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1、ANNUAL REPORT AND ACCOUNTS 2024PAST.PRESENT.FUTURE,READY.WELCOME2024 was a year of intense productlaunches.Our reinvigorated core line-up has improved product performance and driven reappraisal,building on our iconic brands strong identity and the reputation of our innovative andskilled team.With a
2、portfolio that is future-ready,were firmly focused on delivering excellence.THE PATTERN IN THE BACKGROUND USED THROUGHOUT THIS REPORT REFLECTS THE UNIQUE METHOD OF PERFORATION THAT WON THE KINGS AWARD FOR ENTERPRISE IN INNOVATION.SEE PAGE 15 FOR FURTHER DETAIL.FRONT COVER:ASTON MARTIN VANQUISHSTRATE
3、GIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORT2 At a glance3 Business highlights4 Executive Chairmans Statement8ChiefExecutiveOfficersStatement13 In conversation with our CEO14 Our market16 Stakeholder engagement20 Our Business model22 Our Strategy24 Key performance indi
4、cators26ChiefFinancialOfficersStatement28 Financial Review32 Environmental,social andgovernance45 Task Force on Climate-related Financial Disclosures56 Principal risks and risk management62 Viability Statement 63Non-financialandsustainabilityinformation statementCORPORATE GOVERNANCE66 Governance at
5、a glance67 Executive Chairmans introduction to governance68 Board of Directors72 Executive Committee74 Leadership and governance 78 Board discussions during the year82 Section 172 statement84 Board,culture and workforce engagement 86 Investor engagement88 Nomination Committee Report94 Audit and Risk
6、 Committee Report102 Sustainability Committee Report104 Directors Remuneration Report 135 Directors Report141 Statement of Directors ResponsibilitiesFINANCIAL STATEMENTS144 Independent Auditors Report154 Consolidated Financial Statements159 Notes to the Financial Statements210 Parent Company Stateme
7、nt of Financial Position212 Notes to the Parent Company Financial StatementsFURTHER INFORMATION222 Glossary224 Shareholder informationCONTENTSReferences in this report to we,our the Company,and Aston Martin refers to Aston Martin Lagonda Global Holdings plc and its subsidiaries.ASTON MARTIN LAGONDA
8、ANNUAL REPORT AND ACCOUNTS 20241STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONTHEFUTURE IS HERE.STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONEleven decades of cutting-edge innovation and exemplary engineering have led to thismoment.The pinnacle of luxury sports
9、 cars.For the drivers who want to experience the impossible.A sensuous connection between driver and vehicle.STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONVANQUISHA flagship.The apex.The absolute zenith of the Aston Martin range.Muscular,powerful and fearfully thrilling to drive,w
10、ith a thunderous,bespoke,all-new AstonMartin V12 engine.Vanquish is the impregnable peak of British mastery and adisplay of domination that justifies itsnameplate.All will be vanquishedZenith nounthe time at which something is most powerful or successful.5.2 litreNew 5.2 litre Twin Turbo V12 ZENITH.
11、STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONICON.DB12The worlds first Super Tourer74years of category defining DB marvels The DB12 is the worlds first Super Tourer,the centrepiece of Aston Martins core portfolio and the first of its next generation of performance cars.A car that
12、 carries the weight of theDB lineage with power and finesse.Itis purer,sharper and more aggressive than other quintessential GT cars yet fused with jaw dropping looks synonymous with Aston Martin.Icon nouna person or thing regarded as a representative symbol or as worthy of veneration.POWER.DBX707Th
13、e supercar of SUVs900NmThe luxury of 900NmThe DBX707 is a power-driven epic.The luxury of 900Nm.A top speed of 193mph,dispatched by the racing-grade reactions of a wet clutch.It performs feats that an SUV has no right to do.A true supercar masquerading as an SUV.Commanding and purposeful yet handsom
14、e.DBX is theepitome of duality.Power nounphysical strength and force exerted by something or someone.STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONTHRILL.VANTAGE3.4 secs0-60mph in 3.4 secondsVantage is an athlete,a thrill to drive and outright fun to be behind the wheel of.Itsmigh
15、ty performance and prioritisation of real-world thrills make it a considered choice for any sports car buyer.Hands down,it is the fastest Vantage in the nameplates history.Poise,stance,andwith a beautiful muscularity.Thrill nouna sudden feeling of excitement andpleasure.Engineered for real driversFE
16、ARLESS.VALOUR110examples to celebrate 110 years of Aston MartinAn extremely limited-edition celebratory car commemorating 110 years of Aston Martin.With the intention to connect driver and machine again and bring back feelings the road forgot.Its a tribute to the golden era of driving when cars were
17、 seductive,wild,beautiful.Valour is proof we can still dance on the edge and become one with the very soul of a car.Fearless nounpossessing or displaying courage;able to face and deal with danger or fear without flinching.Retro futurism at its finestSTRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURT
18、HER INFORMATIONEXTREME.VALIANTFor your sinsThe most extreme front-engine road car ever built by Aston Martin.Road legal,buteverything it knows is learnt from thetrack.Twinning the fearlessness of 1970srace cars with the technology and materials of todays pit lane.Originating from a personal commissi
19、on from Fernando Alonso to build a car that is a monument to the thrill of driving.Without a single flinch of moderation.This is vice inthe form of a V12.Extreme nounreaching a high or the highest degree;very great.38 unitsLimited to 38 units,globallyIMPOSSIBLE.VALKYRIETrack performance on the stree
20、tsImpossible nounnot able to occur,exist,or be done.1130 BHPEra-defining 1130 BHP Valkyrie comes as close as possible to being a Formula One car without being restricted to the track.Its rebellious technology is directly influenced by the sport of Formula One with all the Aston Martin hallmarks of c
21、leverly crafted luxury.STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONWERE IN THE DRIVING SEAT.STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTAT A GLANCEUnlocking our potential to deliver sustainable growthOur purpose guides usOur purpose is to cre
22、ate vehicles with the ultimate technology,precision and craftsmanship that deliver thrilling performance andabespoke,class-leadingexperience.Our vision lights the wayOur vision is to be the worlds most desirable,ultra-luxury Britishperformancebrand,creatingthemostexquisitelyaddictiveperformancecars.
23、Our values steer usOur values are Unity,Openness,Trust,Ownership,and Courage.Atthecoreofourvaluesisonesingleguidingtenet:NoonebuildsanAstonMartinontheirown.Our strategy drives usOur strategy is built on our key strengths of brand,product innovation,sustainability,and our people,which are the pillars
24、 that drive our strategy and future growth ambitions.Our positioning in the market andproduct portfolioAstonMartinisaniconic,globallyrecognisedbrand,withauniquepositiontranscendingultra-luxuryandhighperformance.Forover110yearsourbrandhassymbolisedexclusivity,elegance,power,beauty,sophistication,inno
25、vation,performance and an exceptional standard of styling and design.Our rich and prestigious heritage ofdeliveringbeautiful,awe-inspiringvehiclesdefinesAstonMartinassomethingtrulyuniquewithintheautomotiveindustry.ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 20242STRATEGIC REPORTGOVERNANCEFINANCI
26、AL STATEMENTSFURTHER INFORMATION1,220431,796551,086201,92845KEYWHOLESALE VOLUMEDEALERS2REVENUE 1,584m2023:1,633mOPERATING LOSS 100m2023:111mTOTAL AVERAGE SELLINGPRICE(ASP)245k2023:231kTOTAL SCOPE 1&2 EMISSIONS15,2042023:13,617ADJUSTED EBITDA271m2023:306mWHOLESALE VOLUMES6,0302023:6,620NET DEBT1,163m
27、2023:814mACCIDENT FREQUENCY RATE(AFR)0.352023:0.40Our 2024 business highlightsWhere we operate AMERICASEMEA1APACUK1 EMEA includes Europe,Middle East and Africa(excluding the UK and South Africa)2 All dealers are third-party dealers,with the exception of one in the UKASTON MARTIN LAGONDA ANNUAL REPOR
28、T AND ACCOUNTS 20243STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONLAWRENCE STROLLEXECUTIVE CHAIRMANSTRATEGIC REPORTEXECUTIVE CHAIRMANS STATEMENTASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 20244STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONBuilding on the mom
29、entum of our product and brand transformation to deliver future successs we reflect on 2024,it has been an important year for Aston Martin,characterised by significant product milestones,that along with the appointment of a new CEO will underpin our future success.In addition,we have had to address
30、some industry-wide and global macroeconomic challenges while preparing the Company for the next stage in its transformation.Building on the success of our DB12 launch in 2023,we are proud to have completed our all-new core portfolio in 2024 with the introduction of a thrilling sports car in Vantage
31、and our V12 flagship Vanquish.Joined by the upgraded DBX707 SUV,these models represent the most diverse,dynamic,and desirable product range in our segment,firmly solidifying our position as a leader in ultra-luxury,high performance vehicles.This period of intense product development continues with t
32、heforthcoming launch of our first mid-engined supercar and Plug-inHybrid Electric Vehicle(PHEV),Valhalla.Bringing hypercar performance and cutting-edge technology from Formula One to the road,Valhalla holds enormous potential to expand our customer base.These innovations are a testament to the creat
33、ivity,passion,and engineering excellence of theAston Martin team,while also reinforcing the enduring strength ofour brand.A key moment of 2024 was the appointment of Adrian Hallmark as CEO in September,taking over from Amedeo Felisa.Id like to personally pay tribute to Amedeo,recognising not just wh
34、at he has achieved at Aston Martin but throughout his long and distinguished career at the very top of the ultra-luxury automotive industry.Adrian is a recognised leader in the ultra-luxury automotive sector with a proven track record of success,and the expertise and discipline AASTON MARTIN LAGONDA
35、 ANNUAL REPORT AND ACCOUNTS 20245STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTEXECUTIVE CHAIRMANS STATEMENT CONTINUEDhe brings will be invaluable as we continue the transformation ofthebusiness,to deliver sustainably profitable long-term growth.Together,we are com
36、mitted to fulfilling our vision for the brand and unlocking its global potential,particularly given the significant work undertaken to reinvigorate our product portfolio.From a financing perspective,we took decisive steps this year.These actions enhance the resilience and strength of the business,wh
37、ilst ensuring we are well positioned to maximise the potential of our new class-leading next generation models.This also enables us to continue investing in future growth opportunities at the required pace.In March 2024,we completed a circa 1.15bn refinancing of our existing senior secured notes.Thi
38、s followed significant progress made by Aston Martin over recent years and the subsequent upgrades from leading credit agencies,which resulted in improved 5-year terms on the notes.In addition,existing lenders entered into a new super senior revolving credit facility agreement,increasing their bindi
39、ng commitments by circa 70m to 170m.Later in the year,we completed two private debt placings in August and November of circa 135m and circa 100m,respectively.In November 2024,with the support of our investors and strategic shareholders,we completed a share placing of circa 111m.Aston Martin has made
40、 material strategic progress since the Yew Tree Consortium first invested in the Company in 2020,and the consortium continued to demonstrate their support and confidence in the future success of the business through a significant participation in the placing.With the support of Aston Martins strateg
41、ic shareholders and the Board,we move into 2025 under Adrians leadership with a truly world-class range of new core models and the eagerly awaited launch of Valhalla,readying Aston Martin to deliver long-term sustainable value for all stakeholders.Our focus remains on the continued execution of our
42、brand and product strategy,in addition to greater operational rigor,which will underpin progress towards our near-and medium-term financial targets.Of course,2024 was not without its challenges.In September,we revised our 2024 full year volume guidance in response largely to supply chain disruptions
