TIDMAML
RNS Number : 6747G
Aston Martin Lagonda Global Hld PLC
28 July 2021
28 July 2021
Aston Martin Lagonda Global Holdings plc
Interim results for the six months to 30 June 2021
- Significantly improved performance, in line with
expectations
- Revenues more than trebled and adjusted EBITDA improved by
GBP138m vs. H1 2020
- Strong pricing dynamics for GT/Sport and >1,500 DBXs
delivered
- Excellent progress with Project Horizon transformation
plan
GBPm H1 2021 H1 2020 % change Q2 2021 Q2 2020 % change
-------- -------- -------- --------
Total wholesale
volumes(1) 2,901 895 224% 1,548 317 388%
Revenue 498.8 146.0 242% 274.4 57.2 380%
Adjusted EBITDA(2) 48.8 (89.0) n.m. 28.1 (50.9) n.m.
Adjusted operating
loss(2) (36.0) (145.5) n.m. (20.7) (78.5) n.m.
Operating loss (38.0) (159.3) n.m. (22.7) (91.4) n.m.
Loss before tax (90.7) (227.4) n.m. (48.5) (117.3) n.m.
Net debt(2) 791.5 751.0 791.5 751.0
-------------------- -------- -------- --------- -------- -------- ---------
(1) Number of vehicles including specials; (2) For definition of
alternative performance measures please see Appendix; (3) Adjusting
items are detailed in note 4 of the Interim Financial
Statements
Financial highlights
-- Wholesales [1] more than trebled to meet demand; delivered
>1,500 DBXs representing over half of vehicles sold
- Q2 showed sequential improvement on Q1 and GT/Sports
wholesales more than doubled year-on-year
-- Revenue increased 242% to GBP499m largely due to substantial
growth in wholesales and strong pricing dynamics as completed
supply to demand rebalance for GT/Sport in Q1
-- Adjusted EBITDA improved by GBP138m half-on-half to GBP49m
with a 10% margin reflecting improved trading, Specials deliveries
and some initial Project Horizon efficiencies and despite a GBP5m
trade debtor write down in Q2 related to legal action as announced
on 22 June; excluding this, Q2 adjusted EBITDA margin was 12%
- Reduced operating loss includes D&A increase due to
expanded core range, non-repeat of GBP10m furlough credits in prior
year and higher brand investment
-- Positive cashflow from operations of GBP104m; Free cash
outflow [2] of GBP44m, a GBP326m improvement year-on-year with
controlled investment aligned to financial performance and business
plan deliverables
-- Improved cash position of GBP506m (December 2020: GBP489m)
includes GBP77m gross proceeds from new notes issued in the period;
Net debt of GBP792m (December 2020: GBP727m)
Project Horizon transformation well underway
-- Delivering compelling products
- Successfully achieved rebalance of GT/Sport supply to demand
in Q1, earlier than originally expected
- Good demand for current models; first DBX derivative to start
production in Q3
- Vantage F1(R) edition attracting strong demand and V12
Speedster deliveries commenced
- Aston Martin Valkyrie on track for H2 deliveries; Valkyrie AMR
Pro deliveries to start in Q4
- Successful launch of Valhalla hybrid supercar at British Grand
Prix
- All Aston Martins to have an electrified powertrain option,
either hybrid or battery electric by 2025/26 and 50% to be battery
electric by 2030
-- Focusing on customer and brand
- Aston Martin Cognizant Formula One(TM) Team driving brand
awareness
- Launched new class-leading configurator improving customer
experience
- Strengthened regional management with external
appointments
- Extended dealer network, in particular, in Europe
-- Delivering operational excellence, agility and efficiency
- All sports manufacturing consolidated into one centre of
excellence
- Completed shift to single line production at Gaydon
- Paint shop consolidation scheduled for completion post
summer
- St Athan efficiency consolidation well underway
- Structure in place to operate at enhanced efficiency levels
through H2
- Manufacturing operations not impacted by chip shortages,
closely monitoring situation
-- Building a performance driven culture
- Profit, cash and quality metrics embedded in whole company
bonus plan
- Experienced luxury and automotive executives appointed to the
Board
-- Amedeo Felisa (former CEO of Ferrari), Natalie Massenet DBE
(founder of Net-a-Porter), Marigay McKee (former President of Saks
Fifth Avenue) and Franz Reiner (current Mercedes-Benz AG
executive)
- 38% of Board members (Executives and Independent
Non-Executives) are now female
- Leadership team boosted including new Heads of Sales
Operations & Network Development, Marketing &
Communication, and Quality
- Employee survey shows pride in working for the Company and
strong teamworking
Lawrence Stroll, Executive Chairman commented:
"When I joined Aston Martin just over a year ago, I had in mind
key milestones that needed to be achieved to put the right
foundations in place for the Company's future success. These have
all been delivered, from appointing a world-class leadership team,
to successfully rebalancing supply to demand and crucially
strengthening the financial resilience of the business. Signing the
landmark technology agreement with Mercedes-Benz AG underpins our
product plans for the future, including the route to
electrification. All supported by the important brand benefit of
the Aston Martin Cognizant Formula One(TM) Team.
It also gave me great pleasure to announce the further
strengthening of our Board with the appointment of Amedeo Felisa,
Natalie Massenet DBE, Marigay McKee and Franz Reiner earlier this
month. With this last step in my initial turnaround plan completed
I remain tremendously excited about the significant potential of
the business.
Building on the success of DBX, our first SUV, we have since
delivered two more new vehicles and with more exciting product
launches to come we are well positioned for growth. The launch of
Valhalla last week signals a new era for Specials at Aston Martin
as an integral pillar of our brand and our product innovation.
The demand we see for our products, the new product pipeline and
the quality of the team we have in place to execute, gives me great
confidence in our continued success as we progress towards
achieving our medium-term targets of 10k units, GBP2bn revenue and
GBP500m of adjusted EBITDA, as we transform Aston Martin to be one
of the greatest ultra-luxury car brands in the world."
Tobias Moers, Chief Executive Officer commented:
"We have performed well in the first half of the year as we
continue to deliver results in-line with our plans to improve
profitability. Demand and pricing dynamics remain strong and I am
particularly pleased that we are now operating with the right
supply to demand balance for our products, earlier than we had
originally expected.
I am also happy with our excellent progress on Project Horizon
as we drive efficiency and agility throughout every aspect of the
Company. Our manufacturing operations have seen significant changes
with the consolidation of all sports manufacturing into a centre of
excellence at Gaydon and a shift to a more efficient single
production line. Our technical teams are focused on developing our
future pipeline of compelling products, from the recently announced
Aston Martin Valkyrie AMR Pro, the ultimate no rules hypercar, due
to start delivery in Q4, to Valhalla, our first plug-in hybrid,
mid-engined supercar as we embark on our journey from combustion to
hybrid to electric.
I would like to thank all of our employees for their hard work
and their dedication as COVID-19 continues to impact all of us and
for their passion, support and commitment as we continue on our
journey. Our good progress to date in the execution of our plans as
signalled by our results today, underpins our confidence in
delivering our transformational growth strategy to create a
world-class, self-sustaining ultra-luxury automaker."
Outlook
The progress we have made to improve the profitability of the
business in the first half, underpins our confidence in delivering
our medium-term plans and targets. By 2024/25:
- c.10,000 wholesales, c.GBP2bn revenue and c.GBP500m adjusted
EBITDA
- Annual capex and R&D GBP250m-GBP300m
The uncertainty surrounding the duration and impact of the
pandemic on the global economy continues, with the pace of
emergence from lockdown and recovery in consumer demand varying
significantly across geographies. However, with H1 trading in-line
with our expectations and good forward visibility for both GT/Sport
and DBX, our expectations and guidance for 2021, remain
substantially unchanged except for allowing for the GBP15m impact
from the legal action we announced on 22 June:
- Wholesales c. 6,000
- Adjusted EBITDA margin mid-teens %, prior to the GBP15m impact of legal action,
of which, GBP5m doubtful debt provision recognised in H1
2021
-- Adjusted EBITDA is expected to be heavily weighted to the
second half and particularly Q4 given the timing of Specials
- CAPEX and R&D c. GBP250m-GBP275m
- Depreciation and amortisation c.GBP255m-GBP265m reflecting programme timing
(previously c.GBP240m-GBP250m)
- Interest costs [3] c. GBP135m (P&L) / c.GBP120m (cash)
updated to reflect current
exchange rates (previously c.GBP145m (P&L)/c. GBP120m
(cash))
All metrics and commentary in this announcement exclude
adjusting items unless stated otherwise and certain financial data
within this announcement have been rounded.
Enquiries
Investors and Analysts
Charlotte Cowley Director of Investor Relations
+44 (0)7771 976764
charlotte.cowley@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
Grace Barnie Corporate Communications Manager +44 (0)7880 903490
grace.barnie@astonmartin.com
Tulchan Communications
Harry Cameron and Simon Pilkington
+ 44 (0)20 7353 4200
-- Presentations from Tobias Moers, CEO and Ken Gregor, CFO are
available on the corporate website from 7am and there will be a
call for investors and analysts today at 08:30am. The conference
call can be accessed live
via the corporate website https://www.astonmartinlagonda.com/investors/calendar
-- A replay facility will be available on the website later in the day
-- Interim Results for the nine months to 30 September 2021 will
be announced on 4 November 2021
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.
FINANCIAL REVIEW
Sales and revenue analysis
Number of vehicles H1 2021 H1 2020 Change Q2 2021 Q2 2020 Change
-------- -------- -------- --------
Total wholesale 2,901 895 224% 1,548 317 388%
Core (excluding Specials) 2,881 894 222% 1,529 316 384%
By region:
UK 434 275 58% 162 46 252%
Americas 1,056 280 277% 625 173 261%
EMEA ex. UK 600 191 214% 316 43 635%
APAC 811 149 444% 445 55 709%
By model:
Sport 670 283 137% 358 95 277%
GT 610 596 2% 321 214 50%
SUV 1,595 - n.m. 849 - n.m.
Other 6 15 (60%) 1 7 (86%)
Specials 20 1 n.m. 19 1 n.m.
--------------------------- -------- -------- ------- -------- -------- -------
Note: Sport includes Vantage, GT includes DB11 and DBS, SUV
includes DBX and Other includes prior generation models
Total wholesales more than trebled to 2,901 units, with DBX
representing over half the mix and Sports delivering strong growth
with good underlying retail demand; Q2 2020 was the most heavily
impacted quarter from COVID-19 restrictions with both manufacturing
facilities closed for the majority of the quarter and dealer
operations severely impacted. 20 Specials were wholesaled including
initial V12 Speedster deliveries.
Geographically, APAC saw the strongest growth, up over 400% in
the half and accelerating to up over 700% in Q2 boosted by DBX,
coupled with good demand for GT/Sports. The UK was heavily impacted
by lockdown disruptions to dealer operations in Q1, though growth
improved significantly in Q2.
