2019 ANNUAL REPORT

WITH OVER A HUNDRED YEARS 
OF HISTORY, ASTON MARTIN 
LAGONDA* IS ONE OF THE 
WORLD’S MOST ICONIC 
LUXURY COMPANIES FOCUSED 
ON THE DESIGN, ENGINEERING 
AND MANUFACTURE OF 
HIGH LUXURY CARS
**
Aston Martin Lagonda Global Holdings plc

CONTENTS
STRATEGIC REPORT
Chair’s Statement
4
Key Performance Indicators
6
President and Group Chief Executive  
Officer’s Statement
8
Aston Martin Lagonda and the Luxury Market
12
Strategy
14
Strategic Focus
DBX and St Athan
16
Specials and Mid-Engined
20
Core and Vantage
24
Our Global Footprint
28
Business Model
30
Stakeholder Engagement
32
Responsibility 
38
EVP and Chief Financial Officer’s Statement 
46
Group Financial Review 
48
Risk and Viability Report 
52
CORPORATE GOVERNANCE
Board of Directors and Executive Committee
72
Chair’s Introduction to Governance 
76
Governance Report 
78
Nomination Committee Report 
86
Audit and Risk Committee Report 
88
Directors’ Remuneration Report 
96
Directors’ Report
108
Statement of Directors’ Responsibilities
115
FINANCIAL STATEMENTS
Independent Auditor’s Report
117
Consolidated Financial Statements
126
Notes to the Financial Statements
131
Company Statement of Financial Position
175
Company Statement of Changes in Equity
176
Notes to the Company Financial Statements
177
Shareholder Information
179
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
1

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
2

STRATEGIC 
REPORT
Chair’s Statement
4
Key Performance Indicators
6
President and Group Chief Executive  
Officer’s Statement
8
Aston Martin Lagonda and the Luxury Market
12
Strategy
14
Strategic Focus
DBX and St Athan
16
Specials and Mid-Engined
20
Core and Vantage
24
Our Global Footprint
28
Business Model
30
Stakeholder Engagement
32
Responsibility 
38
EVP and Chief Financial Officer’s Statement 
46
Group Financial Review 
48
Risk and Viability Report 
52
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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CHAIR’S STATEMENT
The Second Century Plan, to which the business 
was committed since 2015 and through IPO, 
ultimately proved to be too ambitious and was 
not able to withstand the demanding scale of 
investment required including committed new 
manufacturing facilities, and the unexpectedly 
large downside risk of underperformance that  
the business has experienced. This has required 
decisions of the Board in relation to the capital 
structure of the Company and the business plan. 
US$190m additional debt was raised in April 2019 
to maintain liquidity but trading performance 
weakened further resulting in the Trading  
Update and Revised Outlook announced on 
24 July 2019. 
Trading through Q3 continued to be weak, 
putting further pressure on liquidity and so the 
Board authorised the drawing of further debt.  
This resulted in the raising of US$150m of Senior 
Secured Notes announced in September 2019, 
with a potential to raise an additional US$100m  
of Delayed Draw Notes. As a result, the Board 
called for a fundamental operational, financial 
and strategic review of the business.
With debt at heightened levels and cost of new debt 
onerous, the Board agreed a sizeable capital raise 
was necessary in order to continue operations. 
Trading continued to underperform through the 
peak December delivery period resulting in a further 
Trading Update on 7 January 2020. Despite the 
financial condition of the Company, the brand and 
the excellence of its cars attracted significant interest 
from high quality strategic and financial investors.
A thorough process was conducted which 
resulted in the unanimous decision of the Board 
to announce on 31 January 2020 a proposed 
strategic investment of £182m by a consortium 
led by Lawrence Stroll and an underwritten Rights 
Issue supported by major shareholders, Prestige/
SEIG and Adeem/PW, of £318m to raise 
combined gross proceeds of £500m. 
A reset business plan was also announced with  
a focus on (i) adjusting production to prioritise  
demand over supply, thereby building a stronger 
order book and regaining price positioning,  
(ii) delaying investment in electric vehicles to no 
earlier than 2025 and to move out mid-engined 
model roll out to 2022 with the Valhalla to be 
revealed then, (iii) focusing on the successful launch 
CHAIR’S STATEMENT 
PENNY HUGHES, CBE
THIS HAS BEEN A DISAPPOINTING 
YEAR FOR ASTON MARTIN LAGONDA. 
REVENUES OF £997M, (9% LOWER)  
AND A SIGNIFICANT FALL IN ADJUSTED 
EBITDA TO £134M (DOWN 46%),  
HAVE CONTRIBUTED TO SEVERE 
PRESSURE ON LIQUIDITY WHICH  
HAS LEFT THE COMPANY WITH NO 
ALTERNATIVE BUT TO SEEK £500M  
OF ADDITIONAL EQUITY FINANCING, 
WITHOUT WHICH, THE BALANCE 
SHEET IS NOT ROBUST ENOUGH  
TO SUPPORT THE OPERATIONS OF  
THE GROUP. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
4

CHAIR’S STATEMENT
of DBX, the relaunch of Vantage and commencing 
deliveries of Valkyrie in 2020 and (iv) reducing 
operating costs and capital expenditure and giving 
priority to improving the Company’s cashflow.
This work towards a more realistic reset of the 
business plan and repair of the balance sheet has 
required a very high level of Board engagement, 
meeting 20 times in the period from August to  
our announcement on 31 January. 
During the course of the year, information provided 
to the Board evolved in response to feedback to the 
Executive management and to the changing dynamics 
of the business, which has made forecasting, for 
example, challenging. The Board recognised that 
strengthening was needed and management has 
already put in place an externally supported project 
to drive substantive improvements. 
The Board and Executive team were both 
challenged and supported in these efforts by 
refreshed external advisors on business forecasting 
and short term cashflow modelling and on the 
longer term strategic and investment choices. 
Throughout this period the Board has received 
formal advice from Freshfields on their directors’ 
duties, Morgan Stanley as Independent Financial 
Advisor on the capital markets transactions and held 
discussions with auditors EY on going concern and 
viability. Further information on this work is set out 
in this Annual Report and the Prospectus published 
on 27 February in connection with the equity raise.
The year has not been without some notable 
achievements which provide optimism for the future 
success of the Company. Core retail sales (dealer 
sales to customers) increased 12%, with significant 
growth in the important markets of the US and 
China. Specials continued to be a significant 
contributor to brand and financial value. The DBS 
Superleggera was named Sunday Times Sports Car 
of the Year and the DBX named the Best Luxury SUV 
by the GQ Car Awards. The development of St Athan 
as a second major manufacturing location has been 
completed on time and within budget. St Athan will 
be home to DBX production; the launch of which 
has been very well received and the order book  
has grown faster than our expectations. 
Following discussions and by mutual agreement 
Mark Wilson will step down as Chief Financial Officer 
and as an Executive Director of the Company no later 
than 30 April 2020. He will remain available to the 
Company to assist with transition in the period 
through to 30 June 2020. I would like to note 
the sad passing in early February of Peter Rogers 
who joined the Board on IPO representing the 
Prestige/SEIG Shareholder Group. We will 
remember Peter’s contribution to the Board and 
miss his strong character and kindness of spirit. 
The Board has had its challenges and, as set out in 
the Governance Report, will not be Code compliant 
following the Placing, although Board changes 
announced on 8 October 2019 resulted in Code 
compliance with respect to the Board Committees. 
In relation to future Board composition following 
the Placing, Lawrence Stroll will take up the 
position of Executive Chairman and I will step 
down as a Director on 7 April.
The three Significant Shareholder Groups of the 
Company will be the Stroll Consortium, Prestige/SEIG 
and Adeem/PW, and each will be entitled under  
new Relationship Agreements to have representative 
Board appointments at a revised lower shareholding 
following the capital raise. The full details are 
explained in the Governance Report on page 80. 
Due to the Board appointment rights, each of Richard 
Solomons and Imelda Walsh have advised that they 
will not seek re-election at the forthcoming AGM. 
Tensie Whelan has also advised she will not stand 
for re-election. These directors will work to support 
the transition to Lawrence Stroll as Executive Chairman 
during their period of notice. Non-compliance has 
only been accepted in order to support the capital 
raise and it is understood significant focus and effort 
will need to be applied to Board composition.
Whilst the results of the past year are not satisfactory 
and have been particularly sobering for shareholders 
who joined at IPO, I am satisfied that the reset of the 
plan and investment by the Stroll Consortium and 
the Rights Issue will enable the business to move 
forward into its next phase of development. 
I would like to thank our employees, customers 
and suppliers for their support during this difficult 
period. I would also like to express my appreciation 
to those shareholders who continue to support us.
PENNY HUGHES, CBE
CHAIR
26 FEBRUARY 2020
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
5

A DIFFICULT YEAR FOR  
ASTON MARTIN LAGONDA 
REVENUE (£’M)
ADJUSTED EBITDA (£’M)
KEY PERFORMANCE INDICTATORS
FINANCIAL MEASURES 
We use a number of KPIs to monitor the performance of the business to measure how we are delivering against our plans. 
Elements of Executive remuneration are based on performance against the following measures: ROIC, Revenue, Adjusted 
EBITDA, Net debt to Adjusted EBITDA (‘Adjusted Leverage’) and Adjusted Diluted EPS. 
101
207
247
134
2016
2017
2018
2019
WHOLESALE VOLUMES (UNITS) 
This includes sales from the Company to its dealers and measures the appeal 
of our products across different segments and markets and reflects actions 
taken to right-size dealer and Company inventories. 
3,687
5,098
6,441
5,862
2016
2017
2018
2019
593
876
1,097
997
2016
2017
2018
2019
Performance 
Volumes decreased 9% due to weakness in Vantage  
and in Europe and UK markets across all car lines, partially 
offset by strength in the Americas region and China. 
This measures the appeal of our brands, our ability to build and sustain 
brand equity and increase market share through product expansion. 
Performance 
2019 revenue fell by 9% due to reduced year-on-year  
vehicle wholesale volumes and a reduction in vehicle  
average selling price. 
This measures our operating profitability and is an approximation  
of underlying cash generation prior to capital investment allocation. 
Performance 
Adjusted EBITDA fell by 46% with reduced revenue due  
to lower average selling price and volumes in addition 
to increased retail and customer financing support to aid 
de-stocking of the dealer network. A provision of £19m 
taken against doubtful debt relating to a legacy intellectual 
property sale, further impacted adjusted EBITDA for 2019. 
OPERATING (LOSS)/PROFIT (£’M)
(32)
16
125
147
149
73
(37)
2016
2017
2018
2019
Operating profit £m
Adjusted operating profit £m
5
This measures our operating profitability. 
Performance 
Operating loss of £37m was primarily impacted by the  
revenue decline, higher depreciation and amortisation and 
increased marketing costs. In addition a £19m provision  
for a doubtful debt relating to the sale of legacy intellectual 
property in the prior year and pre-tax adjusting operating items 
of £42m principally a one-off non-cash impairment relating  
to development costs of Rapide E assets, a programme that  
is currently paused pending further review. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
6

KEY PERFORMANCE INDICTATORS
ADJUSTED RETURN ON INVESTED CAPITAL (%)*
0.7
12.4
12.8
(0.3)
2016
2017
2018
2019
NON-FINANCIAL MEASURES 
Non-financial measures have an important role alongside financial measures to inform decision making and to evaluate 
Company performance. The strategic, operational and financial review of the business has resulted in the reset of the 
business plan. Consequently, management plans to assess the appropriate non-financial measures in this context with  
a view to establishing the key non-financial metrics for future reporting. 
Performance 
Adjusted ROIC of (0.3%), below the Group’s WACC of 9.0%.
*For detail on these and other alternative performance measures, see Note 34.
ROIC measures the efficient use of capital on investments. It is calculated  
as the post-tax adjusted operating profit/(loss) divided by the sum of gross 
debt and equity of the business at the year-end. 
NET DEBT (£’M) 
600
673
560
876
2016
2017
2018
2019
This measures our gross debt less cash and cash equivalents. 
ADJUSTED DILUTED EPS (PENCE)*
n/a
n/a
27.5
(32.1)
2016
2017
2018
2019
NET DEBT TO ADJUSTED EBITDA (‘ADJUSTED LEVERAGE’)*
3.8
2.0
2.3
7.3
2016
2017
2018
2019
Adjusted leverage measures the Adjusted EBITDA against Adjusted Net Debt, 
measuring our ability to meet our financial obligations while investing for  
the future. 
Performance 
Adjusted leverage is 7.3 x last twelve months (LTM) adjusted 
EBITDA, higher year-on-year reflecting lower profits and 
increased debt. 
Performance 
Net debt was £876m, higher due to the cash outflow during 
the year and includes the US$340m additional notes issued. 
EPS reflects the profitability of the business and the financing  
of our balance sheet. 
Performance 
Adjusted diluted EPS for the year ending  
31 December 2019 is (32.1p) compared to 27.5p  
at 31 December 2018. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
7

Q.	HOW DID THE GROUP PERFORM IN 2019?
From a trading perspective, 2019 has been a difficult year  
with a disappointing performance against our original plan, 
which resulted in severe pressure on liquidity. Our underlying 
performance has failed to deliver the profits we had planned, 
and as CEO, I take full responsibility for this and intend  
to take actions to correct this as we move forward.
Revenue of £997m was down 9% year-on-year as we started  
to de-stock the dealer network, alongside an operating loss of 
£37m and adjusted EBITDA of £134m down 46%. This was 
mainly driven by the decline in wholesales, the mix shift to 
Vantage, our entry level sports car, and higher selling costs. 
This performance led to higher year-end net debt of £876m 
and increased leverage to 7.3x. It also meant that we were 
operating under tight liquidity constraints despite reducing  
our planned investments through the year.
Total wholesale volumes fell 9% year-on-year to 5,862 units. 
We successfully delivered 64 specials during the year. Retail 
sales have grown by 12% year-on-year, which was the best 
core retail result since 2007. Retail sales by dealers exceeded 
wholesale volumes, starting to reduce dealer inventory  
and thereby reversing the position from the prior year. 
Whilst we are disappointed with our trading performance  
in 2019, our focus is now on executing the reset of the plan, 
stabilising and de-risking the business, and positioning  
the Company for controlled medium and long-term  
profitable growth.
Q.		WHAT WENT WRONG?
As highlighted in our recent announcements, we have 
experienced challenging trading conditions throughout 2019 
resulting in lower sales, higher selling costs and lower margins 
versus expectations.
Trading was weaker than anticipated, particularly for Vantage, 
and in Europe and the UK across all car lines. We started the 
year with elevated levels of dealer inventory, partially due to 
the supply chain disruption at the end of 2018, but also as  
a result of the lower than expected demand for Vantage.
Consequently, to start to de-stock the dealer network 
required more retail and customer financing support than 
planned, weighing on average selling price. Despite core 
retail sales increasing by 12% year-on-year this was not high 
enough to support our own expectations and as a result we 
were unable to wholesale cars in the volumes that were 
originally planned. As a result of lower than planned 
PRESIDENT AND GROUP CEO’S STATEMENT
PRESIDENT AND GROUP 
CHIEF EXECUTIVE OFFICER’S 
STATEMENT
DR ANDY PALMER, CMG
OUR PRESIDENT AND GROUP CEO, 
ANDY PALMER, ADDRESSES SOME OF  
THE KEY QUESTIONS OUR STAKEHOLDERS 
HAVE BEEN ASKING US DURING THIS 
IMPORTANT TIME FOR THE BUSINESS 
INCLUDING THE RESET OF THE BUSINESS 
PLAN, THE IMPORTANCE OF DBX AND 
HIS MISSION TO BUILD A SUSTAINABLE 
LUXURY BUSINESS.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
8

PRESIDENT AND GROUP CEO’S STATEMENT
wholesales in H1, Company stock remained elevated at  
30 June 2019 and the Company reduced its outlook for the 
year accordingly. A further reduction in H2 volumes created 
an immediate need for liquidity and pressure on liquidity 
continued in Q4 as revised targets were not met during  
our largest selling season.
Finally, costs were higher than planned due to a combination 
of incremental marketing campaigns in December, particularly 
in the US and in support of DBX launch activities, alongside 
headcount and other SG&A costs falling short of savings targets. 
All of the above factors put the Company in a stressed position 
with severe pressure on liquidity and affected our ability  
to deliver against our original plan. 
Q.		HOW ARE YOU ADDRESSING THE LIQUIDITY 
PRESSURES ON THE BUSINESS?
The underperformance of the Company against its original  
plans and the resulting severe pressure on liquidity, has 
prompted a strategic, operational and financial review  
of the business. 
Following a comprehensive review, we are taking a series  
of immediate actions to reset, stabilise and de-risk the 
business, positioning it for controlled medium and  
long-term profitable growth. These include rebalancing 
supply-demand dynamics and reducing planned capital 
expenditure, while prioritising investment in St Athan,  
DBX and Aston Martin Valkyrie as these programmes are 
critical to starting the turnaround in performance of the 
business in 2020. We will also re-phase some future  
product launches, which together with cost-efficiency 
initiatives will improve cash generation.
On 31 January 2020, we announced a proposed strategic 
equity investment by a consortium led by Lawrence Stroll 
and an underwritten Rights Issue, which together will raise 
£500m. In the short-term, an entity controlled by Lawrence 
Stroll has also provided £55.5m of short-term working 
capital support to immediately improve the Company’s 
liquidity, and this will be refunded following the Placing. 
We are focused on turning around performance, restoring  
price positioning and delivering a more efficient operational 
footprint. We will deliver some exciting new products in  
2020 with the much-anticipated DBX and Vantage Roadster  
in Q2 and Aston Martin Valkyrie deliveries starting in H2. 
Q.		WHAT IS THE BENEFIT OF BRINGING IN THE 
CONSORTIUM LED BY LAWRENCE STROLL  
AS NEW PARTNER FOR THE BUSINESS?
The strength of the Aston Martin brand and our expanding 
portfolio of cars has allowed us to attract a strong new 
partner in the consortium led by Lawrence Stroll to support 
the turnaround of the business. Mr Stroll’s experience of 
automotive retail and luxury brands and his support for 
Aston Martin Lagonda as a great British luxury brand aligns 
with our positioning. He will take an active role in the 
business and I look forward to working alongside him  
to fulfil Aston Martin Lagonda’s potential. 
Mr Stroll is hugely supportive of our tremendously exciting 
mid-engined programme and leveraging his Formula 1TM team 
by transforming it into an Aston Martin F1TM team gives us  
a wonderful platform in that space. 
Across the world we continue to drive brand affinity relationships 
with our customers, increasing our fixed marketing activities 
to raise brand awareness and to attract new customers. The 
Group’s involvement in motorsports is an important brand 
building tool, as there are high levels of interest in Formula 1TM 
among premium and luxury car owners globally. As of  
31 December 2019, approximately 80 % of premium and 
luxury car buyers in the United Kingdom, United States, 
Germany and Japan had an interest in Formula 1TM. 
Q.	HOW ARE YOUR KEY MARKETS PERFORMING?
Regionally, the Americas continue to grow, now 
representing the largest percentage of wholesales at 35%,  
as we focus on upgrading the dealer network capabilities 
and investing in appropriate brand and marketing activities. 
Europe and the UK struggled as Brexit and economic  
and political uncertainty weighed on sentiment. European 
wholesales declined by 28% and the UK declined by 21% 
year-on-year. Within Asia, strong growth in China (up 28%) 
was offset by declining performance in other markets  
of the region as APAC declined 6% overall in the year.
During 2019, we continued to strengthen the dealer 
network, increasing the total to 168 dealerships from 162  
in the prior year including expansion into one new country, 
Bahrain. The Company selectively chose locations in China 
and Japan to increase penetration in APAC and improve 
sales and marketing of the DBX in 2020. China and the  
US continue to be important growth markets for the business 
as evidenced by the global unveiling of the DBX in Beijing 
and Los Angeles in November 2019. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
9

PRESIDENT AND GROUP CEO’S STATEMENT CONTINUED
Q.	WHAT ACTIONS ARE YOU TAKING TO RESET, 
STABILISE AND DE-RISK THE BUSINESS?
To reset the business, we are controlling production to 
prioritise demand over supply and regain strong pricing 
position. We are delaying investments in electric vehicles 
in the near term. Our revised plan also includes a more 
conservative view for sports car wholesales for 2020, in 
particular for Vantage. In the medium term, we expect to 
manage sports cars volumes to maintain our price position 
as a luxury brand.
To stabilise the business, we will focus on successfully 
delivering key products this year with the launch of DBX 
and Vantage Roadster in Q2 and Aston Martin Valkyrie 
deliveries starting in H2 and then continuing to execute  
on our plan for Special vehicles.
To de-risk the business we are repairing the balance sheet 
through the proposed capital raise as well as reducing capital 
expenditure. We are seeking efficiencies across the business 
with planned operating cost reductions of £10 million on an 
annualised basis, and by £7 million in 2020 after one-off costs, 
which will broadly offset expected cost increases resulting from 
the new plant in St Athan.
Q.	HOW DOES THIS IMPACT THE PHASING  
OF MODEL DELIVERY? 
For core cars, our mid-engined core car, Vanquish, will  
now be unveiled in 2023, following the Valhalla in 2022. 
Mid-engined cars are a core part of Aston Martin Lagonda’s 
future. As part of this, an enhanced approach to F1TM is 
important and we have reached an agreement to drive the 
delivery of the reset of the business plan with the Racing Point 
F1TM team becoming the Aston Martin Racing F1TM team from 
2021. The initial term is for ten years and Aston Martin will 
receive an economic interest in the team.
We’ve also agreed a sponsorship arrangement from 2021 and 
for the subsequent four years, with commercial terms similar to 
our current arrangement with the Red Bull Racing F1TM Team, 
renewable for five years, subject to satisfying certain conditions 
at the time. On which note, I’d also like to thank Red Bull for 
their partnership and their support. We will continue our proud 
sponsorship of the Red Bull F1TM team for the 2020 season  
and our collaboration on Aston Martin Valkyrie continues until 
its delivery, with production expected to start and ramp up 
through the second half of 2020 as previously communicated.
Specials continue to be a key component of the reset plan. 
We have further Specials planned for delivery in 2020, including 
the Goldfinger DB5 continuation, the DBS GT Zagato which 
will complete the DBZ Centenary collection. We also look 
forward to unveiling the recently announced V12 Speedster.
Q.	WHAT ABOUT YOUR AMBITIONS  
FOR ELECTRIC VEHICLES?
We remain committed to developing a fuel-efficient, modular V6 
engine with hybrid and plug-in hybrid capabilities. This engine 
will support Aston Martin’s core cars, being available as hybrid 
and plug-in hybrid variants from the mid-2020s. The launch  
of our Lagonda brand will now be no earlier than 2025. 
Q.	WHAT STEPS ARE YOU TAKING TO 
STRENGTHEN THE ORGANISATION 
AND MANAGE COSTS BETTER?
Beyond our product pipeline, restructuring sees changes  
in management of sales, marketing, finance and engineering in 
order to deliver the reset plan. Further to the significant reduction 
in contractors and a voluntary redundancy and early retirement 
programme actioned in 2019, additional reductions will be 
made to rebalance our permanent and contractor headcount, 
while 300 new roles will be created at the St Athan facility in 
addition to the 300 employees currently at the site. The property 
footprint will also reduce alongside general SG&A reductions 
commensurate with our financial and operational ambitions.
We also plan to deliver further efficiencies and cost savings 
in SG&A and in manufacturing costs, through improved 
supply chain management and the ongoing Total Delivered 
Costs manufacturing efficiency programme we have been 
running since 2015.
Q.	ARE YOU PLEASED WITH THE LEVEL  
OF ORDERS FOR THE DBX?
We are delighted with the extremely positive reception the DBX 
has received both from customers and the media. The DBX 
orderbook built rapidly since opening on 20 November 2019 
and as confirmed on 7 January 2020, the orderbook stood  
at c. 1,800 (c. 1,200 of which were a combination of customer 
orders and specifications in progress), with total orders now 
taken in excess of the planned retail target for 2020. The order 
rate was materially better than for any of our previous models. 
Key operational milestones are being met. Geographically, 
over 61% of orders are from the Americas and APAC; and  
c. 50% of orders are from customers who are completely new 
to the brand.
Q.	HOW IS ST ATHAN PROGRESSING?
We were delighted to open the St Athan site as planned  
on 6 December 2019. This was a landmark moment for the 
business as we move closer to the start of production of the 
DBX. Bringing the DBX to St Athan is not only about making 
cars in Wales but preserving Aston Martin Lagonda’s 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
10

