TIDMAML
RNS Number : 9500R
Aston Martin Lagonda Glob.Hldgs PLC
01 November 2023
1 November 2023
Aston Martin Lagonda Global Holdings plc
Results for the nine months to 30 September 2023
-- Q3 2023 performance in line with guidance and shows continued momentum
-- YTD revenue up 21%, driven by ASP growth and strong demand
-- DB12 deliveries commenced with order book extending into Q2 2024
-- Q3 Gross margin reaches 37% driven by strong mix dynamics
-- FY 2023 guidance maintained other than marginally updated volume outlook
GBPm YTD 2023 YTD 2022 % change Q3 2023 Q3 2022 % change
--------- --------- -------- --------
Total wholesale
volumes(1) 4,398 4,060 8% 1,444 1,384 4%
Revenue 1,039.5 857.2 21% 362.1 315.5 15%
Gross Profit 370.8 286.2 30% 134.5 98.1 37%
Adjusted EBITDA(2) 131.1 79.8 64% 50.5 21.2 138%
Adjusted operating
loss(2) (135.1) (128.2) (5%) (48.4) (55.5) 13%
Operating loss (145.3) (148.4) 2% (52.1) (58.5) 11%
Loss before tax (259.8) (511.3) 49% (117.6) (225.9) 48%
Net debt(2) 749.9 833.4 10% 749.9 833.4 10%
-------------------- --------- --------- --------- -------- -------- ---------
(1) Number of vehicles including Specials; (2) For definition of
alternative performance measures please see Appendix
YTD 2023 Financial highlights
-- Continued strong demand across existing and new product
lines; the recently launched DB12 is driving reappraisal of Aston
Martin amongst new audiences, with 55% of its initial customers new
to the Aston Martin brand and with order book now extending to Q2
2024
-- DBX orders also extending into 2024, as it continues to
establish itself as the benchmark in the ultra-luxury SUV segment
with over 25% market share in key markets. The DBX707 now
represents c.70% of SUV sales in 2023 supporting the positive gross
margin evolution
-- Wholesale volumes increased by 8% year-on-year to 4,398 (YTD
2022: 4,060) driven by strong demand across the portfolio. Q3 2023
volumes reflect the ongoing transition to our next generation
sports cars, which started with the initial deliveries of the DB12.
The DB12 production ramp up was temporarily affected as supplier
readiness and integration of the new EE platform that supports the
fully redeveloped infotainment system was delayed. These issues are
now resolved but did impact Q3 volume and our FY production
capacity
-- Revenue increased by 21% year-on-year to GBP1,040m primarily driven by:
- higher volumes of both Core and Special s with 67 Aston Martin
Valkyrie deliveries YTD in 2023 (YTD 2022: 44) including the first
deliveries of our sold-out Aston Martin Valkyrie Spider
-- Total ASP of GBP219k YTD in 2023, up 12% from GBP195k YTD in
2022
-- Total ASP of GBP234k in Q3 2023, up 11% from GBP211k in Q3
2022
- strong underlying pricing dynamics in the Core portfolio in
addition to favourable mix from DBS 770 Ultimate, offset by adverse
geographic mix and the planned ramp-down of certain models in
advance of the launch of our next generation of sports cars
-- Core ASP of GBP184k YTD in 2023, up 6% from GBP173k YTD in
2022
-- Core ASP of GBP183k in Q3 2023, down 3% from GBP189k in Q3
2022
-- Gross profit increased by 30% year-on-year to GBP371m (YTD
2022: GBP286m), and gross margin increased to 36% (YTD 2022: 33%).
