december 15, 2017 - amazon s3 · technologies 5% highlights sales and car volume split sales by...
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C O N F I D E N T I A L
Q3 2017 Results
December 15, 2017
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C O N F I D E N T I A L
One outstanding luxury and technology group
Automotive Racing Applied Technologies
Award winning high performance luxury cars
“Experience”-led customer proposition
Unique brand platform with global visibility
20 F1 World Championships
Cutting-edge tech solutions and data analysis
Track record of exceptional & profitable growth
2016 Revenues: £650m 2016 Revenues: £225m 2016 Revenues: £52m
North America
35%
Europe 30%
APAC ex. China 17%
China 7%
RoW 11%
Automotive 70%
Racing 25%
Applied Technologies
5%
Sales and car volume split Highlights
Sales by division Car volumes by region
2016: 3,286 units 2016: £898m2
Global leader in high-performance luxury and technology
55 year history dominated by technical excellence
Revenue visibility via automotive order book and F1 contracts
Q3 2017 LTM normalized PF revenue: £1,099m
Q3 2017 LTM normalized PF EBITDA: £160m
10
Notes: 1 Normalised pro-forma revenue is calculated using the same approach as normalised pro-forma EBITDA, adjusting for the impact of the SAP implementation, the 720S ramp-up and cost synergies. 2 Exclusive of
intercompany transactions
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C O N F I D E N T I A L
McLaren Senna & McLaren BP23 overview
Senna BP23
Vo
lum
e
# u
nit
s
so
ld
Pri
ce
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xp
. 1
st
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live
ry
500 106
Sold out Sold out
£750k
Q3 2018
[TBU]
[TBU]
1
Ultimate series car released in Dec 2017 Hyper-GT series car to be released in 2019
Typ
e
Type Hyper-GT announced in 2016
Volume 106
# units sold Sold out
Price N/A
Exp. 1st delivery Early 2020
Type Ultimate Series car revealed in December 2017
Volume 500
# units sold Sold out
Price £750k
Exp. 1st delivery Q3 2018
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C O N F I D E N T I A L
Highlights
Accelerating car volumes in Q3 2017 with full production ramp-up of 720S and 570S
Spider now complete as of Q4 2017
Continued strong order book, with 720S and 570S Spider sold out into Q3 and Q2
2018 respectively
Production run-rate of 375 and 430 cars built in October and November
respectively
Exclusive new Senna model already sold out
Q3 2017 group revenues of £244m (vs. £189m in Q2 2017), with the increase mainly
driven by continued ramp-up of production
McLaren Automotive was ranked as the number one company overall in The
Sunday Times Top Track 250 league table
Q3 2017 normalised EBITDA of £42m (vs. £23m in Q2 2017) and reported EBITDA of
£23m
LTM normalised EBITDA of £160m
McLaren Racing and Fernando Alonso extend relationship into 2018 F1 Season
following announced Renault engine supply partnership
Large pool of active sponsorship leads and significant number in contract
negotiation
Continued growth in Applied Technologies underpins disruptive technology offering in
attractive end markets
Strong balance sheet and ample liquidity for future investment requirements
8
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C O N F I D E N T I A L
Full year 2017 outlook
Strong order book position as of 30 September 2017 reflects exceptional demand for 720S, 570S Spider and Senna
Modest impact on Q3 volumes from slower than anticipated production ramp-up of 570S Spider
Reduced full year volume guidance of c. 3,300-3,400 cars
Improved October and November production run-rate of 375 and 430 cars per month respectively
Run-rate achieved supports anticipated 2018 production levels
Significant Automotive volume growth expected in 2018 following full production ramp-up now achieved
2018 volumes expected to be >4,300 cars
Very strong product mix expected in 2018 with the Senna expected to impact margins positively
Racing and Applied Technologies expected to be broadly EBITDA neutral for FY 2017 assisted by a small number of heritage vehicle sales
No impact from termination of Honda partnership in FY 2017, with 2018 impact expected to be partially mitigated through increased sponsorship
revenues and reduced Racing cost base
Expected FY 2017 EBITDA of £65-75m and normalised EBITDA of £160m
19
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C O N F I D E N T I A L
Successful launch of Sports Series Spider
Sports Series
Sold out into Q2 2018
Deliveries commenced
in August 2017
“It’s the best sports car we’ve driven in a decade”.
British GQ
“More fun and engagement than 570S. No dynamic
compromise.”
EVO
“The 570S has shed its roof, but its massive talent
remains intact.”