PRESIDENT AND GROUP CEO’S STATEMENT CONTINUED
manufacturing in the UK. I would like to thank the local 
community from whom we have received not only the 
warmest of welcomes, but whose enthusiasm and interest  
in Aston Martin Lagonda has been tremendous. I would  
also like to thank the Welsh and UK Governments for their 
continuing help and support. 
Q.	CAN YOU GIVE US AN UPDATE ON THE  
ASTON MARTIN VALKYRIE?
We are extremely excited about this car, which we believe  
will be a defining car and pinnacle of auto engineering. It 
is effectively a F1TM car on the road, and there’s never been 
anything quite like it. 
The development of Aston Martin Valkyrie continues at pace. 
The prototype car ran at the British Grand Prix at Silverstone in 
July 2019. The technology partnership between Aston Martin 
Lagonda and Red Bull Advanced Technologies is continuing 
and our first production car is planned for delivery in H2 2020.
Q.	WHAT STEPS ARE YOU TAKING TO ADDRESS 
ENVIRONMENTAL, SOCIAL AND GOVERNANCE 
ISSUES FACING THE BUSINESS?
Sustainability is an increasingly important issue for business. 
This is underpinned by our commitment to responsible  
and sustainable economic growth and, as a signatory of 
the UN Global Compact to doing business in an ethical 
and transparent manner. This commitment resulted in the 
business developing a Corporate Responsibility Strategy in 
2016 based on the United Nations Sustainable Development 
Goals. The strategy aims to deliver stakeholder value 
through ethical and sustainable excellence that also creates 
a long-term competitive advantage for the Company. 
We are taking steps to integrate environmentally sustainable 
culture and practices across the value chain through plans  
to reduce carbon emissions and energy usage and to increase 
efficiency, reuse and recycling rates. We have had some 
success in this during the year with 100% of all waste 
produced diverted from landfill but carbon emissions and 
energy usage have increased partly due to the start of 
operations at our St Athan manufacturing facility.
We have a programme of community engagement, 
philanthropic activities and STEM promotion and continue 
to prioritise health and wellbeing to safeguard our workforce 
and to ensure we offer a great place to work so we are able to 
attract the very best diverse talent to the business. We won our 
8th consecutive Sword of Honour from the British Safety Council 
(BSC) achieving a 94.44% BSC Health and Safety score.
Establishing and maintaining a sustainable supply chain is 
critically important to enable us to be a responsible business 
including responsible and ethical sourcing, supply chain 
mapping and meeting our Modern Slavery Act commitments. 
Further information on our environmental performance  
can be found in Responsibility on page 38.
Q.	WHAT IS THE OUTLOOK FOR THE BUSINESS?
We are focused on improving the cash flow profile of the 
business. This includes turning around performance, 
restoring price positioning by operating a pull versus push 
model, reducing dealer inventories to a new luxury norm 
and delivering a more efficient operational footprint. This 
year, we will launch the DBX and Vantage Roadster in Q2 
and Aston Martin Valkyrie deliveries are set to start in H2. 
There are a number of factors that present increased uncertainty 
for our business in 2020. With the ongoing Covid-19 health 
emergency the primary concern remains the health and safety 
of colleagues and their families, business partners and the 
local communities and the Company continues to provide  
all support possible, including the following of advised public 
health measures. The virus has the potential to impact both 
the supply chain and customer demand in China and other 
markets. Although none of our Tier 1 suppliers manufactures 
in China, the supply of some components from China has been 
disrupted. To date there has been no impact on our production 
and supply is secured until at least end of March. The start  
of production of DBX and Aston Martin Valkyrie are key 
programmes for the business and while both currently remain 
on plan, they do present additional execution risk in the year.
The Company’s focus is on the successful completion of the 
Placing and Rights Issue and the delivery milestones. I confirm 
my belief in the longer-term opportunity of key model roll-out for 
significant growth and recovery of margins in order to achieve a 
path to a cash generative, global luxury car brand through the 
resetting of the business during 2020. 
I would like to thank our employees for their passion, 
dedication and expertise and our shareholders for all their 
support during what has been a very difficult year.
DR ANDY PALMER, CMG
PRESIDENT AND GROUP CHIEF EXECUTIVE OFFICER
26 FEBRUARY 2020
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
11

ASTON MARTIN LAGONDA AND THE LUXURY MARKET
THE LUXURY MARKET 
ASTON MARTIN LAGONDA 
With over a hundred years of history, Aston Martin Lagonda  
is one of the world’s most iconic luxury companies focused  
on the design, engineering and manufacture of high luxury cars. 
The brand symbolises exclusivity, elegance, power, beauty, 
sophistication, innovation, performance and an exceptional 
standard of styling and design. Our cars sit primarily within  
the high luxury car market segment (“HLS”) and our market 
leadership position is supported by award-winning design  
and engineering capabilities, world-class technology and 
state-of-the-art facilities, creating distinctive model line-ups. 
The Company sells cars worldwide, primarily from our main 
manufacturing facility and corporate headquarters in Gaydon, 
England, and we are currently ramping up pre-production  
in our second manufacturing facility in St. Athan, Wales.  
The Company’s current core model line-up comprises: 
•	the sports car – Vantage; 
•	the grand tourer – DB11; 
•	the super grand tourer – DBS Superleggera; and 
•	the SUV – DBX, unveiled in November 2019  
with first deliveries expected Q2 2020. 
Special Edition models form an important part of our 
business, providing a ‘halo effect’ for our core cars and 
driving exclusivity and desirability. Specials have strong 
financial characteristics with models typically fully allocated 
prior to any significant capital commitment and typically 
generating higher margins than the core range. Mid-engined 
cars are also an important part of the Company’s future 
supported by an enhanced approach to F1TM. 
Further information on our Business Model is set out  
on page 30.
THE LUXURY CAR MARKET 
Aston Martin Lagonda operates primarily within the HLS where 
it is positioned along with other key players such as Bentley, 
Ferrari, Lamborghini, McLaren and Rolls-Royce, while Vantage 
has some competitors within the luxury and performance 
premium market. HLS car manufacturers typically employ  
a low-volume production strategy to maintain a reputation  
of exclusivity and scarcity among customers. This low-volume 
strategy, combined with the quality and performance of the 
cars produced, typically allows manufacturers to charge high 
average selling prices. Customer demand is enhanced through 
new product offerings, which tend to drive sales volumes  
even in difficult market conditions. Demand is maintained 
through the lifecycle of the product by introducing new 
derivatives, performance upgrades, new personalisation 
options and improved quality. 
The market can be broken down by price range and the 
degree of sporting characteristics of specific car models such 
as hypercars, supercars, sports cars, grand tourer cars, super 
grand tourer cars, SUVs and sedans. Hypercars and special 
editions are the top models within the HLS car market. 
These products are produced in very limited volumes, are 
priced at significant premiums and can appreciate in value 
quickly following their initial sale. These models also enable 
the introduction of new technologies which can then be 
applied to the broader product range.
The high luxury car segment, which is the largest segment 
within the luxury goods market, had a growth rate of 5% during 
2018 and an estimated value of €495 billion. The most 
exclusive end of the market (luxury toys, which includes 
hypercars) had a growth rate of c. 5.5% between 2010 to 
20171. While this market has grown historically it is forecast 
to stabilise over the next few years. 
The historic growth in the HLS has been driven mainly by an 
expanding population of high net worth individuals (“HNWIs”), 
the key customer in the market. This had been boosted by 
global economic growth and wealth creation, particularly in 
certain emerging economies. However, after seven consecutive 
years of growth, during 2018 the global HNWI population and 
wealth declined by 0.3% and nearly 3%, respectively2. This 
was primarily driven by a slump in equity-market performance 
and slowing economies in key regions. Asia-Pacific and 
European-region HNWIs were most affected, given declining 
markets and decelerating economic growth with Asia Pacific 
accounting for half of the overall decline and Europe for about 
one quarter. HNWI wealth performance in the UK took a 
significant hit with a 6% decline. North America’s performance 
remained relatively flat and the Middle East recorded the only 
increase in both HNWI wealth and population. Most of the 
global HNWI wealth decline can be attributed to the higher 
wealth segments – the ultra-HNWIs (US$30m or more of 
investable wealth) – which accounted for 75% of the decline. 
Amid geopolitical and trade concerns, near-term global 
economic recovery remains uncertain. 
Global HLS unit sales3 continued to increase 11% during 
2019, but this was mostly due to SUV growth as there was  
a decline in the luxury and performance premium sports 
market of 13% (which includes GT, sports and mid-engined). 
Luxury SUVs are a rapidly growing segment of the HLS car 
market. During 2019 the Luxury SUV market grew by over 
100% driven primarily by the full year impact of new entrants. 
The premium SUV sector is forecast to grow by 5% between 
1.	Bain Luxury Goods WW Market Study Fall/Winter 2018
2.	World Wealth Report 2019, Capgemini
3.	IHS Markit; 2019E extrapolation of 2019 YTD
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
12

2019 and 2030, and the high luxury SUV segment is forecast  
to grow by 30% during the same period. Existing ownership  
of SUVs among the HLS car customer base is expected to 
support the increased penetration of luxury SUVs, as producers 
target HNWIs seeking to upgrade their existing vehicles. 
The market dynamics were impacted during 2018 and 2019 
by changes in regulatory requirements in a number of our 
markets. These included revised emissions standards in Europe 
and China. As a result, a number of manufacturers offering 
incentives to ensure that vehicles that did not meet these 
standards were sold ahead of compliance dates. This impacted 
our pricing and volume potential in 2018 and 2019. 
IMPACTS ON OUR PERFORMANCE 
During 2019 the Company experienced weaker trading than 
anticipated, particularly for Vantage and in Europe and the UK 
across all car lines. The year started with elevated levels of dealer 
inventory, particularly due to the supply chain disruption at the 
end of 2018 but also as a result of lower than expected demand 
for Vantage. DB11 and DBS Superleggera have performed 
comparatively well and have grown market share in recent years 
but have not been immune to the challenging trading conditions 
experienced in 2019. Despite gaining share in a declining sports 
segment which was down c. 15%, the Vantage underperformed 
versus original expectations particularly in Europe and the UK. 
A key focus of 2019 operationally has been the development 
and execution of the launch and production plans for DBX, 
due to launch in Q2 2020, marking the Company’s entrance 
into the growing SUV segment of the market. 
As announced on 7 January 2020, the Company experienced 
challenging trading conditions throughout 2019, resulting in 
lower sales, higher selling costs and lower margin expectations. 
This underperformance against our original plans has resulted 
in severe pressure on liquidity and prompted an operational 
and financial review of the business. This has resulted in plans 
to reset, stabilise and de-risk the business including the reset 
plan described in “Strategy” on page 14. 
Set out in the table below are some of the specific market impacts 
on the Company’s performance during 2019 and our response. 
ASTON MARTIN LAGONDA AND THE LUXURY MARKET
RESPONSE TO MARKET DYNAMICS 
Market Dynamics
Impacts
Response
SOFTENED 
GROWTH IN 
SPORTS CAR 
SEGMENT 
Vantage gained market share but in a 
declining market. Vantage retail was below 
expectations impacting overall wholesale 
volumes, revenues and margins. 
Customer analysis, the tactical launch of derivatives with 
Vantage, AMR (manual special) and the recently revealed 
Roadster, and introduction of new visual options to support 
demand. More targeted marketing and dealer support 
planned. Relaunch of Vantage at Geneva Motor Show. 
DEMAND  
FOR SUVS 
CONTINUES  
TO GROW 
DBX demand has exceeded initial 
expectations as market demand continues  
to grow for luxury SUVs offering  
revenue potential. 
Strong demand for DBX. As confirmed on 7 January 2020, 
the order book stood at c. 1,800 (c. 1,200 of which were a 
combination of customer orders and specifications in 
progress), with total orders now taken in excess of the 
planned retail target for 2020.
AGGRESSIVE 
COMPETITOR 
PRICING 
As wider political and socio-economic issues 
appear to be impacting consumer confidence 
in some regions, some competitors within 
the HLS segment (against typical market 
norms) have implemented aggressive  
pricing strategies for both new and existing 
models. This has impacted demand/price  
for certain of the Company’s models. 
Tactical actions by the Company including retail and 
customer financing support and fixed marketing spend in 
some markets have led to a deterioration of average selling 
price, thus impacting some key financial performance 
metrics for 2019. Strategic priority to control production to 
prioritise demand over supply, to build a stronger order 
book and regain price positioning. 
LEGISLATIVE 
CHANGES IN 
KEY MARKETS 
Changes in laws and potential tariffs  
have driven uncertainty in some  
markets/model segments. 
The Company has plans in place to ensure compliance 
with regulatory requirements. The Company is also 
focusing on rebalancing dealer inventory with demand and 
plans will reflect estimated impacts on known regulatory 
changes. Simultaneously, close engagement with key 
regional partners and governments has become an 
increasingly important factor in the Company’s operations.​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
13

STRATEGY
TOWARD A SUSTAINABLE 
LUXURY BUSINESS 
EXCLUSIVE AND RARE SPECIAL PRODUCTS 
MID-TERM FOCUS ON CEMENTING OUR POSITION IN SPORTS AND SUV SEGMENTS,  
WHILST CONTINUING TO DELIVER EXCLUSIVE AND RARE SPECIALS
STRATEGIC PILLARS 
INSPIRING CUSTOMER 
FOCUSED LUXURY 
PRODUCTS
Invest in R&D to 
develop new core 
products across both 
current and new 
market segments for a 
diverse, global luxury 
customer base, in 
addition to limited 
run, exclusive and 
rare Specials 
STRENGTHENED 
GLOBAL BRAND  
AND SALES POWER 
Nurture and 
reinforce the brand; 
drive stronger brand  
affinity relationships 
with customers;  
use data and local 
knowledge to reach 
new customers 
WORLD CLASS  
VALUE AND 
PROCESSES 
Become a world class 
operator by making 
processes lean and 
efficient and reducing 
the cost base without 
compromising  
on quality 
TOP CLASS  
QUALITY 
Discipline, precision 
and an obsession  
with detail. Striving  
to achieve perfection 
in every element  
of our cars
RESPONSIBILITY  
AND PEOPLE  
Inspire and foster  
a culture of passion, 
collaboration, 
accountability, 
opportunity and 
creativity. This 
includes doing 
business in  
an ethical and 
transparent manner 
THE RESET PLAN WILL BE UNDERPINNED BY A STRENGTHENED BALANCE SHEET, GREATER FINANCIAL AND 
OPERATIONAL STABILITY AND FLEXIBILITY THROUGH CONTROLLING MEDIUM-TERM INVESTMENT, REGAINING 
PRICE AND MARGIN DISCIPLINE, REPHASING PRODUCT CADENCE AND IMPROVING CASH GENERATION.
VISION 
TO BE THE GREAT BRITISH CAR COMPANY 
THAT CREATES THE MOST BEAUTIFUL AND 
ACCOMPLISHED AUTOMOTIVE ART IN THE WORLD 
SUVS
MID-ENGINED
SPORTS & GT 
CARS 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
14

STRATEGY
KEY PRIORITIES AND OBJECTIVES
As set out in the Statements from the Chair and President 
and Group Chief Executive Officer, the underperformance  
of the Company prompted an operational and financial 
review of the business. This resulted in a reset to the 
business plan, and plans to strengthen the balance sheet  
to improve liquidity and reduce leverage, through the 
proposed placing to the Consortium led by Lawrence Stroll 
and underwritten rights issue to raise a combined £500m.
The Company is focusing on providing greater financial 
and operational stability and flexibility through controlling 
medium-term investment, improving cash generation and 
re-phasing product cadence. The Lagonda brand will 
now be re-launched no earlier than 2025, however  
the mid-engined portfolio remains a key focus for the 
Company starting with Valhalla in 2022. As part of this, 
an enhanced approach to F1TM is considered important 
and so the Company and ventures affiliated to the 
Stroll Consortium have agreed to collaborate in this 
area. For further information see Strategic Focus: 
Specials and Mid-Engined on page 20. 
To turn around the Company’s performance, key priorities 
going forward are as follows.
•	Controlling production to prioritise demand over  
supply, to build a stronger order book and regain  
price positioning.
•	Successfully launching DBX in Q2, which has received 
extremely positive media reviews. The order book  
built more rapidly than for any prior launches and on  
7 January 2020 it stood at c. 1,800 with c. 1,200 of those 
being fully customer specified.
•	Successfully relaunching Vantage including the Roadster 
derivative with deliveries starting in Q2 2020 and starting 
Aston Martin Valkyrie deliveries later in the year.
•	Reducing the operating cost base by £10m on an 
annualised basis, with £7m in 2020, after one-off costs, 
broadly offsetting expected cost increases due to the  
new St Athan plant.
•	Improving the cash flow profile of the business and 
transitioning towards a business generating positive free 
cash flow over time. 
The timing of future product launches has been reviewed  
to control medium-term investment requirements, improve 
cash generation and provide greater financial stability  
and flexibility.
•	Aston Martin’s mid-engined core car (Vanquish) is now 
expected to be revealed in 2023 following the unveiling 
of the Valhalla in 2022.
•	Development of a fuel efficient, modular V6 engine with 
hybrid and plug-in capabilities continues, which will 
support our core cars being available as hybrid and 
plug-in variants from the mid-2020s.
•	The Lagonda brand will now be relaunched no earlier 
than 2025.
•	Specials continue to be a key component of the reset plan.
•	Production of the Aston Martin Valkyrie is still expected  
to ramp up through H2 2020.
•	Deliveries of the Goldfinger DB5 Continuations are due  
to start in 2020 as well as the DBS GT Zagatos, which will 
complete the DBZ Centenary Collection.
•	The recently announced V12 Speedster will be unveiled 
in late 2020 with deliveries due to start in Q1 2021. 
•	The Aston Martin Valkyrie AMR Pro is still expected to be 
revealed in 2021.
•	Valhalla is now expected to be unveiled in 2022.
•	New Specials which have not yet been revealed will 
comprise the balance of one heritage Special and two 
contemporary Specials each year. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
15

DBX AND ST ATHAN
STRATEGIC FOCUS: 
DBX AND ST ATHAN 
“DBX IS A CAR THAT WILL GIVE MANY PEOPLE 
THEIR FIRST EXPERIENCE OF ASTON MARTIN 
OWNERSHIP. AS SUCH IT NEEDED TO BE TRUE TO 
THE CORE VALUES ESTABLISHED IN OUR SPORTS 
CARS, WHILE ALSO PROVIDING THE LIFESTYLE 
VERSATILITY EXPECTED OF A LUXURY SUV. TO HAVE 
PRODUCED SUCH A BEAUTIFUL, HAND BUILT, 
YET TECHNOLOGICALLY ADVANCED CAR IS 
A PROUD MOMENT FOR ASTON MARTIN.”
DR ANDY PALMER, CMG
PRESIDENT AND GROUP CHIEF EXECUTIVE OFFICER
DELIVERING DBX
DBX was unveiled on 20 November 2019 at simultaneous 
events in Beijing and Los Angeles, with China and the US 
expected to be key markets for the car. Since then, the DBX 
order book has built rapidly. As confirmed on 7 January 2020, 
the order book stood at c. 1,800 orders, (c. 1,200 of which were 
a combination of customer orders and specifications in progress). 
Key operational milestones are being met for launch in Q2 2020.
THE CONCEPT AND DESIGN
When the DBX Design Concept was revealed at the 2015 Geneva 
Motor Show, the luxury SUV sector was in its infancy, with 
vehicles from Bentley, Lamborghini and Rolls-Royce yet to 
enter the market. The DBX Design Concept started with a blank 
sheet of paper, to understand what defines an SUV, and what 
requirements are needed to ensure the car meets customer 
expectations. It was important that DBX remained true to its 
heritage as an Aston Martin, both in the way it looks and the 
way it drives.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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“THE OPENING OF  
ST ATHAN IS A HUGELY 
IMPORTANT MILESTONE”
Dr Andy Palmer, CMG President and Group Chief Executive Officer
DBX AND ST ATHAN
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
17

Throughout that process, it was clear that versatility was  
a primary reason why an SUV is chosen as an alternative  
to a sportscar. A critical focus was on creating cabin space 
that was optimised to ensure equal comfort and space for 
both front and rear passengers, which has been achieved 
with class-leading headroom and leg room. Equally, getting 
in and out of the vehicle was important, aided by the 
frameless door design which removes the awkward door 
frame while also making the door lighter to open and close. 
As one would expect of an SUV, the load space is practical, 
with a wide loading aperture, space for a variety of luggage 
items and flexible loading configurations with the 40:20:40 
folding rear seat. Should further load carrying be required, 
DBX also has roof rails for larger items such as bikes and 
skis and has the ability to tow a 2,700kg trailer. An extensive 
range of accessories are available to meet lifestyle needs 
across a variety of sports and pastimes.
With the versatility and comfort needs met, the critical  
task of designing the DBX so it looked like an Aston Martin 
began. There are design elements throughout the car which 
link with the existing sports car range, from the signature 
Aston Martin front grille and the one-piece aluminium 
clamshell bonnet at the front, through to the side profile 
which retains the classic 1/3 to 2/3 golden ratio design 
proportion between glasshouse and body, culminating  
at the Vantage-inspired rear tailgate spoiler and signature 
light blade with rear aero wing.
The interior cabin of DBX is appointed in the finest 
materials, which can be tailored to a variety of individual 
design tastes, from traditional to contemporary. Leather is 
sourced from Bridge of Weir Leather in Scotland, who use 
only the finest blemish-free hides with a soft, luxurious 
touch. The cabin environment can be detailed with a range 
of veneers, ranging from contemporary wood to modern 
composites and metal finishes. DBX provides a breadth  
of design character, materials and detailing to suit all 
customer tastes and lifestyle needs.
DBX PERFORMANCE
DBX would not be an Aston Martin if it did not drive like  
an Aston Martin. While the design is beautiful, the drivetrain 
and suspension offer a special driving experience. 
DBX features the very latest automotive technology available 
to create a dynamic SUV. Starting with the 550hp 4.0-litre 
V8 twin turbo engine that is also used in the brand’s sports cars, 
it has been tuned to the specific performance requirements 
of DBX, whilst maintaining the unmistakable Aston Martin 
sound. Complementing the engine is a new 9-speed 
automatic torque converter gearbox with an all-wheel 
drive system featuring the very latest in active drivetrain 
technology. This allows DBX to control the distribution  
of the engine performance to suit the driving conditions. 
The crowning jewel in the DBX’s dynamics is the suspension 
system. DBX features class-leading suspension technology, 
with the fitment of adaptive triple chamber air suspension 
and active roll control. With triple chamber air suspension, 
DBX can raise its ride height, lifting the vehicle out of 
harm’s way when driving in off-road environments, and 
lower it by 50mm to enable easier access for passengers  
or when loading the trunk. The DBX’s system goes a step 
further by varying the air spring stiffness, changing the 
ride character to suit the driving requirements. This dual 
character offers both a luxurious and refined ride comfort  
for daily use or long-distance journeys. 
With active drivetrain, air suspension and roll control –  
all systems operate in perfect harmony, ensuring that DBX 
offers a wide range of capability from luxurious and refined 
Grand Touring comfort through to a highly responsive and 
engaging sportscar driving experience, making DBX one  
of the most dynamic SUVs in its class. 
“Normally in an Aston Martin, off-road equals end of the 
road. But not now. This is the DBX, and it’s just getting 
started.” – Top Gear
DBX AND ST ATHAN CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
18

DBX AND ST ATHAN CONTINUED
DBX UNVEILING
The DBX, our first SUV, enables the Company to access the 
expanding SUV market. As a new segment for the Company, 
launch planning encompassed a focus on brand awareness, 
product desirability and pricing, an understanding of the 
SUV customer and appropriate dealer, sales and marketing 
support. This included focused customer clinics to 
understand customer needs, training to ensure dealer 
readiness and a targeted sales and marketing strategy.  
A detailed “Take to Market Plan” was established which 
included a series of DBX “confidential” events with 
prospective and existing customers to encourage early 
adopters to place orders. Following the DBX unveiling,  
all regions have participated in a dealer tour to bring the  
first prototype vehicles to the widest possible audience  
of customers with further activities planned.
“If we were about to put a sizeable deposit down on a luxury, 
sporting SUV, we’d be heading to an Aston Martin dealer 
pretty quickly.” – Auto Express
ASTON MARTIN DBX: MADE IN ST ATHAN, WALES
In 2016, Aston Martin committed to a new UK 
manufacturing plant to ensure the business could meet the 
production demands of the future. Aston Martin St Athan, 
the home of the DBX, was officially opened in December 
2019. The new plant will have created 600 new, highly-
skilled jobs when it reaches peak production. St Athan, 
which is a former Royal Air Force base, has undergone  
a three-year transformation to become a state-of-the-art 
manufacturing facility. The completion of the St Athan 
facility means that it joins the marque’s Gaydon 
headquarters and its Wellesbourne and Newport Pagnell 
facilities as a centre of the highest quality of British 
craftmanship and engineering.
St Athan uses similar manufacturing processes to our  
main plant in Gaydon, Warwickshire but has enhanced 
these to improve quality and to reduce the hours of 
production per car. 
THE ART OF VEHICLE DYNAMICS
“The key to setting up a car is getting the basics right before 
you begin to tune in the magic. The art of vehicle dynamics 
is all about balance in the final changes we make to a car. 
The fundamentals deliver what we need for a “good” car –  
stiffness, how much it rolls and so on. But to transform a 
“good” car into a “great” car we have to balance everything 
down to the last detail – how each axle reacts to a steering 
input, how much response, how much overshoot etc. When 
balancing the front to the rear, the smallest of changes can 
make a huge difference to how a car feels in the seat of your 
pants, but you couldn’t objectively measure or model these 
differences – you have to drive and feel the car.”
MATT BECKER
CHIEF ENGINEER 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
19

