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"value": "1 Basis of accounting Aston Martin Lagonda Global Holdings plc (the \u201cCompany\u201d) is a company incorporated in England and Wales and domiciled in the UK. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The Group Financial Statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required as explained below. The Financial Statements are prepared in millions to one decimal place, and in sterling which is the Company\u2019s functional currency. Climate change In preparing the Consolidated Financial Statements management have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report this year and the sustainability goals including the stated net-zero targets. Climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to June 2024 nor the viability of the Group over the next five years following consideration of the below points: \u2022 The Group has modelled various scenarios to take account of the risks and opportunities identified with the impact of climate change to assess the financial impact on its business plan and viability. \u2022 The Group has a Strategic Cooperation Agreement with Mercedes-Benz AG. The agreement provides the Company with access to a wide range of world-class technologies for the next generation of luxury vehicles which are planned to be launched through to 2027. \u2022 The Group is planning to leverage strategic long term partnerships with vendors to develop EV powertrain technology with significant capital expenditure planned to support the transition to a fully electrified portfolio of Sport/GT cars and SUVs by 2030. \u2022 The Group continues to invest in onsite renewable energy generation solutions for our facilities and the increased use of sustainable materials within production and the required capital investment is included in our five-year forecasts to enable us to meet our target for net-zero manufacturing facilities by 2030. \u2022 The Group has a clear plan in place to deliver a transformed product range to meet climate change regulations impacting the automotive sector, launching a Plug-In Hybrid Electric Vehicle (\u201cPHEV\u201d) by 2024 and targeting the launch of our first Battery Electric Vehicle (\u201cBEV\u201d) in 2025. Consistent with the above, management have further considered the impact of climate change on a number of key estimates within the Financial Statements and has not found climate change to have a material impact on the conclusions reached. Climate change considerations have been factored into the Directors impairment assessments of the carrying value of non-current assets (such as capitalised development cost intangible assets) through usage of a pre-tax discount rate which reflects the individual nature and specific risks relating to the business and the market in which the Group operates. In addition, the forecast cash flows used in both the impairment assessments of the carrying value of non-current assets and the assessment of the recoverability of deferred tax assets reflect the current energy cost headwinds and future costs to achieve net-zero manufacturing facilities by 2030 as well as the forecast volumes for both existing and future car lines given current order books and the assessment of changing customer preferences. Going concern An overview of the business activities of Aston Martin Lagonda Global Holdings plc, including a review of the principal risks that the Group faces, is given in the Strategic Report on pages 5 to 81. The debt facilities available to the Group and the maturity profile of this debt are shown in note 22. The Group meets its day-to-day working capital requirements and medium term funding requirements through a mixture of $1,143.7m First Lien Notes at 10.5% which mature in November 2025, $229.1m of Second Lien split coupon notes at 15% per annum (8.89 % cash and 6.11% Payment in Kind) which mature in November 2026, a Revolving Credit Facility (\u00a390.6m) which matures August 2025, facilities to finance inventory, a bilateral RCF agreement and a wholesale vehicle financing facility (as described in note 17). Under the RCF the Group is required to comply with a leverage covenant tested quarterly. The amounts outstanding on all the borrowings are shown in note 22. The Directors have developed trading and cash flow forecasts for the period from the date of approval of these Financial Statements through 30 June 2024 (the going concern review period). These forecasts show that the Group has sufficient financial resources to meet its obligations as they fall due and to comply with covenants for the going concern review period. The forecasts reflect our ultra-luxury performance-oriented strategy, balancing supply and demand and the actions taken to improve cost efficiency and gross margin. The forecasts include the costs of the Group's environmental, social and governance (\u201cESG\u201d) commitments and make assumptions in respect of future market conditions and, in particular, wholesale volumes, average selling price, the launch of new 1 Basis of accounting continued Going concern continued models, and future operating costs. The nature of the Group's business is such that there can be variation in the timing of cash flows around the development and launch of new models. In addition, the availability of funds provided through the vehicle wholesale finance facility changes as the availability of credit insurance and sales volumes vary, in total and seasonally. The forecasts take into account these factors to the extent that the Directors consider them to represent their best estimate of the future based on the information that is available to them at the time of approval of these Financial Statements. The Directors have considered a severe but plausible downside scenario that includes considering the impact of a 25% reduction in DBX volumes and a 8% reduction in sports volumes from forecast levels, operating costs higher than the base plan, incremental working capital requirements such as reduced deposit inflows or increased deposit outflows and the impact of the strengthening of the sterling-dollar exchange rate. The Group plans to make continued investment for growth in the period and, accordingly, funds generated through operations are expected to be reinvested in the business mainly through new model development and other capital expenditure. To a certain extent such expenditure is discretionary and, in the event of risks occurring which could have a particularly severe effect on the Group, as identified in the severe but plausible downside scenario, actions such as constraining capital spending, working capital improvements, reduction in marketing expenditure and the continuation of strict and immediate expense control would be taken to safeguard the Group\u2019s financial position. In addition, the Directors also considered the circumstances which would be needed to exhaust the Group\u2019s liquidity over the assessment period, a reverse stress test. This would indicate that vehicle sales would need to reduce by 35% from forecast levels without any of the above mitigations to result in having no liquidity. The likelihood of these circumstances occurring is considered remote both in terms of the magnitude of the reduction and that over such a long period, management could take substantial mitigating actions, such as reducing capital spending to preserve liquidity. Accordingly, after considering the forecasts, appropriate sensitivities, current trading and available facilities, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and to comply with its financial covenants; therefore the Directors continue to adopt the going concern basis in preparing the Financial Statements. ",
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"value": "1 Basis of accounting Aston Martin Lagonda Global Holdings plc (the \u201cCompany\u201d) is a company incorporated in England and Wales and domiciled in the UK. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The Group Financial Statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required as explained below. The Financial Statements are prepared in millions to one decimal place, and in sterling which is the Company\u2019s functional currency. Climate change In preparing the Consolidated Financial Statements management have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report this year and the sustainability goals including the stated net-zero targets. Climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to June 2024 nor the viability of the Group over the next five years following consideration of the below points: \u2022 The Group has modelled various scenarios to take account of the risks and opportunities identified with the impact of climate change to assess the financial impact on its business plan and viability. \u2022 The Group has a Strategic Cooperation Agreement with Mercedes-Benz AG. The agreement provides the Company with access to a wide range of world-class technologies for the next generation of luxury vehicles which are planned to be launched through to 2027. \u2022 The Group is planning to leverage strategic long term partnerships with vendors to develop EV powertrain technology with significant capital expenditure planned to support the transition to a fully electrified portfolio of Sport/GT cars and SUVs by 2030. \u2022 The Group continues to invest in onsite renewable energy generation solutions for our facilities and the increased use of sustainable materials within production and the required capital investment is included in our five-year forecasts to enable us to meet our target for net-zero manufacturing facilities by 2030. \u2022 The Group has a clear plan in place to deliver a transformed product range to meet climate change regulations impacting the automotive sector, launching a Plug-In Hybrid Electric Vehicle (\u201cPHEV\u201d) by 2024 and targeting the launch of our first Battery Electric Vehicle (\u201cBEV\u201d) in 2025. Consistent with the above, management have further considered the impact of climate change on a number of key estimates within the Financial Statements and has not found climate change to have a material impact on the conclusions reached. Climate change considerations have been factored into the Directors impairment assessments of the carrying value of non-current assets (such as capitalised development cost intangible assets) through usage of a pre-tax discount rate which reflects the individual nature and specific risks relating to the business and the market in which the Group operates. In addition, the forecast cash flows used in both the impairment assessments of the carrying value of non-current assets and the assessment of the recoverability of deferred tax assets reflect the current energy cost headwinds and future costs to achieve net-zero manufacturing facilities by 2030 as well as the forecast volumes for both existing and future car lines given current order books and the assessment of changing customer preferences. Going concern An overview of the business activities of Aston Martin Lagonda Global Holdings plc, including a review of the principal risks that the Group faces, is given in the Strategic Report on pages 5 to 81. The debt facilities available to the Group and the maturity profile of this debt are shown in note 22. The Group meets its day-to-day working capital requirements and medium term funding requirements through a mixture of $1,143.7m First Lien Notes at 10.5% which mature in November 2025, $229.1m of Second Lien split coupon notes at 15% per annum (8.89 % cash and 6.11% Payment in Kind) which mature in November 2026, a Revolving Credit Facility (\u00a390.6m) which matures August 2025, facilities to finance inventory, a bilateral RCF agreement and a wholesale vehicle financing facility (as described in note 17). Under the RCF the Group is required to comply with a leverage covenant tested quarterly. The amounts outstanding on all the borrowings are shown in note 22. The Directors have developed trading and cash flow forecasts for the period from the date of approval of these Financial Statements through 30 June 2024 (the going concern review period). These forecasts show that the Group has sufficient financial resources to meet its obligations as they fall due and to comply with covenants for the going concern review period. The forecasts reflect our ultra-luxury performance-oriented strategy, balancing supply and demand and the actions taken to improve cost efficiency and gross margin. The forecasts include the costs of the Group's environmental, social and governance (\u201cESG\u201d) commitments and make assumptions in respect of future market conditions and, in particular, wholesale volumes, average selling price, the launch of new 1 Basis of accounting continued Going concern continued models, and future operating costs. The nature of the Group's business is such that there can be variation in the timing of cash flows around the development and launch of new models. In addition, the availability of funds provided through the vehicle wholesale finance facility changes as the availability of credit insurance and sales volumes vary, in total and seasonally. The forecasts take into account these factors to the extent that the Directors consider them to represent their best estimate of the future based on the information that is available to them at the time of approval of these Financial Statements. The Directors have considered a severe but plausible downside scenario that includes considering the impact of a 25% reduction in DBX volumes and a 8% reduction in sports volumes from forecast levels, operating costs higher than the base plan, incremental working capital requirements such as reduced deposit inflows or increased deposit outflows and the impact of the strengthening of the sterling-dollar exchange rate. The Group plans to make continued investment for growth in the period and, accordingly, funds generated through operations are expected to be reinvested in the business mainly through new model development and other capital expenditure. To a certain extent such expenditure is discretionary and, in the event of risks occurring which could have a particularly severe effect on the Group, as identified in the severe but plausible downside scenario, actions such as constraining capital spending, working capital improvements, reduction in marketing expenditure and the continuation of strict and immediate expense control would be taken to safeguard the Group\u2019s financial position. In addition, the Directors also considered the circumstances which would be needed to exhaust the Group\u2019s liquidity over the assessment period, a reverse stress test. This would indicate that vehicle sales would need to reduce by 35% from forecast levels without any of the above mitigations to result in having no liquidity. The likelihood of these circumstances occurring is considered remote both in terms of the magnitude of the reduction and that over such a long period, management could take substantial mitigating actions, such as reducing capital spending to preserve liquidity. Accordingly, after considering the forecasts, appropriate sensitivities, current trading and available facilities, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and to comply with its financial covenants; therefore the Directors continue to adopt the going concern basis in preparing the Financial Statements. 2 Accounting policies Basis of consolidation The Consolidated Financial Statements consist of the Financial Statements of the Group and all entities controlled by the Group. All intercompany balances and transactions, including unrealised profits arising, are eliminated. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Group Financial Statements from the date that control commences until the date that control ceases. The financial statements of subsidiaries used in the preparation of the Consolidated Financial Statements are prepared for the same reporting year as the Group and are based on consistent accounting policies. Foreign currency translation Transactions in foreign currencies are initially recorded in the functional currency of the operation by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the Income Statement except for the translational differences on monetary items that form part of designated hedge relationships. The assets and liabilities of foreign operations are translated into sterling at the rate of exchange ruling at the reporting date. Income and expenses are translated at average exchange rates for the period. The resulting exchange differences are taken through Other Comprehensive Income to the translation reserve. On disposal of a foreign entity, the deferred cumulative amount recognised in the translation reserve relating to the foreign operation is recognised in the Income Statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. 2 Accounting policies continued Revenue recognition Revenue is recognised when the Group satisfies its performance obligation to supply a product or service to the customer. Revenue is measured at the fair value of the consideration receivable, deducting dealer incentives, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised. Sale of vehicles Revenue from the sale of vehicles is recognised when control of the vehicle is passed to the dealer or individual, thus evidencing the satisfaction of the associated performance obligation under that contract. Control is passed when the buyer can direct the use of and obtain substantially all of the benefits of the vehicle, which is typically at the point of despatch. When despatch is deferred at the formal request of the buyer and a written request to hold the vehicle until a specified delivery date has been received, revenue is recognised when the vehicle is ready for despatch and the Group can no longer use or direct the vehicle to an alternative buyer. The Group estimates the consideration to which it will be entitled in exchange for satisfaction of the performance obligation as part of the sale of a vehicle. Revenue is recognised at the wholesale selling price net of dealer incentives (variable marketing expense or \u201cVME\u201d). VME is estimated and accrued for at the time of the wholesale sale to the dealer, other than those elements of VME connected with retail sales by the dealer where there is also a contractual requirement for the dealer to make additional wholesale purchases at that time to receive the incentive, which is accrued at the time of the retail sale by the dealer to the end customer. Warranties are issued on new vehicles sold with no separate purchase option available to the customer and, on this basis, are accounted for in accordance with IAS 37. Service packages sold as part of the supply of a vehicle are accounted for as a separate performance obligation with the revenue deferred, based on the term of the package, at the original point of sale. The deferred revenue is released to the Income Statement over the shorter of the period that the service package covers or the number of vehicle services that the end user is entitled to. Where a sale of a vehicle(s) includes multiple performance obligations, the Group determines the allocation of the total transaction price by reference to their relative standalone selling prices. Sales of parts Revenue from the sale of parts is recognised upon transfer of control to the customer, generally when the parts are released to the carrier responsible for transporting them. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised upon despatch to a customer outside of the Group. Servicing and restoration of vehicles Revenue is recognised upon completion of the service/ restoration typically when the service or restoration is completed in accordance with the customers\u2019 requirements. Brands and motorsport Revenue from brands and motorsport is recognised when the performance obligations, principally use of the Aston Martin brand name or supply of a motorsport vehicle, are satisfied. Revenue is recognised either at a point in time or over a period of time in line with IFRS 15 according to the terms of the contract. Customer advance payments The Group receives advance cash payments from customers to secure their allocation of a vehicle produced in limited quantities, typically with a lead time of greater than 12 months. The value of the advance, both contractually refundable or non-refundable, is held as a contract liability in the Statement of Financial Position. Upon satisfaction of the performance obligation, the liability is released to revenue in the Income Statement. If the deposit is returned to the customer prior to satisfaction of the performance obligation, the contract liability is derecognised. Where a significant financing component exists, the contract liability is increased over the same period of time as the contract liability is held to account for the time value of money. A corresponding charge is recognised in the Consolidated Income Statement within finance expenses. Upon satisfaction of the linked performance obligation, the liability is released to revenue. The Group applies a practical expedient for short term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. Finance income Finance income comprises interest receivable on invested funds calculated using the effective interest rate method, interest income and currency gains arising on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Income Statement. 2 Accounting policies continued Finance expense Finance expense comprises interest payable on borrowings calculated using the effective interest rate method, interest expense on the net Defined Benefit pension liability, losses on financial instruments that are recognised at fair value through the Income Statement and foreign exchange losses on foreign currency denominated financial liabilities. Interest incurred on lease liabilities accounted for under IFRS 16 and interest charged in relation to significant financing components on customer advance payments are both recognised within finance expense. Current/non-current classification Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or consumption as part of, the Group\u2019s normal identifiable operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes in line with the Group\u2019s identifiable normal operating cycle. These liabilities are expected to be settled as part of the Group\u2019s normal course of business. All other liabilities are classified as non-current liabilities. Goodwill For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. For the purpose of impairment testing, goodwill is allocated to the related cash-generating unit. The only cash-generating unit of the Group is that of Aston Martin Lagonda Group as there are no smaller groups of assets that can be identified with certainty which generate specific cash flows independent of the inflows generated by other assets or groups of assets. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the Income Statement. Intangible assets Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Fair value adjustments are considered to be provisional at the first year-end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Purchased intellectual property Purchased intellectual property that is not integral to an item of property, plant and equipment is recognised separately as an intangible asset stated at cost less accumulated depreciation. Brands An acquired brand is only recognised in the Statement of Financial Position as an intangible asset where it is supported by a registered trademark, is established in the marketplace, the brand could be sold separately from the rest of the business and where the brand achieves earnings in excess of those achieved by unbranded products. The value of an acquired brand is determined by allocating the purchase price consideration of an acquired business between goodwill and the underlying fair values of the tangible assets, brands and other intangible assets acquired, using an income approach following the multi-period excess earnings methodology. Acquired brands have an indefinite life when there is no foreseeable limit to the period over which the asset is expected to generate cash inflows. Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2022 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2022 Technical and financial resources are available for the project. \u2022 An intention to complete the project has been confirmed. \u2022 The correlation between development costs and future revenues has been established. 2 Accounting policies continued Intangible assets continued Technology Patented and unpatented technology acquired in business combinations is valued using the cost approach. The obsolete element is determined by reference to the proportion of the product lifecycle that had expired at the acquisition date. Technology acquired from third parties is measured at the acquisition date fair value using the cost approach. Dealer network Save for certain direct sales of some special edition and buyer- commissioned vehicles, the Group sells its vehicles exclusively through a network of dealers. All dealers in the dealer network are independent dealers with the exception of Aston Martin Works Limited. To the extent that the Group benefits from the network, the dealer network has been valued based on costs incurred by the Group. Amortisation Following initial recognition, the historical cost model is applied, with intangible assets being carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these capitalised costs begins when the asset is available for use. Intangible assets with a finite life have no residual value and are amortised on a straight-line basis over their expected useful lives as follows: Years Purchased intellectual propert y 5 Development costs 1 to 10 Technolo gy 10 Software and other 3 to 10 Dealer network 20 The useful lives and residual values of capitalised development costs are determined at the time of capitalisation and are reviewed annually for appropriateness and recoverability. Amortisation of Special Vehicle development costs are spread evenly across the limited quantity of vehicles produced and charged to the Income Statement at the point of sale for each vehicle. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid, and the fair value of any other consideration given, to acquire the asset including directly attributable costs to make the asset capable of operation. Borrowing costs directly attributable to assets under construction are capitalised. Depreciation is provided on all property, plant and equipment, other than land, on a straight-line basis to its residual value over its expected useful life as follows: Years Freehold buildings 30 Plant and machiner y 5 to 30 Fixtures and fittin g s 3 to 12 Toolin g 1 to 15 Motor vehicles 3 to 5 Tooling is depreciated over the life of the project. Assets in the course of construction are included in their respective category but are not depreciated until available for use. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on the derecognition of the asset is included in the Income Statement in the period of derecognition. Government grants Government grants are recognised in the Income Statement, either on a systematic basis when the Group recognises the related costs that the grants are intended to compensate for, or immediately if the costs have already been incurred. Government grants related to assets are deducted from the cost of the asset and amortised over the useful life of the asset. Government grants are recognised when there is reasonable assurance that the Group will comply with the relevant conditions and the grant will be received. Research and development tax relief in the form of the Research and Development Expenditure Credit (\u201cRDEC\u201d) is recognised in the income statement over the periods in which the qualifying expenditure giving rise to the RDEC claim is recognised, as the Group\u2019s assessment of the conditions of receipt of the RDEC concludes that it meets the definition of a Government grant. Claims are submitted annually based on the qualifying expenditure for a given accounting period. If the subsidiary submitting the claim is loss-making, the RDEC claim is restricted by an amount equal to the current rate of UK corporation tax. The restricted amount can be applied in discharging any liability of the subsidiary to pay corporation tax in any subsequent tax period and has been accounted for as an unused tax credit in accordance with IAS 12 and is included within deferred tax assets.2 Accounting policies continued Government grants continued Amounts recognised in operating cash flows are presented net of proceeds of applicable Government grants. Carbon credits The import of vehicles into certain jurisdictions can trigger a requirement to eliminate negative carbon credits, which gives rise to a present obligation as a result of a past event. In accordance with IAS 37, the Group recognises a provision for this obligation, measured at the cost of purchasing positive credits to offset the negative credits. As at 31 December 2022 the provision recognised for these carbon credits was not material Right-of-use assets and lease liabilities \u2013 IFRS 16 The Group adopted IFRS 16 using the modified retrospective approach in 2019. Leases under which the Group acts as lessee The Group is a party to lease contracts for buildings, plant and machinery and IT equipment. The Group recognises a right-of- use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Moreover, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, an estimate of the Group\u2019s incremental borrowing rate at that point in time. The Group estimates the incremental borrowing rate by taking a credit risk adjusted risk free rate in addition to making other specific adjustments to account for certain characteristics in the lease such as geography, type of asset and security pledged. Lease payments included in the measurement of the lease liability comprise either fixed lease payments or lease payments subject to periodic fixed increases. The lease liability is measured at amortised cost using the effective interest rate method. Lease payments are allocated between principal and interest cost with the interest costs charged to the Income Statement over the lease period. The liability is remeasured when there is an increase/decrease in future lease payments arising from a change in an index or rate specified. Short term leases and leases of low-value assets The Group does not recognise right of-use-assets and lease liabilities for short term leases that have a lease term of fewer than 12 months and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis in the Income Statement over the lease term. Leases under which the Group acts as lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to the lease of the underlying right-of-use asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease period forms a major part of the economic life of the asset. The Group recognises lease payments received under operating leases on a straight-line basis over the lease term in the Income Statement. The Group has no sub-leases that qualify as finance leases. Impairment of assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset, or cash-generating unit\u2019s, fair value less costs to sell and its value-in-use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses on continuing operations are recognised in the Income Statement. 2 Accounting policies continued Impairment of assets continued For goodwill, brands and other intangible assets that have an indefinite life, the recoverable amount is estimated annually or more frequently when there is an indication that the asset is impaired. For intangible assets, property, plant and equipment, and right- of-use lease assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the Income Statement as income immediately. Inventories Inventories are stated at the lower of cost and net realisable value. For service and restoration projects, net realisable value is the price at which the project can be invoiced in the normal course of business after allowing for the costs of realisation. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: \u2022 Raw materials, service parts and spare parts \u2013 purchase cost on a first-in, first-out basis. \u2022 Work in progress and finished vehicles \u2013 cost of direct materials and labour plus attributable overheads based on a normalised level of activity, excluding borrowing costs. Provisions are made, on a specific basis, for obsolete, slow- moving and defective stocks and if the cost of the service or restoration project cannot be fully recovered. Inventories held under financing arrangements are recognised when control is transferred to the Group. Cash and cash equivalents Cash and cash equivalent in the Statement of Financial Position comprise: \u2022 cash, being cash at banks and in hand as well as demand deposits; and \u2022 cash equivalents, being short term deposits with an original maturity of three months or less, subject to insignificant changes in value. which are readily convertible to known amounts and held to meet short term commitments. Derivative financial instruments Derivative financial assets and liabilities are recognised in the Statement of Financial Position at fair value when the Group becomes a party to the contractual provisions of the instrument. The Group uses derivative instruments to manage its exposure to foreign exchange risk arising from operating activities. Movements in the fair value of foreign exchange derivatives not qualifying for hedge accounting are recognised in finance income or expense. The accounting policy on derivatives that are designated as hedging instruments in hedging relationships is detailed in the hedge accounting policies. A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. Financial assets and liabilities Financial assets are cash or a contractual right to receive cash or another financial asset from another entity or to exchange financial assets or liabilities with another entity under conditions that are potentially favourable to the entity. In addition, contracts that result in another entity delivering a variable number of its own equity instruments are financial assets. Derivative financial instruments including equity options are held at fair value. All other financial instruments are held at amortised cost. Trade and other receivables Trade and other receivables are carried at the lower of their original invoiced value and recoverable amount. A trade receivable loss allowance is measured at an amount equal to the lifetime expected credit loss at initial recognition and throughout the life of the receivable. Receivables are not discounted as the time value of money is not considered to be material. Trade and other payables Trade and other payables are recognised and carried at their original invoiced value. Trade payables are not discounted to consider the time value of money as the impact is immaterial. Refundable and non-refundable customer deposits are held as contract liabilities within current trade and other payables. Inventory sale and repurchase arrangements, which are in substance financing transactions, are included in other payables. The difference between the sale and repurchase value is accounted for as part of the effective interest calculation. The effective interest is charged to the Income Statement over the period from sale to repayment. 2 Accounting policies continued Hedge accounting The Group uses derivative financial instruments in the form of forward currency contracts, and certain US dollar denominated borrowings, to hedge the foreign currency risk of sales (including inter-Group sales) of finished vehicles and external purchases of component parts. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, or the foreign currency risk of an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objectives and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess hedge effectiveness. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes resulting from that economic relationship. \u2022 The theoretical hedge ratio of the hedging relationship is the same as practically occurs. Derivative financial instruments The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element is recognised in Other Comprehensive Income and accumulated in a separate component of equity under cost of hedging reserve. Financial liability as a hedge Foreign currency differences arising on the retranslation of a financial liability designated as a cash flow hedge are recognised directly in Other Comprehensive Income to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in the Income Statement. Subsequent accounting The amounts accumulated in both the cash flow hedge reserve and the cost of hedging reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in the hedge reserve is removed and included in the initial cost of the hedge item. For any other cash flow hedges, the amount accumulated in the hedge reserve is reclassified to the Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flow affects profit or loss. If hedge accounting is discontinued, the amount that has been accumulated in the hedge reserve must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to the Income Statement as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in the hedge reserve is accounted for depending on the nature of the underlying transaction. Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recorded and redemption value being recognised in the Income Statement as a finance expense over the period of the borrowings on an effective interest basis. Pensions The Group operates a Defined Contribution pension plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to Defined Contribution pension plans are recognised as an expense in the Income Statement in the periods during which services are rendered by employees. The Group operates a Defined Benefit pension plan, which is contracted out of the state scheme. The Group\u2019s net obligation in respect of Defined Benefit plans is calculated for the plan by estimating the amount of the future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of Defined Benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. When the calculation results in a deficit for the Group, the recognised liability is adjusted for the discounted value of future deficit reduction contributions in excess of the calculated deficit. 2 Accounting policies continued Pensions continued Remeasurements of the net Defined Benefit asset or liability, which comprise actuarial gains and losses, the interest on plan assets, and the effect of the asset ceiling or minimum funding requirements, are recognised immediately in Other Comprehensive Income. The Group determines the net interest expense (income) on the net Defined Benefit asset or liability, considering any changes in the net defined asset or liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to Defined Benefit plans are recognised in the Income Statement. When the benefits of the plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service cost or the gain or loss on curtailment is recognised immediately in the Income Statement. The Group recognises gains and losses on the settlement of a Defined Benefit plan when the settlement occurs. Share-based payment transactions The fair value of equity-classified share-based awards with both market and non-market-based performance conditions is recognised as an expense within administrative and other expenses in the Income Statement, with a corresponding increase in equity over the period that the employees become unconditionally entitled to the shares. The amount recognised as an expense is adjusted to reflect both non-market-based conditions, such as continued employment and profit-related metrics, in addition to market- based conditions driven by an estimation of the quantum of awards expected to vest at the date of grant. Where the Group obtains goods or services in exchange for the issuance of shares, these are accounted for as equity-settled share-based payments in accordance with IFRS 2. Where the fair value of the goods or services can be estimated reliably, these are recorded at fair value with a corresponding increase in equity. In the instance of a scheme modification the number of shares comprised in an award is adjusted to reflect equity changes in the Group and will therefore not impact underlying charges. Provisions The Group provides product warranties on all new vehicle sales. Warranty provisions are recognised when vehicles are sold or when new warranty programmes are initiated. Based on historical warranty claim experience, assumptions are made on the type and extent of future warranty claims including non- contractual warranty claims as well as on possible recall campaigns. These assessments are based on the frequency and extent of vehicle faults and defects in the past. In addition, the estimates include assumptions on the potential repair costs per vehicle and the effects of possible time or mileage limits. The provisions are regularly adjusted to reflect new information. Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: \u2022 there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and \u2022 the employees affected have been notified of the plan\u2019s main features. Income taxes Tax on the profit or loss for the period represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised directly in equity or Other Comprehensive Income whereby the tax treatment follows that of the underlying item. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and can be estimated. Any interest and penalties accrued, if applicable, are included in income taxes in both the Consolidated Income Statement and the Consolidated Statement of Financial Position. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, with the following exceptions: \u2022 Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. 2 Accounting policies continued Income taxes continued \u2022 In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. \u2022 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled. Deferred tax assets and liabilities are disclosed on a net basis where a right of offset exists. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends and distributions relating to equity instruments are debited direct to equity. Adjusting items An adjusting item is disclosed separately in the Consolidated Statement of Comprehensive Income where the quantum, nature or volatility of such items would otherwise distort the underlying trading performance of the Group including where they are not expected to repeat in future periods. The tax effect is also included. Details in respect of adjusting items recognised in the current and prior year are set out in note 5. Critical accounting assumptions and key sources of estimation uncertainty estimates The preparation of Financial Statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. In the process of applying the Group\u2019s accounting policies, which are described in this note, management have made estimates. Other than as set out below, variations in the remaining estimates are not considered to give rise to a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group considers it appropriate to identify the nature of the estimates used in preparing the Group Financial Statements and the main sources of estimation uncertainty are: \u2022 impairment of finite life intangible assets; \u2022 the measurement of Defined Benefit pension assets and obligations; and \u2022 the recognition of deferred tax assets. Impairment of finite life intangible assets For intangible assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. The result of the calculation of the value-in-use is sensitive to the assumptions made and is a subjective estimate (note 13). Measurement of pension assets and obligations There are a range of assumptions that could be made, and the measurement of Defined Benefit pension assets and obligations are sensitive to these. Note 25 provides information on these assumptions and the inherent sensitivities. Measurement of Defined Benefit pension obligations requires estimation of future changes in salaries and inflation, mortality rates, the expected return on assets and suitable discount rates (note 25). Recognition of deferred tax assets Deferred tax assets are first recognised against deferred tax liabilities relating to the same taxation authority and the same taxable company which are expected to reverse in the same period. Net deferred tax assets remaining are then only recognised to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. The Group reviews the same underlying assumptions and future forecasts used for impairment testing, going concern and viability assessments to evaluate the level of estimated future taxable profits and the associated level of net deferred tax assets which are supportable for recognition at the reporting date. In considering recoverability of the deferred tax assets the Group relies upon future forecasts, which inherently increases the level of significant estimation uncertainty in the later periods. Note 9 provides information on the inherent sensitivities. 2 Accounting policies continued New accounting standards The following standards, amendments and interpretations were applicable for the period beginning 1 January 2022 and were adopted by the Group for the year to 31 December 2022. They have not had a significant impact on the Group\u2019s result for the year, equity or disclosures: \u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 January 2023 onwards, which the Group has not adopted early: \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The adoption of these standards and amendments is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-583": {
"value": "1 Basis of accounting Aston Martin Lagonda Global Holdings plc (the \u201cCompany\u201d) is a company incorporated in England and Wales and domiciled in the UK. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The Group Financial Statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required as explained below. The Financial Statements are prepared in millions to one decimal place, and in sterling which is the Company\u2019s functional currency. Climate change In preparing the Consolidated Financial Statements management have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report this year and the sustainability goals including the stated net-zero targets. Climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to June 2024 nor the viability of the Group over the next five years following consideration of the below points: \u2022 The Group has modelled various scenarios to take account of the risks and opportunities identified with the impact of climate change to assess the financial impact on its business plan and viability. \u2022 The Group has a Strategic Cooperation Agreement with Mercedes-Benz AG. The agreement provides the Company with access to a wide range of world-class technologies for the next generation of luxury vehicles which are planned to be launched through to 2027. \u2022 The Group is planning to leverage strategic long term partnerships with vendors to develop EV powertrain technology with significant capital expenditure planned to support the transition to a fully electrified portfolio of Sport/GT cars and SUVs by 2030. \u2022 The Group continues to invest in onsite renewable energy generation solutions for our facilities and the increased use of sustainable materials within production and the required capital investment is included in our five-year forecasts to enable us to meet our target for net-zero manufacturing facilities by 2030. \u2022 The Group has a clear plan in place to deliver a transformed product range to meet climate change regulations impacting the automotive sector, launching a Plug-In Hybrid Electric Vehicle (\u201cPHEV\u201d) by 2024 and targeting the launch of our first Battery Electric Vehicle (\u201cBEV\u201d) in 2025. Consistent with the above, management have further considered the impact of climate change on a number of key estimates within the Financial Statements and has not found climate change to have a material impact on the conclusions reached. Climate change considerations have been factored into the Directors impairment assessments of the carrying value of non-current assets (such as capitalised development cost intangible assets) through usage of a pre-tax discount rate which reflects the individual nature and specific risks relating to the business and the market in which the Group operates. In addition, the forecast cash flows used in both the impairment assessments of the carrying value of non-current assets and the assessment of the recoverability of deferred tax assets reflect the current energy cost headwinds and future costs to achieve net-zero manufacturing facilities by 2030 as well as the forecast volumes for both existing and future car lines given current order books and the assessment of changing customer preferences. Going concern An overview of the business activities of Aston Martin Lagonda Global Holdings plc, including a review of the principal risks that the Group faces, is given in the Strategic Report on pages 5 to 81. The debt facilities available to the Group and the maturity profile of this debt are shown in note 22. The Group meets its day-to-day working capital requirements and medium term funding requirements through a mixture of $1,143.7m First Lien Notes at 10.5% which mature in November 2025, $229.1m of Second Lien split coupon notes at 15% per annum (8.89 % cash and 6.11% Payment in Kind) which mature in November 2026, a Revolving Credit Facility (\u00a390.6m) which matures August 2025, facilities to finance inventory, a bilateral RCF agreement and a wholesale vehicle financing facility (as described in note 17). Under the RCF the Group is required to comply with a leverage covenant tested quarterly. The amounts outstanding on all the borrowings are shown in note 22. The Directors have developed trading and cash flow forecasts for the period from the date of approval of these Financial Statements through 30 June 2024 (the going concern review period). These forecasts show that the Group has sufficient financial resources to meet its obligations as they fall due and to comply with covenants for the going concern review period. The forecasts reflect our ultra-luxury performance-oriented strategy, balancing supply and demand and the actions taken to improve cost efficiency and gross margin. The forecasts include the costs of the Group's environmental, social and governance (\u201cESG\u201d) commitments and make assumptions in respect of future market conditions and, in particular, wholesale volumes, average selling price, the launch of new Notes to the Financial Statements 1 Basis of accounting continued
Going concern continued
models, and future operating costs. The nature of the Group's
business is such that there can be variation in the timing of cash
flows around the development and launch of new models. In
addition, the availability of funds provided through the vehicle
wholesale finance facility changes as the availability of credit
insurance and sales volumes vary, in total and seasonally. The
forecasts take into account these factors to the extent that the
Directors consider them to represent their best estimate of the
future based on the information that is available to them at the
time of approval of these Financial Statements.
The Directors have considered a severe but plausible downside
scenario that includes considering the impact of a 25%
reduction in DBX volumes and a 8% reduction in sports volumes
from forecast levels, operating costs higher than the base plan,
incremental working capital requirements such as reduced
deposit inflows or increased deposit outflows and the impact
of the strengthening of the sterling-dollar exchange rate.
The Group plans to make continued investment for growth
in the period and, accordingly, funds generated through
operations are expected to be reinvested in the business
mainly through new model development and other capital
expenditure. To a certain extent such expenditure is
discretionary and, in the event of risks occurring which could
have a particularly severe effect on the Group, as identified in
the severe but plausible downside scenario, actions such as
constraining capital spending, working capital improvements,
reduction in marketing expenditure and the continuation of
strict and immediate expense control would be taken to
safeguard the Group\u2019s financial position.
In addition, the Directors also considered the circumstances
which would be needed to exhaust the Group\u2019s liquidity over
the assessment period, a reverse stress test. This would indicate
that vehicle sales would need to reduce by 35% from forecast
levels without any of the above mitigations to result in having
no liquidity. The likelihood of these circumstances occurring
is considered remote both in terms of the magnitude of the
reduction and that over such a long period, management could
take substantial mitigating actions, such as reducing capital
spending to preserve liquidity.
Accordingly, after considering the forecasts, appropriate
sensitivities, current trading and available facilities, the
Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future and to comply with its financial covenants;
therefore the Directors continue to adopt the going concern
basis in preparing the Financial Statements.
2 Accounting policies
Basis of consolidation
The Consolidated Financial Statements consist of the Financial
Statements of the Group and all entities controlled by the
Group. All intercompany balances and transactions, including
unrealised profits arising, are eliminated.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group
controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the
entity. In assessing control, the Group takes into consideration
potential voting rights that are currently exercisable. The
acquisition date is the date on which control is transferred
to the acquirer. The financial statements of subsidiaries are
included in the Group Financial Statements from the date that
control commences until the date that control ceases. The
financial statements of subsidiaries used in the preparation of
the Consolidated Financial Statements are prepared for the
same reporting year as the Group and are based on consistent
accounting policies.
Foreign currency translation
Transactions in foreign currencies are initially recorded in the
functional currency of the operation by applying the exchange
rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are retranslated
at the rate of exchange ruling at the reporting date. All
differences are taken to the Income Statement except for the
translational differences on monetary items that form part of
designated hedge relationships.
The assets and liabilities of foreign operations are translated
into sterling at the rate of exchange ruling at the reporting date.
Income and expenses are translated at average exchange rates
for the period. The resulting exchange differences are taken
through Other Comprehensive Income to the translation
reserve. On disposal of a foreign entity, the deferred
cumulative amount recognised in the translation reserve
relating to the foreign operation is recognised in the
Income Statement.
Non-monetary items that are measured in terms of historical
cost in a foreign currency are translated using the exchange
rates as at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are translated
using the exchange rates at the date when the fair value
was determined.
2 Accounting policies continued
Revenue recognition
Revenue is recognised when the Group satisfies its
performance obligation to supply a product or service to
the customer. Revenue is measured at the fair value of the
consideration receivable, deducting dealer incentives, VAT
and other sales taxes or duty. The following criteria must also
be met before revenue is recognised.
Sale of vehicles
Revenue from the sale of vehicles is recognised when control of
the vehicle is passed to the dealer or individual, thus evidencing
the satisfaction of the associated performance obligation under
that contract. Control is passed when the buyer can direct the
use of and obtain substantially all of the benefits of the vehicle,
which is typically at the point of despatch. When despatch is
deferred at the formal request of the buyer and a written
request to hold the vehicle until a specified delivery date has
been received, revenue is recognised when the vehicle is ready
for despatch and the Group can no longer use or direct the
vehicle to an alternative buyer.
The Group estimates the consideration to which it will be
entitled in exchange for satisfaction of the performance
obligation as part of the sale of a vehicle. Revenue is recognised
at the wholesale selling price net of dealer incentives (variable
marketing expense or \u201cVME\u201d). VME is estimated and accrued
for at the time of the wholesale sale to the dealer, other than
those elements of VME connected with retail sales by the
dealer where there is also a contractual requirement for the
dealer to make additional wholesale purchases at that time to
receive the incentive, which is accrued at the time of the retail
sale by the dealer to the end customer.
Warranties are issued on new vehicles sold with no separate
purchase option available to the customer and, on this basis,
are accounted for in accordance with IAS 37. Service packages
sold as part of the supply of a vehicle are accounted for as a
separate performance obligation with the revenue deferred,
based on the term of the package, at the original point of sale.
The deferred revenue is released to the Income Statement over
the shorter of the period that the service package covers or the
number of vehicle services that the end user is entitled to.
Where a sale of a vehicle(s) includes multiple performance
obligations, the Group determines the allocation of the total
transaction price by reference to their relative standalone
selling prices.
Sales of parts
Revenue from the sale of parts is recognised upon transfer of
control to the customer, generally when the parts are released
to the carrier responsible for transporting them. Where the
dealer is Aston Martin Works Limited, an indirect subsidiary
of the Company, revenue is recognised upon despatch to
a customer outside of the Group.
Servicing and restoration of vehicles
Revenue is recognised upon completion of the service/
restoration typically when the service or restoration is
completed in accordance with the customers\u2019 requirements.
Brands and motorsport
Revenue from brands and motorsport is recognised when the
performance obligations, principally use of the Aston Martin
brand name or supply of a motorsport vehicle, are satisfied.
Revenue is recognised either at a point in time or over a period
of time in line with IFRS 15 according to the terms of the contract.
Customer advance payments
The Group receives advance cash payments from customers
to secure their allocation of a vehicle produced in limited
quantities, typically with a lead time of greater than 12 months.
The value of the advance, both contractually refundable or
non-refundable, is held as a contract liability in the Statement
of Financial Position. Upon satisfaction of the performance
obligation, the liability is released to revenue in the Income
Statement. If the deposit is returned to the customer prior
to satisfaction of the performance obligation, the contract
liability is derecognised.
Where a significant financing component exists, the contract
liability is increased over the same period of time as the
contract liability is held to account for the time value of money.
A corresponding charge is recognised in the Consolidated
Income Statement within finance expenses. Upon satisfaction
of the linked performance obligation, the liability is released
to revenue.
The Group applies a practical expedient for short term
advances received from customers whereby the advanced
payment is not adjusted for the effects of a significant
financing component.
Finance income
Finance income comprises interest receivable on invested funds
calculated using the effective interest rate method, interest
income and currency gains arising on foreign currency
denominated borrowings (not designated under a hedge
relationship) that are recognised in the Income Statement.
2 Accounting policies continued
Finance expense
Finance expense comprises interest payable on borrowings
calculated using the effective interest rate method, interest
expense on the net Defined Benefit pension liability, losses on
financial instruments that are recognised at fair value through
the Income Statement and foreign exchange losses on foreign
currency denominated financial liabilities.
Interest incurred on lease liabilities accounted for under
IFRS 16 and interest charged in relation to significant financing
components on customer advance payments are both
recognised within finance expense.
Current/non-current classification
Current assets include assets held primarily for trading
purposes, cash and cash equivalents, and assets expected to be
realised in, or intended for sale or consumption as part of, the
Group\u2019s normal identifiable operating cycle. All other assets are
classified as non-current assets.
Current liabilities include liabilities held primarily for trading
purposes in line with the Group\u2019s identifiable normal operating
cycle. These liabilities are expected to be settled as part of the
Group\u2019s normal course of business. All other liabilities are
classified as non-current liabilities.
Goodwill
For acquisitions on or after 1 January 2010, the Group measures
goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests
in the acquiree; plus
\u2022 the fair value of the existing equity interest in the
acquiree; less
\u2022 the net recognised amount (generally fair value) of the
identifiable assets acquired and liabilities assumed.
Costs related to the acquisition, other than those associated
with the issue of debt or equity securities, are expensed
as incurred.
For the purpose of impairment testing, goodwill is allocated to
the related cash-generating unit. The only cash-generating unit
of the Group is that of Aston Martin Lagonda Group as there
are no smaller groups of assets that can be identified with
certainty which generate specific cash flows independent of the
inflows generated by other assets or groups of assets. Where
the recoverable amount of the cash-generating unit is less than
the carrying amount, an impairment loss is recognised in the
Income Statement.
Intangible assets
Intangible assets acquired separately from a business are
carried initially at cost. An intangible asset acquired as part of
a business combination is recognised outside of goodwill if the
asset is separable or arises from contractual or other legal
rights and its fair value can be measured reliably.
Fair value adjustments are considered to be provisional at the
first year-end date after the acquisition to allow the maximum
time to elapse for management to make a reliable estimate.
Business combinations
Business combinations are accounted for using the acquisition
method as at the acquisition date, which is the date on which
control is transferred to the Group.
Purchased intellectual property
Purchased intellectual property that is not integral to an item
of property, plant and equipment is recognised separately as an
intangible asset stated at cost less accumulated depreciation.
Brands
An acquired brand is only recognised in the Statement of
Financial Position as an intangible asset where it is supported
by a registered trademark, is established in the marketplace,
the brand could be sold separately from the rest of the
business and where the brand achieves earnings in excess of
those achieved by unbranded products. The value of an
acquired brand is determined by allocating the purchase price
consideration of an acquired business between goodwill and
the underlying fair values of the tangible assets, brands and
other intangible assets acquired, using an income approach
following the multi-period excess earnings methodology.
Acquired brands have an indefinite life when there is no
foreseeable limit to the period over which the asset is
expected to generate cash inflows.
Development costs
Expenditure on internally developed intangible assets,
excluding development costs, is taken to the Income Statement
in the year in which it is incurred. Clearly defined and
identifiable development costs are capitalised under IAS 38
\u2018Intangible Assets\u2019 after the following criteria have been met:
\u2022 The project\u2019s technical feasibility and commercial viability,
based on an estimate of future cash flows, can be
demonstrated when the project has reached a defined
milestone according to the Group's established product
development model.
\u2022 Technical and financial resources are available
for the project.
\u2022 An intention to complete the project has been confirmed.
\u2022 The correlation between development costs and future
revenues has been established.
2 Accounting policies continued
Intangible assets continued
Technology
Patented and unpatented technology acquired in business
combinations is valued using the cost approach. The obsolete
element is determined by reference to the proportion of the
product lifecycle that had expired at the acquisition date.
Technology acquired from third parties is measured at the
acquisition date fair value using the cost approach.
Dealer network
Save for certain direct sales of some special edition and buyer-
commissioned vehicles, the Group sells its vehicles exclusively
through a network of dealers. All dealers in the dealer network
are independent dealers with the exception of Aston Martin
Works Limited. To the extent that the Group benefits from the
network, the dealer network has been valued based on costs
incurred by the Group.
Amortisation
Following initial recognition, the historical cost model is
applied, with intangible assets being carried at cost less
accumulated amortisation and accumulated impairment losses.
Amortisation of these capitalised costs begins when the asset
is available for use. Intangible assets with a finite life have no
residual value and are amortised on a straight-line basis over
their expected useful lives as follows:
Years
Purchased intellectual propert
5
Development costs 1 to 10
Technolo
10
Software and other 3 to 10
Dealer network 20
The useful lives and residual values of capitalised development
costs are determined at the time of capitalisation and are
reviewed annually for appropriateness and recoverability.
Amortisation of Special Vehicle development costs are spread
evenly across the limited quantity of vehicles produced and
charged to the Income Statement at the point of sale for
each vehicle.
Property, plant and equipment
Property, plant and equipment is stated at cost less
accumulated depreciation and accumulated impairment losses.
Cost comprises the aggregate amount paid, and the fair value
of any other consideration given, to acquire the asset including
directly attributable costs to make the asset capable of
operation. Borrowing costs directly attributable to assets
under construction are capitalised.
Depreciation is provided on all property, plant and equipment,
other than land, on a straight-line basis to its residual value over
its expected useful life as follows:
Years
Freehold buildings 30
Plant and machiner
5 to 30
Fixtures and fittin
s 3 to 12
Toolin
1 to 15
Motor vehicles 3 to 5
Tooling is depreciated over the life of the project. Assets in the
course of construction are included in their respective category
but are not depreciated until available for use. The carrying
values of property, plant and equipment are reviewed for
impairment if events or changes in circumstances indicate the
carrying value may not be recoverable and are written down
immediately to their recoverable amount. Useful lives and
residual values are reviewed annually and where adjustments
are required these are made prospectively.
An item of property, plant and equipment is derecognised
upon disposal. Any gain or loss arising on the derecognition
of the asset is included in the Income Statement in the
period of derecognition.
Government grants
Government grants are recognised in the Income Statement,
either on a systematic basis when the Group recognises the
related costs that the grants are intended to compensate for,
or immediately if the costs have already been incurred.
Government grants related to assets are deducted from the
cost of the asset and amortised over the useful life of the asset.
Government grants are recognised when there is reasonable
assurance that the Group will comply with the relevant
conditions and the grant will be received.
