outflow)
including a net working capital inflow of £56m. The largest movement was
receivables, a £75m increase, given the phasing of Q4 deliveries due to
supply chain constraints in the quarter; this has substantially unwound in the
first eight weeks of 2022. There was an offsetting £71m deposit inflow
highlighting strong demand for Aston Martin Valkyrie Spider and Valhalla and a
£53m payables inflow principally associated with future product rollout
plans. Inventories reflected the working capital benefits of the manufacturing
consolidations completed during the year, £8m lower despite the step up for
Aston Martin Valkyrie build and the expanded product portfolio.
Capital expenditure was £185m, lower than the c.£215m-£230m previously
guided, as product development plans mature, aligned to medium-term business
plan objectives. Investment was focused on DBX derivatives, the next
generation of front-engine vehicles due to launch in 2023 and Aston Martin
Valkyrie programme vehicles.
Free cashflow of £(123)m was significantly improved on the prior year (2020:
£(539)m) reflecting the improved trading performance, demand for Specials,
tight working capital control and planned capital expenditure phasing.
Cash inflow from financing (excluding interest) of £52m included gross
proceeds from note issuance of £77m in February. The net cash outflow of
£72m resulted in a closing cash balance of £419m at 31 December 2021 (31
December 2020: £489m).
£m 31 Dec-21 31 Dec-20
Loan Notes(1) (1,074.9) (965.0)
Inventory financing (19.7) (38.2)
Bank loans and overdrafts (114.3) (119.8)
Lease liabilities (IFRS 16) (103.4) (103.0)
Gross debt (1,312.3) (1,226.0)
Cash balance 418.9 489.4
Cash not available for short-term use 1.8 9.9
Net debt (891.6) (726.7)
1 US$ notes of £1.1bn equivalent (First lien of £840m at 10.5% interest
maturing in November 2025; Second lien of £259m at 15.0% split interest (8.9%
cash; 6.1% PIK) with detachable warrants maturing in November 2026). These
instruments carry no-call options of three years for the second lien and four
years for the first lien.
Cash at 31 December 2021 of £419m included £77m gross proceeds from the note
issuance completed in February. Net debt at 31 December 2021 was £892m (31
December 2020: £727m) reflecting the free cash outflow. With the exercise of
some of the warrants attached to the second lien notes, the Company received
cash of £15m in the year.
Gross debt includes £80m drawn down on the RCF, broadly unchanged
year-on-year (2020: £79m), reduced inventory financing of £20m (2020: £38m)
as the Company tightly managed working capital requirements, and a £12m FX
revaluation of the US$ denominated notes.
APPENDICES
Dealerships
31 Dec-21 31 Dec-20
UK 22 22
Americas 44 43
EMEA ex. UK 53 52
APAC 49 50
Total 168 167
Number of countries 56 54
Alternative Performance Measure
£m FY-21 FY-20
Loss before tax (213.8) (466.0)
Adjusting operating expense 2.2 98.0
Adjusting finance income (34.1) (6.9)
Adjusting finance expense - 75.5
Adjusted EBT (245.7) (299.4)
Adjusted finance (income) (2.3) (33.1)
Adjusted finance expense 173.7 107.6
Adjusted operating loss (74.3) (224.9)
Reported depreciation 74.6 55.7
Reported amortisation 137.6 99.1
Adjusted EBITDA 137.9 (70.1)
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 underlying performance of the Group,
enhance the comparability of information between reporting periods, and are
used internally by the Directors to measure the Group's performance.
· Adjusted operating loss is loss from operating activities before
adjusting items
· Adjusted EBITDA removes depreciation, loss/(profit) on sale of
fixed assets and amortisation from adjusted operating loss
· Adjusted EBITDA margin is adjusted EBITDA (as defined above)
divided by revenue
· Adjusted EBT is the loss before tax and adjusting items as shown
in the Consolidated Income Statement
· Adjusted Earnings Per Share is loss after income tax before
adjusting items, divided by the weighted average number of ordinary shares in
issue during the reporting period
· Net Debt is current and non-current borrowings in addition to
inventory financing arrangements, lease liabilities recognised following the
adoption of IFRS 16, less cash and cash equivalents, cash held not available
for short-term use
· Free cashflow is represented by cash (outflow)/inflow from
operating activities less the cash used in investing activities (excluding
interest received) plus interest paid in the year less interest received.
Further details and definitions of adjusting items are contained in note 5 of
the Financial Statements.
2021 2020
Notes Adjusted Adjusting Total Adjusted Adjusting Total
£m items* £m £m items* £m
£m £m
Revenue 3 1,095.3 - 1,095.3 611.8 - 611.8
Cost of sales (751.6) - (751.6) (500.7) - (500.7)
Gross profit 343.7 - 343.7 111.1 - 111.1
Selling and distribution expenses (84.8) - (84.8) (79.6) - (79.6)
Administrative and other operating expenses (333.2) (2.2) (335.4) (256.4) (98.0) (354.4)
Operating loss 4 (74.3) (2.2) (76.5) (224.9) (98.0) (322.9)
Finance income 6 2.3 34.1 36.4 33.1 6.9 40.0
Finance expense 7 (173.7) - (173.7) (107.6) (75.5) (183.1)
Loss before tax (245.7) 31.9 (213.8) (299.4) (166.6) (466.0)
Income tax credit 8 16.2 8.3 24.5 22.6 32.9 55.5
Loss for the year (229.5) 40.2 (189.3) (276.8) (133.7) (410.5)
(Loss)/profit attributable to:
Owners of the Group (191.6) (419.3)
Non-controlling interests 2.3 8.8
(189.3) (410.5)
Other comprehensive income
Items that will never be reclassified to the Income Statement
Remeasurement of Defined Benefit liability 3.8 (59.1)
Taxation on items that will never be reclassified to the Income Statement 8 (1.0) 12.3
Effect of change in rate in taxation 8 6.0 -
Items that are or may be reclassified to the Income Statement
Foreign currency translation differences 2.3 0.8
Fair value adjustment - cash flow hedges (0.3) 6.6
Amounts reclassified to the Income Statement - cash flow hedges (4.3) 9.7
Taxation on items that may be reclassified to the Income Statement 8 1.2 (3.1)
Other comprehensive income/(loss) for the year, net of income tax 7.7 (32.8)
Total comprehensive loss for the year (181.6) (443.3)
Total comprehensive (loss)/income for the year attributable to:
Owners of the Group (183.9) (452.1)
Non-controlling interests 2.3 8.8
(181.6) (443.3)
Earnings per ordinary share
Basic loss per share 9 (165.9p) (543.0p)
Diluted loss per share 9 (165.9p) (543.0p)
All operations of the Group are continuing.