STRATEGIC FOCUS:  
SPECIALS AND  
MID-ENGINED
SPECIALS AND MID-ENGINED
SPECIALS CONTINUE TO BE A KEY COMPONENT 
OF OUR PLANS
Specials with their attractive cash dynamics and brand 
building characteristics are a key revenue driver for 
the Company. The majority of the 64 Specials delivered 
in the year were the final Zagato Shootingbrakes. 
In addition, the first 19 cars of the Aston Martin DBZ 
Centenary Collection, the DB4 GT Zagato Continuations, 
were also delivered in 2019. The Centenary Collection 
will be completed with deliveries of the DBS GT Zagatos  
in Q4 2020. 
Mid-engined cars are a core part of the Company’s future 
supported by an enhanced approach to F1TM. The Aston Martin 
Valkyrie – a generational car, made its dynamic debut at the 
British Grand Prix in July. Development of the car continues 
with delivery of the first car planned for H2 2020 and ramping 
up to run rate through the second half. 
APPROACH TO SPECIALS
Specials form an important part of our business plan, 
providing a halo for our core cars and driving exclusivity 
and desirability due to their limited volume, world class 
design and technical excellence. The diverse nature of our 
Specials ensures their appeal to a wide group of high-net-
worth individuals. These cars have the added benefit of 
being a proving ground for advanced technologies which 
we are then able to deploy in our range of core cars. 
The business continues to pursue a product cadence of two 
Special Projects and one Heritage based continuation model 
each year. Given their desirability, Special models are highly 
subscribed prior to any significant capital commitment by  
the Company and generally achieve a higher margin than the 
core model range. A customer deposit for each car is required 
on allocation and typically allow Special editions to be cash 
flow positive from design to the end of the product life-cycle. 
The expertise of composites and advanced technologies 
throughout the division also enables projects to be delivered 
with a low investment, medium to high piece cost philosophy 
ideally suited to the volumes of these cars produced.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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“WE ARE NOT CAR STYLISTS, 
WE ARE DESIGN ENGINEERS”
Marek Reichman, EVP and Chief Creative Officer
SPECIALS AND MID-ENGINED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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ASTON MARTIN AND ZAGATO
The collaboration between Aston Martin and Zagato 
stretches back over five decades, pairing Aston Martin’s 
acclaimed dynamic and material qualities with Zagato’s 
signature design language. The collaboration began with  
the beautifully muscular DB4 GT Zagato racing car of 1960 
and includes the V8 Vantage Zagato launched in 1986,  
the 2002 DB7 Vantage Zagato, 2012 V12 Vantage Zagato, 
and the successful Vanquish Zagato range. ​
The DBZ Centenary Collection sits at the pinnacle of our 
specials portfolio. Each of the track-only DB4 GT Zagato 
Continuations represents the culmination of around  
4,500 hours of painstaking and meticulous artisan car-building 
at our renowned Heritage Division headquarters in Newport 
Pagnell, Buckinghamshire.
The DBS GT Zagato, unveiled in October 2019, is the 
first Special built on the AM Platform (the advanced, 
bonded Aluminium platform that underpins the DB11 
and DBS), laying the foundations for a future lineage 
of Special Editions designed and engineered on this 
architecture. As well as featuring a unique carbon 
fibre body and interior, the DBS GT Zagato features a 
new lightweight seat, camera rear view mirror system, 
active front grille and the first automotive application of 
configurable carbon and metal 3D-printed interior finishes. 
The aim will be to utilise these features in our core products, 
improving efficiencies in engineering and application.
MID-ENGINED: VALKYRIE 
The Aston Martin Valkyrie is being developed in 
conjunction with Red Bull Advanced Technologies and is 
intended to transfer F1TM technology to the road. The Aston 
Martin Valkyrie is intended to be the first of a lineage of our 
mid-engined cars. The Aston Martin Valkyrie has a 6.5-litre 
naturally aspirated V12 engine and Michelin Pilot Sport Cup 
2 tyres. It is our first hyper-car, of which there will be a road 
car version and a track-only version. Significant customer 
deposits have been received and the road version was four 
times oversubscribed. Production of the Aston Martin 
Valkyrie is expected to ramp up through H2 2020.
In addition to the road-car model of the Aston Martin 
Valkyrie, the Company plans to produce a limited number 
of Aston Martin Valkyrie AMR Pro derivatives which will 
be track-only products. 
MID-ENGINED: VALHALLA AND VANQUISH
Technology and learning from the Aston Martin Valkyrie  
is being applied to our second mid-engined special edition, 
Valhalla, for which the concept was unveiled at the 2019 
Geneva Motor Show. The Valhalla is expected to be unveiled 
in 2022, to compete with, for example, Ferrari La Ferrari and 
McLaren Senna. Plans are for the Valhalla to be followed by 
our mid-engined core model, Vanquish, which is expected 
to be unveiled in 2023. The Group’s aim is to attract a new 
group of customers to the brand and increase its average 
selling price. 
SPECIALS AND MID-ENGINED CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
22

F1TM
Mid-engined cars are a core part of our future. As part of 
this, an enhanced approach to F1TM is considered important. 
Consequently, the Company and ventures affiliated to the 
Stroll Consortium have agreed to collaborate and the Racing 
Point F1TM team will become an Aston Martin F1TM team 
with effect from the 2021 season. This agreement is for  
a 10-year initial term and the Company will receive an 
economic interest in the team. These arrangements also 
include the Company’s sponsorship of the F1TM team from 
2021 and for the subsequent four years with commercial 
terms commensurate with the Company’s current annual 
F1TM expenditure, renewable for five years subject to 
satisfying certain conditions at the time. For the 2020 F1TM 
season we will continue our proud sponsorship of the  
Red Bull Racing F1TM Team and our technology partnership  
with Red Bull Advanced Technologies will continue  
until the Aston Martin Valkyrie is delivered.
SPECIALS AND MID-ENGINED CONTINUED
Q ADVANCED OPERATIONS DIVISION:  
JAMES BOND
Alongside engineering and manufacturing our Special 
Edition models, the Q Advanced Operations Division has 
the capability and flexibility to support the development 
of vehicles for product placements. Our association with 
the James Bond franchise continues with four different 
Aston Martin models being shown in the forthcoming 
film ‘No Time to Die’ film: DB5, V8 Vantage, DBS 
Superleggera and Valhalla.
With the DB5 featuring heavily in the film, the producers 
required a series of eight lightweight DB5 replicas to  
be built for stunts. The Q Advanced Operations team 
designed, engineered and manufactured these cars from 
scratch in the space of 5 months, scanning an original 
model to make tools for carbon fibre panels and 
designing a unique chassis capable of meeting the 
rigours of the film’s script.
A series of 25 Goldfinger DB5 Continuation editions  
will be produced for customers by Aston Martin Works 
and EON Productions. The Goldfinger DB5 Continuation 
will be based on James Bond’s legendary car from 1964 
and built by Aston Martin Works at Newport Pagnell,  
the original home of the DB5. The cars will be authentic 
reproductions of the DB5 seen on screen, with some 
sympathetic modifications to ensure the highest levels  
of build quality and reliability. This authenticity will 
extend to include functioning gadgets – such as revolving 
number plates and more, which were made famous 
in Goldfinger, co-developed with Oscar®-winner 
Chris Corbould, special effects supervisor from the 
James Bond films. 
CUSTOMISATION AND Q BY ASTON MARTIN
Customers enjoy a degree of customisation within the  
base car, including colour options for the exterior and the 
interior. Customers can choose from a wide variety of options, 
including different wheel designs, technology upgrades, 
interior trim and paint colour upgrades. This large range  
of customisation options means that we offer an enhanced 
service to all of our customers and also contributes 
positively to profit margins. 
Q by Aston Martin is our unique personalisation service  
that takes the standard customisation offering a step 
further to enable our customers to create a unique car 
that truly reflects their needs and this improves margins 
and profitability for the Company. Working closely with 
our award-winning design team, every Q customer has 
the ability to create a completely unique car.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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CORE AND VANTAGE 
STRATEGIC FOCUS: SUPPORTING  
THE CORE LINE UP AND VANTAGE 
DB11 and DBS Superleggera have performed comparatively 
well and have grown market share in recent years but have 
not been immune to the challenging trading conditions 
experienced by the Company in 2019. Despite gaining 
market share in a declining segment, which was down  
a double-digit percentage for the year, the Vantage 
underperformed versus original expectations, particularly  
in Europe and the UK. The reset of the plan includes a 
more conservative view for sports car wholesales for 2020, 
particularly for Vantage and, in the medium-term, volume  
is expected to be managed to maintain the appropriate 
balance between supply and demand. New derivatives  
and refreshes to the core line-up will continue to be 
launched under the reset plan.
DBS SUPERLEGGERA – THE ULTIMATE 
PRODUCTION ASTON MARTIN 
DBS SUPERLEGGERA: PRODUCT CONTEXT
Unquestionably, DBS Superleggera sits at the pinnacle of  
the Aston Martin production range. It is both a shining light 
expressing the most beautiful automotive art and, at the same 
time, a dark and menacing shadow of brutal, unequivocal 
strength. It is this fine blend of seemingly opposing traits 
that makes the DBS Superleggera the absolute Aston Martin.  
The DBS Superleggera Coupe and Volante offer the ultimate 
super GT experience. 
STRATEGIC FOCUS:  
CORE AND VANTAGE 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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“VANTAGE IS TESTAMENT  
TO OUR UNCOMPROMISING 
PURSUIT OF BEAUTIFUL.”
Dr. Andy Palmer, President and Group Chief Executive Officer
CORE AND VANTAGE 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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2019 ASSESSMENT AND FUTURE FOCUS
DBS Superleggera delivered a significant uplift in sales 
performance in 2019 compared to the prior year, driven by 
the first full year of production of the coupe model alongside 
the introduction of the convertible “Volante” model in the 
second half of the year. In addition, the On Her Majesty’s 
Secret Service DBS Superleggera special edition was 
produced to celebrate the 50th Anniversary of the sixth 
James Bond film. Notably, DBS Superleggera achieved the 
highest volume of retail sales of any of our flagship models 
(DBS, Vanquish) in a single year in 2019. This was achieved 
despite a 13% decline in the High Luxury Sports market 
(excluding SUVs) compared to the prior year.
Sales of DBS Superleggera in 2020 will be supported 
by the first full year of availability of the Volante model.  
In recognition of the appearance of DBS Superleggera  
in the latest James Bond film, “No Time To Die”, we 
will also be offering a limited-run special edition in a 
matching specification to the model that features in the 
film. The Company will maintain a focus on controlling  
dealer inventory in line with demand. 
DB11 – CLASSICALLY ASTON MARTIN
Standard-bearer for the new generation of Aston Martin  
cars, DB11 takes our grand touring heritage to 
unprecedented heights.
DB11: PRODUCT CONTEXT
DB11 is the bold figurehead of the illustrious ‘DB’ 
bloodline and an authentic, dynamic sporting GT in the 
finest Aston Martin tradition. DB11 is defined by its beauty, 
dynamics and prestige, combining the performance of 
an authentic sports car with GT levels of comfort and 
refinement while embodying Aston Martin’s attention 
to detail. DB11 is positioned firmly in the grand touring 
segment of the HLS market where customers are seeking 
eye-catching style, alongside effortless, sporting 
performance and comfort. 
DB11 is available as a coupe in both V12-engined and 
V8-engined variants. The “Volante” convertible and 
uprated V12-engined “AMR” models were introduced 
in 2018 to complete the range. 
2019 ASSESSMENT AND FUTURE FOCUS
DB11 completed the third year of its product lifecycle in 
2019 and broadly maintained its share of the HLS market 
(excluding SUVs) despite no new product actions and in 
the face of updated competitor offerings. Sustaining market 
share partially offset the decline of the HLS sports car market 
and the disappointing performance of Vantage, however, 
this required more retail and customer financing support 
than planned.
In order to ensure controlled management of the DB11 
lifecycle, the focus for 2020 will be brand and product 
marketing investment to sustain retail demand alongside 
management of production volumes and dealer inventory 
in order to restore price position.
VANTAGE – RAW AND INSTINCTIVE
Vantage is raw and instinctive, unwavering in its singular 
purpose: to overwhelm the senses through its design, agile 
performance and dedicated craftsmanship. A statement of 
independence on the road, Vantage embodies all that is 
beautiful in our performance sports car range. Race track, 
winding country road or the everyday commute, Vantage 
is an Aston Martin of outstanding class, delivering a drive 
so intensely felt that it demands to be experienced time 
and time again.
VANTAGE: PRODUCT CONTEXT 
Vantage addresses those customers who are seeking 
performance and dynamic capability alongside the desire to 
make a statement with their car. The customer demographic 
is typically younger than for the other models in the Aston 
Martin portfolio, and buyers are knowledgeable about the 
range of products on offer. 
2019 ASSESSMENT AND FUTURE FOCUS 
Although the initial order book at launch was encouraging, 
and despite gaining share in a declining segment, 2019 
was a disappointing year for Vantage, particularly in Europe  
and the UK. The year started with elevated levels of dealer 
inventory, partially due to supply chain disruption at the end 
of 2018 but also as a result of lower than expected demand. 
Consequently, achieving the retail sell through to de-stock 
the dealer network required more retail and customer 
financing support than planned.
CORE AND VANTAGE CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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The market within which Vantage competes contracted  
in 2019, with the volume of registrations in the segment 
declining by 13% compared to prior year. This was, 
in part, due to macro-economic pressures and resultant 
trading conditions, particularly in UK and Europe. In 
addition, segment performance was inflated in 2018 as end 
of series competitor models were retailed through ahead of 
the introduction of new legislation in the UK and Europe.
Whilst 2019 demand has disappointed compared to our 
expectations, feedback from customers and media affirms 
that Vantage is a compelling and competitive product offer.
In order to harness the potential and drive a turnaround  
in performance, we conducted a detailed investigation 
targeted at understanding the driving factors for the 
underperformance and developed action plans to address 
these. Key areas of focus that have been identified as 
priorities for 2020 are:
•	Stimulation of sustained brand and product awareness.
•	Improved communication of lease offers.
•	Address residual values through rebalancing of demand 
and dealer inventory.
In addition, we will deliver a series of exciting range 
updates. Q2 sees the launch of Vantage Roadster – a variant 
expected to generate around 40% of Vantage sales mix 
over the life of the model – and the manual transmission 
derivative, as well as the introduction of new visual options 
including the vaned metal front grille. These actions will 
enhance the product range and enable further opportunities 
to drive product awareness and retail demand.
CORE AND VANTAGE CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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OUR GLOBAL FOOTPRINT 
OUR GLOBAL FOOTPRINT1 
ASIA PACIFIC 
NUMBER OF DEALERS: 45 
WHOLESALE VOLUMES2: 1,309 
DECREASE ON 2018: 6% 
•	New dealer appointments in Yokohama and Kobe  
in Japan and Jinan, Wuhan and Tianjin in China. 
•	Dealers in Kunming and Xian replaced with new partners 
due to be operational in H1. 
•	Further network expansion underway across China, Japan 
and South East Asia to support DBX launch and beyond. 
EMEA3 
NUMBER OF DEALERS: 56 
WHOLESALE VOLUMES2: 1,082 
DECREASE ON 2018: 28% 
 