Research and development tax relief in the form of the
Research and Development Expenditure Credit (\u201cRDEC\u201d) is
recognised in the income statement over the periods in which
the qualifying expenditure giving rise to the RDEC claim is
recognised, as the Group\u2019s assessment of the conditions of
receipt of the RDEC concludes that it meets the definition of
a Government grant. Claims are submitted annually based
on the qualifying expenditure for a given accounting period.
If the subsidiary submitting the claim is loss-making, the RDEC
claim is restricted by an amount equal to the current rate of
UK corporation tax. The restricted amount can be applied in
discharging any liability of the subsidiary to pay corporation tax
in any subsequent tax period and has been accounted for as an
unused tax credit in accordance with IAS 12 and is included
within deferred tax assets.
2 Accounting policies continued Government grants continued Amounts recognised in operating cash flows are presented net of proceeds of applicable Government grants. Carbon credits The import of vehicles into certain jurisdictions can trigger a requirement to eliminate negative carbon credits, which gives rise to a present obligation as a result of a past event. In accordance with IAS 37, the Group recognises a provision for this obligation, measured at the cost of purchasing positive credits to offset the negative credits. As at 31 December 2022 the provision recognised for these carbon credits was not material Right-of-use assets and lease liabilities \u2013 IFRS 16 The Group adopted IFRS 16 using the modified retrospective approach in 2019. Leases under which the Group acts as lessee The Group is a party to lease contracts for buildings, plant and machinery and IT equipment. The Group recognises a right-of- use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Moreover, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, an estimate of the Group\u2019s incremental borrowing rate at that point in time. The Group estimates the incremental borrowing rate by taking a credit risk adjusted risk free rate in addition to making other specific adjustments to account for certain characteristics in the lease such as geography, type of asset and security pledged. Lease payments included in the measurement of the lease liability comprise either fixed lease payments or lease payments subject to periodic fixed increases. The lease liability is measured at amortised cost using the effective interest rate method. Lease payments are allocated between principal and interest cost with the interest costs charged to the Income Statement over the lease period. The liability is remeasured when there is an increase/decrease in future lease payments arising from a change in an index or rate specified. Short term leases and leases of low-value assets The Group does not recognise right of-use-assets and lease liabilities for short term leases that have a lease term of fewer than 12 months and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis in the Income Statement over the lease term. Leases under which the Group acts as lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to the lease of the underlying right-of-use asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease period forms a major part of the economic life of the asset. The Group recognises lease payments received under operating leases on a straight-line basis over the lease term in the Income Statement. The Group has no sub-leases that qualify as finance leases. Impairment of assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset, or cash-generating unit\u2019s, fair value less costs to sell and its value-in-use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses on continuing operations are recognised in the Income Statement2 Accounting policies continued
Impairment of assets continued
For goodwill, brands and other intangible assets that have an
indefinite life, the recoverable amount is estimated annually
or more frequently when there is an indication that the asset
is impaired.
For intangible assets, property, plant and equipment, and right-
of-use lease assets that have a finite life, the recoverable amount
is estimated when there is an indication that the asset is impaired.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (or cash-generating unit) is increased to
the revised estimate of the recoverable amount, but such that
the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment
loss been recognised for the asset in prior periods. A reversal
of an impairment loss is recognised in the Income Statement
as income immediately.
Inventories
Inventories are stated at the lower of cost and net realisable
value. For service and restoration projects, net realisable value
is the price at which the project can be invoiced in the normal
course of business after allowing for the costs of realisation.
Cost includes all costs incurred in bringing each product to its
present location and condition, as follows:
\u2022 Raw materials, service parts and spare parts \u2013 purchase
cost on a first-in, first-out basis.
\u2022 Work in progress and finished vehicles \u2013 cost of direct
materials and labour plus attributable overheads based on
a normalised level of activity, excluding borrowing costs.
Provisions are made, on a specific basis, for obsolete, slow-
moving and defective stocks and if the cost of the service or
restoration project cannot be fully recovered. Inventories held
under financing arrangements are recognised when control is
transferred to the Group.
Cash and cash equivalents
Cash and cash equivalent in the Statement of Financial
Position comprise:
\u2022 cash, being cash at banks and in hand as well as demand
deposits; and
\u2022 cash equivalents, being short term deposits with an
original maturity of three months or less, subject to
insignificant changes in value. which are readily
convertible to known amounts and held to meet short
term commitments.
Derivative financial instruments
Derivative financial assets and liabilities are recognised in
the Statement of Financial Position at fair value when the
Group becomes a party to the contractual provisions of the
instrument. The Group uses derivative instruments to manage
its exposure to foreign exchange risk arising from operating
activities. Movements in the fair value of foreign exchange
derivatives not qualifying for hedge accounting are recognised
in finance income or expense. The accounting policy on
derivatives that are designated as hedging instruments in
hedging relationships is detailed in the hedge accounting
policies. A financial asset or liability is derecognised when the
contract that gives rise to it is settled, sold, cancelled or expires.
Financial assets and liabilities
Financial assets are cash or a contractual right to receive cash
or another financial asset from another entity or to exchange
financial assets or liabilities with another entity under
conditions that are potentially favourable to the entity.
In addition, contracts that result in another entity delivering
a variable number of its own equity instruments are
financial assets.
Derivative financial instruments including equity options are
held at fair value. All other financial instruments are held at
amortised cost.
Trade and other receivables
Trade and other receivables are carried at the lower of their
original invoiced value and recoverable amount. A trade
receivable loss allowance is measured at an amount equal
to the lifetime expected credit loss at initial recognition and
throughout the life of the receivable. Receivables are not
discounted as the time value of money is not considered
to be material.
Trade and other payables
Trade and other payables are recognised and carried at their
original invoiced value. Trade payables are not discounted to
consider the time value of money as the impact is immaterial.
Refundable and non-refundable customer deposits are held
as contract liabilities within current trade and other payables.
Inventory sale and repurchase arrangements, which are in
substance financing transactions, are included in other
payables. The difference between the sale and repurchase
value is accounted for as part of the effective interest
calculation. The effective interest is charged to the Income
Statement over the period from sale to repayment.
2 Accounting policies continued
Hedge accounting
The Group uses derivative financial instruments in the form of
forward currency contracts, and certain US dollar denominated
borrowings, to hedge the foreign currency risk of sales
(including inter-Group sales) of finished vehicles and external
purchases of component parts. For the purpose of hedge
accounting, hedges are classified as cash flow hedges when
hedging the exposure to variability in cash flows either
attributable to a particular risk associated with a recognised
asset or liability, or a highly probable forecast transaction, or
the foreign currency risk of an unrecognised firm commitment.
At the inception of the hedge relationship, the Group formally
designates and documents the hedge relationship and the risk
management objectives and strategy for undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being hedged
and how the Group will assess hedge effectiveness. A hedging
relationship qualifies for hedge accounting if it meets all the
following effectiveness requirements:
\u2022 There is an economic relationship between the hedged
item and the hedging instrument.
\u2022 The effect of credit risk does not dominate the value
changes resulting from that economic relationship.
\u2022 The theoretical hedge ratio of the hedging relationship
is the same as practically occurs.
Derivative financial instruments
The effective portion of the gain or loss on the hedging
instrument is recognised in Other Comprehensive Income in
the cash flow hedge reserve, while any ineffective portion is
recognised immediately in the Income Statement. The Group
designates only the spot element of forward contracts as a
hedging instrument. The forward element is recognised in
Other Comprehensive Income and accumulated in a separate
component of equity under cost of hedging reserve.
Financial liability as a hedge
Foreign currency differences arising on the retranslation
of a financial liability designated as a cash flow hedge are
recognised directly in Other Comprehensive Income to the
extent that the hedge is effective. To the extent that the
hedge is ineffective, such differences are recognised in the
Income Statement.
Subsequent accounting
The amounts accumulated in both the cash flow hedge reserve
and the cost of hedging reserve are accounted for depending
on the nature of the underlying hedged transaction. If the
hedged transaction subsequently results in the recognition
of a non-financial item, the amount accumulated in the hedge
reserve is removed and included in the initial cost of the hedge
item. For any other cash flow hedges, the amount accumulated
in the hedge reserve is reclassified to the Income Statement as
a reclassification adjustment in the same period or periods
during which the hedged cash flow affects profit or loss.
If hedge accounting is discontinued, the amount that has been
accumulated in the hedge reserve must remain in equity
if the hedged future cash flows are still expected to occur.
Otherwise, the amount will be immediately reclassified to
the Income Statement as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount
remaining in the hedge reserve is accounted for depending
on the nature of the underlying transaction.
Borrowings
Borrowings are recognised initially at fair value less attributable
transaction costs. Subsequent to initial recognition, borrowings
are stated at amortised cost with any difference between the
amount initially recorded and redemption value being
recognised in the Income Statement as a finance expense over
the period of the borrowings on an effective interest basis.
Pensions
The Group operates a Defined Contribution pension plan under
which the Group pays fixed contributions into a separate entity
and has no legal or constructive obligation to pay further
amounts. Obligations for contributions to Defined Contribution
pension plans are recognised as an expense in the Income
Statement in the periods during which services are rendered
by employees.
The Group operates a Defined Benefit pension plan, which is
contracted out of the state scheme. The Group\u2019s net obligation
in respect of Defined Benefit plans is calculated for the plan by
estimating the amount of the future benefit that employees
have earned in the current and prior periods, discounting that
amount and deducting the fair value of any plan assets.
The calculation of Defined Benefit obligations is performed
annually by a qualified actuary using the projected unit credit
method. When the calculation results in a potential asset for the
Group, the recognised asset is limited to the present value of
economic benefits available in the form of any future refunds
from the plan or reductions in future contributions to the plan.
When the calculation results in a deficit for the Group, the
recognised liability is adjusted for the discounted value
of future deficit reduction contributions in excess of the
calculated deficit.
2 Accounting policies continued
Pensions continued
Remeasurements of the net Defined Benefit asset or liability,
which comprise actuarial gains and losses, the interest on
plan assets, and the effect of the asset ceiling or minimum
funding requirements, are recognised immediately in Other
Comprehensive Income. The Group determines the net interest
expense (income) on the net Defined Benefit asset or liability,
considering any changes in the net defined asset or liability
during the period as a result of contributions and benefit
payments. Net interest expense and other expenses related to
Defined Benefit plans are recognised in the Income Statement.
When the benefits of the plan are changed or when a plan is
curtailed, the resulting change in benefit that relates to past
service cost or the gain or loss on curtailment is recognised
immediately in the Income Statement. The Group recognises
gains and losses on the settlement of a Defined Benefit plan
when the settlement occurs.
Share-based payment transactions
The fair value of equity-classified share-based awards with
both market and non-market-based performance conditions
is recognised as an expense within administrative and other
expenses in the Income Statement, with a corresponding
increase in equity over the period that the employees become
unconditionally entitled to the shares.
The amount recognised as an expense is adjusted to reflect
both non-market-based conditions, such as continued
employment and profit-related metrics, in addition to market-
based conditions driven by an estimation of the quantum of
awards expected to vest at the date of grant.
Where the Group obtains goods or services in exchange for the
issuance of shares, these are accounted for as equity-settled
share-based payments in accordance with IFRS 2. Where the
fair value of the goods or services can be estimated reliably,
these are recorded at fair value with a corresponding increase
in equity.
In the instance of a scheme modification the number of shares
comprised in an award is adjusted to reflect equity changes in
the Group and will therefore not impact underlying charges.
Provisions
The Group provides product warranties on all new vehicle
sales. Warranty provisions are recognised when vehicles are
sold or when new warranty programmes are initiated. Based on
historical warranty claim experience, assumptions are made on
the type and extent of future warranty claims including non-
contractual warranty claims as well as on possible recall
campaigns. These assessments are based on the frequency and
extent of vehicle faults and defects in the past. In addition, the
estimates include assumptions on the potential repair costs per
vehicle and the effects of possible time or mileage limits. The
provisions are regularly adjusted to reflect new information.
Restructuring provisions are recognised only when the Group
has a constructive obligation, which is when:
\u2022 there is a detailed formal plan that identifies the business
or part of the business concerned, the location and number
of employees affected, the detailed estimate of the
associated costs, and the timeline; and
\u2022 the employees affected have been notified of the plan\u2019s
main features.
Income taxes
Tax on the profit or loss for the period represents the sum of
the tax currently payable and deferred tax. Tax is recognised
in the Income Statement except to the extent that it relates to
items recognised directly in equity or Other Comprehensive
Income whereby the tax treatment follows that of the
underlying item.
Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation
authorities, based on tax rates and laws that are enacted or
substantively enacted by the reporting date.
The Group is subject to corporate taxes in a number of different
jurisdictions and judgement is required in determining the
appropriate provision for transactions where the ultimate tax
determination is uncertain. In such circumstances, the Group
recognises liabilities for anticipated taxes based on the best
information available and where the anticipated liability is both
probable and can be estimated. Any interest and penalties
accrued, if applicable, are included in income taxes in both
the Consolidated Income Statement and the Consolidated
Statement of Financial Position. Where the final outcome of
such matters differs from the amount recorded, any differences
may impact the income tax and deferred tax provisions in the
period in which the final determination is made.
Deferred tax is recognised on all temporary differences arising
between the tax bases of assets and liabilities and their
carrying amounts in the Financial Statements, with the
following exceptions:
\u2022 Where the temporary difference arises from the initial
recognition of goodwill or of an asset or liability in
a transaction that is not a business combination that at
the time of the transaction affects neither accounting nor
taxable profit or loss.
2 Accounting policies continued
Income taxes continued
\u2022 In respect of taxable temporary differences associated
with investments in subsidiaries, where the timing of the
reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not
reverse in the foreseeable future.
\u2022 Deferred income tax assets are recognised only to the
extent that it is probable that taxable profit will be
available against which the deductible temporary
differences, carried forward tax credits or tax losses can
be utilised.
Deferred tax assets and liabilities are measured on an
undiscounted basis at the tax rates that are expected to apply
when the related asset is realised or liability is settled. Deferred
tax assets and liabilities are disclosed on a net basis where
a right of offset exists.
Equity instruments
An equity instrument is any contract that evidences a residual
interest in the assets of the Group after deducting all of its
liabilities. Equity instruments issued by the Group are recorded
at the proceeds received, net of direct issue costs. Dividends
and distributions relating to equity instruments are debited
direct to equity.
Adjusting items
An adjusting item is disclosed separately in the Consolidated
Statement of Comprehensive Income where the quantum,
nature or volatility of such items would otherwise distort the
underlying trading performance of the Group including where
they are not expected to repeat in future periods. The tax effect
is also included.
Details in respect of adjusting items recognised in the current
and prior year are set out in note 5.
Critical accounting assumptions and key sources
of estimation uncertainty estimates
The preparation of Financial Statements requires management
to make estimates and assumptions that affect the amounts
reported for assets and liabilities as at the reporting date and
the amounts reported for revenues and expenses during the
period. The nature of estimation means that actual outcomes
could differ from those estimates.
In the process of applying the Group\u2019s accounting policies,
which are described in this note, management have made
estimates. Other than as set out below, variations in the
remaining estimates are not considered to give rise to
a significant risk of a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
The Group considers it appropriate to identify the nature of the
estimates used in preparing the Group Financial Statements
and the main sources of estimation uncertainty are:
\u2022 impairment of finite life intangible assets;
\u2022 the measurement of Defined Benefit pension assets
and obligations; and
\u2022 the recognition of deferred tax assets.
Impairment of finite life intangible assets
For intangible assets that have a finite life, the recoverable
amount is estimated when there is an indication that the asset
is impaired.
The result of the calculation of the value-in-use is sensitive to
the assumptions made and is a subjective estimate (note 13).
Measurement of pension assets and obligations
There are a range of assumptions that could be made, and the
measurement of Defined Benefit pension assets and obligations
are sensitive to these. Note 25 provides information on these
assumptions and the inherent sensitivities.
Measurement of Defined Benefit pension obligations requires
estimation of future changes in salaries and inflation, mortality
rates, the expected return on assets and suitable discount rates
(note 25).
Recognition of deferred tax assets
Deferred tax assets are first recognised against deferred tax
liabilities relating to the same taxation authority and the
same taxable company which are expected to reverse in the
same period.
Net deferred tax assets remaining are then only recognised
to the extent that it is probable that sufficient future taxable
profits will be available against which the deductible temporary
difference or unused tax losses or credits can be recovered or
utilised. The Group reviews the same underlying assumptions
and future forecasts used for impairment testing, going
concern and viability assessments to evaluate the level of
estimated future taxable profits and the associated level of
net deferred tax assets which are supportable for recognition
at the reporting date.
In considering recoverability of the deferred tax assets
the Group relies upon future forecasts, which inherently
increases the level of significant estimation uncertainty in
the later periods. Note 9 provides information on the
inherent sensitivities.
2 Accounting policies continued
New accounting standards
The following standards, amendments and interpretations
were applicable for the period beginning 1 January 2022 and
were adopted by the Group for the year to 31 December 2022.
They have not had a significant impact on the Group\u2019s result for
the year, equity or disclosures:
\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013
Amendments to IAS 37
\u2022 Property, Plant and Equipment: Proceeds before Intended
Use \u2013 Amendments to IAS 16
The following are new accounting standards and amendments
to existing standards that have been published and are
applicable for the Group\u2019s accounting periods beginning
1 January 2023 onwards, which the Group has not
adopted early:
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2022 Classification of Liabilities as Current or Non-current \u2013
Amendments to IAS 1
\u2022 Deferred Tax related to Assets and Liabilities arising from
a Single Transaction \u2013 Amendments to IAS 12
The adoption of these standards and amendments is not
expected to have a material impact on the Group\u2019s
Consolidated Financial Statements.
3 Segmental reporting Operating segments are defined as components of the Group about which separate financial information is available and is evaluated regularly by the chief operating decision-maker in assessing performance. The Group has only one operating segment, the automotive segment, and therefore no separate segmental report is disclosed. The automotive segment includes all activities relating to design, development, manufacture and marketing of vehicles including consulting services; as well as the sale of parts, servicing and automotive brand activities from which the Group derives its revenues. Revenue 2022 \u00a3m 2021 \u00a3m Anal y sis b y cate g or y Sale of vehicles 1,291.5 1,005.4 Sale of parts 70.8 65.5 Servicing of vehicles 9.3 10.6 Brands and motorsport 9.9 13.8 1,381.5 1,095.3 Revenue 2022 \u00a3m 2021 \u00a3m Analysis by geographical location United Kin g dom 366.0 231.3 The Americas 401.8 302.7 Rest of Europe, Middle East and Africa 260.2 233.8 Asia Pacific 353.5 327.5 1,381.5 1,095.3 Non-current assets other than financial instruments and deferred tax assets by geographical location As at 31 December 2022 Right-of-use lease asset \u00a3m Property, plant, equipment \u00a3m Goodwill \u00a3m Intangible assets \u00a3m Other receivables \u00a3m Total \u00a3m United Kin g dom 60.7 301.6 85.4 1,155.8 \u2013 1,603.5 The Americas 8.3 4.0 \u2013 \u2013 4.3 16.6 Rest of Europe 0.1 64.3 \u2013 153.4 2.0 219.8 Asia Pacific 5.3 \u2013 \u2013 \u2013 \u2013 5.3 74.4 369.9 85.4 1,309.2 6.3 1,845.2 As at 31 December 2021 Right-of-use lease asset \u00a3m Property, plant, equipment \u00a3m Goodwill \u00a3m Intangible assets \u00a3m Other receivables \u00a3m Total \u00a3m United Kingdom 61.1 267.8 85.4 1,145.1 \u2013 1,559.4 The Americas 7.4 0.7 \u2013 \u2013 \u2013 8.1 Rest of Europe \u2013 86.8 \u2013 153.6 2.1 242.5 Asia Pacific 7.5 0.2 \u2013 \u2013 \u2013 7.7 76.0 355.5 85.4 1,298.7 2.1 1,817.74 Operating loss
The Group\u2019s operating loss is stated after charging/(crediting):
2022
\u00a3m
2021
\u00a3m
Depreciation and impairment of property, plant and equipment (note 14) 80.7 65.0
Depreciation released from/(absorbed into) inventor
under standard costin
(2.9) 0.3
Depreciation and impairment of ri
ht-of-use lease assets (note 15) 11.0 9.3
Amortisation and impairment of intan
ible assets (note 12) 227.4 135.0
Amortisation released from/(absorbed into) inventor
under standard costin
(8.1) 2.6
Depreciation, amortisation and impairment charges included in administrative and other operating expenses 308.1 212.2
Increase in trade receivable loss allowance \u2013 administrative and other operatin
expenses (note 22) 0.6 3.1
Research and development expenditure tax credit (18.4) (16.6)
Net forei
n currenc
differences 8.7 11.2
Cost of inventories recognised as an expense 798.0 641.4
Write-down of inventories to net realisable value 8.9 0.2
(Increase)/decrease in fair value of other derivative contracts (2.3) 0.7
Lease pa
ments (
ross of sub-lease receipts)
Plant, machiner
and IT equipment* 0.7 0.3
Sub-lease receipts Land and buildin
s (0.6) (0.6)
Auditor\u2019s remuneration:
Audit of these Financial Statements 0.3 0.3
Audit of Financial Statements of subsidiaries pursuant to le
islation 0.4 0.3
Audit-related assurance 0.1 0.1
Services related to corporate finance transactions 0.2 0.1
Research and development expenditure reco
nised as an expense 14.1 13.0
* Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short term and low-value leases
2022
\u00a3m
2021
\u00a3m
Total research and development expenditure 246.1 191.2
Capitalised research and development expenditure (note 12) (232.0) (178.2)
Research and development expenditure reco
nised as an expense 14.1 13.0
5 Adjusting items
2022
\u00a3m
2021
\u00a3m
d
ustin
operatin
expenses:
ERP implementation costs
1
(6.9) (4.0)
Defined Benefit pension scheme closure costs
2
(13.5) \u2013
Director settlement and incentive arran
ements
3
(3.5) \u2013
Restructurin
costs
7
\u2013 2.4
Lease earl
exit costs
8
\u2013 (0.6)
(23.9) (2.2)
d
ustin
finance income:
Forei
n exchan
e
ain on financial instrument utilised durin
refinance transactions
4
4.1 \u2013
Gain on financial instruments reco
nised at fair value throu
h Income Statement
5
8.4 34.1
d
ustin
finance expenses:
Premium paid on the early redemption of Senior Secured Notes
4
(14.3) \u2013
Write-off of capitalised borrowing fees upon early settlement of Senior Secured Notes
4
(16.4) \u2013
Professional fees incurred on refinancin
expensed directl
to the Income Statement
4
(1.9) \u2013
(20.1) 34.1
Total adjusting items before tax (44.0) 31.9
Tax charge on adjusting items
6
\u2013 (8.1)
Tax credit due to remeasurement of deferred tax on previousl
classified ad
ustin
items
6
\u2013 16.4
Ad
ustin
items after tax (44.0) 40.2
Summary of 2022 adjusting items
1. In the year ended 31 December 2022 the Group incurred further implementation costs for a cloud-based Enterprise Resource Planning (ERP) system for which the
Group will not own any intellectual property. \u00a36.9m of costs have been incurred in the period under the service contract and expensed to the Income Statement during
the business readiness phase of the project. The project continues to undergo a phased rollout during 2023 following the previous migration of finance in 2022. Due to
the infrequent recurrence of such costs and the expected quantum during the implementation phase, these have been separately presented as adjusting. The cash
impact of this item is a working capital outflow at the time of invoice payment.
2. On 31 January 2022, the Group closed its Defined Benefit Pension Scheme to future accrual incurring a past service cost of \u00a32.8m. Under the terms of the closure
agreement, employees were granted cash payments both in the current year and the following two financial years totalling \u00a38.7m. These costs have been fully
accrued. In addition, the affected the employees were each granted 185 shares incurring a share-based payment charge of \u00a31.0m during the year. The terms of the
agreement provide the employees with a minimum guaranteed value for these shares subject to their ongoing employment with the Group. The Group will pay the
employees a further cash sum if the share price at 1 February 2024 does not meet this value. The charge associated with this portion is \u00a31.0m in the year ended
31 December 2022 and is being accounted for in accordance with IFRS2 as a cash settled share-based payment scheme. Further costs are expected in future periods
under this guarantee until the liability crystallises in February 2024. The Group will continue to present these costs in adjusting items due to their volatile nature and
connection with the closure of the pension scheme which is considered a non-recurring event.
3. On 14 January 2022, it was announced that Doug Lafferty would be joining the Group as Chief Financial Officer replacing Ken Gregor who stepped down from the
Board on 1 May 2022. On 4 May, it was announced that Tobias Moers would be stepping down as Chief Executive Officer and Chief Technical Officer. Amedeo Felisa
was appointed as Chief Executive Officer and Roberto Fedeli was appointed as Chief Technical Officer on the same day. The total cost associated with these changes
was \u00a33.5m, of which \u00a31.8m represents joining incentives, \u00a30.7m represents severance (note 6), and \u00a31.0m comprises social security and other costs. Due to the
quantum of such costs incurred in the period, they have been separately presented. The cash outflows associated with this expense are expected to be incurred within
a period of 12 months from the appointment of each individual.
4. Following the successful equity raise in September 2022, the Group paid down $40.3m of First Lien Senior Secured Notes (\u201cSSNs\u201d) and $143.8m of Second Lien SSNs.
The early settlement of these notes incurred a redemption premium of \u00a314.3m and transaction fees of \u00a31.9m and resulted in the acceleration of capitalised borrowing
costs of \u00a316.4m. The cash impact of the fees and premium are incurred within the year ended 31 December 2022. The acceleration of the borrowing costs is a non-
cash item.
In order to facilitate the repayment of the SSNs the Group placed a forward currency contract to purchase US dollars. Due to favourable movements in the exchange
rates, a gain of \u00a34.1m was realised in the Income Statement at the transaction date
5. The Group issued Second Lien SSNs during the year ended 31 December 2020 which included detachable warrants classified as a derivative option liability initially
valued at \u00a334.6m. The movement in fair value of the liability in the year ended 31 December 2022 resulted in a gain of \u00a38.4m (2021: \u00a334.1m) being recognised in the
Income Statement. There is no cash impact of this adjustment.
6. In 2022, nil tax has been recognised as an adjusting item (2021: \u00a38.3m credit) which is not in line with the standard rate of income tax for the Group of 19% (2021: 19%).
This is on the basis that the adjusting items generate net deferred tax assets, specifically unused tax losses and interest amounts disallowed under the corporate interest
restriction legislation, which have not been recognised to the extent that sufficient taxable profits are not forecast in the foreseeable future to which the unused tax
losses and interest amounts disallowed under the corporate interest restriction legislation would be utilised. In 2021, a total tax credit of \u00a38.3m was recognised as an
adjusting item. The effective tax rate associated with the tax credit on adjusting items in the prior period was not in line with the standard rate of income tax for the
Group at 19%. This was due to a \u00a316.4m tax credit attributable to deferred tax balances on items treated as adjusting in previous years being re-measured at 25%.
Summary of 2021 adjusting items
7. During 2020 the Group provided \u00a312.1m for restructuring costs associated with a reduction in employee numbers to reflect the lower than originally planned
production volumes. In addition to this, the Group incurred an additional \u00a30.3m of phase one restructuring costs in 2020. A revision to the estimated total costs
resulting from greater natural attrition resulted in \u00a32.4m of the existing provision being released to the Income Statement during the year ended 31 December 2021.
The cash impact of the restructuring cost is realised in line with the movement in the provision (note 24). The credit to the Consolidated Income Statement in 2021 had
no cash impact.
8. In the year ended 31 December 2021 the Group continued to rationalise its geographical footprint. The Group incurred \u00a30.6m of costs associated with surrendering
a lease 30 months early. These costs have been disclosed consistently with prior periods. The rationalisation of the geographical footprint is now complete.
The associated cash outflow related to this adjustment will be realised during 2022 and 2023 in line with the exit agreement.
6 Staff costs and Directors\u2019 emoluments
(a) Staff costs (including Directors)
2022
\u00a3m
2021
\u00a3m
Wages and salaries 139.4 120.5
Social securit
costs 16.4 12.0
Expenses related to post-emplo
ment Defined Benefit plan
1
16.0 8.8
Contributions to Defined Contribution plans 17.6 10.7
189.4 152.0
1. The year ended 2022 includes Defined Benefit plan closure costs of \u00a312.5m as separately described in note 5 alongside the total in-year service costs of \u00a33.5m
separately disclosed in note 25
The average monthly number of employees during the year were:
B
activit
2022
Number
2021
Number
Production 1,123 1,030
Selling and distribution 276 276
Administration 1,138 1,045
2,537 2,351
(b) Directors\u2019 emoluments and transactions
2022
\u00a3m
2021
\u00a3m
Directors\u2019 emoluments 3.1 1.5
Compan
contributions to pension schemes 0.1 \u2013
Share related awards 0.8 \u2013
Compensation for loss of office 0.7 \u2013
4.7 1.5
All Directors benefited from qualifying third-party indemnity provisions. Further information relating to Directors\u2019 remuneration is
set out in the Directors\u2019 Remuneration Report on pages 124 to 145.
(c) Compensation of key management personnel (including Executive Directors)
2022
\u00a3m
2021
\u00a3m
Short term employee benefits 5.6 3.9
Post-emplo
ment benefits 0.4 0.2
Compensation for loss of office 0.7 \u2013
Share-related awards 0.8 \u2013
7.5 4.1
7 Finance income
2022
\u00a3m
2021
\u00a3m
Bank deposit and other interest income 3.0 2.3
Finance income before adjusting items 3.0 2.3
djusting finance income items:
Forei
n exchan
e
ain on financial instrument utilised durin
refinance transactions 4.1 \u2013
Gain on financial instruments reco
nised at fair value throu
h Income Statement (note 22) 8.4 34.1
Total ad
ustin
finance income 12.5 34.1
Total finance income 15.5 36.4
8 Finance expense
2022
\u00a3m
2021
\u00a3m
Bank loans, overdrafts and senior secured notes 166.0 151.3
Foreign exchange loss on borrowings not designated as part of a hedging relationship 156.2 12.4
Interest on lease liabilities (note 15) 4.5 3.9
Net interest expense on the net Defined Benefit liabilit
(note 25) 1.4 1.3
Interest on contract liabilities held (note 20) 8.0 4.8
Finance expense before ad
ustin
items 336.1 173.7
djusting finance expense items:
Premium paid on the early redemption of Senior Secured Notes 14.3 \u2013
Write-off of capitalised borrowin
fees upon earl
settlement of Senior Secured Notes 16.4 \u2013
Professional fees incurred on refinancin
expensed directl
to the Income Statement 1.9 \u2013
Total ad
ustin
finance expense 32.6 \u2013
Total finance expense 368.7 173.7
9 Taxation
2022
\u00a3m
2021
\u00a3m
UK corporation tax on profits 0.2 0.5
Overseas tax 7.4 10.8
Total current income tax char
e 7.6 11.3
Deferred tax credit
Origination and reversal of temporary differences 29.4 (16.1)
Prior period movement (4.3) (2.4)
Effect of chan
e in deferred tax rate \u2013 (17.3)
Total deferred tax char
e/(credit) 25.1 (35.8)
Total income tax charge/(credit) in the Income Statement 32.7 (24.5)
Tax relatin
to items credited to other comprehensive income
Deferred ta
Actuarial movement on Defined Benefit plan 1.7 1.0
Fair value adjustment on cash flow hedges (0.8) (1.2)
Effect of change in deferred tax rate \u2013 (6.0)
0.9 (6.2)
Tax relating to items charged in equity
deferred tax
Effect of change in deferred tax rate \u2013 (4.8)
9 Taxation continued
(a) Reconciliation of the total income tax charge/(credit)
The tax charge in the Consolidated Statement of Comprehensive Income for the year is higher (2021: lower) than the standard
rate of corporation tax in the UK of 19% (2021: 19%). The differences are reconciled below:
2022
\u00a3m
2021
\u00a3m
Loss from operations before taxation (495.0) (213.8)
Loss from operations before taxation multiplied by standard rate o
corporation tax in the UK of 19.0% (2021:
19.0%) (94.0) (40.6)
Difference to total income tax char
e/(credit) due to effects of:
Expenses not deductible for tax purposes 2.0 0.5
Movement in unprovided deferred tax on current period losses and restricted tax interest 84.7 15.0
Movement in unprovided deferred tax on current period accelerated capital allowances 15.6 \u2013
Dereco
nition of deferred tax assets 25.6 17.7
Irrecoverable overseas withholdin
taxes 0.8 1.4
Ad
ustments in respect of prior periods (4.3) (2.4)
Effect of change in deferred tax rate \u2013 (17.3)
Difference in UK tax rates 1.1 (4.8)
Difference in overseas tax rates 1.2 2.9
Other \u2013 3.1
Total income tax char
e/(credit) 32.7 (24.5)
(b) Tax paid
Total net tax paid during the year was \u00a36.8m (2021: \u00a39.0m).
(c) Factors affecting future tax charges
The UK\u2019s main rate of corporation tax will increase from 19% to 25%, effective from 1 April 2023.
(d) Deferred tax
Recognised deferred tax assets and liabilities.
Deferred tax assets and liabilities are attributable to the following:
Assets
2022
\u00a3m
Assets
2021
\u00a3m
Liabilities
2022
\u00a3m
Liabilities
2021
\u00a3m
Property, plant and equipment (76.2) (111.1) \u2013 \u2013
Intan
ible assets \u2013 \u2013 181.3 186.8
Emplo
ee benefits (15.5) (19.9) \u2013 \u2013
Provisions (8.4) (6.3) \u2013 \u2013
RDEC credit
1
(16.1) (12.6) \u2013 \u2013
Losses and other deductions
2
(198.6) (192.6) \u2013 \u2013
Share-based payments (0.2) (0.7) \u2013 \u2013
Other
3
\u2013 \u2013 0.7 0.8
Deferred tax (assets)/liabilities (315.0) (343.2) 182.0 187.6
Offset of tax liabilities/(assets) 181.3 186.8 (181.3) (186.8)
Total deferred tax (assets)/liabilities (133.7) (156.4) 0.7 0.8
1. Deferred tax assets categorised as \u2018RDEC credit\u2019 relate to the cumulative restricted amount of the payable tax credits which can be applied or surrendered
in discharging any future corporation tax liability of the claimant company, as detailed in the Government Grants section of the Accounting Policies (Note 2).
2. Deferred tax assets categorised as \u2018Losses and other deductions\u2019 relate to tax losses and tax interest amounts disallowed under the corporate interest
restriction legislation.
3. Deferred tax liabilities categorised as \u2018Other\u2019 relate to withholding tax amounts on unremitted earnings expected to be distributed in the foreseeable future.
9 Taxation continued
(d) Deferred tax continued
Where the right exists in certain jurisdictions, deferred tax assets and liabilities have been offset.
Movement in deferred tax in 2022
1 January
2022
\u00a3m
Net tax
recognised
in Income
Statement
\u00a3m
Net tax
recognised
in OCI
\u00a3m
Net tax
recognised
in equity
\u00a3m
Other
movement
\u00a3m
31 Decembe r
202 2
\u00a3 m
Propert
, plant and equipment (111.1) 34.9 \u2013 \u2013 \u2013 (76. 2)
Intan
ible assets 186.8 (5.5) \u2013 \u2013 \u2013 181.3
Emplo
ee benefits (19.9) 2.7 1.7 \u2013 \u2013 (15. 5)
Provisions (6.3) (0.9) (1.2) \u2013 \u2013 (8. 4)
RDEC credit (12.6) \u2013 \u2013 \u2013 (3.5) (16. 1)
Losses and other deductions (192.6) (6.4) 0.4 \u2013 \u2013 (198. 6)
Share-based pa
ments (0.7) 0.5 \u2013 \u2013 \u2013 (0.2 )
Other
1
0.8 (0.1) \u2013 \u2013 \u2013 0.7
(155.6) 25.2 0.9 \u2013 (3.5) (133. 0)
1. The \u2018Other\u2019 deferred tax movement categorised above relates to the restricted amount of the payable RDEC claim projected for the financial year ended
31 December 2022.
Movement in deferred tax in 2021
1 January
2021
\u00a3m
Net tax
recognised
in Income
Statement
\u00a3m
Net tax
recognised
in OCI
\u00a3m
Net tax
recognised
in equity
\u00a3m
Other
movement
\u00a3m
31 Decembe r
202 1
\u00a3 m
Propert
, plant and equipment (71.1) (40.0) \u2013 \u2013 \u2013 (111. 1)
Intan
ible assets 135.2 51.6 \u2013 \u2013 \u2013 186.8
Employee benefits (17.6) 3.5 (5.8) \u2013 \u2013 (19. 9)
Provisions (11.1) 4.7 0.1 \u2013 \u2013 (6. 3)
RDEC credit (9.7) \u2013 \u2013 \u2013 (2.9) (12. 6)
Losses and other deductions (117.3) (55.1) (0.6) (4.7) (14.9) (192. 6)
Share-based pa
ments (14.9) (0.6) \u2013 (0.1) 14.9 (0.7 )
Other 0.6 0.2 \u2013 \u2013 \u2013 0.8
(105.9) (35.7) (6.3) (4.8) (2.9) (155. 6)
The Losses and other deductions of \u00a3198.6m (\u00a3794.3m gross) comprises UK tax losses of \u00a390.1m (\u00a3360.5m gross) and disallowe d
tax interest amounts of \u00a3108.5m (\u00a3433.8m gross).
Net deferred tax assets have been recognised to the extent that it is probable that future taxable profits will be available against
which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. In evaluating the level of
probable future taxable profits the Group reviews the same underlying assumptions and future forecasts used for impairment
testing, going concern and viability assessments.
The future forecasts cover an extended period, which inherently increases the level of significant estimation uncertainty in the
later periods and, given the recent history of accumulating tax losses, the Group has also evaluated whether there is convincing
other evidence that sufficient taxable profit will be available in determining the supportable level of net deferred tax assets whic h
have been recognised at the reporting date. Based upon the current business plan, together with the equity capital raise and
a strengthened Executive team it is forecast that taxable profits will start being generated in the UK in the short term which
provides convincing evidence for recognising those deferred tax assets.
The Group has gross deferred tax assets unrecognised at the reporting date totalling \u00a31,005.3m comprised of \u00a3623.7m tax losse s,
\u00a3223.0m accelerated capital allowances, \u00a314.3m US provisions and \u00a3144.3m of disallowed tax interest amounts.
The aggregate amount of temporary differences associated with investments in subsidiaries and branches for which deferred tax
liabilities have not been recognised is \u00a338.4m for the financial year ended 31 December 2022 (2021: 34.0m). An increase/decreas e
of 10% in forecast profits in each period would increase/decrease the level of net deferred tax recognised on losses by \u00a36.8m.
10 Dividends No dividends were declared or paid by the Company in the year ended 31 December 2022 (2021: \u00a3nil). 11 Earnings per ordinary share Basic earnings per ordinary share is calculated by dividing the loss for the year available for equity holders by the weighted average number of ordinary shares in issue during the year. On 28 September 2022 the Company issued 559.0m ordinary shares by way of a rights issue. Due to the shares being issued at substantially below market price, a bonus issue is deemed to have taken place. A total of 211.6m shares issued were considered bonus shares. The weighted average shares used to calculate earnings per share in both the current and the prior year have been adjusted accordingly. Continuin g and total operations 2022 2021 Restated * Basic earnin g s per ordinar y share Loss available for equit y holders (\u00a3m) (528.6) (191.6) Basic wei g hted avera g e number of ordinar y shares (million) 1 424.7 327.1 Basic loss per ordinary share (pence) (124.5p) (58.6p) 1. To aid users understanding of the movement in the basic and diluted earnings per ordinary share presented for the comparative period, the following table reconciles the numbers presented in the 2021 Annual Report and Accounts to those presented above Continuing and total operations \u2013 12 months ended 31 December 2021 As presented 2021 Annual Report Bonus element of rights issue (note 26) As presented above Basic earnin g s per ordinar y share Loss available for equit y holders (\u00a3m) (191.6) \u2013 (191.6) Basic weighted average number of ordinary shares (million) 115.5 211.6 327.1 Basic loss per ordinar y share (pence) (165.9p) 107.3p (58.6p) Diluted earnings per ordinary share Loss available for equity holders (\u00a3m) (191.6) \u2013 (191.6) Diluted weighted average number of ordinary shares (million) 115.5 211.6 327.1 Diluted loss per ordinar y share (pence) (165.9p) 107.3p (58.6p) Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted average number of dilutive ordinary share awards outstanding during the year including the future technology shares and warrants detailed above. The weighted average number of dilutive ordinary share awards outstanding during the year are excluded when including them would be anti-dilutive to the earnings per share value. 2022 Number 2021 Number Restated * Diluted weighted average number of ordinary shares is calculated as: Basic wei g hted avera g e number of ordinar y shares (million) 424.7 327.1 Ad j ustments for calculation of diluted earnin g s per share: 1 Lon g term incentive plans \u2013 \u2013 Issue of unexercised ordinar y share warrants \u2013 \u2013 Issue of tranche 2 shares \u2013 \u2013 Wei g hted avera g e number of diluted ordinar y shares (million) 424.7 327.1 1. The number of ordinary shares issued as part of the long term incentive plans, the potential number of ordinary shares issued as part of the 2020 issue of share warrants and the future issuance of shares for access to MBAG technology have been excluded from the weighted average number of diluted ordinary shares as including them is anti-dilutive to diluted earnings per share 11 Earnings per ordinary share continued As part of the Strategic Cooperation Agreement entered into in December 2020 with MBAG, shares were issued for access to tranche 1 technology. The Agreement includes an obligation to issue further shares for access to further technology in a future period (note 29). Warrants to acquire shares in the Company were issued alongside the Second Lien SSNs in December 2020 which can be exercised from 1 July 2021 through to 7 December 2027. As a consequence of the rights issue during the period (note 26) the number of ordinary shares issuable via the options was increased by a multiple of 6 to ensure the warrant holders\u2019 interests were not diluted. As at 31 December 2022 96,129,252 options, each entitled to 0.3 ordinary shares, remain unexercised. Both the future MBAG tranches and the future issuance of warrants may have a dilutive effect in future periods if the Group generates a profit. Adjusted earnings per share is disclosed in note 33 to show performance undistorted by adjusting items to assist in providing useful information on the underlying performance of the Group and enhance the comparability of information between reporting periods. 12 Intangible assets Goodwill \u00a3m Brands \u00a3m Technology \u00a3m Capitalised development cost \u00a3m Dealer network \u00a3m Software and other \u00a3m Total \u00a3m Cost Balance at 1 Januar y 2021 85.4 297.6 163.5 1,435.7 15.4 63.0 2,060.6 Additions \u2013 \u2013 \u2013 178.2 \u2013 4.1 182.3 Balance at 31 December 2021 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Balance at 1 January 2022 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Additions 232.0 5.9 237.9 Balance at 31 December 2022 85.4 297.6 163.5 1,845.9 15.4 73.0 2,480.8 Amortisation Balance at 1 Januar y 2021 \u2013 \u2013 8.1 651.6 10.1 54.0 723.8 Charge for the year \u2013 \u2013 1.8 129.0 0.7 3.5 135.0 Balance at 31 December 2021 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Balance at 1 Januar y 2022 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Char g e for the y ear 1.9 221.4 0.8 3.3 227.4 Balance at 31 December 2022 \u2013 \u2013 11.8 1,002.0 11.6 60.8 1,086.2 Net book value At 1 January 2021 85.4 297.6 155.4 784.1 5.3 9.0 1,336.8 At 31 December 2021 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 1 Januar y 2022 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 31 December 2022 85.4 297.6 151.7 843.9 3.8 12.2 1,394.6 On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic architecture via a Strategic Cooperation Agreement. The Group was required to undertake a valuation exercise to measure the fair value of the access to the MBAG technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology is \u00a3142.3m. The \u00a3142.3m represents the assumed cost at acquisition from which point the cost model has been adopted. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.13 Impairment testing
Indefinite useful life non-current assets
Goodwill and brands acquired through business combinations have been allocated for impairment testing purposes to one cash-
generating unit \u2013 the Aston Martin Lagonda Group business. This represents the lowest level within the Group at which goodwill
and brands are monitored for internal purposes. The Group has considered the carrying value of its assets in the context of the
Group\u2019s market capitalisation. At this level, it was concluded that the net assets of the Group are recoverable owing to the Group\u2019s
market capitalisation of \u00a31.1bn at 31 December 2022.
Finite useful life non-current assets
Recoverability of non-current assets with finite useful lives include property, plant and equipment, right-of-use lease assets and
certain intangible assets. Intangible assets with finite useful lives mainly consist of capitalised development costs and technology.
The Group reviews the carrying amount of non-current assets with finite useful lives when events and circumstances indicate that
an asset may be impaired. Impairment tests are performed by comparing the carrying amount and the recoverable amount of the
assets. The recoverable amount is the higher of the assets\u2019 fair value less costs of disposal and its value-in-use.
In assessing the value-in-use, the estimated future cash flows relating to the forecast usage period of the asset, or group of assets,
are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks.
Key assumptions used in value-in-use calculations
Where there are indicators of impairment, the calculation of value-in-use for the assets is most sensitive to the
following assumptions:
\u2022 Cash flows are projected based on actual operating results and the current five-year plan.
\u2022 Discount rates are calculated using a weighted average cost of capital approach. They reflect the individual nature and
specific risks relating to the business and the market in which the Group operates. The pre-tax discount rate used was
14.0% (2021: 11.7%).
Sensitivity analysis
\u2022 As at 31 December 2022 the gross margin would need to decrease by 27.0% before any of the finite life assets
become impaired.
The Group has considered the carrying value of its assets in conjunction with the trading and cash flow forecasts for the Group
including factors related to the Group\u2019s ongoing climate commitments (see note 1). The Group is satisfied no impairment is
required at 31 December 2022.
14 Property, plant and equipment
Freehold
land and
buildings
\u00a3m
Tooling
\u00a3m
Plant,
machinery,
fixtures
and fittings
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Cost
Balance at 1 January 2021 68.7 533.7 226.8 0.7 829.9
Additions 3.0 13.9 14.2 0.1 31.2
Disposals \u2013 \u2013 (2.4) \u2013 (2.4)
Effect of movements in exchan
e rates (0.2) \u2013 (0.1) \u2013 (0.3)
Balance at 31 December 2021 71.5 547.6 238.5 0.8 858.4
Balance at 1 Januar
2022 71.5 547.6 238.5 0.8 858.4
Additions 2.9 64.1 27.8 0.1 94.9
Disposals \u2013 \u2013 (0.6) (0.2) (0.8)
Effect of movements in exchan
e rates 0.3 \u2013 0.1 \u2013 0.4
Balance at 31 December 2022 74.7 611.7 265.8 0.7 952.9
Depreciation
Balance at 1 Januar
2021 29.9 327.4 82.8 0.2 440.3
Charge for the year 2.4 36.3 26.3 \u2013 65.0
Disposals \u2013 \u2013 (2.4) \u2013 (2.4)
Effect of movements in exchan
e rates \u2013 \u2013 \u2013 \u2013 \u2013
Balance at 31 December 2021 32.3 363.7 106.7 0.2 502.9
Balance at 1 January 2022 32.3 363.7 106.7 0.2 502.9
Char
e for the
ear 2.7 60.5 17.3 0.2 80.7
Disposals \u2013 \u2013 (0.6) (0.2) (0.8)
Effect of movements in exchan
e rates 0.1 \u2013 0.1 \u2013 0.2
Balance at 31 December 2022 35.1 424.2 123.5 0.2 583.0
Net book value
At 1 Januar
2021 38.8 206.3 144.0 0.5 389.6
At 31 December 2021 39.2 183.9 131.8 0.6 355.5
At 1 Januar
2022 39.2 183.9 131.8 0.6 355.5
At 31 December 2022 39.6 187.5 142.3 0.5 369.9
14 Property, plant and equipment continued
Property, plant and equipment provides security for a fixed and floating charge in favour of the Aston Martin Lagonda Limited
pension scheme.