* Adjusting items are defined in note 2 with further detail shown in
note 5.
Group Share Share Premium Merger Reserve Capital Redemption Reserve Capital Reserve Translation Reserve Hedge Reserves Retained Earnings Non-controlling Interest Total
Capital £m £m £m £m £m £m £m £m Equity
£m £m
At 1 January 2021 11.5 1,108.2 144.0 9.3 6.6 0.4 10.9 (503.1) 16.3 804.1
Total comprehensive loss for the year
(Loss)/profit for the year - - - - - - - (191.6) 2.3 (189.3)
Other comprehensive income
Foreign currency translation differences - - - - - 2.3 - - - 2.3
Fair value movement - cash flow hedges - - - - - - (0.3) - - (0.3)
Amounts reclassified to the Income Statement - cash flow hedges - - - - - - (4.3) - - (4.3)
Remeasurement of Defined Benefit liability - - - - - - - 3.8 - 3.8
Effect of change in rate of taxation (note 8) - - - - - - (0.8) 6.8 - 6.0
Tax on other comprehensive income (note 8) - - - - - - 1.2 (1.0) - 0.2
Total other comprehensive income / (loss) - - - - - 2.3 (4.2) 9.6 - 7.7
Total comprehensive income / (loss) for the year - - - - - 2.3 (4.2) (182.0) 2.3 (181.6)
Transactions with owners, recorded directly in equity
Warrant options exercised (note 11) 0.1 15.1 - - - - - 14.8 - 30.0
Credit for the year under equity settled share-based payments - - - - - - - 3.1 3.1
Effect of change in rate of taxation (note 8) - - - - - - - 4.7 - 4.7
Tax on items credited to equity (note 8) - - - - - - - 0.1 - 0.1
Reclassification (note 11) - 0.1 (0.1) - - - - - - -
Total transactions with owners 0.1 15.2 (0.1) - - - - 22.7 - 37.9
At 31 December 2021 11.6 1,123.4 143.9 9.3 6.6 2.7 6.7 (662.4) 18.6 660.4
Group Share Share Premium Merger Reserve Capital Redemption Reserve Capital Reserve Translation Reserve Hedge Reserves Retained Earnings Non-controlling Interest Total
Capital £m £m £m £m £m £m £m £m Equity
£m £m
At 1 January 2020 2.1 352.3 - - 6.6 (0.4) (2.3) (42.8) 14.1 329.6
Total comprehensive loss for the year
(Loss)/profit for the year - - - - - - - (419.3) 8.8 (410.5)
Other comprehensive income
Foreign currency translation differences - - - - - 0.8 - - - 0.8
Fair value movement - cash flow hedges - - - - - - 6.6 - - 6.6
Amounts reclassified to the Income Statement - cash flow hedges - - - - - - 9.7 - - 9.7
Remeasurement of Defined Benefit liability - - - - - - - (59.1) - (59.1)
Tax on other comprehensive income - - - - - - (3.1) 12.3 - 9.2
Total other comprehensive income/(loss) - - - - - 0.8 13.2 (46.8) - (32.8)
Total comprehensive income/(loss) for the year - - - - - 0.8 13.2 (466.1) 8.8 (443.3)
Transactions with owners, recorded directly in equity
Issue of ordinary shares (note 11) 18.7 755.9 144.0 - - - - - - 918.6
Capital reduction (9.3) - - 9.3 - - - - - -
Credit for the year under equity settled share-based payments - - - - - - - 4.2 - 4.2
Dividend paid to non-controlling interest - - - - - - - - (6.6) (6.6)
Tax on items credited to equity (note 8) - - - - - - - 1.6 - 1.6
Total transactions with owners 9.4 755.9 144.0 9.3 - - - 5.8 (6.6) 917.8
At 31 December 2020 11.5 1,108.2 144.0 9.3 6.6 0.4 10.9 (503.1) 16.3 804.1
Notes 31 December 2021 31 December 2020
£m £m
Non-current assets
Intangible assets 1,384.1 1,336.8
Property, plant and equipment 355.5 389.6
Right-of-use lease assets 76.0 71.4
Trade and other receivables 2.1 0.9
Other financial assets 0.5 0.1
Deferred tax asset 156.4 106.5
1,974.6 1,905.3
Current assets
Inventories 196.8 207.4
Trade and other receivables 243.4 177.9
Income tax receivable 1.5 0.2
Other financial assets 7.3 14.6
Cash and cash equivalents 418.9 489.4
867.9 889.5
Total assets 2,842.5 2,794.8
Current liabilities
Borrowings 114.3 113.5
Trade and other payables 721.0 578.9
Income tax payable 5.5 1.2
Other financial liabilities 34.8 83.3
Lease liabilities 9.7 9.3
Provisions 19.9 22.1
905.2 808.3
Non-current liabilities
Borrowings 1,074.9 971.3
Trade and other payables 9.8 7.5
Lease liabilities 93.7 93.7
Provisions 19.0 16.8
Employee benefits 78.7 92.5
Deferred tax liabilities 0.8 0.6
1,276.9 1,182.4
Total liabilities 2,182.1 1,990.7
Net assets 660.4 804.1
Capital and reserves
Share capital 11 11.6 11.5
Share premium 1,123.4 1,108.2
Merger reserve 143.9 144.0
Capital redemption reserve 9.3 9.3
Capital reserve 6.6 6.6
Translation reserve 2.7 0.4
Hedge reserves 6.7 10.9
Retained earnings (662.4) (503.1)
Equity attributable to owners of the group 641.8 787.8
Non-controlling interests 18.6 16.3
Total shareholders' equity 660.4 804.1
The Financial Statements were approved by the Board of Directors on 22
February 2022 and were signed on its behalf by
TOBIAS
MOERS
KENNETH GREGOR
CHIEF EXECUTIVE
OFFICER
CHIEF FINANCIAL OFFICER
COMPANY NUMBER: 11488166
Notes 2021 2020
£m £m
Operating activities
Loss for the year (189.3) (410.5)
Adjustments to reconcile loss for the year to net cash inflow from operating
activities
Tax credit on operations 8 (24.5) (55.5)
Net finance costs 137.3 143.1
Other non-cash movements (0.1) 2.2
Depreciation and impairment of property, plant and equipment 4 65.3 50.8
Depreciation and impairment of right-of-use lease assets 4 9.3 14.8
Amortisation and impairment of intangible assets 4 137.6 168.5
Difference between pension contributions paid and amounts recognised in Income (11.4) (4.1)
Statement
Decrease/(increase) in inventories 7.7 (4.8)
(Increase)/decrease in trade and other receivables (75.4) 67.4