AUTOCAR
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C O N F I D E N T I A L
BBC Top Gear: Performance Car
Of The Year 2017
Road & Track: Performance
Car of the Year 2018 Scottish Car of the Year 2017
720S awards – & counting
Octane Awards 2017: Supercar of the
Year
Women’s World Car
Of The Year 2017
AUTOCAR 5-Star Car
EVO: 5-Star Car Auto Express 5-Star Car
Successful product launches – sweep of awards for critically acclaimed 720S
CAR Magazine: Sportscar
of the Year 2017
Sold out
Into Q3 2018
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C O N F I D E N T I A L
Revealing the extraordinary new McLaren Senna
“It’s clear the Senna is something very special”
EVO
“A tremendous and savage presence in the metal”
“This is McLaren's road-legal track monster”
Pistonheads
“There’s nothing about McLaren’s latest something
more than a supercar that’s not astonishing”
“The Senna really is a performance geek’s dream
and it is all beautifully manufactured and assembled,
as is the way with McLarens these day”
Telegraph
Sold out
Revealed in December 2017
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C O N F I D E N T I A L
735 728 898 914
185
2014A 2015A 2016A LTM 3Q17
Revenues Adjustments
99 119 148 72
88
2014A 2015A 2016A LTM 3Q17
EBITDA Adjustments
Historical financials overview
Automotive volume (units) Underlying net debt3 (£m)
Margin2
1,649 1,612
3,286 3,198
2014A 2015A 2016A LTM 3Q17
Automotive margin2
Note: 1 Inclusive of intercompany transactions at revenue level for 2014 and 2015, exclusive of intercompany transactions for 2016 (c. £28m) and LTM normalised PF 3Q17 revenue (calculated using the same
approach as normalised PF EBITDA, adjusting for the impact of the SAP implementation , the 720S ramp-up and cost synergies) 2 LTM Group margin based on normalised revenues and EBITDA of £1,099m and £160m; LTM Automotive margin based on normalised automotive revenues and EBITDA of £791m and £140m 3 Reported net debt of £481m includes reported gross debt of £542m (underlying gross debt of £564m, £22m of capitalised fees, £7m of accrued interest and £6m of FX gains) and cash of £61m
Pro forma normalised Group Revenue1 (£m) Pro forma normalised Group EBITDA (£m)
24.0% 22.1% 21.8%
13.5% 16.3% 16.5% 14.6%2
18.9%2
39
503
Sep 2017
Track record of sustained revenue growth
YTD 2017 revenue impacted by planned shut down in automotive production
(SAP implementation), anticipated gap in Super Series line-up and slower
than anticipated production ramp-up of 720S and 570S Spider
Continued growth in normalised EBITDA
Reduced Automotive margin reflects increased cost base to support
operational ramp-up in production
Racing margin impacted by increased cost of Formula 1 car driven by
regulation changes for 2017
Strong volume performance despite 720S and 570S Spider not being
delivered until June 2017 and August 2017 respectively
Full production ramp-up of 720S and 570S Spider now complete in Q4 2017
Net debt position reflects July 2017 bond issuance of £564m and £61m cash
position
1,099
160
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C O N F I D E N T I A L
212
193
244
Q3 2016A Q2 2017A Q3 2017A
20 23
42
Q3 2016A Q2 2017A Q3 2017A
Q3 2017 summary
Automotive volumes Group revenue (£m) Group normalised EBITDA (£m)
Strong volume performance despite slower
than anticipated production ramp-up of 720S
June 2017
Strong Super Series and Sports Series order
book and dealer allocations reflects exceptional
customer demand
720S sold out into Q3 2018
Stronger y-o-y Q3 Automotive revenues driven
by wholesale volume growth
Continued revenue growth vs Q2 2017 reflects
continued ramp-of 720S production
Growth in Racing revenues with increased
price fund partially offset by lower sponsorship
revenue
Applied Technology revenue up 28% y-o-y
Profitability in-line with plan driven by timing of
model launches and production ramp-up
Sales mix impact driven by Super Series mix
changes, with sales of 720S only in Q3 17
versus 675LT only in Q3 16
SG&A increase resulting from operational
ramp-up
Racing EBITDA growth driven by increased
prize money for 2016 Constructors
Championship supplemented by the profit on
sale of a number of heritage cars, partially
offset by a drop in sponsorship income
804
727
834
Q3 2016A Q2 2017A Q3 2017A
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C O N F I D E N T I A L
Normalised EBITDA bridge
LTM Q3 2017 Reported (and unadjusted) LTM Q3 2017 EBITDA