Assets in the course of construction at a cost of \u00a332.9m (2021: \u00a33.8m) are not depreciated until available for use and are included
within tooling, plant and machinery. The gross value of freehold land and buildings includes freehold land of \u00a36.1m (2021: \u00a36.1m)
which is not depreciated. Capital commitments are disclosed in note 29.
The tables below analyse the net book value of the Group\u2019s property, plant and equipment by geographical location.
At 31 December 2022
United
Kingdom
\u00a3m
Rest of Europe
\u00a3m
The Americas
\u00a3m
Asia Pacific
\u00a3m
Total
\u00a3m
Freehold land and buildings 36.6 1.8 2.9 \u2013 41.3
Toolin
120.3 61.8 1.1 \u2013 183.2
Plant, machiner
, fixtures and fittin
s, and motor vehicles 144.7 0.7 \u2013 \u2013 145.4
301.6 64.3 4.0 \u2013 369.9
At 31 December 2021
United
Kingdom
\u00a3m
Rest of Europe
\u00a3m
The Americas
\u00a3m
Asia Pacific
\u00a3m
Total
\u00a3m
Freehold land and buildin
s 37.3 1.9 \u2013 \u2013 39.2
Tooling 98.5 84.5 0.7 0.2 183.9
Plant, machinery, fixtures and fittings, and motor vehicles 132.0 0.4 \u2013 \u2013 132.4
267.8 86.8 0.7 0.2 355.5
15 Leases
The Group holds lease contracts for buildings, plant and machinery and IT equipment.
a) Right-of-use lease assets
Properties
\u00a3m
Plant and
machinery
\u00a3m
IT equipment
\u00a3m
Total
\u00a3m
Cost
Balance at 1 January 2021 77.4 15.6 6.5 99.5
Additions 11.4 \u2013 \u2013 11.4
Modifications 3.3 \u2013 \u2013 3.3
Disposals (1.9) \u2013 \u2013 (1.9)
Effect of movements in exchan
e rates (1.0) \u2013 \u2013 (1.0)
Balance at 31 December 2021 89.2 15.6 6.5 111.3
Balance at 1 Januar
2022 89.2 15.6 6.5 111.3
Additions 4.0 \u2013 \u2013 4.0
Modifications 3.3 \u2013 0.2 3.5
Disposals (5.5) (4.5) (5.8) (15.8)
Effect of movements in exchange rates 1.2 \u2013 \u2013 1.2
Balance at 31 December 2022 92.2 11.1 0.9 104.2
Depreciation
Balance at 1 January 2021 18.7 4.6 4.8 28.1
Char
e for the
ear 7.7 0.5 1.1 9.3
Disposals (1.9) \u2013 \u2013 (1.9)
Effect of movements in exchan
e rates (0.2) \u2013 \u2013 (0.2)
Balance at 31 December 2021 24.3 5.1 5.9 35.3
Balance at 1 Januar
2022 24.3 5.1 5.9 35.3
Char
e for the
ear 9.9 0.6 0.5 11.0
Disposals (5.5) (4.5) (5.8) (15.8)
Effect of movements in exchange rates (0.7) \u2013 \u2013 (0.7)
Balance at 31 December 2022 28.0 1.2 0.6 29.8
Carr
in
value
At 1 January 2021 58.7 11.0 1.7 71.4
At 31 December 2021 64.9 10.5 0.6 76.0
At 1 Januar
2022 64.9 10.5 0.6 76.0
At 31 December 2022 64.2 9.9 0.3 74.4
Income from the sub-leasing of right-of-use assets in the year 31 December 2022 was \u00a30.6m (2021: \u00a30.6m). The Group recognises
the lease payments received on a straight-line basis over the lease term within administrative and other operating expenses in the
Consolidated Income Statement.
15 Leases continued
b) Obligations under leases
The maturity profile of undiscounted lease cash flows accounted for under IFRS 16 is:
2022
\u00a3m
2021
\u00a3m
Less than one
ear 9.9 13.5
One to five
ear 39.1 36.6
More than five
ears 90.1 96.3
139.2 146.4
The maturity profile of discounted lease cash flows accounted for under IFRS 16 is:
2022
\u00a3m
2021
\u00a3m
Less than one year 7.4 9.7
One to five
ears 26.8 24.1
More than five
ears 65.6 69.6
99.8 103.4
Analysed as:
Current 7.4 9.7
Non-current 92.4 93.7
99.8 103.4
A reconciliation of the lease liability from 1 January to 31 December for the current and prior year is disclosed within note 27.
The total lease interest expense for the year ended 31 December 2022 was \u00a34.5m (2021: \u00a33.9m). Total cash outflow for leases
accounted for under IFRS 16 for the current year was \u00a310.0m (2021: \u00a313.8m). Expenses charged to the Consolidated Income
Statement for short term leases for the year ended 31 December 2022 were \u00a30.7m (2021: \u00a30.3m). The portfolio of short term
leases at 31 December 2022 is representative of the expected annual short term lease expense in future years.
The following disclosure has been included to facilitate the understanding of the impact of adopting IFRS 16 on the Group due to
covenants in the Group\u2019s finance arrangements that continue to use IAS 17.
The impact of IFRS 16 on the Consolidated Income Statement excluding tax for the year ended 31 December 2022 is:
As reported
31 December
2022
\u00a3m
Add back
IFRS 16
interest
charge
\u00a3m
Add back
IFRS 16
depreciation
charge
\u00a3m
Less
amortisation
of legal fees
\u00a3m
Less lease
incentives
\u00a3m
Less
IAS 17
lease cost
\u00a3m
Excluding
impact of
IFRS 16
31 December
2022
\u00a3m
Revenue 1,381.5 \u2013 \u2013 \u2013 \u2013 \u2013 1,381.5
Cost of sales (930.8) \u2013 \u2013 \u2013 \u2013 \u2013 (930.8)
Gross profit 450.7 \u2013 \u2013 \u2013 \u2013 \u2013 450.7
Selling and distribution expenses (113.0) \u2013 \u2013 \u2013 \u2013 \u2013 (113.0)
Administrative and other
operatin
expenses (479.5) \u2013 11.0 (0.1) 1.1 (14.5) (482.0)
Operatin
loss (141.8) \u2013 11.0 (0.1) 1.1 (14.5) (144.3)
Finance income 15.5 \u2013 \u2013 \u2013 \u2013 \u2013 15.5
Finance expense (368.7) 4.5 \u2013 \u2013 \u2013 \u2013 (364.2)
(Loss)/profit before tax (495.0) 4.5 11.0 (0.1) 1.1 (14.5) (493.0)
Adjusted EBITDA (note 33) 190.2 \u2013 \u2013 (0.1) 1.1 (14.5) 176.6
15 Leases continued
b) Obligations under leases continued
The impact of IFRS 16 on the Consolidated Income Statement excluding tax for the year ended 31 December 2021 is:
As reported
31 December
2021
\u00a3m
Add back
IFRS 16
interest
charge
\u00a3m
Add back
IFRS 16
depreciation
charge
\u00a3m
Less
amortisation
of legal fees
\u00a3m
Less lease
incentives
\u00a3m
Less
IAS 17
lease cost
\u00a3m
Excluding
impact of
IFRS 16
31 December
2021
\u00a3m
Revenue
1,095.3 \u2013 \u2013 \u2013 \u2013 \u2013 1,095.3
Cost of sales
(751.6) \u2013 \u2013 \u2013 \u2013 \u2013 (751.6)
Gross profit
343.7 \u2013 \u2013 \u2013 \u2013 \u2013 343.7
Sellin
and distribution expenses
(84.8) \u2013 \u2013 \u2013 \u2013 \u2013 (84.8)
Administrative and other
operating expenses (335.4) \u2013 8.4 (0.1) 1.1 (9.9) (335.9)
Operatin
loss (76.5) \u2013 8.4 (0.1) 1.1 (9.9) (77.0)
Finance income
36.4 \u2013 \u2013 \u2013 \u2013 \u2013 36.4
Finance expense
(173.7) 3.9 \u2013 \u2013 \u2013 \u2013 (169.8)
(Loss)/profit before tax
(213.8) 3.9 8.4 (0.1) 1.1 (9.9) (210.4)
Ad
usted EBITDA (note 33) 137.9 \u2013 \u2013 (0.1) 1.1 (9.9) 129.0
16 Inventories
2022
\u00a3m
2021
\u00a3m
Parts for resale, service parts and production stock 152.2 115.5
Work in pro
ress 48.5 29.8
Finished vehicles 85.5 51.5
286.2 196.8
Finished vehicles include Group-owned service cars at a net realisable value of \u00a344.4m (2021: \u00a330.8m).
During the years ended 31 December 2022 and 2021 inventory repurchase arrangements were entered for certain parts for resale,
service parts and production stock. These inventories were sold and subsequently repurchased \u2013 see note 20 for further details.
17 Trade and other receivables
2022
\u00a3m
2021
\u00a3m
Amounts included in current assets
Trade receivables 137.0 139.5
Indirect taxation 42.5 37.1
Prepa
ments 46.8 48.8
Other receivables 19.4 18.0
245.7 243.4
Amounts included in non-current assets
Other receivables 6.3 2.1
Trade and other receivables are non-interest bearing and generally have terms of less than 60 days. Due to their short maturities,
the fair value of trade and other receivables approximates to their book value.
Credit risk is discussed further in note 22.
17 Trade and other receivables continued
The carrying amount of trade and other receivables at 31 December, converted into sterling at the year-end exchange rates, are
denominated in the following currencies (excluding prepayments):
2022
\u00a3m
2021
\u00a3m
Sterlin
75.6 108.4
Chinese renminbi 15.2 2.6
Euro 50.8 30.5
US dollar 21.7 27.4
Japanese yen 31.0 19.3
Other 11.4 8.5
205.7 196.7
Wholesale finance facility
Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed
through a wholesale finance facility.
In the year ended 31 December 2022, the Group entered into a new multi-currency wholesale finance facility with FCA Bank S.p.A.
(\u201cFCAB\u201d) and its regional designates. Under the facility, the Group finances dealer trade receivables with FCAB around the time
a sale has been made under the Group\u2019s revenue recognition policy and receives consideration equal to the value of the trade
receivable financed. The Group has the option to subvent the dealer financing cost which provides the dealer network an interest-
free period. The cost of this subvention is presented as a financing expense in the Consolidated Income Statement. The Group has
considered the IFRS 9 criteria for asset derecognition in respect of the trade receivables financed through FCAB. The Group is
satisfied that substantially all the risks are transferred to FCAB. As a result, the wholesale finance facility is off balance sheet.
Due to this classification, financing costs of \u00a30.3m associated with the scheme are presented in operating cash flows (note 27).
The Group\u2019s previous wholesale finance facility was with Velocitas Funding Designated Activity Company (\u201cVelocitas\u201d) a special
purpose vehicle established for the purpose and financed by a panel of banks led by JPMorgan Chase Bank, N.A., London Branch.
At 31 December 2022 the multi-currency facility was closed to new financing, is currently in a wind down period and will be fully
closed in the first half of 2023. The utilisation of the facility as at 31 December 2022 was \u00a311.4m (2021: \u00a316.9m). A full explanation
of the facility structure and the rationale behind the off balance sheet recognition is outlined in the 2021 Annual Report. As at
31 December 2022, the only remaining balances related to the facility were the subordinated loan of \u00a30.5m (2021: \u00a30.5m), the
balance on the senior loan of \u00a30.1m (2021: \u00a31.6m) (note 19), and an interest in a Profit Participating Loan of \u00a30.1m which is carried
at a fair value of \u00a3nil and receives interest only in the event that Velocitas has positive retained earnings at the end of the facility.
The senior and subordinated loans are both held at amortised cost. Due to the off balance sheet classification, financing costs of
\u00a33.8m (2021: \u00a38.0m) associated with the scheme are presented in operating cash flows.
18 Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 583.3 418.9 Cash at bank when placed on deposit earns interest at floating rates based on daily bank deposit rates. The book value of cash and cash equivalents approximates to their fair value. Cash is held in the following currencies; those held in currencies other than sterling have been converted into sterling at year-end exchange rates: 2022 \u00a3m 2021 \u00a3m Sterlin g 336.8 263.3 Chinese renminbi 59.8 73.5 Euro 26.1 15.8 US dollar 130.5 59.0 Japanese y en 4.5 2.3 Other 25.6 5.0 583.3 418.9 Included within the above: Restricted cash 32.8 33.0 During 2021, the Group entered into a bilateral Revolving Credit Facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi with an initial value of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSBC in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m and is shown in the cash and cash equivalents value above. The cash in China cannot be withdrawn whilst the loan remains in place. 19 Other financial assets 2022 \u00a3m 2021 \u00a3m Forward currenc y contracts held at fair value 2.3 0.6 Loan assets 0.6 2.1 Cash held not available for short term use 0.3 1.8 Other derivative contracts 5.6 3.3 8.8 7.8 Analysed as: Current 8.8 7.3 Non-current \u2013 0.5 8.8 7.8 The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales contracts. At the reporting date these cash flow hedges are marked-to-market and any assets are shown as other financial assets in the Statement of Financial Position. At 31 December 2022 \u00a30.3m held in certain local bank accounts had been frozen in relation to local arbitration proceedings (2021: \u00a31.8m). At the year end the cash held in these accounts did not meet the definition of cash and cash equivalents and therefore has been classified as an other financial asset. At 31 December 2022 the Group held \u00a30.5m (2021: \u00a30.5m) of subordinated loan and \u00a30.1m (2021: \u00a31.6m) of senior loan assets relating to a wholesale financing facility (note 17) . 19 Other financial assets continued
Other derivative contracts comprise warrant options and non-option derivatives both of which entitle the Group to subscribe for
equity in AMR GP Holdings Limited, the immediate parent company of AMR GP Limited. The warrant options were recorded as an
embedded option derivative asset at \u00a32.9m on initial recognition on 31 March 2020. The fair value movement in the options for
the year ended 31 December 2022 was a \u00a31.6m increase (2021: \u00a30.5m decrease) and is recognised within the Income Statement in
administrative expenses. A corresponding liability was recognised on inception of the arrangement (see note 22) which represents
an accrual for that element of future sponsorship payments. If the option is exercised within the next five years the liability is
extinguished in the year of exercise, if the option is not exercised the liability will be subject to the renewal of the sponsorship
agreement and may continue for the following five years.
The fair value of the warrant equity option above has been established by applying the proportion of equity represented by the
derivative to an assessment of the enterprise value of AMR GP Limited, which is then adjusted to reflect marketability and control
commensurate with the size of the investment.
The enterprise value has been estimated using a blend of measures including an income-based approach and a market-based
approach. Due to the size of the potential investment, as a proportion of the equity of AMR GP Limited, there are no plausible
sensitivities which would give rise to a material variation in the carrying value of the derivative.
There is a further embedded derivative in the agreement in respect of an additional economic interest in the equity of AMR GP
Holdings Limited which was assessed as having a carrying value of \u00a3nil at inception. This derivative entitles the Group to subscribe
for further share capital in AMR GP Limited in the event that the sponsorship agreement is extended for a further five-year period.
The fair value movement in this derivative for the year ended 31 December 2022 was a \u00a30.7m increase (2021: \u00a30.2m decrease)
and is recognised within the Income Statement in administrative expenses. The movement in the value of this derivative has been
estimated using the same method as the warrant equity option disclosed above. There is no corresponding liability recorded as it
is a non-option embedded derivative.
20 Trade and other payables
Current trade and other payables
2022
\u00a3m
2021
\u00a3m
Trade pa
ables 151.2 114.4
Repurchase liabilit
38.2 19.7
Customer deposits and advances 335.7 342.6
Accruals and other payables 346.0 239.2
Deferred income \u2013 service packages 5.2 5.1
876.3 721.0
Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days.
Accruals and other payables consist of product development and capital accruals of \u00a3135.7m (2021: \u00a389.8m), sales and marketing
accruals of \u00a359.0m (2021: \u00a359.8m), manufacturing accruals of \u00a340.7m (2021: \u00a325.4m) and administrative and other accruals of
\u00a3110.6m (2021: \u00a364.2m).
At 31 December 2022 a repurchase liability of \u00a338.2m including accrued interest of \u00a30.2m has been recognised in accruals and
other payables and net debt (see note 23). In 2022, across multiple transactions, \u00a366.7m of parts for resale, service parts and
production stock were sold for \u00a375.7m (gross of indirect tax) and subsequently repurchased. Under these repurchase agreements,
the Group will repay a total of \u00a380.0m (gross of indirect tax). As part of this arrangement legal title to the parts was surrendered;
however, control remained with the Group. At 31 December 2022, \u00a340.0m of the total \u00a380.0m had been repaid with the remaining
amount to be repaid within 2023. A further \u00a320.0m was repaid in the year relating to a similar repurchase liability which was valued
at \u00a319.7m at 31 December 2021.
20 Trade and other payables continued
Contract liabilities
Changes in the Group\u2019s contract liabilities during the year are summarised as follows:
At 1 January
2022
\u00a3m
Additional
amounts arising
during the
period
\u00a3m
Amounts
recognised
within
revenue
\u00a3m
Significant
financing
component for
which an
interest
charge is
recognised
\u00a3m
Amounts
returned
and other
changes
\u00a3m
At 31
December
2022
\u00a3m
Customer deposits and advances 342.6 108.5 (111.0) 8.0 (12.4) 335.7
Deferred income \u2013 service packa
es 14.9 3.2 (4.7) \u2013 0.3 13.7
At 1 January
2021
\u00a3m
Additional
amounts arising
during the
period
\u00a3m
Amounts
recognised
within
revenue
\u00a3m
Significant
financing
component for
which an
interest
charge is
recognised
\u00a3m
Amounts
returned
and other
changes
\u00a3m
At 31
December
2021
\u00a3m
Customer deposits and advances 268.5 174.6 (75.6) 4.8 (29.7) 342.6
Deferred income \u2013 service packa
es 11.9 3.8 (0.8) \u2013 \u2013 14.9
Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Limited
Edition vehicle or service of a vehicle, is met by the Group. As part of the normal operating cycle of Special Vehicle projects, to
which these customer deposits primarily relate, the Group expects to derecognise a significant proportion over the next three
years with approximately \u00a3119.3m expected to be recognised in 2023. This unwind relates to the balance held as at 31 December
2022 and does not take into consideration any additional deposits and advances arising during 2023.
In the year ended 31 December 2022, a finance expense of \u00a38.0m (see note 8) was recognised as a significant financing
component on contract liabilities held for greater than 12 months (2021: \u00a34.8m). Upon satisfaction of the linked performance
obligation, the liability is released to revenue so that the total amount taken to the Consolidated Income Statement reflects the
sales price the customer would have paid for the vehicle at that point in time.
The Group applies a practical expedient for short term advances received from customers whereby the advanced payment is not
adjusted for the effects of a significant financing component. According to the individual terms of the Special Vehicle contract and
the position of the customer in the staged deposit and vehicle specification process, some deposits are contractually refundable.
At 31 December 2022 the Group held \u00a3102.9m of contractually refundable deposits (before the impact of significant financing
components) (2021: \u00a385.0m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer
requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who is
required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed
advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are
disclosed in note 22.
Deferred service package income is recognised in revenue over the service package period.
Non-current trade and other payables
2022
\u00a3m
2021
\u00a3m
Deferred income \u2013 service packages 8.5 9.8
Other pa
ables 0.6 \u2013
9.1 9.8
21 Other financial liabilities
2022
\u00a3m
2021
\u00a3m
Forward currenc
contracts held at fair value 0.7 0.9
Other derivative contracts (see note 19) 2.9 2.9
Derivative option over own shares (see note 22) 22.6 31.0
26.2 34.8
Analysed as:
Current 26.2 34.8
Non-current \u2013 \u2013
26.2 34.8
22 Financial instruments
Group
The Group's principal financial instruments comprise cash and cash equivalents, Senior Secured Notes (\u201cSSNs\u201d), a Revolving Credit
Facility (\u201cRCF\u201d), a finished vehicle financing facility, a bilateral RCF, loan assets, derivative options, and forward currency contracts.
Additionally, the Group has trade payables and trade receivables which arise directly from its operations. Included in trade and
other payables is a liability relating to an inventory repurchase arrangement. These short term assets and liabilities are included
in the currency risk disclosure. The main risks arising from the Group's financial instruments are credit risk, interest-rate risk,
currency risk and liquidity risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group's
risk management framework. The Group's risk policies are established to identify and analyse the risks faced by the Group, set
appropriate risk limits and controls, and monitor adherence to limits. The Board of Directors oversees how management monitor
compliance with the Group risk management policies and procedures and reviews the adequacy of the risk management
framework in relation to specific risks faced by the Group.
Credit risk
The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in
advance of their despatch or use the wholesale financing scheme (see note 17). Credit risk on receivables purchased by FCAB
or Velocitas under the wholesale finance facilities is borne by FCAB or Velocitas respectively. The Group, as a senior and
subordinated lender to Velocitas, retains 5% of the credit risk associated with such sales. The Group has no credit risk associated
with the FCAB facility. The Group\u2019s remaining vehicle sales to territories where there is currently no wholesale financing are made
on credit terms ranging from 30 to 180 days. The Group manages the default risk of such sales via a credit risk insurance policy.
An appropriate expected credit loss provision is made in respect of the Group\u2019s loan assets to Velocitas. Dealers within
North America are allowed ten-day credit terms from the date of invoice. In certain circumstances, after thorough consideration
of the credit history of an individual dealer, the Group may sell vehicles outside of the credit risk insurance policy or on deferred
payment terms. Parts sales, which represent a smaller element of total revenue, are made to dealers on net 30-day credit terms.
Servicing receivables are due for payment on collection of the vehicle.
Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and
provided for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of
recovery include, among others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make
contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables.
The expected credit loss related to default of other receivables (note 17) is assessed as zero.
In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years
are calculated, including consideration given to future factors that may affect the ability of customers to settle receivables,
and applied to the trade and other receivable ageing buckets at the year end. The Group applies the simplified approach
to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group
has no material contract assets.
22 Financial instruments continued
Credit risk continued
In presenting the loss allowance summary below for 2021, the specific loss allowance and original receivable balance of \u00a319.0m
related to historical other operating income has been excluded so as not to distort the expected loss rate. This balance was writte n
off during 2022. The trade receivable loss allowance as at 31 December is as follows:
As at 31 December 2022 As at 31 December 2021
Expected
loss rate
%
Gross carrying
amount
\u00a3m
Loss
allowance
\u00a3m
Expected
loss rate
%
Gross carrying
amount
\u00a3m
Loss
allowanc e
\u00a3 m
Current * 129.1 \u2013 * 124.8 \u2013
1 \u2013 30 days past due * 5.8 \u2013 * 10.0 \u2013
31 \u2013 60 da
s past due * 1.7 \u2013 * 2.8 \u2013
61+ da
s past due 93.8% 6.5 6.1 74.7% 7.5 5.6
143.1 6.1 145.1 5.6
* The expected loss rates for these specific ageing categories are not disclosed as no material loss allowance is generated when applied against the gross carrying valu e
The closing loss allowance as at 31 December 2021 for trade receivables, including the specific loss allowance of \u00a319.0m relating
to historical other income noted above, reconciles to the opening loss allowance as at 1 January 2022 as below. The specific
allowance of \u00a319.0m was written off during 2022.
2022
\u00a3m
202 1
\u00a3 m
Opening loss allowance as at 1 January 24.6 21. 7
Increase in loss allowance reco
nised in the Income Statement \u2013 administrative and other operatin
expenses 0.6 3.1
Receivables written off durin
the
ear as uncollectible (19.2) (0.2 )
Effect of forei
n exchan
e 0.1 \u2013
At 31 December 6.1 24. 6
Borrowings
The following table analyses Group borrowings:
2022
\u00a3m
202 1
\u00a3 m
Current
Bank loans and overdrafts 107.1 114. 3
Non-current
Senior Secured Notes 1,104.0 1,074.9
Total borrowings 1,211.1 1,189. 2
Total borrowings are denominated in the following currencies, in sterling at the year-end exchange rates:
2022
\u00a3m
202 1
\u00a3 m
Sterling 107.1 114. 3
US dollar 1,104.0 1,074. 9
Total borrowin
s 1,211.1 1,189.2
22 Financial instruments continued
Borrowings continued
Current borrowings
The Group has an RCF attached to the SSNs (see Non-current borrowings below). The carrying amount net of unamortised
arrangement fees included in current borrowings relating to the RCF at 31 December 2022 was \u00a377.1m (2021: \u00a378.0m).
At 31 December 2022 \u00a378.5m of the \u00a390.6m RCF was drawn as cash (2021: \u00a380.0m of the \u00a390.6m facility).
During 2021, the Group entered into a bilateral RCF with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi to a value at the time
of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSBC
Bank plc in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m (2021: \u00a333.0m) and is shown in cash and
cash equivalents. The facility of \u00a330.0m is shown within borrowings in current liabilities on the Statement of Financial Position.
In 2018 the Group entered into a fixed rate loan to finance the construction of the paint shop at the new St Athan manufacturing
facility for which the final repayment was made during the year. At 31 December 2021 the amount included in current borrowings
was \u00a36.3m.
Non-current borrowings
In December 2020 the Group refinanced all SSNs in issue with new SSNs. All SSNs are secured by fixed and floating charges
over certain assets of the Group. In March 2021 the Group issued an additional \u00a370.7m equivalent of 10.5% First Lien SSNs with
a nominal value of $98.5m at a premium of \u00a36.3m. Transaction costs of \u00a31.7m and the premium are amortised using the effective
interest rate. In October 2022 the Group repurchased $40.3m of First Lien SSNs and $143.8m of Second Lien SSNs. The portion
of unamortised fees and the redemption premium was charged to the Income Statement at the point of redemption as an
accelerated charge and presented within adjusting items (note 5). Transaction costs of \u00a31.9m relating to the repurchase are
included in adjusting items (note 5). The US dollar amounts have been converted to sterling equivalents for reporting purposes.
At 31 December 2022 the Group held \u00a31,104.0m of SSNs (2021: \u00a31,074.9m) comprising First Lien SSNs of $1,143.7m
(2021: $1,184.0m) at 10.5% cash interest and Second Lien SSNs of $229.1m (2021: $355.3m) at 8.89% cash interest and 6.11%
Payment in Kind (\u201cPIK\u201d) interest respectively. The Second Lien Notes were issued at a 2% discount and include detachable share
warrants (see below). The First Lien Notes are repayable in November 2025 and the Second Lien Notes in November 2026.
Transaction costs and discounts on issuance are amortised using the effective interest rate.
Derivative option over own shares
The Second Lien SSNs include detachable warrants enabling the warrant holders to subscribe for a number of ordinary shares in
the Company at the subscription price of \u00a31.67 (previously \u00a310 per share prior to the rights issue in September 2022). The warrant
holders have the right to exchange their warrant options for a reduced number of warrant shares resulting in no cash being paid to
receive the shares. The ratio at which this exchange can be transacted is determined by the share price at execution of the options.
A derivative option liability was initially recorded at 31 December 2020 due to the uncertain number of shares which will be issued
under the agreement, which is subsequently remeasured at fair value through the Income Statement.
The warrants can be exercised from 1 July 2021 through to 7 December 2027. The issuance of debt with attached warrants
required the Group to assess separately the fair value of the warrants and the debt. The fair value of the warrants was determined
using a binomial model used to predict the behaviour of the warrant holders and when they might exercise their holdings.
The derivative option liability was initially recognised as a derivative forward at fair value with changes in the fair value being
recognised in the Income Statement until issuance of the warrants on 7 December 2020 resulting in an initial valuation of \u00a334.6m.
Upon issuance of the $335m SSNs, the carrying value of the debt was reduced by the same amount. The debt will be increased via
an effective interest charge over the term of the SSNs. During the year ended 31 December 2022, changes to the fair value of the
derivative option have resulted in a credit to the Income Statement of \u00a38.4m (2021: \u00a334.1m) which is presented in adjusting items.
A total of nil (2021: 30,518,600 warrants) were exercised resulting in no change to the associated liability (2021: partial
extinguishment of the liability and a transfer to retained earnings of \u00a314.8m).
22 Financial instruments continued
Borrowings continued
Interest rate risk
The Group is exposed interest rate risk on the RCF attached to the SSNs and on the bilateral RCF facility with HSBC, whereby
Chinese renminbi have been deposited in a restricted account with HSBC in China in exchange for a sterling overdraft facility
with HSBC in the UK. The interest rate charged on both facilities is based on SONIA and compounded in arrears.
Profile
At 31 December the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
2022
\u00a3m
2021
\u00a3m
Fixed rate instruments
Financial liabilities 1,104.0 1,159.2
Variable rate instruments
Financial liabilities 107.1 30.0
Borrowings, including the SSNs and the loan to finance the paint shop in St Athan repaid during March 2022, are at fixed interest
rates. During 2021 the rate of interest on the RCF, which is attached to the SSNs, was based on LIBOR plus a percentage spread
and was predetermined at the date of the drawdown of the RCF so was considered to be fixed rate for the analysis above.
In 2022 and 2021 the Group entered into an inventory repurchase arrangement (not included within the financial liabilities noted
above). The interest charged on this arrangement is determined as the difference between the sales and repurchase value and
is therefore fixed at the time of entering into the arrangement. The repayment terms of this arrangement are not in excess
of 270 days.
Surplus cash funds, when appropriate, are placed on deposit and attract interest at a variable rate derived from SONIA.
Interest rate risks \u2013 sensitivity
The following table demonstrates the sensitivity, with all other variables held constant, of the Group\u2019s loss after tax
to a reasonably possible change in interest rates on the bilateral RCF with HSBC and the RCF attached to the SSNs
at 31 December 2022. (2021: bi-lateral RCF only).
2022
\u00a3m
2021
\u00a3m
Increase/
(decrease) in
interest rate
Effect
on loss
after ta
Effect
on loss
after tax
SONIA/Bank of En
land Base Rate 3.00% (2.6) (0.7)
SONIA/Bank of En
land Base Rate (3.00%) 2.6 0.7
22 Financial instruments continued
Foreign currency exposure
The Group\u2019s exposure to the risk of changes in foreign currency exchange relates primarily to US dollar sales (including inter-
Group sales), Chinese renminbi sales, Japanese yen sales and Euro denominated purchases.
At 31 December 2022 the Group hedged 29% for 2023 (2021: 37% for 2022) of its US dollar denominated highly probable inter-
Group sales, 19% of its Japanese yen sales (2021: 12% for 2022) and 15% of its Euro denominated purchases for 2023 (2021: 11%
for 2022). These foreign currency risks are hedged by using foreign currency forward contracts.
The Group\u2019s sterling equivalents of financial assets and liabilities (excluding borrowings analysed by currency above)
denominated in foreign currencies at 31 December were:
At 31 December 2022
Euros
\u00a3m
US dollars
\u00a3m
Chinese
renminbi
\u00a3m
Japanese yen
\u00a3m
Other
\u00a3m
Total
\u00a3m
Trade and other receivables 50.8 21.7 15.2 31.0 11.4 130.1
Loan assets
0.2 \u2013 \u2013 \u2013 0.1 0.3
Forei
n currenc
contracts
0.8 1.5 \u2013 \u2013 \u2013 2.3
Cash held not available for short term use \u2013 \u2013 0.3 \u2013 \u2013 0.3
Cash balances 26.1 130.5 59.8 4.5 25.6 246.5
77.9 153.7 75.3 35.5 37.1 379.5
Trade and other pa
ables (153.1) (134.3) (34.2) (9.5) (5.4) (336.5)
Lease liabilities (0.1) (9.5) (0.7) (5.0) (0.1) (15.4)
Customer deposits and advances (17.8) (44.3) (7.6) (4.8) (1.9) (76.4 )
Forei
n currenc
contracts \u2013 (0.1) \u2013 (0.6) \u2013 (0.7)
(171.0) (188.2) (42.5) (19.9) (7.4) (429.0 )
Net balance sheet exposure (93.1) (34.5) 32.8 15.6 29.7 (49.5)
At 31 December 2021
Euros
\u00a3m
US dollars
\u00a3m
Chinese
renminbi
\u00a3m
Japanese Yen
\u00a3m
Other
\u00a3m
Total
\u00a3m
Financial assets
Trade and other receivables 30.5 27.4 2.6 19.3 8.5 88.3
Loan assets 0.4 \u2013 \u2013 \u2013 0.1 0.5
Foreign currency contracts \u2013 0.3 \u2013 0.3 \u2013 0.6
Cash held not available for short term use \u2013 \u2013 1.8 \u2013 \u2013 1.8
Cash balances 15.8 59.0 73.5 2.3 5.0 155.6
46.7 86.7 77.9 21.9 13.6 246.8
Financial liabilities
Trade and other payables (118.9) (21.2) (21.7) (0.4) (2.1) (164.3)
Lease liabilities \u2013 (7.7) (1.0) (5.5) (0.1) (14.3)
Customer deposits and advances (10.0) (19.5) (9.7) (4.6) (0.4) (44.2)
Forei
n currenc
contracts (0.4) (0.4) \u2013 \u2013 \u2013 (0.8)
(129.3) (48.8) (32.4) (10.5) (2.6) (223.6)
Net balance sheet exposure (82.6) 37.9 45.5 11.4 11.0 23.2
22 Financial instruments continued
Foreign currency exposure continued
The following significant exchange rates applied:
Average rate
2022
Average rate
2021
Closing rate
2022
Closing rate
2021
Euro 1.17 1.16 1.13 1.19
Chinese renminbi 8.26 8.90 8.36 8.63
US dollar 1.25 1.37 1.20 1.35
Japanese yen 160.24 149.37 158.72 155.97
Currency risk \u2013 sensitivity
The following table demonstrates the sensitivity to a change in the US dollar, Euro, Chinese renminbi and Japanese yen exchange
rates, with all other variables held constant, of the Group's result after tax (due to changes in the fair value of monetary assets and
liabilities) assuming that none of the US dollar or Euro exposures are used as hedging instruments.
(Increase)/
decrease
in rate
Effect on result
after tax
2022
\u00a3m
Effect on result
after tax
2021
\u00a3m
US dollar (5%) (7.8) (4.9)
US dollar 5% 8.6 5.5
Euro (5%) 12.5 9.6
Euro 5% (13.8) (10.6)
Chinese renminbi (5%) (4.3) (5.0)
Chinese renminbi 5% 4.8 5.6
Japanese yen (5%) (1.7) (2.0)
Japanese
en 5% 1.9 2.2
$1,085.5m and $335m Senior Secured Notes
In December 2020 the Group took out First Lien and Second Lien SSNs at $1085.5m and $335m respectively. At 31 December
2020 the Group had not hedged the new SSNs. Foreign currency gains/(losses) on these SSNs, due to exchange rate movements
between the US dollar and sterling, are charged to the Consolidated Income Statement within finance income/(expense).
A corresponding change in the translated sterling value of these SSNs is reflected in the Consolidated Statement of Financial
Position. In March 2021, the Group issued additional First Lien SSNs of $98.5m. Following the successful equity raise in September
2022, the Group paid down $40.3m of First Lien Senior Secured Notes (\u201cSSNs) and $143.8m of Second Lien SSNs. No hedging
relationship has been established in 2021 or 2022.
$400m Senior Secured Notes
The Group had designated $400m of SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar
sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was
discontinued from the date of repayment. As the forecast transactions are still expected to occur, the amount accumulated in the
cash flow hedge reserve at the repayment date will be released to the Income Statement in line with the profile of the future US
dollar sales to which it relates.
22 Financial instruments continued
Hedge accounting
The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations
on the purchase of raw material parts and services. As part of its risk management policy, the Group uses derivative financial
instruments in the form of currency forward contracts to manage the cash flow risk resulting from these exchange rate
movements. The Group had designated the foreign exchange movement on $400m of repaid SSNs as part of a cash flow hedging
relationship, to manage the exchange rate risk resulting from forecast US dollar inter-Group sales. Together these are referred to
as cash flow hedges. The cash flow hedges give certainty over the transactional values to be recognised in the Consolidated
Income Statement and, in the case of the forward contracts, certainty around the value of cash flows arising as foreign currencies
are exchanged at predetermined rates.
The Group hedges significant foreign currency exposures as follows:
\u2022 Firstly, when practical, with currency forward contracts on a reducing basis with the highest coverage in the year immediately
following the year end date. When practicable, the Group places additional hedges on a regular basis so that the percentage
of the foreign currency exposure hedged increases as the time to maturity of the foreign currency exposure reduces.
\u2022 Secondly, the Group has designated $400m of repaid SSNs as a hedging instrument in respect of $400m of highly probable
forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and
hedge accounting was discontinued from the date of repayment. As the forecast transactions are still expected to occur the
amount accumulated in the cash flow hedge reserve at the repayment date will be released to Cost of Sales within the Income
Statement in line with the profile of the future US dollar sales to which it relates.
The Group currently has no active currency forward contract cash flow hedges beyond 2023. The Group does not mitigate all
transactional foreign currency exposures, with the unhedged proportion converted at exchange rates prevailing on the date
of the transaction.
Derivative financial instruments
Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have
been designated as the spot element of forward foreign exchange contract, and the forward points are excluded from the
hedge relationship. The hedged items have been designated as highly probable forecast net sales or purchases denominated
in foreign currencies.
Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and
changes in the fair value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised
in the cash flow hedge reserve within Other Comprehensive Income. Changes in fair value attributable to forward points are
recognised in the cost of hedging reserve within Other Comprehensive Income.
Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the
ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Income Statement.
When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion
of the hedged item is no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future
cash flows are still expected to occur, then the accumulated amount in the cash flow hedge reserve relating to the discontinued
portion remains in the cash flow hedge reserve until the future cash flows occur. If the hedged future cash flows are no longer
expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the Income Statement as
a reclassification adjustment.
Certain forward foreign exchange contracts were designated as hedges with effect from 1 July 2019. Prior to this, all movements
in the fair value had been recorded within finance expense as an adjusting item reflecting the non-recurring nature of the absence
of a designated hedge relationship for such instruments. Subsequent to 1 July 2019, in respect of these forward foreign exchange
contracts only, the movement in fair value attributable to forward points is recorded within cost of sales in the Consolidated
Income Statement.
22 Financial instruments continued
Hedge accounting continued
$400m Senior Secured Notes
The $400m SSNs were repaid in December 2020. Prior to repayment they were recorded at amortised cost and translated
into sterling at the year-end or repayment date closing rates with movements in the carrying value due to foreign exchange
movements offset by movements in the value of the highly probable forecast sales when translated from US dollars to sterling.
When the hedge ratio is 1:1 the value of the hedging instrument matches the value of the hedged item. In this case, the change in
the carrying value of these SSNs, arising as a result of exchange differences, is recognised through Other Comprehensive Income
into the hedge reserve instead of within finance income/(expense).
When the value of the hedging instrument is greater than the value of the hedged item the excess portion is recognised as
ineffective and is recorded immediately to finance expense in the Income Statement.
The amounts recorded within the hedge reserve, including the cost of hedging reserve, are reclassified to the Consolidated
Income Statement when the hedged item affects the Consolidated Income Statement. Due to the nature of the hedged items,
all amounts reclassified to the Income Statement are recorded in cost of sales (2021: all cost of sales), except for ineffective
amounts relating to the $400m SSNs which would be recorded as finance expense in the Income Statement.
Main sources of hedge ineffectiveness
Other than previously described, in relation only to forward contracts designated as a hedge, the main sources of potential hedge
ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur.
The impact of hedging instruments on the Statement of Financial Position is as follows:
31 December 2022 31 December 2021
Notional
value
\u00a3m
Carrying
value
\u00a3m
Change in fair
value used for
measuring
ineffectiveness
\u00a3m
Notional
value
\u00a3m
Carrying
value
\u00a3m
Change in fair
value used for
measuring
ineffectiveness
\u00a3m
Foreign exchange forward contracts \u2013 other
financial assets 96.1 2.3 2.3 26.6 0.6 0.6
Foreign exchange forward contracts \u2013 other
financial liabilities 33.1 (0.7) (0.7) 33.6 (0.8) (0.9)
$400m Senior Secured Notes \u2013 hed
e instrument 105.6 \u2013 \u2013
The impact of hedged items on the Statement of Financial Position is as follows:
31 December 2022 31 December 2021
Cash flow
hedge reserve
\u00a3m
Cost of hedging
reserve
\u00a3m
Cash flow
hedge reserve
\u00a3m
Cost of hedging
reserve
\u00a3m
Foreign exchange forward contracts 2.9 (0.9) 0.7 (0.6)
$400m Senior Secured Notes \u2013 hed
e instrument 3.9 \u2013
Tax on fair value movements reco
nised in OCI (1.8) 0.2 (2.4) 0.2
22 Financial instruments continued
Hedge accounting continued
The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is:
Year ended 31 December 2022
Total hedging
gain/(loss)
recognised
in OCI
\u00a3m
Ineffectiveness
recognised in
the Income
Statement
\u00a3m
Income
Statement
line item
Fair value
movement
on cash flow
hedges
\u00a3m
Amount
reclassified
from OCI to
the Income
Statement
\u00a3m
Income
Statemen t
line ite m
Forei
n exchan
e forward contracts 1.7 (0.3) Cost of sales (6.1) 7.8 Cost of sale s
$400m Senior Secured Notes \u2013 hedge instrument (4.9) \u2013 Cost of sales \u2013 (4.9) Cost of sale s
Tax on fair value movements recognised in OCI 0.9 \u2013 \u2013 1.5 (0.7) \u2013
Year ended 31 December 2021
Total hedging
(loss)/gain
recognised
in OCI
\u00a3m
Ineffectiveness
recognised in
the Income
Statement
\u00a3m
Income
Statement
line item
Fair value
movement
on cash flow
hedges
\u00a3m
Amount
reclassified
from OCI to
the Income
Statement
\u00a3m
Income
Statement
line item
Foreign exchange forward contracts (2.9) (0.6) Cost of sales (0.3) (2.6) Cost of sales
$400m Senior Secured Notes \u2013 hed
e instrument (1.7) \u2013 Cost of sales \u2013 (1.7) Cost of sales
Tax on fair value movements reco
nised in OCI 1.2 \u2013 \u2013 0.1 1.1 \u2013
Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the
hedged items and the hedging instrument. At 31 December 2022 and 2021 there were no balances remaining in the cash flow
hedge reserve from hedging relationships for which hedge accounting is no longer required.
All hedging instruments recognised by the Group at 31 December 2022 have a maturity date of less than one year.
Liquidity risk
The Group seeks to manage liquidity risk to ensure sufficient liquidity is available to meet foreseeable needs and, when
appropriate, allow placement of cash on deposit safely and profitably. During 2022 the Group undertook a share placing and
rights issue to strengthen the liquidity of the business.
During 2021, the Group entered into a bilateral RCF with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi to a value at the ti me
of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSB C
Bank plc in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m (2021: \u00a333.0m) and is shown in the cas h
and cash equivalents. The facility of \u00a330.0m is shown within borrowings in current liabilities on the Statement of Financial Positio n.
The facility is available until 31 August 2025 and the total facility size is \u00a350m.
At 31 December 2022 the Group held \u00a31,104.0m (2021: \u00a31,094.9m) of SSNs. In October 2022 the Group repurchased $40.3m
of First Lien SSNs and $143.8m of Second Lien SSNs with a premium paid of \u00a314.3m on early redemption. The First Lien Notes are
repayable in November 2025 and the Second Lien Notes in November 2026. The portion of unamortised fees and the redemptio n
premium was charged to the Income Statement at the point of redemption as an accelerated charge and presented within
adjusting items (note 5). Transaction costs of \u00a31.9m relating to the repurchase are included in adjusting items (note 5). The US
dollar amounts have been converted to sterling equivalents for reporting purposes.
Attached to the SSNs is a \u00a390.6m RCF of which \u00a378.5m (2021: \u00a380.0m) was drawn in cash at the reporting date. The amount
recorded in the Statement of Financial Position is net of unamortised transaction costs. \u00a35.2m (2021: \u00a35.9m) of the remaining
ancillary facility has been utilised through the issuance of letters of credit and guarantees. The RCF attached to the SSNs is
available until August 2025.
22 Financial instruments continued
Liquidity risk continued
As part of the normal operating cycle of the Group, customers make advanced payments to secure their allocation of Special
Vehicles produced in limited numbers. The cash from these advance payments is primarily used to fund upfront costs of the
Special Vehicle project including raw materials and components required in manufacture. In certain circumstances, according to
the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification
process, the advanced payments are contractually refundable. At 31 December 2022 the Group held refundable deposits of
\u00a3102.9m (2021: \u00a385.0m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests
reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer, who is required
to make an equivalent advanced payment.
The maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on contractual undiscounted payments
was as follows.
On demand
\u00a3m
Less than 3
months
\u00a3m
3 to 12
months
\u00a3m
1 to 5
years
\u00a3m
>5 years
\u00a3m
Contractual
cash flows
Total
\u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts \u2013 109.0 \u2013 \u2013 \u2013 109.0
Senior Secured Notes
\u2013 \u2013 117.0 1,462.4 \u2013 1,579.4
Trade and other pa
ables \u2013 443.1 138.1 8.6 0.6 590.4
Refundable customer deposits and advances
102.9 \u2013 \u2013 \u2013 \u2013 102.9
Derivative financial liabilities
Forward exchan
e contracts \u2013 0.5 0.2 \u2013 \u2013 0.7
102.9 552.6 255.3 1,471.0 0.6 2,382.4
Included in the tables above and below are interest bearing loans and borrowings at a carrying value of \u00a31,211.1m (2021:
\u00a31,189.2m). The liquidity profile associated with leases accounted under IFRS 16 is detailed in note 15.
The maturity profile of the Group\u2019s financial liabilities at 31 December 2021 based on contractual undiscounted payments
was as follows.
On demand
\u00a3m
Less than 3
months
\u00a3m
3 to 12
months
\u00a3m
1 to 5
years
\u00a3m
>5 years
\u00a3m
Contractual
cash flows
Total
\u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts \u2013 36.4 81.1 \u2013 \u2013 117.5
Senior Secured Notes \u2013 \u2013 115.5 1,614.3 \u2013 1,729.8
Trade and other pa
ables \u2013 282.8 94.9 9.8 \u2013 387.5
Refundable customer deposits and
advances 85.0 \u2013 \u2013 \u2013 \u2013 85.0
Derivative financial liabilities
Forward exchan
e contracts \u2013 \u2013 0.8 \u2013 \u2013 0.8
85.0 319.2 292.3 1,624.1 \u2013 2,320.6
22 Financial instruments continued
Estimation of fair values
As at 31 December 2022 As at 31 December 2021
Nominal value
\u00a3m
Book value
\u00a3m
Fair value
\u00a3m
Nominal value
\u00a3m
Book value
\u00a3m
Fair value
\u00a3m
Included in assets
Level 2
Forward forei
n exchan
e contracts \u2013 2.3 2.3 \u2013 0.6 0.6
Loan assets 0.6 0.6 0.6 2.1 2.1 2.1
Level 3
Other derivative contracts \u2013 5.6 5.6 \u2013 3.3 3.3
0.6 8.5 8.5 2.1 6.0 6.0
Included in liabilities
Level 1
$1,143.7m (2021: $1,184.0m) 10.5% US dollar
First Lien Notes 950.8 935.0 893.0 874.2 852.5 959.4
$229.1m (2021: $355.3) 15.0% US dollar
Second Lien Split Coupon Notes 190.5 169.0 194.4 262.3* 222.4 302.3*
Level 2
Forward exchange contracts \u2013 0.7 0.7 \u2013 0.8 0.8
Derivative option over own shares 48.1 22.6 22.6 48.1 31.0 31.0
1,189.4 1,127.3 1,110.7 1,184.6 1,106.7 1,293.5
* The fair value of the Second Lien SSNs includes $9.8m, $10.5m, $10.8m and $6.8m of PIK notes issued in April 2021, November 2021, April 2022 and November 2022
respectively. The 31 December 2021 comparative for nominal value and fair value has been updated to include the two issuances during 2021. The issued PIK already
forms part of the book value at each reporting period and no change has been made to the presentation of these numbers
Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans
and borrowings are considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7
defines each level as follows:
\u2022 Level 1 assets and liabilities have inputs observable through quoted prices.