Increase/(decrease) in trade and other payables 52.8 (118.6)
Increase/(decrease) in advances and customer deposits 70.7 (52.8)
Movement in provisions (0.2) 11.0
Cash generated from/(used in) operations 179.8 (188.5)
Decrease/(increase) in cash held not available for short term use 8.1 (0.9)
Income taxes paid 8 (9.0) (9.2)
Net cash inflow/(outflow) from operating activities 178.9 (198.6)
Cash flows from investing activities
Interest received 6 1.1 2.3
Increase in loan assets (1.4) -
Decrease in loan assets 0.9 -
Payments to acquire property, plant and equipment (40.7) (81.0)
Payments to acquire intangible assets (144.0) (179.7)
Net cash used in investing activities (184.1) (258.4)
Cash flows from financing activities
Interest paid (118.0) (82.3)
Proceeds from equity share issue - 812.8
Proceeds from issue of equity warrants 15.3 34.6
Proceeds from financial instrument utilised as part of refinancing - 6.9
transactions
Principal element of lease payments (9.9) (12.2)
Repayment of existing borrowings (37.3) (1,092.3)
Proceeds from inventory repurchase arrangement 19.0 76.8
Repayment of inventory repurchase arrangement (40.0) (80.0)
Proceeds from new borrowings 108.5 1,252.7
Transaction fees paid on issuance of shares (1.3) (34.9)
Transaction fees paid on financing activities (2.8) (41.9)
Net cash (outflow)/inflow from financing activities (66.5) 840.2
Net (decrease)/increase in cash and cash equivalents (71.7) 383.2
Cash and cash equivalents at the beginning of the year 489.4 107.9
Effect of exchange rates on cash and cash equivalents 1.2 (1.7)
Cash and cash equivalents at the end of the year 418.9 489.4
1 BASIS OF ACCOUNTING
Aston Martin Lagonda Global Holdings plc (the "Company") is a company
incorporated in England and Wales and domiciled in the UK. The Group Financial
Statements consolidate those of the Company and its subsidiaries (together
referred to as the "Group").
The Group Financial Statements have been prepared and approved by the
Directors in accordance with UK adopted international accounting standards.
The Group Financial Statements have been prepared under the historical cost
convention except where the measurement of balances at fair value is required
as explained below. The Financial Statements are prepared in millions to one
decimal place, and in sterling which is the Company's functional currency.
The financial information set out does not constitute the Company's financial
statements for the years ended 31 December 2021 or 2020 but is derived from
those financial statements. Financial statements for 2020 have been delivered
to the registrar of companies, and those for 2021 will be delivered in due
course. The auditors have reported on those accounts. Their reports for both
years ended 31 December 2021 and 31 December 2020 were not qualified. Their
reports did not contain a statement under Section 498(2) or (3) of the
Companies Act 2006.
CLIMATE CHANGE
In preparing the Consolidated Financial Statements management has considered
the impact of climate change, particularly in the context of the disclosures
included in the Strategic Report this year and the new sustainability goals
including the stated net zero targets. These considerations did not have a
material impact on the financial reporting judgements and estimates,
consistent with the assessment that climate change is not expected to have a
significant impact on the Group's going concern assessment to June 2023 nor
the viability of the Group over the next five years. The following specific
points were considered:
· The Group has a Strategic co-operation agreement with Mercedes Benz AG.
The agreement provides the Company with access to a wide range of world-class
technologies for the next generation of luxury vehicles which are planned to
be launched through to 2027, in particular, powertrain architecture for
conventional, hybrid and electric vehicles as well as future
electric/electronic architecture.
· The Group continues to invest in onsite renewable energy generation
solutions for our facilities and the use of sustainable materials within
production and the required capital investment is included in our five year
forecasts to enable us to meet our target for net-zero manufacturing
facilities by 2030.
· Management has considered the impact of climate change on a number of
key estimates within the financial statements, including the estimates of
future cash flows used in impairment assessments of the carrying value of
non-current assets (such as capitalised development cost intangible assets)
and the estimates of future profitability used in our assessment of the
recoverability of deferred tax assets in the UK.
GOING CONCERN
The Group meets its day-to-day working capital requirements and medium term
funding requirements through a mixture of $1,184.0m of First Lien notes at
10.5% which mature in November 2025, $335.0m of Second Lien split coupon notes
at 15% per annum (8.89 % cash and 6.11% PIK) which mature in November 2026, a
revolving credit facility (£90.6m) which matures August 2025, facilities to
finance inventory, a bilateral RCF agreement and a wholesale vehicle
financing facility. Under the RCF the Group is required to comply with a
liquidity covenant until May 2022 and a leverage covenant thereafter tested
quarterly from June 2022.
