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2020 Annual Report Contents

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2020 Annual Report Contents 2020 ANNUAL REPORT CONTENTS STRATEGIC REPORT CORPORATE GOVERNANCE Highlights 1 Board of Directors and Executive Committee 41 Our Global Footprint 2 Executive Chairman’s Introduction 45 Executive Chairman’s Statement 4 to Governance Chief Executive Officer’s Statement 6 Governance Report 46 Business Model 10 Nomination Committee Report 54 Aston Martin and the Luxury Market 12 Audit and Risk Committee Report 56 Strategy 14 Directors’ Remuneration Report 63 Key Performance Indicators 16 Directors’ Report 79 People and Stakeholder Engagement 18 Statement of Directors’ Responsibilities 85 Responsibility 24 Chief Financial Officer’s Statement 28 FINANCIAL STATEMENTS Group Financial Review 29 Independent Auditor’s Report 87 Risk and Viability Report 33 Consolidated Financial Statements 96 Notes to the Financial Statements 101 ASTON MARTIN* Company Statement of Financial Position 146 Company Statement of Changes in Equity 147 IS ONE OF THE WORLD’S Notes to the Company Financial Statements 148 MOST ICONIC LUXURY Shareholder Information 150 COMPANIES FOCUSED ON THE DESIGN, ENGINEERING AND MANUFACTURE OF HIGH LUXURY CARS * Aston Martin Lagonda Global Holdings plc. References to ”Company”, ”Group”, ”we”, ”us”, ”our”, ”Aston Martin” and other similar terms are to Aston Martin Lagonda Global Holdings plc and its direct and indirect subsidiaries. HIGHLIGHTS 1 3 4 AGGRESSIVE DE-STOCK NEW LEADERSHIP IN TRANSFORMATIVE OF DEALER INVENTORY PLACE TO DRIVE TECHNOLOGY TURNAROUND AND AGREEMENT WITH DEALER GT/SPORTS GROWTH MERCEDES-BENZ AG INVENTORY MORE THAN HALVED, EXPECTED EXECUTIVE TEAM ACCESS TO WORLD – TO BE LARGELY COMBINING LUXURY CLASS TECHNOLOGIES: COMPLETE IN Q1 2021 AND AUTOMOTIVE POWERTRAIN AND GT/SPORT ORDER EXPERIENCE ELECTRIC/ELECTRONIC ARCHITECTURE INTAKE AHEAD OF OPERATIONAL TEAM EXPECTATIONS STRENGTHENED WITH REMOVES COST AND EXTERNAL RISKS OF DEVELOPMENT APPOINTMENTS MERCEDES-BENZ AG TO PROJECT HORIZON BECOME 20% LAUNCHED SHAREHOLDER 2 SUCCESSFUL LAUNCH OF DBX 5 1,516 UNITS SHIPPED; STRONG AND BUILDING REFINANCING ORDER BOOK STRENGTHENS FIRST DERIVATIVE TO FINANCIAL RESILIENCE LAUNCH Q3 2021 AND SUPPORTS GROWTH AMBITIONS YEAR-END CASH OF £489M NET DEBT SIGNIFICANTLY REDUCED TO £727M DEBT MATURITY EXTENDED TO 2025/26 ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2020 ANNUAL REPORT 1 OUR GLOBAL FOOTPRINT OUR GLOBAL FOOTPRINT1 24% 26% WHOLESALE VOLUMES BREAKDOWN BY REGION 27% 23% 24% 26% EMEA Asia Pacific (incl China) Americas 27% 23% UK EMEA Asia Pacific (incl China) 3 ASIAAmericas PACIFIC EMEA NUMBERUK OF DEALERS: 50 (2019: 45) NUMBER OF DEALERS: 52 (2019: 56) WHOLESALE VOLUMES2: 787 WHOLESALE VOLUMES2: 865 DECREASE ON 2019: 40% DECREASE ON 2019: 20% • 7 new dealer appointments throughout 2020, Sendai in • New dealer appointment in Casablanca, Morocco. Japan, Phnom Penh in Cambodia and Kunming, Foshan, • Network rationalisation took place in Europe in 2020 to Shanghai, Shenzhen and Xi’an in China. improve dealer performance and viability. • Rationalisation of the network in India and China, to • A number of new dealer appointments are planned improve dealer profitability and viability. throughout Europe in 2021, including the introduction of • Ongoing development of the network planned for 2021, new groups into the franchise. including the relocation and redevelopment of existing facilities and rationalisation of a number of locations. 2 ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2020 ANNUAL REPORT OUR GLOBAL FOOTPRINT DEALER NETWORK FOCUS DEALER READINESS FOR NEW STRATEGIC PLAN • We operate a franchise model for our dealerships which Dealer operations have been impacted by COVID-19, enables us to maintain strong control over brand causing disruption and dealer closures at times during the positioning while limiting capital investment. year. Various actions were taken to provide appropriate support for dealers and customers, including guidelines for • Dealer network to deliver world-class luxury customer sales and servicing to prioritise customer and team safety. experience and consistent brand presentation. These actions reflected the regional risk and government • Maximise market potential in line with plan. requirements, and constantly evolving impacts. • 167 dealers across 54 countries (2019: 168 dealers in The dealer network continues to operate in line with 54 countries). Expected to grow leveraging DBX relevant government restrictions in relation to COVID-19 market opportunities. and to adjust to the impact on market conditions and • Focus on growth markets, DBX new segmentation customer behaviours. These conditions have accelerated opportunities and driving sports car volumes. change towards increased digitisation and a growth in • Work continued during the