43、 and a weaker macroeconomic environment in China.This resulted in a circa 1,000-unit reduction to our volumes in 2024,which impacted our 2024 financial performance,particularly inQ4.Our expectation of achieving positive free cash flow in the second half of 2024 was also delayed due to the volume red
44、uction,although we continued to deliver a quarterly sequential improvement throughout the year,with a materially improved H2 2024 performance.We remain determined to address this key metric head-on and are committed to demonstrate that our strategy can deliver sustainably profitable,long-term growth
45、,with a clear target to achieve positive EBIT in FY 2025 and free cash flow generation in H2 2025.Id like to thank my fellow Board members for their valuable and robust engagement and continued support throughout the year.In December 2024,we announced that Robin Freestone,Independent Non-executive D
46、irector and Chair of the Audit and Risk Committee,had taken the decision to step down from the Board with effect from 28 February 2025,following the Companys 2024 full year results announcement.We have greatly benefited from Robins experience and guidance and wish him well for the future.On 25 Febru
47、ary 2025,we were pleased to announce the appointment of Vicky Jarman as a new Independent Non-executive Director taking over from Robin as the Chair of the Audit and Risk Committee,and joining as a member of the Nomination and Remuneration Committees with effect from 1 March 2025.Looking ahead,I am
48、confident in Aston Martins ability to create future value.We have a great opportunity to build on the momentum of our product and brand transformation in recent years,which has been further accelerated by our prominent presence in Formula One.Our focus remains unwavering:to create extraordinary prod
49、ucts,inspire our customers through unparalleled luxury experiences,and deliver value to all our stakeholders.Thank you for your continued trust and confidence in Aston Martins future.LAWRENCE STROLLEXECUTIVE CHAIRMAN“OUR FOCUS REMAINS ON THE CONTINUED EXECUTION OF OUR BRAND AND PRODUCT STRATEGY,IN A
50、DDITION TO GREATER OPERATIONAL RIGOR,WHICH WILL UNDERPIN PROGRESS TOWARDS OUR NEAR-AND MEDIUM-TERM FINANCIAL TARGETS”ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 20246STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATION
51、ASTON MARTIN AND F1SPONSORSHIPRacing is an integral part of Aston Martins identity.Since returningtotheFormulaOnegridin2021,themarquesinvolvement has transfused F1 methods,materials andmindsfromthegridtoitseverydayroadcars.F1isthepinnacleofmotorsportandbuildsourbrandimage as a performance powerhouse
52、,producing exquisitelyaddictiveperformancesportscars,includingthe ultimate hypercar,Valkyrie and the awe-inspiring Valhalla,which apply F1 materials and knowledge.Aston Martins grid presence has not only propelled thebrandontotheglobalstage,butalsoinspiredcustomers,who are now specifying more road c
53、ars ingreenthaneverbefore.“BORN OUT OF RACING 112 YEARS AGO,IT IS ONLY RIGHT THAT ASTONMARTIN HOLDS ITS POSITION IN THEPINNACLE OF MOTORSPORT.THERETURN TO F1 HAS HAD AFORMIDABLE IMPACT ONTHE COMPANY AND,AFTER FOUR YEARSBACK ON THE GRID,WERECONTINUING TO REACH NEWAUDIENCES”ADRIAN HALLMARKCHIEF EXECUT
54、IVE OFFICERThe next few years are pivotal for the Aston Martin Aramco F1 Team,who welcome acclaimed F1 designer,engineer and aerodynamicist Adrian Newey in2025aspartoftheteamsambitiontobealeadingforce in the sport.POTENTIAL.ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 20247STRATEGIC REPORTGOVERNA
55、NCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTCHIEF EXECUTIVE OFFICERS STATEMENTADRIAN HALLMARKCHIEF EXECUTIVE OFFICERASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 20248STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSuccessfully completing one of the most diverse,dyna
56、mic and desirable portfolios in the ultra-luxury segmentLike many working within the ultra-luxury segment,I have admired the transformation of Aston Martins brand and products from afar.Since joining as CEO on 1 September 2024,I feel honoured to now have the opportunity to work with the Board,Execut
57、ive Management team and the Companys employees as we enter a new chapter in Aston Martins exciting future.The Company has launched an entirely new and reinvigorated core range of models over an 18-month period.This ambitious endeavour demonstrates the teams unique drive,talent and entrepreneurial sp
58、irit.These new models have all received high acclaim from the worlds leading automotive journalists and luxury media.They have praised the driveability,performance,handling,interiors and design of the new models.Importantly,this provides a key foundation upon which we can build a successful,sustaina
59、bly profitable future with our reinvigorated portfolio appealing to our loyal existing customers in addition to attracting new enthusiasts to the brand.The new range of core models commenced with the launch of DB12 in the second half of 2023.Showcasing our first-ever in-house bespoke infotainment sy
60、stem with enhanced performance compared to previous models,DB12 quickly received positive recognition and became a multi-award winner including the Car of the Year accolade by Robb Report,who also named it the leading GT product in the world in their 2024 Best of the Best issue.With the benchmark fi
61、rmly set,the new Vantage was launched in February 2024 with EVO magazine titling it the“best Aston Martin in years”.A true sportscar that underpins everything about our brand.Five-star reviews have also followed for the newly upgraded DBX707 luxury SUV,with its technologically advanced interior now
62、matching its class-leading performance and driving dynamics.As reported by Hagerty:“The 2025 Aston Martin DBX707 is about as good as all-in-one personal vehicles get”.Finally,in September 2024 we launched our new V12 flagship,Vanquish,which replaced the highly regarded and iconic DBS.Successfully co
63、mpleting one of the most diverse,dynamic and desirable portfolios in the ultra-luxury segment.We commenced,as planned,with the first Vanquish deliveries to customers at the end of 2024,with the model proudly receiving Top Gears 2024 Super GT of the Year award.EXCLUSIVE SPECIALS CONTINUE TO DEMONSTRA
64、TE OUR UNIQUE MARKET POSITION In addition to our segment-leading core portfolio,Specials continue to play a significant role,demonstrating the Companys ability to operate at the very highest levels of the ultra-luxury automotive segment.These highly sought after products are typically oversubscribed
65、,attracting automotive collectors and enthusiasts from all over the world.Many automotive companies have tried to participate in this specialist sector of the market,but few have successfully delivered these unique programmes over a sustained period like Aston Martin has.This was something I observe
66、d and admired from outside of Aston Martin for decades,and now have the opportunity to shape this strategy as we move forward.In 2024,we delivered some incredibly unique and ultra-exclusive Specials.The iconic Valkyrie programme,merging Formula One technology with a road car,pushed the boundaries of
67、 performance with engineering to make the impossible,possible.Having broken the track record at Silverstone for a production car,in 2025 this era-defining hypercar will carry Aston Martin into the fight for overall victory in a return to the world famous 24 Hours of Le Mans.Also in 2024,we completed
68、 the delivery to customers of our 110-year anniversary Special,Valour.This was followed by Fernando Alonsos launch of Valiant at the 2024 Goodwood Festival of Speed.Customer deliveries of this ultra-exclusive 38 vehicle programme commenced at the end of 2024,with the remaining vehicles being deliver
69、ed in early 2025.THE POWER OF OUR BRAND AND FORMULA ONEBringing these phenomenal products to market aligns with the vision previously outlined by our Executive Chairman,to be the worlds most desirable,ultra-luxury British performance brand.We have the potential to lead this segment thanks to our inc
70、reasing brand power and alignment with world-class products and technology.Since joining this year,I have travelled across the UK and to several of our other key markets.This included North America and China ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 20249STRATEGIC REPORTGOVERNANCEFINANCIAL STA
71、TEMENTSFURTHER INFORMATIONIn September 2024,we,like many other global automotive peers at the time,had to update the market on two external factors that were impacting the Companys performance:Industry-wide supply chain disruptions and continued macroeconomic weakness in China.These factors resulted
72、 in a circa 1,000-unit reduction in wholesale volume guidance for 2024.Whilst it was unfortunate to have to make this adjustment,it was appropriate that we took decisive action.We experienced no further material changes in our supply chain for our core vehicles and while below the initial expectatio
73、ns set by the Company at the start of the year,we delivered broadly in line with our revised guidance for volumes,adjusted EBITDA and liquidity.Since becoming CEO,Ive extensively engaged with our teams across the business conducting operational reviews to fully understand where we are on our transfo
74、rmation journey.Whilst many of my positive reflections from outside the business have been reinforced,there are areas that would benefit from a renewed focus on operational excellence and strong discipline.In doing so we can create a sustainably profitable business model,providing the platform from
75、which to deliver long-term growth.Today we are driving for improvements across four areas I previously highlighted towards the end of 2024.With some immediate results already,we would expect further benefits to materialise progressively from the second half of 2025 onwards:ELEVATING THE CUSTOMER EXP
76、ERIENCE ANDDRIVINGINNOVATIONCapitalising on the growing appetite for personalisation and elevated customer experience within the luxury goods segment,our ultra-luxury retail strategy and bespoke service,Q by Aston Martin,has driven an increase in options revenue.In 2022,contribution to core revenue
77、from options was around 13%,increasing to 15%in 2023 and to 18%in 2024.Further enhancing the sophisticated,tailored service our customers expect,we continued to benefit from the success of our Q New York flagship location,in addition to further investment being made by our dealer partners around the
78、 world.Aligned with our renewed corporate identity,the showroom in New York brings the highest levels of Q by Aston Martin services to North America.Customers can also utilise this intimately personal service at our UK headquarters in Gaydon and over time we will open further Q locations in key mark
79、ets.In parallel we continue to work with our dealer partners to optimise our network and upgrade facilities to truly offer an ultra-luxury experience.Whilst we made progress on this part of our strategy in 2024,I believe we still have plenty of opportunity to advance our dealer network over time,a p
80、roposition made easier now we have a full range of next generation models available in the market and with further innovation planned throughout the lifecycle of our products.In our home UK market,Aston Martin Birmingham officially opened in October 2024 in STRATEGIC REPORTCHIEF EXECUTIVE OFFICERS S
81、TATEMENT CONTINUEDtomeetwith customers and dealer partners,and to Europe where I attended our global dealer conference.These important stakeholders repeatedly highlighted their passion for and strength of the Aston Martin brand.I also took note of their frustrations related to certain delays in new
82、model deliveries while acknowledging that to be a true class leader in our segment we have to excel in all aspects of our customer experience,sales and marketing channels,and that we are actively addressing these points.There is no doubt that awareness of the brand has been supported by the growing
83、profile of Formula One and our participation in the pinnacle of motorsport.This powerful marketing activity,which gives our customers,suppliers and dealers unrivalled access to race weekends,has been further elevated by the hugely successful Netflix series,Drive to Survive.One of the most watched sh
84、ows on the streaming platform,the first episode of the 2024 season heavily featured Aston Martin,prominently positioning our brand and products to millions of viewers.Our association with Formula One goes even further with Aston Martin providing the Official FIA Safety and Medical car of Formula 1 r