The Directors have developed trading and cash flow forecasts for the period
from the date of approval of these Financial Statements through 30 June 2023
(the going concern review period). These forecasts show that the Group has
sufficient financial resources to meet its obligations as they fall due and to
comply with covenants for the going concern review period.
The forecasts reflect our strategy of rebalancing supply and demand and the
decisive actions taken to improve cost efficiency, in alignment with the
ultra-luxury performance-oriented strategy. The forecasts include the costs of
the Group's environmental, social and governance ("ESG") commitments and make
assumptions in respect of future market conditions and, in particular,
wholesale volumes, average selling price, the launch of new models, and future
operating costs. The nature of the Group's business is such that there can be
variation in the timing of cash flows around the development and launch of new
models. In addition, the availability of funds provided through the vehicle
wholesale finance facility changes as the availability of credit insurance and
sales volumes vary, in total and seasonally. The forecasts take into
account these factors to the extent which the Directors consider
them to represent their best estimate of the future based on the
information that is available to them at the time of approval
of these Financial Statements.
The Directors have considered a severe but plausible downside scenario that
includes considering the impact of a 25% reduction in DBX volumes from
forecast levels and operating costs higher than the base plan.
The Group plans to make continued investment for growth in the period and,
accordingly, funds generated through operations are expected to be reinvested
in the business mainly through new model development and other capital
expenditure. To a certain extent such expenditure is discretionary and, in the
event of risks occurring which could have a particularly severe effect on the
Group, as identified in the severe but plausible downside scenario, actions
such as constraining capital spending, working capital improvements, reduction
in marketing expenditure and the continuation of strict and immediate expense
control would be taken to safeguard the Group's financial position.
1 BASIS OF ACCOUNTING
GOING CONCERN CONTINUED
In addition, we also considered the circumstances which would be needed to
exhaust the Group's liquidity over the assessment period, a reverse stress
test. This would indicate that vehicle sales would need to reduce by 40% from
forecast levels without any of the above mitigations to result in having no
liquidity. The likelihood of these circumstances occurring is considered
remote both in terms of the magnitude of the reduction and that over such a
long period, management could take substantial mitigating actions, such as
reducing capital spending to preserve liquidity.
Accordingly, after considering the forecasts, appropriate sensitivities,
current trading and available facilities, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future and to comply with its financial
covenants therefore the Directors continue to adopt the going concern basis in
preparing the Financial Statements.
2 ACCOUNTING POLICIES
ADJUSTING ITEMS
An adjusting item is disclosed separately in the Consolidated Statement of
Comprehensive Income where the quantum, nature or volatility of such items
would otherwise distort the underlying trading performance of the Group
including where they are not expected to repeat in future periods. The tax
effect is also included.
Details in respect of adjusting items recognised in the current and prior year
are set out in note 5 in the Financial Statements.
3 SEGMENTAL REPORTING
Operating segments are defined as components of the Group about which separate
financial information is available and is evaluated regularly by the chief
operating decision-maker in assessing performance. The Group has only one
operating segment, the automotive segment, and therefore no separate segmental
report is disclosed. The automotive segment includes all activities relating
to design, development, manufacture and marketing of vehicles including
consulting services; as well as the sale of parts, servicing and automotive
brand activities from which the Group derives its revenues.
Revenue 2021 2020
£m £m
Analysis by category
Sale of vehicles 1,005.4 535.1
Sale of parts 65.5 56.6
Servicing of vehicles 10.6 6.6
Brands and motorsport 13.8 13.5
1,095.3 611.8
Revenue 2021 2020
£m £m
Analysis by geographic location
United Kingdom 231.3 106.0
The Americas 302.7 162.5
Rest of Europe, Middle East and Africa 233.8 184.9
Asia Pacific 327.5 158.4
1,095.3 611.8
4 OPERATING LOSS
The Group's operating loss is stated after charging/(crediting):
2021 2020
£m £m
Depreciation and impairment of property, plant and equipment 65.0 52.5
Depreciation released from/(absorbed into) inventory under standard costing 0.3 (1.7)
Depreciation and impairment of right-of-use lease assets 9.3 14.8
Amortisation and impairment of intangible assets 135.0 168.8
Amortisation released from/(absorbed into) inventory under standard costing 2.6 (0.3)
Depreciation, amortisation and impairment charges included in administrative 212.2 234.1
and other operating expenses
Increase in trade receivable loss allowance - administrative and other 3.1 1.5
operating expenses
Net foreign currency differences 11.2 (15.9)
Cost of inventories recognised as an expense 641.4 372.7
Write-down of inventories to net realisable value 0.2 13.5
(Decrease)/increase in fair value of other derivative contracts (0.7) 1.1
Expenditure-related grant income* - (12.5)
Lease payments (gross of sub-lease receipts)
Plant, machinery and IT equipment** 0.3 0.6
Sub-lease receipts Land and buildings (0.6) (0.7)
Auditor's remuneration:
Audit of these Financial Statements 0.3 0.3
Audit of Financial Statements of subsidiaries pursuant to legislation 0.3 0.3
Audit-related assurance 0.1 0.1
Services related to corporate finance transactions 0.1 0.4
Other non-audit services - 1.0
Research and development expenditure recognised as an expense 13.0 4.5
* Government grant income has been offset against the qualifying
employee expenditure within the Consolidated Income Statement. Grant income in
2020 represents government wage subsidies paid through the Job Retention
Scheme. There are no unfulfilled conditions outstanding and the grant has been
recognised in full.
** Election taken by the Group to not recognise right-of-use lease assets
and equivalent lease liabilities for short term and low value leases.