The increase in gross profit was primarily driven by growth in
wholesale volumes and higher ASPs across the Core product
portfolio, favourable mix dynamics from the DBS 770 Ultimate, and
strong momentum from Specials, partially offset by higher
manufacturing and logistics costs, and FX
-- Adjusted EBITDA increased by 64% year-on-year to GBP131m (YTD
2022: GBP80m), primarily driven by the strong growth in gross
profit, partially offset by higher operating expenses including
reinvestments into brand and marketing activities, as well as
inflationary impacts on general costs. Adjusted EBITDA margin
increased to 13% (YTD 2022: 9%)
-- Operating loss of GBP145m included a GBP58m year-on-year
increase in depreciation and amortisation, as a result of higher
Aston Martin Valkyrie programme deliveries and the continuing
accelerated amortisation of capitalised development costs ahead of
next generation of sports cars starting in 2023
-- Loss before tax of GBP260m (YTD 2022: loss of GBP511m)
included a positive year-on-year impact from the revaluation of US
dollar-denominated debt
-- Free cash outflow of GBP297m (YTD 2022: GBP336m outflow) included:
- Increased capital investment year-on-year, in-line with FY
2023 guidance, primarily related to new model development,
including the next-generation of sports cars as well as development
of the Company's electrification programme
- Working capital outflow of GBP69m driven by increase in
inventory to support launch of next generation sports car models,
which is expected to partially unwind in Q4 2023
- Net cash interest payments of GBP53m
-- Total liquidity of over GBP600m (December 2022: GBP590m)
including cash of GBP544m and an additional c.GBP60m of revolving
credit facility available. YTD 2023 cash includes GBP216m of
proceeds from August's share offering and GBP95m proceeds from the
new shares issued to Geely International (Hong Kong) Limited in
May
-- Net debt of GBP750m (December 2022: GBP766m), including a
positive GBP17m non-cash FX revaluation of US dollar-denominated
debt as the GBP strengthened against the US dollar
Balance Sheet
-- We remain focused on reducing our leverage and retiring debt
and will continue to do so in consideration of a wide range of
factors. In line with the announcement in July, our objective is to
repay the second lien in full. During November, we will be
redeeming 50% of the outstanding second lien notes and beyond that,
we intend to undertake a fulsome refinancing exercise during the
first half of 2024
Q3 2023 Operational Highlights
-- The Company has continued the year-long global celebration of
Aston Martin's 110th anniversary with a series of unique events and
culminating in the launch of Valour, a spectacular, ultra-exclusive
V12-engined, manual transmission special edition
-- On 1 August, the Company successfully completed a share
offering raising gross proceeds of GBP216m to accelerate net
leverage reduction and support longer term growth
-- The Company proudly presented the DB12 Volante on 14 August
ahead of its global debut during Monterey Car Week in California.
Companion to the DB12 Coupe, this open-top model combines
spectacular Super Tourer performance and handling with the
irresistible sensory thrills of roof-down driving
-- On 19 September the new strategic supply arrangement with
Lucid Group, Inc. ("Lucid") was approved by Shareholders, providing
Aston Martin with access to Lucid's technologies, including
electric powertrains and battery systems
-- On 27 September the Company announced an update on the
development of Valhalla, its first series production mid-engine
supercar, with the first running prototype taking to the road later
this year, and set to enter production in 2024
-- The ongoing Formula 1(R) season being enjoyed by the Aston
Martin Aramco Cognizant Formula One(R) Team continues to drive
brand visibility and heightened product consideration, with a 7%
increase in website traffic versus non-race weekends in 2023 and
13% uplift in configurator traffic. Market research indicates that
60% of luxury car buyers strongly agree they are more likely to buy
an Aston Martin because of its association with F1(R)
-- On 4 October, the Company announced that Aston Martin is set
to enter the 2025 24 Hours of Le Mans Hypercar class with a racing
prototype version of the ultimate Hypercar, the Aston Martin
Valkyrie
- Through the invaluable support and backing of Aston Martin's
championship-winning endurance racing partner Heart of Racing, at
least one Aston Martin Valkyrie race car will be entered by Aston
Martin into the top Hypercar class of each of the FIA World
Endurance Championship and the IMSA WeatherTech SportsCar
Championships from 2025
- The prototype Aston Martin Valkyrie will participate in three
of sports car racing's most prestigious events; Le Mans, the Rolex
24 at Daytona and the 12 Hours of Sebring
-- On 9 October, a consortium working on the Company's
high-performance electrification strategy was awarded GBP9 million
of government funding through the Advanced Propulsion Centre UK,
further supplementing the research and development of Aston
Martin's innovative modular battery electric vehicle (BEV)
platform, which will be propelled by world-leading electric vehicle
technologies from Lucid
Lawrence Stroll, Executive Chairman commented:
"Our 110(th) anniversary year continues to be a fantastic one
for the Company, and we are delighted with the strategic and
financial progress we have made during the first nine months of
2023. Our volumes, pricing, gross margins and EBITDA are showing
strong improvement and we are delivering an accelerated industrial
turnaround.