Revenue by Category
GBPm H1 2021 H1 2020 Change
-------- --------
Sale of vehicles 458.5 113.1 305%
Sale of parts 32.2 23.1 39%
Servicing of vehicles 5.1 3.5 46%
Brand and motorsport 3.0 6.3 (52%)
Total 498.8 146.0 242%
-------- --------
First half revenues more than trebled to GBP499m (H1 2020:
GBP146m), driven mainly by increased wholesales along with improved
pricing.
The stronger pricing dynamics followed the completion of the
rebalance of supply to demand for GT/Sports during Q1 2021.
Substantially lower customer and retail financing support and
improved residual values contributed to a sequential improvement in
core ASP from GBP149k in Q1 to GBP151k in Q2 (H1 2021: GBP150k; H1
2020: GBP121k). Total ASP of GBP156k reflected the 20 Specials in
the half compared with one in the prior year period (H1 2020:
GBP124k).
The net GBP7m improvement in other revenue streams reflected
dealers returning to more normal servicing operations than the
prior year and lower brand and motorsport revenues, with low race
car sales as expected.
Summary income statement and analysis
GBPm H1 2021 H1 2020 Q2 2021 Q2 2020
-------- --------
Revenue 498.8 146.0 274.4 57.2
Cost of sales (355.5) (148.8) (194.4) (74.3)
-------- -------- -------- --------
Gross profit / (loss) 143.3 (2.8) 80.0 (17.1)
Gross margin % 28.7% n.m. 29.2% n.m.
Operating expenses(1) (179.3) (142.7) (100.7) (61.4)
of which depreciation & amortisation 84.8 56.5 48.8 27.6
-------- -------- -------- --------
Adjusted operating loss (2) (36.0) (145.5) (20.7) (78.5)
Adjusting operating items (2.0) (13.8) (2.0) (12.9)
-------- -------- -------- --------
Operating loss (38.0) (159.3) (22.7) (91.4)
Net financing expense (52.7) (68.1) (25.8) (25.9)
of which adjusting financing
income 14.0 - 8.6 -
-------- -------- -------- --------
Loss before tax (90.7) (227.4) (48.5) (117.3)
Taxation 19.6 27.6 19.2 11.3
-------- -------- -------- --------
Loss for the period (71.1) (199.8) (29.3) (106.0)
Adjusted EBITDA (1,2) 48.8 (89.0) 28.1 (50.9)
Adjusted EBITDA margin 9.8% n.m. 10.2% n.m.
Adjusted loss before tax (1) (102.7) (213.6) (55.1) (104.4)
EPS (pence) (3) (63.3) (333.0) (26.5) (117.7)
Adjusted EPS (pence) (2,3) (85.3) (316.0) (44.7) (102.7)
----------------------------------------------- -------- -------- -------- --------
1 Excludes adjusting items; 2 Alternative Performance Measures
are defined in the Appendix; 3 EPS has been restated in the
comparative period to reflect the 20:1 share consolidation in
December 2020;
Adjusted EBITDA was GBP138m higher than the prior year at GBP49m
with a margin of 10% (H1 2020: GBP(89)m). This included a GBP5m
trade debtor write down in Q2 related to legal action as announced
on 22 June; excluding this short-term headwind, Q2 adjusted EBITDA
margin was 12%.
The reduced operating loss of GBP38m (H1 2020: GBP159m loss)
reflected:
- Strong revenue growth and some initial cost efficiencies from
Project Horizon contributing to a gross margin of 29%, more than
offsetting the non-repeat of c.GBP10m of furlough credits received
in H1 2020;
- increased brand investment including the timing of F1(TM)
-related expenses, given racing calendar shifts;
- higher depreciation and amortisation charges, up GBP28m on the
prior year period, principally due to DBX which only started to
ship in H2 2020 and reflected the Specials sold; and
- a GBP5m benefit to operating profit from exchange rate movements.
Adjusting operating items of GBP2m predominantly related to ERP
implementation costs (H1 2020: GBP14m).
Net financing costs of GBP53m were down from GBP68m in the prior
year. The charge reflected interest on the GBP1.1bn equivalent
notes issued in October 2020 as part of the re-financing and the
new GBP70m equivalent notes issued in February 2021. The net charge
also included an FX benefit of GBP9m (H1 2020 included a GBP20m FX
headwind) given the US dollar denomination of the notes and a
GBP14m adjusting finance credit due to fair value movements of
outstanding warrants (H1 2020: nil). The loss before tax was GBP91m
(H1 2020: GBP227m loss).
The total effective tax rate for the period to 30 June 2021 was
22% which is higher than the prior period, principally due to
brought forward deferred tax balances being remeasured at 25% (the
substantively enacted UK corporation tax rate effective from April
2023) (H1 2020: 12%).
The total share count at 30 June 2021 was 115 million, giving an
adjusted EPS of (85.3)p (H1 2020: (316.0)p). Note following the
exercise of some warrants in July the total share count as at 28
July had increased to 116.2 million ordinary shares and outstanding
warrants remain which may be exercised by warrant holders to
subscribe for up to 5.0 million ordinary shares.
Cash flow and net debt
GBPm H1 2021 H1 2020 Q2 2021 Q2 2020
-------- --------
Cash generated from/(used in) operating
activities 103.8 (179.4) 31.6 (175.3)
Cash used in investing activities
(excl. interest) (91.0) (161.5) (43.4) (76.4)
Net cash interest paid (57.1) (29.7) (56.7) (26.4)
-------- -------- --------
Free cash outflow (44.3) (370.6) (68.5) (278.1)
Cash inflow / (outflow) from financing
activities (excl. interest) 62.4 628.6 (2.0) 468.0
Increase / (decrease) in net cash 18.1 258.0 (70.5) 189.9
-------- --------
Effect of exchange rates on cash
and cash equivalents (1.9) (6.5) 0.7 (2.2)
----------------------------------------- -------- -------- -------- --------
Cash balance 505.6 359.4 505.6 359.4
----------------------------------------- -------- -------- -------- --------
Net cash inflow from operating activities was GBP104m (H1 2020:
GBP179m outflow), driven primarily by the improved trading
performance of the business along with a working capital inflow of
GBP62m (H1 2020: GBP86m outflow). The largest driver was a GBP40m
receivables inflow as the build to order strategy normalised
delivery cadence and a GBP9m decrease in inventory reflecting some
of the operational efficiencies enacted during the half. The
deposit balance increased GBP7m as new deposits more than offset
the unwind from Specials delivered in the period.
Capital expenditure was GBP90m with investment focused on
Vantage F1(R) Edition, the first DBX derivative, Specials and
front-engine refreshes. Investment is expected to increase in the
second half of the year, focusing on DBX derivatives and further
development of the future product pipeline including full refreshes
of front-engine products and the mid-engine programmes benefiting
from the technology transfer.
Free cash outflow of GBP44m was significantly improved from the
GBP371m outflow in the prior year and along with the cash movements
detailed above, included a net cash interest payment of GBP57m.
GBPm 30-June-21 31-Dec-20 30-June-20
----------- ----------
Loan notes (1,041.6) (965.0) (877.0)
Inventory financing (39.8) (38.2) (19.5)
Bank loans and overdrafts (118.0) (119.8) (114.6)
Lease liabilities (IFRS 16) (99.2) (103.0) (110.0)
Gross debt (1,298.6) (1,226.0) (1,121.1)
----------- ----------
Cash balance 505.6 489.4 359.4
Cash not available for short term
use 1.5 9.9 10.7
----------------------------------- ----------- ---------- -----------
Net debt (791.5) (726.7) (751.0)
----------------------------------- ----------- ---------- -----------
Cash at 30 June 2021 of GBP506m included GBP77m gross proceeds
from the new $98.5m note issuance completed in February (31
December 2020: GBP489m). Net debt was GBP792m, up from GBP727m at
31 December 2020.
With the exercise of some of the warrants attached to the second
lien notes, the Company received cash of c.GBP13m in July.
APPICES
Dealerships
30 June-21 31 Dec-20 30 June-20
----------- ----------
UK 22 22 22
Americas 44 43 44
EMEA ex. UK 53 52 50
APAC 50 50 46
Total 169 167 162
----------- ----------
Number of countries 58 54 51
--------------------- ----------- ---------- -----------
Units
Wholesale Q1-21 Q1-20 Change Q2-21 Q2-20 Change H1-21 H1-20 Change
------ ------ ------- ------ ------ ------ ------
UK 272 229 19% 162 46 252% 434 275 58%
Americas 431 107 303% 625 173 261% 1,056 280 277%
EMEA ex.
UK 284 148 92% 316 43 635% 600 191 214%
APAC 366 94 289% 445 55 709% 811 149 444%
Total 1,353 578 134% 1,548 317 388% 2,901 895 224%
------ ------ ------- ------ ------ ------ ------
Wholesale Q1-21 Q1-20 Change Q2-21 Q2-20 Change H1-21 H1-20 Change
------ ------ ------- ------ ------ ------ ------
Sport 312 188 66% 358 95 277% 670 283 137%
GT 289 382 (24%) 321 214 50% 610 596 2%
SUV 746 - n.m. 849 - n.m. 1,595 - n.m.
Other 5 8 (38%) 1 7 (86%) 6 15 (60%)
Specials 1 - n.m. 19 1 n.m. 20 1 n.m.
Total 1,353 578 134% 1,548 317 388% 2,901 895 224%
------ ------ ------- ------ ------ ------ ------
Note: Sports includes Vantage, GT includes DB11 and DBS, Other
includes prior generation models such as Rapide AMR
Summary financials
GBPm 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
Gross profit / (loss) 63.3 14.3 80.0 (17.1) 143.3 (2.8)
Gross margin 28.2% 16.1% 29.2% n.m. 28.7% n.m.
Adjusted EBITDA 20.7 (38.1) 28.1 (50.9) 48.8 (89.0)
Adjusted EBITDA margin 9.2% n.m. 10.2% n.m. 9.8% n.m.