2021 2020
£m £m
Total research and development expenditure 191.2 182.1
Capitalised research and development expenditure (178.2) (177.6)
Research and development expenditure recognised as an expense 13.0 4.5
5 ADJUSTING ITEMS
2021 2020
£m £m
Adjusting operating expenses:
Impairment of assets:
Development costs(6) - (69.4)
Plant, machinery, fixtures and fittings(7) - (3.8)
Tooling(6) - (3.3)
Right-of-use lease assets(7) - (2.8)
- (79.3)
Restructuring:
Employee restructuring costs(1) 2.4 (12.4)
Motorsport exit costs(8) - (6.2)
Director settlement arrangements and incentive payments(9) - (2.7)
Lease early exit costs(2) (0.6) -
ERP implementation costs(3) (4.0) -
Initial Public Offering costs:
Staff incentives(10) - 2.6
(2.2) (98.0)
Adjusting finance income:
Foreign exchange gain on financial instrument utilised during refinance - 6.9
transactions(11)
Gain on financial instruments recognised at fair value through Income 34.1
Statement(4)
Adjusting finance expenses:
Premium paid on the early redemption of Senior Secured Notes(11) - (21.4)
Write-off of capitalised borrowing fees upon early settlement of Senior - (7.6)
Secured Notes(11)
Loss on financial instruments recognised at fair value through Income - (45.3)
Statement(4)
Professional fees incurred on refinancing expensed directly to the Income - (1.2)
Statement(12)
34.1 (68.6)
Total adjusting items before tax 31.9 (166.6)
Tax (charge)/credit on adjusting items(5) (8.1) 32.9
Tax credit due to remeasurement of deferred tax on previously classified 16.4 -
adjusting items(5)
Adjusting items after tax 40.2 (133.7)
Summary of 2021 adjusting items
1. During 2020 the Group provided £12.1m for restructuring costs
associated with a reduction in employee numbers to reflect the lower than
originally planned production volumes. In addition to this, the Group incurred
an additional £0.3m of phase one restructuring costs in 2020. A revision to
the estimated total costs resulting from greater natural attrition has
resulted in £2.4m of the existing provision being released to the Income
Statement during the year ended 31 December 2021. The cash impact of the
restructuring cost is realised in line with the movement in the provision. The
credit to the Consolidated Income Statement in 2021 has no cash impact.
2. In the year ended 31 December 2021 the Group continued to rationalise
its geographical footprint. The Group incurred £0.6m of costs associated with
surrendering a lease 30 months early. These costs have been disclosed
consistent with prior periods. The rationalisation of the geographical
footprint is now complete. The associated cash outflow related to this
adjustment will be realised during 2022 and 2023 in line with the exit
agreement.
3. During the year ended 31 December 2021 the Group commenced a digital
transformation strategy project which includes the implementation of a
cloud-based ERP for which the Group will not own any Intellectual Property.
This project will continue into 2022. £4.0m of costs have been incurred in
the period under the service contract and expensed to the Income Statement.
Due to the infrequent recurrence of such costs and the expected quantum during
the implementation phase, these have been separately presented as adjusting.
The cash impact of this item is a working capital outflow at the time of
invoice payment.
4. The Group issued second lien Senior Secured Notes ("SSNs") during the
year ended 31 December 2020 which included detachable warrants classified as a
derivative option liability initially valued at £34.6m. The movement in fair
value of the derivative option liability from initial pricing during October
2020 when the SSNs were marketed to the 31 December 2020 resulted in a loss of
£45.3m being recognised in the Income Statement. The movement in fair value
of the liability in the year ended 31 December 2021 resulted in a gain of
£34.1m being recognised in the Income Statement. There is no cash impact of
this adjustment.
5. In 2021, a total tax credit of £8.3m has been recognised as an
adjusting item. The effective tax rate associated with the tax credit on
adjusting items in the period is not in line with the standard rate of income
tax for the Group at 19% (2020: 19%). This is due to a £16.4m tax credit
attributable to deferred tax balances on items treated as adjusting in
previous years being re-measured at 25%.
Summary of 2020 adjusting items
6. On 27 October the Group announced an expanded and enhanced technology
agreement with Mercedes-Benz AG, giving access to powertrain architecture (for
conventional, hybrid and electric vehicles) and future oriented
electric/electronic architecture for all product launches through to 2027.
Following incorporation of the benefits of this enhanced partnership on the
Group's business plan, and other cycle plan updates following the strategic
review of the business plan, the carrying value of capitalised tooling and
intangible development costs have been impaired by £72.7m to reflect the
change in future vehicle powertrains and electronic architecture. There was no
cash impact of this item.
7. In 2020 the Group commenced a rationalisation exercise to reduce its
geographical footprint. This resulted in a £2.8m right-of-use lease asset and
£3.8m plant and machinery impairment charge triggered by the conclusion of
activity at a number of the Group's leased sites. There was no cash impact of
this item.
8. In December 2020 Aston Martin announced that, following conclusion of
the 2020 FIA World Endurance Championship, it would cease operation of a
factory GTE team into 2021 incurring termination costs of £6.2m. The cash
outflow associated with this item is realised during 2022-2024 in line with
termination agreement.
5 ADJUSTING ITEMS CONTINUED
Summary of 2020 adjusting items continued
9. It was announced on 27 February 2020 that Mark Wilson would step down
as CFO and as an Executive Director of the Group on 30 April 2020. Subsequent
to this, on 25 May 2020, Dr Andrew Palmer stepped down as CEO and as an
Executive Director of the Group. Tobias Moers joined the Group as CEO and
Executive Director on 1 August 2020. Amounts due as a result of these
changes were £2.7m. The associated cash outflow took place during 2020 and
2021 in line with the relevant individuals' agreement.
10. In the year ended 31 December 2020 a Legacy Long term Incentive Plan
("LTIP") charge of £3.8m was recognised within 'Staff incentives'. As an
offset to this due to the reduced performance of the Group, the remaining
Initial Public Offering ("IPO") bonus held for management was no longer
forecast to be paid. This resulted in £6.4m being credited back to the
Consolidated Income Statement.
11. On 27 October the Group announced the successful arrangement of a new
financing package including the issuance of $1,085.5m of US dollar First Lien
notes and $335m of US dollar Second Lien split coupon notes. Proceeds from
this financing package were used to redeem the existing Senior Secured Notes
("SSNs") in full ahead of their April 2022 maturity date. In redeeming the
existing SSNs early the Group incurred an early redemption premium of £21.4m.