•	New dealer appointments in Rome, Italy and Bahrain. 
•	New dealer appointment in France due in H1. 
•	Some network rationalisation took place in 2019 and 
2020 to improve dealer performance and viability. 
•	Further network expansion planned for Eastern Europe  
to support the launch of DBX. 
24.4%
18.3%
22.3%
35.0%
EMEA
Asia Pacific (incl China)
Americas
UK
WHOLESALE VOLUMES 
BREAKDOWN BY REGION
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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OUR GLOBAL FOOTPRINT 
UK4
NUMBER OF DEALERS: 22
WHOLESALE VOLUMES2: 1,429
DECREASE ON 2018: 21%
•	New dealer appointment in Isle of Man, UK. 
•	No expected changes to UK dealer footprint  
in the short term. 
AMERICAS 
NUMBER OF DEALERS: 45
WHOLESALE VOLUMES2: 2,050
INCREASE ON 2018: 16%
•	New dealer appointment in Walnut Creek, CA and further 
dealer appointments planned in South America in 2020  
to support market expansion with DBX launch. 
•	Change of dealer partner in four locations (Los Gatos,  
San Diego, Cleveland & Denver) to support growth  
in the US market. 
DEALER NETWORK FOCUS
•	Dealer network to deliver world-class luxury customer 
experience and consistent brand presentation. 
•	Maximise market potential in line with plan.
•	168 dealers across 54 countries. Expected to grow  
to help support the launch of DBX.
•	Focus on growing markets, the successful launch  
of DBX and driving car volumes.
•	Work continued during the year to significantly  
strengthen and upgrade the dealer network.
•	12% core retail growth. 
DEALER READINESS FOR DBX 
In 2019 the Company launched its Centre For Excellence,  
a training academy which encourages continuous 
improvement and provides dealers with a combination  
of product and soft skills training to provide customers  
with a true luxury experience. 
Dealers globally have completed ‘conquesting’ training  
in readiness for DBX launch which has focused on how to 
tailor their activities to appeal to the new demographic focus 
for DBX. In addition, DBX Champion training was carried 
out to familiarise dealers with the key selling points of DBX 
in advance of a series of DBX “Confidential” events with 
prospects and existing customers to encourage early adopters 
to place orders. Following the global reveal, all regions  
have participated in a dealer tour in order to bring the first 
prototype vehicles out to the widest possible audience and 
deliver a strong order bank globally. Dynamic and Technical 
training on DBX is underway.
In 2020 Aston Martin will launch a Global Dealer of the Year 
programme to reward excellence across its global footprint.
1.	Global footprint represents dealer summary as at 31 December 2019
2.	Wholesale and Retail volumes include core and special models
3.	EMEA includes Europe, Middle East and Africa (excluding the UK  
and South Africa)
4.	UK includes South Africa
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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BRAND AND HERITAGE 
Iconic luxury British sports car 
brand with over 100 years of heritage, 
known for its excellence in design, 
engineering and expertise in the  
high luxury car market. 
PEOPLE, SKILLS AND INNOVATION 
Design expertise and creativity. 
Highly skilled and flexible 
manufacturing workforce. In-house 
academy dedicated to training 
and up-skilling our manufacturing 
technicians. Global online 
learning and development 
platform for all employees. 
EXTENSIVE DEALER NETWORK 
Dealership network of 168 dealers 
across 54 countries at the year-end, 
delivering a world-class luxury 
customer experience and consistent 
brand presentation. 
INNOVATIVE PARTNERSHIPS
Carefully chosen partnerships provide 
a source of technical expertise, brand 
strengthening, customer engagement 
and future growth. 
WORLD-CLASS SUPPLY BASE 
High quality strategic suppliers identified 
and sourced across multiple platforms.
ACTIONS TO RESET, STABILISE  
AND DE-RISK THE BUSINESS 
Focus on providing greater financial 
and operational stability through plans 
to control medium-term investment, 
improve cash generation and rephase 
product cadence. Substantially reduce 
leverage with the capital raise and  
a reduction of the operating cost base. 
WHAT WE  
PUT IN 
•	Global dealership network with 
expansion focused on key growth markets 
and improving strength of dealer network
•	Dealerships and regional sales teams 
delivering world-class customer service 
and experiences
•	Strategic marketing including motorsport, 
product launches, key motoring events, 
product placement and client events 
4. SALES AND DISTRIBUTION 
•	Analyse market, determine target 
customer, assess customer needs
•	Targeted product offering to capture  
all key luxury model segments
•	Personalised and commissioned models
•	Product strategy and re-phasing of 
product cadence to deliver consistent 
volume/growth
1. CUSTOMER-FOCUSED PRODUCTS 
•	Brand building through customer 
engagement and luxury experiences  
with enhanced motorsport focus
•	Selective, brand accretive partnerships
•	Ongoing customer relationship 
management and targeted and responsive 
after-sales service 
5. BRAND AND CUSTOMER 
ENGAGEMENT 
BUSINESS MODEL
CRAFTING 
FUTURE LEAN 
VALUE 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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CUSTOMERS
Customers experience an emotional 
connection with the brand as product 
design, performance and quality ensure 
a high-class and unique experience. 
The strong connection between our 
customers and our products has 
enabled us to build a strong and 
loyal customer base. 
WORKFORCE
Continuing the Aston Martin 
Way programme to embed those 
behaviours and ways of working. 
Workforce engagement focused on 
the challenging year for the Company.
EMPLOYEE PROGRAMMES
Successful apprenticeship and graduate 
programmes attract emerging talent 
into our business. 31 graduates and  
93 apprentices were in training across 
our UK workforce in 2019.
INVESTORS
Actions toward de-risking and 
stabilising to move toward controlled, 
long-term, profitable growth for  
our investors.
SUSTAINABILITY/COMMUNITY
Our commitment to responsible and 
sustainable economic growth, and 
to doing business in an ethical and 
transparent manner.
OTHER STAKEHOLDERS
Further information on our stakeholders 
is set out in Responsibility on page 38 
and Stakeholder Engagement on  
page 32. 
THE “LEAN” 
VALUE WE 
CREATE 
2. DESIGN AND INNOVATION 
•	Beautiful design and craftsmanship using 
authentic materials
•	Close collaboration between design and 
engineering teams to combine the best  
of both beauty and performance
•	Modular architecture approach links 
design and engineering to provide “lean” 
consistency and efficiency 
•	High level of in-house expertise along 
with key partnerships to enhance 
technological capabilities 
•	Manufacturing operations based on 
principles of quality, craftsmanship,  
lean and efficient teamwork. Controlling 
production to prioritise demand over 
supply to build a stronger order book 
and regain price positioning
•	Modular-based engineering and “carry 
over-carry across” (“COCA”) principle 
for cost savings and model synergies
•	“Beyond Lean”TM manufacturing 
methodology allows efficient 
and effective build of numerous 
vehicle derivatives
•	Strategic approach to procurement
•	Quality processes focus on “right first 
time” lean engineering
3. ENGINEERING & 
MANUFACTURING 
BUSINESS MODEL
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
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STAKEHOLDER ENGAGEMENT
THE BOARD RECOGNISES THAT OUR 
BUSINESS AND OUR BEHAVIOURS IMPACT 
OUR CUSTOMERS, PEOPLE, INVESTORS  
AND OTHER STAKEHOLDERS. 
CUSTOMERS AND ENTHUSIASTS
WHY THEY ARE IMPORTANT TO US 
Focusing on the needs of our customers and the strength of our brand is critical to the success of our business. Customers 
and brand enthusiasts experience an emotional connection with the brand as product design, performance and quality 
ensure a unique luxury experience. The strong connection between our customers and our products has enabled us to 
build a strong and loyal customer base. Enthusiasts also help raise the profile and status of the brand.
TYPE OF ENGAGEMENT 
•	Brand building through customer engagement  
and luxury experiences with motorsport focus
•	Ongoing customer relationship management  
with targeted and responsive after-sales service
•	Sponsorship and special events such as F1TM 
Aston Martin Racing and other luxury automotive 
events including Goodwood Festival of Speed 
and Goodwood Revival, Pebble Beach Concours 
d’Elegance, the Geneva, Shanghai and Beijing 
Motor shows, new product launches and unveiling 
(particularly for DBX in Beijing and Los Angeles), 
one-on-one regional and dealer marketing events, 
factory tours and luxury lifestyle/sports events such 
as Henley Regatta
•	Local owners’ clubs often run events which are 
supported by the Company. The Company also 
supports the Aston Martin Heritage Trust
​
WHAT MATTERS TO THEM 
•	Car design and performance
•	Quality and safety of products
•	Environmental commitment
•	Brand strength
•	After-sales service
•	Cost of ownership
​HOW THE BOARD ENGAGES 
The Company’s sales performance, market share and customer engagement matters are discussed as part of regular Board 
updates through the President & Group Chief Executive’s Report. In addition, Vice Presidents regularly present to the Board 
in relation to detailed matters within these areas. This year Board presentations have particularly focused on the DBX, its appeal 
to customers and launch plans including customer engagement/dealer activities, as well as plans to relaunch Vantage. 
The Board carried out a detailed strategic, operational and financial review of the business with customers a key 
consideration in these deliberations.
Board members attended the Geneva Motor show, DBX unveiling activities in Beijing and Los Angeles and the official 
opening of St Athan. 
We believe that stakeholder engagement is a key element  
of delivering a sustainable business and this activity  
is undertaken across our business and at different levels  
of the organisation. 
During the year, we undertook a stakeholder mapping 
exercise to better understand our stakeholders and their 
priorities as summarised below. It is noted that stakeholder 
priorities are not ranked.
STAKEHOLDER ENGAGEMENT
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OUR PEOPLE
WHY THEY ARE IMPORTANT TO US 
Our people define who we are and what we do. A key component of our success is to inspire and foster a culture of 
passion, collaboration, accountability, opportunity and creativity. Our performance depends on mutual respect, diversity, 
attractive working conditions and the professional fulfilment of our people.
For more information see: People on page 39.
TYPE OF ENGAGEMENT 
•	Annual workforce engagement survey
•	Aston Martin Way Programme
•	President and Group CEO ‘All-hands’ meetings  
and Executive Committee updates
•	Employee Engagement Group (EEG) comprising elected 
employees from across the Group who share views, 
ideas and concerns raised by our people 
•	Imelda Walsh, Chair of the Remuneration Committee, 
appointed as ‘designated NED’ and attended an EEG 
meeting (see page 84)
•	Apprenticeship programme
•	Employee volunteering
•	Trade union representative participation
​
WHAT MATTERS TO THEM 
•	Engagement
•	Personal development and career opportunities
•	Feeling valued 
•	Reward and benefits
•	Diversity and inclusion
•	Environment and social responsibility
•	Safety
​HOW THE BOARD ENGAGES 
The Board receives regular updates from the President and Group Chief Executive Officer on employee/culture matters 
impacting the workforce (including employee safety, headcount and attrition). The VP and Chief People Officer reports 
to the Board and the Remuneration Committee on the Aston Martin Way programme, workforce engagement survey 
feedback and other workforce-related matters. Given the circumstances of the Company during the year, particular focus 
for Board discussions has been on the impact of these events on the workforce.
In her capacity as ‘designated NED’, Imelda Walsh engages directly with the Group’s employees. As part of this process, 
she attended an EEG meeting in 2019 and shared feedback with the Board. A full programme of engagement activities 
is being developed for the designated NED and for the wider Board, reflecting the Directors’ appetite for a constructive 
two-way dialogue with our people, especially in light of the challenges of 2019 and the ongoing changes across 
the Group. 
The Board also receives regular reports from the Director of Internal Audit and Risk Management, VP and Chief People 
Officer and Company Secretary to ensure that the Company has appropriate policies and procedures in place in relation  
to matters impacting its workforce including to ensure regulatory compliance.
STAKEHOLDER ENGAGEMENT
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INVESTORS
WHY THEY ARE IMPORTANT TO US 
Continued access to capital is vital to the long-term performance of our business. The Board is committed to maintaining 
good communications with existing and potential shareholders. We seek to ensure that our investors and investment 
analysts have a strong understanding of our strategy, performance, ambition and culture and that we understand their 
priorities and areas of key focus.
For more information see: Governance page 84.
TYPE OF ENGAGEMENT 
•	Dedicated Investor Relations team 
•	Focussed investor relations programme comprising 
investor roadshows; attendance at conferences, results 
presentations and meetings by President and Group 
Chief Executive Officer, EVP and Chief Financial Officer 
and Director of Investor Relations
•	Annual report and AGM and associated engagement by 
Company Secretary and Director of Investor Relations
•	Chair and Remuneration Committee Chair engagement 
with institutional investors on governance and 
remuneration matters (assisted by the Company 
Secretary and Director of Investor Relations)
•	Investor Day at St Athan
•	Company-hosted activities, including engagement at  
the Geneva Motor Show, the DBX launch event in  
Los Angeles and at the official St Athan opening event 
​
WHAT MATTERS TO THEM 
•	Delivery of the Company’s strategy
•	Financial performance including cash generation 
(reduced leverage) and margin expansion 
•	Governance and transparency 
•	Sustainability 
•	Confidence in Company’s leadership
•	Stability and predictability with no surprises
HOW THE BOARD ENGAGES 
The Board receives regular reports from the Director of Investor Relations on investor and analyst feedback. 
An Investor Day was held in June at St Athan which provided an opportunity for investors to engage directly with members 
of the Executive Team and Board and to tour our new St Athan facilities and be introduced to the DBX. 
A combination of the President and Group Chief Executive Officer and the EVP and Chief Financial Officer and Investor 
Relations team held over 450 meetings with 363 individual investors and analysts during the year. The Chair engaged with 
institutional shareholders to discuss the Company’s performance and Board governance matters and communicated their 
views to the Board. The Chair and the Chair of the Remuneration Committee also had extensive dialogue with investors  
on remuneration issues. 
Given the circumstances of the Company leading to the announcement of the proposed placing to strategic investors  
and rights issue, significant engagement took place with major shareholders in relation to these capital raise plans.
STAKEHOLDER ENGAGEMENT CONTINUED
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SUSTAINABILITY INTERESTS AND LOCAL COMMUNITIES
WHY THEY ARE IMPORTANT TO US 
We engage with non-governmental organisations and charities that have an interest or potential impact on our business  
to ensure that they understand our business model and short-term and long-term objectives. We are committed to building 
positive relationships with the communities in which we operate and focus on supporting communities and groups local 
and relevant to our operations.
For more information see: Responsibility page 38.
TYPE OF ENGAGEMENT 
•	Maintenance of accreditations by ISO and Bureau Veritas
•	Responses to individual information requests  
and questionnaires 
•	The establishment of shared commitments with  
our suppliers around expectations for working 
conditions, human rights, regulatory compliance,  
safety, ethical and environmental commitments 
•	Dedicated community investment team 
•	Sponsorship and employee volunteering on boards, 
committees, councils and charities
•	Participation in external events and conferences
•	Engagement with local councils on community matters
​
WHAT MATTERS TO THEM 
•	Trust and ethics 
•	Safety performance
•	Sustainability and non-financial performance including 
environmental impact of our products 
•	Career opportunities for members of the local community
•	Local operational impact 
HOW THE BOARD ENGAGES 
The President and Group Chief Executive Officer and other Executives meet with relevant community groups and engage 
with certain community programmes. 
The Board is updated on these activities through the President and Group Chief Executive Officer’s Report and updates 
from the Director of Government and External Affairs as well as its consideration of the report on these matters in the 
Annual Report and the Group’s Sustainability Report.
STAKEHOLDER ENGAGEMENT CONTINUED
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DEALER NETWORK 
WHY THEY ARE IMPORTANT TO US 
Our dealership structure enables us to maintain control over our brand positioning and luxury customer service, 
while limiting the capital investment in the network. Our dealer network is the direct contact point for our brand 
to our customers. Supported by our regional sales teams, it is designed to achieve geographically diversified sales, 
to facilitate growth in key markets and to further establish our brand.
For further information see: Our Global Footprint on page 28.
TYPE OF ENGAGEMENT 
•	Improved programme rolled out in 2019 to educate, 
develop and monitor dealers and their key staff on  
new model ranges, brand positioning and required 
service standards
•	Improved system of customers sales, leads and 
engagement reporting to track dealer performance
•	Brand building through customer engagement 
and luxury experiences with motorsport focus
•	Selective, brand accretive partnerships
•	Ongoing customer relationship management 
with targeted and responsive after-sales service
​
WHAT MATTERS TO THEM 
•	Car design and performance
•	Quality and safety of products
•	Customer satisfaction
•	Brand strength and Company support
HOW THE BOARD ENGAGES 
The performance of the dealership network is regularly discussed at Board meetings as part of the President and Group 
Chief Executive Officer’s Report. Focus of Board discussions this year has been on actions to strengthen the network, 
improve dealer training and systems that track dealer performance, and to support dealers for the launch of DBX.
A number of Board members have visited dealers globally as part of their induction programme as well as meeting them  
at the launch of St Athan. Feedback and insights were shared with the Board. 
STAKEHOLDER ENGAGEMENT CONTINUED
GOVERNING BODIES, REGULATORS AND INDUSTRY BODIES
WHY THEY ARE IMPORTANT TO US 
We engage with national governments, national/transnational agencies, key politicians and regulators to ensure that  
we can help shape policy (where appropriate) and to successfully conduct our business and comply with the regulations  
to which we are subject. We are members of industry bodies and trade organisations that represent our sector and  
Group interests.
TYPE OF ENGAGEMENT 
•	The Investor Relations, Legal, Company Secretary, 
Finance, Internal Audit and Risk Management and 
Government Affairs teams focus on regulatory 
compliance and engagement matters within their 
areas of expertise
•	Relationship management, both parliament and 
government, and responses to consultations
•	Participation in industry bodies and government  
and industry working groups
•	Conferences and speaking opportunities
•	Participation in working groups
•	Direct interaction with Board members	
​
WHAT MATTERS TO THEM 
•	Trust and ethics 
•	Safety performance
•	Appropriate governance and regulatory compliance 
•	Industry support for policies 
•	Sustainability performance
•	Development of effective and regulations, policies  
and standards 
•	Sharing of best practice 
•	Identification of industry-wide issues and benchmarking 
HOW THE BOARD ENGAGES 
The Board is informed about engagement with Government and regulatory bodies through regular updates from the 
President and Group Chief Executive Officer, the EVP and Chief Financial Officer, the VP and General Counsel, 
the Company Secretary, Director of Investor Relations and Director of Government and External Affairs. Matters 
relating to risk and internal control, audit, finance and tax matters are discussed with the Audit and Risk Committee. 
External advisor advice is provided to the Board and its Committees as may be required.
As set out on page 91, during the year the Audit and Risk Committee engaged directly with the Financial Reporting Council. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
36

SUPPLIERS AND OTHER PARTNERSHIPS
WHY THEY ARE IMPORTANT TO US 
Our suppliers are fundamental to our business model and we engage suppliers for raw materials such as aluminium and 
leather, as well as components and facilities. Sourcing certain products externally enables us to balance our in-house R&D 
investment to include high-quality parts and components in our cars. The quality and efficiency of our suppliers directly 
impacts on the quality and delivery of our cars on time and to specification.
Carefully chosen partnerships provide us with a source of technical expertise as well as enable us to work together  
to create products and experiences which bring our brand into complementary and innovative spaces.
TYPE OF ENGAGEMENT 
•	Engagement with procurement, engineering and  
quality teams who work together to select suppliers, 
develop parts quality, cost and delivery plans
•	Dedicated Supplier Quality Development team  
manages supplier quality and performance
•	Risk Management Centre actions operational  
responses to supplier issues
•	Global and regional supplier conferences based  
around new model introduction requirements with 
subsequent supplier site visits to monitor progress
•	Collaborations with partners on products, designs, 
engineering and experiences, such as our partnership 
with Red Bull Advance Technologies to deliver the  
Aston Martin Valkyrie
​
WHAT MATTERS TO THEM 
•	Responsible procurement, trust, ethics 
and open dialogue
•	Operational improvement 
•	Competitiveness 
•	Maintaining strong relationships/partnerships 
•	Building capability and expertise 
•	Technological advances including digital solutions
•	Financial performance
•	Brand strength
•	Design and technical expertise
•	Creativity
HOW THE BOARD ENGAGES 
Suppliers’ interests, performance and key risks are considered as part of the Board’s discussions on supply and 
manufacturing strategy and when reviewing specific projects, business continuity plans and updates on key 
partnership activities.
During the year the Board received an in-depth report from the VP and Chief Supply Chain and Procurement Officer 
and VP and Chief Quality Officer on the organisation and key operational focus of the Procurement and Quality functions, 
which work closely together. This included how supply issues/risks are monitored and addressed and how quality impacts 
the end-to-end customer journey. 
Reports were also received from the Director of Government and External Affairs on the Company’s preparedness for  
the UK’s plans to leave the EU and Government engagement on this. The Board also received an update on progress 
with the Aston Martin Valkyrie.
Given the difficult trading environment for the Company, and the associated liquidity pressures, a particular focus of Board 
discussions during the year was on possible impacts on the Company’s suppliers and other key partners and steps being 
taken to support these relationships. 
STAKEHOLDER ENGAGEMENT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
37

RESPONSIBILITY
WE CONTINUE OUR COMMITMENT 
TO BE A SUSTAINABLE LUXURY 
AUTOMOTIVE BUSINESS. THROUGH 
OUR PLANS WE CONTINUE TO STRIVE 
FOR RESPONSIBLE AND ECONOMIC 
GROWTH, EMBRACING THE PRINCIPLES 
OF THE UN GLOBAL COMPACT AND 
OUR COMMITMENT TO DOING 
BUSINESS IN AN ETHICAL AND 
TRANSPARENT MANNER.
Ensuring AML is a great 
place to work and able to 
attract the very best talent 
 
•	Building a  
Sustainable culture
•	Learning and 
Development
•	Diversity and Inclusion
•	Employee Engagement
•	Health and Wellbeing
Integrate environmentally 
sustainable culture and 
practices across the business 
 
•	Reducing Carbon 
Emissions 
•	Reducing energy usage 
and increasing efficiency
•	Increasing Recycling
Ensuring AML is a socially 
responsible company 
 
 
•	Community engagement
•	Educational Outreach
•	STEM Promotion
•	Philanthropic Activities
Establishing and maintaining 
a sustainable supply chain 
is essential 
•	Responsible and ethical 
sourcing
•	Transparency in the 
Supply Chain
•	Modern Slavery Act 
commitment ​
SUSTAINABILITY STRATEGIC GOALS
PEOPLE
ENVIRONMENTAL 
SUSTAINABILITY
SOCIAL 
RESPONSIBILITY
SUSTAINABLE  
SUPPLY CHAIN
SUSTAINABLE PRODUCT STRATEGY
GOVERNANCE
MISSION
DELIVERING STAKEHOLDER VALUE THROUGH 
ETHICAL AND SUSTAINABLE EXCELLENCE,  
TO CREATE A LONG-TERM COMPETITIVE ADVANTAGE
The Group’s Environmental Social & Governance (ESG) 
Strategy embodies the United Nations Sustainability 
Development Goals (SDGs). Our focus is on striving  
for sustainable excellence and ethical decision making,  
with the aim of delivering both stakeholder value and  
a competitive advantage to the Company.
We have ambitious global ESG goals, which are adopted  
at a local level. These shape the Company’s activities in the 
areas of our People, the Environment, Social Responsivity and 
Supply Chain Sustainability as set out in the diagram below.
RESPONSIBILITY
Fleet CO2  
Reduction
Sustainable Product 
Enhancements
Zero Emission  
Leadership
Product  
Safety
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
38

RESPONSIBILITY
PEOPLE
We are committed to making the company a great place to 
work for our 2,450 colleagues and while our programme of 
initiatives around our culture is multi-year, we have made 
good progress over FY 2019. Our key priorities for FY 2020 
are around improving communication and engagement  
with our workforce, reinforcing the Aston Martin Way and 
embedding these behaviours and ways of working.
OUR CULTURE AND THE ASTON MARTIN WAY
We believe that an important component of our success  
is to inspire and foster a culture of passion, collaboration, 
accountability, opportunity and creativity. To build a 
sustainable culture we have developed the Aston Martin Way 
(‘AM Way’). The AM Way includes a set of tools, processes and 
procedures which enable our workforce to work as one team, 
with one vision and one way of working together. This involves 
ensuring our workforce has a clear understanding of the AM 
Way, encouraging a culture that fosters discipline through 
creativity and role modelling, and embedding the behaviours 
through our ways of working and leading by example. Our 
performance depends on mutual respect, diversity, attractive 
working conditions and the professional fulfilment of the 
people in our Company. The AM Way defines a series of key 
behaviours we want to instil in our workforce to ensure that we 
are operating in the optimum way.
To be the great British car company that creates the most 
beautiful and accomplished automotive art in the world
The processes, skills, tools and templates that will enable 
us to collaborate effectively, efficiently and ethically
Build a corporate culture that delivers a sustainable, 
luxury, self-funding business with world-class lean 
processes capable of delivering the business strategy
Discipline that enables creative excellence-One Team, 
One Vision, One Way of Working Together. Committed, 
Continuously Challenge and Improve, Collaboration, 
Customer Focus, Clear Communication
VISION
PEOPLE 
STRATEGY
BEHAVIOURS
HARD 
SKILLS
SOFT 
SKILLS
TOOLS &
PROCESSES
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
39

LEADERSHIP AND TALENT PIPELINE
We are focused on building capability and driving 
engagement across the Company.
We operate a People Committee which is responsible 
for ensuring the Company has a strong talent pipeline 
and capability in the areas most critical to the delivery 
of our strategy. This Committee meets quarterly to identify 
high performing talent with the potential to progress into 
senior positions. Our recent appointments to the Executive 
Committee – Peter Freedman, Andy Haslam and Laura 
Schwab – have been made as a result of succession 
planning through the People Committee.
To further strengthen the capability of our leadership 
population and ensure delivery of our strategy, we operate 
our Leadership Development Programme. This programme 
provides a tailored development plan to those identified as 
high performing talent, regular feedback and support and an 
intensive two-day externally led course held at our Training 
Academy. Recent development plans have included lateral 
moves within the Company, sponsorship through academic 
qualifications and taking on lead roles in significant 
Company-wide projects.
LEARNING AND DEVELOPMENT
We are committed to helping all of our workforce to 
develop and grow throughout their careers. Through a 
comprehensive career framework and series of targeted 
development programmes we are focused on enabling  
our people to reach their full potential. Our focus on 
professional development throughout our employees’ 
careers supports their continued personal and professional 
growth and ensures that we have the skills to meet our 
customers’ current and future requirements. Management 
development qualifications are now offered across the 
Company, these include Chartered Management Institute 
and an MBA for our high potentials. We also operate an 
online global learning management system, accessible  
at all times to all our employees globally.
We actively engage in a number of programmes aimed  
at promoting and inspiring young people to take up STEM 
subjects and explore careers within engineering. Through 
our connections with local schools, universities and 
the Prince’s Trust, the Company’s engagement includes 
employability skills workshops, networking events 
and sponsorship of engineering projects in schools.
RESPONSIBILITY CONTINUED
APPRENTICES
Our successful apprenticeship and graduate programmes 
continue to attract emerging talent into our business.  
Over the past two years we have taken on 50 apprentices 
and as at 31 December 2019, we had 93 apprentices in 
training across our UK business, representing just under 
4% of the workforce. All of our apprentices are sponsored 
to complete academic qualifications in either an engineering 
or commercial discipline. These include the BTEC level 3  
in Engineering, Chartered Management Degree and BEng  
in Applied Engineering. This pipeline of talent ensures  
our business continues to thrive with an enthusiastic, 
experienced and educated group of apprentices who 
graduate into significant roles in the business after 
four years.
BETHAN DUBBER
BTEC APPRENTICE, 
LOCATED IN ST ATHAN
In September 2019, Bethan 
Dubber joined AML as a 
manufacturing apprentice at 
our St Athan site and works 
in body construction on the 
new DBX. Bethan was 
selected from over 1,000 
applications following an 
assessment centre process, where she presented to the 
selection panel and clearly demonstrated her strong 
skill set, tenacity and interpersonal communication skills.
Bethan combines her hands-on work at our St Athan 
factory with study at Cardiff and Vale College, where 
she is working towards a Level 3 BTEC in Engineering.
“I have always had a love for the automotive industry 
and dreamt of being a racing car driver from a 
young age. I have always appreciated unique and 
high-performance cars including Aston Martins. When 
the apprenticeship opportunity arose, I really wanted 
to try for it, especially being so local. I applied for the 
manufacturing apprenticeship as I knew the job would 
be varied. I enjoy learning from different people and 
processes and increasing my knowledge. I believe an 
apprenticeship is the most effective way of doing this.”
Bethan is 18 years old and says that, “Being able to 
say I work for Aston Martin is a reward in itself.”
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
40

RESPONSIBILITY CONTINUED
DIVERSITY AND INCLUSION
Diversity is core to our working principles of fairness and 
respect and drives creativity, innovation and strategic decision 
making. Developing and growing our diverse workforce is critical 
to our future success by better equipping us to deliver the 
needs of our customers now and in the future. We recognise 
that consistent and continuous actions to push a greater 
balance of diversity are vital and broadening our Diversity and 
Inclusion agenda is a key priority for the Company in FY 2020. 
We remain committed to offering equal job opportunities 
for all, irrespective of gender, and continue to invest in 
initiatives to attract and retain the best possible talent 
for our organisation. Operating within the manufacturing 
and engineering industry has historically led to a higher 
proportion of men than women in our workforce. Our gender 
diversity figures are set out in the table below, and as at  
31 December 2019, of our 2,450 employees, 380 were 
women (15.5%). Our 2019 Gender Pay Gap (GPG) Report^ 
is available at www.astonmartinlagonda.com and sets 
out and explains our numbers in detail, together with the 
initiatives we operate to try to address gender diversity in 
our workforce. Our mean pay gap has dropped to 7.0% in 
2019, largely due to the number of women we have promoted 
and hired to senior roles since our 2018 GPG report.
As well as our talent development and educational outreach 
programmes detailed above, we are committed to attracting and 
retaining women to the Company through ongoing development 
of our inclusive family-friendly policies, including enhanced 
maternity leave, job share arrangements, part-time working – 
all of which aim to provide more flexibility to our employees.
WORKFORCE ENGAGEMENT
We recognise that open, transparent, two-way engagement 
with our workforce is of core importance across our 
business. We regularly share information across the 
Company, including quarterly Company results following 
their announcement, major business decisions and other 
matters which affect our workforce, through a variety of 
media, including our intranet, internal emails, newsletters 
and team briefings. Our employees have the opportunity 
to provide feedback through our annual engagement survey 
and we also seek to maintain a constructive relationship 
with our trade union stakeholders in the UK. 
The Leadership team actively communicates with our 
workforce. As set out earlier in this Report, FY 2019 was  
a challenging year for the Company and our workforce,  
and included a voluntary redundancy and early retirement 
programme in H2. This programme resulted in a 22% 
reduction to our headcount, as well as a rebalancing of  
the permanent employee to contractor ratio. More actions 
will be taken in FY 2020 and we recognise the uncertainty 
such changes cause for our workforce. Our Leadership 
team intends to step up their communication schedule  
for FY 2020, including more regular CEO “All-hands” 
meetings and Executive Committee member stand-up 
updates. We will also be holding senior management-led 
focus groups across the Company during H1 FY 2020 to 
hear employee feedback directly, with the aim for targeted 
follow-up actions to be developed at Company, function 
and team-level.
EMPLOYEES BY GENDER (AS AT 31 DECEMBER 2019)^
​
Men
Women
% Women
Senior Management team
12
4
25.0%
Senior Leadership team
50
10
16.7%
Other Employees
2,008
366
15.4%
Total
2,070
380
15.5%
EMPLOYEES BY REGION (AS AT 31 DECEMBER 2019)^
​
Men
Women
% Women
Asia Pacific
29
23
44.2%
EMEA
30
13
30.2%
UK
1,992
336
14.4%
Americas
19
8
29.6%
Total
2,070
380
15.5%
Note: Data by gender and region is shown for 2,450 permanent Company employees only. As at 31 December 2019, we also had 457 contract and purchase 
service staff in the business.
Charlotte Cowley, Stephanie Jackson, Nikki Rimmington and Catherine Sukmonowski were members of the Senior Management team as at 31 December 2019, 
Laura Schwab also joined this group on 6 January 2020.
^	 Values assured by ERM CVS
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
41