85、egularly showcasing the high-performance credentials of our Vantage and DBX707 models.Our racing DNA has been further underscored this year by the success of the new Vantage GT3 race car,with teams performing in a number of racing series around the world including the FIA World Endurance Championshi
86、p where our partner team The Heart of Racing recorded a maiden victory at the Circuit of the Americas in September 2024.“UNIQUE DRIVE,TALENT AND a new landmark location,drawing design inspiration from Q New York.A new dealership in Leeds also followed the successful opening of Aston Martin Edinburgh
87、.In Europe,new showrooms and boutique locations were opened in Baden-Baden,Nrnberg,Hamburg and Prague.Following the opening of a new landmark showroom inside the Peninsula Tokyo Hotel earlier in 2024,our presence in Asia was strengthened with the reopening of Aston Martin Seoul.Adding to the opening
88、 earlier in 2024 of Aston Martin Suwon,this marked a new era for Aston Martin in the growing South Korea market.In May 2024,we were delighted to be among the first companies in the world to be awarded a Royal Warrant by appointment to His Majesty The King.The same month also saw Aston Martin honoure
89、d with The Kings Award for Enterprise,solidifying Aston Martins position as a symbol of British excellence.Awarded for innovation,this accolade came as we continued at pace to progress the most intense phase of product development in our history.UNLOCKING OUR FUTURE POTENTIALAston Martin has made si
90、gnificant progress in transforming the business and its strategy since the Yew Tree Consortium investment in 2020,alongside our other strategic shareholders.I recognised when joining the Company there was huge potential still to be unlocked.This remains the case,but enhancing the performance of the
91、business is not without its challenges.It will require a true team effort to overcome certain barriers and for some difficult decisions.ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202410STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATION1.Elevating awareness of our ultra-luxury bra
92、nd in support ofincreased demand generation Having successfully completed a series of global product launch events in 2023 and 2024,we are now focusing our investment more on regional and local marketing efforts.Following initial delays of some new models into certain markets,we expect these more ta
93、rgeted initiatives,and in some markets near relaunch-like activations,to stimulate demand and enhance the quality of our order book.With our order book for core vehicles extending up to five months,I would like for this to strengthen over time towards realistic luxury sector benchmarks.For our core
94、V8 vehicles this should extend to a minimum of six months with the V12 Vanquish closer to nine months.For Specials,these limited ultra-exclusive programmes are typically fully allocated at launch while Valhalla orders already cover the first full year of production.We will leverage the benefits of b
95、uilding deep understandings and strong relationships with our customers over many years,combined with an effective Salesforce CRM to create bespoke,tailored campaigns for our potential customer base.We are particularly excited about boosting activities in key regions like the USA,which still holds u
96、ntapped growth potential,and in China where we have faced challenges recently but see a mid-term upside.Further elevating our ultra-luxury retail strategy and the Q by Aston Martin proposition will form another core part of this strategic pillar in addition to ongoing upgrades to our stores and deal
97、er network.ENTREPRENEURIAL SPIRIT.”2.Optimising our cost base and driving productivityenhancements Whilst we began to make progress on the Groups adjusted operating expenses in FY 2024,adjusting our discretionary cost base,we need to deliver more improvements to support future financial performance
98、and drive operating leverage.The business has grown over recent years to match previous ambitions.We now need to ensure we optimise our organisation structure to deliver the current business plan,with a focus on maximising the value of every vehicle sold,while driving productivity enhancements towar
99、ds established industry benchmarks.We will develop these throughout the year ahead,with the goal of Aston Martin becoming a sector benchmark Company over time,and in doing so,realise high performance.In 2025,despite inflationary and growth-related costs,we expect to deliver benefits through greater
100、operational discipline,focused spend and rightsizing,which result in a continued reduction in adjusted operating expenses in FY 2025,most notably in the second half.Through a disciplined approach,we are committed to achieving this all while executing on our ongoing investment plans to support the Co
101、mpanys long-term growth aspirations.We are commencing a process to make organisational adjustments,to ensure the business is appropriately resourced for its future plans.This will ultimately see the departure of around 170 valued colleagues,representing circa 5%of our global workforce.Linked directl
102、y to this difficult but necessary action,we expect annualised operating expenditure savings of circa 25m of which circa 50%will be realised in FY 2025 with associated transformation costs expected to be circa 10m.3.Product innovation throughout the lifecycle We will continue to ensure we offer our c
103、ustomers the most relevant,exciting and compelling vehicles in the sector.Instead of simply waiting for several years between full model refreshes,we intend to quicken the cycle plan,updating trims and derivatives periodically to keep the models fresh and relevant,maintaining the enviable status the
104、y now hold.Our ongoing programme of ultra-exclusive Specials will meet the needs of the collectors and enthusiasts who crave these rare vehicles.To meet our growing customer needs,we are developing an even broader array of options to enrich the personalisation and content opportunities our customers
105、 can invest in.Benchmarking against other luxury brands,indicates that circa 100 relevant options are not yet available to Aston Martin customers,including for example titanium exhausts,carbon wheels and bespoke audio systems.Our intention is to commence the introduction of additional options in the
106、 second half of 2025,with the potential to further satisfy our customers desires whilst simultaneously improving margins.4.Delivering excellence in quality and product launch cycles Our exceptional vehicles are the cornerstone of our brand.I am passionate about delivering the highest standards and c
107、onsistency across our portfolio.We can enhance this through our relentless focus on quality and by refining our approach to product launch cycles.Instilling better rigour and discipline in the planning and execution of our product launch cycles,collaboration with our supply partners throughout the p
108、rocess to drive efficiencies,and always putting the customer at the centre of what we do,is what we must focus on.In 2025,our product launch execution is firmly focused on Valhalla,having completed the significant transformation of the core portfolio over the last 18 months.Our confidence in the veh
109、icle and platform developed for Valhalla is reflected in the five years warranty and servicing now included in the sales price.In the past,the Company has been impacted by delays to launches,disappointing customers and impacting on its financial performance.Avoiding significant unnecessary costs and
110、 inefficiencies associated with delays and accelerated project timelines is just one example of the benefits from adopting this approach.We need to be realistic in our planning and timing of launches,monitoring key performance indicators throughout to ensure we meet deadlines in the future.A signifi
111、cant milestone has been the investment in and roll out of our first bespoke infotainment system which,alongside other major ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202411STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSimultaneously,we are developing alternatives to the Inte
112、rnal Combustion Engine with a blended drivetrain approach to our portfolio between 2025 and 2030,including PHEV and Battery ElectricVehicles(BEV),with a clear plan to have a line-up of electrified sports cars and SUVs.In response to customer feedback and evolving market dynamics,Aston Martin is prio
113、ritising the adoption of PHEV technology,beginning with Valhalla,before transferring the knowledge and technology across to our core model range.This will pave the way for the launch of Aston Martins first BEV,planned for the latter part of this decade.This phased approach reflects the Companys stra
114、tegy to offer a diverse range of powertrain options,including electric vehicles that will leverage our strategic partnerships and cutting-edge high-performance technologies,ensuring an unparalleled driving experience for customers.We now have a full range of models that appeal to a broader and growi
115、ng customer base,that want to own a truly inspiring,driver focused sports car,GT,SUV or V12.With a commitment to product development and innovation throughout the lifecycle of our core models,coupled with Valhalla and other Specials,I believe we have the ingredients to continue to drive demand and f
116、urther enhance the quality of our order book.Progress here will also benefit from an engaged and supportive dealer network and the success of our ongoing marketing activities.Volumes alone though will not define Aston Martin,with a ruthless focus on our demand-led approach,ensuring we offer customer
117、s the ultimate in luxury retail experience with enhanced personalisation opportunities that allows us to maximise the value in every vehicle.Our goal to create a sustainably profitable business model,will be further supported through our renewed drive for operational excellence and efficiencies acro
118、ss the business.This approach will underpin progress towards our 2027/28 mid-term financial targets,delivering sustainable positive adjusted EBIT and free cash flowgeneration.Id like to thank the Board,the Executive Committee,all our employees,dealer partners and suppliers,who have given a huge amou
119、nt of time and effort this year to shape the business and prepare it for the year ahead.Finally,to our customers for choosing to be part of this iconic brands history.Thank you for your commitment and loyalty.We look forward to continuing the journey with you all.ADRIAN HALLMARKCHIEF EXECUTIVE OFFIC
120、ERdevelopments to our next generation line up,now truly positions us in the ultra-luxury high performance sector.However,we will make further enhancements here too,benefiting from software upgrades that ensure the user experience is constantly optimised whilst following rigorous gateway processes an
121、d engineering protocols to ensure the highest standards are met.These four areas will evolve as we embark on the final phase of our transformation,identifying further prospects and areas of improvement,and becoming a sustainably profitable Company.Our goal is to strengthen the position of the Compan
122、y to not only better navigate future opportunities and uncertainties but to successfully create value for all our stakeholders as we progress towards our mid-term financial targets.LOOKING AHEAD TO FUTURE GROWTH IN 2025 ANDBEYONDHaving undertaken a complete portfolio transformation over the last 18
123、months,requiring significant efforts from across our teams,we move into 2025 with the expectation of operating in a more stable product environment.Importantly though,in support of our future growth aspirations,we remain committed to ongoing incremental product development,innovating models througho
124、ut the lifecycle to meet the requirements of our customers.The strictly limited DB12 Goldfinger Edition demonstrated the success of this strategy with overwhelming demand in 2024.This was followed in January 2025,by the launch of the highly anticipated new Vantage Roadster,some 12 months after the C
125、oupe model was unveiled.We will continue along this path in the future.One of our most eagerly awaited launches will take place later in 2025,with Valhalla,our first mid-engined PHEV.This groundbreaking supercar is a great demonstration of a collaborative approach to development with our engineers a