Adjusted operating loss (15.3) (67.0) (20.7) (78.5) (36.0) (145.5)
Adjusted operating n.m. n.m. n.m. n.m. n.m. n.m.
margin
Adjusting operating
items - (0.9) (2.0) (12.9) (2.0) (13.8)
Adjusting financing
items 5.4 - 8.6 - 14.0 -
Operating loss (15.3) (67.9) (22.7) (91.4) (38.0) (159.3)
Loss before tax (42.2) (110.1) (48.5) (117.3) (90.7) (227.4)
------- -------- ------- -------- ------- --------
Note: For definition of alternative performance measures please
see Appendix and note 18 of the Interim Financial Statements; (1)
Number
of vehicles including specials
Summary cash flow statement
GBPm Q1-21 Q1-20 Q2-21 Q2-20 H1-21 H1-20
------- ------- ------- --------
Cash generated from/(used
in) operating activities 72.2 (4.1) 31.6 (175.3) 103.8 (179.4)
Cash used in investing
activities (excl. interest) (47.6) (85.1) (43.4) (76.4) (91.0) (161.5)
Net interest paid (0.4) (3.3) (56.7) (26.4) (57.1) (29.7)
------- ------- ------- -------- ------- --------
Free cash inflow/(outflow) 24.2 (92.5) (68.5) (278.1) (44.3) (370.6)
Cash inflow / (outflow)
from financing activities
(excl. interest) 64.4 160.6 (2.0) 468.0 62.4 628.6
------- ------- ------- -------- ------- --------
Increase / (decrease)
in net cash 88.6 68.1 (70.5) 189.9 18.1 258.0
------- ------- ------- -------- ------- --------
Effect of exchange rates
on cash & cash equivalents (2.6) (4.3) 0.7 (2.2) (1.9) (6.5)
Cash balance 575.4 171.7 505.6 359.4 505.6 359.4
------- ------- ------- -------- ------- --------
Alternative Performance Measure
GBPm H1 2021 H1 2020
--------
Loss for the period (90.7) (227.4)
Adjusting operating expense 2.0 13.8
Adjusting finance (income) (14.0) -
Adjusted EBT (102.7) (213.6)
Adjusted finance (income) (10.7) (1.6)
Adjusted finance expense 77.4 69.7
Adjusted o perating loss (36.0) (145.5)
Reported depreciation 28.8 22.7
Reported amortisation 56.0 33.8
Adjusted EBITDA 48.8 (89.0)
--------
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 operating margin is adjusted operating (loss)/profit divided by revenue
-- Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided by revenue
-- 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
and cash held not available for short-term use
-- Free cashflow is represented by cash (outflow)/inflow from
operating activities plus the cash used in investing activities
(excluding interest received) plus interest paid in the year less
interest received.
Principal risks and uncertainties
The principal and emerging risks and uncertainties that could
substantially affect the Group's business and results were
previously reported on pages 35 to 37 of the 2020 Annual Report.
Our Board and Management team have reassessed the risk environment
in light of the ongoing Coronavirus pandemic and considered any new
and emerging risks and opportunities.
Covid-19 continues to present significant uncertainty and the
Group's Coronavirus Taskforce continued to meet throughout the
six-month period to manage our response to the ongoing pandemic and
the government's evolving guidance. The health, safety and
well-being of our employees, associates, customers, and other
stakeholders remains our priority and is at the forefront of our
response. The Group has taken the following actions to mitigate the
risks posed by Covid-19 during the period and these will continue
into the second half of the year:
-- Provided appropriate personal protective equipment to
employees and implemented other measures in accordance with
government guidance to create a safe working environment (e.g.
enhanced cleaning regime, one-way traffic flow, 2m social
distancing);
-- Implemented on-site testing to ensure that employees are
subject to lateral flow testing twice a week;
-- Facilitated temporary working from home arrangements where
feasible to reduce office density and minimise the risk of
infection on site; and,
-- Continued strict cost control measures to protect short-term liquidity.
The principal risks have been reassessed at the half-year,
taking into consideration the impact of Covid-19 where appropriate.
These risks are considered to be manageable and the general trend
has been a reduction in overall risk exposure as a result of the
significant actions taken by management over the last 12 months to
address the challenges faced by increasing macro-economic and
political uncertainty and to better position the business for the
future. The significant changes to our risks are summarised
below:
-- Brexit uncertainty - removed from principal risks as the
residual risk relating to potential supply chain disruption is
incorporated within the supply chain risk.
-- Competitive positioning - removed from principal risks as the
risk factors associated with this have been incorporated within
'Damage to our brand image or reputation' and 'technological
advancement' risks.
-- New climate change risk;
-- Increased potential impact of 'Macro-economic and political
instability' as we consider there to be increased risk and
uncertainty associated with the ongoing pandemic and a potential
global third wave.
-- Increased potential impact of 'Compliance with laws and
regulations' to reflect increasing pressure to accelerate the
transition to EV powertrains and reduce fleet emissions in the
intervening period. The likelihood rating has been reduced as the
Group is now compliant with the Corporate Governance Code
requirements in relation to Board and governance committee
composition.
-- Reduced likelihood assessment of 'Damage to our brand image
or reputation' to reflect the significant investment in the Aston
Martin Cognizant Formula One(TM) team to promote brand awareness
globally and the start of delivery of the V12 Speedster and Vantage
F1(TM) Edition to further enhance the reputation and credibility of
the Group.
-- Reduced likelihood assessment of 'Liquidity' as the Group's
liquidity position has improved as a result of the capital raise,
equity placing and refinancing activity undertaken in the previous
12 months combined with ongoing effective cost control and savings
generated from the restructuring activity and efficiencies.
Aside from the above key changes the remaining principal risks
and uncertainties that the Group faces for the second half of the
year are consistent with those previously reported as summarised
below:
Strategic risks
Macro-economic uncertainty and political instability: The Group
operates in many markets exposing us to unforeseen economic,
regulatory, social, and political developments that could impact
customer demand and profitability. The ongoing impact of the
Coronavirus pandemic remains a significant risk to the global
economy and adverse macro-economic conditions or country-specific
changes to the operating, regulatory or political environment may
lead to an unfavourable business climate. This could include
explicit trade protectionism, differing tax or regulatory regimes,
changing public sentiment, or reduced disposable incomes which
could affect demand for our vehicles. If the post pandemic economic
recovery is faster or more significant than expected then
opportunities may arise to increase sales.
Damage to our brand image (luxury and exclusivity) or
reputation: The Group's success depends on the preservation and
enhancement of our brand and reputation with luxury consumers.
Damage caused by any reason (e.g. poor customer experience, poor
design, quality issues, late delivery) could significantly impact
our ability to deliver planned volume growth. We promote brand
awareness and identity through our marketing activity, leveraging
the global reach of the Aston Martin Cognizant Formula One(TM)
Team. Successful rebalance of supply to demand combined with our
return to a 'build to order' strategy is controlling supply to
drive brand exclusivity. Investment in new technology combined with
delivery of our three-pillar strategy, with the recent launch of
the Valhalla, will further enhance the appeal of the brand and
increase our customer base. Expansion of the European dealer
network increases our presence in that key market.
Technological advancement: To remain competitive the Group needs
to incorporate the latest technologies (e.g. electrification,
active safety, connected car, autonomous driving) into its products
and keep pace with the transition to electrified and lower emission
powertrains. Strategic agreements with key suppliers provide access
to technology that may otherwise be too costly to develop
internally and the completion of the refinancing and capital raise
activity in previous periods provides the funds to support planned
development expenditure.
Climate change - The social and environmental sustainability of
our operations, resilience of our supply chain and our ability to
manage the impact of any potential climate change on our business
model will be critical to the success of the Group over the
long-term. Management are conducting a specific risk assessment
during the second half of the year to address climate change
physical and transition risks.
Operational risks
Talent acquisition and retention: Competition for highly
qualified employees remains intense in the industry. Our
performance, operating results and future growth depend on our
ability to attract, motivate, and retain talent with the
appropriate level of expertise to deliver our strategy. The Group
has strengthened its Executive and Senior Management leadership
team and in Q2 conducted an employee engagement survey. We have
also implemented a new flexible working policy as a result of the
successful remote working practices that were deployed in response
to the Covid-19 pandemic.
Programme delivery: Failure to deliver major programmes on time,
within budget and to the right technical specification could
jeopardise delivery of our strategy leading to adverse financial
and reputational consequences. The Group employ Project Management
teams to deliver significant programmes using our 'Mission'
programme delivery governance methodology. We have relocated
production for all sports cars (including Valkyrie and V12
Speedster) to the main production facility in Gaydon and assigned
dedicated project delivery teams to manage these programmes through
to completion.
Achieving target cost reductions: The Group's ability to achieve
targeted cost reductions (e.g. material cost, fixed and variable
marketing, fixed manufacturing) may be inhibited by its low volume
strategy. Enhanced financial review controls have been implemented
across the business to drive cost efficiency and reduction of
discretionary spend. The ongoing transformation programme provides
executive oversight of key cost performance indicators to ensure
that status against target is being monitored and required action
taken as necessary. Project Horizon continues to drive further
operational efficiencies across the business.
Cybersecurity and IT resilience: The increasing threat of
cyberattack presents risk to the availability, confidentiality and
integrity of information and IT-supported operating systems. A
cybersecurity breach could result in unplanned system outage,
impacting core operations and / or result in a major data loss
leading to reputational damage and financial loss. A robust
technology environment is critical to the Group's success and
operational resilience. The Group is investing in tools and
resources to enhance the control environment and reduce the risk of
core business operational disruption or major data loss. The
implementation of a new ERP system, due to go-live in early 2022,
will improve the operational resilience of our IT environment.
Supply chain disruption: The Group's exposure to this risk is
adversely affected by Covid-19 due to the complex, global nature of
the automotive supply chain and the increased likelihood of supply
disruption in the current environment, as evident by recent
semiconductor shortages within the automotive industry. Import /
export logistics disruption may arise due to the increased
administration required to support cross border shipments
subsequent to the UK's withdrawal from the EU. Supply chain
disruption could cause production stoppages, delays, quality issues
and / or increased costs resulting in adverse operational and
financial consequences for the Group. Management have deployed a
number of measures to manage supply chain risk including
comprehensive key supplier risk assessments, supplier performance
monitoring, reviews of critical inventory quantities / re-order
levels and identification of alternative sources of supply where
appropriate.
Compliance risks
Compliance with laws and regulations: The Group is subject to a
broad range of national and regional laws and regulations which
include vehicle emissions, fuel consumption, tariffs, safety and
certification, competition, health and safety, data protection,
corporate governance, employment and taxation. Changes to laws and
regulations or a major compliance breach could have a material
impact on the business. As emissions regulations become
increasingly stringent the Group continues to invest in product
portfolio expansion to accelerate its transition towards
electrified powertrains. The Group also requires all employees to
complete annual re-certification training in its Standards of
Corporate Conduct to promote good business practice and
compliance.
Financial risks
Liquidity: The Group's significant leverage and existing levels
of debt may make it difficult to obtain additional debt financing
should the need arise due to unforeseen economic shocks. Failure to
collect planned deposits could place additional stress on the
Group's liquidity. The Group's liquidity requirements arise
primarily from its need to fund capital expenditure for product
development and to service debt. Over the last 12 months the
Group's liquidity has improved as a result of the capital raise,
equity placing and refinancing activity and the financial resources
continue to support its status as a going concern with current
liquidity requirements being covered by existing liquidity and
available financing instruments. The Group is also subject to
foreign exchange risks and opportunities and manages its exposure
in accordance with the Group Hedging Policy.