RESPONSIBILITY CONTINUED
EMPLOYEE ENGAGEMENT GROUP
The Company’s Employee Engagement Group (EEG)  
is a well-established group which met four times during  
FY 2019 to discuss views, ideas and concerns raised by  
the workforce. The meetings were well attended, with 
elected members from all areas bringing forward comments 
and views from their populations. The EEG will meet  
more regularly during FY 2020, with six meetings currently 
scheduled for the year.
The Board and Company is focused on improving employee 
engagement during FY 2019, with the objective of better 
understanding the views of our workforce. Imelda Walsh 
took on the role of ‘designated NED’, with responsibility to 
directly engage with our workforce, and attended the EEG. 
Further information on this engagement is set out in the 
Corporate Governance section on page 84.
WORKFORCE ENGAGEMENT SURVEY
We have conducted an annual workforce engagement 
survey at the Company for a number of years with our 2019 
survey results showing no significant year-on-year changes 
around employee views. The 2019 results continued to 
reflect positive views around passion for the brand, pride  
in the Company, being customer-focused and working  
in a co-operative way with a good sense of team spirit.  
The results also showed there is work to be done around 
improving consistency of approach, ensuring individual 
accountability and resolving problems in the business 
more quickly. We will be reviewing our approach to the 
engagement survey in FY 2020 and a key aim of this 
review will be to enable us to benchmark our results not 
only year-on-year but also against industry and FTSE peers.  
Given the H1 focus groups and review of approach, the 
engagement survey will be conducted in H2 FY 2020. 
Again, follow-up actions at Company, function and  
team-level will be developed promptly and then actioned 
and reported on to the workforce quickly. Accountability 
will be pushed down through the organisation, to ensure 
follow-up and responses are relevant at every level 
through the Company.
WELLBEING AND HEALTH AND SAFETY
Safeguarding the health and wellbeing of our employees  
is of primary importance. Our processes prioritise the  
health and safety of our workforce, visitors and the local 
community. Our aim is to be a centre of excellence and  
for our Health and Safety Management System to be aligned 
with best practice.
Our safety record over recent years has been strong and we 
continue to strive to improve. This is achieved by sharing 
best practice and awareness across the business.
Through FY 2020 we aim to increase our focus on employee 
wellbeing, including working with external providers  
to support our workforce in all areas of their daily lives.  
We have an exciting agenda of interactive events throughout 
the year. This began in January with representatives from 
Coventry and Warwickshire Mind and Prostate Cancer UK 
onsite in Gaydon to provide expert advice and information 
on the support available. Our agenda aims to maximise our 
links with external organisations, to support our workforce 
in body and mind health and financial wellbeing, 
encouraging our people to take a more active role in their 
own wellbeing.
WELLBEING AND HEALTH AND SAFETY (AS AT 31 DECEMBER 2019)
​
2018
2019
Accident frequency rate*
1.27​
61.46​
Sword of Honour Award
7th consecutive time
8th consecutive time
BSC Health and Safety audit score
95.50%
94.44%
**
Accident Frequency Rate (AFR) – number of accidents/total hours worked)*1000000
Note: The AFR rate has changed following the inclusion of data from all AML sites and adjusting the calculation in line with the Health & Safety Executive 
(HSE) recommendations
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
42

RESPONSIBILITY CONTINUED
ENVIRONMENTAL SUSTAINABILITY 
During the past decade, there has been an increase in  
global interest in the environment and how companies  
and individuals respond to the threat of climate change.  
We take our responsibility to the environment seriously, 
with environmental sustainability being an important focus. 
The Company’s 2019 Environmental Policy seeks to 
continue to drive forward our commitment to operating as 
an environmentally responsible business. This environmental 
policy aligns with the Company’s operations, including the 
design, engineering, manufacture, servicing or restoration  
of our products or the distribution of parts.
ENVIRONMENTAL POLICY
We are focused on the continuous improvement in our 
environmental performance including the prevention of 
pollution and waste at source in line with our business 
objectives, and using recognised environmental best practices 
wherever possible. Our objectives and commitments to the 
environment and the community are to: 
•	Comply as a minimum with all relevant environmental 
legislation as well as other environmental requirements, 
whilst seeking to strive beyond these targets  
wherever possible. 
•	Commit to on-going reductions in energy and resource 
consumption in the manufacture and operation  
of our vehicles, and an ongoing reduction in our  
carbon footprint. 
•	Set, monitor and attain all objectives and targets for 
managing our environmental performance, to control  
the environmental aspects of all products, processes  
and facilities. 
•	Minimise the impact of Aston Martin Lagonda  
activities, products and services through effective  
waste management. 
•	Give due consideration to environmental issues and 
energy performance in acquisition, design, refurbishment, 
location and use of buildings. 
•	Promote sustainable product design and construction  
with consideration from a life cycle perspective, using low 
carbon and renewable energy resources wherever possible. 
•	Operate and maintain an environmental system in line 
with ISO14001:2015. 
•	Communicate internally and externally our environmental 
policy, working with our employees, suppliers and 
partners to promote improved environmental performance 
and encourage feedback.
This policy statement represents our general position  
on environmental issues, and the policies and practices  
we will apply in conducting our business. This policy 
statement will be reviewed each year by the Company’s 
Environmental Department. 
GREENHOUSE GAS EMISSIONS
Our greenhouse gas emissions reported here in accordance 
with the Greenhouse Gas Protocol Corporate Standard for 
the year to 31 December 2019 are continually monitored 
throughout the year to enable us to make continued 
improvements, wherever possible. The intensity ratio is 
measured as tonnes of CO2 equivalent per car manufactured 
as it reflects the energy intensive nature of our business  
and the impact of the growth of the business on our 
immediate surroundings.
This year we have made a number of changes in the  
way we calculate our Scope 1 GHG emissions. We had 
previously counted our logistics partners diesel consumption 
under Scope 1, but in line with best practice we have  
now moved this under Scope 3. We have also calculated  
our Scope 2 emissions under both a location based and 
market based approach.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
43

RESPONSIBILITY CONTINUED
KEY FACTS
ELECTRICITY USAGE 
PER UNIT INCREASED BY 
33% 
​
​
GAS USAGE PER UNIT 
INCREASED BY 
34% 
​
​
WATER CONSUMPTION 
INCREASED BY 
9.6%
100% 
OF ALL WASTE 
PRODUCED WAS 
DIVERTED FROM 
LANDFILL
​
​
TOTAL GREENHOUSE GAS EMISSIONS
​
2017
2018
2019 
GHG Emissions
 Under Scope 1 (tCO2e)^^
5,596.87​
6,950.92
8,981.40^
GHG Emissions 
Under Scope 2 (tCO2e) – Location based*
8,045.34​
7,493.7
8,683.5^
GHC Emissions 
Under Scope 2 (tCO2e) – Market based*​
–​
5,899.9​
3,484.61^​
GHG Emissions
Under Scope 3 (tCO2e)^^#
11,294.66
13,331.11
8,806.94^
Total Gross Scope (Scope 1 & Scope 2)
13,642.01​
14,444.61
17,664.90^
^^	 Values in this table have been restated for Scope 1 GHG emissions due to exclusion of some 
GHG emissions from diesel now being considered as Scope 3
* 	 Market-based and Location-based approach adopted to quantify Scope 2 GHG emissions from 2018
# 	Scope 3 data includes emissions from business air travel, management car miles, personal car mileage 
and employee commute
^	 Values assured by ERM CVS
GREENHOUSE GAS EMISSIONS PER UNIT
2017
2018
2019
Manufactured Volume (units) 
5,346
6,432
6,176
Total Scope 1 Emissions per unit:
 –
1.08
1.45^
Total Scope 2 Emissions per unit:
 –
1.17
1.41^
^	 Values assured by ERM CVS
Our production volume in 2019 was marginally down on the previous year (from 
6,432 to 6176 units), however our energy consumption (both gas and electricity) 
was up (see below). The increase was in part due to the start of operations at the 
St Athan manufacturing facility which is due to formally start production in Q2  
of 2020. This increase was again partially mitigated by a number of energy-
efficiency measures enacted across the business such as the installation of LED 
lighting in our manufacturing facility, the increased use of building management 
systems and employee awareness programmes.
TOTAL ENERGY CONSUMPTION WITHIN ORGANISATION
​
2017
2018
2019 
Electricity (MWh)
22,884.86
26,472.94
33,973.01^
Gas (MWh)
26,402.93
33,733.53
43,574.51^​
Diesel (MWh)~
–
–​
14.92^​
Gasoline (MWh)
3,193.32
3,236.56​
2,712.98^
LPG (MWh)​
–​
–
563.6^​
Total (MWh)
52,481.11​
63,433.03​
80,839.02^​
~	 Values in this table have been restated as we do not have any direct diesel usage within the 
organisation
^	 Values assured by ERM CVS
Our journey towards carbon neutrality has continued throughout the past year, 
following our decision in 2018 to source 100% of our energy from Renewable 
Energy Guarantees of Origin (REGO) backed sources for our UK operations.  
This initially excluded our St Athan manufacturing site which wasn’t operational, 
and the supply was not under our control. In late 2019 we agreed the terms  
of a similar REGO backed supply for the St Athan site which went live  
on 1 January 2020, sourcing all energy from a local renewable supplier.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
44

RESPONSIBILITY CONTINUED
WATER CONSUMPTION
In late 2018, the Company implemented a new 
water management system to measure and monitor 
our water consumption, recycling and discharge levels.  
This system has enabled us to identify areas of high 
usage, enabling us to implement water saving measures, 
although overall consumption was up in 2019.
WATER CONSUMPTION (M3) 
2018
2019
54,029.25
59,233.78^
^	 Values assured by ERM CVS
Note: These figures represent the water consumption at our Gaydon HQ  
and manufacturing site only.
SOCIAL RESPONSIBILITY 
As a business we actively engage in the communities in 
which we operate. Core to our Corporate Responsibility 
Strategy is partnering with local stakeholders and charities  
to make our communities stronger and to have a positive 
impact in the areas we work and live. 
Annually, we support three charities. Two of which are 
selected to fit with our company culture, heritage and 
brand, whilst the third is chosen by our employees.
In 2019, we were proud to support the following two 
corporate charities;
•	The RAF Benevolent Fund, the RAF’s leading welfare 
charity with a proud tradition of looking after all serving 
and former members of the RAF as well as their partners 
and dependent children; and 
•	The Prince’s Trust, a youth charity that helps vulnerable 
young people aged 11 to 30 get into jobs, education  
and training.
EXTERNAL ASSURANCE OF RESPONSIBILITY DISCLOSURES
ERM CVS has provided limited assurance over selected 
metrics in the “Responsibility” section of the Report, as 
indicated by the “^” Symbol. This is in accordance with 
the International Auditing and Assurance Standards Board’s 
(ISAE3000 (Revised)) international standard. To see the 
ERM CVS assurance statement please visit www.
astonmartinlagonda.com.
SUSTAINABLE SUPPLY CHAIN
With our aim to improve the social, environmental and 
economic impact of our operations, we are committed  
to building a responsible supply chain with our partners. 
Our policies and practices are designed to promote  
quality and maintain high standards of sustainable and 
ethical sourcing. 
We have established shared commitments with our 
suppliers. Our expectations around working conditions, 
human rights, regulatory compliance, safety, ethical 
and environmental commitments within the supply chain 
are outlined in The Aston Martin Lagonda Responsible 
Procurement Guide. We work closely with our suppliers 
on this and when changes are made to this guide, our 
supply chain team engages with them to ensure all 
requirements are understood and supported. 
Our Modern Slavery Act statement can be found on 
our website at www.astonmartinlagonda.com.
No human rights violations were reported within the Group 
or our wider supply network in 2019. These principles  
are supported by our procurement policies, practices and 
standards for all staff, suppliers and sub-suppliers.
KEY FACTS
2019 supplier base by region
 
Africa
1%
Asia Pacific
1%
North America
3%
Eastern Europe
14%
Western Europe
81%
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
45

EVP AND CHIEF FINANCIAL 
OFFICER’S STATEMENT
EVP AND CHIEF FINANCIAL OFFICER’S STATEMENT
The underperformance of the Company against its 
original plans and the resulting severe pressure  
on liquidity prompted a strategic, operational and 
financial review of the business during 2019 the 
outcome of which is described in this report on 
pages 14 and 15.
We started 2019 with dealer inventories elevated, 
partially due to the supply chain disruption at the 
end of 2018, but also as a result of the lower than 
expected retail demand for Vantage in the same 
period and the lead-in time required to adjust 
manufacturing and supply levels. 
Consequently, achieving the retail sell through  
to start to de-stock the dealer network required 
more financial support than planned, weighing  
on Average Selling Price (ASP). Revenues were 
down 9% to £997m reflecting the 9% decline  
in wholesales and a 3% fall in ASP. This was 
partially offset by growth in Brands and 
Motorsport of £17m. 
Costs were higher than planned due to a 
combination of incremental marketing campaigns 
in December, particularly in the US and in 
support of DBX unveiling activities, additional 
running costs of the new St. Athan facility, and 
headcount and other SG&A costs falling short  
of savings targets. A £19m provision against  
a doubtful debt relating to a legacy Intellectual 
Property sale in 2018 further weighed on profits. 
Adjusted EBITDA, our lead financial metric, was 
down 46% to £134m at a margin of 13.5%.
Underlying net interest expense increased by 
£18m to £61m for the full year, largely as a  
result of the new Notes issued during the year. 
Depreciation and Amortisation at £129m, 
increased in line with our expectations by 
c. £30m. Adjusted operating profit at £5m  
was down accordingly (2018: £147m).
MARK WILSON
FOR ASTON MARTIN LAGONDA 2019 
WAS A VERY DISAPPOINTING YEAR 
FINANCIALLY. WHILST CORE RETAIL 
SALES OF DEALERS TO CUSTOMERS 
WERE UP 12% OVER 2018, 
WHOLESALES TO DEALERS WERE 
DOWN 9% AND THE SUBSEQUENT 
TRADING PERFORMANCE WAS 
SIGNIFICANTLY WEAKER THAN 
ANTICIPATED. THIS WAS PARTICULARLY 
TRUE FOR VANTAGE GLOBALLY BUT 
ALSO ACROSS ALL CAR LINES IN 
EUROPE AND THE UK, WHERE WEAK 
END MARKETS AND COMPETITOR 
ACTIONS PUT SIGNIFICANT PRESSURE 
ON PRICING. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
46

EVP AND CHIEF FINANCIAL OFFICER’S STATEMENT
Adjusting items pre-tax comprised £39m due  
to the impairment of costs associated with the 
Rapide E programme, £7m relating to a hedging 
charge and £2m for restructuring costs. 
We continue to have a clear and disciplined 
capital allocation policy of reinvesting the cash 
generated from operations into product portfolio 
expansion in the short term. Capital expenditure 
at £310m was lower than the original guidance  
of £320m to £340m as we adjusted our 
investment plans though the year to reflect the 
evolving cash generation of the business. Spend 
was most significantly focused on completing the 
St. Athan factory, DBX and Aston Martin Valkyrie 
development and finalising the Vantage Roadster. 
The difficult trading performance resulted in 
liquidity pressures which left the Company 
requiring additional financing arrangements 
during the year. In April we placed US$190m of 
2022 Senior Secured Notes at 6.5% cash coupon 
to allow greater flexibility in portfolio expansion 
and to underpin our funding position. Following 
the Trading Statement in July, we returned to the 
market in September and raised a further US$150m 
of 2022 Senior Secured Notes at a mixed coupon 
of 6% cash and 6% PIK. These Notes were drawn 
immediately, again supporting working capital 
and investment. Concurrently we secured  
a further US$100m of 2022 Delayed Draw Notes 
which were available subject to fulfilling certain 
conditions relating to DBX order intake. 
Net debt in the year increased to £876m and 
adjusted leverage increased substantially to 7.3x1 
adjusted EBITDA. Over the medium-term, we 
expect cash generation to underpin a significant 
reduction in adjusted leverage. With no current 
dividend proposed, the Capital Allocation Policy 
will continue to be reviewed as the product 
portfolio matures.
On 31 January 2020, we announced a 
proposed strategic equity investment of £182m 
by a consortium led by Lawrence Stroll and 
proposed Rights Issue, supported by our major 
shareholders, of £318m raising combined 
proceeds of £500m. In the short-term, a vehicle 
controlled by Lawrence Stroll, has provided 
£55.5m of working capital support, the financial 
terms of which are significantly more favourable 
than the Delayed Draw Notes, to immediately 
improve the Company’s liquidity. These funds 
will be refunded following completion of the 
consortium’s equity investment. The proposed 
equity placement and rights issue will underpin 
the Company’s financial position.
In summary, trading performance in 2019 was 
poor and put the business in an unsustainable 
liquidity position. Following the successful 
execution of the equity raise our focus will 
be on executing the reset plan, stabilising 
and de-risking the business.
MARK WILSON
EVP AND CHIEF FINANCIAL OFFICER
26 FEBRUARY 2020
1.	2019 Net debt including £111m lease liabilities following the adoption of IFRS 16 £988m and 2019 EBITDA for adjusted leverage 
calculation excludes the £15m benefit from IFRS 16
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
47

GROUP FINANCIAL REVIEW 
GROUP FINANCIAL REVIEW
GROUP FINANCIAL RESULTS 
•	Revenue of £997m, as total wholesale volumes 
decreased to 5,862 units, down 9% year-on-year  
(2018: 6,441 units) and average selling price  
(ASP) declined
•	Wholesale declines in Europe (-28%) 
and the United Kingdom (-21%) and APAC  
(-6%, including China +28%) were partially 
offset by growth in the Americas (+16%) 
•	Average selling price per vehicle was  
£135k (ex. Specials), and £152k (inc. Specials)  
(2018: £141k and £157k respectively)
•	Adjusted EBITDA of £134m with a margin  
of 13.5% (2018: £247m, 22.6%) and adjusted  
operating profit (EBIT) of £5m (2018: £147m) 
•	Operating profit was primarily impacted by the  
revenue decline, higher depreciation and amortisation 
and increased marketing costs; in addition to a £19m 
provision for a doubtful debt relating to the sale of 
legacy Intellectual Property in the prior year
•	Adjusted loss before tax was £56m (2018: £68m profit). 
After adjusting items of £49m, predominantly relating  
to the impairment of Rapide E programme assets  
and adjusting financing charges, loss before tax was 
£104m (2018: £68m)
•	Capital expenditure was £310m reflecting investment  
in St Athan, DBX and Valkyrie (2018: £311m)
•	Net Debt at 31 December 2019 was £876m with 
adjusted net leverage of 7.3x1 (31 December 2018: 
£560m, 2.3x)
•	Adjusted diluted EPS of (32.1p) (2018: 27.5p2)
1.	2019 Net debt including £111m lease liabilities following the adoption of IFRS 16 was £988m and for adjusted leverage calculation 2019 adjusted EBITDA 
excludes the £15m benefit from first time adoption of IFRS 16. 
2.	2018 Adjusted diluted EPS is presented on a normalised basis.
REVENUE ANALYSIS 
Wholesale volumes by region 
Wholesales1
31-Dec-19
31-Dec-18
Change 
UK
1,429
1,798 
(21%)
Americas
2,050
1,761 
16%
EMEA ex.UK
1,074
1,489 
(28%)
APAC
1,309
1,393 
(6%)
Total
5,862
6,441 
(9%)
Core
5,798
6,256
(7%)
1.	Number of vehicles.
Total wholesales decreased 9% to 5,862 units, with core volumes down 7%. The Americas continued to grow, now the 
largest region at 35%, as the Company focuses on upgrading the dealer network capabilities and investing in appropriate 
brand and marketing activities. EMEA and the UK were impacted as economic uncertainty weighed on sentiment;  
EMEA wholesales declined by 28% and the UK declined by 21%. Within Asia, strong growth in China (up 28%) 
was offset by a more muted performance in other markets with APAC down 6% overall. 
The Company began 2019 with higher inventory in the dealer network than originally planned, partially due to supply 
chain disruptions late in Q4 2018 and weaker than planned demand for Vantage. Core retail sales grew 12%, exceeding 
wholesale volumes, leading to a reduction in dealer inventories of c. 190 units over the year, although dealer inventories 
remain at elevated levels. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
48

GROUP FINANCIAL REVIEW
REVENUE BY CATEGORY 
£m
31-Dec-19
31-Dec-18
Change 
Sale of vehicles
897.6
1,010.7 
(11%)
Sale of parts 
63.0
61.1 
3%
Servicing of vehicles
9.3
14.6 
(36%)
Brand and motorsport
27.4
10.1 
171%
Total
997.3
1,096.5 
(9%)
For core cars, Average Selling Price (ASP) declined to £135k (2018: £141k) reflecting the impact of higher retail and 
customer financing support and the model mix shift towards Vantage. Total ASP declined to £152k (2018: £157k) with 
fewer Specials than the prior year. The core ASP reduction combined with lower volumes and lower revenue from  
Specials year-on-year led to an 11% decline in revenue from sale of vehicles.
Revenue from the sale of parts increased by 3% to £63m as the segment continues to benefit from the growth in vehicle 
sales in recent years. Servicing of vehicles declined by £5m to £9m mainly due to a reduced amount of restorations in the 
year as the team focused on the production of the DB4 GT Zagato continuations reducing the Company’s service capacity.
Brand and motorsport revenues increased to £27m, predominantly reflecting revenues from the sale of 61 race cars  
in the year. 
TOTAL REVENUES WERE DOWN 9% TO £997M. SUMMARY INCOME STATEMENT 
£m
31-Dec-19
31-Dec-18
% change 
Revenue
997.3
1,096.5
(9%)
Cost of sales
(642.7)
(660.7)
Gross profit
354.6
435.8
(19%)
Gross margin %
35.6%
39.7%
Operating expenses1,3
(330.2)
(308.9)
of which depreciation & amortisation2
128.8
100.4
Other income
(19.0)
20.0
Adjusted operating profit1,3
5.4
146.9
(96%)
Adjusted operating profit margin 
0.5%
13.4%
Adjusting operating items
(42.1)
(74.1)
Operating (loss)/profit
(36.7)
72.8
n.m.
Net financing expense
(67.6)
(141.0)
of which adjusting financing items
(6.6)
(61.9)
Loss before tax 
(104.3)
(68.2)
(53%)
Taxation
(0.1)
11.1
Loss after tax
(104.4)
(57.1)
(83%)
Adjusted EBITDA1,3
134.2
247.3
(46%)
Adjusted EBITDA margin 
13.5%
22.6%
Adjusted (Loss)/profit before tax1,3
(55.6)
67.8
n.m.
Diluted EPS (pence) 
(49.7)
(31.0)
Adjusted diluted EPS (pence)1,3,4
(32.1)
27.5
1.	Excludes adjusting items. 
2.	Includes loss / (profit) on disposal of fixed assets. 
3.	Alternative Performance Measures are defined in note 34.
4.	2018 Adjusted diluted EPS is presented on a normalised basis.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
49

GROUP FINANCIAL REVIEW CONTINUED 
OPERATING (LOSS)/PROFIT ANALYSIS 
Operating loss of £37m (2018: £73m profit) was impacted by a £19m provision (2018: £20m income) relating to the sale  
of legacy Intellectual Property taken in the first half of 2019. Further headwinds included:
•	Higher than anticipated retail and customer financing support;
•	Weaker core model mix weighing on average selling price, with a shift towards Vantage;
•	Lower wholesale volumes as the Company started to de-stock the dealer network;
•	Incremental fixed marketing spend to support retail campaigns, particularly in the US, leading to lower cost savings 
than originally planned; and
•	First time St Athan costs and full year of PLC costs.
Total adjusted operating expenses were up c. £20m including increased depreciation and amortisation (D&A) of £129m 
(2018: £100m) due to the expanded range of core sports cars selling. The adoption of IFRS 16 in the year increased D&A  
by £12m which was more than offset by reduced operating lease costs of £16m. Adjusted operating profit in the period  
was £5m (2018: £147m).
Adjusted EBITDA was £134m with a margin of 13.5% after the £19m provision mentioned above. Adjusted EBITDA 
included a £9m foreign exchange benefit, primarily due to USD:Sterling movements. This benefit was lower than originally 
expected due to the late December rally in Sterling resulting in an incremental headwind due to retranslation of non-Sterling 
balances. Further, the first-time adoption of IFRS 16 resulted in a £15m EBITDA benefit year-on-year.
Adjusting operating items of £42m are principally an impairment of assets associated with the Rapide E programme  
which has been paused as announced on 31 January as well as c. £3m of restructuring costs as we sought efficiencies  
across the business. 
NET FINANCING EXPENSE 
£m
31-Dec-19
31-Dec-18
Bank deposit and other interest income
5.0
4.2 
Foreign exchange gain on borrowings not designated as part of a hedging relationship
11.3
–
Bank loans, overdrafts and secured loan notes
(55.3)
(44.3)
Interest on preference shares, deposits held, lease liabilities, defined benefit liability and other interest
(22.0)
(39.0)
Net finance expense before adjusting items
(61.0)
(79.1)
Adjusting financing items
(6.6)
(61.9)
Net finance expense
(67.6)
(141.0)
The net finance expense over the period was £68m (2018: £141m), including a one-off £7m financing charge booked  
in the first half relating to derivative financial instruments where the criteria for hedge accounting had not been met.  
The net finance expense includes the interest charges on the US$340m new notes issued during the year. The charge was 
lower than the £83m as guided at the time of the Q3 results (November 2019) predominantly due to exchange movements 
on some of the USD denominated notes, £11m in the year. 
Adjusted loss before tax was £56m (2018: £68m profit). Loss before tax after adjusting items was £104m (2018: £68m). 
TAXATION
The tax charge on the adjusted loss before tax was £9m mainly driven by income tax charges in overseas entities,  
partially offset by a credit in relation to deferred taxation. Tax on adjusting items mainly relates to the impairment 
charge and resulted in an overall charge of £0.1m, on the loss before tax. 
EARNINGS PER SHARE
Adjusted diluted EPS was (32.1p) (2018: 27.5p on a normalised basis1). 
1.	Alternative Performance Measures are defined in note 34 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
50