126、nd designers working with AstonMartin Performance Technologies who have provided tools,learnings and expertise from Formula One.Given we are marrying new technologies in an Aston Martin for the first time,this has been a complex project.I have been heavily involved in overseeing its progress since j
127、oining,and will continue to closely monitor the programme,with initial customer deliveries due to commence in the second half of 2025.Already sold out for the first years production,and exclusively limited to 999 units to be delivered over circa two and a half years,we expect Valhalla to make a sign
128、ificant contribution to our financial performance,supporting our target of generating positive free cash flow in the second half of 2025.“WE EXPECT VALHALLA TOMAKE A SIGNIFICANT CONTRIBUTION TO OUR FINANCIAL PERFORMANCE”STRATEGIC REPORTCHIEF EXECUTIVE OFFICERS STATEMENT CONTINUEDASTON MARTIN LAGONDA
129、 ANNUAL REPORT AND ACCOUNTS 202412STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONQ:Adrian,welcome to Aston Martin.Having joined the business in September 2024,what has your initial experience been,and what haveyou learned about the brand so far?Its been a busy few months for me,wit
130、h the privilege of meeting with hundreds of colleagues across the business.Ive also engaged in roundtable discussions with more than 100 customers around the world and had individual meetings with over 50 of our dealers.These interactions have deepened my understanding of the Company and helped high
131、light where I believe we can turn our high potential into sustained high performance.The good news is that everyone says the same thing.Theres a deep affinity for our brand,to a level that perhaps I didnt previously appreciate,along with excitement and high acclaim for the new product portfolio brou
132、ght to market over the last 18 months.It is an honour to be leading this iconic brand at a pivotal moment in its 112-year history.With the significant investments made and ongoing evolution of the portfolio,we need to maximise our returns.My focus is on ensuring that we build on the brands legacy wh
133、ile addressing some of the challenges that have previously held the Company back and drive forward to a more successful and sustainably profitable future.Q:Aston Martin commences 2025 with a fully reinvigorated core product line-up available in showrooms.How much potential do you see in these models
134、?This is undoubtedly the strongest product portfolio in Aston Martins history,and in my opinion,gives us an opportunity to catch up and even gain an advantage on the competition.As someone who was recently on the outside of the business,you can see that the strength and awareness of the brand has in
135、creased over recent years.In a short space of time,the brand has gone from having a line-up of front engine sportscars that had been in the market for some time,to a full range of new models that appeal across our customer segments.Each model has its own unique positioning within the portfolio,andcl
136、ear points of difference to peers in the segment.In addition,we have the eagerly awaited launch of Valhalla,our first mid-engined PHEV,with initial customer deliveries commencing in the second half of2025.Having undertaken a huge amount of product development and new launches over the last couple of
137、 years,we will now enter a more stable product environment.The task is to efficiently introduce these new models to the market.I am also excited about continuing to innovate throughout the product life cycle and introduce a greater choice of options,with a talented team who have demonstrated their a
138、bility to bring a large number of new cars to market in a short period of time.Q:Youve had a long career in the automotive industry.How do you plan to leverage your experience to lead Aston Martin into its next phase of growth?Ive had the privilege of working with a range of brands,from large-scale
139、volume manufacturers to luxury companies.This breadth of experience has given me a deep understanding of the industry,but my first few months here have been invaluable to get beneath the surface of this business.We have a lot to do.We wont define the Company based purely on volume,but instead focus
140、on maximising the value inevery vehicle we sell.The clear mission from my point of view,is to create a sustainably profitable business model,and to do that we need to drive operational excellence and strong discipline.I plan to use my insight to not only steer Aston Martin through the uncertainties
141、of todays market but to position it for long-term sustainable growth.Strong leadership,a clear vision and strategy,and empowering the talented people within the Company are key to driving success.My goal is to guide Aston Martin into a future where it is a clear market leader,thats able to deliver t
142、he exceptional experience its customers seek and the sustainable financial performance our shareholders expect.Q:As a new leader,how important is the team and culture at Aston Martin to your strategy forthe Company?As in any organisation that Ive worked in,the team and the culture are absolutely fun
143、damental to our success.Aston Martins people are its greatest asset,and the Company has recognised this and is going through a formal programme to make Aston Martin a certified Great Place to Work.However,there have been tough times for this business.This has also recently been the case for some of
144、our valued colleagues as we took the difficult but necessary decision,as part of our ongoing transformation,to adjust our organisation to ensure its appropriately resourced for our future plans.We have made holistic improvements to the way we work and the environment we work in.This includes investm
145、ent to upgrade our offices,new catering for employees,agreement of a new pay deal to support colleagues with the cost of living and provided employee share ownership to name a few.My role is to inspire and support the team,ensuring that we are aligned in terms of vision and strategy.This is even mor
146、e important as we continue our transformation towards creating a sustainably profitable Company.Together,we can shape a future that builds on our strong foundations,better positioned to navigate certain challenges,whileembracing the opportunities that lie ahead.STRATEGIC REPORTIN CONVERSATION WITH O
147、UR CEOASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202413STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONTHE GLOBAL LUXURY MARKETSustainable long-term growth in demand for luxury goods globally as the worlds Ultra High Net Worth Individual(UHNWI)population isexpected to increase
148、by 28%between 2023 and 2028*HOW WE ARE RESPONDING Operating as an ultra-luxury brand with a demand-led strategy Appealing to ultra-luxury customers through investment in our brand and international marketing,events,sponsorship and customer journey in partnership with our dealer network Enhancing our
149、 core portfolio and creating limited-edition,low volume Specials to cater for our most exclusive customersMARKET EXPANSIONIncreasing opportunities both regionally and demographically to expand brand presence and market share for ultra-luxury high performance vehiclesHOW WE ARE RESPONDING Launched a
150、fully reinvigorated core portfolio with aligned brand strategy to give Aston Martin significant presence in the ultra-luxury high performance market segments Connecting with dealers and customers through targeted events and strategic expansion of dealerships Continuing to grow our brand awareness an
151、d desirability through the global platform ofFormula One and leading Netflix documentary series,Drive to Survive Aligning our global strategy through our Global Dealer Conference the first in fiveyearsPERSONALISATION AND CUSTOMISATIONGrowing demand for unique and bespoke personalised products amongs
152、t ultra-luxury consumersHOW WE ARE RESPONDING Expanding our Q by Aston Martin offering our ultimate bespoke personalisation service Developing an even broader array of options to enrich the personalisation and content opportunities our customers Opening landmark state-of-the-art showroom within the
153、prestigious Peninsula Tokyo Hotel,in one of the luxury capitals of the world,with future plans to open further flagship locations following success of Q New York Expanding and upgrading our network of global dealers Launching limited-edition Specials for our most distinguished customers with additio
154、nal bespoke options Enhancing our award-winning online configuratorGEOPOLITICAL AND MACROECONOMIC ENVIRONMENTContinued global political and economic uncertainty in an era of inflationary pressures,higher interest rates and tariffsHOW WE ARE RESPONDING Enhanced liquidity through refinancing and share
155、 and private debt placings to support growth and investment,whilst continuing to focus on future net leverage reduction Working in close partnership with key suppliers to identify supply chain improvements and recovery strategies Supporting our colleagues with the higher cost of living through pay r
156、ises and industry-leading employee wellbeing initiatives Working collaboratively with government to support trade goals and economic success Being an active voice through our participation in industry groupsPositioned to address demand for ultra-luxury high performanceSTRATEGIC REPORTOUR MARKET*2024
157、 Knight Frank Wealth ReportASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202414STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONVEHICLE ELECTRIFICATIONTransition away from the internal combustion engine(ICE)to a range of technologies that use electricity to propel vehiclesHOW WE AR
158、E RESPONDING Developing alternatives to the ICE with a blended drivetrain approach between 2025 and 2030,including PHEV and BEV,with a clear plan to have a line-up of electrified sports cars and SUVs Working with Lucid Group Inc(Lucid)through our strategic supplier agreement to supply select powertr
159、ain components for initial and future BEV models Investing in new electrification skills across our business Preparing for our first mid-engined PHEV,Valhalla,with deliveries to commence in H2 2025SUSTAINABILITYThe need for businesses to act responsibly and ethically,benefitting the planet,people an
160、d wider societyHOW WE ARE RESPONDING Continuing our Racing.Green.sustainability strategy with ambitious commitments to become a world-leading sustainable luxury automotive business Joined Drive Sustainability,an international initiative to improve the social,ethical,and environmental performance of
161、automotive supply chains Launched our Community Investment Policy Recognising that our people are our greatest asset,introduced a formal programme to make Aston Martin a certified Great Place to WorkKINGS AWARD Asignificantachievementwasannouncedin2024whenAstonMartinwasproudlyhonouredwiththemost pre
162、stigious business accolade in the UK,the Kings Award for Enterprise.We received the recognitionforouruniqueapproachtocombininghandcraft with the latest technology in the creation ofourbespokeleatherinteriors.Aston Martin was recognised for creating and patentinganinnovativeperforatingandquiltingtech
163、niquethatproducesdecorativefinishesandpromotes the cooling function in our ultra-luxury leather seats.The pattern in the background used throughoutthisreportreflectstheuniquemethodofperforation that won the Kings Award for Enterprise ininnovation.“AS A COMPANY WITH A COMMITMENT TO INNOVATION,WEARE I
164、NCREDIBLY PROUD TO BEHONOURED WITH THIS KINGS AWARD FOR ENTERPRISE,WHICH CELEBRATES BOTH THE INGENUITY OF OUR CRAFTSPEOPLE AND THE QUALITY OF ASTON MARTINS BESPOKE INTERIORS”LAWRENCE STROLL,EXECUTIVE CHAIRMAN ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202415STRATEGIC REPORTGOVERNANCEFINANCIAL S
165、TATEMENTSFURTHER INFORMATIONASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202415STRATEGIC REPORTSTAKEHOLDER ENGAGEMENTEngaging our stakeholdersWe believe that stakeholder engagement is essential to deliver a sustainable business,and we consistently engage with our stakeholders throughout our busin
166、ess at all levels of the organisation.Stakeholder engagement is a two-way process.By establishing and maintaining effective relationships with our stakeholders,we can respond to their changing needs and priorities and keep them updated on our strategy,challenges and successes.A summary of who our ke
167、y stakeholders are,what matters to them,how we engage with them and the outcome of our engagement is set out on the following pages and is reinforced throughout this Report.Engagement at Board level is highlighted with the B symbol.Our Section 172 statement which sets out how the Board has taken int