Impairment of capitalised development costs: The Group's balance
sheet and income statement may be adversely impacted by an
impairment in the carrying value of capitalised development costs.
A significant reduction in vehicle lifecycle profitability could
result in the need to impair the capitalised development intangible
asset. Where potential impairment triggers are identified
management perform assessments to evaluate the recoverability of
capitalised development costs.
The risks and opportunities summarised above, linkage to the
Group's strategy, and additional mitigating actions taken in
respect of them, are explained and described in more detail on
pages 35 to 37 of the 2020 Annual Report.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 6 months ended 12 months ended
30 June 2021 30 June 2020 31 December 2020
Adjusting Adjusting Adjusting
Notes Adjusted items Total Adjusted items Total Adjusted items Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------------------- ------ --------- ---------- -------- --------- ---------- --------- --------- ---------- ---------
Revenue 3 498.8 - 498.8 146.0 - 146.0 611.8 - 611.8
Cost of sales (355.5) - (355.5) (148.8) - (148.8) (500.7) - (500.7)
--------- ---------- -------- --------- ---------- --------- --------- ---------- ---------
Gross profit/(loss) 143.3 - 143.3 (2.8) - (2.8) 111.1 - 111.1
Selling and
distribution
expenses (35.1) - (35.1) (34.2) - (34.2) (79.6) - (79.6)
Administrative
expenses 4 (144.2) (2.0) (146.2) (108.5) (13.8) (122.3) (256.4) (98.0) (354.4)
--------- ---------- -------- --------- ---------- --------- --------- ---------- ---------
Operating loss (36.0) (2.0) (38.0) (145.5) (13.8) (159.3) (224.9) (98.0) (322.9)
4,
Finance income 5 10.7 14.0 24.7 1.6 - 1.6 33.1 6.9 40.0
Finance expense 6 (77.4) - (77.4) (69.7) - (69.7) (107.6) (75.5) (183.1)
--------- ---------- -------- --------- ---------- --------- --------- ---------- ---------
Loss before tax (102.7) 12.0 (90.7) (213.6) (13.8) (227.4) (299.4) (166.6) (466.0)
Income tax credit 7 6.3 13.3 19.6 24.0 3.6 27.6 22.6 32.9 55.5
--------- ---------- -------- --------- ---------- --------- --------- ---------- ---------
Loss for the period (96.4) 25.3 (71.1) (189.6) (10.2) (199.8) (276.8) (133.7) (410.5)
--------- ---------- -------- --------- ---------- --------- --------- ---------- ---------
(Loss)/profit for the period
attributable to:
Owners of the
group (72.7) (200.3) (419.3)
Non-controlling
interests 1.6 0.5 8.8
-------- --------- ---------
(71.1) (199.8) (410.5)
-------- --------- ---------
Other comprehensive
income
Items that will never be reclassified
to the Income Statement
Remeasurement of defined benefit
pension liability 2.4 (22.2) (59.1)
Taxation on items that will never
be reclassified to the Income Statement (0.6) 5.2 12.3
Effect of change in rate in taxation 6.8 - -
Items that are or may be reclassified
to the Income Statement
Foreign exchange translation
differences - 2.8 0.8
Fair value adjustment on cash flow
hedges - (26.8) 6.6
Amounts recycled to the Income Statement
in respect of cash flow hedges (2.1) 6.0 9.7
Taxation on items that may be reclassified
to the Income Statement 0.5 3.9 (3.1)
Effect of change in rate in taxation (0.1) - -
-------- --------- ---------
Other comprehensive income/(expense)
for the period, net of income tax 6.9 (31.1) (32.8)
-------- --------- ---------
Total comprehensive loss for the
period (64.2) (230.9) (443.3)
-------- --------- ---------
Total comprehensive (loss)/income
for the period attributable to:
Owners of the
group (65.8) (231.4) (452.1)
Non-controlling
interests 1.6 0.5 8.8
-------- --------- ---------
(64.2) (230.9) (443.3)
-------- --------- ---------
Earnings per
ordinary
share (1)
Basic 8 (63.3p) (333.0p) (543.0p)
Diluted 8 (63.3p) (333.0p) (543.0p)
-------- --------- ---------
1. The comparative basic and diluted earnings per ordinary share values
as at 30 June 2020 have been restated to reflect the 20:1 share consolidation
undertaken on 14 December 2020.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital
Share Share Redemption Merger Capital Translation Hedge Retained Non-controlling Total
Capital Premium Reserve Reserve Reserve Reserve Reserve Earnings Interest Equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
At 1 January 2021 11.5 1,108.2 9.3 144.0 6.6 0.4 10.9 (503.1) 16.3 804.1
Total
comprehensive
loss for the
period
(Loss)/profit for
the period - - - - - - - (72.7) 1.6 (71.1)
Other
comprehensive
income
Foreign currency
translation
differences - - - - - - - - - -
Amounts recycled
to the Income
Statement
- cash flow
hedges - - - - - - (2.1) - - (2.1)
Remeasurement of
defined benefit
liability - - - - - - - 2.4 - 2.4
Taxation on other
comprehensive
income - - - - - - 0.5 (0.6) - (0.1)
Effect of change
in rate of
taxation - - - - - - - 6.7 - 6.7
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Total other
comprehensive
(loss)/income - - - - - - (1.6) 8.5 - 6.9
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Total
comprehensive
(loss)/income
for
the period - - - - - - (1.6) (64.2) 1.6 (64.2)
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Transactions with
owners, recorded
directly in
equity
Credit for the
period under
equity
settled
share-based
payments - - - - - - - 1.5 - 1.5
Reclassification - 0.1 - (0.1) - - - - - -
Effect of change
in tax rate - - - - - - - 4.7 - 4.7
Tax on items
credited
to equity - - - - - - - 0.1 - 0.1
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Total
transactions
with owners - 0.1 - (0.1) - - - 6.3 - 6.3
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
At 30 June 2021 11.5 1,108.3 9.3 143.9 6.6 0.4 9.3 (561.0) 17.9 746.2
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Capital Retained
Redemption Earnings
Share Share Reserve Merger Capital Translation Hedge restated Non-controlling Total
Capital Premium Reserve Reserve Reserve Reserve (1) Interest Equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
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
period
(Loss)/profit for
the period - - - - - - - (200.3) 0.5 (199.8)
Other
comprehensive
income
Foreign currency
translation
differences - - - - - 2.8 - - - 2.8
Fair value
movement
- cash flow
hedges - - - - - - (26.8) - - (26.8)
Amounts recycled
to the Income
Statement
- cash flow
hedges - - - - - - 6.0 - - 6.0
Remeasurement of
defined benefit
liability - - - - - - - (22.2) - (22.2)
Taxation on other
comprehensive
income - - - - - - 3.9 5.2 - 9.1
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Total other
comprehensive
income/(loss) - - - - - 2.8 (16.9) (17.0) - (31.1)
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Total
comprehensive
income/(loss)
for
the period - - - - - 2.8 (16.9) (217.3) 0.5 (230.9)
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Transactions with
owners, recorded
directly in
equity
Issue of ordinary
shares (note 16) 14.4 499.0 144.0 - - - - - 657.4
Credit for the
period under
equity
settled
share-based
payments - - - - - - - 3.1 - 3.1
Tax on items
credited
to equity - - - - - - - 1.6 - 1.6
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Total
transactions
with owners 14.4 499.0 - 144.0 - - - 4.7 - 662.1
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
At 30 June 2020 16.5 851.3 - 144.0 6.6 2.4 (19.2) (255.4) 14.6 760.8
------------------ -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
1. The comparative period commencing 1 January 2020 and ending
30 June 2020 has been restated for the correction of an error as
first reported in the Q3 results during 2020 - see note 2 for
further details.
Capital
Share Share Redemption Merger Capital Translation Hedge Retained Non-controlling Total
Capital Premium Reserve Reserve Reserve Reserve Reserve Earnings Interest Equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------- -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
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 recycled
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
Credit for the
year under
equity
settled
share-based
payments - - - - - - - 4.2 - 4.2
Shares issued
during
the year 18.7 755.9 - 144.0 - - - - - 918.6
Capital
reduction (9.3) - 9.3 - - - - - - -
Dividend paid to
non-controlling
interest - - - - - - - - (6.6) (6.6)
Tax on items
credited
to equity - - - - - - - 1.6 - 1.6
----------------- -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
Total
transactions
with owners 9.4 755.9 9.3 144.0 - - - 5.8 (6.6) 917.8
----------------- -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
At 31 December
2020 11.5 1,108.2 9.3 144.0 6.6 0.4 10.9 (503.1) 16.3 804.1
----------------- -------- -------- ----------- -------- -------- ------------ -------- --------- ---------------- --------
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
As at As at
30 June 1 January
As at 2020 As at 2020
30 June restated 31 December restated
Notes 2021 (1) 2020 (1)
GBPm GBPm GBPm GBPm
------------------------------------- ------ --------- ---------- ------------- -----------
Non-current assets
Intangible assets 1,362.0 1,272.6 1,336.8 1,183.6
Property, plant and equipment 381.3 406.6 389.6 350.5
Right-of-use assets 69.4 77.9 71.4 81.8
Trade and other receivables 0.7 2.0 0.9 1.8
Other financial assets - - 0.1 0.2
Deferred tax asset 7 143.7 70.2 106.5 45.7
--------- ---------- ------------- -----------
1,957.1 1,829.3 1,905.3 1,663.6
Current assets
Inventories 202.4 229.2 207.4 200.7
Trade and other receivables 142.9 192.7 177.9 249.7
Income tax receivable 1.0 4.8 0.2 0.3
Other financial assets 12 8.1 13.5 14.6 8.9
Cash and cash equivalents 10 505.6 359.4 489.4 107.9
--------- ---------- ------------- -----------
860.0 799.6 889.5 567.5
--------- ---------- ------------- -----------
Total assets 2,817.1 2,628.9 2,794.8 2,231.1
--------- ---------- ------------- -----------
Current liabilities
Borrowings 11 118.0 106.8 113.5 114.8
Trade and other payables 609.1 642.6 578.9 734.1
Income tax payable 4.8 0.4 1.2 8.9
Other financial liabilities 69.9 15.0 83.3 6.3
Lease liabilities 10.8 11.3 9.3 14.1
Provisions 13 17.4 24.2 22.1 12.0
--------- ---------- ------------- -----------
830.0 800.3 808.3 890.2
Non-current liabilities
Borrowings 11 1,041.6 884.8 971.3 839.1
Trade and other payables 6.0 8.6 7.5 9.4
Other financial liabilities - 2.9 - 2.6
Lease liabilities 88.4 98.7 93.7 97.3
Provisions 13 19.3 14.5 16.8 16.2
Employee benefits 14 85.4 57.8 92.5 36.8
Deferred tax liabilities 7 0.2 0.5 0.6 9.9
--------- ---------- ------------- -----------
1,240.9 1,067.8 1,182.4 1,011.3
--------- ---------- ------------- -----------
Total liabilities 2,070.9 1,868.1 1,990.7 1,901.5
--------- ---------- ------------- -----------
Net assets 746.2 760.8 804.1 329.6
--------- ---------- ------------- -----------
Capital and reserves
Share capital 15 11.5 16.5 11.5 2.1
Share premium 1,108.3 851.3 1,108.2 352.3
Merger reserve 143.9 144.0 144.0 -
Capital redemption reserve 9.3 - 9.3 -
Capital reserve 6.6 6.6 6.6 6.6
Translation reserve 0.4 2.4 0.4 (0.4)
Hedge reserve 9.3 (19.2) 10.9 (2.3)
Retained earnings (561.0) (255.4) (503.1) (42.8)
--------- ---------- ------------- -----------
Equity attributable to owners of
the group 728.3 746.2 787.8 315.5
Non-controlling interests 17.9 14.6 16.3 14.1
--------- ---------- ------------- -----------
Total shareholders' equity 746.2 760.8 804.1 329.6
--------- ---------- ------------- -----------
1. The comparative period ending 30 June 2020 has been restated
for the correction of an error as first reported in the Q3 results
during 2020. A restated opening balance as at 01 January 2020 has
also been presented. See note 2 for further details.