CASH FLOW / NET DEBT 
£m
31-Dec-19
31-Dec-18
Net cash generated from operating activities
19.4
222.6 
Net cash used in investing activities
(305.2)
(306.3)
Net cash inflow from financing activities
243.3
57.8 
Effect of exchange rates on cash and cash equivalents
5.8
2.7 
Net cash outflow
(36.7)
(23.2)
Cash balance 
107.91
144.6 
Cash not available for short-term use
8.7
–
Borrowings and inventory repurchase arrangement
992.8
704.1 
Net debt2
876.2
559.5
Adjusted Leverage3
7.3x
2.3x
1.	Excluding £9m in cash not available for short-term use; 
2.	2019 Net debt including £111m lease liabilities following the adoption of IFRS 16 was £988m; 
3.	2019 adjusted EBITDA for leverage calculation excludes the £15m benefit from first time adoption of IFRS 16.
Cash generated from operating activities was £19m (2018: £223m). This included a net working capital outflow of £84m 
with, an inventory outflow of £33m due to higher finished goods stock year-on-year reflecting the weaker than expected 
wholesale performance and additional stock held in anticipation of the United Kingdom’s planned exit from the European 
Union (c. £9m); a £29m receivables outflow due to timing of wholesales and a £70m payables outflow predominantly 
driven by capex timing. These outflows were partially offset by an inflow of £48m of customer deposits. 
Deposits on the balance sheet stood at £319m (2018: £271m), with increasing deposits for Valhalla and Goldfinger DB5 
continuations. As deliveries of Aston Martin Valkyrie start, the deposit balance is expected to unwind although this will be 
partially offset by building deposits on other Specials.
Capex of £310m was broadly in-line with guidance and the prior year (2018: £311m), the majority of spend was focused  
on DBX, St Athan and Valkyrie development. Investment plans were reduced from original guidance of £320m-£340m due 
to the liquidity constraints.
With a net cash outflow of £37m, the closing cash balance at year-end was £108m (2018: £145m), excluding £9m of cash 
not available for short-term use. Net debt at 31 December 2019 was £876m, up £316m over the period (2018: £560m).  
The increase in borrowings reflected the issue of US$340m in bonds during the year and the re-valuation of the U.S. tranche  
of Senior Secured Notes alongside a partial drawdown of the RCF (£70m). In addition, the Company secured £39m of 
short-term financing through an inventory repurchase arrangement during the period to support short-term liquidity needs.
Adjusted net leverage was 7.3x adjusted EBITDA (2018: 2.3x). Adjusted return on invested capital (ROIC) was (0.3%) 
(2018:12.8%). Adjusted ROIC is defined as adjusted operating profit after tax divided by the sum of gross debt and equity. 
Both measures reflect the financial performance of the business and the associated cash outflow during the year. 
No dividends have been paid or proposed for the Group. 
GROUP FINANCIAL REVIEW CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
51

RISK AND VIABILITY REPORT 
RISK AND VIABILITY REPORT 
OUR APPROACH TO RISK
The Board is ultimately responsible for oversight of our risk 
management and internal control systems and it recognises 
that effective enterprise risk management is essential to 
executing our reset plan to achieve sustainable shareholder 
value, protect the brand and ensure good governance.  
This includes determining the nature and extent of the 
principal risks the Board is willing to take in achieving 
our strategic objectives (the Board’s risk appetite), and 
challenging management’s implementation of effective 
systems of risk identification, assessment, prioritisation 
and management. We continue to develop our three 
lines of defence assurance model to maintain the ongoing 
effectiveness of risk management and control and to define 
the relationship between the various management and 
oversight functions.
The Audit and Risk Committee has been delegated the 
responsibility for monitoring the effectiveness of the 
Group’s risk management and internal control systems. 
This monitoring is provided through internal governance 
processes and the work of the Group functions, particularly 
the work of the Internal Audit and Risk Management Team 
and the Risk Management Committee. The annual Audit  
and Risk Committee calendar provides a framework for  
the ongoing review of these systems and controls by the 
Committee, particularly through reports provided by our 
Internal Audit and Risk Management team, the external 
auditors and providing the opportunity to have “deep dives” 
to understand the key risks facing the business. The Chair  
of the Audit and Risk Committee updates the Board on the 
Committee’s activities in this regard as appropriate.
Our Internal Audit and Risk Management team maintain the 
Group’s Enterprise Risk Management Framework and System 
(ERMFS) and co-ordinate risk management activities across 
the Group. The challenges which the Group faced in 2019 
led to the development of the reset plan and the requirement 
for the strategic equity investment and proposed rights  
issue to address liquidity concerns. These difficult conditions 
demonstrate the importance of continually improving  
the way we manage our risks. During the period we have 
continued to enhance our risk management activity by 
completing formal risk mitigation plans for all principal risks 
and reassessing current levels of risk exposure. These incorporate 
management’s assessments of gross, net and target risk and 
the effectiveness of mitigating controls. This has resulted in 
several changes being made to the Groups principal risks, 
including the escalation and inclusion of the financial 
liquidity risk within our reported risks. Internal Audit provide 
independent and objective assurance over the effectiveness 
of these risk mitigation plans and report their findings 
directly to the Audit and Risk Committee (see Control 
Environment on page 93). 
Through the ERMFS the following activities form an 
integral part of our business and include: annual review 
and approval of the ERMFS and Risk Management Policy; 
identifying and assessing gross, target and net risks for 
potential impact and likelihood; maintaining corporate and 
functional risk registers; undertaking top-down/bottom-up 
risk assessments and designing and implementing risk 
mitigation plans. The risk mitigation plans are independently 
validated on a rotational basis by our Internal Audit and  
Risk Management team led by the Director of Internal 
Audit and Risk Management, who reports administratively 
to the EVP and Chief Financial Officer with an independent 
reporting line to the Chair of the Audit and Risk Committee. 
The key governing bodies associated with promoting 
effective risk management within the Group, and their 
primary responsibilities for risk management, are shown  
in the diagram opposite.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
52

RISK AND VIABILITY REPORT 
OUR INTERNAL AUDIT AND RISK MANAGEMENT TEAM MAINTAINS THE GROUP’S  
ENTERPRISE RISK MANAGEMENT FRAMEWORK AND SYSTEM (ERMFS) AND CO-ORDINATES  
RISK MANAGEMENT ACTIVITIES ACROSS THE GROUP.
BOARD OF DIRECTORS AND AUDIT AND RISK COMMITTEE
•	The Board is responsible for regular 
oversight of the Group’s risk 
management and internal control 
systems, assessing the Group’s 
principal risks and setting the 
Group’s risk appetite.
•	The Audit and Risk Committee 
regularly monitor risk status through 
formal risk reporting, risk deep dive 
reviews and the commissioning of 
assurance reviews to independently 
validate the effectiveness of risk 
mitigation plans.
•	The Board has delegated oversight  
of the Enterprise Risk Management 
Framework and System to the Audit 
and Risk Committee which regularly 
monitors the principal risks and 
uncertainties along with management’s 
strategies to mitigate them.
RISK MANAGEMENT COMMITTEE (MANAGEMENT COMMITTEE CHAIRED  
BY DIRECTOR OF INTERNAL AUDIT AND RISK MANAGEMENT)
•	Reviews external and internal 
environment for new and  
emerging risks.
•	Performs deep dive reviews of 
principal risks and challenges risk 
assessments and mitigation plans.
•	Holds risk owners accountable  
for implementing effective risk 
mitigation plans.
•	Meets every two months and reports 
key findings to the Audit and Risk 
Committee. 
•	Attended by functional “Risk 
Champions”, encompassing senior 
management from key departments 
(e.g. IT, Quality, Technology, 
Manufacturing, Finance, Engineering, 
Legal, Supply Chain).
•	Identifies and assesses changes to 
risks and monitors the effectiveness 
of mitigation plans to reduce risk 
exposure to acceptable levels in 
accordance with our risk appetite.
•	Champions effective risk 
management and control across  
the Group.
INTERNAL AUDIT AND RISK MANAGEMENT TEAM 
•	Centrally co-ordinates deployment  
of the “Enterprise Risk Management 
Framework and System”.
•	Facilitates updates to the corporate 
and functional risk registers in 
partnership with Risk Champions.
•	Prepares Board, Audit and Risk 
Committee and Risk Management 
Committee status updates.
•	Provides resources and training to 
support risk management activities.
•	Evaluates the design and  
operating effectiveness of risk 
mitigation activities.
FUNCTIONAL RISK CHAMPIONS AND RISK OWNERS 
•	Perform day-to-day risk  
management activities.
•	Identify and assess risk within their 
departments and implement actions 
to reduce risk exposure to an 
acceptable target level.
•	Assign owners to risks, maintain 
functional risk registers and  
manage “Risk Mitigation Plans”.
•	Responsible for establishing  
an appropriate risk management 
culture, and for implementing 
effective risk management  
and internal control within  
their department.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
53

RISK AND VIABILITY REPORT CONTINUED
RISK APPETITE 
The Board determines the amount of risk the Group is 
willing to accept in the pursuit of the Group’s strategic 
objectives, dependent on the type of risk. The Group’s 
underperformance against the original plan in 2019 
was outside the Board’s risk appetite, and consequently 
management performed a comprehensive strategic, 
operational and financial review which resulted in the  
reset of the business plan. The reset plan reflects lower  
risk levels associated with certain elements of the business. 
The Group’s risk appetite will vary dependent on the type  
of risk and may change over time. In exploring risks and 
opportunities, we prioritise the interests and safety of  
our customers and employees and seek to protect the 
long-term value and reputation of the brand, while 
maximising commercial benefits to support responsible  
and sustained growth. 
We assess the level of risk exposure against our associated 
risk appetite to ensure that we appropriately prioritise our 
resources to manage risks within our risk appetite. Initially 
we assess the gross exposure of identified risks, this being 
the risk exposure before considering the effect of any 
mitigating controls or actions. We then measure the net  
risk to determine the residual risk exposure using a scoring 
methodology which considers the likelihood and potential 
impact of the identified risk. Where the residual risk remains 
outside of the Board’s risk tolerance additional actions are 
identified to further mitigate the risk down to an acceptable 
target level. 
OUR PRINCIPAL RISKS
Our risk management system is designed to identify a 
broad range of risks and uncertainties which we believe 
could adversely impact the profitability or prospects of the 
Group. Our principal risks are those that we regard as the 
most material to the achievement of our strategic objectives,  
our financial performance and our long-term sustainability. 
During 2019 several of our principal risks have had 
a significant adverse impact on the Group’s financial 
performance and position and we have disclosed an 
additional financial risk on page 65 related to the liquidity 
shortfalls and the impact that can have on the Group’s 
business and operations. We have also disclosed risk 
movements based on our revised risk assessments for each 
principal risk. The following pages set out the Group’s 
principal risks, how these risks are linked to our strategy  
and the primary mitigating actions implemented for 
each risk during the year ended 31 December 2019. Our 
principal risks will change over time as some risks assume 
greater importance and others may become less significant.
We categorise principal risks within one of the following 
four areas: Strategic, Operational, Compliance and Financial. 
Each principal risk is linked to one of these categories  
and may impact one or more of our strategic pillars.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
54

RISK AND VIABILITY REPORT CONTINUED
MACRO-ECONOMIC AND POLITICAL INSTABILITY 
The Group operates in many markets exposing us to changing economic, regulatory, social and political developments 
that may impact customer demand, profitability or our ability to sell within those markets.
Adverse macro-economic conditions or country-specific changes to the operating, regulatory or political environment may 
lead to an unfavourable business climate and significant tensions between major trading parties which could adversely 
impact the Group’s operations and financial performance and delivery of strategic plans. This may include explicit trade 
protectionism, differing tax or regulatory regimes, changing public sentiment or reduced disposable incomes which could 
adversely affect demand for our vehicles.
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY
•	All pillars.
​
RISK MOVEMENT IN PERIOD
Increasing Risk
RISK TOLERANCE
Moderate – recognising that external factors are difficult  
to mitigate as they are often outside our direct control. 
​
ACTIONS TAKEN BY MANAGEMENT
•	Operational and financial review of the business resulting 
in a reset of the plan.
•	Continued targeting of growth in emerging or 
underperforming markets (including China, APAC and 
MENA) while building on our position in established 
markets (such as the US) to reduce over reliance on  
any one territory.
•	Actions to maintain quality of sales and to protect the 
brand including appropriate inventory management.
•	Monitoring market trends globally to target areas for 
future growth and to ensure a product offer which 
reflects customer tastes and preferences.
•	Brand and customer activities and experiences to ensure 
strong brand recognition and customer relationships.
•	Lobbying, where appropriate, to proactively influence 
regulatory change which may affect the Group.
•	Making appropriate preparations for Brexit led by 
the Brexit steering committee who manage the risks 
associated with Brexit (see the Brexit principal risk  
set out on page 64).
•	Volume planning actions to optimise dealer/network  
stock levels in light of continued lifecycle actions.
•	Engagement of external consultants to support deep dive 
review of Budget and Forecasting process to provide 
assurance over the accuracy of management information.
EXAMPLES OF RISKS 
•	Wholesale performance has been adversely impacted 
by macro-economic uncertainty and enduring weakness  
in UK and European markets.
•	A key component of the Group’s planned growth strategy 
is the expansion of sales in the Asia Pacific and Middle 
East regions, particularly recognising the increasing 
number of high net worth individuals (HNWIs) in  
these markets. The extent to which economic growth  
in these emerging markets and within the luxury market  
as a whole will be sustained is unknown.
•	Global economic slowdown and increasing uncertainty 
has adversely affected demand for our products in  
certain markets.
•	Increased protectionism in global jurisdictions  
(e.g. threatened US import taxes on UK vehicles)  
and Brexit could result in increased tariffs, pricing  
pressure and additional operating complexities.
•	Unfavourable movements in foreign exchange rates  
or commodity prices could adversely affect our ability  
to meet our strategic objectives.
•	Adverse economic conditions could adversely impact  
the Group’s dealers on whom the Group is dependent  
for the sale and promotion of its products and services.
•	Adverse economic conditions could cause suppliers  
to be unable to meet their commitments to the Group 
adversely impacting production and/or costs.
•	The Covid-19 (Coronavirus) outbreak could potentially 
result in reduced growth rates and consumer demand  
in affected markets.
​
​
STRATEGIC RISKS
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
55

RISK AND VIABILITY REPORT CONTINUED
INABILITY TO MAINTAIN FAVOURABLE COMPETITIVE POSITIONING
Maintaining our competitiveness in the high luxury segment car market is critical to achieving our strategic  
growth objectives.
The Group competes with other manufacturers with strong brands and reputations and which may have access to greater 
financial resources. The high luxury segment is relatively small due to the price at which cars are sold and significant 
investment is required to introduce new models to the market, which relies on a sufficient level of demand to support  
the growing levels of production and competition. The trend towards cars with lower engine capacity and new drive 
technologies could adversely affect the Group. 
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	Strengthened global brand and sales power. 
•	Inspiring customer-focused luxury products. 
•	World-class value and lean processes.
•	Top-class quality.
​
RISK MOVEMENT IN PERIOD
Increasing Risk
RISK TOLERANCE
Low – as we develop our product portfolio, particularly  
our incremental carlines, we need to ensure that we remain 
competitive to win customers across model segments.
​
ACTIONS TAKEN BY MANAGEMENT
•	Expanding our product portfolio to produce incremental new core 
models. This is aimed at increasing demand with a multi-segment 
model strategy based on clearly defined target customers for each 
model to reflect customer tastes and preferences.
•	Maintaining a regular pipeline of Special editions and fully bespoke 
customisation offer through the ‘Q’ division, to drive exclusivity  
and increase demand.
•	Continuous improvement in product performance, technology, quality 
and other car features.
•	Use of modular architecture and “carry over carry across” principle  
for key systems and components to minimise engineering and tooling 
investment and time to market and improve overall quality.
•	“Beyond Lean”TM manufacturing techniques to improve efficiency  
and cost savings.
•	Expanded dealer network and improved dealer training to ensure 
luxury customer experience consistent with the brand.
•	“Built in” quality processes to achieve customer satisfaction. 
•	Continuous improvement of vehicle development process.
•	Proposed relaunch of Vantage and the introduction of the Roadster  
in Q2.
•	Making appropriate preparations for Brexit led by the Brexit steering 
committee who manage the risks associated with Brexit (see the Brexit 
principal risk set out on page 64).
•	Volume planning actions to optimise dealer/network stock levels  
in light of continued lifecycle actions.
•	Engagement of external consultants to support deep dive review of 
Budget and Forecasting process to provide assurance over the accuracy 
of management information
EXAMPLES OF RISKS 
•	Failure to maintain leading design which customers value.
•	Inability to produce cars that are competitive in terms  
of performance, aesthetics and quality and that meet 
customers’ needs and tastes.
•	Inability to keep up with technological advancements 
(e.g. electrification). 
•	Failure to meet regulatory requirements such as  
emissions restrictions.
•	Competitor brands with greater financial resources 
enabling them to invest in technology (see technology 
principal risk on page 58) and benefit from  
stronger negotiating power with the suppliers due  
to higher volumes.
•	Vantage has not delivered its expected volumes and 
although has increased market share, the overall market 
has declined.
•	Competitor pricing activity resulting in the need to 
increase retail and customer financing spend to support 
retail sales.
•	The recent UK Government announcement to bring 
forward the banning of all sales of new petrol, diesel and 
hybrid vehicles from 2040 to 2035 may adversely affect 
the Company’s competitive position were the Group 
unable to develop its EV range within that timeframe.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
56

RISK AND VIABILITY REPORT CONTINUED
BRAND/REPUTATIONAL DAMAGE ARISING FROM POOR QUALITY, LATE DELIVERY,  
PRODUCT RECALL OR INEFFECTIVE BRAND POSITIONING AND AWARENESS
Our brand and reputation are critical in securing demand for our vehicles and in developing additional revenue streams.
Damage to our brand or reputation for any reason could significantly impact our ability to deliver the volume growth 
required to support our strategy.
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	Strengthened global brand and sales power.
•	Top-class quality.
•	Inspiring customer-focused luxury products. 
​
RISK MOVEMENT IN PERIOD
Unchanged
RISK TOLERANCE
Low – the value of the brand has been built upon delivering 
exceptional luxury products to our customers. Any real or 
perceived quality or customer experience issues could significantly 
affect demand for our products.
​
ACTIONS TAKEN BY MANAGEMENT
•	Clear brand vision and establishment of a consistent brand 
identity across platforms.
•	Selective licensing and other use of the brand assets within  
AML Partnerships.
•	Monthly Brand Steering Committee meetings.
•	Cross-functional project team established to deliver new  
model launches.
•	Establishment of strong relationships with media.
•	Development of a Product Strategy team with regional 
representation.
•	“Right first time” engineering approach and “Built-in” 
vehicle quality processes to improve quality. 
•	Customer satisfaction feedback through customer audits  
and expansion of client services team to improve global 
customer support.
•	Quality remediation process in place where significant quality 
issues are managed through the Technical Review Group, 
Critical Concerns Review Group and the Recall Committee.
•	Expanded dealer network and improved dealer training to 
ensure luxury customer experience consistent with the brand.
•	Multiple inspection points throughout the manufacturing  
and assembly operations.
•	Aston Martin Customer Perception Audit process.
•	Aston Martin Parts Approval Process implemented to assure 
parts quality.
•	ISO 9001 Quality Management System annual certification.
EXAMPLES OF RISKS 
•	Customer confidence and loyalty could be affected due to 
product recall, late delivery, quality defects or not meeting 
customer expectations and vehicle specifications.
•	Reliance on a franchised dealer network to raise and maintain 
brand awareness.
•	Inadequate training of our dealership network in new products 
and technologies as we expand our product portfolio could 
result in a poor customer experience.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
57

RISK AND VIABILITY REPORT CONTINUED
INABILITY TO INCORPORATE AUTOMOTIVE TECHNOLOGICAL ADVANCEMENTS  
(E.G. ACTIVE SAFETY, CONNECTED CAR, ELECTRIFICATION, AUTONOMOUS DRIVING) 
Inability to keep pace with changing customer requirements and expectations with the move towards more 
advanced technologies due to reliance on third parties for key components and availability of funds to invest 
internally on product development.
The Group’s current liquidity position and funding structure may restrict the availability of funds to pursue potential 
acquisitions, invest in organic growth projects or exploit emerging business opportunities to maintain our competitiveness  
in relation to technological change. In particular, keeping abreast of the development of new technology in line with 
changes in trends and customer tastes. The Group is currently reliant upon certain key suppliers maintaining their pace  
of technological development and making this available to the Group in a timely manner.
RESPONSE TO MARKET DYNAMICS
LINK TO STRATEGY 
•	Inspiring customer-focused luxury products.
•	Strengthened global brand and sales power.
•	World-class value and lean processes. 
•	Top-class quality.
RISK MOVEMENT IN PERIOD
Increasing Risk
RISK TOLERANCE
Low – technology requirements in the automotive industry are 
changing with increasing pace and the Group needs to anticipate 
and incorporate these into future planning to remain competitive.
ACTIONS TAKEN BY MANAGEMENT
•	Strategic arrangements with key partners enable the provision  
of engines, electrical architecture and entertainment systems  
as well as providing a more cost-effective platform to enhance 
our design and engineering capabilities.
•	Active management of the Group’s liquidity and cash flow  
to prioritise use of funds to deliver the strategy.
•	Through our modular architecture “carry over-carry across” 
approach for key systems and components and “Beyond lean”TM 
method of manufacturing, the Group aims to maximise its 
efficiency, cost effectiveness and quality of operations. 
•	The Group retains a high level of in-house powertrain expertise, 
in both conventional internal combustion engine technology 
and next-generation electrified drivetrains, which enables the 
Group to assess the relative financial and operational merits  
of sourcing these from third parties or developing comparable 
engines in-house, whilst complying with future emissions  
and fuel economy related regulations.
•	Rationalisation of the Product Development structure to focus 
groups on innovation to maintain pace with customer expectations.
•	Improved long-term planning process and governance to deliver 
diverse and competitive future portfolio.
•	Commodity strategy plans developed incorporating customer 
needs analysis, technological advances and anticipated 
legislative changes.
•	Lobbying where appropriate to proactively influence regulatory 
change which may affect the Group.
EXAMPLES OF RISKS 
•	The Group may not have access to the latest technologies  
due to its reliance on third parties for key components.
•	Competitors may have better access to funding to develop  
new technology faster and be first to market.
•	Changing and more stringent regulations may make current 
technology obsolete and increase risk of future non-compliance.
•	Investment in new/emerging technology may be delayed  
if the Group are unable to generate sufficient liquidity to deliver 
the planned strategy.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
58

RISK AND VIABILITY REPORT CONTINUED
FAILURE TO ATTRACT, DEVELOP AND RETAIN TOP TALENT 
Inability to attract, motivate, develop and retain our people to perform to the best of their ability to meet our  
strategic objectives.
Our performance, operating results and future growth depend on our ability to attract, motivate and retain talent with  
the appropriate level of expertise to deliver our strategy. The impact of current financial performance on remuneration  
and benefits and recent restructuring activities increase the risk of loss of key individuals and skills.
OPERATIONAL RISKS
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	Passionate people and culture.
•	World-class value and processes.
​
RISK MOVEMENT IN PERIOD
Increasing Risk
RISK TOLERANCE
Low to Moderate – recognising the importance of having the right 
people and skills to deliver our strategy. We are reliant in certain 
areas on highly skilled technicians to maintain the attractiveness 
and quality of our vehicles.
​
ACTIONS TAKEN BY MANAGEMENT
•	Oversight by our Remuneration Committee to ensure that  
the remuneration packages for senior leadership roles are 
appropriate to retain key individuals and align with our strategy.
•	Succession planning for key roles and positions.
•	Regular review of talent and resource risks related to  
key roles/positions by the Board and Committees.
•	Annual bonus plans in place for management and staff  
to reward individual and corporate performance.
•	Annual benchmarking of remuneration levels across grades.
•	Track record of internal promotions, demonstrating availability 
for career progression within the Group.
•	Regular communications with employees to ensure that 
employees are informed and to gauge morale. Employee 
engagement survey and action plan and renewed focus  
on the Aston Martin Way culture programme.
•	Ongoing investment in our Apprenticeship Programme.
•	Use of online Learning Management System to facilitate 
employees’ personal development and skills acquisition.
•	Development Committee which focusses on employee  
career development and progression.
•	Working party established to develop and implement  
IR35 changes.
EXAMPLES OF RISKS 
•	This period of change may result in the loss of key individuals  
or the inability to recruit and retain individuals with the relevant 
talent and experience, which could disrupt the operation of the 
business and adversely impact the Group’s abilities to deliver  
its strategy. 
•	Failure to engage or equip our teams to deliver our strategy or 
address key capability gaps (e.g. inability to meet recruitment 
targets at St Athan).
•	Failure to build the right capabilities and behaviours in our 
leadership population. 
•	Failure to have appropriate succession planning in place should 
key positions become vacant through resignation, ill health  
or accident.
•	Loss of critical talent, knowledge or unmanageable levels  
of attrition due to a competitive local labour market.
•	Key contractors leaving the business and the impact of IR35  
on our contractor population.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
59