168、o account the interests of the Companys stakeholders in its decision-making is set out on pages 82-83.TWO-WAY ENGAGEMENT WITH OUR STAKEHOLDERS ALLOWS THEM TO UNDERSTAND OUR BUSINESS ANDUS TO UNDERSTAND THEIR PRIORITIES SO THAT WE CAN RESPOND TO THEM.STRATEGIC REPORTSTAKEHOLDER ENGAGEMENTCUSTOMERS AN
169、D ENTHUSIASTSCustomers and enthusiasts are key to our brand and our business success.Their emotional connection with the brand enables us to build a strong and loyal customer communityWHAT MATTERS TO THEM?Quality and safety of products Car design and performance Brand strength Exclusivity and scarci
170、ty Ultra-luxury customer experience Cost of ownership Environmental commitment Sense of communityHOW WE ENGAGED IN 2024 Bespoke customer communications and customer relationship management strategy Investment in ultra-luxury customer journey Innovative and engaging content across our website and soc
171、ial media channels Major brand campaigns,including launch of the new Vantage at Silverstone and world premiere of Vanquish during the Venice International Film Festival Aston Martins luxury customer magazine Launch of new programme of bespoke customer events and Aston Martin experiences Dealership e
172、vents Customer rallies and community gatherings Formula One hospitality and endurance racing programmes Executives actively meeting customers at leading luxury automotive events such as Goodwood Festival of Speed B Global communications strategy,driving coverage across automotive and lifestyle media
173、 Continuing to open flagship luxury locations,including a new landmark showroom inside the Tokyo Peninsula Hotel Dedicated customer contact strategy to engage and support early adopters to next-generation sports carsOUTCOMES OF ENGAGEMENT 110%increase in customer event attendance,driven by global pr
174、ogramme of launch events for new Vantage and Vanquish 30%year-on-year increase in car configurations on our award-winning configurator 77%increase in new car sales via the configurator in 2024 2.2 million increase in social media following globally Successful delivery of Specials and limited-edition
175、 programmes in2024,including DB12 Goldfinger EditionASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202416STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONDEALER NETWORKOur third-party dealerships are the direct contact point between our brand and our customers.They enable us to main
176、tain control over our brand positioning and luxury customer service in a cost-effective wayWHAT MATTERS TO THEM?Brand awareness and strength Company support Demand and supply management to ensure exclusive desirability Programmes to identify and generate sales opportunities Increasing customer satis
177、faction and retention targeting ultra-luxury segment Ultra-luxury quality product and product life cycle management Return on investmentHOW WE ENGAGED IN 2024 CEO and Board engagement to strengthen dealer relationships and support demand-driven strategy B Attendance(physical or virtual)at local deal
178、er conferences held during the year B CEO and CFO visit to dealerships in US and China B Rollout of dealer network programmes and systems to monitor performance aligned to growth opportunities across all sales and after sales areas Implementation of Dealer Operating and new Corporate Identity standa
179、rds to drive dealers to consistent ultra-luxury behaviour Maximisation of launch activities to fully support ultra-luxury brand positioning,to deliver a customer order bank Development of in-house training team to carry out in-dealer product training Continued development of digital platforms,suppor
180、ting increased engagement and elevated brand representationOUTCOMES OF ENGAGEMENT Higher levels of dealer engagement and satisfaction Increased brand awareness driving greater level of customer enquiries Increased enquiries from ultra-luxury automotive groups wishing torepresent Aston Martin Dealers
181、 aligned to the Companys strategy Strengthening and alignment of central and regional seniormanagement,supporting closer dealer relationship andcommunicationsSUPPLIERS AND PARTNERSHIPSSupplier relationships are fundamental to our business and offer us a source of technical expertise and brand enhanc
182、ement whilst allowing partners to showcase innovative products for long-term benefitWHAT MATTERS TO THEM?Responsible procurement with a focus on trust and ethics Development of strong,lasting relationships Commitment to transparency and open dialogue Reliability in fulfilling agreements Continuous o
183、perational improvement and enhanced financialperformance Maintaining competitive advantages Building capabilities and expertise within the partnership Leveraging design and technical know-howHOW WE ENGAGED IN 2024 Supplier Relationship Management programme launch Sponsorship of Aston Martin Aramco F
184、ormula One Team to provide a direct global marketing platform targeting key customers and enhancing the brand B Cross-functional team working closely with suppliers to mitigate potential risks to production and resolve issues Collaboration with suppliers to deliver innovation and economic improvemen
185、t Supplier New Programme event to engage stakeholders to support a smooth vehicle launch Implementation of a leading automotive sustainability platform collating validated sustainability and governance data from suppliersOUTCOMES OF ENGAGEMENT Best-in-class technologies introduced into our new produ
186、ct range through engagement with state-of-the-art supply base Strategically embedding Environmental,Social and Governance(ESG)into Procurement processes enhancing risk identification andenabling collaboration with all suppliers to strengthen their sustainability performance and scoring Improved Resp
187、onsible Procurement Policy to redefine standards and minimum expectations to suppliers Strong relationships with strategic partners Mercedes-Benz AG andLucid to support long-term strategic roadmapASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202417STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURT
188、HER INFORMATIONSTRATEGIC REPORTSTAKEHOLDER ENGAGEMENTEQUITY AND DEBT INVESTORS Continued access to capital is vital to the long-term performance of our business.Our focus is to ensure investors understand our strategy and performance,and for us to understand their prioritiesWHAT MATTERS TO THEM?Cons
189、istent delivery of the Companys strategy Financial performance relative to expectations That the Company demonstrates it is a responsible and effective steward of capital Sustainability Governance and transparency Confidence in the leadership team Stability and predictabilityHOW WE ENGAGED IN 2024 W
190、ebcasts,presentations and meetings hosted by the Executive Directors and executive management team,and the Investor Relations team B Focused investor relations programme delivered both remotely andin person including conferences,quarterly results and trading update roadshows and debt-focused confere
191、nces B Hosted investor event with the Executive Chairman at Q New York,showcasing the bespoke Q services and latest models B Hosted Silverstone track event for investors and analysts to meet new Chief Executive Officer and experience the all-new range of core models Retail shareholders engaged via d
192、irect communications,our website,press activities,Annual Reports,PrimaryBid retail trading platform and Annual General Meeting(AGM)B Credit rating agencies engaged with including meetings with the Executive Chairman,Chief Financial Officer and Investor Relations team B Hosted investors at the Gaydon
193、 Head Office to showcase the factory operations and meet with Executive Committee members For more information see Investor Engagement on page 86OUTCOMES OF ENGAGEMENT In February,following upgrades from leading credit agencies,successfully completed a 1.15bn refinancing exercise to further strength
194、en the Companys financial position and support its long-term growth In August,successfully completed a c.135m equivalent private debt placement,providing Aston Martin with additional liquidity In November,received strong support from the Companys existing shareholders for a c.111m share placing to s
195、upport future growth and enhance liquidity,including retail shareholder participation raising gross proceeds of c.1m.In addition,a successful 100m private debt issuance was completed,underpinned by strong support from bond holdersOUR PEOPLE Our people are the key to our success.Ourperformance depend
196、s on their passion,knowledge,experience and creativity WHAT MATTERS TO THEM?Personal development and career opportunities Health and safety Engagement Feeling listened to and valued Reward and benefits Equity,Diversity and Inclusion Environmental and social responsibilityHOW WE ENGAGED IN 2024 C-Sui
197、te roundtables with employees B Employee Town Halls B Independent Non-executive Directors gathered views oftheworkforce and reported back to the Board B Employee engagement survey Consultation on employee benefits Trade union business update Health and safety review Listening sessions to support our
198、 culture and deep dive engagement topics B Aston Martin internal communications platform and AMPeoplenewsletter Enhancing profile of Aston Martins Inclusion Network Local health and safety committees Local trade union meetingsOUTCOMES OF ENGAGEMENT New performance management process,SPARK,implemente
199、d Continued focus on mental health through mental health training and mental health first aiders Improved peer recognition programme following its success in2023 Supported our colleagues with the higher cost of living through payrises approved by the Remuneration Committee and agreed with the trade
200、union for 2024 and 2025 B Continued our jorney to become a Great Place to Work Established an EDI governance structure that operates across ourbusiness and brings together both a coroproate and employeeled approach Inclusion Network day where network chairs and partners visitedeach site in the UK to
201、 enhance the I am Inclusion networksengagementASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202418STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONLOCAL COMMUNITIES AND NGOS We aim to build positive relationships with local communities and Non-Governmental Organisations(NGOs)intere
202、sted in our business WHAT MATTERS TO THEM?Trust and ethics Safety Sustainability and non-financial performance including theenvironmental impact of our products Career opportunities for members of the local community Local operational impactHOW WE ENGAGED IN 2024 Outreach programmes with local schoo
203、ls,including initiatives to promote Science,Technology,Engineering and Mathematics and careers in the automotive industry Philanthropic activities to contribute social and societal benefits Hosted jointly with DHL and Silverstone Museum a roundtable onbarriers to young people joining the automotive
204、industry Meetings,focus groups,site visits and dialogue with Non-Governmental Organisations including organisations representing industry,social and environmental interests Participation in local community forums Hosted a reception celebrating the Kings Award for Enterprise winners across Warwickshi
205、re at our HQ in GaydonOUTCOMES OF ENGAGEMENT Awarded the Kings Award for Enterprise in the Innovation category Granted a Royal Warrant by appointment to His Majesty The King 59 visits to local schools,colleges and universities Engagement on a range of matters including new opportunities for trade an
206、d growth,industry challenges,and Aston Martins contribution to local economies and communities Input into updated sustainability strategy Over 6,500 raised by employees for our partner charitiesGOVERNMENT AND REGULATORSPublic policy and regulation impacts our business.We aim to engage constructively
207、 and consistently through various channels.Transparency and political neutrality are at the heart of our engagementWHAT MATTERS TO THEM?Compliance with regulations and the law Sustainable operations Employment and economic impacts Contribution to achieving public policy objectives Advancing the UKs
208、innovation and technology capabilities HOW WE ENGAGED IN 2024 Engaged governments,industry associations,and other stakeholders globally,to share our specific business priorities and challenges to be considered in forming new policies with a potential impact on Aston Martin Welcomed numerous senior p
209、oliticians and government officials toGaydon,St Athan and Newport Pagnell Participated at the National Apprenticeship Week events at the UKParliament with our Early Careers representativesOUTCOMES OF ENGAGEMENT Identified public policy-related risks and opportunities,drafting internal reports for ou