\u2022 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
\u2022 Level 3 assets and liabilities are those with inputs not based on observable market data.
Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their
book value and, as such, the table above only includes assets and liabilities held at fair value, and borrowings. The forward
currency contracts are carried at fair value based on pricing models and discounted cash flow techniques derived from
assumptions provided by third-party banks. Loan assets are held at cost less any expected credit loss provision (note 17).
The SSNs are all valued at amortised cost retranslated at the year-end foreign exchange rate. The fair value of these SSNs at the
current and comparative period ends are determined by reference to the quoted price on The International Stock Exchange
Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs.
The other derivative contracts relate to options to purchase a minority shareholding in AMR GP Limited (see note 19).
The derivative option over own shares reflects the detachable warrants issued alongside the Second Lien SSNs (see borrowings
section of note 22) enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is
calculated using a binomial model and updated at each period end reflecting the latest market conditions. The inputs used in the
valuation model include the quoted share price, market volatility, exercise ratio and risk free rate. The reduction in nominal value
represents options exercised by warrant holders during the year.
For all other receivables and payables, the carrying amount is deemed to reflect the fair value.
22 Financial instruments continued
Capital management
The Board\u2019s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future
development of the business. Given this, the objective of the Group\u2019s capital management is to ensure that it maintains healthy
capital ratios in order to support its business and maximise shareholder value. The capital structure of the Group consists of debt
which includes the borrowings disclosed in this note, cash and cash equivalents and equity attributable to equity holders of the
parent, comprising share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity.
23 Net debt
The Group defines net debt as current and non-current borrowings in addition to inventory repurchase arrangements and lease
liabilities, less cash and cash equivalents including cash held not available for short term use. The additional cash flow disclosures
required under IAS 7 are made in note 27.
2022
\u00a3m
2021
\u00a3m
Cash and cash equivalents 583.3 418.9
Cash held not available for short term use 0.3 1.8
Inventor
repurchase arran
ement (38.2) (19.7)
Lease liabilities \u2013 current (7.4) (9.7)
Lease liabilities \u2013 non-current (92.4) (93.7)
Loans and other borrowings \u2013 current (107.1) (114.3)
Loans and other borrowings \u2013 non-current (1,104.0) (1,074.9)
Net debt (765.5) (891.6)
Movement in net debt
Net increase/(decrease) in cash and cash equivalents 164.4 (70.5)
Add back cash flows in respect of other components of net debt:
New borrowin
s \u2013 (108.5)
Proceeds from inventor
repurchase arran
ement (75.7) (19.0)
Repa
ment of existin
borrowin
s 172.7 37.3
Repayment of inventory repurchase arrangement 60.0 40.0
Lease liability payments 10.0 9.9
Movement in cash held not available for short term use (1.5) (8.1)
Transaction fees \u2013 1.9
Decrease/(increase) in net debt arisin
from cash flows 329.9 (117.0)
Non-cash movements:
Foreign exchange loss on secured loan (156.2) (12.4)
Interest added to debt (15.7) (13.4)
Borrowin
fee amortisation (25.4) (7.5)
Lease liabilit
interest char
e (4.5) (3.9)
Lease modifications (3.5) 0.4
New leases (2.2) (11.5)
Foreign exchange gain and other movements 3.7 0.4
Decrease/(increase) in net debt 126.1 (164.9)
Net debt at be
innin
of the
ear (891.6) (726.7)
Net debt at the end of the year (765.5) (891.6)
24 Provisions 2022 \u00a3m 2021 \u00a3m Restructuring Warranty Total Restructuring Warrant y Total At the be ginning of theyear 0.4 38.5 38.9 7.8 31.1 38.9 Charge for theyear \u2013 30.9 30.9 \u2013 31.8 31.8 Utilisation (0.4) (26.5) (26.9) (5.0) (23.9) (28.9) Effect of movements in exchange rates \u2013 (1.5) (1.5) \u2013 0.2 0.2 Release to the Income Statement \u2013 (0.3) (0.3) (2.4) (0.7) (3.1) At the end of theyear \u2013 41.1 41.1 0.4 38.5 38.9 Analysed as: Current \u2013 18.6 18.6 0.4 19.5 19.9 Non-current \u2013 22.5 22.5 \u2013 19.0 19.0 \u2013 41.1 41.1 0.4 38.5 38.9 In the year ended 31 December 2020, the Group launched a consultation process to reduce employee numbers reflecting lower than originally planned production volumes resulting in an exceptional charge to the Income Statement in 2020. The restructuring was substantially completed during 2021 with the final amounts being utilised during the year ended 31 December 2022. The warranty provision is calculated based on the level of historical claims and is expected to be substantially utilised within the next three years. 25 Pension obligations Defined contribution scheme The Group opened a Defined Contribution scheme in June 2011. The total expense relating to this scheme in the year ended 31 December 2022 was \u00a317.6m (2021: \u00a310.6m). Outstanding contributions at the year end were \u00a31.5m (2021: \u00a30.9m). Contributions are made by the Group to other pension arrangements for certain employees of the Group. Defined Benefit scheme The Group operates a Defined Benefit Pension Scheme. During 2017 it was agreed and communicated to its members that the scheme\u2019s benefits would be amended from a final pensionable salary basis to a career average revalued earnings (CARE) basis with effect from 1 January 2018. The scheme was closed to new entrants on 31 May 2011. The benefits of the existing members were not affected by the closure of the scheme. The assets of the scheme are held separately from those of the Group. On 31 January 2022 the scheme was closed to future accrual resulting in a curtailment loss of \u00a32.8m (note 5). In constructing the investment strategy for the scheme, the Trustees take due account of the liability profile of the scheme along with the level of disclosed surplus or deficit. The investment strategy is reviewed on a regular basis and, at a minimum, on a triennial basis to coincide with actuarial valuations. The primary objectives are to provide security for all beneficiaries and to achieve long term growth sufficient to finance any pension increases and ensure the residual cost is held at a reasonable level. The pension scheme operates under the regulatory framework of the Pensions Act 2004. The Trustee has the primary responsibility for governance of the scheme. Benefit payments are from Trustee-administered funds and scheme assets are held in a Trust which is governed by UK regulation. The Trustee comprises representatives of the Group and members of the scheme and an independent, professional Trustee was appointed during 2019. 25 Pension obligations continued
Defined Benefit scheme continued
The pension scheme exposes the Group to the following risks:
\u2022 Asset volatility \u2013 the scheme\u2019s Statement of Investment Principles targets 40% return-enhancing assets and 60% risk-reducing
assets. The Trustee monitors the appropriateness of the scheme\u2019s investment strategy, in consultation with the Group, on an
ongoing basis.
\u2022 Inflation risk \u2013 the majority of benefits are linked to inflation and so increases in inflation will lead to higher liabilities
(although in most cases there are caps in place which protect against extreme inflation).
\u2022 Longevity \u2013 increases in life expectancy will increase the period over which benefits are expected to be payable, which
increases the value placed on the scheme\u2019s liabilities.
\u2022 Changes in bond yields - A decrease in corporate bond yields will increase the value placed on the Scheme liabilities, although
this will be partially offset by an increase in the value of the Scheme's bond holdings.
The projected unit method has been used to determine the liabilities.
The pension cost is assessed in accordance with the advice of an independent qualified actuary. The latest actuarial valuation of
the scheme had an effective date of 6 April 2020. The assumptions that make the most significant effect on the valuation are those
relating to the rate of return on investments, the rate of increase in salaries and pensions and expected longevity. It was assumed
that the investment return would be based on the Bank of England gilt curve plus 0.5% per annum and that salary increases would
be equivalent to CPI inflation plus 1.0% per annum.
At the 6 April 2020 actuarial valuation, the actuarial value of the scheme assets was \u00a3314.6m, sufficient to cover 76% of the
benefits which had accrued to members.
On 18 December 2020, the Group agreed to increase the recovery plan contributions from \u00a37.1m per annum to \u00a315.0m per
annum effective from 1 January 2021 through to 30 June 2027. Estimated contributions for the year ending 31 December 2023
are \u00a315.0m.
A full actuarial valuation was carried out as at 6 April 2020. The 2020 valuation was updated by an independent qualified actuary
to 31 December 2021 and 2022 respectively for the relevant disclosures in accordance with IAS 19R. The next triennial valuation
as at 6 April 2023 is due to be completed by June 2024 in line with the scheme-specific funding requirements of the Pensions
Act 2004. As part of that valuation the Trustee and the Group will review the adequacy of the contributions being paid into
the scheme.
Assumptions
The principal assumptions used by the actuary were:
31 December
2022
31 December
2021
Discount rate 4.85% 2.00%
Rate of increase in salaries N/A 3.10%
Rate of revaluation in deferment 2.45% 2.50%
Rate of increase in pensions in payment attracting Limited Price Indexation 2.95% 3.00%
Expected return on scheme assets 4.85% 2.00%
RPI Inflation assumption 3.00% 3.10%
CPI Inflation assumption 2.45% 2.50%
25 Pension obligations continued Assumptions continued The Group\u2019s inflation assumption reflects its long term expectations and has not been amended for short term variability. The mortality assumptions allow for expected increases in longevity. The \u2018current\u2019 disclosures below relate to assumptions based on the longevity (in years) following retirement at each reporting date, with \u2018future\u2019 relating to an employee retiring in 2042 (2022 assumptions) or 2041 (2021 assumptions). Projected life expectancy at age 65 Future Current Future Current Currently aged 45 2022 Currently aged 65 2022 Currently aged 45 2021 Currently aged 65 2021 Male 22.5 21.3 22.8 21.5 Female 25.3 23.9 25.5 24.0 Years Avera g e duration of the liabilities iny ears as at 31 December 2022 19 Avera g e duration of the liabilities in y ears as at 31 December 2021 26 The following table provides information on the composition and fair value of the assets of the scheme: 31 December 2022 Quoted \u00a3m 31 December 2022 Unquoted \u00a3m 31 December 2022 Total \u00a3m 31 December 2021 Quoted \u00a3m 31 December 2021 Unquoted \u00a3m 31 December 2021 Total \u00a3m Asset class Overseas equities 25.9 \u2013 25.9 41.0 \u2013 41.0 Private debt \u2013 34.6 34.6 \u2013 32.8 32.8 Asset-Backed Securities 37.7 \u2013 37.7 \u2013 \u2013 \u2013 Liability driven investment 26.3 9.5 35.8 64.9 56.0 120.9 Corporate bonds 24.5 \u2013 24.5 \u2013 \u2013 \u2013 Absolute return bonds \u2013 11.2 11.2 \u2013 72.6 72.6 Diversified alternatives \u2013 0.9 0.9 \u2013 1.3 1.3 Cash 12.8 \u2013 12.8 89.3 \u2013 89.3 Insurance policies 3.6 \u2013 3.6 6.0 \u2013 6.0 Total 130.8 56.2 187.0 201.2 162.7 363.9 The scheme assets and funded obligations at 31 December are summarised below: 2022 \u00a3m 2021 \u00a3m Total fair value of scheme assets 187.0 363.9 Present value of funded obli g ations (188.9) (368.4) Funded status at the end of they ear (1.9) (4.5) Ad j ustment to reflect minimum fundin g requirements (59.3) (74.2) Liability recognised in the Statement of Financial Position (61.2) (78.7) The adjustment to reflect minimum funding requirements represents the excess of the present value of contractual future recovery plan contributions, discounted using the assumed scheme discount rate, over the funding status established through the actuarial valuation.25 Pension obligations continued
Assumptions continued
Amounts recognised in the Consolidated Income Statement during the year ended 31 December were as follows:
2022
\u00a3m
2021
\u00a3m
Amounts char
ed to operatin
loss:
Current service cost (0.7) (8.8)
Past service cost (2.8) \u2013
(3.5) (8.8)
Amounts char
ed to finance expense:
Net interest expense on the net Defined Benefit liabilit
0.1 (0.2)
Interest expense on the ad
ustment to reflect minimum fundin
requirements (1.5) (1.1)
Total expense recognised in the Income Statement (4.9) (10.1)
Changes in present value of the Defined Benefit pensions obligations are analysed as follows:
2022
\u00a3m
2021
\u00a3m
At the beginning of the year (368.4) (378.7)
Current service cost (0.7) (8.8)
Past service cost (2.8) \u2013
Interest cost (7.2) (6.0)
Experience (losses)/
ains (14.7) 3.3
Actuarial
ains arisin
from chan
es in financial assumptions 190.7 6.6
Distributions 11.3 10.6
Actuarial gains arising from changes in demographic assumptions 2.8 4.6
Obli
ation at the end of the
ear (189.0) (368.4)
Changes in the fair value of plan assets are analysed below:
2022
\u00a3m
2021
\u00a3m
At the be
innin
of the
ear 363.9 354.1
Interest on assets 7.3 5.8
Emplo
er contributions 15.6 20.1
Return on scheme assets excluding interest income (188.5) (5.5)
Distributions (11.3) (10.6)
Fair value at the end of the
ear 187.0 363.9
2022
\u00a3m
2021
\u00a3m
Actual return on scheme assets (181.2) 0.3
25 Pension obligations continued
Assumptions continued
Analysis of amounts recognised in the Statement of Financial Position:
2022
\u00a3m
2021
\u00a3m
Liabilit
at the be
innin
of the
ear (78.7) (92.5)
Net expense reco
nised in the Income Statement (4.9) (10.1)
Emplo
er contributions 15.6 20.1
Gain recognised in Other Comprehensive Income 6.8 3.8
Liabilit
reco
nised in the Statement of Financial Position at the end of the
ear (61.2) (78.7)
Analysis of amount taken to Other Comprehensive Income:
2022
\u00a3m
2021
\u00a3m
Return on scheme assets excludin
interest income (188.5) (5.5)
Experience (losses)/
ain arisin
on funded obli
ations (14.7) 3.3
Gains arisin
due to chan
es in financial assumptions underl
in
the present value of funded obli
ations 190.7 6.6
Gains/(losses) arisin
as a result of ad
ustment made to reflect minimum fundin
requirements 16.5 (5.2)
Gains arising due to changes in demographic assumptions 2.8 4.6
Amount reco
nised in Other Comprehensive Income 6.8 3.8
Sensitivity analysis of the principal assumptions used to measure scheme liabilities
At 31 December 2022 the present value of the benefit obligation was \u00a3189.0m (2021: \u00a3368.4m) and its sensitivity to changes in
key assumptions were:
Change in
assumption
Present value
of benefit
obligations at
31 December
2022
\u00a3m
Present value
of benefit
obligations at
31 December
2021
\u00a3m
Discount rate Decrease b
1.00% 228.7 474.5
Rate of inflation* Increase b
0.25% 196.7 388.4
Life expectanc
increased b
approximatel
1
ear Increase b
one
ear 194.7 384.7
* This sensitivity allows for the impact on all inflation-related assumptions (salary increases, deferred revaluation and pension increases).
Funding levels are monitored on a regular basis by the Trustee and the Group to ensure the security of members\u2019 benefits.
The next triennial valuation as at 6 April 2023 is due to be completed by June 2024 in line with the scheme-specific funding
requirements of the Pensions Act 2004. As part of that valuation the Trustee and the Group will review the adequacy of the
contributions being paid into the scheme.
2022
\u00a3m
2021
\u00a3m
Expected future benefit pa
ments
Year 1 (2022/2023) 11.2 11.0
Year 2 (2023/2024) 11.6 11.3
Year 3 (2024/2025) 11.9 11.7
Year 4 (2025/2026) 12.3 12.0
Year 5 (2026/2027) 12.6 12.4
Years 6 to 10 (2028 to 2032) 67.9 66.7
25 Pension obligations continued
History of scheme experience
2022 2021
Present value of the scheme liabilities (\u00a3m) (188.9) (368.4)
Fair value of the scheme assets (\u00a3m) 187.0 363.9
Deficit in the scheme before adjusting to reflect minimum funding requirements (\u00a3m) (1.9) (4.5)
Experience losses on scheme assets excludin
interest income (\u00a3m) (188.5) (5.5)
Percenta
e of scheme assets (100.8%) (1.5%)
Return on scheme liabilities (\u00a3m) (14.7) 3.3
Percenta
e of the present value of the scheme liabilities 7.8% (0.9%)
Total amount recognised in Other Comprehensive Income (\u00a3m) 6.8 3.8
Percentage of the present value of the scheme liabilities (3.6%) (1.0%)
26 Share capital and other reserves
Allotted, called up and full
paid
Number of
shares
Nominal
value
\u00a3
Share
capital
\u00a3m
Share
premium
\u00a3m
Merger
reserve
\u00a3m
Capital
redemption
reserve
\u00a3m
Openin
balance at 1 Januar
2021 114,933,587 11.5 1,108.2 144.0 9. 3
Exercise of warrant options
1
1,525,926 0.1 0.1 15.1 \u2013 \u2013
Transfer between reserves \u2013 \u2013 \u2013 0.1 (0.1) \u2013
Balance as at 31 December 2021
and 1 Januar
2022 116,459,513 11.6 1,123.4 143.9 9.3
Private placin
2
23,291,902 0.1 2.4 75.7 \u2013 \u2013
Ri
hts issue
3
559,005,660 0.1 55.9 498.3 \u2013 \u2013
Closing balance at 31 December 2022 698,757,075 69.9 1,697.4 143.9 9. 3
1. On 15 July 2021 945,131 ordinary shares in the Company were issued to satisfy the redemption of 18,902,665 warrant options. \u00a39.5m of cash was received for the
shares. On 22 July 2021 330,795 ordinary shares in the Company were issued to satisfy the redemption of 6,615,932 warrant options. \u00a33.3m of cash was received for
the shares. On 11 December 2021 250,000 ordinary shares in the Company were issued to satisfy the redemption of 5,000,003 warrant options. \u00a32.5m of cash was
received for the shares. Upon issuance of the shares the corresponding derivative option liability is extinguished resulting in a total credit to retained earnings during
the year ended 31 December 2021 of \u00a314.8m
2. On 9 September 2022 the Company issued 23.2m ordinary shares by way of a private placing. The shares were issued at 335p raising gross proceeds of \u00a378.1m,
with \u00a32.4m recognised as share capital and the remaining \u00a375.7m recognised as share premium
3. On 28 September 2022 the Company issued 559.0m ordinary shares by way of a rights issue. The shares were issued at 103p raising gross proceeds of \u00a3575.8m,
with \u00a355.9m recognised as share capital and the remaining \u00a3519.9m recognised as share premium. Share premium is reduced by \u00a321.6m reflecting transaction fees
paid of which \u00a32.9m are accrued as at 31 December 2022. Due to the shares being issued at substantially below market price, a bonus issue is deemed to have taken
place. A total of 211.6m shares issued were considered bonus shares. The weighted average shares used to calculate earnings per share (see note 11) has been
adjusted accordingly
27 Additional cash flow information
Reconciliation of movements of select liabilities to cash flows arising from financing activities
The tables below reconcile movements of liabilities classified within net debt (note 23) to cash flows arising from financing
activities for the years ended 31 December 2022 and 2021.
Liabilities
Other
borrowings and
inventory
arrangements
\u00a3m
Lease
Liabilities
\u00a3m
$1,184.0m
10.5%
First Lien Notes
\u00a3m
$335m 15%
Second Lien
Notes
\u00a3m
Tota l
\u00a3m
At 1 Januar
2022 134.0 103.4 852.5 222.4 1,312.3
Changes from financing cash flows
Interest paid (4.6) (4.5) (96.3) (35.8) (141. 2)
Principal lease pa
ment \u2013 (10.0) \u2013 \u2013 (10. 0)
Repa
ment of existin
borrowin
s (7.8) \u2013 (36.1) (128.8) (172. 7)
Premium paid on the earl
redemption of Senior Secured Notes
\u2013 \u2013 \u2013 (14.3) (14. 3)
Inventor
repurchase repa
ment (60.0) \u2013 \u2013 \u2013 (60.0 )
Inventory repurchase drawdown
75.7 \u2013 \u2013 \u2013 75. 7
Transaction costs paid \u2013 \u2013 (1.9) \u2013 (1.9 )
Total chan
es from financin
cash flows 3.3 (14.5) (134.3) (178.9) (324. 4)
Effect of chan
es in exchan
e rates \u2013 0.7 113.5 42.7 156. 9
New leases under IFRS 16 \u2013 2.2 \u2013 \u2013 2. 2
Modifications to existing leases \u2013 3.5 \u2013 \u2013 3.5
Interest expense 12.3 4.5 103.5 82.8 203. 1
Movement in accrued interest 0.9 \u2013 (0.2) \u2013 0.7
Financing expense in the Income Statement classified
as operatin
cash flow (5.2) \u2013 \u2013 \u2013 (5.2 )
Balance at 31 December 2022 145.3 99.8 935.0 169.0 1,349. 1
Liabilities
Other
borrowings and
inventory
arrangements
\u00a3m
Lease
Liability
\u00a3m
$1,184.0m
10.5%
First Lien Notes
\u00a3m
$335m
15%
Second Lien
Notes
\u00a3m
Total
\u00a3m
At 1 Januar
2021 158.0 103.0 763.2 201.8 1,226.0
Changes from financing cash flows
Interest paid (5.0) (3.9) (87.5) (21.6) (118.0 )
Principal lease pa
ment \u2013 (9.9) \u2013 \u2013 (9. 9)
Repa
ment of existin
borrowin
s (37.3) \u2013 \u2013 \u2013 (37.3 )
Inventor
repurchase repa
ment (40.0) \u2013 \u2013 \u2013 (40.0 )
Inventor
repurchase drawdown 19.0 \u2013 \u2013 \u2013 19.0
New borrowings 31.5 \u2013 77.0 \u2013 108.5
Transaction costs paid (0.1) \u2013 (2.5) (0.2) (2.8 )
Total chan
es from financin
cash flows (31.9) (13.8) (13.0) (21.8) (80. 5)
Effect of chan
es in exchan
e rates \u2013 (0.8) 9.9 2.5 11.6
New leases under IFRS 16 \u2013 11.5 \u2013 \u2013 11.5
Modifications to existing leases \u2013 (0.4) \u2013 \u2013 (0.4 )
Interest expense 16.5 3.9 93.4 41.4 155.2
Movement in accrued interest (0.6) \u2013 (1.8) (1.5) (3. 9)
Movement in accrued fees \u2013 \u2013 0.8 \u2013 0.8
Financing expense in the Income Statement classified
as operating cash flow (8.0) \u2013 \u2013 \u2013 (8. 0)
Balance at 31 December 2021 134.0 103.4 852.5 222.4 1,312.3
28 Share-based payments
Long term incentive schemes
On 13 and 14 June 2022, Executive Directors and certain other employees were granted conditional share awards under the
Company\u2019s Long Term Incentive Plan (\u201c2022 LTIP\u201d). On 15 December 2022, additional employees were granted conditional share
awards under an extension to the same plan. The total charge recognised in the Consolidated Income Statement in relation to this
scheme was \u00a30.9m (2021: \u00a3nil).
On 14 June 2021, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s
Long Term Incentive Plan (\u201c2021 LTIP\u201d). On 14 December 2021, additional employees were granted conditional share awards
under an extension to the same plan. The total charge recognised in the Consolidated Income Statement in relation to this scheme
was \u00a30.4m (2021: \u00a31.2m).
On 14 December 2020, Executive Directors and certain other employees were granted conditional share awards under the
Company\u2019s \u201c2020 LTIP\u201d. The total credit recognised in the Consolidated Income Statement in relation to this scheme was \u00a31.4m
(2020: charge of \u00a31.9m).
2022 grant
of 2022 LTIP
2021 grant
of 2021 LTIP
2020 grant of
2020 LTIP
A
re
ate fair value at measurement date (\u00a3m) 6.1 7.3 9.7
Exercise price (p) \u00a3nil \u00a3nil \u00a3nil
Expected volatility (%) 50.0% 50.0% 50.0%
Dividend
ield (%) N/A N/A N/A
Risk free interest rate (%) 2.16% 0.15% (0.13%)
The expected volatility is wholly based on the historical volatility of the Company\u2019s share price over a period from listing in 2018
to date.
Other share-based payments
On 31 January 2022, the Group\u2019s Defined Benefit Pension Scheme was closed to future accrual. As part of the closure cost, the
affected employees were each granted 185 shares incurring a share-based payment charge of \u00a31.0m during the year. The terms
of the agreement provide the employees with a minimum guaranteed value for these shares subject to their ongoing employment
with the Group. The Group will pay the employees a further cash sum if the share price at 1 February 2024 does not meet this
value. The charge associated with this portion is \u00a31.0m in the year ended 31 December 2022.
On 8 November 2022, a Group Director was granted 659,113 shares for nil consideration in relation to forfeited awards at
a previous employer and therefore securing his employment with the Group. The award is subject to clawback provisions for
a period of 12 months from the award date. The total cost incurred related to this award was \u00a30.8m.
The total expense arising from equity-settled share-based payments is as follows:
2022
\u00a3m
2021
\u00a3m
2022 LTIP share option charge 0.9 \u2013
2021 LTIP share option char
e 0.5 1.2
2020 LTIP share option (credit)/char
e (1.4) 1.9
Grant of shares upon closure of the Defined Benefit Pension Scheme (notes 5, 25) 1.0 \u2013
Group Director bu
out 0.8 \u2013
1.8 3.1
29 Capital commitments
On 27 October 2020, the Group announced that it had entered into an enhanced strategic cooperation arrangement (the
\u201cStrategic Cooperation Agreement\u201d) with one of its existing shareholders, MBAG. Under the Strategic Cooperation Agreement,
the Group has agreed, over the period of time between December 2020 and the July 2024 and in several tranches, to issue
458,942,744 ordinary shares of \u00a30.009039687 each (22,947,138 ordinary shares of \u00a30.10 each following the share consolidation
in December 2020) to MBAG in exchange for access to certain technology and intellectual property to be provided to the Group
by MBAG in several stages.
The first tranche of 224,657,287 ordinary shares of \u00a30.009039687 each (11,232,864 ordinary shares of \u00a30.10 each following
the share consolidation) was issued to MBAG on 7 December 2020. A total of 11,714,274 ordinary shares remain unissued at
31 December 2022.
Property, plant and equipment expenditure contracts to the value of \u00a310.8m (2021: \u00a314.4m) have been committed but not
provided for as at 31 December 2022. Contracts to the value of \u00a351.4m have been committed for the acquisition of intangible
assets but not provided for as at 31 December 2022. Certain contracts contain financial commitments, in particular purchase
commitments and guarantees, which are of a magnitude typical for the industry.
30 Related party transactions
Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and accordingly are
not disclosed.
Transactions with Directors and related undertakings
Transactions during 2022
During the year ended 31 December 2022, a net marketing expense amounting to \u00a320.2m of sponsorship has been incurred in
the normal course of business with AMR GP Limited (\u201cAMR GP\u201d), an entity indirectly controlled by a member of the Group\u2019s Key
Management Personnel (\u201cKMP\u201d). AMR GP and its legal structure is separate to that of the Group and the Group does not have
control or significant influence over AMR GP or its affiliates. In addition, the Group incurred costs of \u00a32.0m associated with
engineering design on an upcoming vehicle programme from Aston Martin Performance Technologies Limited (\u201cAMPT\u201d) of which
\u00a32.0m is outstanding to AMPT at 31 December 2022. AMPT is an associated entity of AMR GP. In addition, AMR GP acquired a
vehicle from the Group at a total cost of \u00a30.7m. Less than \u00a30.1m remains due from AMR GP at 31 December 2022 relating to these
transactions. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP
racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially
affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the
Group\u2019s KMP. A separate immediate family member of one of the Group\u2019s KMP purchased two vehicles from a Group company
for \u00a30.4m. \u00a3nil is outstanding at 31 December 2022. During the year ended 31 December 2022, Classic Automobiles Inc. placed
a deposit of \u00a30.5m with a Group company for the future purchase of a Group vehicle. Classic Automobiles Inc. is controlled by
a member of the Group\u2019s KMP.
During the year ended 31 December 2022, a separate member of the Group\u2019s KMP and Non-Executive Director placed a deposit
of \u00a31.5m with a Group company for the future purchase of a vehicle.
During the year ended 31 December 2022, a further separate member of the Group\u2019s KMP and Non-Executive Director transacted
with a Group company to undertake service work on a vehicle for a total cost of less than \u00a30.1m. \u00a3nil was outstanding at
31 December 2022.
During the year end 31 December 2022, the Group incurred costs of \u00a31.3m for design and engineering work from Pininfarina S.p.A.
A member of the Group\u2019s KMP and Non-Executive Director is also a member of Pininfarina S.p.A\u2019s KMP.
During the year ended 31 December 2022, the Group incurred a rental expense of \u00a30.7m from Michael Kors (USA), Inc.,
a Company which is owned by Capri Holdings Limited. A member of the Group\u2019s KMP and Non-Executive Director is also
a member of Michael Kors (USA), Inc.\u2019s KMP.
30 Related party transactions continued
Transactions with Directors and related undertakings continued
Transactions during 2021
During the year ended 31 December 2021, a net marketing expense amounting to \u00a321.5m of sponsorship was incurred in the
normal course of business with AMR GP Limited, an entity indirectly controlled by a member of the Group\u2019s KMP. AMR GP and its
legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its
affiliates. All balances between the two parties relating to 2021 have been settled. Under the terms of the sponsorship agreement
the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge. This arrangement is expected
to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group.
One of the racing drivers is an immediate family member of one of the Group\u2019s KMP.
During the year ended 31 December 2021, marketing transactions under the normal course of business amounting to less than
\u00a30.1m have been undertaken with Falcon Racing Inc, an entity controlled by a member of the Group\u2019s KMP. \u00a3nil is outstanding
from Falcon Racing Inc at 31 December 2022. During the year ended 31 December 2021, design services of less than \u00a30.1m were
provided to Flair Investment Holdings Limited, an entity in which a member of a KMP has an indirect ownership interest. \u00a3nil is
outstanding from Flair Investment Holdings Limited at 31 December 2022. During the year ended 31 December 2021, a member
of KMP transacted with a Group company to undertake restoration work on a historic vehicle. \u00a30.3m has been received by the
Group with \u00a30.3m of works being completed in the year. \u00a3nil is outstanding at 31 December 2022. A member of KMP acquired
three vehicles from a Group company during the period each priced at \u00a30.2m. \u00a3nil is outstanding at 31 December 2022.
A member of KMP acquired one historic vehicle from a Group Company during the period priced at \u00a30.5m. \u00a3nil is outstanding
at 31 December 2022. A member of KMP placed a deposit of \u00a31.5m with a Group company for the future purchase of a vehicle.
An immediate family member of one of the Group\u2019s KMP placed a deposit of less than \u00a30.1m with a Group company for the
future purchase of a vehicle.
Terms and conditions of transactions with related parties
Sales and purchases between related parties were made at normal market prices unless otherwise stated. Outstanding balances
with entities other than subsidiaries are unsecured and interest free and cash settlement is expected within 60 days of invoice.
Terms and conditions for transactions with subsidiaries are the same, with the exception that balances are placed on inter-
company accounts. The Group has not provided or benefited from any guarantees for any related party receivables or payables.
31 Contingent liabilities
In the normal course of the Group\u2019s business, claims, disputes, and legal proceedings involving customers, dealers, suppliers,
employees or others are pending or may be brought against Group entities arising out of current or past operations. There is
presently a dispute between the Group and the other shareholders of one of its subsidiary entities, which is ongoing and from
which a future obligation may arise. The Group denies the claims made and is working to resolve the matter.
32 Group companies
In accordance with Section 409 of the Companies Act 2006 a full list of entities in which the Group has an interest of greater than
or equal to 20%, the registered office and effective percentage of equity owned as at 31 December 2022 are disclosed below.
Investments in subsidiary undertakings
Subsidiar
undertakin
s Holdin
Proportion of
voting rights
and shares held Nature of business
Aston Martin Holdings (UK) Limited* Ordinary 100% Dormant company
Aston Martin Capital Holdings Limited**\u25ca Ordinary 100% Financing company holding the Senior
Secured Notes
Aston Martin Investments Limited** Ordinar
100% Holdin
compan
Aston Martin Capital Limited**\u25ca Ordinary 100% Dormant company \u2013 financing company that
held Senior Secured Notes that were repaid
in 2017
Aston Martin La
onda Group Limited** Ordinar
100% Holdin
compan
Aston Martin Lagonda of North America Incorporated**^ Ordinary 100% Luxury sports car distributor
Lagonda Properties Limited** Ordinary 100% Dormant company
Aston Martin Lagonda Pension Trustees Limited** Ordinary 100% Trustee of the Aston Martin Lagonda Limited
Pension Scheme
Aston Martin Lagonda Limited** Ordinary 100% Manufacture and sale of luxury sports cars,
the sale of parts, brand licensing and
motorsport activities
AM Brands Limited**\u25ca Ordinar
100% Non-tradin
compan
Aston Martin Lagonda of Europe GmbH**> Ordinary 100% Provision of engineering and sales and
marketing services
AML Overseas Services Limited** Ordinar
100% Dormant compan
Aston Martin La
onda (China) Automobile Distribution Co., Ltd**\u221a Ordinar
100% Luxur
sports car distributor
AM Nurbur
rin
Racin
Limited** Ordinar
100% Dormant compan
Aston Martin Japan GK**<< Ordinary 100% Operator of the sales office in Japan and certain
other countries in the Asia Pacific region
Aston Martin Lagonda \u2013 Asia Pacific PTE Limited**>> Ordinary 100% Operator of the sales office in Singapore and
certain other countries in the Asia Pacific re
ion
AMWS Limited**\u25ca Ordinar
50%*** Holdin
compan
Aston Martin Works Limited** Ordinary 50%*** Sale, servicing and restoration
of Aston Martin cars
All subsidiaries are incorporated in England and Wales unless otherwise stated.
\u25ca Incorporated in Jersey (tax resident in the UK)
^ Incorporated in the USA
> Incorporated in Germany
< Incorporated in Italy
<< Incorporated in Japan
>> Incorporated in Singapore
\u221a Incorporated in the People\u2019s Republic of China
* Held directly by Aston Martin Lagonda Global Holdings plc
** Held indirectly by Aston Martin Lagonda Global Holdings plc
*** The Group exercises management control of these legal entities and therefore the results, assets and liabilities have been wholly included in the Consolidated Financial
Statements. The individual results, aggregate assets and aggregate liabilities included within the Consolidated Financial Statements are summarised on pages 164-168
32 Group companies continued
Aston Martin
Works Limited
2022
\u00a3m
AMWS Limited
2022
\u00a3m
Aston Martin
Works Limited
2021
\u00a3m
AMWS Limited
2021
\u00a3m
Total assets 42.5 \u2013
Total liabilities (3.8) \u2013
Net assets 38.7 \u2013
Revenue 40.6 \u2013
Profit before tax 1.7 \u2013
Group\u2019s share of profit 0.9 \u2013
Registered addresses
Aston Martin Holdin
s (UK) Limited Banbur
Road, Ga
don, Warwickshire, En
land, CV35 0DB
Aston Martin Capital Holdings Limited 28 Esplanade, St Helier, Jersey, JE2 3QA
Aston Martin Investments Limited Banbur
Road, Ga
don, Warwickshire, En
land, CV35 0DB
Aston Martin Capital Limited 28 Esplanade, St Helier, Jerse
, JE2 3QA
Aston Martin Lagonda Group Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB
Aston Martin Lagonda of North America Incorporated Floor 22, 11 West 42nd Street, New York, NY, 10036-8002,
United States of America
Lagonda Properties Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB
Aston Martin La
onda Pension Trustees Limited Banbur
Road, Ga
don, Warwickshire, En
land, CV35 0DB
Aston Martin La
onda Limited Banbur
Road, Ga
don, Warwickshire, En
land, CV35 0DB
AM Brands Limited 28 Esplanade, St Helier, Jersey, JE2 3QA
Aston Martin La
onda of Europe GmbH Gottlieb-Daimler-Strasse 30, 53520 Meuspath, German
AML Overseas Services Limited Banbur
Road, Ga
don, Warwickshire, En
land, CV35 0DB
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd Unit 2901, Raffles City Office Tower, No. 268 Xi Zang Middle Road,
Huan
pu District, Shan
hai, China 200001
AM Nurbur
rin
Racin
Limited Banbur
Road, Ga
don, Warwickshire, En
land, CV35 0DB
Aston Martin Japan GK 1-2-3 Kita-Aoyama, Minato-ku, Tokyo 107-0061, Japan
Aston Martin La
onda \u2013 Asia Pacific PTE Limited 8 Marina View, # 41-05, Asia Square Tower 1, Sin
apore 018960
AMWS Limited 28 Esplanade, St Helier, Jerse
, JE2 3QA
Aston Martin Works Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB
33 Alternative performance measures
In the reporting of financial information, the Directors have adopted various Alternative Performance Measures (\"APMs\").
APMs should be considered in addition to IFRS measurements. The Directors believe that these APMs assist in providing useful
information on the underlying performance of the Group, enhance the comparability of information between reporting periods,
and are used internally by the Directors to measure the Group's performance.
The key APMs that the Group focuses on are as follows:
i) Adjusted EBT is the loss before tax and adjusting items as shown in the Consolidated Income Statement.
ii) Adjusted EBIT is operating (loss)/profit before adjusting items.
iii) Adjusted EBITDA removes depreciation, loss on sale of fixed assets and amortisation from adjusted EBIT.
iv) Adjusted operating margin is adjusted EBIT divided by revenue.
v) Adjusted EBITDA margin is Adjusted EBITDA (as defined above) divided by revenue.
vi) Adjusted earnings per share is loss after tax before adjusting items as shown in the Consolidated Income Statement,
divided by the weighted average number of ordinary shares in issue during the reporting period.
vii) Net debt is current and non-current borrowings in addition to inventory repurchase arrangements and lease liabilities,
less cash and cash equivalents and cash held not available for short term use as shown in the Consolidated Statement
of Financial Position.
viii) Adjusted leverage is represented by the ratio of net debt to the last 12 months (LTM) Adjusted EBITDA.
ix) Free cash flow is represented by cash (outflow)/inflow from operating activities less the cash used in investing activities
(excluding interest received) plus interest paid in the year less interest received.