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
Notes 2021 2020 2020
GBPm GBPm GBPm
Operating activities
Loss for the period (71.1) (199.8) (410.5)
Adjustments to reconcile loss for the period
to net cash inflow/(outflow) from operating
activities
Tax credit on continuing operations 7 (19.6) (27.6) (55.5)
Net finance costs 52.7 68.1 143.1
Other non-cash movements (3.1) 5.9 2.2
Depreciation and impairment of property,
plant and equipment 24.9 16.6 50.8
Depreciation and impairment of right-of-use
assets 3.9 8.1 14.8
Amortisation and impairment of intangible
assets 56.0 33.8 168.5
Difference between pension contributions
paid and amounts recognised in Income Statement (5.4) (1.6) (4.1)
Decrease/(increase) in inventories 8.7 (30.0) (4.8)
Decrease in trade and other receivables 40.1 51.1 67.4
Increase/(decrease) in trade and other payables 6.3 (109.8) (118.6)
Increase/(decrease) in advances and customer
deposits 7.0 2.8 (52.8)
Movement in provisions (2.1) 11.2 11.0
--------- --------- -------------
Cash inflow/(outflow) from operations 98.3 (171.2) (188.5)
Decrease/(increase) in cash held not available
for short-term use 8.4 (1.2) (0.9)
Income taxes paid (2.9) (7.0) (9.2)
--------- --------- -------------
Net cash inflow/(outflow) from operating
activities 103.8 (179.4) (198.6)
--------- --------- -------------
Cash flows from investing activities
Interest received 1.4 1.6 2.3
Increase in loan assets (1.5) - -
Payments to acquire property, plant and equipment (24.7) (38.7) (81.0)
Payments to acquire intangible assets (64.8) (122.8) (179.7)
--------- --------- -------------
Net cash used in investing activities (89.6) (159.9) (258.4)
--------- --------- -------------
Cash flows from financing activities
Interest paid (58.5) (31.3) (82.3)
Proceeds from issuance of shares - 682.5 812.8
Proceeds from issue of equity warrants - - 34.6
Proceeds from financial instrument utilised
as part of refinancing transactions - - 6.9
Principal element of lease payments 10 (5.0) (5.8) (12.2)
Repayment of existing borrowings 10 (2.1) (83.0) (1,092.3)
Proceeds from inventory repurchase arrangement 10 - 19.5 76.8
Repayment of inventory repurchase arrangement 10 - (38.7) (80.0)
New borrowings 10 77.0 75.0 1,252.7
Transaction fees on issuance of shares (1.2) (20.9) (34.9)
Transaction fees on financing activities (6.3) - (41.9)
--------- --------- -------------
Net cash inflow from financing activities 3.9 597.3 840.2
--------- --------- -------------
Net increase in cash and cash equivalents 18.1 258.0 383.2
Cash and cash equivalents at the beginning
of the period 10 489.4 107.9 107.9
Effect of exchange rates on cash and cash
equivalents (1.9) (6.5) (1.7)
--------- --------- -------------
Cash and cash equivalents at the end of the
period 10 505.6 359.4 489.4
--------- --------- -------------
Notes to the Interim Financial Statements
1. Basis of preparation
The results for the 6 month period ended 30 June 2021 have been
reviewed by Ernst & Young LLP, the Group's auditor, and a copy
of their review report appears at the end of this interim report.
The financial information for the year ended 31 December 2020 does
not constitute statutory accounts as defined in section 435 of the
Companies Act 2006. The auditor's report on the statutory accounts
for the year ended 31 December 2020 was not qualified and did not
draw attention to any matters by way of emphasis and did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006. A copy of the statutory accounts for the year ended 31
December 2020 prepared in accordance with international accounting
standards in conformity with the requirements of the Companies Act
2006, and international financial reporting standards ('IFRSs')
adopted pursuant to Regulation (EC) No 1606/2002 as it applies in
the European Union have been delivered to the Registrar of
Companies. The annual report for the year ended 31 December 2021
will be prepared in accordance with United Kingdom adopted
International Financial Reporting Standards.
Aston Martin Lagonda Global Holdings plc (the "Company") is a
company incorporated and domiciled in the UK. The Consolidated
Interim Financial Statements of the Company as at the end of the
period ended 30 June 2021 comprise the Company and its subsidiaries
(together referred to as the 'Group').
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
1st Lien notes at 10.5% which mature in November 2025, $335m of 2nd
Lien split coupon notes at 15% per annum (8.89 % cash and 6.11%
PIK) which mature in November 2026, a revolving credit facility
(GBP90.6m) which matures August 2025, facilities to finance
inventory, a number of back-to-back loans and a wholesale vehicle
financing facility. Under the revolving credit facility the Group
is required to comply with a liquidity covenant until May 2022 and
leverage covenants thereafter.
The Directors have prepared trading and cash flow forecasts for
the period through 30 September 2022 from the date of approval of
these Interim Financial Statements (the "Going Concern 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 Period.
The forecasts reflect our strategy of rebalancing supply and
demand and the decisive actions taken to improve cost efficiency,
in alignment with reduced sports car production levels. The
forecasts make assumptions in respect of future market conditions
and, in particular, wholesale volumes, average selling price, the
launch of new models including Valkyrie and the potential impact of
Covid-19 on sales. 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 30% reduction in
DBX volumes, a further 4 week period of factory closure due to
Covid-19 restrictions and operating costs higher than the base plan
(due in part to foreign exchange impacts).
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,
controllable 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.
After making enquiries 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. For these reasons, they continue to adopt
the going concern basis in preparing the Interim Financial
Statements.
Statement of compliance
These Interim Financial Statements have been prepared in
accordance with UK adopted International Accounting Standard 34,
"Interim Financial Reporting" . They do not include all the
information required for full annual financial statements and
should be read in conjunction with the Consolidated Financial
Statements of the Group for the year ended 31 December 2020.
Significant accounting policies
These Interim Financial Statements have been prepared applying
the accounting policies and presentation that were applied in the
preparation of the Group's published Consolidated Financial
Statements for the year ended 31 December 2020.
2. Prior year restatement
The Group's retained earnings have been restated to correct for
a brought forward taxation error that was identified and correct in
the second half of 2020. The comparatives for 30 June 2020 have
been restated with a corresponding GBP2.9m entry made to increase
trade and other payables at 1 January 2020 and 30 June 2020.
This error has been corrected by restating each of the affected
Consolidated Interim Financial Statement line items for the prior
periods as follows:
Consolidated Statement of Financial Position (extract)
1 January 2020 30 June 2020
As Increase/ As As Increase/ As
reported (decrease) restated reported (decrease) restated
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------------ ---------- ------------ ---------- ---------- ------------ ----------
Trade and other payables - current 731.2 2.9 734.1 639.7 2.9 642.6
---------- ------------ ---------- ---------- ------------ ----------
Net Assets 332.5 (2.9) 329.6 763.7 (2.9) 760.8
---------- ------------ ---------- ---------- ------------ ----------
Retained earnings (39.9) (2.9) (42.8) (252.5) (2.9) (255.4)
---------- ------------ ---------- ---------- ------------ ----------
Equity attributable to owners
of the group 318.4 (2.9) 315.5 749.1 (2.9) 746.2
Non-controlling interests 14.1 - 14.1 14.6 - 14.6
---------- ------------ ---------- ---------- ------------ ----------
Total shareholders' equity 332.5 (2.9) 329.6 763.7 (2.9) 760.8
---------- ------------ ---------- ---------- ------------ ----------
There is no overall impact on the Income Statement or Statement
of Cash Flows in any of the previous periods from the restatement
mentioned above.