210、r Executive Committee on geopolitical developments Supported the UK government at key annual events abroad suchasthe Kings Birthday Party in Washington DC Collaborated with the UK Governments GREAT campaign increasing brand awareness globally Participated in panels for relevant industry associations
211、 and charitable foundations raising the profile of Aston Martin within thesector Included in a video produced by HM Treasury highlighting the opportunities for apprenticeships across sectorsASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202419STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER IN
212、FORMATIONSTRATEGIC REPORTOUR BUSINESS MODEL1.Product portfolioPerformance-driven product portfolio,covering a wide segment of the ultra-luxury high performance market Clear product advantage and desirability utilising the finest high quality materials,enhanced through our Q by Aston Martin personali
213、sation service,driving average selling price,options revenue and marginsFully reinvigorated core product portfolio comprised of front-engine sports cars synonymous with timeless styling,assertive driving dynamics and exhilarating performance,and upgraded DBX707,the supercar of SUVs with an all-new t
214、echnically advanced interior to match itsuncompromising performance representing the very pinnacle of its segmentExclusive limited edition Specials,which are typically oversubscribed and are highlysought after amongst the global community of automotive collectors andenthusiastsDelivering our net zer
215、o ambition as we transition toICE alternatives with a blended drivetrain approach between 2025 and 2030,integrating a whole life cycle approach built on a transparent and traceable supply chain2.EngineeringIn-house engineering expertise with well-established teams for Product Development,Innovation&
216、Advanced Technology,Vehicle Engineering,ICE Powertrain,ePowertrain,Software&Electronics Technology,Value Engineering and Project Management&PlanningTeams work in a cross-functional structure to encourage collaboration,greater efficiency and foster cutting-edge innovation with astrong focus on design
217、Optimised development processes to maximise cross carline component sharing and drive sustainability,thereby reducing complexity,improving quality and delivering engineering efficienciesFocused on integrating sustainable innovation in newmaterials incorporating cutting-edge technology,whilst maximis
218、ing resource efficiency and building a circular economyNetwork of strategic partners to co-develop world-class technology and vehicle systems,enhance quality and deliver technical excellence,whilst building all our vehicles in the UK3.Operational excellenceQuality and procurement organisations trans
219、formed and strengthened with highly experienced management hires complementing a vastly experienced teamBuilding trust in our brand bydelivering the highest standards of governance andintegrity which defines everything we doCulture of continuous improvement embedded,enhancing efficiency,cost andqual
220、ity,including the utilisation of a pilot line and additional quality inspection points throughout the buildprocessSupplier strategy to develop strategic and sustainable partnerships to improve supply chain resilience,qualityand performanceElevating sustainability in our brand through collaborations
221、with suppliers,our dealerships and partners,delivering innovative solutions and integrating sustainability along our value chainCreating a sustainably profitable business model to deliver future successWHAT WE PUT INOUR STRATEGIC PILLARS1.OUR ICONIC BRAND2.OUR RELENTLESS PURSUIT OF INNOVATION3.OUR P
222、ROMISE,RACING.GREEN.4.OUR WORLD CLASS TALENTASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202420STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATION4.Go-to-marketIntensity.Driven.brand identity positions the brand at the crosshairs of ultra-luxury and high performance;supported by str
223、ategic marketing initiatives intended to drive new levels of brand awareness,attract new customers,increase loyalty and exclusivity,and build a stronger communityBuilding on strong retail distribution,and an ultra-luxury blend of physical and digital customer experienceExperienced dealer partners wi
224、th knowledge of the ultra-luxury segment in all key growth markets globally,with the consistent application of our corporate identity aligned to ultra-luxury environment and product portfolioLeveraging a demand-driven business model that strengthens our order book,supports stronger pricing dynamics
225、and controls inventory5.“No one builds anAston Martin ontheir own”Building a performance driven,ultra-luxury focused workforce,culture and mindset,harnessing agility,efficiency and speed supported by a Company-wide performance bonus approach,incorporating key financial and quality targetsA culture c
226、haracterised byequity,diversity and inclusion,with our people andlocal communities integral to delivering our sustainability visionStrengthening workforce skills,knowledge and capability through ongoing investment in our people andtraining supporting a just transition as we transition toICE alternat
227、ivesEmbedding a health and safety mindset as a core priority,cultivating a culture of safety and wellbeingCreating a fulfilling and rewarding experience that attracts and retains talent,unlocking the potential of our people to grow and deliver excellence with passion,fostering passion within our cor
228、porate DNAUnlocking our futurepotentialOur business is focused on delivering sustainably profitable growth and value for our stakeholders while staying true to our purpose to create vehicles withthe ultimate technology,precision and craftsmanship that deliver thrilling performance and a bespoke,clas
229、s-leading experience.We seek to achieve this while deepening the integration of sustainability into our business,improving our performance and driving action through our three core pillars:tackling climate change,creating a better environment and investing inpeople.READ MORE ON OUR SUSTAINABILITY ST
230、RATEGY ON PAGES 32-55ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202421STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONFour pillars that help support deliveryofourstrategySTRATEGIC REPORTOUR STRATEGY1.OUR ICONIC BRANDUnderpinned by a strong and loyal customer base,andunique posi
231、tion transcending ultra-luxury and highperformance,we have a clear vision to become theworlds most desirable ultra-luxury British performance brandACHIEVEMENTS THIS YEAR Enhanced brand presence and ultra-luxury customer experience with opening of landmark showroom within internationally acclaimed lu
232、xury hotel,The Peninsula Tokyo,new UK dealerships,two openings in SouthKorea 110%increase in attendance of customers at Aston Martin events in 2024 compared to 2023,including global launch events for new Vantage,Vanquish and Valiant,in addition to driving experiences,loyalty and brand events and hos
233、ting at the Formula One Paddock Club Awarded Royal Warrant by appointment to His Majesty The King Connected with dealers and customers globally through significant presence at the worlds most prestigious luxury and automotive events Continued to grow our brand awareness and desirability through the
234、globalplatform of Formula One and leading Netflix documentary series,Driveto Survive Award-winning digital configurator drove a 30%uplift in digital leads andopportunities in 2024 Launched virtual reality configurator experience,first seen in hospitality at the British Grand Prix at Silverstone brin
235、ging leading technology to our ultra-luxury experiences Successfully launched new brand licensing and design collaborations further expanding the impact of our brand globally,including the first BOSS x Aston Martin capsule collection,Aston Martin Residences Miami completing our brands first real est
236、ate project,and The Astera,Interiors by Aston Martin bringing ultra-luxury interior design to the United Arab Emirates British sporting legend,Sir Mark Cavendish became the first person to take on the new role of Global High Performance ambassador at Aston Martin Capitalised on Aston Martins unique
237、historic milestones including DB12 Goldfinger Edition to celebrate 60 years of iconic James Bond partnershipFOCUS FOR 2025+Leverage the benefits of building deep understanding and strong relationships with our customers over many years,combined with an effective Salesforce CRM to create bespoke,tail
238、ored campaigns for our potential customer base Further elevate our ultra-luixury retail strategy and Q by Aston Martin proposition,whilst enriching personalisation and content opportunities Return to 24 Hours of Le Mans with partner team Heart of Racing,with two Valkyrie AMR-LMH hypercars in 2025 Dr
239、ive maximum brand value and commercial benefit from our unique association with Formula OneLINK TO KPIs:1 2 3 4 5 6 7 8 9LINK TO RISKS:1 2 4 5 7 8 11 2.OUR RELENTLESS PURSUIT OFINNOVATIONCreate a breathtaking and comprehensive core portfolio across front-engine and SUV,enhanced byastrategically alig
240、ned Specials programme,including our first mid-engined PHEVACHIEVEMENTS THIS YEAR Successfully completed the launch of our entirely new and reinvigorated core range of models to media acclaim,with Aston Martins first-ever in-house,bespoke infotainment system across the range Launched ultra-exclusive
241、,track-focused,road-legal extreme Valiant special edition developed through bespoke service,Q by Aston Martin Delivered iconic Valkyrie programme,merging Formula One technology with a road car Completed delivery to customers of our 110 year anniversary special,Valour,honouring our unique tradition o
242、f superlative special edition front-engined sports cars Honoured with a Kings Award for Enterprise,recognising our unique approach to combining handcraft with the latest technology Continued to leverage benefits from our strategic supply agreement withLucid and strategic cooperation agreement with M
243、ercedes-Benz AG Invested in electrification skills across our business that will be used to electrify our model range with a blended drivetrain approach between 2025 and 2030 including PHEV and BEV,as well as the use of alternative sustainable materials within vehicles Advanced the development of As
244、ton Martins landmark mid-engined hybrid supercar,Valhalla,using Formula One methodologies,experience and technologies Being an active voice through our participation in industry groups such as the Society of Motor Manufacturers and Traders and Walpole,the official sector body for UK luxury Partner t
245、eam,The Heart of Racing,recorded a maiden victory at the Circuitof the Americas with the new Vantage GT3 carFOCUS FOR 2025+Drive innovation and deliver products that create desire and excitement,progressing our vision to have a world-class portfolio of models in the most significant luxury growth se
246、gments Relentless focus on quality and instill better rigour and discipline in the planning and execution of our product launch cycles Commence production of our first mid-engined PHEV,Valhalla,in 2025 Optimise product development processes to maximise cross-carline component sharing,reduce complexi
247、ty and drive engineering efficiencies Continue work with our strong network of strategic partners to co-develop world-class technology and vehicle systems,enhance quality,and maximise supply chain resilience,with efficienciesLINK TO KPIs:1 2 3 4 5 6 7 LINK TO RISKS:1 2 3 4 5 6 8 9 10ASTON MARTIN LAG
248、ONDA ANNUAL REPORT AND ACCOUNTS 202422STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATION3.OUR PROMISE,RACING.GREEN.Deepen the integration of sustainability into our business and improve our performance through ourRacing.Green.strategyACHIEVEMENTS THIS YEAR Joined Drive Sustainability,
249、an international initiative to improve the social,ethical,and environmental performance of automotive supply chains Updated Responsible Procurement Policy setting out higher expectations of sustainability practice for our supplier base Launched Community Investment Policy Submitted our net zero targ
250、ets to the Science-Based Targets initiative(SBTi)for validation ISO14001:2015 environmental management standard certification achieved for our St Athan manufacturing site Reviewed and updated Racing.Green.strategy,taking account of inputs from customers,supply chain partners,employees,shareholders a
