TIDMAML
RNS Number : 9611D
Aston Martin Lagonda Glob.Hldgs PLC
27 June 2023
27 June 2023
Aston Martin Lagonda Global Holdings plc
Capital Markets Day 2023
Aston Martin Lagonda Global Holdings plc ("Aston Martin" or "the
Company") will host a Capital Markets Day, today, 27 June 2023 for
institutional investors and sellside analysts.
Aston Martin's senior management team will showcase its exciting
new and upcoming product range and will give presentations covering
operational excellence, supplier strategy, talent management,
sustainability, vehicle platforms, electrification, commercial
strategy and branding.
Aston Martin will also be confirming that it remains on track to
deliver its 2024/25 financial targets, originally provided in 2020,
which aimed to deliver c. GBP2 billion in revenue and c. GBP500
million of adjusted EBITDA by 2024/25. The Company expects to
substantially achieve these financial targets in 2024 and, with
continued strong momentum, is likely to exceed them in 2025.
Consistent with its target to become free cash flow positive
from 2024, the Company will also confirm that it is on track to
further deleverage its balance sheet, targeting a net leverage
ratio of c.1.5x in 2024/25.
Aston Martin will also provide new mid-term financial targets
for 2027/28, consisting of:
- Revenue of c. GBP2.5 billion
- Gross margin in the mid 40s%
- Adjusted EBITDA of c. GBP800 million
- Adjusted EBITDA margin of c. 30%
- Free cash flow to be sustainably positive
- Net leverage ratio of c. 1.0x
Aligned with this framework, the Company expects to invest c.
GBP2 billion over the next five years (2023-2027) as it invests in
its long-term growth and the transition to electrification. This is
comprised of c.GBP1.8 billion of capital expenditures and c. GBP200
million in technology access fees to the Company's strategic
suppliers and partners over the next five years, including the
payments related to its proposed strategic supply agreement with
Lucid Group, Inc. ("Lucid").
As disclosed on 26 June 2023, the Company announced that it has
agreed:
-- to enter into a strategic supply agreement with Lucid to
support its future battery electric vehicle ("BEV"), subject to
shareholder approval and the satisfaction of certain regulatory and
other conditions
-- an amendment and restatement of the Strategic Co-operation
Agreement ("SCA") with Mercedes-Benz AG, under which the original
agreement to issue additional Aston Martin shares to Mercedes-Benz
in exchange for access to further technology has been replaced with
a restated commitment to the existing strategic collaboration
allowing the parties to discuss future access to technology for
cash.
As a consequence of the amendment and restatement of the SCA, no
further consideration shares, or related cash top up payments, will
be issued or paid to Mercedes-Benz.
This announcement should be read in conjunction with the
separate releases issued on 26 June 2023.
Lawrence Stroll, Executive Chairman on Aston Martin Lagonda,
said:
"I am extremely proud of the major industrial turnaround we have
completed in the last three years, which has completely rebuilt
this iconic company. We are building an ultra-luxury brand,
supercharged by our transformational partnership with the F1 team
and with our portfolio of highly desirable and performance-driven
cars.
"We have updated our EV strategy, working with world-class
suppliers to complement our extraordinary in-house engineering and
design teams. In addition, we are now driving new levels of
operational excellence to support our growth and deliver on our
targets which focus on increasing value for each car we sell,
aligned with the characteristics of a true ultra-luxury company.
With the heavy lifting now behind us, I have never been as
confident in our future."
No new material information will be disclosed about current
trading.
Presentation materials from the event will be made available
afterwards on the Investor Relations section of our website.
Enquiries
Investors and Analysts
Sherief Bakr Director of Investor Relations +44 (0)7789 177547
sherief.bakr@astonmartin.com
Holly Grainger Deputy Head, Investor Relations +44 (0)7442 989551
holly.grainger@astonmartin.com
Media
Kevin Watters Director of Communications +44 (0)7764 386683
kevin.watters@astonmartin.com
Paul Garbett Head of Corporate & Brand +44 (0)7501 380799
Communications paul.garbett@astonmartin.com
Teneo
Harry Cameron +44 (0)20 7353 4200
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.
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