"The launch of the DB12, which has seen extraordinary demand, is
driving a reappraisal of Aston Martin amongst new audiences, with
55% of initial DB12 customers new to the brand and when we launch
our second next generation sports car in Q1 next year, we expect a
similarly resounding response. Commencing deliveries of our next
generation of sports cars is a major milestone marking the
beginning of a completely new line up of front engine sports cars
that will reposition Aston Martin as an ultra-luxury
high-performance brand, enhance our growth and bring higher levels
of profitability.
"We are thrilled to be returning to Le Mans, the scene of many
historic triumphs for Aston Martin, aiming to write new history
with a racing prototype inspired by the Valkyrie. Aston Martin's
return to the pinnacle of endurance racing, in addition to our
partnership with the Aston Martin Aramco Cognizant Formula One(R)
team, will allow us to amplify our brand and build a deeper
connection with our customers and community.
"We look to the future with enormous excitement. Over the coming
quarters we will showcase our breath-taking line-up of new products
and we remain on track to substantially achieve our 2024/25
financial targets in 2024."
Amedeo Felisa, Chief Executive Officer commented:
"Our year-to-date performance has seen us continue to make
progress on our strategic direction with strong revenue and margin
growth. During Q3 we commenced deliveries of the game-changing
DB12, the first of our next-generation sports cars which has been
met with industry wide acclaim and exceptional demand since its
launch. Given the slight delays in the initial production ramp up
we have marginally updated our volume expectations for the year. As
we continue to transition the portfolio, we also delivered further
sales of the sold-out DBS 770 which we expect to conclude during
Q4.
"On Specials, we continued to deliver Valkyries during Q3
including the first of the Spider model and, over the remainder of
the year we will commence deliveries of the sold out 110-year
anniversary special, Valour, as well as the ultra-luxury DBR22.
"The expansion and transformation of our portfolio across both
Core and Specials will continue to bring significant improvements
in profitability, with all new models targeting a 40%+ gross
margin. Our Q3 financial performance was in line with our
expectations, and other than updating our volume outlook, we remain
on track to deliver on our full year guidance."
Outlook
For FY2023 our guidance, other than volumes, remain unchanged
since our FY 2022 results announcement on 1 March:
-- Given the initial delays experienced with the DB12 ramp up
during Q3, we have marginally updated our FY volume outlook as the
impact limits production capacity for the full year. Demand is very
strong, with DB12 orders into Q2 2024 and production is now running
at the rates required to meet our volume expectations for the
year
-- As we move into Q4, we expect to deliver improved ASPs and
gross margin evolution towards achieving our 40%+ target, supported
by the delivery of new products across the Core and Specials
ranges:
- In addition to the final deliveries of the sold-out DBS 770
Ultimate, we will continue deliveries of the first of our next
generation of sports cars - the DB12 Super Tourer
- Within Specials, in Q4 we plan to commence deliveries of the
ultra-luxury DBR22 and, in conjunction with our historic 110(th)
anniversary, the ultra-exclusive Valour. We also anticipate
continued deliveries of the sold-out Aston Martin Valkyrie
Spider
-- Within the fourth quarter of 2023, we continue to expect to
see a significant increase in adjusted EBITDA, primarily due to the
timing and related contribution of these new product launches
-- Overall, we expect to deliver significant growth in
profitability compared to 2022, driven by an increase in volumes as
well as higher gross margin in both Core and Special vehicles,
albeit with a marginally updated volume outlook. We now target
positive free cash flow in Q4 including the initial $33m (GBP26m)
cash payment to Lucid in relation to the strategic supply
arrangement announced on 26 June 2023, which is expected to be paid
in the fourth quarter of 2023
-- We expect to increase investment in brand and new product
launch activities during the year. This will also allow us to
continue to elevate our ultra-luxury performance brand positioning
and to support the acceleration of our longer-term growth
-- Although the operating environment remains volatile,
including ongoing inflationary pressures and pockets of supply
chain disruptions, our teams continue to work in partnership with
our suppliers to mitigate and minimise any impact on our
performance in 2023
We remain well on track to achieve our financial targets of
c.GBP2bn revenue and c.GBP500m adjusted EBITDA by 2024/25. The
Company expects to substantially achieve these financial targets in
2024. There is also no change to our expectations of achieving the
new medium-term guidance for 2027/28, announced earlier in the
year.
