September 29, 2017 · customer demand 720S sold out into Q2 2018 Weaker y -o y Q2 automotive...
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0 CONFIDENTIAL Q2 2017 Results September 29, 2017
Transcript of September 29, 2017 · customer demand 720S sold out into Q2 2018 Weaker y -o y Q2 automotive...
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C O N F I D E N T I A L
Q2 2017 Results
September 29, 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
Q2 2017 LTM normalized PF revenue: £999m
Q2 2017 LTM normalized PF EBITDA: £167m
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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
Highlights
Individual McLaren businesses brought together under a single brand
with unified and supportive shareholders to create one outstanding
luxury and technology group
Accelerating car volumes from June 2017 following successful launches
of iconic 720S and 570S Spider
Continued strong order book, with both 720S and 570S Spider sold
out into 2018
720S production ramp-up complete, currently producing 40 cars per
week
Q2 2017 group revenues of £189m (vs. £130m in Q1 2017), with the
increase mainly driven by continued ramp-up of 720S production
Q2 2017 normalised EBITDA of £23m (vs. £11m in Q1 2017) and
reported EBITDA of £(3)m
LTM normalised EBITDA of £167m
Revenue and profitability in-line with plan driven by timing of 720S
ramp-up in H1 2017 and 570S Spider launch in June 2017
New engine supply partnership agreed with Renault for 2018, 2019 and
2020 F1 seasons
Continued growth in Applied Technologies underpins disruptive
technology offering in attractive end markets
Optimised capital structure and strong liquidity supported by £650m
refinancing
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C O N F I D E N T I A L
Unified McLaren Group under a simplified ownership structure
Integration progressing well
Areas for synergies identified
Task forces established across
key disciplines
On track to deliver announced
cost synergies of £12m in
2018
£6m synergies already secured
New McLaren Group Structure
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£564 million
Senior Secured
Notes
£90 million
Super Senior
RCF
Bahrain Mumtalakat
Holding Company
TAG Group Limited
Minority shareholders
Shareholders
McLaren Group Limited
McLaren Automotive Ltd
McLaren Technology Group Ltd
McLaren Finance PLC
McLaren Holdings Limited
63% 16% 21%
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C O N F I D E N T I A L
Successful product launches – 720S already sold out into Q2 2018
“The 720S is magnificent, but also surprisingly nuanced for such an adrenalised
proposition: it takes time to work out the full scale of its, and its creators, achievements”
Top Gear magazine
720 PS engine, one-piece carbon fibre MonoCage and luxurious interior are class leading
341 km/h top speed
720 PS engine
Sold out Into Q2 2018
“McLaren wants it all with the 720S: more power, more performance, smarter aero, better
comfort, cooler gadgets and the moon on a stick. And you know what? Aiming high has paid off”
CAR magazine
“Yet another amazing leap for a brand that seems to have
come a very long way in a relatively short space of time”
Auto Express, 03/05/17
“The 720S is the clearest expression yet of
McLaren’s approach to the art of the supercar”
MotorTrend 02/05/17
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C O N F I D E N T I A L
Successful product launches – 570S Spider getting stellar reviews
Sold out into 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
99 119 148 97
70
2014A 2015A 2016A LTM 2Q17
EBITDA Adjustments
Historical financials overview
Automotive volume (units) Net debt3 (£m)
Margin2
1,649 1,612
3,286 3,184
2014A 2015A 2016A LTM 2Q17
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 2Q17 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 £999m and £167m; LTM Automotive margin based on normalised automotive revenues and EBITDA of £743m and £175m 3 Pro forma combined net senior financial debt represents the senior financial debt of the Group after giving Pro forma effect to the Transactions, less Pro forma combined cash at bank and in hand of £132 million, which
represents Pro forma combined cash at bank and in hand before the Financing of £29 million as adjusted for the Transactions, including all associated costs