251、nd other stakeholders Joined Taskforce for Nature-related Financial Disclosures(TNFD)Forum On track to acheive ISO50001 certification at key manufacturing sites in2025 Used a specialist contractor at our Gaydon and St Athan sites,to manage our waste activities from on-site monitoring,segregation and
252、 management through to waste disposalFOCUS FOR 2025+Deliver key activities against our net zero plan including a focus on renewable electricity generation and efficiency in our own operations,working with our supply chain and other partners to reduce wider value chain impacts Embed a risk-based appr
253、oach to identify and assess climate-related risks and opportunities New goals aligned with the latest climate science through overarching decarbonisation strategy,including commitment to reduce absolute Scope 1,2 and 3 greenhouse gas emissions by 42%by 2030,and by 90%by2050 from a 2022 base year Saf
254、eguard biodiversity and water in our operations and beyond Continue to build our sustainability approach into our wider design portfolio Continue our focus on human rights delivering and implementing an action plan linked to our main risks to ensure robust human rights management practices are in pl
255、aceLINK TO KPIs:8 9LINK TO RISKS:1 2 3 4 5 7 9 10 124.OUR WORLD-CLASS TALENTAttract and retain a talented and skilful team with experience and understanding of the ultra-luxury automotive sector,focused on building a collaborative and cross-functional way ofworkingACHIEVEMENTS THIS YEAR Continued ou
256、r journey to become a Great Place To Work,putting people at the centre of everything we do Implemented new performance management process called SPARK,which reflects the Companys values in its approach and is designed to facilitate regular conversations between colleagues and their line management t
257、o support both personal and professional development Expanded our early careers programmes,with graduates recruited more than double 2023,and apprentice recruitment up more than 30%Enhanced our ability to identify safety-related risks by working with employees to develop new safety training tailored
258、 to their operational environments Started employee Mental Health First Aiders programme,including training 15employees to become Mental Heatlh First Aiders providing an additional layer of support for our colleagues Celebrated over 50 colleagues who have 25 or more years of service,with our 2024 Lo
259、ng Service lunch Supported our colleagues with the higher cost of living through pay rises approved by the Remuneration Committee and agreed with the trade union for 2024 and 2025 Named in Financial Times Top 500 UK employers Established an EDI governance structure that operates across our business
260、and brings together both a corporate and employee led approach Reconfigured approach to recruitment through Hiring Manager training covering our Company values and exploring the impact ofbias Held Inclusion Network Day where network chairs and partners visited each site in the UK to enhance the I am
261、 Inclusion networks engagementFOCUS FOR 2025+Strengthen workforce skills,knowledge and capability and foster engineering excellence and passion within our corporate DNA Continue working towards our ambition to achieve zero accidents across our business Increase the culture of inclusion leveraging th
262、e Aston Martin values,building awareness through education and measuring through qualitative data Improve colleague alignment by becoming a Great Place to Work Continue working to achieve 30%of women in leadership positions by 2030,aligned with industry commitment Continue building a workplace and c
263、ulture where all our people feel connected to Aston Martins purpose,where they have a voice and can develop to reach their full potentialLINK TO KPIs:8 9LINK TO RISKS:3 4 6 7 9 10OUR KEY PERFORMANCE INDICATORS1 Revenue2 Wholesale volumes3 Operating profit/(loss)4 Adjusted EBITDA5 Net Debt6 Net Debt
264、to adjusted EBITDA7 Free cash flow 8 Quality9 Health&Safety Accident Frequency RatePRINCIPAL RISKS AND UNCERTAINTIES1 Macroeconomic and geopolitical instability2 Brand/reputational damage3 Technological advancement4 Climate change5 Liquidity6 Compliance with laws and regulations7 Talent acquisition
265、and retention8 Quality9 Programme delivery10 Achieving financial and cost-reduction targets11 Cyber security and IT resilience 12 Supply chain disruptionASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202423STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTKEY PERFORMA
266、NCE INDICATORSREVENUE mWHOLESALE VOLUMES UnitsOPERATING PROFIT/(LOSS)mADJUSTED EBITDA mDESCRIPTIONRevenue measures the appeal of our brands and our ability to build and sustain brand equity and increase market share through product expansionDEFINITIONRevenue is defined in note2 to the Financial Stat
267、ementsREMUNERATION LINKAGENoneTARGETThe Company expects to generate revenue of c.2.5bn by 2027/28DESCRIPTIONThis measures sales from the Company to its dealers and direct customersDEFINITIONNumber of vehicles,including Specials,sold by the Company to its dealers and direct customersREMUNERATION LINK
268、AGERepresents 10%of the Group scorecard of performance measures forthe annual bonus for 2024.In 2025 this measure will not be included in the annual bonus scorecardTARGETMid single-digit%growth in2025 with continued focus on valueDESCRIPTIONOperating profit/(loss)measures our actual,reported operati
269、ng profitabilityDEFINITIONNet revenue,less Cost ofSales,less all other operational expenses(Seenote 4 to the FinancialStatements)REMUNERATION LINKAGENoneTARGETNot applicableDESCRIPTIONThis measures our underlying operating profitability,stripping out the impact ofadjusting items from operating profi
270、t/(loss)and interest,tax,depreciation and amortisationDEFINITIONAdjusted EBITDA is defined in note 34 to the Financial StatementsREMUNERATION LINKAGERepresents 50%of the Group scorecard of performance measures forthe annual bonus for 2024.In 2025 the KPI will be replaced by Adjusted EBIT which will
271、represent 50%of the Group scorecardTARGETThe Company expects to generate c.400m adjusted EBIT by 2027/28LINK TO STRATEGY:LINK TO STRATEGY:LINK TO STRATEGY:LINK TO STRATEGY:2024 performance reflects our transition toan all-new model portfolio,positioning the Company for future successFINANCIAL1,632.8
272、1,583.91,381.52022202320246,6206,0306,412202220232024(111.2)(99.5)(141.8)202220232024305.9271.0190.2202220232024OUR STRATEGIC PILLARS1.OUR ICONIC BRAND2.OUR RELENTLESS PURSUIT OF INNOVATION3.OUR PROMISE,RACING.GREEN.4.OUR WORLD CLASS TALENTASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202424STRATE
273、GIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONNET DEBTmNET DEBT TO ADJUSTED EBITDA“ADJUSTED LEVERAGE”FREE CASH FLOW mQUALITY CUSTOMER PERCEPTION AUDIT(CPA)QUALITY SCOREHEALTH&SAFETY ACCIDENT FREQUENCY RATE(AFR)DESCRIPTIONNet debt measures the amount of total indebtedness at the Company,
274、net of any cash and cash equivalentsDEFINITIONTotal value of all current and non-current borrowings,inventory repurchase arrangements and lease liabilities,less cash and cash equivalents and cash not available for short-term use(See note 34 to the Financial Statements)REMUNERATION LINKAGENoneTARGETN
275、ot applicableDESCRIPTIONAdjusted leverage measures our indebtedness compared to one years worth of profitabilityDEFINITIONNet debt divided by adjusted EBITDA over the last 12months(See note 34 to the Financial Statements)REMUNERATION LINKAGENoneTARGETBelow 1.0 x in 2027/28DESCRIPTIONThis measures th
276、e generation and usage of cash,including the impact of all investment and financing decisionsDEFINITIONCash inflow/(outflow)from operating activities plus the cash used in investing activities(excluding interest received)plus interest paid inthe year,less interest received(Seenote 34 to theFinancial
277、 Statements)REMUNERATION LINKAGERepresents 20%of the Group scorecard of performance measures in the annual bonus.For 2025,free cash flow will represent 30%of the Group scorecard TARGETThe Company expects to be free cash flow positive inH2 2025 and sustainably positive thereafterDESCRIPTIONThis is an
278、 internal measure ofthe quality of each completed car at the end ofthe production lineDEFINITIONThe CPA score is determined through the audit of each carat the point that it has completed all the production processes and is intercepted as it would be handed over tothe outbound transport companyREMUN
279、ERATION LINKAGEQuality measures,including CPA score,represent 15%ofthe Group scorecard of measures for the annual bonusTARGETAmbition for continuous year-on-year improvement inCPA scores for GT/sports cars and DBX*Significant progress made butstretching target level notfully achieved.*One of two tar
280、gets achieved*Stretching targets not achievedDESCRIPTIONThe AFR is the number of accidents per 100 workers and measures work-related recordable injuries or illnesses(as defined by the Occupational Health and Safety Administration(OHSA)DEFINITIONThe AFR measure is calculated by the number ofwork-rela
281、ted recordable injuries or illnesses(defined by the OHSA definition)divided by the number of hours worked over a 12-month period ending on31 December each yearREMUNERATION LINKAGEHealth and safety represents 5%of the Group scorecard of measures for the annual bonusTARGETAmbition for continuous year-
282、on-year reductionLINK TO STRATEGY:LINK TO STRATEGY:LINK TO STRATEGY:LINK TO STRATEGY:LINK TO STRATEGY:NON FINANCIAL814.31,162.7765.52022202320242.74.34.0202220232024(360.0)(391.6)(298.8)202220232024*2022202320240.400.350.53202220232024ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202425STRATEGIC R
283、EPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONDOUG LAFFERTYCHIEF FINANCIAL OFFICER STRATEGIC REPORTCHIEF FINANCIAL OFFICERS STATEMENTSTRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONASTON MARTIN LAGONDA ANNUAL R
284、EPORT AND ACCOUNTS 202426Positioning the Company to deliver onitsstrategy with our focus on disciplined execution,continued business transformation and costoptimisations we fully transitioned to our new core model range,2024 was a year marked by a number of product launches.As a result of the transi
285、tion,our overall financial performance reflected the significant delivery of wholesale volumes in the second half of the year.However,like many of our peers,we did encounter disruptions during the year in the form of supply chain challenges and macroeconomic weakness,particularly in China.These dyna
286、mics ultimately disrupted our ability to meet our initial targets for the year,but despite this we still achieved meaningful sequential performance improvement in the second half of the year.In addition to managing the operations of the business,we also undertook financing activities to both refinan
287、ce our debt and improve our liquidity position,ending the year with total liquidity of 514m to support the continued execution of our strategy.I would like to thank all the teams that have supported the business through this year,and I look forward to moving into 2025 with a renewed focus on operati
288、onal execution and continued business transformation.Of course,we remain alert to industry-wide risk factors that present anelement of uncertainty but our focus is,and must be,on creating asustainably profitable business for all of ourstakeholders.mFY 2024FY 2023Change Q4 2024 Q4 2023ChangeTotal who
289、lesale volumes16,0306,620(9%)2,3912,222 8%Revenue 1,583.9 1,632.8(3%)589.3593.3(1%)Gross profit583.9639.2(9%)207.0268.4(23%)Gross margin(%)36.9%39.1%(220 bps)35.1%45.2%(1,010 bps)Adjusted EBITDA2271.0305.9(11%)158.1174.8(10%)Adjusted EBIT2(82.8)(79.7)(4%)38.755.4(30%)Operating (loss)/profit(99.5)(11
290、1.2)11%33.334.1(2%)(Loss)/profit before tax(289.1)(239.8)(21%)(60.2)20.0(401%)Net debt2(1,162.7)(814.3)(43%)(1,162.7)(814.3)(43%)1 Number of vehicles including Specials 2 Alternative Performance Measures are defined in note 34 of the financialstatementsAASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNT
291、S 202427STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTFINANCIAL REVIEW2024 FULL YEAR FINANCIAL SUMMARY Delivered significant H2 2024 wholesale volume growth,up 10%compared to H2 2023,reflecting the planned timing of new model launches.This supported strong growth i
292、n financial performance in H2 2024 compared with H1 2024,despite the revision to volumes impacting Q4 2024:FY 2024 wholesale volumes decreased 9%to 6,030(FY 2023:6,620)impacted by the timing of new model launches,supply chain disruptions and weaker macroeconomic environment in ChinaQ4 2024 wholesale