2023 guidance (unchanged other than volumes) :
-- Wholesales : year-on-year growth to c.6,700 units (revised from c.7,000 units)
-- Adjusted EBITDA margin : year-on-year expansion, up to c.20% adjusted EBITDA margin
-- Capex and R&D : c.GBP370m
-- Depreciation and amortisation : c.GBP350m-GBP370m
-- Interest costs : c.GBP120m (cash), assuming current exchange rates prevail for 2023
The financial information contained herein is unaudited.
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
Robert Berg Director of Investor Relations +44 (0) 7833
080458
robert.berg@astonmartin.com
Ella South Investor Relations Analyst
+44 (0) 7776 545420 ella.south@astonmartin.com
Media
Kevin Watters Director of Communications +44 (0)7764 386683
kevin.watters@astonmartin.com
Paul Garbett Head of Corporate & Brand Communications +44
(0)7501 380799
paul.garbett@astonmartin.com
Teneo
Harry Cameron + 44 (0)20 7353 4200
-- There will be a call for investors and analysts today at 08:30am GMT
-- 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
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.
Sales & Revenue analysis
Due to strong demand across the portfolio total wholesales of
4,398 increased by 8% year-on-year in the first nine months of 2023
(YTD 2022: 4,060). As expected, Sport/GT volumes year-to-date in
2023 continue to be lower than the comparative period due to the
ongoing transition to our next generation of sports car models. In
the third quarter of 2023, total wholesales included 30 Specials
(Q3 2022: 18), including the first deliveries of the sold out
Valkyrie Spider. DBX volumes increased by 23% year-on-year, driven
by the DBX707, the world's most powerful luxury SUV. The DBX707 is
now clearly established as a benchmark in the ultra-luxury SUV
segment with strong volume growth in the majority of our key
markets.
Geographically, the Americas was the strongest and the largest
region year-to-date, representing 32% of wholesales, driven by
strong demand for the DBX. EMEA excl. UK represented 29% of
wholesales year-to-date, with volumes increasing 44% year-on-year
driven by DBX and DBS 770 Ultimate, and includes the first
deliveries of our new DB12. Year-on-year wholesale volumes in APAC
were impacted by lower sales in China, which decreased by 57% YTD
in 2023 versus the comparative period in 2022, which more than
offset growth in wholesale volumes including the DBX707 and DBS 770
Ultimate outside of China. China continues to be a market where we
see significant opportunity for long-term growth. In our home
market, the UK, we grew wholesales 12% year-on-year driven by DBX
deliveries.
Revenues of GBP1,040m increased by 21% year-on-year, primarily
driven by strong pricing and mix dynamics and higher Aston Martin
Valkyrie deliveries. Revenues in the third quarter of 2023 of
GBP362m increased by 15% year-on-year, driven by higher wholesale
average selling price (ASP), growth in Core wholesale volumes and
the delivery of Specials.
Strong year-on-year pricing dynamics in the first nine months of
2023 were supported by price increases, reflecting the strong
pricing power of the Aston Martin brand, in addition to favourable
mix from DBX707, V12 Vantage, and DBS 770 Ultimate, and the
delivery of Specials. Year-to-date total wholesale ASP of GBP219k
(YTD 2022: GBP195k) included 68 Specials in the period, compared
with 50 in the comparative period, with Q3 2023 total ASP a record
level for Aston Martin of GBP234k (Q3 2022: GBP211k). Year-to-date
Core ASP was GBP184k (YTD 2022: GBP173k), due to strong underlying
pricing dynamics across the Core portfolio. Q3 Core ASP was GBP183k
(Q3 2022: GBP189k) which saw these strong pricing dynamics offset
by unfavourable FX dynamics, geographic mix impact and the planned
ramp-down of production of certain models in advance of the launch
of our next generation of sports cars.