year to significantly strengthen online engagement. Future retail strategy is being and upgrade the dealer network. developed to reflect an evolved customer-first luxury • Further actions planned for 2021 to improve dealer experience accommodating both online and in-person profitability and viability. engagement preferences. Aggressive and successful de-stocking actions have been undertaken within the dealer network to rebalance supply 1. Global footprint represents dealer summary as at 31 December 2020 2. Wholesale volumes include core and special models and demand and to ensure alignment to the new business 3. EMEA includes Europe, Middle East and Africa (excluding the UK and plan. This will be a continued focus through 2021 to South Africa) achieve ideal pipeline cover. Planned launch in 2021 of 4. UK includes South Africa new dealer performance management processes to improve performance and recognise excellence. UK4 AMERICAS NUMBER OF DEALERS: 22 (2019: 22) NUMBER OF DEALERS: 43 (2019: 45) WHOLESALE VOLUMES2: 820 WHOLESALE VOLUMES2: 923 DECREASE ON 2019: 43% DECREASE ON 2019: 55% • Change of dealer partner in Edinburgh. • Change of dealer partner in three locations, St. Louis, • No planned changes to the UK dealer footprint in 2021. Dallas and Boston, to support growth in the US market. • Ongoing development of the network is planned, in • New dealer appointment planned in Brazil in 2021. alignment with regional strategy to enhance the customer • Projects in 2021 will deliver further digital integration experience and optimise dealer profitability and viability. with the network, focused on the improvement of lead management opportunities. ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2020 ANNUAL REPORT 3 EXECUTIVE CHAIRMAN’S STATEMENT EXECUTIVE CHAIRMAN’S STATEMENT We, as a company, have not shied away from the hard work required and have made huge progress this year. We have appointed a world-class leadership team with deep experience of this industry. We have aggressively and successfully de-stocked the dealer network to rebalance supply to demand. We have strengthened the financial resilience of the business and have taken decisive action on costs. We have also launched, very successfully, the DBX and the Aston Martin Cognizant F1TM branded team takes to the track in 2021. APPOINTING A WORLD-CLASS LEADERSHIP TEAM We have made a number of appointments to build an industry-leading and world-class leadership team. Tobias Moers, formerly the CEO and acting Chief Technical Officer at Mercedes-AMG, joined as CEO in August 2020 and our new CFO, Kenneth Gregor, joined in June 2020. Kenneth was previously CFO of Jaguar Land Rover for 11 years. Together, with Marek Reichman our long-standing award winning Chief Creative Officer, they have already made great strides in leading Aston Martin’s transformation. As announced in January 2021 we have also strengthened LAWRENCE STROLL the membership of the Board with the appointment of new non-executive directors, Anne Stevens, Robin Freestone, Richard Parry-Jones, Antony Sheriff and Stephan Unger, who have strong automotive and luxury backgrounds to support DEAR SHAREHOLDER, the Company in its future ambitions as well as to progress our aims relating to compliance with the UK Corporate I WRITE TO YOU AFTER WHAT HAS BEEN AN Governance Code and diversity. Peter Espenhahn, Lord EXTRAORDINARY YEAR, BOTH GLOBALLY Matthew Carrington, William Tame and Amr AbouelSeoud have decided to step down and I would like to thank them AND FOR ASTON MARTIN. DESPITE THESE for their significant contributions and support to the Board. CHALLENGES, WE HAVE MADE SIGNIFICANT PROGRESS EXECUTING ON OUR PLAN. POSITIONING THE BUSINESS FOR GROWTH We made substantial progress during the year towards WE HAVE MADE NECESSARY AND EXTENSIVE making Aston Martin operate as a true luxury automaker, CHANGES TO OUR COMPANY most notably in rebalancing supply to demand for front engine sports cars. The dealer network has been aggressively I was appointed Executive Chairman at the end of April de-stocked, with a reduction of over 1,500 GT and sports 2020, during a period of unprecedented global turmoil, and car units from dealer stock during the year. This de-stocking knew that significant challenges lay ahead. However, in the is expected to be largely complete by the end of Q1 2021 as short amount of time since, we have made tremendous we approach our targeted stock levels, ahead of our original progress in positioning the Company for long-term success. expectations. I have been most impressed by this While the world has grappled with the tragic impacts of the achievement in a year when many of our dealers have been COVID-19 pandemic, I have been overwhelmed and give a operationally challenged by COVID-19 which prompted heartfelt thanks to all of our employees and other colleagues
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