Income Statement
2022
\u00a3m
2021
\u00a3m
Loss before tax (495.0) (213.8)
Ad
ustin
operatin
expenses (note 5) 23.9 2.2
Ad
ustin
finance income (notes 5, 7) (12.5) (34.1)
Ad
ustin
finance expense (notes 5, 8) 32.6 \u2013
Adjusted loss before tax (EBT) (451.0) (245.7)
Adjusted finance income (note 7) (3.0) (2.3)
Ad
usted finance expense (note 8) 336.1 173.7
Ad
usted operatin
loss (EBIT) (117.9) (74.3)
Adjusted operating margin (8.5%) (6.8%)
Reported depreciation 88.8 74.6
Reported amortisation 219.3 137.6
Ad
usted EBITDA 190.2 137.9
Adjusted EBITDA margin 13.8% 12.6%
33 Alternative performance measures continued
Earnings per share
2022
\u00a3m
2021
Restated*
\u00a3m
Ad
usted earnin
s per ordinar
share
Loss available for equit
holders (\u00a3m) (528.6) (191.6)
Ad
ustin
items (note 5)
Adjusting items before tax (\u00a3m) 44.0 (31.9)
Tax on adjusting items (\u00a3m) \u2013 (8.3)
Ad
usted loss (\u00a3m) (484.6) (231.8)
Basic wei
hted avera
e number of ordinar
shares (million)
1
424.7 327.1
Ad
usted loss per ordinar
share (pence) (114.1p) (70.9p)
Adjusted diluted earnings per ordinary share
Adjusted loss (\u00a3m) (484.6) (231.8)
Diluted wei
hted avera
e number of ordinar
shares (million) 424.7 327.1
Ad
usted diluted loss per ordinar
share (pence) (114.1p) (70.9p)
* Earnings per ordinary share has been adjusted to reflect the bonus element of the rights issue undertaken in September 2022. See notes 11 and 26
Net debt
2022
\u00a3m
2021
\u00a3m
Opening cash and cash equivalents 418.9 489.4
Cash inflow from operatin
activities 127.1 178.9
Cash outflow from investin
activities (284.7) (184.1)
Cash inflow/(outflow) from financin
activities 315.0 (66.5)
Effect of exchan
e rates on cash and cash equivalents 7.0 1.2
Cash and cash equivalents at 31 December 583.3 418.9
Cash held not available for short term use 0.3 1.8
Borrowin
s (1,211.1) (1,189.2)
Lease liabilities (99.8) (103.4)
Inventor
repurchase arran
ement (38.2) (19.7)
Net debt (765.5) (891.6)
Ad
usted EBITDA 190.2 137.9
Ad
usted levera
e 4.0x 6.5x
Free cash flow
2022
\u00a3m
2021
\u00a3m
Net cash inflow from operatin
activities 127.1 178.9
Cash used in investing activities (excluding interest received) (286.9) (185.2)
Interest paid less interest received (139.0) (116.9)
Free cash flow (298.8) (123.2)
",
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"value": "Aston Martin Lagonda Global Holdings plc (the \u201cCompany\u201d) is a company incorporated in England and Wales and domiciled in the UK. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The Group Financial Statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required as explained below. The Financial Statements are prepared in millions to one decimal place, and in sterling which is the Company\u2019s functional currency. ",
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"fact-670": {
"value": "The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. ",
"dimensions": {
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"language": "en",
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"fact-671": {
"value": "The Financial Statements are prepared in millions to one decimal place, and in sterling which is the Company\u2019s functional currency. ",
"dimensions": {
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"fact-646": {
"value": "Going concern An overview of the business activities of Aston Martin Lagonda Global Holdings plc, including a review of the principal risks that the Group faces, is given in the Strategic Report on pages 5 to 81. The debt facilities available to the Group and the maturity profile of this debt are shown in note 22. The Group meets its day-to-day working capital requirements and medium term funding requirements through a mixture of $1,143.7m First Lien Notes at 10.5% which mature in November 2025, $229.1m of Second Lien split coupon notes at 15% per annum (8.89 % cash and 6.11% Payment in Kind) which mature in November 2026, a Revolving Credit Facility (\u00a390.6m) which matures August 2025, facilities to finance inventory, a bilateral RCF agreement and a wholesale vehicle financing facility (as described in note 17). Under the RCF the Group is required to comply with a leverage covenant tested quarterly. The amounts outstanding on all the borrowings are shown in note 22. The Directors have developed trading and cash flow forecasts for the period from the date of approval of these Financial Statements through 30 June 2024 (the going concern review period). These forecasts show that the Group has sufficient financial resources to meet its obligations as they fall due and to comply with covenants for the going concern review period. The forecasts reflect our ultra-luxury performance-oriented strategy, balancing supply and demand and the actions taken to improve cost efficiency and gross margin. The forecasts include the costs of the Group's environmental, social and governance (\u201cESG\u201d) commitments and make assumptions in respect of future market conditions and, in particular, wholesale volumes, average selling price, the launch of new Going concern continued models, and future operating costs. The nature of the Group's business is such that there can be variation in the timing of cash flows around the development and launch of new models. In addition, the availability of funds provided through the vehicle wholesale finance facility changes as the availability of credit insurance and sales volumes vary, in total and seasonally. The forecasts take into account these factors to the extent that the Directors consider them to represent their best estimate of the future based on the information that is available to them at the time of approval of these Financial Statements. The Directors have considered a severe but plausible downside scenario that includes considering the impact of a 25% reduction in DBX volumes and a 8% reduction in sports volumes from forecast levels, operating costs higher than the base plan, incremental working capital requirements such as reduced deposit inflows or increased deposit outflows and the impact of the strengthening of the sterling-dollar exchange rate. The Group plans to make continued investment for growth in the period and, accordingly, funds generated through operations are expected to be reinvested in the business mainly through new model development and other capital expenditure. To a certain extent such expenditure is discretionary and, in the event of risks occurring which could have a particularly severe effect on the Group, as identified in the severe but plausible downside scenario, actions such as constraining capital spending, working capital improvements, reduction in marketing expenditure and the continuation of strict and immediate expense control would be taken to safeguard the Group\u2019s financial position. In addition, the Directors also considered the circumstances which would be needed to exhaust the Group\u2019s liquidity over the assessment period, a reverse stress test. This would indicate that vehicle sales would need to reduce by 35% from forecast levels without any of the above mitigations to result in having no liquidity. The likelihood of these circumstances occurring is considered remote both in terms of the magnitude of the reduction and that over such a long period, management could take substantial mitigating actions, such as reducing capital spending to preserve liquidity. Accordingly, after considering the forecasts, appropriate sensitivities, current trading and available facilities, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and to comply with its financial covenants; therefore the Directors continue to adopt the going concern basis in preparing the Financial Statements. ",
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"fact-586": {
"value": "Basis of consolidation The Consolidated Financial Statements consist of the Financial Statements of the Group and all entities controlled by the Group. All intercompany balances and transactions, including unrealised profits arising, are eliminated. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-587": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Group Financial Statements from the date that control commences until the date that control ceases. The financial statements of subsidiaries used in the preparation of the Consolidated Financial Statements are prepared for the same reporting year as the Group and are based on consistent accounting policies. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-588": {
"value": "Foreign currency translation Transactions in foreign currencies are initially recorded in the functional currency of the operation by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the Income Statement except for the translational differences on monetary items that form part of designated hedge relationships. The assets and liabilities of foreign operations are translated into sterling at the rate of exchange ruling at the reporting date. Income and expenses are translated at average exchange rates for the period. The resulting exchange differences are taken through Other Comprehensive Income to the translation reserve. On disposal of a foreign entity, the deferred cumulative amount recognised in the translation reserve relating to the foreign operation is recognised in the Income Statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. ",
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"fact-589": {
"value": "Revenue recognition Revenue is recognised when the Group satisfies its performance obligation to supply a product or service to the customer. Revenue is measured at the fair value of the consideration receivable, deducting dealer incentives, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised. Sale of vehicles Revenue from the sale of vehicles is recognised when control of the vehicle is passed to the dealer or individual, thus evidencing the satisfaction of the associated performance obligation under that contract. Control is passed when the buyer can direct the use of and obtain substantially all of the benefits of the vehicle, which is typically at the point of despatch. When despatch is deferred at the formal request of the buyer and a written request to hold the vehicle until a specified delivery date has been received, revenue is recognised when the vehicle is ready for despatch and the Group can no longer use or direct the vehicle to an alternative buyer. The Group estimates the consideration to which it will be entitled in exchange for satisfaction of the performance obligation as part of the sale of a vehicle. Revenue is recognised at the wholesale selling price net of dealer incentives (variable marketing expense or \u201cVME\u201d). VME is estimated and accrued for at the time of the wholesale sale to the dealer, other than those elements of VME connected with retail sales by the dealer where there is also a contractual requirement for the dealer to make additional wholesale purchases at that time to receive the incentive, which is accrued at the time of the retail sale by the dealer to the end customer. Warranties are issued on new vehicles sold with no separate purchase option available to the customer and, on this basis, are accounted for in accordance with IAS 37. Service packages sold as part of the supply of a vehicle are accounted for as a separate performance obligation with the revenue deferred, based on the term of the package, at the original point of sale. The deferred revenue is released to the Income Statement over the shorter of the period that the service package covers or the number of vehicle services that the end user is entitled to. Where a sale of a vehicle(s) includes multiple performance obligations, the Group determines the allocation of the total transaction price by reference to their relative standalone selling prices. Sales of parts Revenue from the sale of parts is recognised upon transfer of control to the customer, generally when the parts are released to the carrier responsible for transporting them. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised upon despatch to a customer outside of the Group. Servicing and restoration of vehicles Revenue is recognised upon completion of the service/ restoration typically when the service or restoration is completed in accordance with the customers\u2019 requirements. Brands and motorsport Revenue from brands and motorsport is recognised when the performance obligations, principally use of the Aston Martin brand name or supply of a motorsport vehicle, are satisfied. Revenue is recognised either at a point in time or over a period of time in line with IFRS 15 according to the terms of the contract. Customer advance payments The Group receives advance cash payments from customers to secure their allocation of a vehicle produced in limited quantities, typically with a lead time of greater than 12 months. The value of the advance, both contractually refundable or non-refundable, is held as a contract liability in the Statement of Financial Position. Upon satisfaction of the performance obligation, the liability is released to revenue in the Income Statement. If the deposit is returned to the customer prior to satisfaction of the performance obligation, the contract liability is derecognised. Where a significant financing component exists, the contract liability is increased over the same period of time as the contract liability is held to account for the time value of money. A corresponding charge is recognised in the Consolidated Income Statement within finance expenses. Upon satisfaction of the linked performance obligation, the liability is released to revenue. The Group applies a practical expedient for short term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. ",
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"fact-590": {
"value": "Finance income Finance income comprises interest receivable on invested funds calculated using the effective interest rate method, interest income and currency gains arising on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Income Statement. Finance expense Finance expense comprises interest payable on borrowings calculated using the effective interest rate method, interest expense on the net Defined Benefit pension liability, losses on financial instruments that are recognised at fair value through the Income Statement and foreign exchange losses on foreign currency denominated financial liabilities. Interest incurred on lease liabilities accounted for under IFRS 16 and interest charged in relation to significant financing components on customer advance payments are both recognised within finance expense. ",
"dimensions": {
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"fact-647": {
"value": "Finance expense Finance expense comprises interest payable on borrowings calculated using the effective interest rate method, interest expense on the net Defined Benefit pension liability, losses on financial instruments that are recognised at fair value through the Income Statement and foreign exchange losses on foreign currency denominated financial liabilities. Interest incurred on lease liabilities accounted for under IFRS 16 and interest charged in relation to significant financing components on customer advance payments are both recognised within finance expense. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-591": {
"value": "Current/non-current classification Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or consumption as part of, the Group\u2019s normal identifiable operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes in line with the Group\u2019s identifiable normal operating cycle. These liabilities are expected to be settled as part of the Group\u2019s normal course of business. All other liabilities are classified as non-current liabilities. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-648": {
"value": "Goodwill For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. For the purpose of impairment testing, goodwill is allocated to the related cash-generating unit. The only cash-generating unit of the Group is that of Aston Martin Lagonda Group as there are no smaller groups of assets that can be identified with certainty which generate specific cash flows independent of the inflows generated by other assets or groups of assets. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-592": {
"value": "Goodwill For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. For the purpose of impairment testing, goodwill is allocated to the related cash-generating unit. The only cash-generating unit of the Group is that of Aston Martin Lagonda Group as there are no smaller groups of assets that can be identified with certainty which generate specific cash flows independent of the inflows generated by other assets or groups of assets. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the Income Statement. Intangible assets Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Fair value adjustments are considered to be provisional at the first year-end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Purchased intellectual property Purchased intellectual property that is not integral to an item of property, plant and equipment is recognised separately as an intangible asset stated at cost less accumulated depreciation. Brands An acquired brand is only recognised in the Statement of Financial Position as an intangible asset where it is supported by a registered trademark, is established in the marketplace, the brand could be sold separately from the rest of the business and where the brand achieves earnings in excess of those achieved by unbranded products. The value of an acquired brand is determined by allocating the purchase price consideration of an acquired business between goodwill and the underlying fair values of the tangible assets, brands and other intangible assets acquired, using an income approach following the multi-period excess earnings methodology. Acquired brands have an indefinite life when there is no foreseeable limit to the period over which the asset is expected to generate cash inflows. Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2022 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2022 Technical and financial resources are available for the project. \u2022 An intention to complete the project has been confirmed. \u2022 The correlation between development costs and future revenues has been established. 2 Accounting policies continued Intangible assets continued Technology Patented and unpatented technology acquired in business combinations is valued using the cost approach. The obsolete element is determined by reference to the proportion of the product lifecycle that had expired at the acquisition date. Technology acquired from third parties is measured at the acquisition date fair value using the cost approach. Dealer network Save for certain direct sales of some special edition and buyer- commissioned vehicles, the Group sells its vehicles exclusively through a network of dealers. All dealers in the dealer network are independent dealers with the exception of Aston Martin Works Limited. To the extent that the Group benefits from the network, the dealer network has been valued based on costs incurred by the Group. Amortisation Following initial recognition, the historical cost model is applied, with intangible assets being carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these capitalised costs begins when the asset is available for use. Intangible assets with a finite life have no residual value and are amortised on a straight-line basis over their expected useful lives as follows: Years Purchased intellectual propert y 5 Development costs 1 to 10 Technolo gy 10 Software and other 3 to 10 Dealer network 20 The useful lives and residual values of capitalised development costs are determined at the time of capitalisation and are reviewed annually for appropriateness and recoverability. Amortisation of Special Vehicle development costs are spread evenly across the limited quantity of vehicles produced and charged to the Income Statement at the point of sale for each vehicle. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-649": {
"value": "Intangible assets Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Fair value adjustments are considered to be provisional at the first year-end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Purchased intellectual property Purchased intellectual property that is not integral to an item of property, plant and equipment is recognised separately as an intangible asset stated at cost less accumulated depreciation. Brands An acquired brand is only recognised in the Statement of Financial Position as an intangible asset where it is supported by a registered trademark, is established in the marketplace, the brand could be sold separately from the rest of the business and where the brand achieves earnings in excess of those achieved by unbranded products. The value of an acquired brand is determined by allocating the purchase price consideration of an acquired business between goodwill and the underlying fair values of the tangible assets, brands and other intangible assets acquired, using an income approach following the multi-period excess earnings methodology. Acquired brands have an indefinite life when there is no foreseeable limit to the period over which the asset is expected to generate cash inflows. Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2022 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2022 Technical and financial resources are available for the project. \u2022 An intention to complete the project has been confirmed. \u2022 The correlation between development costs and future revenues has been established. 2 Accounting policies continued Intangible assets continued Technology Patented and unpatented technology acquired in business combinations is valued using the cost approach. The obsolete element is determined by reference to the proportion of the product lifecycle that had expired at the acquisition date. Technology acquired from third parties is measured at the acquisition date fair value using the cost approach. Dealer network Save for certain direct sales of some special edition and buyer- commissioned vehicles, the Group sells its vehicles exclusively through a network of dealers. All dealers in the dealer network are independent dealers with the exception of Aston Martin Works Limited. To the extent that the Group benefits from the network, the dealer network has been valued based on costs incurred by the Group. Amortisation Following initial recognition, the historical cost model is applied, with intangible assets being carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these capitalised costs begins when the asset is available for use. Intangible assets with a finite life have no residual value and are amortised on a straight-line basis over their expected useful lives as follows: Years Purchased intellectual propert y 5 Development costs 1 to 10 Technolo gy 10 Software and other 3 to 10 Dealer network 20 The useful lives and residual values of capitalised development costs are determined at the time of capitalisation and are reviewed annually for appropriateness and recoverability. Amortisation of Special Vehicle development costs are spread evenly across the limited quantity of vehicles produced and charged to the Income Statement at the point of sale for each vehicle. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-672": {
"value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-673": {
"value": "Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2022 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2022 Technical and financial resources are available for the project. \u2022 An intention to complete the project has been confirmed. \u2022 The correlation between development costs and future revenues has been established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-594": {
"value": "Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid, and the fair value of any other consideration given, to acquire the asset including directly attributable costs to make the asset capable of operation. Borrowing costs directly attributable to assets under construction are capitalised. Depreciation is provided on all property, plant and equipment, other than land, on a straight-line basis to its residual value over its expected useful life as follows: Years Freehold buildings 30 Plant and machiner y 5 to 30 Fixtures and fittin g s 3 to 12 Toolin g 1 to 15 Motor vehicles 3 to 5 Tooling is depreciated over the life of the project. Assets in the course of construction are included in their respective category but are not depreciated until available for use. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on the derecognition of the asset is included in the Income Statement in the period of derecognition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "Government grants Government grants are recognised in the Income Statement, either on a systematic basis when the Group recognises the related costs that the grants are intended to compensate for, or immediately if the costs have already been incurred. Government grants related to assets are deducted from the cost of the asset and amortised over the useful life of the asset. Government grants are recognised when there is reasonable assurance that the Group will comply with the relevant conditions and the grant will be received. Research and development tax relief in the form of the Research and Development Expenditure Credit (\u201cRDEC\u201d) is recognised in the income statement over the periods in which the qualifying expenditure giving rise to the RDEC claim is recognised, as the Group\u2019s assessment of the conditions of receipt of the RDEC concludes that it meets the definition of a Government grant. Claims are submitted annually based on the qualifying expenditure for a given accounting period. If the subsidiary submitting the claim is loss-making, the RDEC claim is restricted by an amount equal to the current rate of UK corporation tax. The restricted amount can be applied in discharging any liability of the subsidiary to pay corporation tax in any subsequent tax period and has been accounted for as an unused tax credit in accordance with IAS 12 and is included within deferred tax assets. Government grants continued Amounts recognised in operating cash flows are presented net of proceeds of applicable Government grants. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-595": {
"value": "Carbon credits The import of vehicles into certain jurisdictions can trigger a requirement to eliminate negative carbon credits, which gives rise to a present obligation as a result of a past event. In accordance with IAS 37, the Group recognises a provision for this obligation, measured at the cost of purchasing positive credits to offset the negative credits. As at 31 December 2022 the provision recognised for these carbon credits was not material ",
"dimensions": {
"concept": "astonmartinplc:DescriptionOfAccountingPolicyForCarbonCredits",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-596": {
"value": "Right-of-use assets and lease liabilities \u2013 IFRS 16 The Group adopted IFRS 16 using the modified retrospective approach in 2019. Leases under which the Group acts as lessee The Group is a party to lease contracts for buildings, plant and machinery and IT equipment. The Group recognises a right-of- use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Moreover, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, an estimate of the Group\u2019s incremental borrowing rate at that point in time. The Group estimates the incremental borrowing rate by taking a credit risk adjusted risk free rate in addition to making other specific adjustments to account for certain characteristics in the lease such as geography, type of asset and security pledged. Lease payments included in the measurement of the lease liability comprise either fixed lease payments or lease payments subject to periodic fixed increases. The lease liability is measured at amortised cost using the effective interest rate method. Lease payments are allocated between principal and interest cost with the interest costs charged to the Income Statement over the lease period. The liability is remeasured when there is an increase/decrease in future lease payments arising from a change in an index or rate specified. Short term leases and leases of low-value assets The Group does not recognise right of-use-assets and lease liabilities for short term leases that have a lease term of fewer than 12 months and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis in the Income Statement over the lease term. Leases under which the Group acts as lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to the lease of the underlying right-of-use asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease period forms a major part of the economic life of the asset. The Group recognises lease payments received under operating leases on a straight-line basis over the lease term in the Income Statement. The Group has no sub-leases that qualify as finance leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-597": {
"value": "Impairment of assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset, or cash-generating unit\u2019s, fair value less costs to sell and its value-in-use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses on continuing operations are recognised in the Income Statement. Impairment of assets continued For goodwill, brands and other intangible assets that have an indefinite life, the recoverable amount is estimated annually or more frequently when there is an indication that the asset is impaired. For intangible assets, property, plant and equipment, and right- of-use lease assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the Income Statement as income immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-598": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. For service and restoration projects, net realisable value is the price at which the project can be invoiced in the normal course of business after allowing for the costs of realisation. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: \u2022 Raw materials, service parts and spare parts \u2013 purchase cost on a first-in, first-out basis. \u2022 Work in progress and finished vehicles \u2013 cost of direct materials and labour plus attributable overheads based on a normalised level of activity, excluding borrowing costs. Provisions are made, on a specific basis, for obsolete, slow- moving and defective stocks and if the cost of the service or restoration project cannot be fully recovered. Inventories held under financing arrangements are recognised when control is transferred to the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-599": {
"value": "Cash and cash equivalents Cash and cash equivalent in the Statement of Financial Position comprise: \u2022 cash, being cash at banks and in hand as well as demand deposits; and \u2022 cash equivalents, being short term deposits with an original maturity of three months or less, subject to insignificant changes in value. which are readily convertible to known amounts and held to meet short term commitments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-600": {
"value": "Derivative financial instruments Derivative financial assets and liabilities are recognised in the Statement of Financial Position at fair value when the Group becomes a party to the contractual provisions of the instrument. The Group uses derivative instruments to manage its exposure to foreign exchange risk arising from operating activities. Movements in the fair value of foreign exchange derivatives not qualifying for hedge accounting are recognised in finance income or expense. The accounting policy on derivatives that are designated as hedging instruments in hedging relationships is detailed in the hedge accounting policies. A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-601": {
"value": "Financial assets and liabilities Financial assets are cash or a contractual right to receive cash or another financial asset from another entity or to exchange financial assets or liabilities with another entity under conditions that are potentially favourable to the entity. In addition, contracts that result in another entity delivering a variable number of its own equity instruments are financial assets. Derivative financial instruments including equity options are held at fair value. All other financial instruments are held at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-602": {
"value": "Trade and other receivables Trade and other receivables are carried at the lower of their original invoiced value and recoverable amount. A trade receivable loss allowance is measured at an amount equal to the lifetime expected credit loss at initial recognition and throughout the life of the receivable. Receivables are not discounted as the time value of money is not considered to be material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-603": {
"value": "Trade and other payables Trade and other payables are recognised and carried at their original invoiced value. Trade payables are not discounted to consider the time value of money as the impact is immaterial. Refundable and non-refundable customer deposits are held as contract liabilities within current trade and other payables. Inventory sale and repurchase arrangements, which are in substance financing transactions, are included in other payables. The difference between the sale and repurchase value is accounted for as part of the effective interest calculation. The effective interest is charged to the Income Statement over the period from sale to repayment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-650": {
"value": "Hedge accounting The Group uses derivative financial instruments in the form of forward currency contracts, and certain US dollar denominated borrowings, to hedge the foreign currency risk of sales (including inter-Group sales) of finished vehicles and external purchases of component parts. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, or the foreign currency risk of an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objectives and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess hedge effectiveness. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes resulting from that economic relationship. \u2022 The theoretical hedge ratio of the hedging relationship is the same as practically occurs. Derivative financial instruments The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element is recognised in Other Comprehensive Income and accumulated in a separate component of equity under cost of hedging reserve. Financial liability as a hedge Foreign currency differences arising on the retranslation of a financial liability designated as a cash flow hedge are recognised directly in Other Comprehensive Income to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in the Income Statement. Subsequent accounting The amounts accumulated in both the cash flow hedge reserve and the cost of hedging reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in the hedge reserve is removed and included in the initial cost of the hedge item. For any other cash flow hedges, the amount accumulated in the hedge reserve is reclassified to the Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flow affects profit or loss. If hedge accounting is discontinued, the amount that has been accumulated in the hedge reserve must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to the Income Statement as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in the hedge reserve is accounted for depending on the nature of the underlying transaction. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-604": {
"value": "Hedge accounting The Group uses derivative financial instruments in the form of forward currency contracts, and certain US dollar denominated borrowings, to hedge the foreign currency risk of sales (including inter-Group sales) of finished vehicles and external purchases of component parts. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, or the foreign currency risk of an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objectives and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess hedge effectiveness. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes resulting from that economic relationship. \u2022 The theoretical hedge ratio of the hedging relationship is the same as practically occurs. Derivative financial instruments The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element is recognised in Other Comprehensive Income and accumulated in a separate component of equity under cost of hedging reserve. Financial liability as a hedge Foreign currency differences arising on the retranslation of a financial liability designated as a cash flow hedge are recognised directly in Other Comprehensive Income to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in the Income Statement. Subsequent accounting The amounts accumulated in both the cash flow hedge reserve and the cost of hedging reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in the hedge reserve is removed and included in the initial cost of the hedge item. For any other cash flow hedges, the amount accumulated in the hedge reserve is reclassified to the Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flow affects profit or loss. If hedge accounting is discontinued, the amount that has been accumulated in the hedge reserve must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to the Income Statement as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in the hedge reserve is accounted for depending on the nature of the underlying transaction. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-605": {
"value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recorded and redemption value being recognised in the Income Statement as a finance expense over the period of the borrowings on an effective interest basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-606": {
"value": "Pensions The Group operates a Defined Contribution pension plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to Defined Contribution pension plans are recognised as an expense in the Income Statement in the periods during which services are rendered by employees. The Group operates a Defined Benefit pension plan, which is contracted out of the state scheme. The Group\u2019s net obligation in respect of Defined Benefit plans is calculated for the plan by estimating the amount of the future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of Defined Benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. When the calculation results in a deficit for the Group, the recognised liability is adjusted for the discounted value of future deficit reduction contributions in excess of the calculated deficit. Pensions continued Remeasurements of the net Defined Benefit asset or liability, which comprise actuarial gains and losses, the interest on plan assets, and the effect of the asset ceiling or minimum funding requirements, are recognised immediately in Other Comprehensive Income. The Group determines the net interest expense (income) on the net Defined Benefit asset or liability, considering any changes in the net defined asset or liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to Defined Benefit plans are recognised in the Income Statement. When the benefits of the plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service cost or the gain or loss on curtailment is recognised immediately in the Income Statement. The Group recognises gains and losses on the settlement of a Defined Benefit plan when the settlement occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "Share-based payment transactions The fair value of equity-classified share-based awards with both market and non-market-based performance conditions is recognised as an expense within administrative and other expenses in the Income Statement, with a corresponding increase in equity over the period that the employees become unconditionally entitled to the shares. The amount recognised as an expense is adjusted to reflect both non-market-based conditions, such as continued employment and profit-related metrics, in addition to market- based conditions driven by an estimation of the quantum of awards expected to vest at the date of grant. Where the Group obtains goods or services in exchange for the issuance of shares, these are accounted for as equity-settled share-based payments in accordance with IFRS 2. Where the fair value of the goods or services can be estimated reliably, these are recorded at fair value with a corresponding increase in equity. In the instance of a scheme modification the number of shares comprised in an award is adjusted to reflect equity changes in the Group and will therefore not impact underlying charges. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "Provisions The Group provides product warranties on all new vehicle sales. Warranty provisions are recognised when vehicles are sold or when new warranty programmes are initiated. Based on historical warranty claim experience, assumptions are made on the type and extent of future warranty claims including non- contractual warranty claims as well as on possible recall campaigns. These assessments are based on the frequency and extent of vehicle faults and defects in the past. In addition, the estimates include assumptions on the potential repair costs per vehicle and the effects of possible time or mileage limits. The provisions are regularly adjusted to reflect new information. Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: \u2022 there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and \u2022 the employees affected have been notified of the plan\u2019s main features. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-651": {
"value": "Income taxes Tax on the profit or loss for the period represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised directly in equity or Other Comprehensive Income whereby the tax treatment follows that of the underlying item. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and can be estimated. Any interest and penalties accrued, if applicable, are included in income taxes in both the Consolidated Income Statement and the Consolidated Statement of Financial Position. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, with the following exceptions: \u2022 Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Income taxes continued \u2022 In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. \u2022 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled. Deferred tax assets and liabilities are disclosed on a net basis where a right of offset exists. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "Income taxes Tax on the profit or loss for the period represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised directly in equity or Other Comprehensive Income whereby the tax treatment follows that of the underlying item. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and can be estimated. Any interest and penalties accrued, if applicable, are included in income taxes in both the Consolidated Income Statement and the Consolidated Statement of Financial Position. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, with the following exceptions: \u2022 Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Income taxes continued \u2022 In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. \u2022 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled. Deferred tax assets and liabilities are disclosed on a net basis where a right of offset exists. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends and distributions relating to equity instruments are debited direct to equity. ",
"dimensions": {
"concept": "astonmartinplc:DescriptionOfAccountingPolicyForEquityInstruments",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "Adjusting items An adjusting item is disclosed separately in the Consolidated Statement of Comprehensive Income where the quantum, nature or volatility of such items would otherwise distort the underlying trading performance of the Group including where they are not expected to repeat in future periods. The tax effect is also included. Details in respect of adjusting items recognised in the current and prior year are set out in note 5. ",
"dimensions": {
"concept": "astonmartinplc:DescriptionOfAccountingPolicyForAdjustingItems",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "Critical accounting assumptions and key sources of estimation uncertainty estimates The preparation of Financial Statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. In the process of applying the Group\u2019s accounting policies, which are described in this note, management have made estimates. Other than as set out below, variations in the remaining estimates are not considered to give rise to a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group considers it appropriate to identify the nature of the estimates used in preparing the Group Financial Statements and the main sources of estimation uncertainty are: \u2022 impairment of finite life intangible assets; \u2022 the measurement of Defined Benefit pension assets and obligations; and \u2022 the recognition of deferred tax assets. Impairment of finite life intangible assets For intangible assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. The result of the calculation of the value-in-use is sensitive to the assumptions made and is a subjective estimate (note 13). Measurement of pension assets and obligations There are a range of assumptions that could be made, and the measurement of Defined Benefit pension assets and obligations are sensitive to these. Note 25 provides information on these assumptions and the inherent sensitivities. Measurement of Defined Benefit pension obligations requires estimation of future changes in salaries and inflation, mortality rates, the expected return on assets and suitable discount rates (note 25). Recognition of deferred tax assets Deferred tax assets are first recognised against deferred tax liabilities relating to the same taxation authority and the same taxable company which are expected to reverse in the same period. Net deferred tax assets remaining are then only recognised to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. The Group reviews the same underlying assumptions and future forecasts used for impairment testing, going concern and viability assessments to evaluate the level of estimated future taxable profits and the associated level of net deferred tax assets which are supportable for recognition at the reporting date. In considering recoverability of the deferred tax assets the Group relies upon future forecasts, which inherently increases the level of significant estimation uncertainty in the later periods. Note 9 provides information on the inherent sensitivities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "New accounting standards The following standards, amendments and interpretations were applicable for the period beginning 1 January 2022 and were adopted by the Group for the year to 31 December 2022. They have not had a significant impact on the Group\u2019s result for the year, equity or disclosures: \u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-614": {
"value": "The following are new accounting standards and amendments to existing standards that have been published and are applicable for the Group\u2019s accounting periods beginning 1 January 2023 onwards, which the Group has not adopted early: \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The adoption of these standards and amendments is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-615": {
"value": "3 Segmental reporting Operating segments are defined as components of the Group about which separate financial information is available and is evaluated regularly by the chief operating decision-maker in assessing performance. The Group has only one operating segment, the automotive segment, and therefore no separate segmental report is disclosed. The automotive segment includes all activities relating to design, development, manufacture and marketing of vehicles including consulting services; as well as the sale of parts, servicing and automotive brand activities from which the Group derives its revenues. Revenue 2022 \u00a3m 2021 \u00a3m Anal y sis b y cate g or y Sale of vehicles 1,291.5 1,005.4 Sale of parts 70.8 65.5 Servicing of vehicles 9.3 10.6 Brands and motorsport 9.9 13.8 1,381.5 1,095.3 Revenue 2022 \u00a3m 2021 \u00a3m Analysis by geographical location United Kin g dom 366.0 231.3 The Americas 401.8 302.7 Rest of Europe, Middle East and Africa 260.2 233.8 Asia Pacific 353.5 327.5 1,381.5 1,095.3 Non-current assets other than financial instruments and deferred tax assets by geographical location As at 31 December 2022 Right-of-use lease asset \u00a3m Property, plant, equipment \u00a3m Goodwill \u00a3m Intangible assets \u00a3m Other receivables \u00a3m Total \u00a3m United Kin g dom 60.7 301.6 85.4 1,155.8 \u2013 1,603.5 The Americas 8.3 4.0 \u2013 \u2013 4.3 16.6 Rest of Europe 0.1 64.3 \u2013 153.4 2.0 219.8 Asia Pacific 5.3 \u2013 \u2013 \u2013 \u2013 5.3 74.4 369.9 85.4 1,309.2 6.3 1,845.2 As at 31 December 2021 Right-of-use lease asset \u00a3m Property, plant, equipment \u00a3m Goodwill \u00a3m Intangible assets \u00a3m Other receivables \u00a3m Total \u00a3m United Kingdom 61.1 267.8 85.4 1,145.1 \u2013 1,559.4 The Americas 7.4 0.7 \u2013 \u2013 \u2013 8.1 Rest of Europe \u2013 86.8 \u2013 153.6 2.1 242.5 Asia Pacific 7.5 0.2 \u2013 \u2013 \u2013 7.7 76.0 355.5 85.4 1,298.7 2.1 1,817.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-616": {
"value": "4 Operating loss The Group\u2019s operating loss is stated after charging/(crediting): 2022 \u00a3m 2021 \u00a3m Depreciation and impairment of property, plant and equipment (note 14) 80.7 65.0 Depreciation released from/(absorbed into) inventor y under standard costin g (2.9) 0.3 Depreciation and impairment of ri g ht-of-use lease assets (note 15) 11.0 9.3 Amortisation and impairment of intan g ible assets (note 12) 227.4 135.0 Amortisation released from/(absorbed into) inventor y under standard costin g (8.1) 2.6 Depreciation, amortisation and impairment charges included in administrative and other operating expenses 308.1 212.2 Increase in trade receivable loss allowance \u2013 administrative and other operatin g expenses (note 22) 0.6 3.1 Research and development expenditure tax credit (18.4) (16.6) Net forei g n currenc y differences 8.7 11.2 Cost of inventories recognised as an expense 798.0 641.4 Write-down of inventories to net realisable value 8.9 0.2 (Increase)/decrease in fair value of other derivative contracts (2.3) 0.7 Lease pa y ments ( g ross of sub-lease receipts) Plant, machiner y and IT equipment* 0.7 0.3 Sub-lease receipts Land and buildin g s (0.6) (0.6) Auditor\u2019s remuneration: Audit of these Financial Statements 0.3 0.3 Audit of Financial Statements of subsidiaries pursuant to le g islation 0.4 0.3 Audit-related assurance 0.1 0.1 Services related to corporate finance transactions 0.2 0.1 Research and development expenditure reco g nised as an expense 14.1 13.0 * Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short term and low-value leases 2022 \u00a3m 2021 \u00a3m Total research and development expenditure 246.1 191.2 Capitalised research and development expenditure (note 12) (232.0) (178.2) Research and development expenditure reco g nised as an expense 14.1 13.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-617": {
"value": "5 Adjusting items 2022 \u00a3m 2021 \u00a3m A d j ustin g operatin g expenses: ERP implementation costs1 (6.9) (4.0) Defined Benefit pension scheme closure costs 2 (13.5) \u2013 Director settlement and incentive arran g ements 3 (3.5) \u2013 Restructurin g costs 7 \u2013 2.4 Lease earl y exit costs8 \u2013 (0.6) (23.9) (2.2) A d j ustin g finance income: Forei g n exchan g e g ain on financial instrument utilised durin g refinance transactions 4 4.1 \u2013 Gain on financial instruments reco g nised at fair value throu g h Income Statement 5 8.4 34.1 A d j ustin g finance expenses: Premium paid on the early redemption of Senior Secured Notes 4 (14.3) \u2013 Write-off of capitalised borrowing fees upon early settlement of Senior Secured Notes 4 (16.4) \u2013 Professional fees incurred on refinancin g expensed directl y to the Income Statement4 (1.9) \u2013 (20.1) 34.1 Total adjusting items before tax (44.0) 31.9 Tax charge on adjusting items6 \u2013 (8.1) Tax credit due to remeasurement of deferred tax on previousl y classified ad j ustin g items 6 \u2013 16.4 Ad j ustin g items after tax (44.0) 40.2 Summary of 2022 adjusting items 1. In the year ended 31 December 2022 the Group incurred further implementation costs for a cloud-based Enterprise Resource Planning (ERP) system for which the Group will not own any intellectual property. \u00a36.9m of costs have been incurred in the period under the service contract and expensed to the Income Statement during the business readiness phase of the project. The project continues to undergo a phased rollout during 2023 following the previous migration of finance in 2022. Due to the infrequent recurrence of such costs and the expected quantum during the implementation phase, these have been separately presented as adjusting. The cash impact of this item is a working capital outflow at the time of invoice payment. 2. On 31 January 2022, the Group closed its Defined Benefit Pension Scheme to future accrual incurring a past service cost of \u00a32.8m. Under the terms of the closure agreement, employees were granted cash payments both in the current year and the following two financial years totalling \u00a38.7m. These costs have been fully accrued. In addition, the affected the employees were each granted 185 shares incurring a share-based payment charge of \u00a31.0m during the year. The terms of the agreement provide the employees with a minimum guaranteed value for these shares subject to their ongoing employment with the Group. The Group will pay the employees a further cash sum if the share price at 1 February 2024 does not meet this value. The charge associated with this portion is \u00a31.0m in the year ended 31 December 2022 and is being accounted for in accordance with IFRS2 as a cash settled share-based payment scheme. Further costs are expected in future periods under this guarantee until the liability crystallises in February 2024. The Group will continue to present these costs in adjusting items due to their volatile nature and connection with the closure of the pension scheme which is considered a non-recurring event. 3. On 14 January 2022, it was announced that Doug Lafferty would be joining the Group as Chief Financial Officer replacing Ken Gregor who stepped down from the Board on 1 May 2022. On 4 May, it was announced that Tobias Moers would be stepping down as Chief Executive Officer and Chief Technical Officer. Amedeo Felisa was appointed as Chief Executive Officer and Roberto Fedeli was appointed as Chief Technical Officer on the same day. The total cost associated with these changes was \u00a33.5m, of which \u00a31.8m represents joining incentives, \u00a30.7m represents severance (note 6), and \u00a31.0m comprises social security and other costs. Due to the quantum of such costs incurred in the period, they have been separately presented. The cash outflows associated with this expense are expected to be incurred within a period of 12 months from the appointment of each individual. 4. Following the successful equity raise in September 2022, the Group paid down $40.3m of First Lien Senior Secured Notes (\u201cSSNs\u201d) and $143.8m of Second Lien SSNs. The early settlement of these notes incurred a redemption premium of \u00a314.3m and transaction fees of \u00a31.9m and resulted in the acceleration of capitalised borrowing costs of \u00a316.4m. The cash impact of the fees and premium are incurred within the year ended 31 December 2022. The acceleration of the borrowing costs is a non- cash item. In order to facilitate the repayment of the SSNs the Group placed a forward currency contract to purchase US dollars. Due to favourable movements in the exchange rates, a gain of \u00a34.1m was realised in the Income Statement at the transaction date 5. The Group issued Second Lien SSNs during the year ended 31 December 2020 which included detachable warrants classified as a derivative option liability initially valued at \u00a334.6m. The movement in fair value of the liability in the year ended 31 December 2022 resulted in a gain of \u00a38.4m (2021: \u00a334.1m) being recognised in the Income Statement. There is no cash impact of this adjustment. 6. In 2022, nil tax has been recognised as an adjusting item (2021: \u00a38.3m credit) which is not in line with the standard rate of income tax for the Group of 19% (2021: 19%). This is on the basis that the adjusting items generate net deferred tax assets, specifically unused tax losses and interest amounts disallowed under the corporate interest restriction legislation, which have not been recognised to the extent that sufficient taxable profits are not forecast in the foreseeable future to which the unused tax losses and interest amounts disallowed under the corporate interest restriction legislation would be utilised. In 2021, a total tax credit of \u00a38.3m was recognised as an adjusting item. The effective tax rate associated with the tax credit on adjusting items in the prior period was not in line with the standard rate of income tax for the Group at 19%. This was due to a \u00a316.4m tax credit attributable to deferred tax balances on items treated as adjusting in previous years being re-measured at 25%. Summary of 2021 adjusting items 7. During 2020 the Group provided \u00a312.1m for restructuring costs associated with a reduction in employee numbers to reflect the lower than originally planned production volumes. In addition to this, the Group incurred an additional \u00a30.3m of phase one restructuring costs in 2020. A revision to the estimated total costs resulting from greater natural attrition resulted in \u00a32.4m of the existing provision being released to the Income Statement during the year ended 31 December 2021. The cash impact of the restructuring cost is realised in line with the movement in the provision (note 24). The credit to the Consolidated Income Statement in 2021 had no cash impact. 8. In the year ended 31 December 2021 the Group continued to rationalise its geographical footprint. The Group incurred \u00a30.6m of costs associated with surrendering a lease 30 months early. These costs have been disclosed consistently with prior periods. The rationalisation of the geographical footprint is now complete. The associated cash outflow related to this adjustment will be realised during 2022 and 2023 in line with the exit agreement.",