Income statement
Gross profit of GBP371m increased by GBP85m, or 30%,
year-on-year, driven by growth in wholesale volumes and ASPs across
the Core product portfolio, and strong momentum from Specials,
partially offset by higher manufacturing, logistics and other
costs. This translated to a gross margin of 36%, a year-on-year
expansion of approximately 230 basis points, primarily driven by
strong pricing dynamics and mix which was particularly strong in Q3
2023 with gross margin reaching 37%. The company continues to
target a 40%+ contribution margin from future products.
Adjusted EBITDA of GBP131m increased by GBP51m, or 64%
year-on-year. This translated to an adjusted EBITDA margin of 13%,
an increase of approximately 330 basis points compared to the prior
year period. The year-on-year increase in adjusted EBITDA was
primarily due to strong growth in gross profit, partially offset by
higher operating expenses including reinvestments into brand and
marketing activities including events such as the Goodwood Festival
of Speed and Pebble Beach, product launch investments such as the
DB12 Volante and Valour, as well as investment in IT
infrastructure, and general inflationary impacts on manufacturing
costs.
Adjusting operating items of GBP10m (YTD 2022: GBP20m)
predominantly related to ERP implementation costs.
Net financing costs of GBP115m were down from GBP363m in the
comparative period, comprising a positive non-cash FX revaluation
impact of GBP17m, with the prior year significantly higher due to
the revaluation of the US dollar-denominated debt as the GBP
weakened against the US dollar, with an impact of GBP(245)m YTD
2022 versus GBP17m YTD 2023.
The GBP28m adjusting financing items was due to the revaluation
of share warrants. The loss before tax was GBP260m (YTD 2023:
GBP511m), an improvement of GBP251m year-on-year, and the loss for
the period was GBP260m (YTD 2023: GBP518m).
Cash flow and net debt
Cash flow from operating activities was an inflow of GBP31m (YTD
2022: GBP 57m outflow ), an improvement of c.GBP88m YTD . The
year-on-year change in cash flow from operating activities was
driven by higher EBITDA and improved working capital. Cash flow
from operating activities in YTD 2023 included a GBP69m outflow
related to movements in working capital (compared with a GBP 106m
outflow in YTD 2022 ). The largest driver was a GBP53m increase in
inventories primarily driven by the ramp up of our next generation
of sports cars at the end of the quarter, as well as initiatives to
improve production and supply chain resilience ahead of upcoming
vehicle launches .
Demand for Specials remained strong in the first nine months of
2023 , with continued deposit intake for Valour, DBR22 and
Valhalla. This was offset by higher deliveries of Aston Martin
Valkyrie programme vehicles which resulted in a net GBP1m unwind of
customer deposits (YTD 2022: GBP 9m inflow ).
Capital expenditure of GBP276m was up GBP63m over the
comparative period, with future investment focused on the next
generation of sports cars, as well as development of the Company's
electrification programme.
Free cash flow was an outflow of GBP297m; (YTD 2022: outflow of
GBP 336m ), primarily due to the changes in working capital-related
cashflows described above and the year-on-year increase in capital
expenditure. Cash at 30 September 2023 was GBP544m (31 December
2022: GBP583m) whilst net debt of GBP750m was broadly unchanged
from GBP766m at 31 December 2022.