Normalised EBITDA at
LTM Q3 2017 Reflects Company’s underlying LTM performance
Normalised EBITDA bridge
SAP Implementation Adjustment for lost volumes in January 2017 when a new SAP system was installed at McLaren Technology Centre, and
production was shut down during the implementation period
One-off ramp-up
effects in Q1, Q2 and
Q3
Reflects impact of production gap due to timing of new 720S and 570S Spider launch compared to other models
Reflects McLaren transition to a complete product line-up following product portfolio build up during recent years
40
£72m
£160m
£16m
£66m
£6m
Q3 2017 LTM EBITDA Impact of SAP implementation Impact of ramp up(Q1,Q2 and Q3)
Cost synergies Normalised Q3 2017 LTMEBITDA
Developing Normalised EBITDA
Cost synergies in Q3 Representing 50% of £12m run-rate cost synergies to be achieved by 2018 mainly by removing duplicate cost post
business integration
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C O N F I D E N T I A L
Strong customer demand with a 4% reduction in YTD volumes reflecting lower supply driven by production ramp-
up following SAP go-live and 720S launch timing
Regional sales mix in line with prior year
Legislative delays resulting in shift in allocations of 720S and 570S Spider from China, sales expected to re-
commence in China in March 2018
APAC & China further impacted by longer production lead times
Global
2,091 2,020
YTD 2016 YTD 2017
Automotive volume by region (year-to-date)
North America (35%)
696 709
YTD 2016 YTD 2017
RoW (9%)
179 184
YTD 2016 YTD 2017
Europe (36%)
710 720
YTD 2016 YTD 2017
China (4%)
137
72
YTD 2016 YTD 2017
APAC (ex. China) (17%)
11
Automotive
Racing
Applied Technologies
335
YTD 2016 YTD 2017
369
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C O N F I D E N T I A L
3,300-3,400
>4,300
FY2017E FY2018E
Production ramp-up now complete with run-rate levels of 375-400 cars per month
Automotive
Racing
Applied Technologies
SAP
implementation
720S
launch
570S
Spider
launch
720S
ramp-up
complete
570S
Spider
ramp-up
complete
2017 average 4-week rolling production volume
500
600
FY2017E FY2018E
1
No new product launches in 2018 with the Senna being produced on a separate product line which will not impact overall production
0
50
100
150
200
250
300
350
400
450
Week 4 Week 8 Week 12 Week 16 Week 20 Week 24 Week 28 Week 32 Week 36 Week 40 Week 44 Week 48
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C O N F I D E N T I A L
Renault partnership positions McLaren Racing for successful 2018 season
15
Automotive
Racing
Applied Technologies
McLaren and Fernando Alonso extend relationship
Alonso committed to McLaren team for 2018 FIA Formula 1
World Championship
Underpins McLaren Group’s ambitions for future racing success
Competitive position further enhanced through Renault engine
supply partnership
Early momentum in winning and re-signing sponsorships
Several hundred active leads with a significant number of
sponsorship contracts under negotiation
Further sponsorship announcements targeted ahead of 2018
season
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C O N F I D E N T I A L
Cutting edge technology solutions gaining increased traction in large and
diverse growth markets
New Contracts won
Public Transport – Three new multi-year connected fleet contracts tendered
for
Health – Human condition monitoring contract tendered for in Singapore
Motorsport – awarded standard supply contract of sensors for Formula 1 by
the FIA
First McLaren Deloitte customer signed up to validate partnerships first proof
of concept product
Operational progress
Development of next generation Formula E Battery being validated ready for
manufacture of test products
Development of 3rd generation Formula 1 Standard ECU, for race seasons
2019 to 2021
Configuration of intelligent seat sensors for Virgin Trains East Coast rail fleet
Motorsport Automotive Public Transport Health & Wellness
[DUMMY
DATA]
16
Automotive
Racing
Applied Technologies
33
42
YTD 2016 YTD 2017
Revenue
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C O N F I D E N T I A L
Q3 2017 Net debt / liquidity position
Gross debt reflects $250m and £370m
5-yr Senior Secured Notes issuance in
July 2017
£90m undrawn RCF
Ample liquidity for future investment
requirements
19
Q3 2017
Gross debt1 564
Cash & cash equivalents (61)
Underlying net debt2 503
Underlying net debt2 / EBITDA 3.1x
Undrawn committed credit lines 90