"dimensions": {
"concept": "astonmartinplc:DisclosureOfAdjustingItems",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-618": {
"value": "6 Staff costs and Directors\u2019 emoluments (a) Staff costs (including Directors) 2022 \u00a3m 2021 \u00a3m Wages and salaries 139.4 120.5 Social securit y costs 16.4 12.0 Expenses related to post-emplo y ment Defined Benefit plan 1 16.0 8.8 Contributions to Defined Contribution plans 17.6 10.7 189.4 152.0 1. The year ended 2022 includes Defined Benefit plan closure costs of \u00a312.5m as separately described in note 5 alongside the total in-year service costs of \u00a33.5m separately disclosed in note 25 The average monthly number of employees during the year were: B y activit y 2022 Number 2021 Number Production 1,123 1,030 Selling and distribution 276 276 Administration 1,138 1,045 2,537 2,351 (b) Directors\u2019 emoluments and transactions 2022 \u00a3m 2021 \u00a3m Directors\u2019 emoluments 3.1 1.5 Compan y contributions to pension schemes 0.1 \u2013 Share related awards 0.8 \u2013 Compensation for loss of office 0.7 \u2013 4.7 1.5 All Directors benefited from qualifying third-party indemnity provisions. Further information relating to Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 124 to 145. (c) Compensation of key management personnel (including Executive Directors) 2022 \u00a3m 2021 \u00a3m Short term employee benefits 5.6 3.9 Post-emplo y ment benefits 0.4 0.2 Compensation for loss of office 0.7 \u2013 Share-related awards 0.8 \u2013 7.5 4.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-652": {
"value": "(c) Compensation of key management personnel (including Executive Directors) 2022 \u00a3m 2021 \u00a3m Short term employee benefits 5.6 3.9 Post-emplo y ment benefits 0.4 0.2 Compensation for loss of office 0.7 \u2013 Share-related awards 0.8 \u2013 7.5 4.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-653": {
"value": "7 Finance income 2022 \u00a3m 2021 \u00a3m Bank deposit and other interest income 3.0 2.3 Finance income before adjusting items 3.0 2.3 A djusting finance income items: Forei g n exchan g e g ain on financial instrument utilised durin g refinance transactions 4.1 \u2013 Gain on financial instruments reco g nised at fair value throu g h Income Statement (note 22) 8.4 34.1 Total ad j ustin g finance income 12.5 34.1 Total finance income 15.5 36.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "7 Finance income 2022 \u00a3m 2021 \u00a3m Bank deposit and other interest income 3.0 2.3 Finance income before adjusting items 3.0 2.3 A djusting finance income items: Forei g n exchan g e g ain on financial instrument utilised durin g refinance transactions 4.1 \u2013 Gain on financial instruments reco g nised at fair value throu g h Income Statement (note 22) 8.4 34.1 Total ad j ustin g finance income 12.5 34.1 Total finance income 15.5 36.4 8 Finance expense 2022 \u00a3m 2021 \u00a3m Bank loans, overdrafts and senior secured notes 166.0 151.3 Foreign exchange loss on borrowings not designated as part of a hedging relationship 156.2 12.4 Interest on lease liabilities (note 15) 4.5 3.9 Net interest expense on the net Defined Benefit liabilit y (note 25) 1.4 1.3 Interest on contract liabilities held (note 20) 8.0 4.8 Finance expense before ad j ustin g items 336.1 173.7 A djusting finance expense items: Premium paid on the early redemption of Senior Secured Notes 14.3 \u2013 Write-off of capitalised borrowin g fees upon earl y settlement of Senior Secured Notes 16.4 \u2013 Professional fees incurred on refinancin g expensed directl y to the Income Statement 1.9 \u2013 Total ad j ustin g finance expense 32.6 \u2013 Total finance expense 368.7 173.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-654": {
"value": "8 Finance expense 2022 \u00a3m 2021 \u00a3m Bank loans, overdrafts and senior secured notes 166.0 151.3 Foreign exchange loss on borrowings not designated as part of a hedging relationship 156.2 12.4 Interest on lease liabilities (note 15) 4.5 3.9 Net interest expense on the net Defined Benefit liabilit y (note 25) 1.4 1.3 Interest on contract liabilities held (note 20) 8.0 4.8 Finance expense before ad j ustin g items 336.1 173.7 A djusting finance expense items: Premium paid on the early redemption of Senior Secured Notes 14.3 \u2013 Write-off of capitalised borrowin g fees upon earl y settlement of Senior Secured Notes 16.4 \u2013 Professional fees incurred on refinancin g expensed directl y to the Income Statement 1.9 \u2013 Total ad j ustin g finance expense 32.6 \u2013 Total finance expense 368.7 173.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "9 Taxation 2022 \u00a3m 2021 \u00a3m UK corporation tax on profits 0.2 0.5 Overseas tax 7.4 10.8 Total current income tax char g e 7.6 11.3 Deferred tax credit Origination and reversal of temporary differences 29.4 (16.1) Prior period movement (4.3) (2.4) Effect of chan g e in deferred tax rate \u2013 (17.3) Total deferred tax char g e/(credit) 25.1 (35.8) Total income tax charge/(credit) in the Income Statement 32.7 (24.5) Tax relatin g to items credited to other comprehensive income Deferred ta x Actuarial movement on Defined Benefit plan 1.7 1.0 Fair value adjustment on cash flow hedges (0.8) (1.2) Effect of change in deferred tax rate \u2013 (6.0) 0.9 (6.2) Tax relating to items charged in equity \u2013 deferred tax Effect of change in deferred tax rate \u2013 (4.8) 9 Taxation continued (a) Reconciliation of the total income tax charge/(credit) The tax charge in the Consolidated Statement of Comprehensive Income for the year is higher (2021: lower) than the standard rate of corporation tax in the UK of 19% (2021: 19%). The differences are reconciled below: 2022 \u00a3m 2021 \u00a3m Loss from operations before taxation (495.0) (213.8) Loss from operations before taxation multiplied by standard rate o f corporation tax in the UK of 19.0% (2021: 19.0%) (94.0) (40.6) Difference to total income tax char g e/(credit) due to effects of: Expenses not deductible for tax purposes 2.0 0.5 Movement in unprovided deferred tax on current period losses and restricted tax interest 84.7 15.0 Movement in unprovided deferred tax on current period accelerated capital allowances 15.6 \u2013 Dereco g nition of deferred tax assets 25.6 17.7 Irrecoverable overseas withholdin g taxes 0.8 1.4 Ad j ustments in respect of prior periods (4.3) (2.4) Effect of change in deferred tax rate \u2013 (17.3) Difference in UK tax rates 1.1 (4.8) Difference in overseas tax rates 1.2 2.9 Other \u2013 3.1 Total income tax char g e/(credit) 32.7 (24.5) (b) Tax paid Total net tax paid during the year was \u00a36.8m (2021: \u00a39.0m). (c) Factors affecting future tax charges The UK\u2019s main rate of corporation tax will increase from 19% to 25%, effective from 1 April 2023. (d) Deferred tax Recognised deferred tax assets and liabilities. Deferred tax assets and liabilities are attributable to the following: Assets 2022 \u00a3m Assets 2021 \u00a3m Liabilities 2022 \u00a3m Liabilities 2021 \u00a3m Property, plant and equipment (76.2) (111.1) \u2013 \u2013 Intan g ible assets \u2013 \u2013 181.3 186.8 Emplo y ee benefits (15.5) (19.9) \u2013 \u2013 Provisions (8.4) (6.3) \u2013 \u2013 RDEC credit 1 (16.1) (12.6) \u2013 \u2013 Losses and other deductions2 (198.6) (192.6) \u2013 \u2013 Share-based payments (0.2) (0.7) \u2013 \u2013 Other 3 \u2013 \u2013 0.7 0.8 Deferred tax (assets)/liabilities (315.0) (343.2) 182.0 187.6 Offset of tax liabilities/(assets) 181.3 186.8 (181.3) (186.8) Total deferred tax (assets)/liabilities (133.7) (156.4) 0.7 0.8 1. Deferred tax assets categorised as \u2018RDEC credit\u2019 relate to the cumulative restricted amount of the payable tax credits which can be applied or surrendered in discharging any future corporation tax liability of the claimant company, as detailed in the Government Grants section of the Accounting Policies (Note 2). 2. Deferred tax assets categorised as \u2018Losses and other deductions\u2019 relate to tax losses and tax interest amounts disallowed under the corporate interest restriction legislation. 3. Deferred tax liabilities categorised as \u2018Other\u2019 relate to withholding tax amounts on unremitted earnings expected to be distributed in the foreseeable future. 9 Taxation continued (d) Deferred tax continued Where the right exists in certain jurisdictions, deferred tax assets and liabilities have been offset. Movement in deferred tax in 2022 1 January 2022 \u00a3m Net tax recognised in Income Statement \u00a3m Net tax recognised in OCI \u00a3m Net tax recognised in equity \u00a3m Other movement \u00a3m 31 Decembe 202 \u00a3 Propert y , plant and equipment (111.1) 34.9 \u2013 \u2013 \u2013 (76. Intan g ible assets 186.8 (5.5) \u2013 \u2013 \u2013 181.3 Emplo y ee benefits (19.9) 2.7 1.7 \u2013 \u2013 (15. Provisions (6.3) (0.9) (1.2) \u2013 \u2013 (8. RDEC credit (12.6) \u2013 \u2013 \u2013 (3.5) (16. Losses and other deductions (192.6) (6.4) 0.4 \u2013 \u2013 (198. Share-based pa y ments (0.7) 0.5 \u2013 \u2013 \u2013 (0.2 Other1 0.8 (0.1) \u2013 \u2013 \u2013 0.7 (155.6) 25.2 0.9 \u2013 (3.5) (133. 1. The \u2018Other\u2019 deferred tax movement categorised above relates to the restricted amount of the payable RDEC claim projected for the financial year ended 31 December 2022. Movement in deferred tax in 2021 1 January 2021 \u00a3m Net tax recognised in Income Statement \u00a3m Net tax recognised in OCI \u00a3m Net tax recognised in equity \u00a3m Other movement \u00a3m 31 Decembe 202 \u00a3 Propert y , plant and equipment (71.1) (40.0) \u2013 \u2013 \u2013 (111. Intan g ible assets 135.2 51.6 \u2013 \u2013 \u2013 186.8 Employee benefits (17.6) 3.5 (5.8) \u2013 \u2013 (19. Provisions (11.1) 4.7 0.1 \u2013 \u2013 (6. RDEC credit (9.7) \u2013 \u2013 \u2013 (2.9) (12. Losses and other deductions (117.3) (55.1) (0.6) (4.7) (14.9) (192. Share-based pa y ments (14.9) (0.6) \u2013 (0.1) 14.9 (0.7 Other 0.6 0.2 \u2013 \u2013 \u2013 0. (105.9) (35.7) (6.3) (4.8) (2.9) (155. The Losses and other deductions of \u00a3198.6m (\u00a3794.3m gross) comprises UK tax losses of \u00a390.1m (\u00a3360.5m gross) and disallowe tax interest amounts of \u00a3108.5m (\u00a3433.8m gross). Net deferred tax assets have been recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. In evaluating the level of probable future taxable profits the Group reviews the same underlying assumptions and future forecasts used for impairment testing, going concern and viability assessments. The future forecasts cover an extended period, which inherently increases the level of significant estimation uncertainty in the later periods and, given the recent history of accumulating tax losses, the Group has also evaluated whether there is convincing other evidence that sufficient taxable profit will be available in determining the supportable level of net deferred tax assets whic have been recognised at the reporting date. Based upon the current business plan, together with the equity capital raise and a strengthened Executive team it is forecast that taxable profits will start being generated in the UK in the short term which provides convincing evidence for recognising those deferred tax assets. The Group has gross deferred tax assets unrecognised at the reporting date totalling \u00a31,005.3m comprised of \u00a3623.7m tax losse \u00a3223.0m accelerated capital allowances, \u00a314.3m US provisions and \u00a3144.3m of disallowed tax interest amounts. The aggregate amount of temporary differences associated with investments in subsidiaries and branches for which deferred tax liabilities have not been recognised is \u00a338.4m for the financial year ended 31 December 2022 (2021: 34.0m). An increase/decreas of 10% in forecast profits in each period would increase/decrease the level of net deferred tax recognised on losses by \u00a36.8m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-655": {
"value": "(d) Deferred tax Recognised deferred tax assets and liabilities. Deferred tax assets and liabilities are attributable to the following: Assets 2022 \u00a3m Assets 2021 \u00a3m Liabilities 2022 \u00a3m Liabilities 2021 \u00a3m Property, plant and equipment (76.2) (111.1) \u2013 \u2013 Intan g ible assets \u2013 \u2013 181.3 186.8 Emplo y ee benefits (15.5) (19.9) \u2013 \u2013 Provisions (8.4) (6.3) \u2013 \u2013 RDEC credit 1 (16.1) (12.6) \u2013 \u2013 Losses and other deductions2 (198.6) (192.6) \u2013 \u2013 Share-based payments (0.2) (0.7) \u2013 \u2013 Other 3 \u2013 \u2013 0.7 0.8 Deferred tax (assets)/liabilities (315.0) (343.2) 182.0 187.6 Offset of tax liabilities/(assets) 181.3 186.8 (181.3) (186.8) Total deferred tax (assets)/liabilities (133.7) (156.4) 0.7 0.8 1. Deferred tax assets categorised as \u2018RDEC credit\u2019 relate to the cumulative restricted amount of the payable tax credits which can be applied or surrendered in discharging any future corporation tax liability of the claimant company, as detailed in the Government Grants section of the Accounting Policies (Note 2). 2. Deferred tax assets categorised as \u2018Losses and other deductions\u2019 relate to tax losses and tax interest amounts disallowed under the corporate interest restriction legislation. 3. Deferred tax liabilities categorised as \u2018Other\u2019 relate to withholding tax amounts on unremitted earnings expected to be distributed in the foreseeable future. 9 Taxation continued (d) Deferred tax continued Where the right exists in certain jurisdictions, deferred tax assets and liabilities have been offset. Movement in deferred tax in 2022 1 January 2022 \u00a3m Net tax recognised in Income Statement \u00a3m Net tax recognised in OCI \u00a3m Net tax recognised in equity \u00a3m Other movement \u00a3m 31 Decembe 202 \u00a3 Propert y , plant and equipment (111.1) 34.9 \u2013 \u2013 \u2013 (76. Intan g ible assets 186.8 (5.5) \u2013 \u2013 \u2013 181.3 Emplo y ee benefits (19.9) 2.7 1.7 \u2013 \u2013 (15. Provisions (6.3) (0.9) (1.2) \u2013 \u2013 (8. RDEC credit (12.6) \u2013 \u2013 \u2013 (3.5) (16. Losses and other deductions (192.6) (6.4) 0.4 \u2013 \u2013 (198. Share-based pa y ments (0.7) 0.5 \u2013 \u2013 \u2013 (0.2 Other1 0.8 (0.1) \u2013 \u2013 \u2013 0.7 (155.6) 25.2 0.9 \u2013 (3.5) (133. 1. The \u2018Other\u2019 deferred tax movement categorised above relates to the restricted amount of the payable RDEC claim projected for the financial year ended 31 December 2022. Movement in deferred tax in 2021 1 January 2021 \u00a3m Net tax recognised in Income Statement \u00a3m Net tax recognised in OCI \u00a3m Net tax recognised in equity \u00a3m Other movement \u00a3m 31 Decembe 202 \u00a3 Propert y , plant and equipment (71.1) (40.0) \u2013 \u2013 \u2013 (111. Intan g ible assets 135.2 51.6 \u2013 \u2013 \u2013 186.8 Employee benefits (17.6) 3.5 (5.8) \u2013 \u2013 (19. Provisions (11.1) 4.7 0.1 \u2013 \u2013 (6. RDEC credit (9.7) \u2013 \u2013 \u2013 (2.9) (12. Losses and other deductions (117.3) (55.1) (0.6) (4.7) (14.9) (192. Share-based pa y ments (14.9) (0.6) \u2013 (0.1) 14.9 (0.7 Other 0.6 0.2 \u2013 \u2013 \u2013 0. (105.9) (35.7) (6.3) (4.8) (2.9) (155. The Losses and other deductions of \u00a3198.6m (\u00a3794.3m gross) comprises UK tax losses of \u00a390.1m (\u00a3360.5m gross) and disallowe tax interest amounts of \u00a3108.5m (\u00a3433.8m gross). Net deferred tax assets have been recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. In evaluating the level of probable future taxable profits the Group reviews the same underlying assumptions and future forecasts used for impairment testing, going concern and viability assessments. The future forecasts cover an extended period, which inherently increases the level of significant estimation uncertainty in the later periods and, given the recent history of accumulating tax losses, the Group has also evaluated whether there is convincing other evidence that sufficient taxable profit will be available in determining the supportable level of net deferred tax assets whic have been recognised at the reporting date. Based upon the current business plan, together with the equity capital raise and a strengthened Executive team it is forecast that taxable profits will start being generated in the UK in the short term which provides convincing evidence for recognising those deferred tax assets. The Group has gross deferred tax assets unrecognised at the reporting date totalling \u00a31,005.3m comprised of \u00a3623.7m tax losse \u00a3223.0m accelerated capital allowances, \u00a314.3m US provisions and \u00a3144.3m of disallowed tax interest amounts. The aggregate amount of temporary differences associated with investments in subsidiaries and branches for which deferred tax liabilities have not been recognised is \u00a338.4m for the financial year ended 31 December 2022 (2021: 34.0m). An increase/decreas of 10% in forecast profits in each period would increase/decrease the level of net deferred tax recognised on losses by \u00a36.8m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "10 Dividends No dividends were declared or paid by the Company in the year ended 31 December 2022 (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "11 Earnings per ordinary share Basic earnings per ordinary share is calculated by dividing the loss for the year available for equity holders by the weighted average number of ordinary shares in issue during the year. On 28 September 2022 the Company issued 559.0m ordinary shares by way of a rights issue. Due to the shares being issued at substantially below market price, a bonus issue is deemed to have taken place. A total of 211.6m shares issued were considered bonus shares. The weighted average shares used to calculate earnings per share in both the current and the prior year have been adjusted accordingly. Continuin g and total operations 2022 2021 Restated * Basic earnin g s per ordinar y share Loss available for equit y holders (\u00a3m) (528.6) (191.6) Basic wei g hted avera g e number of ordinar y shares (million) 1 424.7 327.1 Basic loss per ordinary share (pence) (124.5p) (58.6p) 1. To aid users understanding of the movement in the basic and diluted earnings per ordinary share presented for the comparative period, the following table reconciles the numbers presented in the 2021 Annual Report and Accounts to those presented above Continuing and total operations \u2013 12 months ended 31 December 2021 As presented 2021 Annual Report Bonus element of rights issue (note 26) As presented above Basic earnin g s per ordinar y share Loss available for equit y holders (\u00a3m) (191.6) \u2013 (191.6) Basic weighted average number of ordinary shares (million) 115.5 211.6 327.1 Basic loss per ordinar y share (pence) (165.9p) 107.3p (58.6p) Diluted earnings per ordinary share Loss available for equity holders (\u00a3m) (191.6) \u2013 (191.6) Diluted weighted average number of ordinary shares (million) 115.5 211.6 327.1 Diluted loss per ordinar y share (pence) (165.9p) 107.3p (58.6p) Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted average number of dilutive ordinary share awards outstanding during the year including the future technology shares and warrants detailed above. The weighted average number of dilutive ordinary share awards outstanding during the year are excluded when including them would be anti-dilutive to the earnings per share value. 2022 Number 2021 Number Restated * Diluted weighted average number of ordinary shares is calculated as: Basic wei g hted avera g e number of ordinar y shares (million) 424.7 327.1 Ad j ustments for calculation of diluted earnin g s per share: 1 Lon g term incentive plans \u2013 \u2013 Issue of unexercised ordinar y share warrants \u2013 \u2013 Issue of tranche 2 shares \u2013 \u2013 Wei g hted avera g e number of diluted ordinar y shares (million) 424.7 327.1 1. The number of ordinary shares issued as part of the long term incentive plans, the potential number of ordinary shares issued as part of the 2020 issue of share warrants and the future issuance of shares for access to MBAG technology have been excluded from the weighted average number of diluted ordinary shares as including them is anti-dilutive to diluted earnings per share 11 Earnings per ordinary share continued As part of the Strategic Cooperation Agreement entered into in December 2020 with MBAG, shares were issued for access to tranche 1 technology. The Agreement includes an obligation to issue further shares for access to further technology in a future period (note 29). Warrants to acquire shares in the Company were issued alongside the Second Lien SSNs in December 2020 which can be exercised from 1 July 2021 through to 7 December 2027. As a consequence of the rights issue during the period (note 26) the number of ordinary shares issuable via the options was increased by a multiple of 6 to ensure the warrant holders\u2019 interests were not diluted. As at 31 December 2022 96,129,252 options, each entitled to 0.3 ordinary shares, remain unexercised. Both the future MBAG tranches and the future issuance of warrants may have a dilutive effect in future periods if the Group generates a profit. Adjusted earnings per share is disclosed in note 33 to show performance undistorted by adjusting items to assist in providing useful information on the underlying performance of the Group and enhance the comparability of information between reporting periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-656": {
"value": "12 Intangible assets Goodwill \u00a3m Brands \u00a3m Technology \u00a3m Capitalised development cost \u00a3m Dealer network \u00a3m Software and other \u00a3m Total \u00a3m Cost Balance at 1 Januar y 2021 85.4 297.6 163.5 1,435.7 15.4 63.0 2,060.6 Additions \u2013 \u2013 \u2013 178.2 \u2013 4.1 182.3 Balance at 31 December 2021 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Balance at 1 January 2022 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Additions 232.0 5.9 237.9 Balance at 31 December 2022 85.4 297.6 163.5 1,845.9 15.4 73.0 2,480.8 Amortisation Balance at 1 Januar y 2021 \u2013 \u2013 8.1 651.6 10.1 54.0 723.8 Charge for the year \u2013 \u2013 1.8 129.0 0.7 3.5 135.0 Balance at 31 December 2021 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Balance at 1 Januar y 2022 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Char g e for the y ear 1.9 221.4 0.8 3.3 227.4 Balance at 31 December 2022 \u2013 \u2013 11.8 1,002.0 11.6 60.8 1,086.2 Net book value At 1 January 2021 85.4 297.6 155.4 784.1 5.3 9.0 1,336.8 At 31 December 2021 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 1 Januar y 2022 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 31 December 2022 85.4 297.6 151.7 843.9 3.8 12.2 1,394.6 On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic architecture via a Strategic Cooperation Agreement. The Group was required to undertake a valuation exercise to measure the fair value of the access to the MBAG technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology is \u00a3142.3m. The \u00a3142.3m represents the assumed cost at acquisition from which point the cost model has been adopted. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "12 Intangible assets Goodwill \u00a3m Brands \u00a3m Technology \u00a3m Capitalised development cost \u00a3m Dealer network \u00a3m Software and other \u00a3m Total \u00a3m Cost Balance at 1 Januar y 2021 85.4 297.6 163.5 1,435.7 15.4 63.0 2,060.6 Additions \u2013 \u2013 \u2013 178.2 \u2013 4.1 182.3 Balance at 31 December 2021 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Balance at 1 January 2022 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Additions 232.0 5.9 237.9 Balance at 31 December 2022 85.4 297.6 163.5 1,845.9 15.4 73.0 2,480.8 Amortisation Balance at 1 Januar y 2021 \u2013 \u2013 8.1 651.6 10.1 54.0 723.8 Charge for the year \u2013 \u2013 1.8 129.0 0.7 3.5 135.0 Balance at 31 December 2021 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Balance at 1 Januar y 2022 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Char g e for the y ear 1.9 221.4 0.8 3.3 227.4 Balance at 31 December 2022 \u2013 \u2013 11.8 1,002.0 11.6 60.8 1,086.2 Net book value At 1 January 2021 85.4 297.6 155.4 784.1 5.3 9.0 1,336.8 At 31 December 2021 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 1 Januar y 2022 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 31 December 2022 85.4 297.6 151.7 843.9 3.8 12.2 1,394.6 On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic architecture via a Strategic Cooperation Agreement. The Group was required to undertake a valuation exercise to measure the fair value of the access to the MBAG technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology is \u00a3142.3m. The \u00a3142.3m represents the assumed cost at acquisition from which point the cost model has been adopted. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-674": {
"value": "12 Intangible assets Goodwill \u00a3m Brands \u00a3m Technology \u00a3m Capitalised development cost \u00a3m Dealer network \u00a3m Software and other \u00a3m Total \u00a3m Cost Balance at 1 Januar y 2021 85.4 297.6 163.5 1,435.7 15.4 63.0 2,060.6 Additions \u2013 \u2013 \u2013 178.2 \u2013 4.1 182.3 Balance at 31 December 2021 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Balance at 1 January 2022 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 Additions 232.0 5.9 237.9 Balance at 31 December 2022 85.4 297.6 163.5 1,845.9 15.4 73.0 2,480.8 Amortisation Balance at 1 Januar y 2021 \u2013 \u2013 8.1 651.6 10.1 54.0 723.8 Charge for the year \u2013 \u2013 1.8 129.0 0.7 3.5 135.0 Balance at 31 December 2021 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Balance at 1 Januar y 2022 \u2013 \u2013 9.9 780.6 10.8 57.5 858.8 Char g e for the y ear 1.9 221.4 0.8 3.3 227.4 Balance at 31 December 2022 \u2013 \u2013 11.8 1,002.0 11.6 60.8 1,086.2 Net book value At 1 January 2021 85.4 297.6 155.4 784.1 5.3 9.0 1,336.8 At 31 December 2021 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 1 Januar y 2022 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 At 31 December 2022 85.4 297.6 151.7 843.9 3.8 12.2 1,394.6 On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic architecture via a Strategic Cooperation Agreement. The Group was required to undertake a valuation exercise to measure the fair value of the access to the MBAG technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology is \u00a3142.3m. The \u00a3142.3m represents the assumed cost at acquisition from which point the cost model has been adopted. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "13 Impairment testing Indefinite useful life non-current assets Goodwill and brands acquired through business combinations have been allocated for impairment testing purposes to one cash- generating unit \u2013 the Aston Martin Lagonda Group business. This represents the lowest level within the Group at which goodwill and brands are monitored for internal purposes. The Group has considered the carrying value of its assets in the context of the Group\u2019s market capitalisation. At this level, it was concluded that the net assets of the Group are recoverable owing to the Group\u2019s market capitalisation of \u00a31.1bn at 31 December 2022. Finite useful life non-current assets Recoverability of non-current assets with finite useful lives include property, plant and equipment, right-of-use lease assets and certain intangible assets. Intangible assets with finite useful lives mainly consist of capitalised development costs and technology. The Group reviews the carrying amount of non-current assets with finite useful lives when events and circumstances indicate that an asset may be impaired. Impairment tests are performed by comparing the carrying amount and the recoverable amount of the assets. The recoverable amount is the higher of the assets\u2019 fair value less costs of disposal and its value-in-use. In assessing the value-in-use, the estimated future cash flows relating to the forecast usage period of the asset, or group of assets, are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks. Key assumptions used in value-in-use calculations Where there are indicators of impairment, the calculation of value-in-use for the assets is most sensitive to the following assumptions: \u2022 Cash flows are projected based on actual operating results and the current five-year plan. \u2022 Discount rates are calculated using a weighted average cost of capital approach. They reflect the individual nature and specific risks relating to the business and the market in which the Group operates. The pre-tax discount rate used was 14.0% (2021: 11.7%). Sensitivity analysis \u2022 As at 31 December 2022 the gross margin would need to decrease by 27.0% before any of the finite life assets become impaired. The Group has considered the carrying value of its assets in conjunction with the trading and cash flow forecasts for the Group including factors related to the Group\u2019s ongoing climate commitments (see note 1). The Group is satisfied no impairment is required at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "14 Property, plant and equipment Freehold land and buildings \u00a3m Tooling \u00a3m Plant, machinery, fixtures and fittings \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost Balance at 1 January 2021 68.7 533.7 226.8 0.7 829.9 Additions 3.0 13.9 14.2 0.1 31.2 Disposals \u2013 \u2013 (2.4) \u2013 (2.4) Effect of movements in exchan g e rates (0.2) \u2013 (0.1) \u2013 (0.3) Balance at 31 December 2021 71.5 547.6 238.5 0.8 858.4 Balance at 1 Januar y 2022 71.5 547.6 238.5 0.8 858.4 Additions 2.9 64.1 27.8 0.1 94.9 Disposals \u2013 \u2013 (0.6) (0.2) (0.8) Effect of movements in exchan g e rates 0.3 \u2013 0.1 \u2013 0.4 Balance at 31 December 2022 74.7 611.7 265.8 0.7 952.9 Depreciation Balance at 1 Januar y 2021 29.9 327.4 82.8 0.2 440.3 Charge for the year 2.4 36.3 26.3 \u2013 65.0 Disposals \u2013 \u2013 (2.4) \u2013 (2.4) Effect of movements in exchan g e rates \u2013 \u2013 \u2013 \u2013 \u2013 Balance at 31 December 2021 32.3 363.7 106.7 0.2 502.9 Balance at 1 January 2022 32.3 363.7 106.7 0.2 502.9 Char g e for the y ear 2.7 60.5 17.3 0.2 80.7 Disposals \u2013 \u2013 (0.6) (0.2) (0.8) Effect of movements in exchan g e rates 0.1 \u2013 0.1 \u2013 0.2 Balance at 31 December 2022 35.1 424.2 123.5 0.2 583.0 Net book value At 1 Januar y 2021 38.8 206.3 144.0 0.5 389.6 At 31 December 2021 39.2 183.9 131.8 0.6 355.5 At 1 Januar y 2022 39.2 183.9 131.8 0.6 355.5 At 31 December 2022 39.6 187.5 142.3 0.5 369.9 14 Property, plant and equipment continued Property, plant and equipment provides security for a fixed and floating charge in favour of the Aston Martin Lagonda Limited pension scheme. Assets in the course of construction at a cost of \u00a332.9m (2021: \u00a33.8m) are not depreciated until available for use and are included within tooling, plant and machinery. The gross value of freehold land and buildings includes freehold land of \u00a36.1m (2021: \u00a36.1m) which is not depreciated. Capital commitments are disclosed in note 29. The tables below analyse the net book value of the Group\u2019s property, plant and equipment by geographical location. At 31 December 2022 United Kingdom \u00a3m Rest of Europe \u00a3m The Americas \u00a3m Asia Pacific \u00a3m Total \u00a3m Freehold land and buildings 36.6 1.8 2.9 \u2013 41.3 Toolin g 120.3 61.8 1.1 \u2013 183.2 Plant, machiner y , fixtures and fittin g s, and motor vehicles 144.7 0.7 \u2013 \u2013 145.4 301.6 64.3 4.0 \u2013 369.9 At 31 December 2021 United Kingdom \u00a3m Rest of Europe \u00a3m The Americas \u00a3m Asia Pacific \u00a3m Total \u00a3m Freehold land and buildin g s 37.3 1.9 \u2013 \u2013 39.2 Tooling 98.5 84.5 0.7 0.2 183.9 Plant, machinery, fixtures and fittings, and motor vehicles 132.0 0.4 \u2013 \u2013 132.4 267.8 86.8 0.7 0.2 355.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "15 Leases The Group holds lease contracts for buildings, plant and machinery and IT equipment. a) Right-of-use lease assets Properties \u00a3m Plant and machinery \u00a3m IT equipment \u00a3m Total \u00a3m Cost Balance at 1 January 2021 77.4 15.6 6.5 99.5 Additions 11.4 \u2013 \u2013 11.4 Modifications 3.3 \u2013 \u2013 3.3 Disposals (1.9) \u2013 \u2013 (1.9) Effect of movements in exchan g e rates (1.0) \u2013 \u2013 (1.0) Balance at 31 December 2021 89.2 15.6 6.5 111.3 Balance at 1 Januar y 2022 89.2 15.6 6.5 111.3 Additions 4.0 \u2013 \u2013 4.0 Modifications 3.3 \u2013 0.2 3.5 Disposals (5.5) (4.5) (5.8) (15.8) Effect of movements in exchange rates 1.2 \u2013 \u2013 1.2 Balance at 31 December 2022 92.2 11.1 0.9 104.2 Depreciation Balance at 1 January 2021 18.7 4.6 4.8 28.1 Char g e for the y ear 7.7 0.5 1.1 9.3 Disposals (1.9) \u2013 \u2013 (1.9) Effect of movements in exchan g e rates (0.2) \u2013 \u2013 (0.2) Balance at 31 December 2021 24.3 5.1 5.9 35.3 Balance at 1 Januar y 2022 24.3 5.1 5.9 35.3 Char g e for the y ear 9.9 0.6 0.5 11.0 Disposals (5.5) (4.5) (5.8) (15.8) Effect of movements in exchange rates (0.7) \u2013 \u2013 (0.7) Balance at 31 December 2022 28.0 1.2 0.6 29.8 Carr y in g value At 1 January 2021 58.7 11.0 1.7 71.4 At 31 December 2021 64.9 10.5 0.6 76.0 At 1 Januar y 2022 64.9 10.5 0.6 76.0 At 31 December 2022 64.2 9.9 0.3 74.4 Income from the sub-leasing of right-of-use assets in the year 31 December 2022 was \u00a30.6m (2021: \u00a30.6m). The Group recognises the lease payments received on a straight-line basis over the lease term within administrative and other operating expenses in the Consolidated Income Statement. 15 Leases continued b) Obligations under leases The maturity profile of undiscounted lease cash flows accounted for under IFRS 16 is: 2022 \u00a3m 2021 \u00a3m Less than one y ear 9.9 13.5 One to five y ear 39.1 36.6 More than five y ears 90.1 96.3 139.2 146.4 The maturity profile of discounted lease cash flows accounted for under IFRS 16 is: 2022 \u00a3m 2021 \u00a3m Less than one year 7.4 9.7 One to five y ears 26.8 24.1 More than five y ears 65.6 69.6 99.8 103.4 Analysed as: Current 7.4 9.7 Non-current 92.4 93.7 99.8 103.4 A reconciliation of the lease liability from 1 January to 31 December for the current and prior year is disclosed within note 27. The total lease interest expense for the year ended 31 December 2022 was \u00a34.5m (2021: \u00a33.9m). Total cash outflow for leases accounted for under IFRS 16 for the current year was \u00a310.0m (2021: \u00a313.8m). Expenses charged to the Consolidated Income Statement for short term leases for the year ended 31 December 2022 were \u00a30.7m (2021: \u00a30.3m). The portfolio of short term leases at 31 December 2022 is representative of the expected annual short term lease expense in future years. The following disclosure has been included to facilitate the understanding of the impact of adopting IFRS 16 on the Group due to covenants in the Group\u2019s finance arrangements that continue to use IAS 17. The impact of IFRS 16 on the Consolidated Income Statement excluding tax for the year ended 31 December 2022 is: As reported 31 December 2022 \u00a3m Add back IFRS 16 interest charge \u00a3m Add back IFRS 16 depreciation charge \u00a3m Less amortisation of legal fees \u00a3m Less lease incentives \u00a3m Less IAS 17 lease cost \u00a3m Excluding impact of IFRS 16 31 December 2022 \u00a3m Revenue 1,381.5 \u2013 \u2013 \u2013 \u2013 \u2013 1,381.5 Cost of sales (930.8) \u2013 \u2013 \u2013 \u2013 \u2013 (930.8) Gross profit 450.7 \u2013 \u2013 \u2013 \u2013 \u2013 450.7 Selling and distribution expenses (113.0) \u2013 \u2013 \u2013 \u2013 \u2013 (113.0) Administrative and other operatin g expenses (479.5) \u2013 11.0 (0.1) 1.1 (14.5) (482.0) Operatin g loss (141.8) \u2013 11.0 (0.1) 1.1 (14.5) (144.3) Finance income 15.5 \u2013 \u2013 \u2013 \u2013 \u2013 15.5 Finance expense (368.7) 4.5 \u2013 \u2013 \u2013 \u2013 (364.2) (Loss)/profit before tax (495.0) 4.5 11.0 (0.1) 1.1 (14.5) (493.0) Adjusted EBITDA (note 33) 190.2 \u2013 \u2013 (0.1) 1.1 (14.5) 176.6 15 Leases continued b) Obligations under leases continued The impact of IFRS 16 on the Consolidated Income Statement excluding tax for the year ended 31 December 2021 is: As reported 31 December 2021 \u00a3m Add back IFRS 16 interest charge \u00a3m Add back IFRS 16 depreciation charge \u00a3m Less amortisation of legal fees \u00a3m Less lease incentives \u00a3m Less IAS 17 lease cost \u00a3m Excluding impact of IFRS 16 31 December 2021 \u00a3m Revenue 1,095.3 \u2013 \u2013 \u2013 \u2013 \u2013 1,095.3 Cost of sales (751.6) \u2013 \u2013 \u2013 \u2013 \u2013 (751.6) Gross profit 343.7 \u2013 \u2013 \u2013 \u2013 \u2013 343.7 Sellin g and distribution expenses (84.8) \u2013 \u2013 \u2013 \u2013 \u2013 (84.8) Administrative and other operating expenses (335.4) \u2013 8.4 (0.1) 1.1 (9.9) (335.9) Operatin g loss (76.5) \u2013 8.4 (0.1) 1.1 (9.9) (77.0) Finance income 36.4 \u2013 \u2013 \u2013 \u2013 \u2013 36.4 Finance expense (173.7) 3.9 \u2013 \u2013 \u2013 \u2013 (169.8) (Loss)/profit before tax (213.8) 3.9 8.4 (0.1) 1.1 (9.9) (210.4) Ad j usted EBITDA (note 33) 137.9 \u2013 \u2013 (0.1) 1.1 (9.9) 129.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-657": {
"value": "a) Right-of-use lease assets Properties \u00a3m Plant and machinery \u00a3m IT equipment \u00a3m Total \u00a3m Cost Balance at 1 January 2021 77.4 15.6 6.5 99.5 Additions 11.4 \u2013 \u2013 11.4 Modifications 3.3 \u2013 \u2013 3.3 Disposals (1.9) \u2013 \u2013 (1.9) Effect of movements in exchan g e rates (1.0) \u2013 \u2013 (1.0) Balance at 31 December 2021 89.2 15.6 6.5 111.3 Balance at 1 Januar y 2022 89.2 15.6 6.5 111.3 Additions 4.0 \u2013 \u2013 4.0 Modifications 3.3 \u2013 0.2 3.5 Disposals (5.5) (4.5) (5.8) (15.8) Effect of movements in exchange rates 1.2 \u2013 \u2013 1.2 Balance at 31 December 2022 92.2 11.1 0.9 104.2 Depreciation Balance at 1 January 2021 18.7 4.6 4.8 28.1 Char g e for the y ear 7.7 0.5 1.1 9.3 Disposals (1.9) \u2013 \u2013 (1.9) Effect of movements in exchan g e rates (0.2) \u2013 \u2013 (0.2) Balance at 31 December 2021 24.3 5.1 5.9 35.3 Balance at 1 Januar y 2022 24.3 5.1 5.9 35.3 Char g e for the y ear 9.9 0.6 0.5 11.0 Disposals (5.5) (4.5) (5.8) (15.8) Effect of movements in exchange rates (0.7) \u2013 \u2013 (0.7) Balance at 31 December 2022 28.0 1.2 0.6 29.8 Carr y in g value At 1 January 2021 58.7 11.0 1.7 71.4 At 31 December 2021 64.9 10.5 0.6 76.0 At 1 Januar y 2022 64.9 10.5 0.6 76.0 At 31 December 2022 64.2 9.9 0.3 74.4 Income from the sub-leasing of right-of-use assets in the year 31 December 2022 was \u00a30.6m (2021: \u00a30.6m). The Group recognises the lease payments received on a straight-line basis over the lease term within administrative and other operating expenses in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "16 Inventories 2022 \u00a3m 2021 \u00a3m Parts for resale, service parts and production stock 152.2 115.5 Work in pro g ress 48.5 29.8 Finished vehicles 85.5 51.5 286.2 196.8 Finished vehicles include Group-owned service cars at a net realisable value of \u00a344.4m (2021: \u00a330.8m). During the years ended 31 December 2022 and 2021 inventory repurchase arrangements were entered for certain parts for resale, service parts and production stock. These inventories were sold and subsequently repurchased \u2013 see note 20 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "17 Trade and other receivables 2022 \u00a3m 2021 \u00a3m Amounts included in current assets Trade receivables 137.0 139.5 Indirect taxation 42.5 37.1 Prepa y ments 46.8 48.8 Other receivables 19.4 18.0 245.7 243.4 Amounts included in non-current assets Other receivables 6.3 2.1 Trade and other receivables are non-interest bearing and generally have terms of less than 60 days. Due to their short maturities, the fair value of trade and other receivables approximates to their book value. Credit risk is discussed further in note 22. 17 Trade and other receivables continued The carrying amount of trade and other receivables at 31 December, converted into sterling at the year-end exchange rates, are denominated in the following currencies (excluding prepayments): 2022 \u00a3m 2021 \u00a3m Sterlin g 75.6 108.4 Chinese renminbi 15.2 2.6 Euro 50.8 30.5 US dollar 21.7 27.4 Japanese yen 31.0 19.3 Other 11.4 8.5 205.7 196.7 Wholesale finance facility Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed through a wholesale finance facility. In the year ended 31 December 2022, the Group entered into a new multi-currency wholesale finance facility with FCA Bank S.p.A. (\u201cFCAB\u201d) and its regional designates. Under the facility, the Group finances dealer trade receivables with FCAB around the time a sale has been made under the Group\u2019s revenue recognition policy and receives consideration equal to the value of the trade receivable financed. The Group has the option to subvent the dealer financing cost which provides the dealer network an interest- free period. The cost of this subvention is presented as a financing expense in the Consolidated Income Statement. The Group has considered the IFRS 9 criteria for asset derecognition in respect of the trade receivables financed through FCAB. The Group is satisfied that substantially all the risks are transferred to FCAB. As a result, the wholesale finance facility is off balance sheet. Due to this classification, financing costs of \u00a30.3m associated with the scheme are presented in operating cash flows (note 27). The Group\u2019s previous wholesale finance facility was with Velocitas Funding Designated Activity Company (\u201cVelocitas\u201d) a special purpose vehicle established for the purpose and financed by a panel of banks led by JPMorgan Chase Bank, N.A., London Branch. At 31 December 2022 the multi-currency facility was closed to new financing, is currently in a wind down period and will be fully closed in the first half of 2023. The utilisation of the facility as at 31 December 2022 was \u00a311.4m (2021: \u00a316.9m). A full explanation of the facility structure and the rationale behind the off balance sheet recognition is outlined in the 2021 Annual Report. As at 31 December 2022, the only remaining balances related to the facility were the subordinated loan of \u00a30.5m (2021: \u00a30.5m), the balance on the senior loan of \u00a30.1m (2021: \u00a31.6m) (note 19), and an interest in a Profit Participating Loan of \u00a30.1m which is carried at a fair value of \u00a3nil and receives interest only in the event that Velocitas has positive retained earnings at the end of the facility. The senior and subordinated loans are both held at amortised cost. Due to the off balance sheet classification, financing costs of \u00a33.8m (2021: \u00a38.0m) associated with the scheme are presented in operating cash flows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "18 Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 583.3 418.9 Cash at bank when placed on deposit earns interest at floating rates based on daily bank deposit rates. The book value of cash and cash equivalents approximates to their fair value. Cash is held in the following currencies; those held in currencies other than sterling have been converted into sterling at year-end exchange rates: 2022 \u00a3m 2021 \u00a3m Sterlin g 336.8 263.3 Chinese renminbi 59.8 73.5 Euro 26.1 15.8 US dollar 130.5 59.0 Japanese y en 4.5 2.3 Other 25.6 5.0 583.3 418.9 Included within the above: Restricted cash 32.8 33.0 During 2021, the Group entered into a bilateral Revolving Credit Facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi with an initial value of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSBC in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m and is shown in the cash and cash equivalents value above. The cash in China cannot be withdrawn whilst the loan remains in place. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "19 Other financial assets 2022 \u00a3m 2021 \u00a3m Forward currenc y contracts held at fair value 2.3 0.6 Loan assets 0.6 2.1 Cash held not available for short term use 0.3 1.8 Other derivative contracts 5.6 3.3 8.8 7.8 Analysed as: Current 8.8 7.3 Non-current \u2013 0.5 8.8 7.8 The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales contracts. At the reporting date these cash flow hedges are marked-to-market and any assets are shown as other financial assets in the Statement of Financial Position. At 31 December 2022 \u00a30.3m held in certain local bank accounts had been frozen in relation to local arbitration proceedings (2021: \u00a31.8m). At the year end the cash held in these accounts did not meet the definition of cash and cash equivalents and therefore has been classified as an other financial asset. At 31 December 2022 the Group held \u00a30.5m (2021: \u00a30.5m) of subordinated loan and \u00a30.1m (2021: \u00a31.6m) of senior loan assets relating to a wholesale financing facility (note 17) 19 Other financial assets continued Other derivative contracts comprise warrant options and non-option derivatives both of which entitle the Group to subscribe for equity in AMR GP Holdings Limited, the immediate parent company of AMR GP Limited. The warrant options were recorded as an embedded option derivative asset at \u00a32.9m on initial recognition on 31 March 2020. The fair value movement in the options for the year ended 31 December 2022 was a \u00a31.6m increase (2021: \u00a30.5m decrease) and is recognised within the Income Statement in administrative expenses. A corresponding liability was recognised on inception of the arrangement (see note 22) which represents an accrual for that element of future sponsorship payments. If the option is exercised within the next five years the liability is extinguished in the year of exercise, if the option is not exercised the liability will be subject to the renewal of the sponsorship agreement and may continue for the following five years. The fair value of the warrant equity option above has been established by applying the proportion of equity represented by the derivative to an assessment of the enterprise value of AMR GP Limited, which is then adjusted to reflect marketability and control commensurate with the size of the investment. The enterprise value has been estimated using a blend of measures including an income-based approach and a market-based approach. Due to the size of the potential investment, as a proportion of the equity of AMR GP Limited, there are no plausible sensitivities which would give rise to a material variation in the carrying value of the derivative. There is a further embedded derivative in the agreement in respect of an additional economic interest in the equity of AMR GP Holdings Limited which was assessed as having a carrying value of \u00a3nil at inception. This derivative entitles the Group to subscribe for further share capital in AMR GP Limited in the event that the sponsorship agreement is extended for a further five-year period. The fair value movement in this derivative for the year ended 31 December 2022 was a \u00a30.7m increase (2021: \u00a30.2m decrease) and is recognised within the Income Statement in administrative expenses. The movement in the value of this derivative has been estimated using the same method as the warrant equity option disclosed above. There is no corresponding liability recorded as it is a non-option embedded derivative. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "20 Trade and other payables Current trade and other payables 2022 \u00a3m 2021 \u00a3m Trade pa y ables 151.2 114.4 Repurchase liabilit y 38.2 19.7 Customer deposits and advances 335.7 342.6 Accruals and other payables 346.0 239.2 Deferred income \u2013 service packages 5.2 5.1 876.3 721.0 Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days. Accruals and other payables consist of product development and capital accruals of \u00a3135.7m (2021: \u00a389.8m), sales and marketing accruals of \u00a359.0m (2021: \u00a359.8m), manufacturing accruals of \u00a340.7m (2021: \u00a325.4m) and administrative and other accruals of \u00a3110.6m (2021: \u00a364.2m). At 31 December 2022 a repurchase liability of \u00a338.2m including accrued interest of \u00a30.2m has been recognised in accruals and other payables and net debt (see note 23). In 2022, across multiple transactions, \u00a366.7m of parts for resale, service parts and production stock were sold for \u00a375.7m (gross of indirect tax) and subsequently repurchased. Under these repurchase agreements, the Group will repay a total of \u00a380.0m (gross of indirect tax). As part of this arrangement legal title to the parts was surrendered; however, control remained with the Group. At 31 December 2022, \u00a340.0m of the total \u00a380.0m had been repaid with the remaining amount to be repaid within 2023. A further \u00a320.0m was repaid in the year relating to a similar repurchase liability which was valued at \u00a319.7m at 31 December 2021. 20 Trade and other payables continued Contract liabilities Changes in the Group\u2019s contract liabilities during the year are summarised as follows: At 1 January 2022 \u00a3m Additional amounts arising during the period \u00a3m Amounts recognised within revenue \u00a3m Significant financing component for which an interest charge is recognised \u00a3m Amounts returned and other changes \u00a3m At 31 December 2022 \u00a3m Customer deposits and advances 342.6 108.5 (111.0) 8.0 (12.4) 335.7 Deferred income \u2013 service packa g es 14.9 3.2 (4.7) \u2013 0.3 13.7 At 1 January 2021 \u00a3m Additional amounts arising during the period \u00a3m Amounts recognised within revenue \u00a3m Significant financing component for which an interest charge is recognised \u00a3m Amounts returned and other changes \u00a3m At 31 December 2021 \u00a3m Customer deposits and advances 268.5 174.6 (75.6) 4.8 (29.7) 342.6 Deferred income \u2013 service packa g es 11.9 3.8 (0.8) \u2013 \u2013 14.9 Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Limited Edition vehicle or service of a vehicle, is met by the Group. As part of the normal operating cycle of Special Vehicle projects, to which these customer deposits primarily relate, the Group expects to derecognise a significant proportion over the next three years with approximately \u00a3119.3m expected to be recognised in 2023. This unwind relates to the balance held as at 31 December 2022 and does not take into consideration any additional deposits and advances arising during 2023. In the year ended 31 December 2022, a finance expense of \u00a38.0m (see note 8) was recognised as a significant financing component on contract liabilities held for greater than 12 months (2021: \u00a34.8m). Upon satisfaction of the linked performance obligation, the liability is released to revenue so that the total amount taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that point in time. The Group applies a practical expedient for short term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, some deposits are contractually refundable. At 31 December 2022 the Group held \u00a3102.9m of contractually refundable deposits (before the impact of significant financing components) (2021: \u00a385.0m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who is required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are disclosed in note 22. Deferred service package income is recognised in revenue over the service package period. Non-current trade and other payables 2022 \u00a3m 2021 \u00a3m Deferred income \u2013 service packages 8.5 9.8 Other pa y ables 0.6 \u2013 9.1 9.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-632": {
"value": "21 Other financial liabilities 2022 \u00a3m 2021 \u00a3m Forward currenc y contracts held at fair value 0.7 0.9 Other derivative contracts (see note 19) 2.9 2.9 Derivative option over own shares (see note 22) 22.6 31.0 26.2 34.8 Analysed as: Current 26.2 34.8 Non-current \u2013 \u2013 26.2 34.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-633": {
