Aston Martin Lagonda Global : H1 Results 2023 Presentation
July 26, 2023 at 02:15 am
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H1 2023 Results
Six months ended 30 June 2023
Amedeo Felisa
C H I E F E X E C U T I V E O F F I C E R
Agenda
H1 2023 highlights
Financial review Appendix
H1 2023 Highlights
Accelerating the pace of execution; new 2027/28 financial targets focused on growth through value
Q2 performance ahead of expectations; FY 2023 guidance maintained
New DB12 Coupe sold out for 2023 following launch at the end of May; GT/Sports sold out for 2023 ahead of new launches; DBX order book into Q4
H1 revenue growth of 25%, driven by strong DBX volume and ASP growth
Gross profit increased by 26% YoY with a gross margin of 35%
Adj. EBITDA increased 38% YoY to £81m or a margin of 12%, representing YoY margin expansion of c. 110bps
Free cash1 outflow of £218m; cash balance of £400m; net debt reduced by one-third YoY to £846m
On track to substantially achieve 2024/25 financial targets in 2024
Accelerating the pace of execution; transformation of our sports car line-up
New senior appointments in procurement, manufacturing & engineering
Opened first ultra-luxury flagship store in New York City
New DB12 Coupe deliveries commencing in Q3 2023
Initial DBS770 Ultimate deliveries commenced in Q2, ramping up in Q3 (all 499 units sold); Deliveries of Aston Martin Valkyrie Spider, DBR22 and Valour to commence in H2
Unprecedented demand for Valour, all 110 units sold within 2 weeks, with a growing waiting list
Landmark agreement with Lucid to supply EV technology
Moving forward in our ambition to create the world's most thrilling and highly desirable electric performance cars
Supports our target to launch our first BEV in 2025
Development of a single, bespoke Aston Martin flexible BEV platform
Mercedes-Benzremain strategic partner for ICE and PHEV technologies; Long-term partnership with Geely
New financial targets for 2027/28 announced at Capital Markets Day
Revenue of c.£2.5bn; gross margin in the mid 40s%; adj. EBITDA of c.£800m; adj. EBITDA margin of c.30%
Free cash flow to be sustainably positive; net leverage of c.1.0x
4 Certain financial data within this presentation has been rounded; See Appendix for more detail on APMs; (1) Operating cashflow less investing activities (excl. interest) and net cash interest; cash interest payments are in Q2 and Q4
110th Anniversary
Marking this historic occasion with a series of events, including a reception at the Houses of Parliament in London and a celebration lap of the Silverstone circuit featuring 110 Aston Martin cars, past and present
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Aston Martin Lagonda Global Holdings plc published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 06:14:26 UTC.
Aston Martin Lagonda Global Holdings plc is a United Kingdom-based independent luxury car company. The Company has one operating segment, which is the automotive segment. 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. It participates in selected collaborations, partnerships and brand extension activities, including Art of Living experiences, luxury brand centers, residences, and transportation. Aston Martin Consulting is a consultancy service based around expertise in engineering and manufacturing. It produces a range of luxury models including the Vantage, DB12, DBS, DBX and its first hypercar, the Aston Martin Valkyrie. It is developing alternatives to the internal combustion engine that is enabled by an expanding electric vehicle transformation program, including partnerships with Mercedes-Benz and Lucid.