RISK AND VIABILITY REPORT CONTINUED
INABILITY TO DELIVER MAJOR PROGRAMMES 
Failure to implement major programmes on time, within budget and to the right technical specification could jeopardise 
delivery of our strategy and have significant adverse financial and reputational consequences. 
Successful delivery of significant programmes (including the new manufacturing facility in St Athan and core (DBX)  
and Special (Valkyrie) vehicle programmes is fundamental to the achievement of the Group’s reset plan.
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	Inspiring customer-focused luxury products.
•	World-class value and lean processes.
•	Strengthened global brand and sales power.
​
RISK MOVEMENT IN PERIOD
Unchanged
RISK TOLERANCE
Low – due to the significance of these projects in driving the 
required levels of volume growth and cash generation to support 
the reset plan.
​
ACTIONS TAKEN BY MANAGEMENT
•	Deployment of an established stage and gate Programme 
Delivery Methodology to drive consistent governance  
and management across the programme portfolio.
•	Major programmes are subject to Executive Committee approval 
and oversight.
•	Dedicated programme management teams are established  
to deliver each programme.
•	Regular programme and Operating Committee status reviews 
with escalation routes for issues to be managed.
•	Mandatory lessons learned sessions to ensure that subsequent 
programmes benefit from previous experience.
•	Technical and quality audits are performed at critical stages  
by independent parties.
•	ISO 9001 and 14001 certifications in relation to Quality  
and Environmental management systems.
•	Move to modular architecture strategy with increased focus  
on leveraging core architecture across multiple applications  
to reduce vehicle programme delivery times.
•	Weekly programme review established with the R&D VP  
for all core programmes. Cost and delivery monitored through 
‘one-pager’ document covering timing, investment and  
piece cost.
EXAMPLES OF RISKS 
•	Failure to retain sufficient personnel with the correct  
programme management skills and technical capabilities  
to deliver programmes.
•	Failure to follow a standard programme methodology  
could result in required outcomes not being delivered.
•	Delayed new model or special project launch.
•	Late delivery of new models could damage our brand/reputation 
and potentially result in reduced sales volumes or pricing.
•	Declining sales have a negative effect on available cash,  
further increasing the pressure to deliver programmes.
•	Ability to manage third party delivery in line with  
programme timelines.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
60

RISK AND VIABILITY REPORT CONTINUED
INADEQUATE PROTECTION AGAINST CYBER ATTACK RESULTING IN POTENTIAL LOSS OF DATA, 
SYSTEM AVAILABILITY OR OPERATIONAL DISRUPTION 
Breach of cyber security could result in a system outage, impacting core operations and/or result in a major data loss 
leading to reputational damage and financial loss. 
The Group’s technology environment is critical to its success. The control environment helps decrease the risks to core 
business operations and/or major data loss.
RESPONSE TO MARKET DYNAMICS
LINK TO STRATEGY 
•	World-class value and lean processes.
•	Strengthened global brand and sales power.
RISK MOVEMENT IN PERIOD
Unchanged
RISK TOLERANCE
Low – protecting the brand and its reputation globally is at the 
heart of everything we do. We take a risk-averse approach, 
adopting a strategy to avoid or mitigate reputational/brand risk 
arising from cyber threat and to protect the confidentiality,  
integrity and availability of data within our custody.
ACTIONS TAKEN BY MANAGEMENT
•	Completion of independent risk assessments to validate  
the cyber security strategy and identify capabilities required  
to achieve appropriate levels of security.
•	24/7 monitoring using Darktrace and other tools supported 
by robust security incident response processes.
•	Internal controls in place to minimise employee error – 
password policies, regular communications regarding phishing 
emails and information security training.
•	GDPR compliance project undertaken to identify data sets, 
classify them and ensure effective controls in place to manage 
data access and use.
•	Firewalls, anti-virus and patch management controls.
•	Use of Bitlocker encryption underway to protect data in transit 
and at rest.
•	Programme of work to remediate issues identified in audits.
•	Dual-factor authentication being implemented where 
appropriate and feasible.
•	Proposed investment in cyber-security team to further embed 
and enhance control framework.
•	Company policy mandates the use of MX Magenta for the 
exchange of sensitive information outside of the organisation, 
which allows us to ensure that the correct recipient has accessed 
the information and provides an audit trail of access.
EXAMPLES OF RISKS 
•	Denial of service attacks resulting in disruption of business activities.
•	An external hacker exploits a security vulnerability resulting  
in a loss of system control and/or major data loss.
•	A malicious insider abuses privileged access to gain entry to 
sensitive information and/or conduct unauthorised activities.
•	Malware results in a loss of system control causing business 
disruption and/or major data loss.
•	Fines due to failure to comply with the General Data  
Protection Regulations (GDPR).
•	Disruption, damage of interruption to power supply.
•	Reliance on systems which are approaching end of life support.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
61

RISK AND VIABILITY REPORT CONTINUED
POTENTIAL DISRUPTION TO THE SUPPLY CHAIN
Supply chain disruption could result in production stoppages, delays, quality issues and/or increased costs resulting  
in adverse operational and financial consequences for the Group.
Potential loss of key Tier 1 supplier, a single-source supplier, or a deterioration in quality could seriously jeopardise 
production resulting in delayed or lost sales and brand/reputational damage. (See also the principal risk relating  
to Brexit).
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	Inspiring customer-focused luxury products.
•	Top-class quality.
•	World-class value and lean processes.
​
RISK MOVEMENT IN PERIOD
Increasing Risk
RISK TOLERANCE
Low – as production approaches capacity the business model 
cannot absorb any significant delays in production and/or sales.
​
ACTIONS TAKEN BY MANAGEMENT
•	Commodity strategies established for core suppliers detailing 
alternative supply routes in the event of disruption to  
current supply.
•	QCDDM supplier performance metric is in final stage of 
development with full roll out due in 2020. Metric allows  
for efficient, co-ordinated management of under-performing 
suppliers and the formation and deployment of robust  
mitigation plans.
•	Assessment of supplier financial strength and performance  
prior to contracting with them.
•	Independent reviews by the Procurement team of key supplier 
Business Continuity plans.
•	Supplier Quality Development team in place to actively  
manage supplier quality and performance.
•	Creation of Risk Management Centre to action operational 
responses to supplier issues; utilising internal and external 
intelligence to identify potential risks both financially  
and operationally.
•	“Supplier Champions” identified to actively manage  
at risk suppliers.
•	Identification of alternative suppliers where risk of sole supply  
is deemed too significant.
EXAMPLES OF RISKS 
•	Supplier may be unable to meet delivery schedules due  
to financial difficulties or the inability to meet increasing  
volume demand.
•	Third parties may withdraw their permission to use their components.
•	Reliance on the use of several smaller, bespoke suppliers for 
specific components.
•	Reliance on key suppliers (e.g. engines and electrical 
architecture from Daimler).
•	Short-term liquidity issues could result in deferred supplier 
payments which may lead to potential supply restrictions  
or supply with more stringent terms.
•	Deterioration in the Group’s credit rating may lead to supply 
restrictions or more stringent terms and conditions.
•	The outbreak of the Coronavirus in China may result in supply 
chain disruption for parts and components sourced from  
China and/or other affected markets.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
62

RISK AND VIABILITY REPORT CONTINUED
POTENTIAL NON-COMPLIANCE WITH LAWS AND REGULATIONS
The Group’s operations are subject to a broad spectrum of national and regional laws and regulations in the various 
jurisdictions in which we operate. 
These include product safety, emissions, trademarks, competition, employee and customer health and safety, data, 
corporate governance, employment and tax. Changes to laws and regulations or a major compliance breach could have 
a material impact on the business. 
COMPLIANCE RISKS
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	World-class value and lean processes.
•	Inspiring customer-focused luxury products.
•	Strengthened global brand and sales power.
​
RISK MOVEMENT IN PERIOD
Decreasing Risk
RISK TOLERANCE
Zero – the Board adopts a zero tolerance to non-compliance with 
laws and regulations as this could seriously impact the Group’s 
ability to trade in certain markets and result in significant brand/
reputational damage.
​
ACTIONS TAKEN BY MANAGEMENT
•	Secured “Small-volume” derogation status within the EU  
which establishes bespoke emissions targets.
•	Vehicle safety certification is obtained for all markets.
•	Reduction in average emissions across the product portfolio.
•	The HR and Legal and Compliance functions are responsible  
for ensuring that employees are aware of regulations relevant  
to their roles. We have strengthened our public company 
regulatory expertise.
•	Our Standards of Corporate Conduct contain a framework  
of policies that aim to drive best practice across our business. 
These include our Anti-Bribery and Corruption Policy and  
Data Protection Policy.
•	GDPR policies and procedures have been embedded within  
the business with a Data Protection Officer appointed to monitor 
and drive GDPR compliance.
•	Assurance processes are in place to monitor compliance in 
key risk areas, with results being reported to our Audit and 
Risk Committee and Risk Management Committee.
•	Our culture and policies encourage employees to speak up  
and report any issues without fear of retribution via our 
Whistleblowing process. 
•	In-house Legal and Compliance team that manages any ongoing 
regulatory investigations.
•	Third-party support is obtained in areas of new or emerging 
regulatory guidance to support the implementation of 
appropriate new processes and controls.
EXAMPLES OF RISKS 
•	Regulatory non-compliance.
•	Non-compliance with emissions regulations could inhibit  
the Group’s ability to trade in certain markets.
•	Failure by the Group or associated third parties to act in an 
ethical manner.
•	Non-compliance with labour, human rights and environmental 
standards across our own operations and extended supply chain 
could result in financial penalties, disruption in production  
and reputational damage to our business.
•	Tax is a complex area where laws and their interpretations 
are changing regularly leading to the risk of unexpected tax  
and financial loss exposures
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
63

RISK AND VIABILITY REPORT CONTINUED
UNCERTAINTY SURROUNDING BREXIT 
Various Brexit scenarios could impact the Group’s financial position, supply chain and people. 
Whilst the UK officially left the EU on 31 January 2020 uncertainty remains as to the nature of any future trade agreements 
once the transition period ends on 31 December 2020. The current uncertainty regarding the way the UK leaves the EU 
makes it very difficult to plan for, with multiple scenarios having to be considered and addressed.
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	All pillars.
​
RISK MOVEMENT IN PERIOD
Unchanged
RISK TOLERANCE
Low – although we have a low tolerance for risk caused by Brexit 
there is still uncertainty about the long‑term impact.
​
ACTIONS TAKEN BY MANAGEMENT
•	Establishment of the Brexit Steering Group (BSG), a cross-
functional team of senior members, chaired by the Director 
Government & External Affairs and sponsored by the EVP and 
Chief Financial Officer with fortnightly status reporting to the 
Executive Committee.
•	Review of SMMT guidance and leveraging industry best practice.
•	Tracking progress against the BSG developed ‘Brexit Readiness 
Scorecard’ seven key areas impacted:
•	Supply chain and logistics.
•	Customs processing.
•	Sales and pricing.
•	Human resources.
•	Type approval.
•	Legal.
•	Other/Regulations.Strong engagement by the President and 
Group Chief Executive Officer with the UK Government, 
SMMT and CBT. 
•	Steps taken to prepare our supply chain and sales network to 
mitigate Brexit impacts on the business including: use of alternative 
ports of entry, review of inventory levels for impacted parts and 
materials, use of supplier readiness assessments.
•	Strengthened our production purchasing function under the 
leadership of the VP and Chief Purchasing and Supply Officer 
who will also oversee the execution of planned Brexit mitigations.
EXAMPLES OF RISKS 
•	Additional customs duty from the cessation of existing free trade 
agreements and VAT cash flow costs at the new UK trade border.
•	Extended supply lead times increasing working capital investment. 
•	Uncertainty over the rights of EU nationals, which has increased 
the risk of losing talent. 
•	Exchange and interest rate volatility impacting Group revenues, 
margins, profits and cash flow.
•	Imposition of additional tariffs on exports and imports.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
64

RISK AND VIABILITY REPORT CONTINUED
INSUFFICIENT LIQUIDITY AND LACK OF FINANCIAL STABILITY TO SUPPORT PLANNED GROWTH  
AND OPERATIONS
The Group may not be able to generate sufficient cash to fund its capital expenditure and sustain its operations and  
its significant leverage may make it difficult for the Group to operate its business. The viability of the Group is dependent 
on the successful outcome of the planned strategic equity investment and proposed rights issue, which is subject to 
shareholder and other approvals, to support its liquidity requirements to deliver the reset plan.
The Group’s liquidity requirements arise primarily from its need to fund capital expenditure for product development, 
working capital and to service debt.
FINANCIAL RISKS
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	All pillars. 
​
RISK MOVEMENT IN PERIOD
New principal risk
RISK TOLERANCE
Low – the availability of sufficient liquid funds to support planned 
growth and capital expenditure is key to delivery of the Group’s 
reset plan. 
​
ACTIONS TAKEN BY MANAGEMENT
•	Raising of additional capital through strategic equity investment 
and proposed rights issue.
•	Regular review of strategic financing options including 
consideration of available options to raise funds through issue  
of additional equity or external investment.
•	Daily management review of cash balances and other working 
capital balances.
•	Drawdown of available financing (e.g. Revolving Credit Facility 
and Bonds) to provide short term liquidity.
•	Implementation of short-term restrictions on discretionary spend.
•	Early engagement with finance providers to consider funding 
options which are due for renewal within the Business Plan period.
•	Engagement of external consultants to support deep dive review 
of Budget and Forecasting process to enhance the provision  
of management information.
•	Project to enhance management controls and processes related 
to authorisation and monitoring of retail support expenditure.
•	Establishment of a back-to-back loan arrangement in China to 
provide access to funds in the UK based on cash held in China.
EXAMPLES OF RISKS 
•	Significant leverage levels may inhibit the Group’s ability to 
repay current indebtedness or borrow additional funds or raise 
equity capital in the future.
•	Inability to renew wholesale finance facility on similar terms  
to those currently in place would have a significant adverse 
effect on short-term liquidity.
•	Reduced customer confidence could potentially increase 
demand for deposit returns which could reduce available 
cash in the short term and adversely impact the brand.
•	Delays in payments to suppliers or other creditors could 
result in production stoppages, delays, quality issues and/or 
increased costs and unfavourable trading terms resulting in 
adverse operational and financial consequences for the Group.
•	Difficulty of accurately forecasting in an uncertain market.
•	Sales underperformance resulting in less available cash to 
support planned product capital expenditure and working 
capital requirements associated with DBX launch.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
65

RISK AND VIABILITY REPORT CONTINUED
POTENTIAL IMPAIRMENT OF CAPITALISED DEVELOPMENT COSTS
The value of capitalised development costs continues to grow as we expand our product portfolio.
The carrying value of development costs in our balance sheet is dependent upon the future profitability of the vehicle 
platforms to which they are attributed. A significant reduction in vehicle lifecycle profitability could result in the need  
to impair the capitalised development intangible asset.
RESPONSE TO MARKET DYNAMICS
​
​
LINK TO STRATEGY 
•	Robust financing and funding.
•	World-class value and lean processes. 
​
RISK MOVEMENT IN PERIOD
Unchanged
RISK TOLERANCE
Zero – we have a zero tolerance in relation to financial reporting risk. ​
ACTIONS TAKEN BY MANAGEMENT
•	Modular architecture platform application approach adopted  
for new model development to reduce cost of investment across 
the portfolio.
•	Strategic component development plan being deployed  
to reduce investment cost of new models.
•	Impairment reviews are performed where management 
considers there to have been a triggering event (e.g. a significant 
reduction in sales volumes, or vehicle pricing and margins  
for a model).
•	Regular vehicle line reviews to monitor sales volumes, average 
prices and margins. Any significant deterioration below plan is 
communicated to the Financial Reporting and Accounting team 
for consideration.
EXAMPLES OF RISKS 
•	Vehicle sales volumes reduce below lifecycle plans/forecasts.
•	Vehicle pricing and margins reduce to levels which no longer 
support the carrying value of the attributable capitalised costs.
•	Uncertainty of carry over-carry across of components on future 
vehicle models.
​
​
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
66

RISK AND VIABILITY REPORT CONTINUED
IDENTIFICATION OF RISKS 
We identify and manage risk using a top-down  
bottom-up approach. 
•	Top-down – Identification, assessment, prioritisation, 
mitigation, monitoring and reporting of risk at  
a corporate level. Overseen by the Audit and Risk 
Committee and the Management Risk Committee.
•	Bottom-up – Identification, assessment, prioritisation, 
mitigation and monitoring of risk across all operational 
and functional areas. 
During the period, the key risks identified in the corporate 
and functional risk registers have been maintained  
and updated to reflect changes in the business and  
the external environment. These continue to be regularly 
reviewed within the Risk Management Committee. The 
updated corporate risk register is continually reviewed 
and formally re-evaluated at the half year and full year  
to identify any changes required to the disclosed principal 
risks. These changes and the summary of principal risks 
are then presented to the Audit and Risk Committee  
for review and approval.
RISK MANAGEMENT
ACTIVITIES IN 2019
AND PLANS FOR 2020
THE BOARD AND THE AUDIT AND RISK COMMITTEE UNDERTOOK A NUMBER  
OF RISK MANAGEMENT ACTIVITIES DURING THE PERIOD AS SET OUT BELOW
RISK MANAGEMENT SYSTEM
The Aston Martin Lagonda Enterprise Risk Management  
Framework and System continues to be deployed across  
the Group. This was subject to an annual review and was 
subsequently presented to, and approved by, the Executive 
Committee and the Audit and Risk Committee. The Risk 
Management Committee continued to meet every two months 
throughout 2019.
RISK APPETITE
The Group’s risk appetite and tolerance levels were 
considered and approved by the Board and are reviewed 
annually. These are used to set tolerance limits and target 
risks for each of the principal risks and refine mitigation 
plans where appropriate.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
67

RISK AND VIABILITY REPORT CONTINUED
MANAGEMENT ACTIONS & DEEP DIVES
The Internal Audit and Risk Management team incorporates 
independent validation reviews of the principal risk 
mitigation plans within its annual Audit Plan, the purpose 
being to provide independent assurance to management,  
the Audit and Risk Committee and the Board on the 
effectiveness of management actions to mitigate risks. 
Our Internal Audit and Risk Management team works with 
functional “Risk Champions” to maintain formal “Risk on a 
Page” plans to clearly articulate the nature and extent of the 
principal risks and their associated mitigating actions. These 
are used to provide the Board and Audit and Risk Committee 
with management self-assessments on the effectiveness of 
risk mitigation plans and activities.
During 2019 the following key risk management activities 
have been undertaken:
•	Principal risk mitigation plan reviews:
•	Inadequate protection against cyber-attack resulting  
in potential loss of data.
•	Uncertainty surrounding Brexit.
•	Inability to deliver major programmes.
•	Potential disruption to the supply chain.
•	Liquidity.
•	Twice yearly formal validation and approval of corporate 
and functional risk registers.
•	Annual review of Enterprise Risk Management Framework 
and System.
•	Executive Committee review and agreement of the 
Group’s principal and emerging risks.
The following principal risk reviews have been included 
within the 2020 Internal Audit plan:
•	Brand/Reputational damage arising from poor quality,  
late delivery, product recall and ineffective brand 
positioning and awareness.
•	Failure to attract, develop and retain top talent.
•	Potential non-compliance with laws and regulations.
•	Inability to maintain favourable competitive positioning.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
68

ASSESSMENT OF PROSPECTS
The underperformance of the Group in 2019 resulted in severe liquidity pressures on the Group, prompting a detailed 
operational, financial and strategic review of the business. As announced on 31 January 2020, this resulted in the reset 
of the business plan (details of this are set out on pages 14 and 15) and plans to strengthen the balance sheet to improve 
liquidity and to reduce leverage, through the proposed placing to the Consortium led by Lawrence Stroll and underwritten 
rights issue to raise a combined £500m.
VIABILITY STATEMENT
The Directors have carried out a robust review of the 
principal risks of the Group, which are set out on pages 
55 to 66, identifying the nature and potential impact 
of those risks on the viability of the Group, together with 
the likelihood of them materialising. 
This analysis has then been used to carry out an assessment 
of the ability of the Group to continue in operation and meet 
its obligations. The assessment covers the five-year period 
from January 2020 to December 2024. This was considered 
appropriate by the Directors because it aligns with the reset 
of the business plan, the Group’s normal planning horizon 
and is indicative of the investment and development cycle 
of new products in the luxury car market. Inevitably,  
the degree of certainty decreases over this period. 
The assessment process consisted of stress testing 
the base case in the reset business plan for scenarios 
designed to reflect the potential impact of the principal 
risks materialising including the following: 
•	The impact of delays to the start of DBX sales. 
•	The impact of strengthening £:US$ exchange rates.
•	A severe but plausible reduction in sales volumes  
as a result of factors such as a material reduction in the 
size of the luxury market due to external factors (such 
as a decrease in demand from HNWIs, increased direct  
and indirect taxation and changes in consumer habits 
away from luxury vehicles or through supply delays  
either due to Brexit or supplier complications). 
•	A compound scenario aggregating the potential impact  
of all scenarios. 
VIABILITY STATEMENT
In the event of one or more risks occurring which has a 
particularly severe effect on the Group, the assessment that 
all appropriate actions would be taken in a timely manner 
by management to mitigate as far as possible the impact of 
the risks. Potential mitigating actions include constraining 
capital spend, seeking additional funding and/or a number  
of other adjustments to operations in the normal course  
of business. 
In all scenarios it is assumed that the Placing and Rights 
Issue will complete and also that any borrowings that mature 
in the review period (substantially in 2022) will be renewed 
or replaced with facilities of similar size. The projections 
show that, even in stressed conditions, the Group should be 
able to refinance these facilities on commercially acceptable 
terms, assuming that debt markets continue to operate  
as currently.
In addition, we have assumed that no additional legislative 
action will be taken that impacts the sale of our products 
within the viability statement timeframe.
As noted in the going concern statement on page 131, the 
placing and rights issue (the “Transaction“) are dependent  
upon shareholder approval. As at 26 February 2020, 
irrevocable support from the strategic investors prior to 
launch for the Transaction was below the 75% approval 
required. The Directors expect shareholders to approve the 
Transaction at a general meeting to be held on 16 March 2020.
The Directors have assessed the viability of the Group 
over the five-year period to 31 December 2024 and, based 
on this assessment and the assumptions stated above, the 
Directors have a reasonable expectation that the Group  
will be able to continue in operation and meet its liabilities 
as they fall due over the period to 31 December 2024.
RISK AND VIABILITY REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
69

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
70

CORPORATE 
GOVERNANCE
Board of Directors and Executive Committee
72
Chair’s Introduction to Governance 
76
Governance Report 
78
Nomination Committee Report 
86
Audit and Risk Committee Report 
88
Directors’ Remuneration Report 
96
Directors’ Report
108
Statement of Directors’ Responsibilities
115
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
71

