In This Article:
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Total Wholesales: Decreased by 9% to 60,030 units in 2024.
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Revenue: Decreased by 3% to GBP1.58 billion in 2024.
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Adjusted EBITDA: Decreased by 11% to GBP271 million in 2024.
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Gross Margin: Decreased by 220 basis points to 36.9% in 2024.
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Average Selling Price (ASP): Total ASP increased by 6% to GBP245,000 in 2024.
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Core ASP: Decreased by 6% to GBP177,000 in 2024.
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Free Cash Flow: Modest positive free cash flow of GBP2 million in Q4 2024.
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Net Debt: Increased to GBP1.16 billion at the end of 2024.
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Total Liquidity: GBP514 million at the end of 2024.
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Adjusted Net Leverage Ratio: 4.3 times at the end of 2024.
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Capital Expenditure: GBP401 million in 2024.
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Adjusted Operating Expenses: Decreased by 6% excluding depreciation and amortization in 2024.
Release Date: February 26, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Aston Martin Lagonda Global Holdings PLC (AMGDF) has completed the most intensive period of product development in its history, resulting in a fully reinvigorated core product portfolio.
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The company has received significant acclaim for its models, consistently outperforming competitors in independent road tests.
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Aston Martin Lagonda Global Holdings PLC (AMGDF) has made substantial improvements in customer experience, including opening new retail locations and enhancing its performance credentials through high-profile racing involvement.
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The company has been recognized with the King's Award for innovation and a new royal warrant by appointment to His Majesty King Charles III.
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Aston Martin Lagonda Global Holdings PLC (AMGDF) ended 2024 with total liquidity of over GBP500 million, aligning with its guidance to support future growth strategies.
Negative Points
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The company faced industry-wide supply chain disruptions and a weaker macroeconomic environment, particularly in China, affecting volumes and financial performance.
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Aston Martin Lagonda Global Holdings PLC (AMGDF) announced a circa 1,000-unit reduction in wholesale volumes due to external challenges and internal production reshaping.
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Despite operational achievements, the company did not deliver the financial performance originally set for 2024.
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The company is undergoing organizational adjustments, resulting in the departure of around 170 employees, representing 5% of its global workforce.
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The company experienced a decrease in total wholesales by 9% and a revenue decrease by 3% year on year, reflecting lower volumes and FX headwinds.
Q & A Highlights
Q: Your 2025 volume guidance remains several hundred units short of your original guidance for 2024. Is this due to supply chain disruptions or lower demand? A: The 2025 volume is influenced by a strategic decision to balance supply and demand, rather than supply chain issues. We are actively managing stock levels, particularly in China, and expect retail sales to outpace wholesales. The shape of the year will be different, with significant launches in the second half, including the Volante Vanquish, Vantage Roadster, and Valhalla.