Professional fees capitalised against the existing SSNs of £7.6m were written
off to the Income Statement upon redemption.
Upon the successful arrangement of the new finance package, the
Group entered into a conditional forward currency contract to hedge the net US
dollar cash receipt into sterling upon completion of the transaction. Movement
in the US dollar to sterling exchange rate between the arrangement date and
transaction date resulted in the recognition of a £6.9m currency gain in the
Income Statement. The cash effect of these items was realised at the point in
time of the transaction.
12. Fees incurred on raising the second lien loan notes in December 2020
were allocated between the debt and warrant elements on a proportional basis.
The fees allocated to the warrants have been written off in the period they
were incurred. The cash impact of this item was realised at the transaction
date upon payment of the fees.
6 FINANCE INCOME
2021 2020
£m £m
Bank deposit and other interest income 2.3 2.3
Foreign exchange gain on borrowings not designated as part of a hedging - 30.8
relationship
Finance income before adjusting items 2.3 33.1
Adjusting finance income items:
Foreign exchange gain on financial instrument utilised during refinance - 6.9
transactions
Gain on financial instruments recognised at fair value through Income 34.1 -
Statement
Total Adjusting finance income 34.1 6.9
Total finance income 36.4 40.0
7 FINANCE EXPENSE
2021 2020
£m £m
Bank loans, overdrafts and secured notes 151.3 98.4
Foreign exchange loss on borrowings not designated as part of a hedging 12.4 -
relationship
Interest on lease liabilities 3.9 4.1
Net interest expense on the net Defined Benefit liability 1.3 0.7
Hedge ineffectiveness - 2.5
Interest on contract liabilities held 4.8 1.9
Finance expense before adjusting items 173.7 107.6
Adjusting finance expense items:
Premium paid on the early redemption of Senior Secured Notes - 21.4
Write-off of capitalised borrowing fees upon early settlement of Senior - 7.6
Secured Notes
Loss on financial instruments recognised at fair value through Income - 45.3
Statement
Professional fees incurred on refinancing expensed directly to the Income - 1.2
Statement
Total Adjusting finance expense - 75.5
Total finance expense 173.7 183.1
8 TAXATION
2021 2020
£m £m
UK corporation tax on profits 0.5 (0.6)
Overseas tax 10.8 4.7
Prior period movement - (5.0)
Total current income tax charge/(credit) 11.3 (0.9)
Deferred tax credit
Origination and reversal of temporary differences (16.1) (64.4)
Prior period movement (2.4) 8.5
Effect of change in deferred tax rate (17.3) 1.3
Total deferred tax credit (35.8) (54.6)
Total income tax credit in the Income Statement (24.5) (55.5)
Tax relating to items credited to other comprehensive income
Deferred tax
Actuarial movement on Defined Benefit pension plan 1.0 (11.2)
Fair value adjustment on cash flow hedges (1.2) 0.9
Effect of change in deferred tax rate (6.0) (1.1)
Current tax
Fair value adjustment on cash flow hedges - 2.2
(6.2) (9.2)
Tax relating to items charged in equity - deferred tax
Effect of change in deferred tax rate (4.8) (1.6)
(a) Reconciliation of the total income tax credit
The tax credit in the Consolidated Statement of Comprehensive Income for the
year is lower (2020: lower) than the standard rate of corporation tax in the
UK of 19.0% (2020: 19.0%). The differences are reconciled below:
2021 2020
£m £m
Loss from operations before taxation (213.8) (466.0)
Loss on operations before taxation multiplied by standard rate of corporation (40.6) (88.5)
tax in the UK of 19.0% (2020: 19.0%)
Difference to total income tax credit due to effects of:
Expenses not deductible for tax purposes 0.5 0.2
Movement in unprovided deferred tax 15.0 26.1
Derecognition of deferred tax assets 17.7 -
Irrecoverable overseas withholding taxes 1.4 0.3
Adjustments in respect of prior periods (2.4) 3.5
Effect of change in deferred tax rate (17.3) 1.3
Difference in UK tax rates (4.8) -
Difference in overseas tax rates 2.9 0.6
Other 3.1 1.0
Total income tax credit (24.5) (55.5)
(b) Tax paid
Total net tax paid during the year of £9.0m (2020: £9.2m).
(c) Factors affecting future tax charges
The tax rate applied to UK profits is impacted by the UK Budget 2021
announcement to increase the UK's main rate of corporation tax from 19% to
25%, effective from 1 April 2023.
9 EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the loss for the
year available for equity holders by the weighted average number of ordinary
shares in issue during the year. As part of the Strategic Cooperation
Agreement entered into in December 2020 with Mercedes-Benz AG, shares were
issued for access to tranche 1 technology. The Agreement includes an
obligation to issue further shares for access to further technology in a
future period. Warrants to acquire shares in the Company were issued in
December 2020 as part of the refinancing of the Group. A total of 6,332,393
ordinary shares could be issued to warrantholders who can exercise their
rights from 1 July 2021 through to 7 December 2027. During the period a total
of 1,525,926 ordinary shares were issued (note 11) resulting in 4,806,467
unexercised options. Both the future MBAG tranches and the future issuance of
warrants may have a dilutive effect in future periods if the group generates
a profit.
Diluted earnings per ordinary share is calculated by adjusting basic earnings
per ordinary share to reflect the notional exercise of the weighted average
number of dilutive ordinary share awards outstanding during the year including
the future technology shares and warrants detailed above. The weighted average
number of dilutive ordinary share awards outstanding during the year are
excluded when including them would be anti-dilutive to the earnings per share
value.