3. Segmental information
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2021 2020 2020
Revenue GBPm GBPm GBPm
-------------------------------------- --------- --------- -------------
Analysis by category
Sale of vehicles 458.5 113.1 535.1
Sale of parts 32.2 23.1 56.6
Servicing of vehicles 5.1 3.5 6.6
Brands and motorsport 3.0 6.3 13.5
--------- --------- -------------
498.8 146.0 611.8
--------- --------- -------------
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2021 2020 2020
Revenue GBPm GBPm GBPm
-------------------------------------- --------- --------- -------------
Analysis by geographic location
United Kingdom 89.9 39.4 106.0
The Americas 154.3 43.2 162.5
Rest of Europe, Middle East & Africa 106.8 33.3 184.9
Asia Pacific 147.8 30.1 158.4
--------- --------- -------------
498.8 146.0 611.8
--------- --------- -------------
Non-current assets other than financial instruments and deferred
tax assets by geographic location
Property,
Right-of-use Plant Intangible Other
As at 30 June 2021 Assets and Equipment Goodwill Assets Receivables Total
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------- ------------- --------------- --------- ----------- ------------- --------
United Kingdom 61.8 295.7 85.4 1,122.0 - 1,564.9
The Americas 0.2 1.5 - - - 1.7
Rest of Europe, Middle East
& Africa 0.1 84.1 - 154.6 0.7 239.5
Asia Pacific 7.3 - - - - 7.3
------------- --------------- --------- ----------- ------------- --------
69.4 381.3 85.4 1,276.6 0.7 1,813.4
------------- --------------- --------- ----------- ------------- --------
Property,
Right-of-use Plant Intangible Other
As at 30 June 2020 Assets and Equipment Goodwill Assets Receivables Total
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------- ------------- --------------- --------- ----------- ------------- --------
United Kingdom 68.5 308.7 85.4 1,169.7 - 1,632.3
The Americas 0.2 1.5 - - - 1.7
Rest of Europe, Middle East
& Africa - 95.7 - 17.5 2.0 115.2
Asia Pacific 9.2 0.7 - - - 9.9
------------- --------------- --------- ----------- ------------- --------
77.9 406.6 85.4 1,187.2 2.0 1,759.1
------------- --------------- --------- ----------- ------------- --------
Property,
Right-of-use Plant Intangible Other
As at 31 December 2020 Assets and Equipment Goodwill Assets Receivables Total
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------- ------------- --------------- --------- ----------- ------------- --------
United Kingdom 62.0 281.1 85.4 1,095.4 - 1,523.9
The Americas 0.1 1.6 - - - 1.7
Rest of Europe, Middle East
& Africa 0.1 104.1 - 156.0 0.9 261.1
Asia Pacific 9.2 2.8 - - - 12.0
------------- --------------- --------- ----------- ------------- --------
71.4 389.6 85.4 1,251.4 0.9 1,798.7
------------- --------------- --------- ----------- ------------- --------
4. Adjusting items
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
-------------------------------------------------------- --------- --------- -------------
Adjusting operating expenses:
Impairment of assets:
Development costs(1) - - (69.4)
Plant, machinery, fixtures and fittings(2) - - (3.8)
Tooling(1) - - (3.3)
Right-of-use lease assets(2) - (2.0) (2.8)
--------- --------- -------------
- (2.0) (79.3)
ERP implementation costs(3) (1.9) - -
Restructuring costs(4) 0.5 (12.4) (12.4)
Lease early exit costs(2) (0.6) - -
Settlement arrangements and incentive payments(5) - (2.7) (2.7)
Motorsport exit costs(6) - - (6.2)
Initial Public Offering costs(7) - 3.3 2.6
--------- --------- -------------
(2.0) (13.8) (98.0)
Adjusting finance income:
Gain on financial instruments recognised at 14.0 - -
fair value through Income Statement(8)
Foreign exchange gain on financial instrument
utilised during refinance transactions(9) - - 6.9
Adjusting finance expenses:
Premium paid on the early redemption of Senior
Secured Notes(9) - - (21.4)
Write-off of capitalised borrowing fees upon
early settlement of Senior Secured Notes(9) - - (7.6)
Loss on financial instruments recognised at
fair value through Income Statement(8) - - (45.3)
Professional fees incurred on refinancing expensed
directly to the Income Statement(9) - - (1.2)
Adjusting items before tax 12.0 (13.8) (166.6)
Tax credit on adjusting items(10) 13.3 3.6 32.9
--------- --------- -------------
Adjusting items after tax 25.3 (10.2) (133.7)
--------- --------- -------------
1. 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 GBP72.7m to
reflect the change in future vehicle powertrains and electronic
architecture.
2. In 2020 the Group commenced a rationalisation exercise to
reduce its geographical footprint. This resulted in a GBP2.8m
right-of-use lease asset and GBP3.8m plant and machinery impairment
charge triggered by the conclusion of activity at a number of the
Group's leased sites. In the 6 months ended 30 June 2021 the Group
continued to rationalise its geographical footprint. The Group
incurred GBP0.6m of costs associated with surrendering a lease 30
months early.
3. In the 6 months ended 30 June 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 run through the
first half of 2022. GBP1.9m 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.
4. The Group launched a consultation process during 2020 to
reduce employee numbers reflecting lower than originally planned
production volumes. A revision to the estimated total costs has
taken place in during the period ending 30 June 2021 resulting in
GBP0.5m of the existing provision being released to the Income
Statement.
5. 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
GBP2.7m.
6. 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 GBP6.2m.
7. In the year-ended 2020 a Legacy Long-term Incentive Plan
("LTIP") charge of GBP3.8m was recognised within 'Staff incentives'
(2019: GBP3.6m). 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 GBP6.4m being credited back to the
Consolidated Income Statement (2019: GBP4.2m credit).
8. During 2020 the Group issued second lien Senior Secured Notes
which included detachable warrants classified as a derivative
option liability. The movement in fair value of the warrants
between 31 December 2020 and 30 June 2021 resulted in a gain of
GBP14.0m being recognised in the Income Statement (12 months ended
31 December: GBP45.3m loss recognised in the income statement).
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.
9. On 27 October the Group announced the successful arrangement
of a new financing package including the issuance of $1,085.5m of
US Dollar 1st Lien notes and $335m of US Dollar 2nd 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 GBP21.4m.
Professional fees capitalised against the existing SSNs of GBP7.6m
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 GBP6.9m currency gain in the Income Statement.
10. In the period to 30 June 2021 a total tax credit of GBP13.3m
has been recognised as an Adjusting item. The effective tax rate on
the Adjusting items is primarily higher than the standard rate of
corporation tax in the UK of 19% due to a credit amount of GBP16.4m
attributable to deferred tax balances on items treated as adjusting
in previous years being re-measured at 25%. Note, the main UK
corporation tax rate increase from 19% to 25%, effective from 1
April 2023, was substantively enacted prior to the balance sheet
date.
5. Finance income
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
---------------------------------------------------- --------- --------- -------------
Bank deposit and other interest income 1.4 1.6 2.3
Foreign exchange gain on borrowings not designated
as part of a hedging relationship 9.3 - 30.8
--------- --------- -------------
Finance income before adjusting items 10.7 1.6 33.1
Adjusting finance income (note 4) 14.0 - 6.9
--------- --------- -------------
24.7 1.6 40.0
--------- --------- -------------
6. Finance expense
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
------------------------------------------------------ --------- --------- -------------
Bank loans, overdrafts, senior secured notes
and other interest 72.4 43.6 98.4
Foreign exchange loss on borrowings not designated - 17.7 -
as part of a hedging relationship
Hedge ineffectiveness on loan instruments designated
as a cashflow hedge - 2.3 2.5
Net interest expense on the net defined benefit
liability 0.7 0.4 0.7
Interest on contract liabilities held 2.4 3.6 1.9
Interest on lease liabilities 1.9 2.1 4.1
Finance expense before adjusting items 77.4 69.7 107.6
Adjusting finance expenses (note 4) - - 75.5
Total finance expense 77.4 69.7 183.1
--------- --------- -------------
7. Income tax credit
The Group's underlying income tax credit for the period to 30
June 2021 is GBP6.3m (period ended 30 June 2020: GBP24.0m tax
credit) which represents an underlying effective tax rate of 6.1%
(11.2% for the period to 30 June 2020). The difference between the
underlying tax rate of 6.1% and the UK statutory rate of 19% is
primarily attributable to interest amounts restricted under the
corporate interest restriction legislation, to which deferred tax
amounts have not been recognised.
The Group's total effective tax rate for the period to 30 June
2021 is 21.6% (period ended 30 June 2020: 12.1%). The difference
between the total effective tax rate of 21.6% and the UK statutory
tax rate of 19% is primarily due to a GBP15.8m tax credit
attributable to opening deferred tax balances being re-measured at
25% (the main UK corporation tax increase from 19% to 25%,
effective from 1 April 2023, was substantively enacted prior to the
balance sheet date), together with the non-recognition of deferred
tax on restricted interest amounts as detailed above.
8. Earnings per ordinary share
6 months
6 months ended 12 months
ended 30 June ended
30 June 2020 31 December
Continuing and total operations 2021 Restated(1) 2020
----------------------------------------------------- --------- ------------- -------------
Basic earnings per ordinary share
Loss available for equity holders (GBPm) (72.7) (200.3) (419.3)
Basic weighted average number of ordinary shares
(million) 114.9 60.2 77.2
Basic earnings per ordinary share (pence) (63.3p) (333.0p) (543.0p)
Diluted earnings per ordinary share
Loss available for equity holders (GBPm) (72.7) (200.3) (419.3)
Diluted weighted average number of ordinary shares
(million) 114.9 60.2 77.2
Diluted earnings per ordinary share (pence) (63.3p) (333.0p) (543.0p)
--------- ------------- -------------
30 June 30 June 31 December
2021 2020 2020
Number Number Number
----------------------------------------------------- --------- ------------- -------------
Diluted weighted average number of ordinary shares
is calculated as:
Basic weighted average number of ordinary shares(1)
(million) 114.9 60.2 77.2
Adjustments for calculation of diluted earnings
per share:
Long-term incentive plans(2) - - -
Issue of tranche 2 Mercedes-Benz AG shares(2) - - -
Unexercised ordinary share warrants(2) - - -
--------- ------------- -------------
Weighted average number of ordinary shares and
potential ordinary shares (million) 114.9 60.2 77.2
--------- ------------- -------------
1. The weighted average number of ordinary shares in June 2020
has been restated to reflect the 20:1 share consolidation which
took place on 14 December 2020.
2. The impact of ordinary shares issued as part of the Long-term
incentive plans ("LTIP"), the potential number of ordinary shares
issued as part of the 2020 issue of share warrants, and the future
issue 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 in arriving at diluted
earnings per share.
9. Research and Development expenditure
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
-------------------------------------------------- --------- --------- -------------
Total research and development expenditure 84.6 123.0 182.1
Capitalised research and development expenditure (80.5) (121.3) (177.6)
--------- --------- -------------
Research and development expenditure recognised
as an expense during the period 4.1 1.7 4.5
--------- --------- -------------
10. Net debt
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
----------------------------------------------- ---------- -------- ------------
Cash and cash equivalents 505.6 359.4 489.4
Cash held not available for short-term use(1) 1.5 10.7 9.9
Bank loans and overdrafts(2) (118.0) (114.6) (119.8)
Inventory repurchase arrangements(3) (39.8) (19.5) (38.2)
Senior Secured Notes (1,041.6) (877.0) (965.0)
Lease liabilities (99.2) (110.0) (103.0)
(791.5) (751.0) (726.7)
---------- -------- ------------
Current 338.5 232.5 338.3
Non-current (1,130.0) (983.5) (1,065.0)
---------- -------- ------------
(791.5) (751.0) (726.7)
---------- -------- ------------
1. At 30 June 2021 GBP1.5m (30 June 2020: GBP10.7m; 31 December
2020: GBP9.9m) held in certain local bank accounts had been frozen
in relation to a number of local arbitration proceedings. The cash
held in these accounts did not meet the definition of cash and cash
equivalents and therefore was classified as an other financial
asset. During the period GBP8.4m was released following the
conclusion of certain arbitration.