Pro forma normalised Group Revenue1 (£m) Pro forma normalised Group EBITDA (£m)
24.0% 22.1% 21.8%
13.5% 16.3% 16.5% 16.7%2
23.6%2
39
432
June 2017
Track record of sustained revenue growth
H1 2017 revenue impacted by planned shut down in automotive production
(SAP implementation) and anticipated gap in Super Series line-up
Continued growth in normalised EBITDA
Reported profitability impacted in H1 2017 from drop-through of lower
automotive and sponsorship revenues
Racing margin further impacted by increased costs of 2017 Formula 1 car
following regulatory changes implemented for 2017 season
Strong volume performance despite 720S not being delivered until June
2017
Strong sales of Sports Series maintained
720S ramp-up complete
Net debt position reflects July 2017 bond issuance of £564m and £90m RCF
(undrawn) refinancing
167 735 728
898 859
140
2014A 2015A 2016A LTM 2Q17
Revenues Adjustments
999
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C O N F I D E N T I A L
193
130
189
Q2 2016A Q1 2017A Q2 2017A
15
(29)
(3)
Q2 2016A Q1 2017A Q2 2017A
Q2 2017 summary
Automotive volumes Revenue (£m) EBITDA (£m)
Strong volume performance despite 720S not
being delivered until June 2017
Strong Super Series and Sports Series order
book and dealer allocations reflects exceptional
customer demand
720S sold out into Q2 2018
Weaker y-o-y Q2 automotive revenues
impacted by shift in sales mix from Super
Series to Sports Series
Revenue growth vs. Q1 2017 reflects continued
ramp-up of 720S production
Racing revenues and other revenues up 4% y-
o-y with increased prize fund partially offset by
lower sponsorship income
Applied Technology revenue flat y-o-y due to
timing of project income, but up 28% in H1
2017
Profitability in-line with plan driven by timing of
model launches and production ramp-up
Q2 2017 EBITDA loss reflects reduced
automotive and sponsorship revenues, further
impacted by increased cost of 2017 racing car
Significant improvement in Q2 EBITDA
momentum vs. Q1 2017 (£(29)m)
733
453
727
Q2 2016A Q1 2017A Q2 2017A
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C O N F I D E N T I A L
McLaren Automotive
Q2 2016 – 2017 EBITDA bridge
Shift in Automotive sales mix from Super Series to Sports Series
Increased SG&A costs driven by timing vs. 2016 – flat for H1 2017 vs. prior year
Racing EBITDA affected by drop in sponsorship income and increased cost of 2017 racing car following regulatory changes implemented for 2017
season, partially offset by increased prize money for 2016 Constructors Championship
EBITDA in Applied Technologies broadly stable
2
97
167
15
(7)
(2)
(10)
(3)
Q2 2016 Sales Mix SG&A Racing & AppliedTechnologies
Q2 2017 LTM LTM adjusted
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C O N F I D E N T I A L
Normalised EBITDA bridge
LTM Q2 2017 Reported (and unadjusted) LTM Q2 2017 EBITDA
Normalised EBITDA at
LTM Q2 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 720S ramp-up
in Q1 and Q2
Reflects impact of production gap due to timing of new 720S launch compared to other models
Reflects McLaren transition to a complete product line-up following product portfolio build up during recent years
40
£97m
£167m
£16m
£49m £6m
Q2 2017 LTM EBITDA Impact of SAP implementation Impact of ramp-up(Q1 and Q2)
Cost synergies Normalised Q2 2017 LTMEBITDA
Developing Normalised EBITDA
Cost synergies in Q2 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
Global
1,288
1,186
YTD 2016 YTD 2017
Automotive volume by region (year-to-date)
North America (35%)
451 414
YTD 2016 YTD 2017
Strong customer demand with 8% 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 the allocations of 720S and 570S Spider from China
RoW (8%)
121 100
YTD 2016 YTD 2017
Europe (36%)
421 430
YTD 2016 YTD 2017
China (4%)
81
46
YTD 2016 YTD 2017
APAC (ex. China) (17%)
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Automotive
Racing
Applied Technologies
214 196
YTD 2016 YTD 2017
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C O N F I D E N T I A L
Renault partnership heralds new chapter in the McLaren Racing story
15
Automotive
Racing
Applied Technologies
McLaren and Honda to part ways
McLaren and Honda have mutually agreed to conclude their F1 partnership at the end of the 2017 FIA Formula One Constructors and
Drivers World Championship