Continuing and total operations 2021 2020
Basic earnings per ordinary share
Loss available for equity holders (£m) (191.6) (419.3)
Basic weighted average number of ordinary shares (million)(1) 115.5 77.2
Basic loss per ordinary share (pence) (165.9p) (543.0p)
Diluted earnings per ordinary share
Loss available for equity holders (£m) (191.6) (419.3)
Diluted weighted average number of ordinary shares (million)(1) 115.5 77.2
Diluted loss per ordinary share (pence) (165.9p) (543.0p)
2021 2020
Number Number
Diluted weighted average number of ordinary shares is calculated as:
Basic weighted average number of ordinary shares (million) 115.5 77.2
Adjustments for calculation of diluted earnings per share:(1)
Long term incentive plans - -
Issue of unexercised ordinary share warrants - -
Issue of tranche 2 shares - -
Weighted average number of diluted ordinary shares (million) 115.5 77.2
1. The number of ordinary shares issued as part of the long term
incentive plans, and the potential number of ordinary shares issued as part of
the 2020 issue of share warrants, and the future issuance of shares for access
to Mercedes-Benz AG technology have been excluded from the weighted average
number of diluted ordinary shares as including them is anti-dilutive to
diluted earnings per share.
Adjusted earnings per share is disclosed in note 13 to show performance
undistorted by adjusting items and to give a more meaningful comparison of the
Group's performance.
10 NET DEBT
The Group defines Net Debt as current and non-current borrowings in addition
to inventory repurchase arrangements and lease liabilities, less cash and cash
equivalents including cash held not available for short term use.
2021 2020
£m £m
Cash and cash equivalents 418.9 489.4
Cash held not available for short term use 1.8 9.9
Inventory repurchase arrangement (19.7) (38.2)
Lease liabilities - current (9.7) (9.3)
Lease liabilities - non-current (93.7) (93.7)
Loans and other borrowings - current (114.3) (113.5)
Loans and other borrowings - non-current (1,074.9) (971.3)
Net debt (891.6) (726.7)
Movement in net debt
Net (decrease)/increase in cash and cash equivalents (70.5) 381.5
Add back cash flows in respect of other components of net debt:
New borrowings (108.5) (1,252.7)
Proceeds from inventory repurchase arrangement (19.0) (76.8)
Repayment of existing borrowings 37.3 1,092.3
Repayment of inventory repurchase arrangement 40.0 80.0
Lease liability payments 9.9 12.2
Movement in cash held not available for short term use (8.1) 0.9
Transaction fees 1.9 41.9
(Increase)/decrease in net debt arising from cash flows (117.0) 279.3
Non-cash movements:
Foreign exchange (loss)/gain on secured loan (12.4) 30.8
Interest added to debt (13.4) (8.6)
Premium on the early redemption of SSNs - (21.4)
Borrowing fee amortisation (7.5) (13.0)
Lease liability interest charge (3.9) (4.1)
Lease modifications 0.4 (1.7)
New leases (11.5) 2.6
Unpaid transaction fees - 0.8
Foreign exchange gain and other movements 0.4 (3.8)
(Increase)/decrease in net debt (164.9) 260.9
Net debt at beginning of the year (726.7) (987.6)
Net debt at the end of the year (891.6) (726.7)
11 SHARE CAPITAL AND OTHER RESERVES
Allotted, called up and fully paid Number of Nominal Share Share Merger Capital Redemption Reserve
Value
£m
Shares
£ Capital Premium Reserve
£m
£m
£m
Opening balance at 1 January 2020 228,002,890 0.009039687 2.1 352.3 - -
Private placing(1) 76,000,000 0.009039687 0.7 170.3 - -
Rights issue(2) 1,216,011,560 0.009039687 11.0 353.7 - -
Non-pre-emptive placing and retail offer(3) 304,000,000 0.009039687 2.7 - 149.4 -
Placing Shares(4) 250,000,000 0.009039687 2.3 122.7 - -
Tranche 1 Consideration Shares(5) 224,657,287 0.009039687 2.0 140.3 - -
Issue of new shares(6) 3 0.009039687 - - - -
Transaction costs arising on the issuance of ordinary shares - - - (31.1) (5.4) -
2,298,671,740 0.009039687 20.8 1,108.2 144.0 -
Share split - original shares(7) 2,298,671,740 0.005000000 11.5 - - -
Share split - deferred shares(7) 2,298,671,740 0.004039687 9.3 - - -
Cancellation of deferred shares(7) (2,298,671,740) (0.004039687) (9.3) - - 9.3
2,298,671,740 0.005000000 11.5 1,108.2 144.0 9.3
Consolidation of shares(7) (2,183,738,153) - - - - -
Balance as at 31 December 2020 and 1 January 2021 114,933,587 0.100000000 11.5 1,108.2 144.0 9.3
Exercise of warrant options(8) 1,525,926 0.100000000 0.1 15.1 - -
Transfer between reserves - - - 0.1 (0.1) -
Closing balance at 31 December 2021 116,459,513 0.100000000 11.6 1,123.4 143.9 9.3
1. On 31 March 2020 the Company issued 76.0m ordinary shares by way of a
private placing. The shares were issued at 225p raising gross proceeds of
£171.0m, with £0.7m recognised as share capital and the remaining £170.3m
recognised as share premium.
2. On 1 April 2020 the Company issued 1,216.0m ordinary shares by way of
a rights issue. The shares were issued at 30p raising gross proceeds of
£364.7m, with £11.0m recognised as share capital and the remaining £353.7m
recognised as share premium. Due to the shares being issued at substantially
below market price, a bonus issue is deemed to have taken place. A total of
642.4m shares issued were considered bonus shares. The weighted average shares
used to calculate Earnings Per Share (see note 9) has been adjusted
accordingly.
3. On 26 June 2020 the Company issued 304.0m ordinary shares through a
non-pre-emptive placing and retail offer. The shares were issued at 50p
raising gross proceeds of £152.1m, with £2.7m recognised as share capital
and the remaining £149.4m recognised as merger reserve. The merger reserve is
used where more than 90% of the shares in a subsidiary are acquired and the
consideration includes the issue of new shares by the Company, thereby
attracting merger relief under the Companies Act 2006.
4. On 7 December 2020 the Company issued 250.0m ordinary shares by way
of a placing. The shares were issued at 50p raising gross proceeds of
£125.0m, with £2.3m recognised as share capital and the remaining £122.7m
recognised as share premium.
