OREANDA-NEWS. Aston Martin Holdings (UK) Limited (“Aston Martin”), the producer of luxury handcrafted sports cars, today announced certain preliminary financial results for the two months ended February 28, 2017.

Our revenue and EBITDA for the two months ended February 28, 2017 was £99.4 million and £17.5 million, respectively, compared to revenue of £56.4 million and EBITDA of £3.5 million, respectively, for the two months ended February 29, 2016. The increase in revenue and EBITDA of £43.0 million and £14.0 million, respectively, was primarily due to the introduction of the DB11 in the fourth quarter of 2016, which resulted in a significant increase in sales in the first two months of 2017.

As of February 28, 2017, we had 1,438 Orders in Production and 743 Orders not yet in Production. In addition, as of February 28, 2017, we had 2,018 Qualified Marketing Leads with respect to the DB11. We did not track these measures in prior periods.

Our EBITDA for the 12 month period ended February 28, 2017 (“February LTM EBITDA”) was £114.9 million, and our pro forma adjusted February LTM EBITDA (“Pro Forma Adjusted February LTM EBITDA”) would have been £161.0 million, which reflects an adjustment of £55.8 million to our February LTM EBITDA to give effect to the expected EBITDA contribution of 1,438 Orders in Production for the period from March 1, 2017 to May 31, 2017, less the EBITDA from the prior comparative period in 2016 of £9.7 million.

Concepts referred to in this Announcement

“February LTM EBITDA” means our EBITDA of £100.9 million for the year ended December 31, 2016, adjusted to include EBITDA of £17.5 million for the two months ended February 28, 2017, less EBITDA of £3.5 million for the two months ended February 29, 2016.

“Orders in Production” means fully committed orders for our cars from our customers and dealers as of March 1, 2017, which are scheduled to be in production during the period from March 1, 2017 to May 31, 2017, and which have been loaded onto our internal scheduling system. These orders are fully specified, meaning the ordered unit’s specifications such as the trim, upholstery colors and material finishes have been specified by our customer or dealer. We require 12 weeks, at a minimum, to satisfy our production scheduling for an order. Orders in Productions are firm orders for which we have scheduled supply of components from suppliers and begun production and which our dealers cannot unilaterally cancel.

“Orders not yet in Production” means (i) orders for our cars from our customers and dealers that are not yet fully specified because details, such as trim, upholstery color and materials finish still need to be specified by our customer or dealer, such that they cannot yet be loaded onto our internal scheduling system and therefore production has not yet begun as of March 1, 2017 and (ii) fully specified orders that are scheduled to begin production after May 31, 2017. Additionally, we have not scheduled the relevant supply of components from suppliers if an order is designated as an Order not yet in Production. Orders not yet in Production are cancellable by dealers and are not counted toward the adjustments to give pro forma effect on EBITDA.

“Pro Forma Adjusted February LTM EBITDA” means our February LTM EBITDA, adjusted to give pro forma effect to the expected EBITDA (£55.8 million) contribution from fully committed orders, or 1,438 Orders in Production, from our customers and dealers, which have been loaded on to our internal scheduling system and which are expected to be in production during the period from March 1, 2017 to May 31, 2017, less the EBITDA for the comparative period in 2016. This adjustment includes the impact of expected costs based on our production schedule, in each case, for the period from March 1, 2017 to May 31, 2017. Orders in Production are fully specified, meaning the ordered unit’s specifications, such as the trim, upholstery colors and material finishes have been specified by the customer or dealer. We require 12 weeks, at a minimum, to satisfy our production scheduling for an order. Orders in Production are firm orders for which we have scheduled supply of components from suppliers. Orders in Production cannot be unilaterally cancelled by the dealers. The costs for the period from March 1, 2017 to May 31, 2017 are estimated based on projected operating costs for each model produced plus known additional costs for the period, such as marketing expenses associated with the Geneva motor show.

“Qualified Marketing Leads” means potential customers who have shown interest in buying one of our cars, either by visiting a dealership or inquiring by phone or email, and who have the financial means to complete such purchase. Qualified Marketing Leads do not affect our Pro Forma Adjustment February LTM EBITDA.

Cautionary Statement
This information is based solely on preliminary internal information used by management and is based on our management accounts. We caution that the foregoing information has not been audited or reviewed by our independent auditors and should not be regarded as an indication, forecast or representation by us or any other person regarding our financial performance as of and for the three months ending March 31, 2017 or any future period. February LTM EBITDA and Pro Forma Adjusted February LTM EBITDA do not constitute a measure of financial performance under IFRS and should not be considered a substitute for operating income, net income, cash flow or other financial measures computed in accordance with IFRS.