McLaren Renault partnership agreed
Engine supply partnership agreed between McLaren Racing and Renault Sport Racing for the 2018, 2019 and 2020 F1 seasons
Renault to supply Formula 1 power units and establishing a close working relationship with McLaren’s engineers and technicians
Strategic agreement between two historic brands provides platform for McLaren to be a competitive force from 2018
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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
Renault Sport Racing new Formula E powertrain for 2018
season
Rex Bionics next generation exo skeleton development
Galvani industrial design contracts for wearables
Virgin Trains East Coast seat sensor development programme
Operational progress
McLaren Deloitte partnership progressing well
Successful testing of Formula E battery development
C2C rail passenger Wi-Fi launched in Q2 with positive feedback
Motorsport Automotive Public Transport Health & Wellness
[DUMMY
DATA]
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Automotive
Racing
Applied Technologies
22
28
H1 2016 H1 2017
Revenue
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C O N F I D E N T I A L
Q2 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
Q2 2017
Gross debt 564
Cash & cash equivalents (132)
Net debt 432
Net debt / EBITDA 2.6x
Undrawn committed credit lines 90
Total available liquidity 203
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C O N F I D E N T I A L
Full year 2017 outlook
Order book of 2,4911 cars as of 30 June, 2017 reflects exceptional demand for 720S and 570S Spider
Slower than anticipated production ramp-up impacts full year volume expectations
Automotive performance expected to be weighted to Q4
Full year volume guidance of c.3,600 cars
Automotive volume growth expected in 2018 following full production ramp-up in H2 2017
2018 volumes expected to be >4,000 cars
Racing and Applied Technologies expected to be broadly EBITDA neutral for FY 2017 assisted by a small number of heritage vehicle
sales
19
1 Represents order book and dealer allocations for Super Series and Sports Series
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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
Q2 2016 – 2017 revenue bridge
Automotive revenue impacted by shift in sales mix from Super Series to Sports Series with 720S deliveries only commencing in June 2017
McLaren Racing revenue broadly stable with increased prize money received from 2016 F1 Constructors’ Championship position and other
revenues largely offset by reduced sponsorship income
Flat revenue growth in Applied Technologies due to timing of project income
133
(6)
128
66
2
69
(7) (7)
193 189
Q2 2016 Automotive Racing & Applied Technologies Q2 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 – Q2 2017
£m Q2 2017 Q2 2016
Turnover 189 193
Cost of sales (144) (132)
Gross profit 45 61
Administrative expenses (70) (66)
EBITDA (3) 15
Depreciation & amortisation 20 18
EBIT (23) (1)
Net finance costs (10) (26)
Profit before tax (34) (27)
Taxation 11 6
Profit after tax (22) (22)
22
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C O N F I D E N T I A L
Summary Income Statement – YTD 2017
£m YTD 2017 YTD 2016
Turnover 319 358
Cost of sales (265) (252)
Gross profit 54 106
Administrative expenses (125) (128)
EBITDA (33) 19
Depreciation & amortisation 33 37
EBIT (66) (19)
Net finance costs (16) (42)
Profit before tax (83) (59)
Taxation 19 12
Profit after tax (64) (48)
22
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244, 121, 32
36, 41, 45
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211, 211, 211
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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 21 31
Net cash outflow from investing activities (79) (71)
Net cash inflow from financing activities 59 33
Net increase/(decrease) in cash and cash
equivalents 2 (6)
£m YTD 2017 YTD 2016
Net cash flows from operating activities 22 14
Net cash outflow from investing activities (5) 27
Net cash inflow from financing activities (19) (29)
Net increase/(decrease) in cash and cash
equivalents (1) (13)
MAL cash flow statement
MTG 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!
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
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 720 S