5. On 7 December 2020 the Company issued 224.7m ordinary shares by way
of Tranche 1 Consideration shares. The shares were issued at 63.34p in
reflection of the fair value of access to technology assets acquired, with
£2.0m recognised as share capital and the remaining £140.3m recognised as
share premium.
6. On 14 December 2020 the Company issued 3 ordinary shares. The shares
were issued at 81.65p raising gross proceeds of £2.45. The shares were issued
to facilitate the share consolidation in sub-note 7 below.
7. On 14 December 2020 the Company underwent a capital reorganisation.
Each ordinary 0.9p share was split into one ordinary 0.5p share and one
deferred 0.4p share. The deferred shares were repurchased by the Company for
consideration of £1. The deferred shares were subsequently cancelled by the
Company resulting in a movement from share capital into the Capital Redemption
Reserve of £9.3m. Each holder of ordinary shares was entitled to 1 new
ordinary share of 10p in respect of 20 ordinary 0.5p shares held.
8. On 15 July 2021 945,131 ordinary shares in the Company were issued to
satisfy the redemption of 18,902,665 warrant options. £9.5m of cash was
received for the shares. On 22 July 2021 330,795 ordinary shares in the
Company were issued to satisfy the redemption of 6,615,932 warrant options.
£3.3m of cash was received for the shares. On 11 December 2021 250,000
ordinary shares in the Company were issued to satisfy the redemption of
5,000,003 warrant options. £2.5m of cash was received for the shares. Upon
issuance of the shares the corresponding derivative option liability is
extinguished resulting in a total credit to Retained Earnings during the year
ended 31 December 2021 of £14.8m.
12 POST BALANCE SHEET EVENTS
On 31 January 2022, the Defined Benefit pension scheme operated by the Group
was closed to future accrual. All active scheme participants have become
deferred members. A curtailment loss of c.£3m and other associated closure
costs of c.£11m are expected to be recognised by the Group during 2022.
13 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 underlying performance of the Group,
enhance the comparability of information between reporting periods, and are
used internally by the Directors to measure the Group's performance.
The key APMs that the Group focuses on are as follows:
i) Adjusted EBT is the loss before tax and adjusting items as shown in
the Consolidated Income Statement.
ii) Adjusted EBIT is operating (loss)/profit before adjusting items.
iii) Adjusted EBITDA removes depreciation, loss on sale of fixed assets
and amortisation from adjusted EBIT.
iv) Adjusted operating margin is adjusted operating (loss)/profit divided
by revenue.
v) Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided
by revenue.
vi) Adjusted Earnings Per Share is loss after tax before adjusting items
as shown in the Consolidated Income Statement, divided by the weighted average
number of ordinary shares in issue during the reporting period.
vii) Net Debt is current and non-current borrowings in addition to inventory
repurchase arrangements and lease liabilities, less cash and cash equivalents
and cash held not available for short term use as shown in the Consolidated
Statement of Financial Position.
viii) Adjusted leverage is represented by the ratio of Net Debt to the last
twelve months ('LTM') Adjusted EBITDA.
ix) Free cash flow is represented by cash (outflow)/inflow from operating
activities less the cash used in investing activities (excluding interest
received) plus interest paid in the year less interest received.
INCOME STATEMENT
2021 2020
£m £m
Loss before tax (213.8) (466.0)
Adjusting operating expenses (note 5) 2.2 98.0
Adjusting finance expense (note 7) - 75.5
Adjusting finance income (note 6) (34.1) (6.9)
Adjusted loss before tax (EBT) (245.7) (299.4)
Adjusted finance income (2.3) (33.1)
Adjusted finance expense 173.7 107.6
Adjusted Operating Loss (EBIT) (74.3) (224.9)
Adjusted Operating Margin (6.8%) (36.8%)
Reported depreciation 74.6 55.7
Reported amortisation 137.6 99.1
Adjusted EBITDA 137.9 (70.1)
Adjusted EBITDA Margin 12.6% (11.5%)
EARNINGS PER SHARE
2021 2020
£m £m
Adjusted earnings per ordinary share
Loss available for equity holders (£m) (191.6) (419.3)
Adjusting items (note 5)
Adjusting items before tax (£m) (31.9) 166.6
Tax on adjusting items (£m) (8.3) (32.9)
Adjusted loss (£m) (231.8) (285.6)
Basic weighted average number of ordinary shares (million)(1) 115.5 77.2
Adjusted loss per ordinary share (pence) (200.8p) (369.9p)
Adjusted diluted earnings per ordinary share
Adjusted loss (£m) (231.8) (285.6)
Diluted weighted average number of ordinary shares (million) 115.5 77.2
Adjusted diluted loss per ordinary share (pence) (200.8p) (369.9p)
1. Average number of ordinary shares has been reduced by a ratio of 20:1
reflecting the share consolidation undertaken in December 2020.
13 ALTERNATIVE PERFORMANCE MEASURES CONTINUED
NET DEBT
2021 2020
£m £m
Opening cash and cash equivalents 489.4 107.9
Cash inflow/(outflow) from operating activities 178.9 (198.6)
Cash outflow from investing activities (184.1) (258.4)
Cash (outflow)/inflow from financing activities (66.5) 840.2
Effect of exchange rates on cash and cash equivalents 1.2 (1.7)
Cash and cash equivalents at 31 December 418.9 489.4
Cash held not available for short term use 1.8 9.9
Borrowings (1,189.2) (1,084.8)
Lease liabilities (103.4) (103.0)
Inventory repurchase arrangement (19.7) (38.2)
Net Debt (891.6) (726.7)
Adjusted EBITDA 137.9 (70.1)
Adjusted leverage 6.5x n.m
FREE CASH FLOW
2021 2020
£m £m
Net cash inflow/(outflow) from operating activities 178.9 (198.6)
Cash used in investing activities (excluding interest received) (185.2) (260.7)
Interest paid less interest received (116.9) (80.0)
Free cash flow (123.2) (539.3)
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