"value": "22 Financial instruments Group The Group's principal financial instruments comprise cash and cash equivalents, Senior Secured Notes (\u201cSSNs\u201d), a Revolving Credit Facility (\u201cRCF\u201d), a finished vehicle financing facility, a bilateral RCF, loan assets, derivative options, and forward currency contracts. Additionally, the Group has trade payables and trade receivables which arise directly from its operations. Included in trade and other payables is a liability relating to an inventory repurchase arrangement. These short term assets and liabilities are included in the currency risk disclosure. The main risks arising from the Group's financial instruments are credit risk, interest-rate risk, currency risk and liquidity risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Group's risk policies are established to identify and analyse the risks faced by the Group, set appropriate risk limits and controls, and monitor adherence to limits. The Board of Directors oversees how management monitor compliance with the Group risk management policies and procedures and reviews the adequacy of the risk management framework in relation to specific risks faced by the Group. Credit risk The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in advance of their despatch or use the wholesale financing scheme (see note 17). Credit risk on receivables purchased by FCAB or Velocitas under the wholesale finance facilities is borne by FCAB or Velocitas respectively. The Group, as a senior and subordinated lender to Velocitas, retains 5% of the credit risk associated with such sales. The Group has no credit risk associated with the FCAB facility. The Group\u2019s remaining vehicle sales to territories where there is currently no wholesale financing are made on credit terms ranging from 30 to 180 days. The Group manages the default risk of such sales via a credit risk insurance policy. An appropriate expected credit loss provision is made in respect of the Group\u2019s loan assets to Velocitas. Dealers within North America are allowed ten-day credit terms from the date of invoice. In certain circumstances, after thorough consideration of the credit history of an individual dealer, the Group may sell vehicles outside of the credit risk insurance policy or on deferred payment terms. Parts sales, which represent a smaller element of total revenue, are made to dealers on net 30-day credit terms. Servicing receivables are due for payment on collection of the vehicle. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The expected credit loss related to default of other receivables (note 17) is assessed as zero. In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years are calculated, including consideration given to future factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable ageing buckets at the year end. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group has no material contract assets. 22 Financial instruments continued Credit risk continued In presenting the loss allowance summary below for 2021, the specific loss allowance and original receivable balance of \u00a319.0m related to historical other operating income has been excluded so as not to distort the expected loss rate. This balance was writte off during 2022. The trade receivable loss allowance as at 31 December is as follows: As at 31 December 2022 As at 31 December 2021 Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m Expected loss rate % Gross carrying amount \u00a3m Loss allowanc \u00a3 Current * 129.1 \u2013 * 124.8 1 \u2013 30 days past due * 5.8 \u2013 * 10.0 \u2013 31 \u2013 60 da y s past due * 1.7 \u2013 * 2.8 \u2013 61+ da y s past due 93.8% 6.5 6.1 74.7% 7.5 5.6 143.1 6.1 145.1 5.6 * The expected loss rates for these specific ageing categories are not disclosed as no material loss allowance is generated when applied against the gross carrying valu The closing loss allowance as at 31 December 2021 for trade receivables, including the specific loss allowance of \u00a319.0m relating to historical other income noted above, reconciles to the opening loss allowance as at 1 January 2022 as below. The specific allowance of \u00a319.0m was written off during 2022. 2022 \u00a3m 202 \u00a3 Opening loss allowance as at 1 January 24.6 21. Increase in loss allowance reco g nised in the Income Statement \u2013 administrative and other operatin g expenses 0.6 3.1 Receivables written off durin g the y ear as uncollectible (19.2) (0.2 Effect of forei g n exchan g e 0.1 \u2013 At 31 December 6.1 24. Borrowings The following table analyses Group borrowings: 2022 \u00a3m 202 \u00a3 Current Bank loans and overdrafts 107.1 114. Non-current Senior Secured Notes 1,104.0 1,074.9 Total borrowings 1,211.1 1,189. Total borrowings are denominated in the following currencies, in sterling at the year-end exchange rates: 2022 \u00a3m 202 \u00a3 Sterling 107.1 114. US dollar 1,104.0 1,074. Total borrowin g s 1,211.1 1,189.2 22 Financial instruments continued Borrowings continued Current borrowings The Group has an RCF attached to the SSNs (see Non-current borrowings below). The carrying amount net of unamortised arrangement fees included in current borrowings relating to the RCF at 31 December 2022 was \u00a377.1m (2021: \u00a378.0m). At 31 December 2022 \u00a378.5m of the \u00a390.6m RCF was drawn as cash (2021: \u00a380.0m of the \u00a390.6m facility). During 2021, the Group entered into a bilateral RCF with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi to a value at the time of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSBC Bank plc in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m (2021: \u00a333.0m) and is shown in cash and cash equivalents. The facility of \u00a330.0m is shown within borrowings in current liabilities on the Statement of Financial Position. In 2018 the Group entered into a fixed rate loan to finance the construction of the paint shop at the new St Athan manufacturing facility for which the final repayment was made during the year. At 31 December 2021 the amount included in current borrowings was \u00a36.3m. Non-current borrowings In December 2020 the Group refinanced all SSNs in issue with new SSNs. All SSNs are secured by fixed and floating charges over certain assets of the Group. In March 2021 the Group issued an additional \u00a370.7m equivalent of 10.5% First Lien SSNs with a nominal value of $98.5m at a premium of \u00a36.3m. Transaction costs of \u00a31.7m and the premium are amortised using the effective interest rate. In October 2022 the Group repurchased $40.3m of First Lien SSNs and $143.8m of Second Lien SSNs. The portion of unamortised fees and the redemption premium was charged to the Income Statement at the point of redemption as an accelerated charge and presented within adjusting items (note 5). Transaction costs of \u00a31.9m relating to the repurchase are included in adjusting items (note 5). The US dollar amounts have been converted to sterling equivalents for reporting purposes. At 31 December 2022 the Group held \u00a31,104.0m of SSNs (2021: \u00a31,074.9m) comprising First Lien SSNs of $1,143.7m (2021: $1,184.0m) at 10.5% cash interest and Second Lien SSNs of $229.1m (2021: $355.3m) at 8.89% cash interest and 6.11% Payment in Kind (\u201cPIK\u201d) interest respectively. The Second Lien Notes were issued at a 2% discount and include detachable share warrants (see below). The First Lien Notes are repayable in November 2025 and the Second Lien Notes in November 2026. Transaction costs and discounts on issuance are amortised using the effective interest rate. Derivative option over own shares The Second Lien SSNs include detachable warrants enabling the warrant holders to subscribe for a number of ordinary shares in the Company at the subscription price of \u00a31.67 (previously \u00a310 per share prior to the rights issue in September 2022). The warrant holders have the right to exchange their warrant options for a reduced number of warrant shares resulting in no cash being paid to receive the shares. The ratio at which this exchange can be transacted is determined by the share price at execution of the options. A derivative option liability was initially recorded at 31 December 2020 due to the uncertain number of shares which will be issued under the agreement, which is subsequently remeasured at fair value through the Income Statement. The warrants can be exercised from 1 July 2021 through to 7 December 2027. The issuance of debt with attached warrants required the Group to assess separately the fair value of the warrants and the debt. The fair value of the warrants was determined using a binomial model used to predict the behaviour of the warrant holders and when they might exercise their holdings. The derivative option liability was initially recognised as a derivative forward at fair value with changes in the fair value being recognised in the Income Statement until issuance of the warrants on 7 December 2020 resulting in an initial valuation of \u00a334.6m. Upon issuance of the $335m SSNs, the carrying value of the debt was reduced by the same amount. The debt will be increased via an effective interest charge over the term of the SSNs. During the year ended 31 December 2022, changes to the fair value of the derivative option have resulted in a credit to the Income Statement of \u00a38.4m (2021: \u00a334.1m) which is presented in adjusting items. A total of nil (2021: 30,518,600 warrants) were exercised resulting in no change to the associated liability (2021: partial extinguishment of the liability and a transfer to retained earnings of \u00a314.8m). 22 Financial instruments continued Borrowings continued Interest rate risk The Group is exposed interest rate risk on the RCF attached to the SSNs and on the bilateral RCF facility with HSBC, whereby Chinese renminbi have been deposited in a restricted account with HSBC in China in exchange for a sterling overdraft facility with HSBC in the UK. The interest rate charged on both facilities is based on SONIA and compounded in arrears. Profile At 31 December the interest rate profile of the Group\u2019s interest-bearing financial instruments was: 2022 \u00a3m 2021 \u00a3m Fixed rate instruments Financial liabilities 1,104.0 1,159.2 Variable rate instruments Financial liabilities 107.1 30.0 Borrowings, including the SSNs and the loan to finance the paint shop in St Athan repaid during March 2022, are at fixed interest rates. During 2021 the rate of interest on the RCF, which is attached to the SSNs, was based on LIBOR plus a percentage spread and was predetermined at the date of the drawdown of the RCF so was considered to be fixed rate for the analysis above. In 2022 and 2021 the Group entered into an inventory repurchase arrangement (not included within the financial liabilities noted above). The interest charged on this arrangement is determined as the difference between the sales and repurchase value and is therefore fixed at the time of entering into the arrangement. The repayment terms of this arrangement are not in excess of 270 days. Surplus cash funds, when appropriate, are placed on deposit and attract interest at a variable rate derived from SONIA. Interest rate risks \u2013 sensitivity The following table demonstrates the sensitivity, with all other variables held constant, of the Group\u2019s loss after tax to a reasonably possible change in interest rates on the bilateral RCF with HSBC and the RCF attached to the SSNs at 31 December 2022. (2021: bi-lateral RCF only). 2022 \u00a3m 2021 \u00a3m Increase/ (decrease) in interest rate Effect on loss after ta x Effect on loss after tax SONIA/Bank of En g land Base Rate 3.00% (2.6) (0.7) SONIA/Bank of En g land Base Rate (3.00%) 2.6 0.7 22 Financial instruments continued Foreign currency exposure The Group\u2019s exposure to the risk of changes in foreign currency exchange relates primarily to US dollar sales (including inter- Group sales), Chinese renminbi sales, Japanese yen sales and Euro denominated purchases. At 31 December 2022 the Group hedged 29% for 2023 (2021: 37% for 2022) of its US dollar denominated highly probable inter- Group sales, 19% of its Japanese yen sales (2021: 12% for 2022) and 15% of its Euro denominated purchases for 2023 (2021: 11% for 2022). These foreign currency risks are hedged by using foreign currency forward contracts. The Group\u2019s sterling equivalents of financial assets and liabilities (excluding borrowings analysed by currency above) denominated in foreign currencies at 31 December were: At 31 December 2022 Euros \u00a3m US dollars \u00a3m Chinese renminbi \u00a3m Japanese yen \u00a3m Other \u00a3m Total \u00a3m Financial assets Trade and other receivables 50.8 21.7 15.2 31.0 11.4 130.1 Loan assets 0.2 \u2013 \u2013 \u2013 0.1 0.3 Forei g n currenc y contracts 0.8 1.5 \u2013 \u2013 \u2013 2.3 Cash held not available for short term use \u2013 \u2013 0.3 \u2013 \u2013 0.3 Cash balances 26.1 130.5 59.8 4.5 25.6 246.5 77.9 153.7 75.3 35.5 37.1 379.5 Financial liabilities Trade and other pa y ables (153.1) (134.3) (34.2) (9.5) (5.4) (336.5) Lease liabilities (0.1) (9.5) (0.7) (5.0) (0.1) (15.4) Customer deposits and advances (17.8) (44.3) (7.6) (4.8) (1.9) (76.4 Forei g n currenc y contracts \u2013 (0.1) \u2013 (0.6) \u2013 (0.7 (171.0) (188.2) (42.5) (19.9) (7.4) (429.0 Net balance sheet exposure (93.1) (34.5) 32.8 15.6 29.7 (49.5) At 31 December 2021 Euros \u00a3m US dollars \u00a3m Chinese renminbi \u00a3m Japanese Yen \u00a3m Other \u00a3m Total \u00a3m Financial assets Trade and other receivables 30.5 27.4 2.6 19.3 8.5 88.3 Loan assets 0.4 \u2013 \u2013 \u2013 0.1 0.5 Foreign currency contracts \u2013 0.3 \u2013 0.3 \u2013 0.6 Cash held not available for short term use \u2013 \u2013 1.8 \u2013 \u2013 1.8 Cash balances 15.8 59.0 73.5 2.3 5.0 155.6 46.7 86.7 77.9 21.9 13.6 246.8 Financial liabilities Trade and other payables (118.9) (21.2) (21.7) (0.4) (2.1) (164.3) Lease liabilities \u2013 (7.7) (1.0) (5.5) (0.1) (14.3) Customer deposits and advances (10.0) (19.5) (9.7) (4.6) (0.4) (44.2) Forei g n currenc y contracts (0.4) (0.4) \u2013 \u2013 \u2013 (0.8 (129.3) (48.8) (32.4) (10.5) (2.6) (223.6) Net balance sheet exposure (82.6) 37.9 45.5 11.4 11.0 23.2 22 Financial instruments continued Foreign currency exposure continued The following significant exchange rates applied: Average rate 2022 Average rate 2021 Closing rate 2022 Closing rate 2021 Euro 1.17 1.16 1.13 1.19 Chinese renminbi 8.26 8.90 8.36 8.63 US dollar 1.25 1.37 1.20 1.35 Japanese yen 160.24 149.37 158.72 155.97 Currency risk \u2013 sensitivity The following table demonstrates the sensitivity to a change in the US dollar, Euro, Chinese renminbi and Japanese yen exchange rates, with all other variables held constant, of the Group's result after tax (due to changes in the fair value of monetary assets and liabilities) assuming that none of the US dollar or Euro exposures are used as hedging instruments. (Increase)/ decrease in rate Effect on result after tax 2022 \u00a3m Effect on result after tax 2021 \u00a3m US dollar (5%) (7.8) (4.9) US dollar 5% 8.6 5.5 Euro (5%) 12.5 9.6 Euro 5% (13.8) (10.6) Chinese renminbi (5%) (4.3) (5.0) Chinese renminbi 5% 4.8 5.6 Japanese yen (5%) (1.7) (2.0) Japanese y en 5% 1.9 2.2 $1,085.5m and $335m Senior Secured Notes In December 2020 the Group took out First Lien and Second Lien SSNs at $1085.5m and $335m respectively. At 31 December 2020 the Group had not hedged the new SSNs. Foreign currency gains/(losses) on these SSNs, due to exchange rate movements between the US dollar and sterling, are charged to the Consolidated Income Statement within finance income/(expense). A corresponding change in the translated sterling value of these SSNs is reflected in the Consolidated Statement of Financial Position. In March 2021, the Group issued additional First Lien SSNs of $98.5m. Following the successful equity raise in September 2022, the Group paid down $40.3m of First Lien Senior Secured Notes (\u201cSSNs) and $143.8m of Second Lien SSNs. No hedging relationship has been established in 2021 or 2022. $400m Senior Secured Notes The Group had designated $400m of SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was discontinued from the date of repayment. As the forecast transactions are still expected to occur, the amount accumulated in the cash flow hedge reserve at the repayment date will be released to the Income Statement in line with the profile of the future US dollar sales to which it relates. 22 Financial instruments continued Hedge accounting The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations on the purchase of raw material parts and services. As part of its risk management policy, the Group uses derivative financial instruments in the form of currency forward contracts to manage the cash flow risk resulting from these exchange rate movements. The Group had designated the foreign exchange movement on $400m of repaid SSNs as part of a cash flow hedging relationship, to manage the exchange rate risk resulting from forecast US dollar inter-Group sales. Together these are referred to as cash flow hedges. The cash flow hedges give certainty over the transactional values to be recognised in the Consolidated Income Statement and, in the case of the forward contracts, certainty around the value of cash flows arising as foreign currencies are exchanged at predetermined rates. The Group hedges significant foreign currency exposures as follows: \u2022 Firstly, when practical, with currency forward contracts on a reducing basis with the highest coverage in the year immediately following the year end date. When practicable, the Group places additional hedges on a regular basis so that the percentage of the foreign currency exposure hedged increases as the time to maturity of the foreign currency exposure reduces. \u2022 Secondly, the Group has designated $400m of repaid SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was discontinued from the date of repayment. As the forecast transactions are still expected to occur the amount accumulated in the cash flow hedge reserve at the repayment date will be released to Cost of Sales within the Income Statement in line with the profile of the future US dollar sales to which it relates. The Group currently has no active currency forward contract cash flow hedges beyond 2023. The Group does not mitigate all transactional foreign currency exposures, with the unhedged proportion converted at exchange rates prevailing on the date of the transaction. Derivative financial instruments Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the spot element of forward foreign exchange contract, and the forward points are excluded from the hedge relationship. The hedged items have been designated as highly probable forecast net sales or purchases denominated in foreign currencies. Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within Other Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other Comprehensive Income. Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Income Statement. When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion of the hedged item is no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future cash flows are still expected to occur, then the accumulated amount in the cash flow hedge reserve relating to the discontinued portion remains in the cash flow hedge reserve until the future cash flows occur. If the hedged future cash flows are no longer expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the Income Statement as a reclassification adjustment. Certain forward foreign exchange contracts were designated as hedges with effect from 1 July 2019. Prior to this, all movements in the fair value had been recorded within finance expense as an adjusting item reflecting the non-recurring nature of the absence of a designated hedge relationship for such instruments. Subsequent to 1 July 2019, in respect of these forward foreign exchange contracts only, the movement in fair value attributable to forward points is recorded within cost of sales in the Consolidated Income Statement. 22 Financial instruments continued Hedge accounting continued $400m Senior Secured Notes The $400m SSNs were repaid in December 2020. Prior to repayment they were recorded at amortised cost and translated into sterling at the year-end or repayment date closing rates with movements in the carrying value due to foreign exchange movements offset by movements in the value of the highly probable forecast sales when translated from US dollars to sterling. When the hedge ratio is 1:1 the value of the hedging instrument matches the value of the hedged item. In this case, the change in the carrying value of these SSNs, arising as a result of exchange differences, is recognised through Other Comprehensive Income into the hedge reserve instead of within finance income/(expense). When the value of the hedging instrument is greater than the value of the hedged item the excess portion is recognised as ineffective and is recorded immediately to finance expense in the Income Statement. The amounts recorded within the hedge reserve, including the cost of hedging reserve, are reclassified to the Consolidated Income Statement when the hedged item affects the Consolidated Income Statement. Due to the nature of the hedged items, all amounts reclassified to the Income Statement are recorded in cost of sales (2021: all cost of sales), except for ineffective amounts relating to the $400m SSNs which would be recorded as finance expense in the Income Statement. Main sources of hedge ineffectiveness Other than previously described, in relation only to forward contracts designated as a hedge, the main sources of potential hedge ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur. The impact of hedging instruments on the Statement of Financial Position is as follows: 31 December 2022 31 December 2021 Notional value \u00a3m Carrying value \u00a3m Change in fair value used for measuring ineffectiveness \u00a3m Notional value \u00a3m Carrying value \u00a3m Change in fair value used for measuring ineffectiveness \u00a3m Foreign exchange forward contracts \u2013 other financial assets 96.1 2.3 2.3 26.6 0.6 0.6 Foreign exchange forward contracts \u2013 other financial liabilities 33.1 (0.7) (0.7) 33.6 (0.8) (0.9) $400m Senior Secured Notes \u2013 hed g e instrument 105.6 \u2013 \u2013 180.9 \u2013 \u2013 The impact of hedged items on the Statement of Financial Position is as follows: 31 December 2022 31 December 2021 Cash flow hedge reserve \u00a3m Cost of hedging reserve \u00a3m Cash flow hedge reserve \u00a3m Cost of hedging reserve \u00a3m Foreign exchange forward contracts 2.9 (0.9) 0.7 (0.6) $400m Senior Secured Notes \u2013 hed g e instrument 3.9 \u2013 8.8 \u2013 Tax on fair value movements reco g nised in OCI (1.8) 0.2 (2.4) 0.2 22 Financial instruments continued Hedge accounting continued The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is: Year ended 31 December 2022 Total hedging gain/(loss) recognised in OCI \u00a3m Ineffectiveness recognised in the Income Statement \u00a3m Income Statement line item Fair value movement on cash flow hedges \u00a3m Amount reclassified from OCI to the Income Statement \u00a3m Income Statemen line ite Forei g n exchan g e forward contracts 1.7 (0.3) Cost of sales (6.1) 7.8 Cost of sale $400m Senior Secured Notes \u2013 hedge instrument (4.9) \u2013 Cost of sales \u2013 (4.9) Cost of sale Tax on fair value movements recognised in OCI 0.9 \u2013 \u2013 1.5 (0.7) \u2013 Year ended 31 December 2021 Total hedging (loss)/gain recognised in OCI \u00a3m Ineffectiveness recognised in the Income Statement \u00a3m Income Statement line item Fair value movement on cash flow hedges \u00a3m Amount reclassified from OCI to the Income Statement \u00a3m Income Statement line item Foreign exchange forward contracts (2.9) (0.6) Cost of sales (0.3) (2.6) Cost of sales $400m Senior Secured Notes \u2013 hed g e instrument (1.7) \u2013 Cost of sales \u2013 (1.7) Cost of sales Tax on fair value movements reco g nised in OCI 1.2 \u2013 \u2013 0.1 1.1 Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the hedged items and the hedging instrument. At 31 December 2022 and 2021 there were no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer required. All hedging instruments recognised by the Group at 31 December 2022 have a maturity date of less than one year. Liquidity risk The Group seeks to manage liquidity risk to ensure sufficient liquidity is available to meet foreseeable needs and, when appropriate, allow placement of cash on deposit safely and profitably. During 2022 the Group undertook a share placing and rights issue to strengthen the liquidity of the business. During 2021, the Group entered into a bilateral RCF with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi to a value at the ti of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSB Bank plc in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m (2021: \u00a333.0m) and is shown in the cas and cash equivalents. The facility of \u00a330.0m is shown within borrowings in current liabilities on the Statement of Financial Positio The facility is available until 31 August 2025 and the total facility size is \u00a350m. At 31 December 2022 the Group held \u00a31,104.0m (2021: \u00a31,094.9m) of SSNs. In October 2022 the Group repurchased $40.3m of First Lien SSNs and $143.8m of Second Lien SSNs with a premium paid of \u00a314.3m on early redemption. The First Lien Notes are repayable in November 2025 and the Second Lien Notes in November 2026. The portion of unamortised fees and the redemptio premium was charged to the Income Statement at the point of redemption as an accelerated charge and presented within adjusting items (note 5). Transaction costs of \u00a31.9m relating to the repurchase are included in adjusting items (note 5). The US dollar amounts have been converted to sterling equivalents for reporting purposes. Attached to the SSNs is a \u00a390.6m RCF of which \u00a378.5m (2021: \u00a380.0m) was drawn in cash at the reporting date. The amount recorded in the Statement of Financial Position is net of unamortised transaction costs. \u00a35.2m (2021: \u00a35.9m) of the remaining ancillary facility has been utilised through the issuance of letters of credit and guarantees. The RCF attached to the SSNs is available until August 2025. 22 Financial instruments continued Liquidity risk continued As part of the normal operating cycle of the Group, customers make advanced payments to secure their allocation of Special Vehicles produced in limited numbers. The cash from these advance payments is primarily used to fund upfront costs of the Special Vehicle project including raw materials and components required in manufacture. In certain circumstances, according to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, the advanced payments are contractually refundable. At 31 December 2022 the Group held refundable deposits of \u00a3102.9m (2021: \u00a385.0m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer, who is required to make an equivalent advanced payment. The maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on contractual undiscounted payments was as follows. On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m >5 years \u00a3m Contractual cash flows Total \u00a3m Non-derivative financial liabilities Bank loans and overdrafts \u2013 109.0 \u2013 \u2013 \u2013 109.0 Senior Secured Notes \u2013 \u2013 117.0 1,462.4 \u2013 1,579.4 Trade and other pa y ables \u2013 443.1 138.1 8.6 0.6 590.4 Refundable customer deposits and advances 102.9 \u2013 \u2013 \u2013 \u2013 102.9 Derivative financial liabilities Forward exchan g e contracts \u2013 0.5 0.2 \u2013 \u2013 0.7 102.9 552.6 255.3 1,471.0 0.6 2,382.4 Included in the tables above and below are interest bearing loans and borrowings at a carrying value of \u00a31,211.1m (2021: \u00a31,189.2m). The liquidity profile associated with leases accounted under IFRS 16 is detailed in note 15. The maturity profile of the Group\u2019s financial liabilities at 31 December 2021 based on contractual undiscounted payments was as follows. On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m >5 years \u00a3m Contractual cash flows Total \u00a3m Non-derivative financial liabilities Bank loans and overdrafts \u2013 36.4 81.1 \u2013 \u2013 117.5 Senior Secured Notes \u2013 \u2013 115.5 1,614.3 \u2013 1,729.8 Trade and other pa y ables \u2013 282.8 94.9 9.8 \u2013 387.5 Refundable customer deposits and advances 85.0 \u2013 \u2013 \u2013 \u2013 85.0 Derivative financial liabilities Forward exchan g e contracts \u2013 \u2013 0.8 \u2013 \u2013 0.8 85.0 319.2 292.3 1,624.1 \u2013 2,320.6 22 Financial instruments continued Estimation of fair values As at 31 December 2022 As at 31 December 2021 Nominal value \u00a3m Book value \u00a3m Fair value \u00a3m Nominal value \u00a3m Book value \u00a3m Fair value \u00a3m Included in assets Level 2 Forward forei g n exchan g e contracts \u2013 2.3 2.3 \u2013 0.6 0.6 Loan assets 0.6 0.6 0.6 2.1 2.1 2.1 Level 3 Other derivative contracts \u2013 5.6 5.6 \u2013 3.3 3.3 0.6 8.5 8.5 2.1 6.0 6.0 Included in liabilities Level 1 $1,143.7m (2021: $1,184.0m) 10.5% US dollar First Lien Notes 950.8 935.0 893.0 874.2 852.5 959.4 $229.1m (2021: $355.3) 15.0% US dollar Second Lien Split Coupon Notes 190.5 169.0 194.4 262.3* 222.4 302.3* Level 2 Forward exchange contracts \u2013 0.7 0.7 \u2013 0.8 0.8 Derivative option over own shares 48.1 22.6 22.6 48.1 31.0 31.0 1,189.4 1,127.3 1,110.7 1,184.6 1,106.7 1,293.5 * The fair value of the Second Lien SSNs includes $9.8m, $10.5m, $10.8m and $6.8m of PIK notes issued in April 2021, November 2021, April 2022 and November 2022 respectively. The 31 December 2021 comparative for nominal value and fair value has been updated to include the two issuances during 2021. The issued PIK already forms part of the book value at each reporting period and no change has been made to the presentation of these numbers Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows: \u2022 Level 1 assets and liabilities have inputs observable through quoted prices. \u2022 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 assets and liabilities are those with inputs not based on observable market data. Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as such, the table above only includes assets and liabilities held at fair value, and borrowings. The forward currency contracts are carried at fair value based on pricing models and discounted cash flow techniques derived from assumptions provided by third-party banks. Loan assets are held at cost less any expected credit loss provision (note 17). The SSNs are all valued at amortised cost retranslated at the year-end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends are determined by reference to the quoted price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs. The other derivative contracts relate to options to purchase a minority shareholding in AMR GP Limited (see note 19). The derivative option over own shares reflects the detachable warrants issued alongside the Second Lien SSNs (see borrowings section of note 22) enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is calculated using a binomial model and updated at each period end reflecting the latest market conditions. The inputs used in the valuation model include the quoted share price, market volatility, exercise ratio and risk free rate. The reduction in nominal value represents options exercised by warrant holders during the year. For all other receivables and payables, the carrying amount is deemed to reflect the fair value. 22 Financial instruments continued Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future development of the business. Given this, the objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise shareholder value. The capital structure of the Group consists of debt which includes the borrowings disclosed in this note, cash and cash equivalents and equity attributable to equity holders of the parent, comprising share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity. ",
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"fact-658": {
"value": "Group The Group's principal financial instruments comprise cash and cash equivalents, Senior Secured Notes (\u201cSSNs\u201d), a Revolving Credit Facility (\u201cRCF\u201d), a finished vehicle financing facility, a bilateral RCF, loan assets, derivative options, and forward currency contracts. Additionally, the Group has trade payables and trade receivables which arise directly from its operations. Included in trade and other payables is a liability relating to an inventory repurchase arrangement. These short term assets and liabilities are included in the currency risk disclosure. The main risks arising from the Group's financial instruments are credit risk, interest-rate risk, currency risk and liquidity risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Group's risk policies are established to identify and analyse the risks faced by the Group, set appropriate risk limits and controls, and monitor adherence to limits. The Board of Directors oversees how management monitor compliance with the Group risk management policies and procedures and reviews the adequacy of the risk management framework in relation to specific risks faced by the Group. ",
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"fact-659": {
"value": "Credit risk The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in advance of their despatch or use the wholesale financing scheme (see note 17). Credit risk on receivables purchased by FCAB or Velocitas under the wholesale finance facilities is borne by FCAB or Velocitas respectively. The Group, as a senior and subordinated lender to Velocitas, retains 5% of the credit risk associated with such sales. The Group has no credit risk associated with the FCAB facility. The Group\u2019s remaining vehicle sales to territories where there is currently no wholesale financing are made on credit terms ranging from 30 to 180 days. The Group manages the default risk of such sales via a credit risk insurance policy. An appropriate expected credit loss provision is made in respect of the Group\u2019s loan assets to Velocitas. Dealers within North America are allowed ten-day credit terms from the date of invoice. In certain circumstances, after thorough consideration of the credit history of an individual dealer, the Group may sell vehicles outside of the credit risk insurance policy or on deferred payment terms. Parts sales, which represent a smaller element of total revenue, are made to dealers on net 30-day credit terms. Servicing receivables are due for payment on collection of the vehicle. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The expected credit loss related to default of other receivables (note 17) is assessed as zero. In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years are calculated, including consideration given to future factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable ageing buckets at the year end. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group has no material contract assets. Credit risk continued In presenting the loss allowance summary below for 2021, the specific loss allowance and original receivable balance of \u00a319.0m related to historical other operating income has been excluded so as not to distort the expected loss rate. This balance was writte off during 2022. The trade receivable loss allowance as at 31 December is as follows: As at 31 December 2022 As at 31 December 2021 Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m Expected loss rate % Gross carrying amount \u00a3m Loss allowanc \u00a3 Current * 129.1 \u2013 * 124.8 1 \u2013 30 days past due * 5.8 \u2013 * 10.0 \u2013 31 \u2013 60 da y s past due * 1.7 \u2013 * 2.8 \u2013 61+ da y s past due 93.8% 6.5 6.1 74.7% 7.5 5.6 143.1 6.1 145.1 5.6 * The expected loss rates for these specific ageing categories are not disclosed as no material loss allowance is generated when applied against the gross carrying valu The closing loss allowance as at 31 December 2021 for trade receivables, including the specific loss allowance of \u00a319.0m relating to historical other income noted above, reconciles to the opening loss allowance as at 1 January 2022 as below. The specific allowance of \u00a319.0m was written off during 2022. 2022 \u00a3m 202 \u00a3 Opening loss allowance as at 1 January 24.6 21. Increase in loss allowance reco g nised in the Income Statement \u2013 administrative and other operatin g expenses 0.6 3.1 Receivables written off durin g the y ear as uncollectible (19.2) (0.2 Effect of forei g n exchan g e 0.1 \u2013 At 31 December 6.1 24. ",
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"fact-660": {
"value": "Borrowings The following table analyses Group borrowings: 2022 \u00a3m 202 1 \u00a3 m Current Bank loans and overdrafts 107.1 114. 3 Non-current Senior Secured Notes 1,104.0 1,074.9 Total borrowings 1,211.1 1,189. 2 Total borrowings are denominated in the following currencies, in sterling at the year-end exchange rates: 2022 \u00a3m 202 1 \u00a3 m Sterling 107.1 114. 3 US dollar 1,104.0 1,074. 9 Total borrowin g s 1,211.1 1,189.2 Borrowings continued Current borrowings The Group has an RCF attached to the SSNs (see Non-current borrowings below). The carrying amount net of unamortised arrangement fees included in current borrowings relating to the RCF at 31 December 2022 was \u00a377.1m (2021: \u00a378.0m). At 31 December 2022 \u00a378.5m of the \u00a390.6m RCF was drawn as cash (2021: \u00a380.0m of the \u00a390.6m facility). During 2021, the Group entered into a bilateral RCF with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi to a value at the time of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSBC Bank plc in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m (2021: \u00a333.0m) and is shown in cash and cash equivalents. The facility of \u00a330.0m is shown within borrowings in current liabilities on the Statement of Financial Position. In 2018 the Group entered into a fixed rate loan to finance the construction of the paint shop at the new St Athan manufacturing facility for which the final repayment was made during the year. At 31 December 2021 the amount included in current borrowings was \u00a36.3m. Non-current borrowings In December 2020 the Group refinanced all SSNs in issue with new SSNs. All SSNs are secured by fixed and floating charges over certain assets of the Group. In March 2021 the Group issued an additional \u00a370.7m equivalent of 10.5% First Lien SSNs with a nominal value of $98.5m at a premium of \u00a36.3m. Transaction costs of \u00a31.7m and the premium are amortised using the effective interest rate. In October 2022 the Group repurchased $40.3m of First Lien SSNs and $143.8m of Second Lien SSNs. The portion of unamortised fees and the redemption premium was charged to the Income Statement at the point of redemption as an accelerated charge and presented within adjusting items (note 5). Transaction costs of \u00a31.9m relating to the repurchase are included in adjusting items (note 5). The US dollar amounts have been converted to sterling equivalents for reporting purposes. At 31 December 2022 the Group held \u00a31,104.0m of SSNs (2021: \u00a31,074.9m) comprising First Lien SSNs of $1,143.7m (2021: $1,184.0m) at 10.5% cash interest and Second Lien SSNs of $229.1m (2021: $355.3m) at 8.89% cash interest and 6.11% Payment in Kind (\u201cPIK\u201d) interest respectively. The Second Lien Notes were issued at a 2% discount and include detachable share warrants (see below). The First Lien Notes are repayable in November 2025 and the Second Lien Notes in November 2026. Transaction costs and discounts on issuance are amortised using the effective interest rate. Derivative option over own shares The Second Lien SSNs include detachable warrants enabling the warrant holders to subscribe for a number of ordinary shares in the Company at the subscription price of \u00a31.67 (previously \u00a310 per share prior to the rights issue in September 2022). The warrant holders have the right to exchange their warrant options for a reduced number of warrant shares resulting in no cash being paid to receive the shares. The ratio at which this exchange can be transacted is determined by the share price at execution of the options. A derivative option liability was initially recorded at 31 December 2020 due to the uncertain number of shares which will be issued under the agreement, which is subsequently remeasured at fair value through the Income Statement. The warrants can be exercised from 1 July 2021 through to 7 December 2027. The issuance of debt with attached warrants required the Group to assess separately the fair value of the warrants and the debt. The fair value of the warrants was determined using a binomial model used to predict the behaviour of the warrant holders and when they might exercise their holdings. The derivative option liability was initially recognised as a derivative forward at fair value with changes in the fair value being recognised in the Income Statement until issuance of the warrants on 7 December 2020 resulting in an initial valuation of \u00a334.6m. Upon issuance of the $335m SSNs, the carrying value of the debt was reduced by the same amount. The debt will be increased via an effective interest charge over the term of the SSNs. During the year ended 31 December 2022, changes to the fair value of the derivative option have resulted in a credit to the Income Statement of \u00a38.4m (2021: \u00a334.1m) which is presented in adjusting items. A total of nil (2021: 30,518,600 warrants) were exercised resulting in no change to the associated liability (2021: partial extinguishment of the liability and a transfer to retained earnings of \u00a314.8m). Borrowings continued Interest rate risk The Group is exposed interest rate risk on the RCF attached to the SSNs and on the bilateral RCF facility with HSBC, whereby Chinese renminbi have been deposited in a restricted account with HSBC in China in exchange for a sterling overdraft facility with HSBC in the UK. The interest rate charged on both facilities is based on SONIA and compounded in arrears. Profile At 31 December the interest rate profile of the Group\u2019s interest-bearing financial instruments was: 2022 \u00a3m 2021 \u00a3m Fixed rate instruments Financial liabilities 1,104.0 1,159.2 Variable rate instruments Financial liabilities 107.1 30.0 Borrowings, including the SSNs and the loan to finance the paint shop in St Athan repaid during March 2022, are at fixed interest rates. During 2021 the rate of interest on the RCF, which is attached to the SSNs, was based on LIBOR plus a percentage spread and was predetermined at the date of the drawdown of the RCF so was considered to be fixed rate for the analysis above. In 2022 and 2021 the Group entered into an inventory repurchase arrangement (not included within the financial liabilities noted above). The interest charged on this arrangement is determined as the difference between the sales and repurchase value and is therefore fixed at the time of entering into the arrangement. The repayment terms of this arrangement are not in excess of 270 days. Surplus cash funds, when appropriate, are placed on deposit and attract interest at a variable rate derived from SONIA. Interest rate risks \u2013 sensitivity The following table demonstrates the sensitivity, with all other variables held constant, of the Group\u2019s loss after tax to a reasonably possible change in interest rates on the bilateral RCF with HSBC and the RCF attached to the SSNs at 31 December 2022. (2021: bi-lateral RCF only). 2022 \u00a3m 2021 \u00a3m Increase/ (decrease) in interest rate Effect on loss after ta x Effect on loss after tax SONIA/Bank of En g land Base Rate 3.00% (2.6) (0.7) SONIA/Bank of En g land Base Rate (3.00%) 2.6 0.7 ",
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"fact-661": {
"value": "Hedge accounting The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations on the purchase of raw material parts and services. As part of its risk management policy, the Group uses derivative financial instruments in the form of currency forward contracts to manage the cash flow risk resulting from these exchange rate movements. The Group had designated the foreign exchange movement on $400m of repaid SSNs as part of a cash flow hedging relationship, to manage the exchange rate risk resulting from forecast US dollar inter-Group sales. Together these are referred to as cash flow hedges. The cash flow hedges give certainty over the transactional values to be recognised in the Consolidated Income Statement and, in the case of the forward contracts, certainty around the value of cash flows arising as foreign currencies are exchanged at predetermined rates. The Group hedges significant foreign currency exposures as follows: \u2022 Firstly, when practical, with currency forward contracts on a reducing basis with the highest coverage in the year immediately following the year end date. When practicable, the Group places additional hedges on a regular basis so that the percentage of the foreign currency exposure hedged increases as the time to maturity of the foreign currency exposure reduces. \u2022 Secondly, the Group has designated $400m of repaid SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was discontinued from the date of repayment. As the forecast transactions are still expected to occur the amount accumulated in the cash flow hedge reserve at the repayment date will be released to Cost of Sales within the Income Statement in line with the profile of the future US dollar sales to which it relates. The Group currently has no active currency forward contract cash flow hedges beyond 2023. The Group does not mitigate all transactional foreign currency exposures, with the unhedged proportion converted at exchange rates prevailing on the date of the transaction. Derivative financial instruments Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the spot element of forward foreign exchange contract, and the forward points are excluded from the hedge relationship. The hedged items have been designated as highly probable forecast net sales or purchases denominated in foreign currencies. Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within Other Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other Comprehensive Income. Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Income Statement. When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion of the hedged item is no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future cash flows are still expected to occur, then the accumulated amount in the cash flow hedge reserve relating to the discontinued portion remains in the cash flow hedge reserve until the future cash flows occur. If the hedged future cash flows are no longer expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the Income Statement as a reclassification adjustment. Certain forward foreign exchange contracts were designated as hedges with effect from 1 July 2019. Prior to this, all movements in the fair value had been recorded within finance expense as an adjusting item reflecting the non-recurring nature of the absence of a designated hedge relationship for such instruments. Subsequent to 1 July 2019, in respect of these forward foreign exchange contracts only, the movement in fair value attributable to forward points is recorded within cost of sales in the Consolidated Income Statement. Hedge accounting continued $400m Senior Secured Notes The $400m SSNs were repaid in December 2020. Prior to repayment they were recorded at amortised cost and translated into sterling at the year-end or repayment date closing rates with movements in the carrying value due to foreign exchange movements offset by movements in the value of the highly probable forecast sales when translated from US dollars to sterling. When the hedge ratio is 1:1 the value of the hedging instrument matches the value of the hedged item. In this case, the change in the carrying value of these SSNs, arising as a result of exchange differences, is recognised through Other Comprehensive Income into the hedge reserve instead of within finance income/(expense). When the value of the hedging instrument is greater than the value of the hedged item the excess portion is recognised as ineffective and is recorded immediately to finance expense in the Income Statement. The amounts recorded within the hedge reserve, including the cost of hedging reserve, are reclassified to the Consolidated Income Statement when the hedged item affects the Consolidated Income Statement. Due to the nature of the hedged items, all amounts reclassified to the Income Statement are recorded in cost of sales (2021: all cost of sales), except for ineffective amounts relating to the $400m SSNs which would be recorded as finance expense in the Income Statement. Main sources of hedge ineffectiveness Other than previously described, in relation only to forward contracts designated as a hedge, the main sources of potential hedge ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur. The impact of hedging instruments on the Statement of Financial Position is as follows: 31 December 2022 31 December 2021 Notional value \u00a3m Carrying value \u00a3m Change in fair value used for measuring ineffectiveness \u00a3m Notional value \u00a3m Carrying value \u00a3m Change in fair value used for measuring ineffectiveness \u00a3m Foreign exchange forward contracts \u2013 other financial assets 96.1 2.3 2.3 26.6 0.6 0.6 Foreign exchange forward contracts \u2013 other financial liabilities 33.1 (0.7) (0.7) 33.6 (0.8) (0.9) $400m Senior Secured Notes \u2013 hed g e instrument 105.6 \u2013 \u2013 180.9 \u2013 \u2013 The impact of hedged items on the Statement of Financial Position is as follows: 31 December 2022 31 December 2021 Cash flow hedge reserve \u00a3m Cost of hedging reserve \u00a3m Cash flow hedge reserve \u00a3m Cost of hedging reserve \u00a3m Foreign exchange forward contracts 2.9 (0.9) 0.7 (0.6) $400m Senior Secured Notes \u2013 hed g e instrument 3.9 \u2013 8.8 \u2013 Tax on fair value movements reco g nised in OCI (1.8) 0.2 (2.4) 0.2 Hedge accounting continued The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is: Year ended 31 December 2022 Total hedging gain/(loss) recognised in OCI \u00a3m Ineffectiveness recognised in the Income Statement \u00a3m Income Statement line item Fair value movement on cash flow hedges \u00a3m Amount reclassified from OCI to the Income Statement \u00a3m Income Statemen line ite Forei g n exchan g e forward contracts 1.7 (0.3) Cost of sales (6.1) 7.8 Cost of sale $400m Senior Secured Notes \u2013 hedge instrument (4.9) \u2013 Cost of sales \u2013 (4.9) Cost of sale Tax on fair value movements recognised in OCI 0.9 \u2013 \u2013 1.5 (0.7) \u2013 Year ended 31 December 2021 Total hedging (loss)/gain recognised in OCI \u00a3m Ineffectiveness recognised in the Income Statement \u00a3m Income Statement line item Fair value movement on cash flow hedges \u00a3m Amount reclassified from OCI to the Income Statement \u00a3m Income Statement line item Foreign exchange forward contracts (2.9) (0.6) Cost of sales (0.3) (2.6) Cost of sales $400m Senior Secured Notes \u2013 hed g e instrument (1.7) \u2013 Cost of sales \u2013 (1.7) Cost of sales Tax on fair value movements reco g nised in OCI 1.2 \u2013 \u2013 0.1 1.1 Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the hedged items and the hedging instrument. At 31 December 2022 and 2021 there were no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer required. All hedging instruments recognised by the Group at 31 December 2022 have a maturity date of less than one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-675": {
"value": "Derivative financial instruments Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the spot element of forward foreign exchange contract, and the forward points are excluded from the hedge relationship. The hedged items have been designated as highly probable forecast net sales or purchases denominated in foreign currencies. Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within Other Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other Comprehensive Income. Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Income Statement. When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion of the hedged item is no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future cash flows are still expected to occur, then the accumulated amount in the cash flow hedge reserve relating to the discontinued portion remains in the cash flow hedge reserve until the future cash flows occur. If the hedged future cash flows are no longer expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the Income Statement as a reclassification adjustment. Certain forward foreign exchange contracts were designated as hedges with effect from 1 July 2019. Prior to this, all movements in the fair value had been recorded within finance expense as an adjusting item reflecting the non-recurring nature of the absence of a designated hedge relationship for such instruments. Subsequent to 1 July 2019, in respect of these forward foreign exchange contracts only, the movement in fair value attributable to forward points is recorded within cost of sales in the Consolidated Income Statement. ",
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"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-662": {
"value": "Liquidity risk The Group seeks to manage liquidity risk to ensure sufficient liquidity is available to meet foreseeable needs and, when appropriate, allow placement of cash on deposit safely and profitably. During 2022 the Group undertook a share placing and rights issue to strengthen the liquidity of the business. During 2021, the Group entered into a bilateral RCF with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese renminbi to a value at the ti me of \u00a331.9m were deposited in a restricted account with HSBC in China in exchange for a \u00a330.0m sterling overdraft facility with HSB C Bank plc in the UK. The restricted cash has been revalued at 31 December 2022 to \u00a332.8m (2021: \u00a333.0m) and is shown in the cas h and cash equivalents. The facility of \u00a330.0m is shown within borrowings in current liabilities on the Statement of Financial Positio n. The facility is available until 31 August 2025 and the total facility size is \u00a350m. At 31 December 2022 the Group held \u00a31,104.0m (2021: \u00a31,094.9m) of SSNs. In October 2022 the Group repurchased $40.3m of First Lien SSNs and $143.8m of Second Lien SSNs with a premium paid of \u00a314.3m on early redemption. The First Lien Notes are repayable in November 2025 and the Second Lien Notes in November 2026. The portion of unamortised fees and the redemptio n premium was charged to the Income Statement at the point of redemption as an accelerated charge and presented within adjusting items (note 5). Transaction costs of \u00a31.9m relating to the repurchase are included in adjusting items (note 5). The US dollar amounts have been converted to sterling equivalents for reporting purposes. Attached to the SSNs is a \u00a390.6m RCF of which \u00a378.5m (2021: \u00a380.0m) was drawn in cash at the reporting date. The amount recorded in the Statement of Financial Position is net of unamortised transaction costs. \u00a35.2m (2021: \u00a35.9m) of the remaining ancillary facility has been utilised through the issuance of letters of credit and guarantees. The RCF attached to the SSNs is available until August 2025. Liquidity risk continued As part of the normal operating cycle of the Group, customers make advanced payments to secure their allocation of Special Vehicles produced in limited numbers. The cash from these advance payments is primarily used to fund upfront costs of the Special Vehicle project including raw materials and components required in manufacture. In certain circumstances, according to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, the advanced payments are contractually refundable. At 31 December 2022 the Group held refundable deposits of \u00a3102.9m (2021: \u00a385.0m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer, who is required to make an equivalent advanced payment. The maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on contractual undiscounted payments was as follows. On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m >5 years \u00a3m Contractual cash flows Total \u00a3m Non-derivative financial liabilities Bank loans and overdrafts \u2013 109.0 \u2013 \u2013 \u2013 109.0 Senior Secured Notes \u2013 \u2013 117.0 1,462.4 \u2013 1,579.4 Trade and other pa y ables \u2013 443.1 138.1 8.6 0.6 590.4 Refundable customer deposits and advances 102.9 \u2013 \u2013 \u2013 \u2013 102.9 Derivative financial liabilities Forward exchan g e contracts \u2013 0.5 0.2 \u2013 \u2013 0.7 102.9 552.6 255.3 1,471.0 0.6 2,382.4 Included in the tables above and below are interest bearing loans and borrowings at a carrying value of \u00a31,211.1m (2021: \u00a31,189.2m). The liquidity profile associated with leases accounted under IFRS 16 is detailed in note 15. The maturity profile of the Group\u2019s financial liabilities at 31 December 2021 based on contractual undiscounted payments was as follows. On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m >5 years \u00a3m Contractual cash flows Total \u00a3m Non-derivative financial liabilities Bank loans and overdrafts \u2013 36.4 81.1 \u2013 \u2013 117.5 Senior Secured Notes \u2013 \u2013 115.5 1,614.3 \u2013 1,729.8 Trade and other pa y ables \u2013 282.8 94.9 9.8 \u2013 387.5 Refundable customer deposits and advances 85.0 \u2013 \u2013 \u2013 \u2013 85.0 Derivative financial liabilities Forward exchan g e contracts \u2013 \u2013 0.8 \u2013 \u2013 0.8 85.0 319.2 292.3 1,624.1 \u2013 2,320.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-663": {
"value": "Estimation of fair values As at 31 December 2022 As at 31 December 2021 Nominal value \u00a3m Book value \u00a3m Fair value \u00a3m Nominal value \u00a3m Book value \u00a3m Fair value \u00a3m Included in assets Level 2 Forward forei g n exchan g e contracts \u2013 2.3 2.3 \u2013 0.6 0.6 Loan assets 0.6 0.6 0.6 2.1 2.1 2.1 Level 3 Other derivative contracts \u2013 5.6 5.6 \u2013 3.3 3.3 0.6 8.5 8.5 2.1 6.0 6.0 Included in liabilities Level 1 $1,143.7m (2021: $1,184.0m) 10.5% US dollar First Lien Notes 950.8 935.0 893.0 874.2 852.5 959.4 $229.1m (2021: $355.3) 15.0% US dollar Second Lien Split Coupon Notes 190.5 169.0 194.4 262.3* 222.4 302.3* Level 2 Forward exchange contracts \u2013 0.7 0.7 \u2013 0.8 0.8 Derivative option over own shares 48.1 22.6 22.6 48.1 31.0 31.0 1,189.4 1,127.3 1,110.7 1,184.6 1,106.7 1,293.5 * The fair value of the Second Lien SSNs includes $9.8m, $10.5m, $10.8m and $6.8m of PIK notes issued in April 2021, November 2021, April 2022 and November 2022 respectively. The 31 December 2021 comparative for nominal value and fair value has been updated to include the two issuances during 2021. The issued PIK already forms part of the book value at each reporting period and no change has been made to the presentation of these numbers Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows: \u2022 Level 1 assets and liabilities have inputs observable through quoted prices. \u2022 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 assets and liabilities are those with inputs not based on observable market data. Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as such, the table above only includes assets and liabilities held at fair value, and borrowings. The forward currency contracts are carried at fair value based on pricing models and discounted cash flow techniques derived from assumptions provided by third-party banks. Loan assets are held at cost less any expected credit loss provision (note 17). The SSNs are all valued at amortised cost retranslated at the year-end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends are determined by reference to the quoted price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs. The other derivative contracts relate to options to purchase a minority shareholding in AMR GP Limited (see note 19). The derivative option over own shares reflects the detachable warrants issued alongside the Second Lien SSNs (see borrowings section of note 22) enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is calculated using a binomial model and updated at each period end reflecting the latest market conditions. The inputs used in the valuation model include the quoted share price, market volatility, exercise ratio and risk free rate. The reduction in nominal value represents options exercised by warrant holders during the year. For all other receivables and payables, the carrying amount is deemed to reflect the fair value. ",
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"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-664": {
"value": "Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future development of the business. Given this, the objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise shareholder value. The capital structure of the Group consists of debt which includes the borrowings disclosed in this note, cash and cash equivalents and equity attributable to equity holders of the parent, comprising share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-634": {
"value": "23 Net debt The Group defines net debt as current and non-current borrowings in addition to inventory repurchase arrangements and lease liabilities, less cash and cash equivalents including cash held not available for short term use. The additional cash flow disclosures required under IAS 7 are made in note 27. 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 583.3 418.9 Cash held not available for short term use 0.3 1.8 Inventor y repurchase arran g ement (38.2) (19.7) Lease liabilities \u2013 current (7.4) (9.7) Lease liabilities \u2013 non-current (92.4) (93.7) Loans and other borrowings \u2013 current (107.1) (114.3) Loans and other borrowings \u2013 non-current (1,104.0) (1,074.9) Net debt (765.5) (891.6) Movement in net debt Net increase/(decrease) in cash and cash equivalents 164.4 (70.5) Add back cash flows in respect of other components of net debt: New borrowin g s \u2013 (108.5) Proceeds from inventor y repurchase arran g ement (75.7) (19.0) Repa y ment of existin g borrowin g s 172.7 37.3 Repayment of inventory repurchase arrangement 60.0 40.0 Lease liability payments 10.0 9.9 Movement in cash held not available for short term use (1.5) (8.1) Transaction fees \u2013 1.9 Decrease/(increase) in net debt arisin g from cash flows 329.9 (117.0) Non-cash movements: Foreign exchange loss on secured loan (156.2) (12.4) Interest added to debt (15.7) (13.4) Borrowin g fee amortisation (25.4) (7.5) Lease liabilit y interest char g e (4.5) (3.9) Lease modifications (3.5) 0.4 New leases (2.2) (11.5) Foreign exchange gain and other movements 3.7 0.4 Decrease/(increase) in net debt 126.1 (164.9) Net debt at be g innin g of the y ear (891.6) (726.7) Net debt at the end of the year (765.5) (891.6)",
