Lawrence Stroll, Aston Martin Lagonda Executive Chairman commented:
“2022 saw Aston Martin continue to build on the strong foundations that have been established during my three
years as Executive Chairman. While the last 12 months presented industry-wide challenges, we look to the
future with renewed confidence in our ability to deliver on our vision, and the targets we have set.
“Despite the operating environment, we ended the year with significantly improved growth, margin
enhancement and positive free cash flow in Q4, exiting 2022 with the strongest order book in many years.
“2022 marked the start of a thrilling new product line-up, starting with the critically acclaimed DBX707 – the
most powerful luxury SUV in the world - combining ultra-luxury with high performance and, crucially, with
increased profitability. The DBX707 was followed by V12 Vantage, the ultra-luxury DBR22 and, in early January
of this year, the DBS 770 Ultimate - all fully sold out.
“The year saw us continue to strengthen our teams, led by Amedeo, with a focus on innovation, execution and
efficiency to support our longer-term growth. Furthermore, we completed a significant £654 million equity
capital raise, which also saw the Public Investment Fund become a new anchor shareholder. This enabled us to
take action to deleverage our balance sheet and our target remains to become sustainably free cash flow
positive from 2024.
“We have made the biggest investment in our iconic brand through the launch of a bold new creative strategy
and brand position that aligns Aston Martin to our future ambitions. Our high-performance DNA has been
further amplified by our partnership with the Aston Martin Aramco Cognizant Formula One
TM
team, driving
growing demand from a new generation of customers, with more than 60% new to the brand.
“As I have said before, I knew it would take multiple years to build Aston Martin into the world’s most desirable
ultra-luxury British performance brand. With the heavy lifting behind us, we are now poised to see the results
of this transformation, starting in 2023. In addition to celebrating our 110
th
anniversary and our exciting line up
of Specials, it will also see the start of our next generation of front-engine sports cars which will truly reposition
Aston Martin for the future.
“Over the last three years, I have consistently referenced our target to deliver around £2bn of revenue and
£500m of adjusted EBITDA by 2024/25. I am extremely proud that given the strong progress we have made to
transform Aston Martin into a truly ultra-luxury business, demonstrated by the trajectory of our ASP and gross
margin, we are on track to meet these financial targets, but with significantly lower volumes than I originally
envisaged. In addition, I remain highly confident that we will achieve our target to deliver 10,000 wholesales
over the coming years, and with it, significantly enhanced financial performance.”
Amedeo Felisa, Aston Martin Lagonda Chief Executive Officer commented:
“Having navigated a challenging operating environment throughout 2022, I am pleased with how we ended the
year. We delivered in line with expectations, took actions to address the short-term impacts of supply chain
issues, and continued to make progress in a number of key areas that will support our ability to meet strong
customer demand and deliver our growth ambitions.
“A top priority has been to improve our execution capabilities, leveraging my experience and the exceptional
talent we have to implement changes throughout the organisation. This has included measures to address
short-term issues, such as the supply chain disruption on DBX707 deliveries, as well as more structural changes
to support future product launches, focused on innovation, quality and overall efficiencies.
“We enter our 110
th
anniversary year ready to write a new chapter in our proud history. Building on the strong
product momentum we created in 2022, this year will see us begin the transformation to our game-changing,
next generation of front-engine sports cars. This transition is also expected to deliver significant improvements
in profitability in the second half of the year, with all new models continuing to target a 40%+ gross margin.
“I also want to thank our people for what we have achieved. They continue to demonstrate an unwavering
commitment and passion for our iconic company. At the start of 2023, we introduced a new set of company
values, grounded by the powerful principle that ‘No one builds an Aston Martin on their own’. Combined with
our iconic brand, the market opportunity, and our focus on consistently executing our ultra-luxury strategy, I
have great confidence in Aston Martin delivering on our shared ambitions.”