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Interim Results INTERIM RESULTS McLAREN HOLDINGS LIMITED Unaudited Consolidated Financial statements Registered number 10756310 6 months ended 30 June 2019 McLaren Holdings Limited Interim financial statements 30 June 2019 TABLE OF CONTENTS Business review and outlook ................................................................................................... 3 Recent developments and factors affecting comparability .................................................... 9 Consolidated profit and loss account .................................................................................... 12 Consolidated statement of comprehensive income ............................................................. 12 Consolidated balance sheet ................................................................................................... 13 Consolidated statement of changes in equity ....................................................................... 14 Consolidated statement of cash flows .................................................................................. 15 Notes to the financial statements .......................................................................................... 16 McLaren Holdings Limited Interim financial statements 30 June 2019 Business review and outlook Principal Activities McLaren Holdings Limited (the “Group”) is a global leader in luxury automotive high-performance sports cars and supercars, motorsport and technology. The Group is constituted from three divisions: Automotive, Racing and Applied Technologies. Founded in 1963, the Racing division has been one of the most successful teams in motorsport history. Since its foundation, the team has won 20 Formula 1 World Championships, the Indy 500 three times and the Le Mans 24 Hour race. The Automotive division first produced the iconic McLaren F1 road car in 1992 and more recently launched its new series of products in 2011 starting with the 12C. Today, Automotive has a range of luxury high performance cars across four defined product families: Sports Series, Super Series, Ultimate Series and GT Series. It has produced further ground-breaking cars such as the P1TM, the 600LT and the McLaren Senna. 2018 was an extraordinary year for Automotive, not least because it reached the production rates required to achieve the c5,000 units per year originally promised in Track22. Further to this, Automotive put the McLaren Senna into production and revealed and launched the 600LT. The first half of 2019 has been strong and has already included the launches of Spider versions of the 600LT and the 720S, the reveal of the new GT, and the announcement of a new open-top Ultimate Series car. All current and future models continue to command premium pricing and a strong order bank. The Applied Technologies division focuses on the application of McLaren’s technological know-how in a wide variety of fields. Starting from a successful motorsports division which to this day is still the sole supplier of electronic components to Formula 1, NASCAR, Indycar and Formula E, the division has expanded to focus on three further market segments: automotive, public transport and health. Success in these areas has included taking McLaren know-how in high speed data transmission from Formula 1 and applying it to public transport where it has worked with several train operating companies to design, test and introduce new systems that enable reliable high speed WIFI on trains. Applied Technologies is also working with new entrants to the connected and autonomous vehicle sectors. The development of the new McLaren Group Limited The Group has continued to develop during the first half of 2019, a process that started in 2017 with the consolidation of the McLaren Technology Group (holding the Racing and the Applied Technologies divisions) and McLaren Automotive under the ownership of McLaren Holdings Limited. This transaction was completed on 20 July 2017. At the same time, the Group issued a sterling Bond of £370m and a dollar Bond of $250m traded on The International Stock Exchange. The Group is now managed along the three business lines of Automotive, Racing and Applied Technologies and the Group’s legal structure has been changed to reflect this. During 2018 and completed on 2 January 2019, the assets and liabilities of McLaren Marketing Limited and Team McLaren Limited were hived into McLaren Racing Limited to form one single racing company. The ownership of McLaren Racing Limited and McLaren Applied Technologies Limited were also transferred to McLaren Holdings Limited from McLaren Technology Group Limited. McLaren Technology Group Limited was then renamed McLaren Services Limited and continues to provide IT, Facilities Management and similar services to the operating entities. 2019 will see the completion of this reorganisation with further dormant subsidiaries wound up. The performance for Q2 2019 continues the same positive trend reported in Q1 2019. Turnover has increased by 36% from £511.4m in H1 2018 to £697.6m in H1 2019. In addition, the Group has reported an EBITDA of £80.7m compared to an EBITDA of £12.4m in H1 2018. Both these are driving a return to profitability at the operating level, with an operating profit of £11.5m reported in H1 2019 in comparison to a loss of £53.8m in H2 2018. Overall losses for the Group before tax are significantly lower, with a loss of just £21.7m reported in H1 2018 versus the £75.5m loss reported in H1 2018. The improvement in the H1 2019 results is driven by the Automotive division which has built on the success of 2018 by not only continuing to build cars at a rate of 20 units per day, but also delivering Ultimate Series cars in the sales mix. Further, the losses from the Racing division have begun to reduce, largely reflecting the improved finishing position in the 2018 Formula One World Constructors’ Championship. 3 McLaren Holdings Limited Interim financial statements 30 June 2019 Business review and outlook (continued) Automotive The Automotive division forecast sales growing to c5,000 units per annum within the 7-year Track22 strategy which was first announced at the Geneva Motor Show in 2015. 2018 saw 4,829 vehicles delivered, as planned, which was the achievement of this objective. 2019 is about consolidating this performance and the division plans to deliver a similar number again. Total wholesales in H1 2019 are 2,335 compared to 2,178 in H1 2018, an increase of 7%. Wholesale volumes by region are: Region H1 2019 H1 2018 YoY Growth Europe 611 739 -17% North America 1,125 850 32% Asia Pacific 392 347 13% China 84 114 -26% RoW 123 128 -4% Global 2,335 2,178 7% In terms of regional mix, while the European performance is good, there is some weakness in the overall market which has led to a small fall in volumes in this region in comparison to 2018. However, Automotive has been able to more than compensate with volumes in North America and Asia Pacific where both McLaren’s performance, and the market, continue to be strong. There has also been a slight fall in Chinese volumes in comparison to 2018; while the market is weaker than twelve months ago McLaren’s overall market share has improved and therefore this variance is expected to be timing only and the division is on track to deliver a similar volume to last year in China by the end of the year. The mix of products delivered in H1 2019 verses H1 2018 was also stronger; there were just 10 Ultimate Series vehicles delivered in H1 2018 whereas there were 217 delivered in H1 2019. The mix difference is the key driver behind the improved financial performance verses 2018 in the Automotive division. This trend is expected to continue to the full year where, despite the guidance on volume being to deliver a similar number to 2018, it is expected that the mix will contribute to an improved financial performance over 2018. Automotive continued to announce and launch new products in 2019. Having revealed the 720S Spider to the world in December 2018, it announced a second Spider in Q1 2019: the 600LT Spider. Both cars were reviewed by the world’s press in February 2019 and both received numerous 5-star accolades from the global media. Both these vehicles are now in full production and being delivered to customers. Following this, in May 2019, the new GT was revealed. Sleek, elegant and muscular, the superlight new GT challenges the conventions of the Grand Tourer category with a compelling blend of beautiful design, high-quality innovative materials, true supercar performance and McLaren driving dynamics and engagement. Positioned alongside the established Sports, Super and Ultimate Series families, this is a new McLaren for a new audience and provides an alternative to existing products in an expanding market segment. Finally, in August 2019, McLaren announced an all-new Ultimate Series McLaren supercar, focused on the exhilaration of pure, open-top driving. The as yet unnamed model is a two-seat, open cockpit roadster that will be the latest offering in McLaren’s range-topping Ultimate Series lineage of supercars that include the P1TM, McLaren Senna and Speedtail. Strictly limited to just 399 examples, the roadster will differ from both the McLaren Senna’s focus on being the ultimate road-legal track car and the Speedtail’s high-speed aerodynamic efficiency by offering the purest distillation of road-focused driving pleasure and an unrivalled sense of driver connection with the surrounding environment. 4 McLaren Holdings Limited Interim financial statements 30 June 2019 Business review
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