"dimensions": {
"concept": "astonmartinplc:DisclosureOfNetDebt",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-635": {
"value": "24 Provisions 2022 \u00a3m 2021 \u00a3m Restructuring Warranty Total Restructuring Warrant y Total At the be ginning of theyear 0.4 38.5 38.9 7.8 31.1 38.9 Charge for theyear \u2013 30.9 30.9 \u2013 31.8 31.8 Utilisation (0.4) (26.5) (26.9) (5.0) (23.9) (28.9) Effect of movements in exchange rates \u2013 (1.5) (1.5) \u2013 0.2 0.2 Release to the Income Statement \u2013 (0.3) (0.3) (2.4) (0.7) (3.1) At the end of theyear \u2013 41.1 41.1 0.4 38.5 38.9 Analysed as: Current \u2013 18.6 18.6 0.4 19.5 19.9 Non-current \u2013 22.5 22.5 \u2013 19.0 19.0 \u2013 41.1 41.1 0.4 38.5 38.9 In the year ended 31 December 2020, the Group launched a consultation process to reduce employee numbers reflecting lower than originally planned production volumes resulting in an exceptional charge to the Income Statement in 2020. The restructuring was substantially completed during 2021 with the final amounts being utilised during the year ended 31 December 2022. The warranty provision is calculated based on the level of historical claims and is expected to be substantially utilised within the next three years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-636": {
"value": "25 Pension obligations Defined contribution scheme The Group opened a Defined Contribution scheme in June 2011. The total expense relating to this scheme in the year ended 31 December 2022 was \u00a317.6m (2021: \u00a310.6m). Outstanding contributions at the year end were \u00a31.5m (2021: \u00a30.9m). Contributions are made by the Group to other pension arrangements for certain employees of the Group. Defined Benefit scheme The Group operates a Defined Benefit Pension Scheme. During 2017 it was agreed and communicated to its members that the scheme\u2019s benefits would be amended from a final pensionable salary basis to a career average revalued earnings (CARE) basis with effect from 1 January 2018. The scheme was closed to new entrants on 31 May 2011. The benefits of the existing members were not affected by the closure of the scheme. The assets of the scheme are held separately from those of the Group. On 31 January 2022 the scheme was closed to future accrual resulting in a curtailment loss of \u00a32.8m (note 5). In constructing the investment strategy for the scheme, the Trustees take due account of the liability profile of the scheme along with the level of disclosed surplus or deficit. The investment strategy is reviewed on a regular basis and, at a minimum, on a triennial basis to coincide with actuarial valuations. The primary objectives are to provide security for all beneficiaries and to achieve long term growth sufficient to finance any pension increases and ensure the residual cost is held at a reasonable level. The pension scheme operates under the regulatory framework of the Pensions Act 2004. The Trustee has the primary responsibility for governance of the scheme. Benefit payments are from Trustee-administered funds and scheme assets are held in a Trust which is governed by UK regulation. The Trustee comprises representatives of the Group and members of the scheme and an independent, professional Trustee was appointed during 2019. 25 Pension obligations continued Defined Benefit scheme continued The pension scheme exposes the Group to the following risks: \u2022 Asset volatility \u2013 the scheme\u2019s Statement of Investment Principles targets 40% return-enhancing assets and 60% risk-reducing assets. The Trustee monitors the appropriateness of the scheme\u2019s investment strategy, in consultation with the Group, on an ongoing basis. \u2022 Inflation risk \u2013 the majority of benefits are linked to inflation and so increases in inflation will lead to higher liabilities (although in most cases there are caps in place which protect against extreme inflation). \u2022 Longevity \u2013 increases in life expectancy will increase the period over which benefits are expected to be payable, which increases the value placed on the scheme\u2019s liabilities. \u2022 Changes in bond yields - A decrease in corporate bond yields will increase the value placed on the Scheme liabilities, although this will be partially offset by an increase in the value of the Scheme's bond holdings. The projected unit method has been used to determine the liabilities. The pension cost is assessed in accordance with the advice of an independent qualified actuary. The latest actuarial valuation of the scheme had an effective date of 6 April 2020. The assumptions that make the most significant effect on the valuation are those relating to the rate of return on investments, the rate of increase in salaries and pensions and expected longevity. It was assumed that the investment return would be based on the Bank of England gilt curve plus 0.5% per annum and that salary increases would be equivalent to CPI inflation plus 1.0% per annum. At the 6 April 2020 actuarial valuation, the actuarial value of the scheme assets was \u00a3314.6m, sufficient to cover 76% of the benefits which had accrued to members. On 18 December 2020, the Group agreed to increase the recovery plan contributions from \u00a37.1m per annum to \u00a315.0m per annum effective from 1 January 2021 through to 30 June 2027. Estimated contributions for the year ending 31 December 2023 are \u00a315.0m. A full actuarial valuation was carried out as at 6 April 2020. The 2020 valuation was updated by an independent qualified actuary to 31 December 2021 and 2022 respectively for the relevant disclosures in accordance with IAS 19R. The next triennial valuation as at 6 April 2023 is due to be completed by June 2024 in line with the scheme-specific funding requirements of the Pensions Act 2004. As part of that valuation the Trustee and the Group will review the adequacy of the contributions being paid into the scheme. Assumptions The principal assumptions used by the actuary were: 31 December 2022 31 December 2021 Discount rate 4.85% 2.00% Rate of increase in salaries N/A 3.10% Rate of revaluation in deferment 2.45% 2.50% Rate of increase in pensions in payment attracting Limited Price Indexation 2.95% 3.00% Expected return on scheme assets 4.85% 2.00% RPI Inflation assumption 3.00% 3.10% CPI Inflation assumption 2.45% 2.50%25 Pension obligations continued Assumptions continued The Group\u2019s inflation assumption reflects its long term expectations and has not been amended for short term variability. The mortality assumptions allow for expected increases in longevity. The \u2018current\u2019 disclosures below relate to assumptions based on the longevity (in years) following retirement at each reporting date, with \u2018future\u2019 relating to an employee retiring in 2042 (2022 assumptions) or 2041 (2021 assumptions). Projected life expectancy at age 65 Future Current Future Current Currently aged 45 2022 Currently aged 65 2022 Currently aged 45 2021 Currently aged 65 2021 Male 22.5 21.3 22.8 21.5 Female 25.3 23.9 25.5 24.0 Years Avera g e duration of the liabilities in y ears as at 31 December 2022 19 Avera g e duration of the liabilities in y ears as at 31 December 2021 26 The following table provides information on the composition and fair value of the assets of the scheme: 31 December 2022 Quoted \u00a3m 31 December 2022 Unquoted \u00a3m 31 December 2022 Total \u00a3m 31 December 2021 Quoted \u00a3m 31 December 2021 Unquoted \u00a3m 31 December 2021 Total \u00a3m Asset class Overseas equities 25.9 \u2013 25.9 41.0 \u2013 41.0 Private debt \u2013 34.6 34.6 \u2013 32.8 32.8 Asset-Backed Securities 37.7 \u2013 37.7 \u2013 \u2013 \u2013 Liability driven investment 26.3 9.5 35.8 64.9 56.0 120.9 Corporate bonds 24.5 \u2013 24.5 \u2013 \u2013 \u2013 Absolute return bonds \u2013 11.2 11.2 \u2013 72.6 72.6 Diversified alternatives \u2013 0.9 0.9 \u2013 1.3 1.3 Cash 12.8 \u2013 12.8 89.3 \u2013 89.3 Insurance policies 3.6 \u2013 3.6 6.0 \u2013 6.0 Total 130.8 56.2 187.0 201.2 162.7 363.9 The scheme assets and funded obligations at 31 December are summarised below: 2022 \u00a3m 2021 \u00a3m Total fair value of scheme assets 187.0 363.9 Present value of funded obli g ations (188.9) (368.4) Funded status at the end of the y ear (1.9) (4.5) Ad j ustment to reflect minimum fundin g requirements (59.3) (74.2) Liability recognised in the Statement of Financial Position (61.2) (78.7) The adjustment to reflect minimum funding requirements represents the excess of the present value of contractual future recovery plan contributions, discounted using the assumed scheme discount rate, over the funding status established through the actuarial valuation. 25 Pension obligations continued Assumptions continued Amounts recognised in the Consolidated Income Statement during the year ended 31 December were as follows: 2022 \u00a3m 2021 \u00a3m Amounts char g ed to operatin g loss: Current service cost (0.7) (8.8) Past service cost (2.8) \u2013 (3.5) (8.8) Amounts char g ed to finance expense: Net interest expense on the net Defined Benefit liabilit y 0.1 (0.2) Interest expense on the ad j ustment to reflect minimum fundin g requirements (1.5) (1.1) Total expense recognised in the Income Statement (4.9) (10.1) Changes in present value of the Defined Benefit pensions obligations are analysed as follows: 2022 \u00a3m 2021 \u00a3m At the beginning of the year (368.4) (378.7) Current service cost (0.7) (8.8) Past service cost (2.8) \u2013 Interest cost (7.2) (6.0) Experience (losses)/ g ains (14.7) 3.3 Actuarial g ains arisin g from chan g es in financial assumptions 190.7 6.6 Distributions 11.3 10.6 Actuarial gains arising from changes in demographic assumptions 2.8 4.6 Obli g ation at the end of the y ear (189.0) (368.4) Changes in the fair value of plan assets are analysed below: 2022 \u00a3m 2021 \u00a3m At the be g innin g of the y ear 363.9 354.1 Interest on assets 7.3 5.8 Emplo y er contributions 15.6 20.1 Return on scheme assets excluding interest income (188.5) (5.5) Distributions (11.3) (10.6) Fair value at the end of the y ear 187.0 363.9 2022 \u00a3m 2021 \u00a3m Actual return on scheme assets (181.2) 0.3 25 Pension obligations continued Assumptions continued Analysis of amounts recognised in the Statement of Financial Position: 2022 \u00a3m 2021 \u00a3m Liabilit y at the be g innin g of the y ear (78.7) (92.5) Net expense reco g nised in the Income Statement (4.9) (10.1) Emplo y er contributions 15.6 20.1 Gain recognised in Other Comprehensive Income 6.8 3.8 Liabilit y reco g nised in the Statement of Financial Position at the end of the y ear (61.2) (78.7) Analysis of amount taken to Other Comprehensive Income: 2022 \u00a3m 2021 \u00a3m Return on scheme assets excludin g interest income (188.5) (5.5) Experience (losses)/ g ain arisin g on funded obli g ations (14.7) 3.3 Gains arisin g due to chan g es in financial assumptions underl y in g the present value of funded obli g ations 190.7 6.6 Gains/(losses) arisin g as a result of ad j ustment made to reflect minimum fundin g requirements 16.5 (5.2) Gains arising due to changes in demographic assumptions 2.8 4.6 Amount reco g nised in Other Comprehensive Income 6.8 3.8 Sensitivity analysis of the principal assumptions used to measure scheme liabilities At 31 December 2022 the present value of the benefit obligation was \u00a3189.0m (2021: \u00a3368.4m) and its sensitivity to changes in key assumptions were: Change in assumption Present value of benefit obligations at 31 December 2022 \u00a3m Present value of benefit obligations at 31 December 2021 \u00a3m Discount rate Decrease b y 1.00% 228.7 474.5 Rate of inflation* Increase b y 0.25% 196.7 388.4 Life expectanc y increased b y approximatel y 1 y ear Increase b y one y ear 194.7 384.7 * This sensitivity allows for the impact on all inflation-related assumptions (salary increases, deferred revaluation and pension increases). Funding levels are monitored on a regular basis by the Trustee and the Group to ensure the security of members\u2019 benefits. The next triennial valuation as at 6 April 2023 is due to be completed by June 2024 in line with the scheme-specific funding requirements of the Pensions Act 2004. As part of that valuation the Trustee and the Group will review the adequacy of the contributions being paid into the scheme. 2022 \u00a3m 2021 \u00a3m Expected future benefit pa y ments Year 1 (2022/2023) 11.2 11.0 Year 2 (2023/2024) 11.6 11.3 Year 3 (2024/2025) 11.9 11.7 Year 4 (2025/2026) 12.3 12.0 Year 5 (2026/2027) 12.6 12.4 Years 6 to 10 (2028 to 2032) 67.9 66.7 25 Pension obligations continued History of scheme experience 2022 2021 Present value of the scheme liabilities (\u00a3m) (188.9) (368.4) Fair value of the scheme assets (\u00a3m) 187.0 363.9 Deficit in the scheme before adjusting to reflect minimum funding requirements (\u00a3m) (1.9) (4.5) Experience losses on scheme assets excludin g interest income (\u00a3m) (188.5) (5.5) Percenta g e of scheme assets (100.8%) (1.5%) Return on scheme liabilities (\u00a3m) (14.7) 3.3 Percenta g e of the present value of the scheme liabilities 7.8% (0.9%) Total amount recognised in Other Comprehensive Income (\u00a3m) 6.8 3.8 Percentage of the present value of the scheme liabilities (3.6%) (1.0%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-665": {
"value": "Defined contribution scheme The Group opened a Defined Contribution scheme in June 2011. The total expense relating to this scheme in the year ended 31 December 2022 was \u00a317.6m (2021: \u00a310.6m). Outstanding contributions at the year end were \u00a31.5m (2021: \u00a30.9m). Contributions are made by the Group to other pension arrangements for certain employees of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-666": {
"value": "Defined Benefit scheme The Group operates a Defined Benefit Pension Scheme. During 2017 it was agreed and communicated to its members that the scheme\u2019s benefits would be amended from a final pensionable salary basis to a career average revalued earnings (CARE) basis with effect from 1 January 2018. The scheme was closed to new entrants on 31 May 2011. The benefits of the existing members were not affected by the closure of the scheme. The assets of the scheme are held separately from those of the Group. On 31 January 2022 the scheme was closed to future accrual resulting in a curtailment loss of \u00a32.8m (note 5). In constructing the investment strategy for the scheme, the Trustees take due account of the liability profile of the scheme along with the level of disclosed surplus or deficit. The investment strategy is reviewed on a regular basis and, at a minimum, on a triennial basis to coincide with actuarial valuations. The primary objectives are to provide security for all beneficiaries and to achieve long term growth sufficient to finance any pension increases and ensure the residual cost is held at a reasonable level. The pension scheme operates under the regulatory framework of the Pensions Act 2004. The Trustee has the primary responsibility for governance of the scheme. Benefit payments are from Trustee-administered funds and scheme assets are held in a Trust which is governed by UK regulation. The Trustee comprises representatives of the Group and members of the scheme and an independent, professional Trustee was appointed during 2019. Defined Benefit scheme continued The pension scheme exposes the Group to the following risks: \u2022 Asset volatility \u2013 the scheme\u2019s Statement of Investment Principles targets 40% return-enhancing assets and 60% risk-reducing assets. The Trustee monitors the appropriateness of the scheme\u2019s investment strategy, in consultation with the Group, on an ongoing basis. \u2022 Inflation risk \u2013 the majority of benefits are linked to inflation and so increases in inflation will lead to higher liabilities (although in most cases there are caps in place which protect against extreme inflation). \u2022 Longevity \u2013 increases in life expectancy will increase the period over which benefits are expected to be payable, which increases the value placed on the scheme\u2019s liabilities. \u2022 Changes in bond yields - A decrease in corporate bond yields will increase the value placed on the Scheme liabilities, although this will be partially offset by an increase in the value of the Scheme's bond holdings. The projected unit method has been used to determine the liabilities. The pension cost is assessed in accordance with the advice of an independent qualified actuary. The latest actuarial valuation of the scheme had an effective date of 6 April 2020. The assumptions that make the most significant effect on the valuation are those relating to the rate of return on investments, the rate of increase in salaries and pensions and expected longevity. It was assumed that the investment return would be based on the Bank of England gilt curve plus 0.5% per annum and that salary increases would be equivalent to CPI inflation plus 1.0% per annum. At the 6 April 2020 actuarial valuation, the actuarial value of the scheme assets was \u00a3314.6m, sufficient to cover 76% of the benefits which had accrued to members. On 18 December 2020, the Group agreed to increase the recovery plan contributions from \u00a37.1m per annum to \u00a315.0m per annum effective from 1 January 2021 through to 30 June 2027. Estimated contributions for the year ending 31 December 2023 are \u00a315.0m. A full actuarial valuation was carried out as at 6 April 2020. The 2020 valuation was updated by an independent qualified actuary to 31 December 2021 and 2022 respectively for the relevant disclosures in accordance with IAS 19R. The next triennial valuation as at 6 April 2023 is due to be completed by June 2024 in line with the scheme-specific funding requirements of the Pensions Act 2004. As part of that valuation the Trustee and the Group will review the adequacy of the contributions being paid into the scheme. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-637": {
"value": "26 Share capital and other reserves Allotted, called up and full y paid Number of shares Nominal value \u00a3 Share capital \u00a3m Share premium \u00a3m Merger reserve \u00a3m Capital redemption reserve \u00a3m Openin g balance at 1 Januar y 2021 114,933,587 11.5 1,108.2 144.0 9. Exercise of warrant options1 1,525,926 0.1 0.1 15.1 \u2013 \u2013 Transfer between reserves \u2013 \u2013 \u2013 0.1 (0.1) \u2013 Balance as at 31 December 2021 and 1 Januar y 2022 116,459,513 11.6 1,123.4 143.9 9.3 Private placin g 2 23,291,902 0.1 2.4 75.7 \u2013 \u2013 Ri g hts issue3 559,005,660 0.1 55.9 498.3 \u2013 \u2013 Closing balance at 31 December 2022 698,757,075 69.9 1,697.4 143.9 9. 1. On 15 July 2021 945,131 ordinary shares in the Company were issued to satisfy the redemption of 18,902,665 warrant options. \u00a39.5m of cash was received for the shares. On 22 July 2021 330,795 ordinary shares in the Company were issued to satisfy the redemption of 6,615,932 warrant options. \u00a33.3m of cash was received for the shares. On 11 December 2021 250,000 ordinary shares in the Company were issued to satisfy the redemption of 5,000,003 warrant options. \u00a32.5m of cash was received for the shares. Upon issuance of the shares the corresponding derivative option liability is extinguished resulting in a total credit to retained earnings during the year ended 31 December 2021 of \u00a314.8m 2. On 9 September 2022 the Company issued 23.2m ordinary shares by way of a private placing. The shares were issued at 335p raising gross proceeds of \u00a378.1m, with \u00a32.4m recognised as share capital and the remaining \u00a375.7m recognised as share premium 3. On 28 September 2022 the Company issued 559.0m ordinary shares by way of a rights issue. The shares were issued at 103p raising gross proceeds of \u00a3575.8m, with \u00a355.9m recognised as share capital and the remaining \u00a3519.9m recognised as share premium. Share premium is reduced by \u00a321.6m reflecting transaction fees paid of which \u00a32.9m are accrued as at 31 December 2022. Due to the shares being issued at substantially below market price, a bonus issue is deemed to have taken place. A total of 211.6m shares issued were considered bonus shares. The weighted average shares used to calculate earnings per share (see note 11) has been adjusted accordingly",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-667": {
"value": "26 Share capital and other reserves Allotted, called up and full y paid Number of shares Nominal value \u00a3 Share capital \u00a3m Share premium \u00a3m Merger reserve \u00a3m Capital redemption reserve \u00a3m Openin g balance at 1 Januar y 2021 114,933,587 11.5 1,108.2 144.0 9. Exercise of warrant options1 1,525,926 0.1 0.1 15.1 \u2013 \u2013 Transfer between reserves \u2013 \u2013 \u2013 0.1 (0.1) \u2013 Balance as at 31 December 2021 and 1 Januar y 2022 116,459,513 11.6 1,123.4 143.9 9.3 Private placin g 2 23,291,902 0.1 2.4 75.7 \u2013 \u2013 Ri g hts issue3 559,005,660 0.1 55.9 498.3 \u2013 \u2013 Closing balance at 31 December 2022 698,757,075 69.9 1,697.4 143.9 9. 1. On 15 July 2021 945,131 ordinary shares in the Company were issued to satisfy the redemption of 18,902,665 warrant options. \u00a39.5m of cash was received for the shares. On 22 July 2021 330,795 ordinary shares in the Company were issued to satisfy the redemption of 6,615,932 warrant options. \u00a33.3m of cash was received for the shares. On 11 December 2021 250,000 ordinary shares in the Company were issued to satisfy the redemption of 5,000,003 warrant options. \u00a32.5m of cash was received for the shares. Upon issuance of the shares the corresponding derivative option liability is extinguished resulting in a total credit to retained earnings during the year ended 31 December 2021 of \u00a314.8m 2. On 9 September 2022 the Company issued 23.2m ordinary shares by way of a private placing. The shares were issued at 335p raising gross proceeds of \u00a378.1m, with \u00a32.4m recognised as share capital and the remaining \u00a375.7m recognised as share premium 3. On 28 September 2022 the Company issued 559.0m ordinary shares by way of a rights issue. The shares were issued at 103p raising gross proceeds of \u00a3575.8m, with \u00a355.9m recognised as share capital and the remaining \u00a3519.9m recognised as share premium. Share premium is reduced by \u00a321.6m reflecting transaction fees paid of which \u00a32.9m are accrued as at 31 December 2022. Due to the shares being issued at substantially below market price, a bonus issue is deemed to have taken place. A total of 211.6m shares issued were considered bonus shares. The weighted average shares used to calculate earnings per share (see note 11) has been adjusted accordingly",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-676": {
"value": "26 Share capital and other reserves Allotted, called up and full y paid Number of shares Nominal value \u00a3 Share capital \u00a3m Share premium \u00a3m Merger reserve \u00a3m Capital redemption reserve \u00a3m Openin g balance at 1 Januar y 2021 114,933,587 11.5 1,108.2 144.0 9. Exercise of warrant options1 1,525,926 0.1 0.1 15.1 \u2013 \u2013 Transfer between reserves \u2013 \u2013 \u2013 0.1 (0.1) \u2013 Balance as at 31 December 2021 and 1 Januar y 2022 116,459,513 11.6 1,123.4 143.9 9.3 Private placin g 2 23,291,902 0.1 2.4 75.7 \u2013 \u2013 Ri g hts issue3 559,005,660 0.1 55.9 498.3 \u2013 \u2013 Closing balance at 31 December 2022 698,757,075 69.9 1,697.4 143.9 9. 1. On 15 July 2021 945,131 ordinary shares in the Company were issued to satisfy the redemption of 18,902,665 warrant options. \u00a39.5m of cash was received for the shares. On 22 July 2021 330,795 ordinary shares in the Company were issued to satisfy the redemption of 6,615,932 warrant options. \u00a33.3m of cash was received for the shares. On 11 December 2021 250,000 ordinary shares in the Company were issued to satisfy the redemption of 5,000,003 warrant options. \u00a32.5m of cash was received for the shares. Upon issuance of the shares the corresponding derivative option liability is extinguished resulting in a total credit to retained earnings during the year ended 31 December 2021 of \u00a314.8m 2. On 9 September 2022 the Company issued 23.2m ordinary shares by way of a private placing. The shares were issued at 335p raising gross proceeds of \u00a378.1m, with \u00a32.4m recognised as share capital and the remaining \u00a375.7m recognised as share premium 3. On 28 September 2022 the Company issued 559.0m ordinary shares by way of a rights issue. The shares were issued at 103p raising gross proceeds of \u00a3575.8m, with \u00a355.9m recognised as share capital and the remaining \u00a3519.9m recognised as share premium. Share premium is reduced by \u00a321.6m reflecting transaction fees paid of which \u00a32.9m are accrued as at 31 December 2022. Due to the shares being issued at substantially below market price, a bonus issue is deemed to have taken place. A total of 211.6m shares issued were considered bonus shares. The weighted average shares used to calculate earnings per share (see note 11) has been adjusted accordingly",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "27 Additional cash flow information Reconciliation of movements of select liabilities to cash flows arising from financing activities The tables below reconcile movements of liabilities classified within net debt (note 23) to cash flows arising from financing activities for the years ended 31 December 2022 and 2021. Liabilities Other borrowings and inventory arrangements \u00a3m Lease Liabilities \u00a3m $1,184.0m 10.5% First Lien Notes \u00a3m $335m 15% Second Lien Notes \u00a3m Tota \u00a3m At 1 Januar y 2022 134.0 103.4 852.5 222.4 1,312.3 Changes from financing cash flows Interest paid (4.6) (4.5) (96.3) (35.8) (141. Principal lease pa y ment \u2013 (10.0) \u2013 \u2013 (10. Repa y ment of existin g borrowin g s (7.8) \u2013 (36.1) (128.8) (172. Premium paid on the earl y redemption of Senior Secured Notes \u2013 \u2013 \u2013 (14.3) (14. Inventor y repurchase repa y ment (60.0) \u2013 \u2013 \u2013 (60.0 Inventory repurchase drawdown 75.7 \u2013 \u2013 \u2013 75. Transaction costs paid \u2013 \u2013 (1.9) \u2013 (1.9 Total chan g es from financin g cash flows 3.3 (14.5) (134.3) (178.9) (324. Effect of chan g es in exchan g e rates \u2013 0.7 113.5 42.7 156. New leases under IFRS 16 \u2013 2.2 \u2013 \u2013 2. Modifications to existing leases \u2013 3.5 \u2013 \u2013 3.5 Interest expense 12.3 4.5 103.5 82.8 203. Movement in accrued interest 0.9 \u2013 (0.2) \u2013 0.7 Financing expense in the Income Statement classified as operatin g cash flow (5.2) \u2013 \u2013 \u2013 (5.2 Balance at 31 December 2022 145.3 99.8 935.0 169.0 1,349. Liabilities Other borrowings and inventory arrangements \u00a3m Lease Liability \u00a3m $1,184.0m 10.5% First Lien Notes \u00a3m $335m 15% Second Lien Notes \u00a3m Total \u00a3m At 1 Januar y 2021 158.0 103.0 763.2 201.8 1,226.0 Changes from financing cash flows Interest paid (5.0) (3.9) (87.5) (21.6) (118.0 Principal lease pa y ment \u2013 (9.9) \u2013 \u2013 (9. Repa y ment of existin g borrowin g s (37.3) \u2013 \u2013 \u2013 (37.3 Inventor y repurchase repa y ment (40.0) \u2013 \u2013 \u2013 (40.0 Inventor y repurchase drawdown 19.0 \u2013 \u2013 \u2013 19.0 New borrowings 31.5 \u2013 77.0 \u2013 108.5 Transaction costs paid (0.1) \u2013 (2.5) (0.2) (2.8 Total chan g es from financin g cash flows (31.9) (13.8) (13.0) (21.8) (80. Effect of chan g es in exchan g e rates \u2013 (0.8) 9.9 2.5 11.6 New leases under IFRS 16 \u2013 11.5 \u2013 \u2013 11.5 Modifications to existing leases \u2013 (0.4) \u2013 \u2013 (0.4 Interest expense 16.5 3.9 93.4 41.4 155.2 Movement in accrued interest (0.6) \u2013 (1.8) (1.5) (3. Movement in accrued fees \u2013 \u2013 0.8 \u2013 0.8 Financing expense in the Income Statement classified as operating cash flow (8.0) \u2013 \u2013 \u2013 (8. Balance at 31 December 2021 134.0 103.4 852.5 222.4 1,312.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-639": {
"value": "28 Share-based payments Long term incentive schemes On 13 and 14 June 2022, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s Long Term Incentive Plan (\u201c2022 LTIP\u201d). On 15 December 2022, additional employees were granted conditional share awards under an extension to the same plan. The total charge recognised in the Consolidated Income Statement in relation to this scheme was \u00a30.9m (2021: \u00a3nil). On 14 June 2021, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s Long Term Incentive Plan (\u201c2021 LTIP\u201d). On 14 December 2021, additional employees were granted conditional share awards under an extension to the same plan. The total charge recognised in the Consolidated Income Statement in relation to this scheme was \u00a30.4m (2021: \u00a31.2m). On 14 December 2020, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s \u201c2020 LTIP\u201d. The total credit recognised in the Consolidated Income Statement in relation to this scheme was \u00a31.4m (2020: charge of \u00a31.9m). 2022 grant of 2022 LTIP 2021 grant of 2021 LTIP 2020 grant of 2020 LTIP A gg re g ate fair value at measurement date (\u00a3m) 6.1 7.3 9.7 Exercise price (p) \u00a3nil \u00a3nil \u00a3nil Expected volatility (%) 50.0% 50.0% 50.0% Dividend y ield (%) N/A N/A N/A Risk free interest rate (%) 2.16% 0.15% (0.13%) The expected volatility is wholly based on the historical volatility of the Company\u2019s share price over a period from listing in 2018 to date. Other share-based payments On 31 January 2022, the Group\u2019s Defined Benefit Pension Scheme was closed to future accrual. As part of the closure cost, the affected employees were each granted 185 shares incurring a share-based payment charge of \u00a31.0m during the year. The terms of the agreement provide the employees with a minimum guaranteed value for these shares subject to their ongoing employment with the Group. The Group will pay the employees a further cash sum if the share price at 1 February 2024 does not meet this value. The charge associated with this portion is \u00a31.0m in the year ended 31 December 2022. On 8 November 2022, a Group Director was granted 659,113 shares for nil consideration in relation to forfeited awards at a previous employer and therefore securing his employment with the Group. The award is subject to clawback provisions for a period of 12 months from the award date. The total cost incurred related to this award was \u00a30.8m. The total expense arising from equity-settled share-based payments is as follows: 2022 \u00a3m 2021 \u00a3m 2022 LTIP share option charge 0.9 \u2013 2021 LTIP share option char g e 0.5 1.2 2020 LTIP share option (credit)/char g e (1.4) 1.9 Grant of shares upon closure of the Defined Benefit Pension Scheme (notes 5, 25) 1.0 \u2013 Group Director bu y out 0.8 \u2013 1.8 3.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-640": {
"value": "29 Capital commitments On 27 October 2020, the Group announced that it had entered into an enhanced strategic cooperation arrangement (the \u201cStrategic Cooperation Agreement\u201d) with one of its existing shareholders, MBAG. Under the Strategic Cooperation Agreement, the Group has agreed, over the period of time between December 2020 and the July 2024 and in several tranches, to issue 458,942,744 ordinary shares of \u00a30.009039687 each (22,947,138 ordinary shares of \u00a30.10 each following the share consolidation in December 2020) to MBAG in exchange for access to certain technology and intellectual property to be provided to the Group by MBAG in several stages. The first tranche of 224,657,287 ordinary shares of \u00a30.009039687 each (11,232,864 ordinary shares of \u00a30.10 each following the share consolidation) was issued to MBAG on 7 December 2020. A total of 11,714,274 ordinary shares remain unissued at 31 December 2022. Property, plant and equipment expenditure contracts to the value of \u00a310.8m (2021: \u00a314.4m) have been committed but not provided for as at 31 December 2022. Contracts to the value of \u00a351.4m have been committed for the acquisition of intangible assets but not provided for as at 31 December 2022. Certain contracts contain financial commitments, in particular purchase commitments and guarantees, which are of a magnitude typical for the industry. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-668": {
"value": "30 Related party transactions Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed. Transactions with Directors and related undertakings Transactions during 2022 During the year ended 31 December 2022, a net marketing expense amounting to \u00a320.2m of sponsorship has been incurred in the normal course of business with AMR GP Limited (\u201cAMR GP\u201d), an entity indirectly controlled by a member of the Group\u2019s Key Management Personnel (\u201cKMP\u201d). AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. In addition, the Group incurred costs of \u00a32.0m associated with engineering design on an upcoming vehicle programme from Aston Martin Performance Technologies Limited (\u201cAMPT\u201d) of which \u00a32.0m is outstanding to AMPT at 31 December 2022. AMPT is an associated entity of AMR GP. In addition, AMR GP acquired a vehicle from the Group at a total cost of \u00a30.7m. Less than \u00a30.1m remains due from AMR GP at 31 December 2022 relating to these transactions. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group\u2019s KMP. A separate immediate family member of one of the Group\u2019s KMP purchased two vehicles from a Group company for \u00a30.4m. \u00a3nil is outstanding at 31 December 2022. During the year ended 31 December 2022, Classic Automobiles Inc. placed a deposit of \u00a30.5m with a Group company for the future purchase of a Group vehicle. Classic Automobiles Inc. is controlled by a member of the Group\u2019s KMP. During the year ended 31 December 2022, a separate member of the Group\u2019s KMP and Non-Executive Director placed a deposit of \u00a31.5m with a Group company for the future purchase of a vehicle. During the year ended 31 December 2022, a further separate member of the Group\u2019s KMP and Non-Executive Director transacted with a Group company to undertake service work on a vehicle for a total cost of less than \u00a30.1m. \u00a3nil was outstanding at 31 December 2022. During the year end 31 December 2022, the Group incurred costs of \u00a31.3m for design and engineering work from Pininfarina S.p.A. A member of the Group\u2019s KMP and Non-Executive Director is also a member of Pininfarina S.p.A\u2019s KMP. During the year ended 31 December 2022, the Group incurred a rental expense of \u00a30.7m from Michael Kors (USA), Inc., a Company which is owned by Capri Holdings Limited. A member of the Group\u2019s KMP and Non-Executive Director is also a member of Michael Kors (USA), Inc.\u2019s KMP. 30 Related party transactions continued Transactions with Directors and related undertakings continued Transactions during 2021 During the year ended 31 December 2021, a net marketing expense amounting to \u00a321.5m of sponsorship was incurred in the normal course of business with AMR GP Limited, an entity indirectly controlled by a member of the Group\u2019s KMP. AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. All balances between the two parties relating to 2021 have been settled. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group\u2019s KMP. During the year ended 31 December 2021, marketing transactions under the normal course of business amounting to less than \u00a30.1m have been undertaken with Falcon Racing Inc, an entity controlled by a member of the Group\u2019s KMP. \u00a3nil is outstanding from Falcon Racing Inc at 31 December 2022. During the year ended 31 December 2021, design services of less than \u00a30.1m were provided to Flair Investment Holdings Limited, an entity in which a member of a KMP has an indirect ownership interest. \u00a3nil is outstanding from Flair Investment Holdings Limited at 31 December 2022. During the year ended 31 December 2021, a member of KMP transacted with a Group company to undertake restoration work on a historic vehicle. \u00a30.3m has been received by the Group with \u00a30.3m of works being completed in the year. \u00a3nil is outstanding at 31 December 2022. A member of KMP acquired three vehicles from a Group company during the period each priced at \u00a30.2m. \u00a3nil is outstanding at 31 December 2022. A member of KMP acquired one historic vehicle from a Group Company during the period priced at \u00a30.5m. \u00a3nil is outstanding at 31 December 2022. A member of KMP placed a deposit of \u00a31.5m with a Group company for the future purchase of a vehicle. An immediate family member of one of the Group\u2019s KMP placed a deposit of less than \u00a30.1m with a Group company for the future purchase of a vehicle. Terms and conditions of transactions with related parties Sales and purchases between related parties were made at normal market prices unless otherwise stated. Outstanding balances with entities other than subsidiaries are unsecured and interest free and cash settlement is expected within 60 days of invoice. Terms and conditions for transactions with subsidiaries are the same, with the exception that balances are placed on inter- company accounts. The Group has not provided or benefited from any guarantees for any related party receivables or payables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-641": {
"value": "30 Related party transactions Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed. Transactions with Directors and related undertakings Transactions during 2022 During the year ended 31 December 2022, a net marketing expense amounting to \u00a320.2m of sponsorship has been incurred in the normal course of business with AMR GP Limited (\u201cAMR GP\u201d), an entity indirectly controlled by a member of the Group\u2019s Key Management Personnel (\u201cKMP\u201d). AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. In addition, the Group incurred costs of \u00a32.0m associated with engineering design on an upcoming vehicle programme from Aston Martin Performance Technologies Limited (\u201cAMPT\u201d) of which \u00a32.0m is outstanding to AMPT at 31 December 2022. AMPT is an associated entity of AMR GP. In addition, AMR GP acquired a vehicle from the Group at a total cost of \u00a30.7m. Less than \u00a30.1m remains due from AMR GP at 31 December 2022 relating to these transactions. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group\u2019s KMP. A separate immediate family member of one of the Group\u2019s KMP purchased two vehicles from a Group company for \u00a30.4m. \u00a3nil is outstanding at 31 December 2022. During the year ended 31 December 2022, Classic Automobiles Inc. placed a deposit of \u00a30.5m with a Group company for the future purchase of a Group vehicle. Classic Automobiles Inc. is controlled by a member of the Group\u2019s KMP. During the year ended 31 December 2022, a separate member of the Group\u2019s KMP and Non-Executive Director placed a deposit of \u00a31.5m with a Group company for the future purchase of a vehicle. During the year ended 31 December 2022, a further separate member of the Group\u2019s KMP and Non-Executive Director transacted with a Group company to undertake service work on a vehicle for a total cost of less than \u00a30.1m. \u00a3nil was outstanding at 31 December 2022. During the year end 31 December 2022, the Group incurred costs of \u00a31.3m for design and engineering work from Pininfarina S.p.A. A member of the Group\u2019s KMP and Non-Executive Director is also a member of Pininfarina S.p.A\u2019s KMP. During the year ended 31 December 2022, the Group incurred a rental expense of \u00a30.7m from Michael Kors (USA), Inc., a Company which is owned by Capri Holdings Limited. A member of the Group\u2019s KMP and Non-Executive Director is also a member of Michael Kors (USA), Inc.\u2019s KMP. 30 Related party transactions continued Transactions with Directors and related undertakings continued Transactions during 2021 During the year ended 31 December 2021, a net marketing expense amounting to \u00a321.5m of sponsorship was incurred in the normal course of business with AMR GP Limited, an entity indirectly controlled by a member of the Group\u2019s KMP. AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. All balances between the two parties relating to 2021 have been settled. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group\u2019s KMP. During the year ended 31 December 2021, marketing transactions under the normal course of business amounting to less than \u00a30.1m have been undertaken with Falcon Racing Inc, an entity controlled by a member of the Group\u2019s KMP. \u00a3nil is outstanding from Falcon Racing Inc at 31 December 2022. During the year ended 31 December 2021, design services of less than \u00a30.1m were provided to Flair Investment Holdings Limited, an entity in which a member of a KMP has an indirect ownership interest. \u00a3nil is outstanding from Flair Investment Holdings Limited at 31 December 2022. During the year ended 31 December 2021, a member of KMP transacted with a Group company to undertake restoration work on a historic vehicle. \u00a30.3m has been received by the Group with \u00a30.3m of works being completed in the year. \u00a3nil is outstanding at 31 December 2022. A member of KMP acquired three vehicles from a Group company during the period each priced at \u00a30.2m. \u00a3nil is outstanding at 31 December 2022. A member of KMP acquired one historic vehicle from a Group Company during the period priced at \u00a30.5m. \u00a3nil is outstanding at 31 December 2022. A member of KMP placed a deposit of \u00a31.5m with a Group company for the future purchase of a vehicle. An immediate family member of one of the Group\u2019s KMP placed a deposit of less than \u00a30.1m with a Group company for the future purchase of a vehicle. Terms and conditions of transactions with related parties Sales and purchases between related parties were made at normal market prices unless otherwise stated. Outstanding balances with entities other than subsidiaries are unsecured and interest free and cash settlement is expected within 60 days of invoice. Terms and conditions for transactions with subsidiaries are the same, with the exception that balances are placed on inter- company accounts. The Group has not provided or benefited from any guarantees for any related party receivables or payables. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-642": {
"value": "31 Contingent liabilities In the normal course of the Group\u2019s business, claims, disputes, and legal proceedings involving customers, dealers, suppliers, employees or others are pending or may be brought against Group entities arising out of current or past operations. There is presently a dispute between the Group and the other shareholders of one of its subsidiary entities, which is ongoing and from which a future obligation may arise. The Group denies the claims made and is working to resolve the matter. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-643": {
"value": "32 Group companies In accordance with Section 409 of the Companies Act 2006 a full list of entities in which the Group has an interest of greater than or equal to 20%, the registered office and effective percentage of equity owned as at 31 December 2022 are disclosed below. Investments in subsidiary undertakings Subsidiar y undertakin g s Holdin g Proportion of voting rights and shares held Nature of business Aston Martin Holdings (UK) Limited* Ordinary 100% Dormant company Aston Martin Capital Holdings Limited**\u25ca Ordinary 100% Financing company holding the Senior Secured Notes Aston Martin Investments Limited** Ordinar y 100% Holdin g compan y Aston Martin Capital Limited**\u25ca Ordinary 100% Dormant company \u2013 financing company that held Senior Secured Notes that were repaid in 2017 Aston Martin La g onda Group Limited** Ordinar y 100% Holdin g compan y Aston Martin Lagonda of North America Incorporated**^ Ordinary 100% Luxury sports car distributor Lagonda Properties Limited** Ordinary 100% Dormant company Aston Martin Lagonda Pension Trustees Limited** Ordinary 100% Trustee of the Aston Martin Lagonda Limited Pension Scheme Aston Martin Lagonda Limited** Ordinary 100% Manufacture and sale of luxury sports cars, the sale of parts, brand licensing and motorsport activities AM Brands Limited**\u25ca Ordinar y 100% Non-tradin g compan y Aston Martin Lagonda of Europe GmbH**> Ordinary 100% Provision of engineering and sales and marketing services AML Overseas Services Limited** Ordinar y 100% Dormant compan y Aston Martin La g onda (China) Automobile Distribution Co., Ltd**\u221a Ordinar y 100% Luxur y sports car distributor AM Nurbur g rin g Racin g Limited** Ordinar y 100% Dormant compan y Aston Martin Japan GK**<< Ordinary 100% Operator of the sales office in Japan and certain other countries in the Asia Pacific region Aston Martin Lagonda \u2013 Asia Pacific PTE Limited**>> Ordinary 100% Operator of the sales office in Singapore and certain other countries in the Asia Pacific re g ion AMWS Limited**\u25ca Ordinar y 50%*** Holdin g compan y Aston Martin Works Limited** Ordinary 50%*** Sale, servicing and restoration of Aston Martin cars All subsidiaries are incorporated in England and Wales unless otherwise stated. \u25ca Incorporated in Jersey (tax resident in the UK) ^ Incorporated in the USA > Incorporated in Germany < Incorporated in Italy << Incorporated in Japan >> Incorporated in Singapore \u221a Incorporated in the People\u2019s Republic of China * Held directly by Aston Martin Lagonda Global Holdings plc ** Held indirectly by Aston Martin Lagonda Global Holdings plc *** The Group exercises management control of these legal entities and therefore the results, assets and liabilities have been wholly included in the Consolidated Financial Statements. The individual results, aggregate assets and aggregate liabilities included within the Consolidated Financial Statements are summarised on pages 164-168 32 Group companies continued Aston Martin Works Limited 2022 \u00a3m AMWS Limited 2022 \u00a3m Aston Martin Works Limited 2021 \u00a3m AMWS Limited 2021 \u00a3m Total assets 42.5 \u2013 42.5 \u2013 Total liabilities (3.8) \u2013 (5.5) \u2013 Net assets 38.7 \u2013 37.0 \u2013 Revenue 40.6 \u2013 53.5 \u2013 Profit before tax 1.7 \u2013 4.6 \u2013 Group\u2019s share of profit 0.9 \u2013 2.3 \u2013 Registered addresses Aston Martin Holdin g s (UK) Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Capital Holdings Limited 28 Esplanade, St Helier, Jersey, JE2 3QA Aston Martin Investments Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Capital Limited 28 Esplanade, St Helier, Jerse y , JE2 3QA Aston Martin Lagonda Group Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB Aston Martin Lagonda of North America Incorporated Floor 22, 11 West 42nd Street, New York, NY, 10036-8002, United States of America Lagonda Properties Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB Aston Martin La g onda Pension Trustees Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin La g onda Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB AM Brands Limited 28 Esplanade, St Helier, Jersey, JE2 3QA Aston Martin La g onda of Europe GmbH Gottlieb-Daimler-Strasse 30, 53520 Meuspath, German y AML Overseas Services Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Lagonda (China) Automobile Distribution Co., Ltd Unit 2901, Raffles City Office Tower, No. 268 Xi Zang Middle Road, Huan g pu District, Shan g hai, China 200001 AM Nurbur g rin g Racin g Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Japan GK 1-2-3 Kita-Aoyama, Minato-ku, Tokyo 107-0061, Japan Aston Martin La g onda \u2013 Asia Pacific PTE Limited 8 Marina View, # 41-05, Asia Square Tower 1, Sin g apore 018960 AMWS Limited 28 Esplanade, St Helier, Jerse y , JE2 3QA Aston Martin Works Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-669": {
"value": "Investments in subsidiary undertakings Subsidiar y undertakin g s Holdin g Proportion of voting rights and shares held Nature of business Aston Martin Holdings (UK) Limited* Ordinary 100% Dormant company Aston Martin Capital Holdings Limited**\u25ca Ordinary 100% Financing company holding the Senior Secured Notes Aston Martin Investments Limited** Ordinar y 100% Holdin g compan y Aston Martin Capital Limited**\u25ca Ordinary 100% Dormant company \u2013 financing company that held Senior Secured Notes that were repaid in 2017 Aston Martin La g onda Group Limited** Ordinar y 100% Holdin g compan y Aston Martin Lagonda of North America Incorporated**^ Ordinary 100% Luxury sports car distributor Lagonda Properties Limited** Ordinary 100% Dormant company Aston Martin Lagonda Pension Trustees Limited** Ordinary 100% Trustee of the Aston Martin Lagonda Limited Pension Scheme Aston Martin Lagonda Limited** Ordinary 100% Manufacture and sale of luxury sports cars, the sale of parts, brand licensing and motorsport activities AM Brands Limited**\u25ca Ordinar y 100% Non-tradin g compan y Aston Martin Lagonda of Europe GmbH**> Ordinary 100% Provision of engineering and sales and marketing services AML Overseas Services Limited** Ordinar y 100% Dormant compan y Aston Martin La g onda (China) Automobile Distribution Co., Ltd**\u221a Ordinar y 100% Luxur y sports car distributor AM Nurbur g rin g Racin g Limited** Ordinar y 100% Dormant compan y Aston Martin Japan GK**<< Ordinary 100% Operator of the sales office in Japan and certain other countries in the Asia Pacific region Aston Martin Lagonda \u2013 Asia Pacific PTE Limited**>> Ordinary 100% Operator of the sales office in Singapore and certain other countries in the Asia Pacific re g ion AMWS Limited**\u25ca Ordinar y 50%*** Holdin g compan y Aston Martin Works Limited** Ordinary 50%*** Sale, servicing and restoration of Aston Martin cars All subsidiaries are incorporated in England and Wales unless otherwise stated. \u25ca Incorporated in Jersey (tax resident in the UK) ^ Incorporated in the USA > Incorporated in Germany < Incorporated in Italy << Incorporated in Japan >> Incorporated in Singapore \u221a Incorporated in the People\u2019s Republic of China * Held directly by Aston Martin Lagonda Global Holdings plc ** Held indirectly by Aston Martin Lagonda Global Holdings plc *** The Group exercises management control of these legal entities and therefore the results, assets and liabilities have been wholly included in the Consolidated Financial Statements. The individual results, aggregate assets and aggregate liabilities included within the Consolidated Financial Statements are summarised on pages 164-168 32 Group companies continued Aston Martin Works Limited 2022 \u00a3m AMWS Limited 2022 \u00a3m Aston Martin Works Limited 2021 \u00a3m AMWS Limited 2021 \u00a3m Total assets 42.5 \u2013 42.5 \u2013 Total liabilities (3.8) \u2013 (5.5) \u2013 Net assets 38.7 \u2013 37.0 \u2013 Revenue 40.6 \u2013 53.5 \u2013 Profit before tax 1.7 \u2013 4.6 \u2013 Group\u2019s share of profit 0.9 \u2013 2.3 \u2013 Registered addresses Aston Martin Holdin g s (UK) Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Capital Holdings Limited 28 Esplanade, St Helier, Jersey, JE2 3QA Aston Martin Investments Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Capital Limited 28 Esplanade, St Helier, Jerse y , JE2 3QA Aston Martin Lagonda Group Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB Aston Martin Lagonda of North America Incorporated Floor 22, 11 West 42nd Street, New York, NY, 10036-8002, United States of America Lagonda Properties Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB Aston Martin La g onda Pension Trustees Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin La g onda Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB AM Brands Limited 28 Esplanade, St Helier, Jersey, JE2 3QA Aston Martin La g onda of Europe GmbH Gottlieb-Daimler-Strasse 30, 53520 Meuspath, German y AML Overseas Services Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Lagonda (China) Automobile Distribution Co., Ltd Unit 2901, Raffles City Office Tower, No. 268 Xi Zang Middle Road, Huan g pu District, Shan g hai, China 200001 AM Nurbur g rin g Racin g Limited Banbur y Road, Ga y don, Warwickshire, En g land, CV35 0DB Aston Martin Japan GK 1-2-3 Kita-Aoyama, Minato-ku, Tokyo 107-0061, Japan Aston Martin La g onda \u2013 Asia Pacific PTE Limited 8 Marina View, # 41-05, Asia Square Tower 1, Sin g apore 018960 AMWS Limited 28 Esplanade, St Helier, Jerse y , JE2 3QA Aston Martin Works Limited Banbury Road, Gaydon, Warwickshire, England, CV35 0DB",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-644": {
"value": "33 Alternative performance measures In the reporting of financial information, the Directors have adopted various Alternative Performance Measures (\"APMs\"). APMs should be considered in addition to IFRS measurements. The Directors believe that these APMs assist in providing useful information on the underlying performance of the Group, enhance the comparability of information between reporting periods, and are used internally by the Directors to measure the Group's performance. The key APMs that the Group focuses on are as follows: i) Adjusted EBT is the loss before tax and adjusting items as shown in the Consolidated Income Statement. ii) Adjusted EBIT is operating (loss)/profit before adjusting items. iii) Adjusted EBITDA removes depreciation, loss on sale of fixed assets and amortisation from adjusted EBIT. iv) Adjusted operating margin is adjusted EBIT divided by revenue. v) Adjusted EBITDA margin is Adjusted EBITDA (as defined above) divided by revenue. vi) Adjusted earnings per share is loss after tax before adjusting items as shown in the Consolidated Income Statement, divided by the weighted average number of ordinary shares in issue during the reporting period. vii) Net debt is current and non-current borrowings in addition to inventory repurchase arrangements and lease liabilities, less cash and cash equivalents and cash held not available for short term use as shown in the Consolidated Statement of Financial Position. viii) Adjusted leverage is represented by the ratio of net debt to the last 12 months (LTM) Adjusted EBITDA. ix) Free cash flow is represented by cash (outflow)/inflow from operating activities less the cash used in investing activities (excluding interest received) plus interest paid in the year less interest received. Income Statement 2022 \u00a3m 2021 \u00a3m Loss before tax (495.0) (213.8) Ad j ustin g operatin g expenses (note 5) 23.9 2.2 Ad j ustin g finance income (notes 5, 7) (12.5) (34.1) Ad j ustin g finance expense (notes 5, 8) 32.6 \u2013 Adjusted loss before tax (EBT) (451.0) (245.7) Adjusted finance income (note 7) (3.0) (2.3) Ad j usted finance expense (note 8) 336.1 173.7 Ad j usted operatin g loss (EBIT) (117.9) (74.3) Adjusted operating margin (8.5%) (6.8%) Reported depreciation 88.8 74.6 Reported amortisation 219.3 137.6 Ad j usted EBITDA 190.2 137.9 Adjusted EBITDA margin 13.8% 12.6% 33 Alternative performance measures continued Earnings per share 2022 \u00a3m 2021 Restated* \u00a3m Ad j usted earnin g s per ordinar y share Loss available for equit y holders (\u00a3m) (528.6) (191.6) Ad j ustin g items (note 5) Adjusting items before tax (\u00a3m) 44.0 (31.9) Tax on adjusting items (\u00a3m) \u2013 (8.3) Ad j usted loss (\u00a3m) (484.6) (231.8) Basic wei g hted avera g e number of ordinar y shares (million) 1 424.7 327.1 Ad j usted loss per ordinar y share (pence) (114.1p) (70.9p) Adjusted diluted earnings per ordinary share Adjusted loss (\u00a3m) (484.6) (231.8) Diluted wei g hted avera g e number of ordinar y shares (million) 424.7 327.1 Ad j usted diluted loss per ordinar y share (pence) (114.1p) (70.9p) * Earnings per ordinary share has been adjusted to reflect the bonus element of the rights issue undertaken in September 2022. See notes 11 and 26 Net debt 2022 \u00a3m 2021 \u00a3m Opening cash and cash equivalents 418.9 489.4 Cash inflow from operatin g activities 127.1 178.9 Cash outflow from investin g activities (284.7) (184.1) Cash inflow/(outflow) from financin g activities 315.0 (66.5) Effect of exchan g e rates on cash and cash equivalents 7.0 1.2 Cash and cash equivalents at 31 December 583.3 418.9 Cash held not available for short term use 0.3 1.8 Borrowin g s (1,211.1) (1,189.2) Lease liabilities (99.8) (103.4) Inventor y repurchase arran g ement (38.2) (19.7) Net debt (765.5) (891.6) Ad j usted EBITDA 190.2 137.9 Ad j usted levera g e 4.0x 6.5x Free cash flow 2022 \u00a3m 2021 \u00a3m Net cash inflow from operatin g activities 127.1 178.9 Cash used in investing activities (excluding interest received) (286.9) (185.2) Interest paid less interest received (139.0) (116.9) Free cash flow (298.8) (123.2)",
"dimensions": {
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"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": " Banbury Road, Gaydon Warwick, CV35 0DB, United Kingdom",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800167WOVOK5ZC776",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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}
}