2. At 30 June 2021 GBP78.6m of the GBP90.6m revolving credit
facility was drawn down (30 June 2020: GBP70.0m of GBP80.0m
facility, 31 December 2020: GBP78.6m of GBP90.6m facility). The
remaining facility has been utilised through the issuance of
letters of credit and guarantees. The loan is presented net of
transaction fees of GBP2.2m (30 June 2020: GBPnil; 31 December
2020: GBP2.4m). The group is party to a back-to-back loan
arrangement with HSBC Bank plc, whereby Chinese Yuan to the value
of GBP36.1m were deposited in a restricted account with HSBC in
China in exchange for a Sterling overdraft facility with HSBC in
the United Kingdom. The GBP36.1m of restricted cash is shown in the
total of cash and cash equivalents above (30 June 2020: GBP36.2m,
31 December 2020: GBP35.8m). At 30 June 2021 the Group has drawn
down GBP33.8m (30 June 2020: GBP33.9m, 31 December 2020: GBP34.4m)
of the combined overdraft facility which is included in bank loans
and overdrafts.
In 2018 the Group entered into a fixed rate loan to finance the
construction of the paint shop at the new St Athan manufacturing
facility. The loan matures on 31 March 2022. The quarterly
repayments on the loan include an element of capital repayment and
interest charge. The final payment on 31 March 2022 includes an
increased capital repayment of GBP6.3m. At 30 June 2021 the amount
outstanding is GBP7.8m which is all classified as current (30 June
2020 GBP2.9m current and GBP7.8 non-current; 31 December GBP2.9m
current; GBP6.3m non-current).
3. At 30 June 2021 a repurchase liability of GBP39.8m including
accrued interest of GBP1.9m was included within accruals and other
payables and Net Debt relating to parts for resale, service parts
and production stock which were sold in 2020 and subsequently
repurchased. Under the repurchase agreement, the Group will repay
GBP40m gross of indirect tax. As part of this arrangement legal
title to the parts was surrendered however control remained with
the Group. This repurchase arrangement will be fully settled in
2021. As at 31 December 2020 the same arrangement existed and had a
carrying value of GBP38.2m which included accrued interest of
GBP0.3m. The GBP1.6m movement in the current period has been
recognised in the Income Statement as an interest charge.
At 30 June 2020 a repurchase liability of GBP19.5m was
recognised in accruals and other payables and Net Debt. In June
2020, GBP16.2m of parts for resale, service parts and production
stock were sold for GBP19.5m (gross of indirect tax) and
subsequently repurchased. Under the repurchase agreement, the Group
repaid GBP20m gross of indirect tax. As part of this arrangement
legal title to the parts was surrendered however control remained
with the Group. This repurchase arrangement was fully settled in
2020.
11. Movement in net debt
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
----------------------------------------------------- ---------- -------- ------------
Cash and cash equivalents 505.6 359.4 489.4
Cash held not available for short-term use 1.5 10.7 9.9
Inventory repurchase arrangement (39.8) (19.5) (38.2)
Loans and other borrowings - current (118.0) (106.8) (113.5)
Loans and other borrowings - non-current (1,041.6) (884.8) (971.3)
Lease liabilities (99.2) (110.0) (103.0)
Net debt (791.5) (751.0) (726.7)
---------- -------- ------------
Movement in net debt
Net increase in cash and cash equivalents 16.2 258.0 381.5
Add back cash flows in respect of other components
of net debt:
New borrowings (77.0) (75.0) (1,252.7)
Proceeds from inventory repurchase arrangement - (19.5) (76.8)
Repayment of existing borrowings 2.1 83.0 1,092.3
Repayment of inventory repurchase arrangement - 38.7 80.0
Lease liability payments 5.0 5.8 12.2
Movement in cash held not available for short-term
use (8.4) 1.2 0.9
Transaction fees 1.7 - 41.9
---------- -------- ------------
(Decrease)/increase in net debt arising from
cash flows (60.4) 292.2 279.3
Non-cash movements:
Foreign exchange gain/(loss) on secured loan 9.3 (38.5) 30.8
Interest added to debt (9.1) (4.8) (8.6)
Premium on the early redemption of Senior Secured
Notes - - (21.4)
Borrowing fee amortisation (2.7) (3.4) (13.0)
Lease liability interest charge (1.9) (2.1) (4.1)
Lease modifications (2.1) (2.0) (1.7)
New leases (0.1) - 2.6
Unpaid transaction fees 0.2 - 0.8
Exchange and other adjustments 2.0 (4.8) (3.8)
---------- -------- ------------
Decrease/(increase) in net debt (64.8) 236.6 260.9
Net debt at beginning of the year (726.7) (987.6) (987.6)
---------- -------- ------------
Net debt at the end of the year (791.5) (751.0) (726.7)
---------- -------- ------------
12. Financial Instruments
The following tables provide an analysis of financial
instruments grouped into Levels 1 to 3 based on the degree to which
the value is observable. There were no transfers between levels
during the current and comparative periods.
30 June 2021 30 June 2020 31 December 2020
Nominal Book Fair Nominal Book Fair Nominal Book Fair
Value Value Value Value Value Value Value Value Value
Included in assets GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------------------- -------- -------- -------- -------- ------- ------- -------- -------- --------
Level 2
Forward foreign exchange
contracts - 0.7 0.7 - - - - 0.8 0.8
Loan assets 1.5 1.4 1.4 - - - - - -
Level 3
Other derivative contracts - 4.5 4.5 - 2.8 2.8 - 4.0 4.0
-------- -------- -------- -------- ------- ------- -------- -------- --------
1.5 6.6 6.6 - 2.8 2.8 - 4.8 4.8
-------- -------- -------- -------- ------- ------- -------- -------- --------
30 June 2021 30 June 2020 31 December 2020
Nominal Book Fair Nominal Book Fair Nominal Book Fair
Value Value Value Value Value Value Value Value Value
Included in liabilities GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------------------- -------- -------- -------- -------- ------- ------- -------- -------- --------
Level 1
GBP285m 5.75% Sterling
Senior Secured Notes - - - 285.0 280.2 255.9 - - -
$400m 6.5% US Dollar
Senior Secured Notes - - - 322.9 322.9 285.8 - - -
$190m 6.5% US Dollar
Senior Secured Notes - - - 153.4 149.1 139.4 - - -
$150m 12.0% US Dollar
Senior Secured Notes - - - 121.1 124.7 125.4 - - -
$1,085.5m 10.5% US Dollar
1(st) Lien Notes 786.1 757.8 878.6 - - - 793.8 763.2 861.2
$335m 15.0% US Dollar
2(nd) Lien Split Coupon
Notes 242.6 208.0 272.6 - - - 245.0 201.8 248.9
$98.5m 10.5% US Dollar
additional 1(st) Lien
Notes 71.3 75.8 79.7 - - - - - -
Level 2
Forward foreign exchange
contracts - 1.1 1.1 - 15.0 15.0 - 0.5 0.5
Derivative option over
own shares 63.3 65.9 65.9 - - - 63.3 79.9 79.9
1,163.3 1,108.6 1,297.9 882.4 891.9 821.5 1,102.1 1,045.4 1,190.5
-------- -------- -------- -------- ------- ------- -------- -------- --------
Under IFRS 7, such assets and liabilities are classified by the
way in which their fair value is calculated. The interest bearing
loans and borrowings are considered to be level 1 liabilities.
Forward foreign exchange contracts are considered to be level 2
assets and liabilities. Derivative options are considered to be
level 2 and liabilities.
IFRS 7 defines each level as follows:
-- level 1 assets and liabilities have inputs observable through quoted prices;
-- level 2 assets and liabilities have inputs observable, other
than quoted prices, either directly (i.e. as prices) or indirectly
(i.e. derived from prices); or
-- level 3 assets and liabilities as those with inputs not based
on observable market data.
The forward currency contracts are carried at fair value based
on pricing models and discounted cash flow techniques derived from
assumptions provided by third party banks.
Loan assets comprise amounts forward to Velocitas Funding
Designated Activity Company, the entity which provides the group
wholesale financing facility. By providing 5% of the funding to
Velocitas the Group effectively retains an element of risk on the
debts sold to Velocitas. The nominal value is derived from amounts
paid to Velocitas Funding Designated Activity Company in the form
of a loan.
Other derivative contracts comprises warrant options and
non-option derivatives both of which entitle the Group to subscribe
for equity in AMR GP Limited (formerly Racing Point UK Limited).
The warrant options have a carrying value of GBP3.9m as at 30 June
2021 (30 June 2020: GBP2.8m; 31 December: GBP3.6m). The fair value
movement is recognised within the Income Statement in
administrative expenses. A corresponding liability was recognised
on inception of the arrangement which represents an accrual for
that element of future sponsorship payments. If the option is
exercised within the next five years the liability is extinguished
in the year of exercise, if the option is not exercised the
liability will be subject to the renewal of the sponsorship
agreement and may continue for the following five years.
The fair value of the warrant equity option above has been
established by applying the proportion of equity represented by the
derivative to an assessment of the enterprise value of AMR GP
Limited, which is then adjusted to reflect marketability and
control commensurate with the size of the investment. The
enterprise value has been estimated using a blend of measures
including an income-based approach and a market-based approach. Due
to the size of the potential investment, as a proportion of the
equity of AMR GP Limited, there are no plausible sensitivities
which would give rise to a material variation in the carrying value
of the derivative.
There is a further embedded derivative in the agreement in
respect of an additional economic interest in the equity of AMR GP
Limited which has been assessed as having a carrying value of
GBPnil at inception. This derivative entitles the Group to
subscribe for further share capital in AMR GP Limited in the event
that the sponsorship agreement is extended for a further five year
period. The fair value of this derivative is GBP0.6m (30 June 2020:
GBPnil; 31 December 2020: GBP0.4m) and movement in this derivative
is recognised within the Income Statement in administrative
expenses. The movement in the value of this derivative has been
estimated using the same method as the warrant equity option
disclosed above. There is no corresponding liability recorded as it
is a non-option embedded derivative.
The First and Second Lien Senior Secured Notes are all valued at
amortised cost retranslated as the year end foreign exchange rate.
The fair value of these Notes at the current and comparative period
ends are determined by reference to the quoted price on The
International Stock Exchange Authority in St. Peter Port, Guernsey.
The fair value and nominal value exclude the impact of transaction
costs.
The derivative option over own shares reflects the detachable
warrants issued alongside the second lien Senior Secured Notes
enabling the warrant holders to subscribe for a number of Ordinary
Shares in the Company. The fair value is calculated using a
binomial model and updated at each period end reflecting the latest
market conditions. The inputs used in the valuation model include
the quoted share price, market volatility, exercise ratio, and risk
free rate. The fair value movement in the option for the period
ended 30 June 2021 was GBP14.0m and is recognised within the Income
Statement in interest income as an adjusting item.
During the period ended 30 June 2021, an expected credit loss
provision of GBP4.6 million was charged to the Income Statement in
respect of a Swiss dealer termination and related legal
actions.