APPICES
Wholesale number of vehicles
YTD 2023 YTD 2022 % change Q3 2023 Q3 2022 % change
--------- --------- -------- --------
Total 4,398 4,060 8% 1,444 1,384 4%
Core (excluding
Specials) 4,330 4,010 8% 1,414 1,366 4%
By region:
UK 774 694 12% 329 206 60%
Americas 1,417 1,152 23% 355 432 (18%)
EMEA ex. UK (3) 1,267 880 44% 433 266 63%
APAC [3] 940 1,334 (30%) 327 480 (32%)
By model:
Sport/GT 2,090 2,184 (4%) 721 623 16%
SUV 2,240 1,826 23% 693 743 (7%)
Specials 68 50 36% 30 18 67%
----------------- --------- --------- --------- -------- -------- ---------
Note: Sport/GT includes Vantage, DB11, DB12, and DBS
Summary Income Statement
GBPm YTD 2023 YTD 2022 Q3 2023 Q3 2022
--------- --------
Revenue 1,039.5 857.2 362.1 315.5
Cost of sales (668.7) (571.0) (227.6) (217.4)
--------- --------- -------- --------
Gross profit 370.8 286.2 134.5 98.1
Gross margin % 35.7% 33.4% 37.1% 31.1%
Operating expenses [4] (505.9) (414.4) (182.9) (153.6)
of which depreciation & amortisation 266.2 208.0 98.9 76 .7
--------- --------- -------- --------
Adjusted operating loss [5] (135.1) (128.2) (48.4) (55.5)
Adjusting operating items (10.2) (20.2) (3.7) (3.0)
--------- --------- -------- --------
Operating loss (145.3) (148.4) (52.1) (58.5)
Net financing expense (114.5) (362.9) (65.5) (167.4)
of which adjusting financing
(expense) income (28.3) 19.0 9.6 (5.4)
--------- --------- -------- --------
Loss before tax (259.8) (511.3) (117.6) (225.9)
Taxation (0.2) (6.7) (0.4) (2.3)
--------- --------- -------- --------
Loss for the period (260.0) (518.0) (118.0) (228.2)
Adjusted EBITDA (5) 131.1 79.8 50.5 21.2
Adjusted EBITDA margin 12.6% 9.3% 13.9% 6.7%
Adjusted loss before tax (5) (221.3) (510.1) (123.5) (217.5)
----------------------------------------------- --------- --------- -------- --------
Summary Cash Flow
GBPm YTD 2023 YTD 2022 Q3 2023 Q3 2022
--------- --------
Cash generated from/(used in) operating
activities 3 1.4 (56.9) 13.9 (23.8)
Cash used in investing activities
(excl. interest received) (275.0) (213.4) (94.8) (75.2)
Net cash interest (paid)/received (53.2) (65.3) 2.4 (2.8)
---------
Free cash outflow (296.8) ( 335.6) ( 78.5) ( 101.8)
Cash inflow from financing activities
(excl. interest) 262.8 666.7 218.1 707.7
(Decrease)/Increase in net cash (34.0) 331.1 139.6 605.9
--------- --------
Effect of exchange rates on cash
and cash equivalents (5.5) 21.8 4.1 9.7
----------------------------------------- --------- --------- -------- ---------
Cash balance 543.8 771.8 543.8 771.8
----------------------------------------- --------- --------- -------- ---------
Net Debt Overview
GBPm 30-Sep-23 31-Dec-22 30-Sep-22
---------- ----------
Loan notes (1,102.2) (1,104.0) (1,339.5)
Inventory financing (38.8) (38.2) (39.5)
Bank loans and overdrafts (57.9) (107.1) (126.9)
Lease liabilities (IFRS 16) (95.3) (99.8) (101.3)
Gross debt (1,294.2) (1,349.1) (1,607.2)
---------- ----------
Cash balance 543.8 583.3 771.8
Cash not available for short-term
use 0.5 0.3 2.0
----------------------------------- ---------- ---------- ----------
Net debt (749.9) (765.5) (833.4)
----------------------------------- ---------- ---------- ----------
Summary Balance Sheet
GBPm 30-Sep-23 31-Dec-22 30-Sep-22
---------- ----------
Non-current assets 1,965.3 1,978.9 1,978.2
Current assets 1,159.0 1,125.4 1,416.0
Total assets 3,124.3 3,104.3 3,394.2
Current liabilities 1,003.3 1,041.9 1,082.8
Non-current liabilities 1,272.7 1,289.9 1,526.4
Total liabilities 2,276.0 2,331.8 2,609.2
Total equity 848.3 772.5 785.0
---------- ----------
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 EBT is the loss before tax and adjusting items as
shown on the Consolidated Income Statement
-- Adjusted EBIT is loss from operating activities before adjusting items
-- Adjusted EBITDA removes depreciation, loss/(profit) on sale
of fixed assets and amortisation from adjusted EBIT
-- Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided by revenue
-- Net Debt is current and non-current borrowings in addition to
inventory financing arrangements, lease liabilities, 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 less the net cash used in investing activities
(excluding interest received) plus interest paid in the year less
interest received.
[3] Q3 2022 and YTD 2022 numbers restated
[4] Excludes adjusting items
[5] Alternative Performance Measures are defined in the
Appendix
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END
QRTEAAEFDAEDFAA
(END) Dow Jones Newswires
November 01, 2023 03:00 ET (07:00 GMT)
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