293、 volumes increased 8%to 2,391(Q4 2023:2,222)reflecting deliveries from the entirely new core product range for the first time FY 2024 revenue decreased 3%to 1,584m(FY 2023:1,633m)reflecting the lower year on year volumes and FX headwinds as sterling strengthened against major currencies in FY 2024 c
294、ompared to FY 2023.There was significant improvement in H2 2024 compared to H1 2024:Record total ASP reflects significant contribution from Valkyrie,Valour and Valiant Specials:FY 2024 total ASP of 245k,up 6%(FY 2023:231k)driven by a higher year-on-year number of Specials Q4 2024 total ASP of 236k,d
295、own 7%(Q4 2023:255k)reflecting fewer Specials year-on-yearCore ASP declined,partly due to material FX headwinds,but included positive contribution from the new model range and options growth:FY 2024 core ASP of 177k,down 6%(FY 2023:188k)while contribution to core revenue from options increased 310 b
296、asis points to 18%(FY 2023:15%)Q4 2024 core ASP of 175k,down 11%(Q4 2023:196k)reflecting a shift in the mix of models with significantly higher Vantage volumes compared to the prior year period due to the timing of new model launches FY 2024 gross profit decreased 9%to 584m(FY 2023:639m)and gross ma
297、rgin decreased by 220 basis points to 37%(FY 2023:39%);reflecting impact of portfolio transition,phasing of product mix and volume,and FX headwinds,partially offset by increase in Specials volume:Q4 2024 gross profit decreased by 23%to 207m(Q4 2023:268m)and gross margin at 35%(Q4 2023:45%)reflecting
298、 mix of core vehicles and fewer Specials FY 2024 adjusted EBITDA2 decreased 11%to 271m,in line with revised guidance following volume revision(FY 2023:306m);adjusted EBITDA margin of 17%(FY 2023:19%),reflecting lower core volumes during portfolio transition period:FY 2024 adjusted operating expenses
299、(excluding D&A)decreased 20m to 313m with Q4 2024 being 45m lower thanQ4 2023 FY 2024 adjusted EBIT loss of 83m was broadly flat compared with the prior year(FY 2023:loss 80m)despite the impact of gross profit,largely reflecting a decrease in D&A of 8%to 354m(FY 2023:386m);H2 2024 adjusted EBIT incr
300、eased 143%year-on-year to 17m(H2 2023:7m)FY 2024 operating loss decreased by 11%to 100m(FY 2023:111m loss)FY 2024 free cash outflow2 of 392m(FY 2023:360m outflow)included Q4 2024 free cash inflow of 2m(Q4 2023:63m outflow)with:Net cash inflow from operating activities of 124m(FY 2023:146m cash inflo
301、w)Net cash interest paid of 115m(FY 2023:109m)Broadly flat capital expenditure of 401m(FY 2023:397m)Working capital outflow of 118m(FY 2023:86m outflow),primarily due to the unwinding of customer deposits(178m outflow in FY 2024 compared with 66m outflow in 2023)on delivery of Specials,and a decreas
302、e in payables due to the earlier timing of payments in 2024.Inventories remained broadly flat,with a decrease in receivables following strong collections in Q42024 Year-end liquidity(cash and available facilities)of 514m(31December 2023:393m),in line with guidance,including FY2024 financing activiti
303、es Net debt at 31 December 2024 of 1,163m(31 December 2023:814m)primarily reflecting higher gross debt following FY 2024 financing activities and translational impact of foreign exchange movements;adjusted net leverage ratio2 of 4.3x(31 December 2023:2.7x);remain committed to deleveraging over the m
304、edium-term2024 FINANCIAL REVIEWWholesale volume summaryNumber of vehicles FY 2024FY 2023Change Q4 2024 Q4 2023ChangeTotal wholesale6,0306,620(9%)2,3912,222 8%Core(excluding Specials)5,8126,469(10%)2,3312,139 9%By region:UK1,0861,141(5%)422367 15%Americas1,9282,037(5%)816620 32%EMEA ex.UK1,7961,994(1
305、0%)695727(4%)APAC1,2201,448(16%)458508(10%)By model:Sport/GT3,9253,53011%1,5091,440 5%SUV1,8872,939(36%)822699 18%Specials21815144%6083(28%)Note:Sport/GT includes Vantage,DB11,DB12,DBS and Vanquish“CONTRIBUTION TO COREREVENUE FROM OPTIONS INCREASED 310BASISPOINTS TO18%”2 Alternative Performance Meas
306、ures are defined in note 34 of the financial statementsASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202428STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONAston Martins performance in FY 2024 reflects the Companys transition to an all-new model portfolio which positions the Compan
307、y well for future success.Product transformation continued throughout the year as prior models were ramped down in preparation for the launch of the new Vantage,upgraded DBX707 and V12 Vanquish.As guided,the year was one of two halves,with H2 2024 wholesale volumes of 4,032 benefiting from the ramp
308、up of the new models,withwholesale volumes up 10%compared to the prior year period(H22023:3,666),and increasing 102%sequentially compared with H12024(1,998).FY 2024 wholesale volumes overall were down 9%at 6,030(FY2023:6,620):Sport/GT wholesales of 3,925 increased 11%(FY 2023:3,530),with DB12 wholes
309、ales throughout the year supported by new Vantage and Vanquish wholesales in H2 2024.SUV wholesales of 1,887 decreased by 36%(FY 2023:2,939),reflecting,as reported,a strategic transitional ramp down in prior model volumes in H1 2024 ahead of the ramp up of upgraded DBX707 wholesales in H2 2024.This
310、resulted in H2 2024 volumes being broadly in line with the prior year period(H2 2024:1,380;H22023:1,392).Specials wholesales of 218(FY 2023:151),reflect the Valkyrie and Valour programmes in addition to the initial customer deliveries ofValiant.In addition to the new model launches,in September 2024
311、 the Company announced that industry-wide supply chain disruptions and continued macroeconomic weakness in China were impacting performance.These factors resulted in a circa 1,000-unit reduction in wholesale volume guidance for 2024,mostly impacting Q4 2024.Despite the reduction,Q4 2024 wholesale vo
312、lumes of 2,391 increased 8%compared to the prior year period(Q4 2023:2,222).Aston Martins volumes across geographies remained well balanced.In line with the overall performance,wholesale volumes across all regions were down compared to FY 2023 due to the product portfolio transition.The Americas and
313、 EMEA,excluding UK,were the largest regions in FY 2024,collectively representing 62%of total wholesales.While China remains a market with significant long-term growth opportunities,the trend there continued with volumes decreasing by 49%compared with FY 2023,driven by a combination of market dynamic
314、s and the timing of new model deliveries commencing only towards the end of the year.FY 2024 wholesale volumes in APAC,excluding China,were up 2%.In Q4 2024,while UK and Americas volumes increased compared with Q4 2023,APAC and EMEA,excluding UK,both decreased due to the market dynamics and timing o
315、f new model arrivals into market,respectively.Revenue and ASP summary mFY 2024FY 2023Change Q4 2024 Q4 2023ChangeSale of vehicles1,477.9 1,531.9(4%)564.5566.6(0%)Total ASP(k)2452316%236255(7%)Core ASP(k)177188(6%)175196(11%)Sale of parts84.480.0 6%19.820.7(4%)Servicing of vehicles11.09.8 12%2.22.9(2
316、4%)Brand and motorsport10.611.1(5%)2.83.1(10%)Total revenue1,583.9 1,632.8(3%)589.3593.3(1%)FY 2024 revenue decreased by 3%to 1,584m(FY 2023:1,633m).This reflected the volume impact of the planned portfolio transition,which resulted in H2 2024 revenue of 981m increasing 3%compared with the prior yea
317、r period(H2 2023:955m).In addition,FY 2024 revenue was impacted by foreign exchange headwinds as sterling strengthened against major currencies compared to the prior year:FY 2024 total ASP:Increased 6%reflecting the richer mix resulting from deliveries of Specials including the Aston Martin Valkyrie
318、 Spider,Valour and Valiant limited edition models.Total ASP in Q4 2024(236k)increased sequentially by 6%compared with total ASP in Q3 2024(222k),benefiting from higher deliveries of Specials.Compared with Q4 2023,total ASP in Q4 2024 decreased by 7%,reflecting lower volume of Specials and the impact
319、 of foreign exchange headwinds.FY 2024 Core ASP:Decreased 6%due to material FX headwinds,asoutlined above,partially offset by positive contribution from new model range and options growth,in addition to the prior year period mix benefitting from the contribution of V12 Vantage and DBS 770 Ultimate:C
320、ontinued strong demand for product personalisation drove anincrease in contribution to core revenue from options,up 310basis points to 18%compared to the prior year(FY 2023:15%),reflecting the launch period of new models.Core ASP in Q4 2024(175k)decreased by 11%compared withQ4 2023(196k),due to the
321、shift in mix of models with significantly higher Vantage volumes compared to the prior yearperiod due to the timing of new model launches.“IN SEPTEMBER 2024 THE COMPANY ANNOUNCED THAT INDUSTRY-WIDE SUPPLY CHAIN DISPRUPTIONS AND CONTINUED MACROECONOMIC WEAKNESS IN CHINA WERE IMPACTING PERFORMANCE”AST
322、ON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 202429STRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSFURTHER INFORMATIONSTRATEGIC REPORTFINANCIAL REVIEW CONTINUEDIncome statement summary mFY 2024FY 2023 Q4 2024 Q4 2023Revenue1,583.9 1,632.8589.3593.3Cost of sales(1,000.0)(993.6)(382.3)(324.9)Gross profi
323、t 583.9639.2207.0268.4 Gross margin%36.9%39.1%35.1%45.2%Adjusted operating expenses(666.7)(718.9)(168.3)(213.0)of which depreciation&amortisation353.8385.6119.4119.4Adjusted EBIT2(82.8)(79.7)38.755.4Adjusting operating items(16.7)(31.5)(5.4)(21.3)Operating loss(99.5)(111.2)33.334.1Net financing expe
324、nse(189.6)(128.6)(93.5)(14.1)of which adjusting financing(expense)/income(16.9)(36.5)2.3(8.2)Loss before tax(289.1)(239.8)(60.2)20.0Tax(charge)/credit(34.4)13.0(43.6)13.2(Loss)/profit for the period(323.5)(226.8)(103.8)33.2 Adjusted EBITDA2271.0305.9158.1174.8 Adjusted EBITDA margin 17.1%18.7%26.8%2
325、9.5%Adjusted loss before tax(255.5)(171.8)(57.1)49.5 EPS(pence)(38.9)(30.5)Adjusted EPS(pence)(34.8)(21.4)2 Alternative Performance Measures are defined in note 34 of the financial statementsThe lower revenue and volumes in FY 2024,were reflected in gross profit of 584m,decreasing 9%(FY 2023:639m).I
326、n line with revised guidance,this resulted in a gross margin of 37%(FY 2023:39%).Benefits from the ongoing portfolio transformation to next generation models and strong volumes of high margin Specials were offset by higher manufacturing,logistics and other costs largely associated with the expected
327、volume ramp up in production in H2 2024.These planned cost increases were absorbed by fewer core vehicles in Q4 2024 than originally planned earlier in the year,following the volume reduction announced in September 2024.In addition,fewer Specials and the mix,including the slight shortfall in Valiant
328、 deliveries,and the phasing of core product mix impacted Q4 2024.This resulted in Q4 2024 gross profit decreasing 23%,with a gross margin of 35%compared with 45%in Q4 2023.The Company continues to target over 40%gross margin from current and future models,aligned with the Companys ultra-luxury strat
329、egy.FY 2024 adjusted EBITDA was in line with revised guidance at 271m(FY 2023:306m)decreasing by 11%,with adjusted EBITDA margin declining to 17%(FY 2023:19%).This was primarily due to the lower core volumes during the portfolio transition period,partially offset byadjusted operating expenses(exclud
330、ing D&A)decreasing by 6%and a higher number of Specials.Adjusted EBIT was broadly flat in FY 2024 at(83)m(FY 2023:(80)m)with depreciation and amortisation decreasing to 354m(FY 2023:386m).FY 2024 adjusted net financing costs of 173m(FY 2023:92m),increased primarily due to the year-on-year impact of
331、US dollar debt revaluations.The 17m net adjusting finance charge(FY 2023:37m)was due to redemption premiums associated with the refinancing of the senior secured notes,partially offset by gains on financial instruments recognised through the income statement.The adjusted loss before tax increased to
332、 256m(FY 2023:172mloss),reflecting the increased adjusted net finance costs.On a reported basis,FY 2024 operating loss of 100m decreased by11%(FY 2023:111m loss)primarily due to reduced adjusting legal expenses,which was offset by the increase in net finance expenses resulting in an increased loss b
333、efore tax of 290m(FY 2023:240mloss).The weighted average share count at 31 December 2024 was 832 million(31 December 2023:748m),following the placing of new ordinary shares in November.20 million shares in relation to the warrants remain outstanding and are exercisable until 2027,giving an adjusted EPS of(34.8)p(FY 2023:(21.4)p).Cash flow and net debt summary mFY 2024FY 2023 Q4 2024 Q4 2023Cash ge
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