Total available liquidity 151
1 Reported gross debt of £542m includes underlying gross debt of £564m, £22m of capitalised fees, £7m of accrued interest and £6m of FX gains 2 Reported net debt of £481m includes reported gross debt of £542m and cash of £61m
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C O N F I D E N T I A L
APPENDIX
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C O N F I D E N T I A L
Q3 2016 – 2017 revenue bridge
Automotive revenues driven by wholesale volume growth
Racing revenue driven by increased prize money for 2016 Constructors Championship supplemented by other revenues, partially offset by a drop in
sponsorship income
Applied Technologies revenues driven by increased product unit sales made to Honda Motorsport on their Formula One programme, additional
sensor and ECU sales to other F1 customers and growth in service revenues
157
3
160
70
22
92
(14) (7)
212
244
Q3 2016 Automotive Racing & Applied Technologies Q3 2017
Automotive Racing and Applied Technologies Combination adjustments
1
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C O N F I D E N T I A L
Summary Income Statement – Q3 2017
£m Q3 2017 Q3 2016
Turnover 244 212
Cost of sales (192) (146)
Gross profit 52 66
Administrative expenses (36) (26)
EBITDA 23 20
Depreciation & amortisation (22) (20)
EBIT 1 23
Net finance costs (2) (25)
Profit before tax (1) (2)
Taxation (9) (1)
Profit after tax (10) (4)
22
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244, 121, 32
Lines
50, 63, 79
Highlights
216, 221, 224
C O N F I D E N T I A L
Summary Income Statement – YTD 2017
£m YTD 2017 YTD 2016
Turnover 564 571
Cost of sales (457) (399)
Gross profit 106 172
Administrative expenses (128) (117)
EBITDA (8) 16
Depreciation & amortisation 55 57
EBIT (66) 6
Net finance costs (5) (53)
Profit before tax (70) (47)
Taxation 8 7
Profit after tax (63) (40)
22
Colour palette
Object titles
72, 83, 91
244, 121, 32
36, 41, 45
197, 205, 205
50, 63, 79
255, 0, 0
127, 215, 167
242, 220, 12
211, 211, 211
Soft colours
Object titles
216, 221, 224
253, 228, 210
231, 234, 236
243, 245, 245
208, 216, 225
255, 204, 204
229, 247, 237
252, 247, 196
247, 247, 247
Note from PPS:
PLEASE, DO NOT REFRESH!
20
Table colours
Headings
244, 121, 32
Lines
50, 63, 79
Highlights
216, 221, 224
C O N F I D E N T I A L
Cash Flow Statement – YTD 2017 vs. 2016
23
£m YTD 2017 YTD 2016
Net cash flows from operating activities 13 51
Net cash outflow from investing activities (138) (72)
Net cash inflow from financing activities 157 11
Net increase/(decrease) in cash and cash
equivalents 32 (10)
Group cash flow statement
Colour palette
Object titles
72, 83, 91
244, 121, 32
36, 41, 45
197, 205, 205
50, 63, 79
255, 0, 0
127, 215, 167
242, 220, 12
211, 211, 211
Soft colours
Object titles
216, 221, 224
253, 228, 210
231, 234, 236
243, 245, 245
208, 216, 225
255, 204, 204
229, 247, 237
252, 247, 196
247, 247, 247
Note from PPS:
PLEASE, DO NOT REFRESH!
21
Table colours
Headings
244, 121, 32
Lines
50, 63, 79
Highlights
216, 221, 224
C O N F I D E N T I A L
McLaren model portfolio
570 GT
The McLaren 720S embodies our relentless quest to
push the limits of possibility. Lighter, stronger, faster.
It’s all of these and more. But how it makes you feel
is altogether something else. Prepare to push the
limits of what you thought possible in a supercar
All the performance of the Coupé plus the extra
exhilaration of open-air driving. The 570S Spider
brings you closer to the elements in a design that’s
equally stunning with the roof up or down
The 570GT adds extra comfort and practicality to
breath-taking performance. Every bit a McLaren, it’s
optimised for the road and makes the ultimate sports
car experience one that’s perfect for daily use, longer
journeys and weekends away
It’s the ultimate sports car experience. Completely
driver-centric and performance oriented, the 540C
Coupé is equally at home on the track as it is on the
open road. Being light weight with a high power to
weight ratio, it delivers a super car punch that would
shame many more expensive rivals
540 C
570 S and 570 S Spider 720S Senna
The McLaren Senna is the most track-focused road
car we have ever built, and it will set the fastest lap
times of any McLaren to date. One that is legalised
for road use, but not sanitised to suit it. Nothing else
matters but to deliver the most intense driving
experience around a circuit
Presented Dec 10, 2017
1