13. Provisions
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
--------------------- -------- -------- ------------
Warranty provision 33.4 26.6 31.1
Restructuring costs 3.3 12.1 7.8
-------- -------- ------------
36.7 38.7 38.9
-------- -------- ------------
Current 17.4 24.2 22.1
Non-current 19.3 14.5 16.8
-------- -------- ------------
36.7 38.7 38.9
-------- -------- ------------
The Group launched a consultation process during 2020 to reduce
employee numbers reflecting lower than originally planned
production volumes. A revision to the estimated total costs has
taken place in during the half resulting in GBP0.5m being released
to the Income Statement. The remaining GBP3.3m provision is
expected to be fully utilised during the second half of the
year.
14. Pension Scheme
The net liability for defined benefit obligations of GBP92.5m at
31 December 2020 has decreased to a net liability of GBP85.4m at 30
June 2021. The movement of GBP7.1m comprises a net actuarial gain
of GBP2.4m in addition to a charge to the Income Statement of
GBP5.1m less contributions of GBP9.8m.
15. Share capital
30 June 2021 30 June 2020 31 December
2020
Number GBPm Number GBPm Number GBPm
----------------- ------------ ----- -------------- ----- ------------ -----
Ordinary shares 114,933,587 11.5 1,824,014,450 16.5 114,933,587 11.5
------------ ----- -------------- ----- ------------ -----
Movement in Ordinary shares:
Between 30 June 2020 and 31 December 2020 the Company issued
ordinary shares to improve liquidity, provide flexibility in
executing its strategy to operate as a true luxury company and help
build the appropriate capital structure for the longer term. No
further issuances have taken place during 2021.
Nominal value Share Capital
GBP Number GBPm
------------------------------------------- -------------- ---------------- --------------
Balance at 30 June 2020 0.009039687 1,824,014,450 16.5
Placing shares(1) 0.009039687 250,000,000 2.3
Tranche 1 consideration shares(2) 0.009039687 224,657,287 2.0
Issue of new shares(3) 0.009039687 3 -
Transaction costs arising on the issuance - - -
of ordinary shares
--------------
0.009039687 2,298,671,740 20.8
Share split - original shares(4) 0.005000000 2,298,671,740 11.5
Share split - deferred shares(4) 0.004039687 2,298,671,740 9.3
Cancellation of deferred shares(4) (0.004039687) (2,298,671,740) (9.3)
--------------
0.005000000 2,298,671,740 11.5
Consolidation of shares(4) - (2,183,738,153) -
--------------
Balance as at 31 December 2020 and 30
June 2021 0.100000000 114,933,587 11.5
-------------- ---------------- --------------
1. 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 GBP125.0m, with GBP2.3m recognised as share capital and
the remaining GBP122.7m recognised as share premium.
2. On 7 December 2020 the Company issued 224.7m ordinary shares
by way of Tranche 1 Consideration shares to Mercedes-Benz AG under
the Strategic Cooperation Agreement. The shares were issued at
63.34p in reflection of the fair value of access to technology
assets acquired, with GBP2.0m recognised as share capital and the
remaining GBP140.3m recognised as share premium.
3. On 14 December 2020 the Company issued 3 ordinary shares. The
shares were issued at 81.65p raising gross proceeds of GBP2.45. The
shares were issued to facilitate the share consolidation.
4. 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 GBP1.
The deferred shares were subsequently cancelled by the Company
resulting in a movement from share capital into the Capital
Redemption Reserve of GBP9.3m. Each holder of ordinary shares was
entitled to 1 new ordinary share of 10p in respect of 20 ordinary
0.5p shares held.
16. Related party transactions
During the 6 month period ended 30 June 2021, a net marketing
expense amounting to GBP12.2m has been incurred in the normal
course of business with AMR GP Limited, an entity indirectly
controlled by a member of the Group's Key Management Personnel.
GBP0.1m remains due from AMR GP Limited at the balance sheet date.
Under the terms of the sponsorship agreement the Group is required
to provide one fleet vehicle to each racing driver free of charge.
This arrangement is expected to continue for the life of the
contract and is not expected to materially affect the financial
position and performance of the Group. One of the racing drivers is
an immediate family member of one of the Group's Key Management
Personnel.
During the 6 month period ended 30 June 2021, marketing
transactions under the normal course of business amounting to less
than GBP0.1m have been undertaken with Falcon Racing Inc, an entity
controlled by a member of the Group's Key Management Personnel.
Less than GBP0.1m remains due from Falcon Racing Inc at the balance
sheet date.
During the 6 month period ended 30 June 2021, a member of Key
Management Personnel transacted with a Group company to undertake
restoration work on a portfolio of cars. GBP0.8m has been advanced
to the Group with GBP0.1m of works being completed as at 30 June
2021. A member of Key Management Personnel acquired two vehicles
from a Group Company during the period each priced at GBP0.2m.
GBPnil was outstanding at the balance sheet date.
17. Post balance sheet events
On 15 July 2021 945,131 Ordinary Shares in the Company were
issued to satisfy the redemption of 18,902,665 warrant options.
GBP9.5m 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.
GBP3.3m of cash was received for the shares.
After the completion of these transactions, the Company's total
issued Share Capital consists of 116,209,513 Ordinary Shares.
18. 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 EBIT 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 cashflow is represented by cash (outflow)/inflow from
operating activities plus the cash used in investing activities
(excluding interest received) plus interest paid in the year less
interest received.
Income statement
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
-------------------------------- --------- --------- -------------
Loss before tax (90.7) (227.4) (466.0)
Adjusting operating expenses 2.0 13.8 98.0
Adjusting finance expenses - - 75.5
Adjusting finance income (14.0) - (6.9)
--------- --------- -------------
Adjusted loss before tax (EBT) (102.7) (213.6) (299.4)
Adjusted finance income (10.7) (1.6) (33.1)
Adjusted finance expense 77.4 69.7 107.6
--------- --------- -------------
Adjusted operating loss (EBIT) (36.0) (145.5) (224.9)
Reported depreciation 28.8 22.7 55.7
Reported amortisation 56.0 33.8 99.1
Adjusted EBITDA 48.8 (89.0) (70.1)
--------- --------- -------------
Earnings per share
6 months
6 months ended 12 months
ended 30 June ended
30 June 2020 31 December
2021 restated(1) 2020
GBPm GBPm GBPm
-------------------------------------------------- --------- ------------- -------------
Adjusted earnings per ordinary share
Loss available for equity holders (GBPm) (72.7) (200.3) (419.3)
Adjusting items
Adjusting items before tax (GBPm) (12.0) 13.8 166.6
Tax on adjusting items (GBPm) (13.3) (3.6) (32.9)
--------- ------------- -------------
Adjusted earnings (GBPm) (98.0) (190.1) (285.6)
Basic weighted average number of ordinary shares
(million) 114.9 60.2 77.2
Adjusted earnings per ordinary share (pence) (85.3p) (316.0p) (369.9p)
--------- ------------- -------------
Adjusted diluted earnings per ordinary share
Adjusted earnings (GBPm) (98.0) (190.1) (285.6)
Diluted weighted average number of ordinary
shares (million) 114.9 60.2 77.2
Adjusted diluted earnings per ordinary share
(pence) (85.3p) (316.0p) (369.9p)
--------- ------------- -------------
1. The weighted average number of ordinary shares for the 6
months ended 30 June 2020 have been restated to reflect the 20:1
share consolidation which took place on 14 December 2020.
Net debt
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
-------------------------------------------------------- ---------- -------- ------------
Opening cash and cash equivalents 489.4 107.9 107.9
Cash inflow/(outflow) from operating activities 103.8 (179.4) (198.6)
Cash outflow from investing activities (89.6) (159.9) (258.4)
Cash inflow from financing activities 3.9 597.3 840.2
Effect of exchange rates on cash and cash equivalents (1.9) (6.5) (1.7)
---------- -------- ------------
Cash and cash equivalents at the end of the
period 505.6 359.4 489.4
Cash held not available for short-term use 1.5 10.7 9.9
Inventory repurchase arrangement (39.8) (19.5) (38.2)
Lease liabilities (99.2) (110.0) (103.0)
Borrowings (1,159.6) (991.6) (1,084.8)
---------- -------- ------------
Net Debt (791.5) (751.0) (726.7)
Adjusted LTM EBITDA 67.7 9.1 (70.1)
Adjusted leverage (LTM) 11.7x 82.5x n.m.
---------- -------- ------------
Free Cashflow
30 June 30 June 31 December
2021 2020 2020
GBPm GBPm GBPm
------------------------------------------------------ -------- -------- ------------
Net cash inflow/(outflow) from operating activities 103.8 (179.4) (198.6)
Net cash used in investing activities less interest
received (91.0) (161.5) (260.7)
Interest paid less interest received (57.1) (29.7) (80.0)
Free cashflow (44.3) (370.6) (539.3)
-------- -------- ------------
RESPONSIBILITY STATEMENT
The Interim consolidated financial information has been prepared
in accordance UK adopted International Accounting Standard 34,
"Interim Financial Reporting". We confirm that to the best of our
knowledge that the Interim Management Report includes a fair review
of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
By order of the Board
Lawrence Stroll Ken Gregor
Executive Chairman Chief Financial Officer
27 July 2021 27 July 2021
Independent review report to Aston Martin Lagonda Global
Holdings plc
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the Interim Results report for the six
months ended 30 June 2021 which comprises the Consolidated
Statement of Comprehensive Income, the Consolidated Statement of
Changes in Equity, the Consolidated Statement of Financial
Position, the Consolidated Statement of Cash Flows and notes 1 to
18. We have read the other information contained in the Interim
Results report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the Interim Results report for the six months ended 30 June 2021
is not prepared, in all material respects, in accordance with UK
adopted International Accounting Standard 34 and the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International
Standard on Review Engagements 2410 (UK and Ireland) "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the
group will be prepared in accordance with UK adopted IFRSs. The
condensed set of financial statements included in this Interim
Results report has been prepared in accordance with UK adopted
International Accounting Standard 34, "Interim Financial
Reporting".
Responsibilities of the directors
The directors are responsible for preparing the Interim Results
report in accordance with the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority
Auditor's Responsibilities for the review of the financial
information
In reviewing the Interim Results report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statement in the Interim Results report. Our conclusion,
based on procedures that are less extensive than audit procedures,
as described in the Basis for Conclusion paragraph of this
report.
Use of our report
This report is made solely to the company in accordance with
guidance contained in International Standard on Review Engagements
2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the
Auditing Practices Board. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
Birmingham
27 July 2021
[1] Company sales to dealers (some Specials are direct to
customer)
[2] Operating cashflow less cash used in investing activities
and net cash interest; note cash interest payments are in Q2 and
Q4
[3] Assuming current exchange rates prevail for FY 2021. Note:
interest payments are made in Q2 and Q4
This information is provided by RNS, the news service of the
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