PENNY HUGHES, CBE
CHAIR
Appointed to the Board with effect from 8 October 2018.
COMMITTEES
Nomination Committee (Chair)
OTHER SIGNIFICANT APPOINTMENTS
•	The Gym Group PLC (Chair)
•	iQSA (Chair)
PAST ROLES
•	The Royal Bank of Scotland PLC (non-executive  
director and chair of the remuneration committee  
and the sustainable banking committee)
•	Superdry PLC (non-executive director  
and chair of the remuneration committee)
•	Vodafone (non-executive director  
and chair of the remuneration committee)
•	Advertising Association (President)
•	Wm Morrison Supermarkets PLC (non-executive director)
•	Coca-Cola (various executive roles including President 
Coca-Cola Great Britain & Ireland)
RELEVANT EXPERIENCE
Ms Hughes has served on the boards of entities across 
consumer, media, technology and finance sectors. She 
has significant experience of large global organisations 
and smaller private and listed organisations, including 
newly-listed companies. During her non-executive career, 
she has chaired each of the principal board committees.
MARK WILSON
EVP AND CHIEF FINANCIAL OFFICER 
Joined the Group in 2015. Appointed to the Board  
with effect from 8 October 2018.
COMMITTEES
None
OTHER SIGNIFICANT APPOINTMENTS
None
PAST ROLES
•	G-Cube Underwriting (Chief Financial  
and Operating Officer)
•	McLaren Automotive (Finance Director)
•	Lotus Cars Ltd (Project Finance)
RELEVANT EXPERIENCE
Mr Wilson is a chartered management accountant and  
has a strong track record of senior automotive experience 
and financial management and control expertise.
RICHARD SOLOMONS
SENIOR INDEPENDENT DIRECTOR 
Appointed to the Board with effect from 8 October 2018.
COMMITTEES
Audit and Risk Committee (Chair)
Nomination Committee
Remuneration Committee
OTHER SIGNIFICANT APPOINTMENTS
•	Rentokill Initial plc (Chair)
•	Board of Governors of the University  
of Manchester (member)
•	Hotelbeds (non-executive director  
and chair of advisory committee)
PAST ROLES
•	InterContinental Hotels Group plc (executive  
positions including Chief Executive, Chief Financial 
Officer and various financial and operational roles)
•	Marks & Spencer plc (non-executive director)
RELEVANT EXPERIENCE
Mr Solomons is a qualified chartered accountant and has 
significant financial and operational experience in large 
global consumer-facing organisations which are UK-listed.
DR ANDY PALMER, CMG
PRESIDENT AND GROUP CHIEF EXECUTIVE OFFICER 
Joined the Group in 2014. Appointed to the Board  
on 7 September 2018.
COMMITTEES
None
OTHER SIGNIFICANT APPOINTMENTS
•	Ashok Leyland (non-executive director)
•	Pod Point Limited (board observer)
•	SBD Automotive Limited (non-executive director)
•	HM Group Captain, Royal Air Force
•	Professor at Warwick and Coventry Universities
PAST ROLES
•	Nissan Motor Co. (Co-Chief Operating Officer and  
Chief Planning Officer and member of the Nissan 
Executive Committee)
•	Austin Rover Group (Chief Engineer for Transmissions)
•	Automotive Products Limited (various roles,  
commencing with an apprenticeship at 16)
RELEVANT EXPERIENCE
Dr Palmer a Fellow of the Royal Academy of Engineering,  
a chartered manager and business leader with 40 years’ 
experience in the automotive industry. In 2012, he was 
recognised by Auto Express, the weekly UK motoring 
magazine, as the most senior Briton in the global automotive 
industry and again in 2018 as the most influential person in 
the automotive industry over the past 30 years.
BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE
BOARD OF DIRECTORS
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
72

IMELDA WALSH
INDEPENDENT NON-EXECUTIVE DIRECTOR 
Appointed to the Board with effect from 8 October 2018.
COMMITTEES
Remuneration Committee (Chair)
Audit and Risk Committee 
Nomination Committee
OTHER SIGNIFICANT APPOINTMENTS
•	Mitchells and Butlers plc (non-executive director  
and Chair of the remuneration committee)
PAST ROLES
•	FirstGroup plc (non-executive director  
and Chair of the remuneration committee)
•	William Hill plc (non-executive director  
and Chair of the remuneration committee)
•	Mothercare Plc (non-executive director  
and Chair of the remuneration committee)
•	J Sainsbury plc (Group HR Director and  
member of the operating Board)
•	HR leadership roles in Barclays, Coca Cola  
and Schweppes Beverages and Diageo 
RELEVANT EXPERIENCE
Ms Walsh has significant experience as an HR leader of 
large global organisations and also as a non-executive director 
chairing remuneration committees of UK-listed companies.
PETER ESPENHAHN
INDEPENDENT NON-EXECUTIVE DIRECTOR 
Appointed to the Board with effect from 8 October 2018.
COMMITTEES
Audit and Risk Committee
OTHER SIGNIFICANT APPOINTMENTS
None
PAST ROLES
•	Morgan Grenfell /Deutsche Bank (senior leadership roles)
•	Deloitte, Plender, Griffiths & Co (audit, tax and 
investigation roles)
•	Telspec plc (chair, formerly non-executive director)
RELEVANT EXPERIENCE
A chartered accountant, Mr Espenhahn started his career  
at Deloitte, Plender, Griffiths & Co before holding various 
senior corporate finance and investment banking roles at 
Morgan Grenfell/Deutsche Morgan Grenfell. He has a good 
understanding of the UK-listed company environment.
LORD MATTHEW CARRINGTON
INDEPENDENT NON-EXECUTIVE DIRECTOR 
Appointed to the Board with effect from 8 October 2018.
COMMITTEES
Remuneration Committee
OTHER SIGNIFICANT APPOINTMENTS
•	Arab British Chamber of Commerce  
(non-executive director)
•	CarringtonCrisp Ltd (non-executive director)
PAST ROLES
•	Saudi International Bank (senior management positions)
•	Outdoor Advertising Association (Executive Chairman)
•	Retail Motor Industry Federation (Chief Executive)
•	Gatehouse Bank plc (Chairman)
RELEVANT EXPERIENCE
Lord Carrington has extensive experience in international 
business and UK public service roles. He has a thorough 
understanding of the Middle East market and, as former 
Chief Executive of the Retail Motor Industry Federation,  
of the automotive industry.
PROFESSOR TENSIE WHELAN
INDEPENDENT NON-EXECUTIVE DIRECTOR 
Appointed to the Board with effect from 8 October 2018.
COMMITTEES
None 
OTHER SIGNIFICANT APPOINTMENTS
•	NYU Stern School of Business (Clinical Professor 
of Business and Society and Executive Director)
•	Inherent Group (Advisory Board member)
•	Arabesque Asset Management Ltd  
(Advisory Board member)
PAST ROLES
•	Rainforest Alliance (President)
•	Unilever Sustainable Sourcing Advisory Board (member)
•	New York League of Conservation Voters (Executive 
Director)
•	Globescan (independent director)
•	Odebrecht SA (Global Advisory Council member)
RELEVANT EXPERIENCE
Ms Whelan has significant experience as a leader  
in environmental and social stewardship, serving as 
Founding Director of the NYU Stern School of Business’s 
Center for Sustainable Business and having previously  
led the transformation of the Rainforest Alliance.
BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
73

DANTE RAZZANO
NON-EXECUTIVE DIRECTOR 
Joined the Group in 2013. Appointed to the Board  
on 7 September 2018.
COMMITTEES
Nomination Committee (member)
Remuneration Committee (observer)
OTHER SIGNIFICANT APPOINTMENTS
•	Investindustrial Group (Executive Vice Chairman)
•	Investindustrial Services SA (Director)
AMR ALI ABDALLAH 
ABOUELSEOUD
NON-EXECUTIVE DIRECTOR 
Joined the Group in 2007. Appointed to the Board  
on 7 September 2018.
COMMITTEES
Remuneration Committee
OTHER SIGNIFICANT APPOINTMENTS
•	Tejara Capital Limited
•	Tejara Capital International Bank
•	The Investment Dar 
•	Manazel Real Estate Developments Company
•	Credit Rating & Collection Company 
•	White Rose Automotive Limited
•	Primewagon (UK) Limited
•	Primewagon (Jersey) Limited
•	Grosvenor House Apartments Limited
•	Venus Limited (Jersey)
•	Venus Holdings Limited (Jersey)
PAST ROLES
•	Coopers & Lybrand 
•	Ernst & Young
RELEVANT EXPERIENCE
Mr AbouelSeoud, a certified public accountant, has over  
20 years of experience of the investment industry and a 
deep understanding of the Group and the luxury automotive 
industry, having served as a director of Group companies 
since 2007.
MAHMOUD SAMY MOHAMED 
ALY EL SAYED
NON-EXECUTIVE DIRECTOR 
Joined the Group in 2007. Appointed to the Board  
on 7 September 2018.
COMMITTEES
Audit and Risk Committee (observer)
Nomination Committee (member)
OTHER SIGNIFICANT APPOINTMENTS
•	Adeem Investment and Wealth Management Company 
(Chief Executive Officer and Vice Chair)
•	Asmar Limited
•	White Rose Automotive Limited
•	Manazel Development Company (Chair)
•	Grosvenor House Apartments Limited (Chair)
•	Wethaq Takaful Insurance Egypt (director)
PAST ROLES
•	EFAD Holding (Executive Vice-President of Investment 
and Risk Management)
•	PricewaterhouseCoopers (assurance services roles)
•	Aston Martin Mena Limited
RELEVANT EXPERIENCE
Mr Aly El Sayed is a certified risk analyst and a certified 
public accountant with significant financial experience  
in the Middle East. He has a deep understanding of the 
Group and the luxury automotive industry, having served  
as a director of Group companies since 2007.
BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE CONTINUED
PAST ROLES
•	Morgan Grenfell (director)
•	Citibank NA (Managing director  
and Senior Investment Officer)
•	Banca Popolare di Milano (Management Board)
•	Manufacturers Hanover Trust in New York  
(VP and Group Executive)
•	Ducati Motor Holding SpA
•	Permasteelisa SpA
RELEVANT EXPERIENCE
Mr Razzano has extensive investment banking experience 
and has served on the boards of companies in the 
automotive and engineering sectors. He has a deep 
understanding of the Group and the luxury automotive 
industry, having served as a director of Group companies 
since 2013.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
74

EXECUTIVE COMMITTEE
Charlotte Cowley
Director of Investor Relations
Peter Freedman
VP and Chief Marketing Officer
John Griffiths
VP and Chief Purchasing  
and Supply Chain Officer 
Andy Haslam
VP and Chief Sales Officer
Richard Humbert
VP and Chief Quality Officer
Stephanie Jackson
Director of Corporate Strategy 
Michael Kerr
VP and Chief HR Officer
David King
VP and Special Operations Officer  
and President AMR
Nick Lines
VP and Chief Technical Officer
Michael Marecki
VP and General Counsel
Marek Reichman
EVP and Chief Creative Officer
Nikki Rimmington
VP and Chief Planning Officer
Laura Schwab
Regional President  
of Aston Martin Americas
Keith Stanton
VP and Chief Manufacturing 
Operations Officer
Catherine 
Sukmonowski
Company Secretary and Director  
of Corporate Governance
BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE CONTINUED
OTHER BOARD CHANGES 
Following completion of the Placing, Lawrence Stroll  
will join the Board and become Executive Chairman.  
Perry Hughes will step down on 7 April 2020. Further 
biographical details for Mr Stroll will be provided 
in the Notice of Annual General Meeting.
Peter Rogers, CBE, Non-Executive Director, passed 
away February 2020.
Saoud Al Humaidhi, Non-Executive Director, stepped  
down 7 October 2019.
Najeeb Al Humaidhi, Non-Executive Director, stepped 
down 7 October 2019.
Mark Wilson will step down as Chief Financial Officer  
and as an Executive Director no later than 30 April 2020.
Richard Solomons, Imelda Walsh and Tensie Whelan  
have advised that they will not seek re-election at the 
Company’s forthcoming AGM.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
75

CHAIR’S INTRODUCTION TO GOVERNANCE
DEAR SHAREHOLDER
As I have explained in more detail in my Chair letter,  
this has been a very difficult year for Aston Martin 
Lagonda. The difficult trading performance in 2019 
resulted in severe pressure on liquidity which has left 
the Company with no alternative but to seek substantial 
additional equity financing. Without this the balance sheet 
is not robust enough to support the operations of the Group. 
As we announced on 31 January 2020, despite recent weak 
trading, the strength of the Aston Martin brand and our 
expanding portfolio of cars has allowed us to attract a 
strong new partner in the consortium led by Lawrence 
Stroll to support the turnaround of the business, with 
plans to conduct a placing of new shares to the 
consortium and an underwritten rights issue. 
This has been a particularly demanding time for the Board. 
Initially, with significant energy to develop ways of working 
as a new Board and to establishing appropriate routines  
to meet public company good governance requirements,  
to increasing oversight of the Company’s performance as  
it weakened during the year and culminating in the reset to 
the business plan and proposed capital raise. Following the 
Company’s unscheduled trading update in July an intense 
period ensued which challenged the Board to agree to new 
sources of liquidity, a reset business plan, the quantum of 
capital required and to conduct a process around potential 
routes to achieve this, including dialogue with potential 
strategic investors at a time of extreme pressure on liquidity. 
This work was supported by expert external advice including 
in relation to legal and financial matters and longer-term 
strategic options. The Board met 20 times during the  
period from August to our announcement on 31 January. 
The outcome had unanimous Board support and I am very 
appreciative of the efforts of Board members in achieving 
this. More detail of the work of the Board during the year  
is set out in this Report.
During this period, we have been very mindful of our 
stakeholders particularly our employees and the impact  
of events on them. Employee engagement has been led at 
Board level by Imelda Walsh, Remuneration Committee 
Chair, who took on the role of ‘designated NED’ with 
the responsibility to directly engage with the Company’s 
workforce. During the year, Imelda attended the Company’s 
Employee Engagement Group (“EEG”) to understand the 
views and concerns of the workforce which were reported 
to the Board along with management plans to address these. 
CHAIR’S INTRODUCTION  
TO GOVERNANCE
PENNY HUGHES, CBE
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
76

The EVP and Chief Financial Officer also had a number of 
discussions with the Pension Scheme Trustees as well as 
significant engagement by me, the Executive Directors and 
Director of Investor Relations with investors as set out later 
in this Report. Information on our engagement with other 
key stakeholders is set out on page 32.
The Company committed to becoming fully compliant  
with the UK Corporate Governance Code (“Code”) within 
12 months of the IPO. Consequently, it was announced  
on 8 October 2019 that two non-independent Non-Executive 
Directors, Najeeb Al Humaidhi and Saoud Al Humaidhi, 
had stepped down as directors, and that the non-independent 
Non-Executive Directors on the Remuneration and Audit 
and Risk Committees had become observers on those 
Committees. The Committees became Code compliant 
as a result. Further to the commitment to appoint one 
additional independent Non-Executive Director to achieve 
Board Code compliance, the recruitment process was well 
underway at the start of the year but became protracted due 
to the inability to achieve unanimity and then was paused  
in view of the strategic, operational and financial review of 
the business. Consequently, the Company had not achieved 
Code compliance in relation to its Board composition 
through this process. Further information on this is in the 
Nomination Committee Report on page 86.
Following discussions and by mutual agreement Mark 
Wilson will step down as Chief Financial Officer and  
as an Executive Director of the Company no later than  
30 April 2020. He will remain available to the Company to 
assist with transition in the period through to 30 June 2020.  
I would like to note the sad passing in early 2020 of Peter 
Rogers who joined the Board on IPO representing the 
Prestige Shareholder Group as a Non-Executive Director. 
We will remember Peter’s contribution to the Board and 
miss his strong character and kindness of spirit. This vacancy 
makes our Board Code compliant currently, but the Board 
will not be compliant following the placing due to the rights 
of significant shareholders as set out below. 
CHAIR’S INTRODUCTION TO GOVERNANCE
Following the completion of the Placing, Lawrence Stroll, 
who is not regarded as independent for the purposes of 
the Code, will join the Board and become Executive Chair  
and I will step down as a Director on 7 April. The three 
Significant Shareholder Groups of the Company will be 
the Stroll Consortium, Prestige/SEIG and Adeem/PW, and 
each will be entitled under New Relationship Agreements 
to have representative Board appointments at a revised 
lower shareholding following the capital raise. The full 
details are explained in the Governance Report on page 80. 
Due to the Board appointment rights, each of Richard Solomons 
and Imelda Walsh have advised that they will not seek 
re-election at the forthcoming AGM. Tensie Whelan has also 
advised she will not stand for re-election. These directors will 
work to support the transition to Lawrence Stroll as Executive 
Chairman during their period of notice. Non-compliance 
has only been accepted in order to support the capital raise 
and it is understood significant focus and effort will need  
to be applied to Board composition. 
Whilst the results of the past year are not satisfactory, the Board 
believes that the actions put in place will allow the Company 
to implement and deliver on the reset to its plan.
PENNY HUGHES, CBE
CHAIR
26 FEBRUARY 2020
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
77

BOARD GOVERNANCE
GOVERNANCE REPORT
OVERVIEW
This Report sets out the Board’s corporate governance 
structures and work from 1 January 2019 to 31 December 
2019. Together with The Directors’ Remuneration Report  
on pages 96 to 107, it includes details of how the Company 
has applied and complied with the principles and provisions 
of the 2018 UK Corporate Governance Code (the “Code”). 
The Code is published by the Financial Reporting Council 
and further information can be found on its website,  
www.frc.org.uk. The Code is supported by the FRC’s 
Guidance on Board Effectiveness, which the Board uses to 
support its approach to governance and decision making.
COMPLIANCE WITH THE UK CORPORATE 
GOVERNANCE CODE
The Code requires companies to describe in the Annual 
Report how they have applied the main principles of the 
Code and also any areas where companies do not comply 
with the Code provisions. The Directors consider that the 
Company has been compliant with the Code provisions  
as applied during the year ended 31 December 2019,  
other than the exceptions as set out below: 
•	Code provision 11 recommends that at least half the 
board of Directors of a UK-listed company (excluding 
the Chair) should comprise ‘independent’ non-executive 
directors, being individuals determined by the Board to 
be independent in character and judgement and free from 
relationships or circumstances which may affect, or could 
appear to affect, the Director’s judgement. As set out in 
the 2018 Annual Report, in order to comply with Code 
requirements, the Board agreed that two non-independent 
Non-Executive Directors would step down by the first 
anniversary of Admission (8 October 2019) and that one 
additional independent Non-Executive Director would  
be appointed to the Board. Two non-independent 
Non-Executive Directors Najeeb Al Humaidhi and Saoud 
Al Humaidhi stepped down as directors on 7 October 2019. 
The composition of the Board reflects the rights of the 
Significant Shareholders under their respective Current 
Relationship Agreements (see page 112). Further to the 
commitment to appoint one additional independent 
Non-Executive Director, the recruitment process was well 
underway but protracted due to the inability to achieve 
unanimity and then paused in view of the Company’s 
operational and financial review of the business. Further 
information is in the Nomination Committee report on 
page 86. Consequently, the Company had not complied 
with Code provision 11 by the end of the year because 
only five of the eleven Directors (excluding for these 
purposes the Chair) were regarded by the Board to be 
independent for the purposes of the Code. The Board 
regards the Chair Penny Hughes to be independent on 
appointment, and Richard Solomons, Imelda Walsh,  
Peter Espenhahn, Lord Matthew Carrington and Tensie 
Whelan to be independent for the purposes of the 
Code. Amr Ali Abdallah AbouelSeoud, Mahmoud Samy 
Mohamed Aly El Sayed, Dante Razzano and Peter Rogers, 
as representative Directors nominated by the Significant 
Shareholders, are not regarded as independent for the 
purposes of the Code. As noted, with Peter Roger’s 
passing in early 2020, the Board is currently Code 
compliant, but Significant Shareholders will have the right 
to appoint further representative Directors on completion 
of the Placing and/or Rights Issue who will not be 
considered independent for Code purposes.
•	Code provisions 24 and 32 recommend that the Audit  
and Risk Committee and Remuneration Committee 
respectively, be comprised solely of independent  
Non-Executive Directors (excluding the Chair). The 
Company has complied with these Code provisions from 
7 October 2019 when Amr Ali Abdallah AbouelSeoud 
and Dante Razzano stepped down from the Remuneration 
Committee and Peter Rogers and Mahmoud Samy 
Mohamed Aly El Sayed stepped down from the Audit  
and Risk Committee. These individuals are permitted  
to attend those relevant Committees as observers without 
voting rights.
OUR BOARD
At the date of this Report our Board comprises 11 members: 
the Chair, the President and Group Chief Executive Officer, 
the EVP and Chief Financial Officer and eight Non-Executive 
Directors, of whom five are considered independent for the 
purposes of the Code. The names of the Directors and their 
biographies are set out on page 72.
The Directors are appointed by the Board and are subject  
to annual re-election by shareholders. The two Significant 
Shareholder Groups have nominated Directors who have 
been appointed to the Board; further details of these 
arrangements are set out on page 112 and under 
‘Transactions with related parties’ on page 113.
The Board is satisfied that there is a sufficient balance 
between Executive and Non-Executive Directors on the 
Board to ensure that no one individual has unfettered 
decision making powers and that Directors are able to 
discharge their duties and responsibilities. 
It is the responsibility of the Board to establish the 
Company’s purpose and to satisfy itself that the Company’s 
purpose, values and strategy are aligned with its culture.  
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
78

The Board’s role is also to support management in 
the Group’s strategic aims in the best interests of our 
shareholders and wider stakeholders. It leads and 
provides direction in the setting of strategy and overseeing 
its implementation by management. This has included the 
Second Century Plan adopted by the Company on IPO 
and, with the underperformance of the Company against 
its original plans and pressure on liquidity leading to an 
operational and financial review of the business, the recent 
reset of the business plan. The Board also monitors the 
Group’s operations within an agreed framework of controls, 
allowing risk to be assessed and managed within agreed 
parameters. This is discussed further in the Risk and  
Viability Report. 
The Board has established Terms of Reference that 
sets out the matters that it must approve and the 
specific responsibilities that it has delegated to its 
principal committees: The Audit and Risk Committee, 
Remuneration Committee and Nomination Committee. 
Each of the Committees’ roles and responsibilities are set 
out in formal terms of reference, which are determined 
by the Board. These are available for review on the 
Company’s website at www.astonmartinlagonda.com. 
Reports from each of these Committees are provided on 
the following pages. 
All Board and Committee meetings are minuted and formally 
approved at the next meeting. Board minutes contain details 
of the Directors’ decision-making processes and any follow 
up actions or concerns raised by the Directors.
The Board’s terms of reference state that it must consider 
and approve the following: 
•	the Group’s strategic aims, objectives and 
commercial strategy;
•	review of performance relative to the Group’s 
business plans and budgets;
•	major changes to the Group’s corporate structure, 
including acquisitions and disposals;
•	financial statements and the Group dividend policy 
including any recommendation of a final dividend;
•	major changes to the capital structure including tax  
and treasury management;
•	major changes to accounting policies or practices;
•	the system of internal control and risk  
management policy;
•	the Group’s risk appetite; and 
•	the Group’s corporate governance and  
compliance arrangements.
The specific activities undertaken by the Board during  
the year are set out below.
The senior management team is responsible for executing 
the strategy approved by the Board.
CHAIR AND PRESIDENT AND  
GROUP CHIEF EXECUTIVE OFFICER
There is a clear separation of responsibilities between the 
Chair and the President and Group Chief Executive Officer. 
The Chair, Penny Hughes, is responsible for leading and 
managing the business of the Board and ensuring its overall 
effectiveness, governance and director succession planning. 
She also ensures the effective communication between  
the Board, management, shareholders and the Group’s 
wider stakeholders. The Chair works collaboratively with  
the President and Group Chief Executive Officer, Andy 
Palmer, in setting the Board agenda and ensuring that any 
actions agreed by the Board are effectively implemented. 
The President and Group Chief Executive Officer is 
responsible for proposing and delivering the agreed strategy 
and for the operational and strategic management of the 
Group. He is also responsible for supporting Directors’ 
induction into the business by providing the necessary 
resources for developing and updating their knowledge  
and capabilities concerning the Company, including access 
to Company operations and members of the workforce.
EVP AND CHIEF FINANCIAL OFFICER
The EVP and Chief Financial Officer, Mark Wilson, is a 
member of the executive management team reporting to  
the President and Group Chief Executive Officer. His role is 
to lead the financial management, risk and internal control 
teams and to oversee the Group’s relationship with the 
investment community.
SENIOR INDEPENDENT DIRECTOR (“SID”)
Richard Solomons is the Senior Independent Director.  
The SID supports the Chair in her role and leads the 
Non-Executive Directors in the oversight of the Chair.  
The SID is also available as an additional point of contact 
for shareholders. 
NON-EXECUTIVE DIRECTORS
The Non-Executive Directors provide constructive 
challenge, strategic guidance, offer specialist advice and 
hold management to account. They monitor the performance  
and delivery of the strategy within the risk parameters and 
control framework set by the Board. The Non-Executive 
Directors have met on a number of occasions without the 
Executives being present.
GOVERNANCE REPORT
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
79

THE COMPANY SECRETARY
The Company Secretary, Catherine Sukmonowski, acts  
as secretary to the Board and each of the Committees.  
She is responsible for supporting the Chair and the Board  
in delivering the Group’s corporate governance agenda.
RELATIONSHIP AGREEMENTS
As set out in the 2018 Annual Report, the Company 
currently has two groups of Significant Shareholders 
namely, the Adeem/PW Significant Shareholder Group 
and the Prestige Significant Shareholder Group. The 
relationship between the Company and each of these 
Significant Shareholder Groups is governed by two 
separate Relationship Agreements (the “Current 
Relationship Agreements”), each executed on IPO. 
The purpose of these Current Relationship Agreements 
is to ensure that the Company can carry on its business 
independently and for the benefit of shareholders as 
a whole. 
The Current Relationship Agreements also provide that 
the Company will not take any action in relation to certain 
significant matters without the prior approval of at least 
two-thirds of members of the Board present and entitled  
to vote. The Current Relationship Agreements will terminate 
upon the relevant Significant Shareholder Group ceasing  
to have the entitlement to exercise 7% or more of the voting 
rights in the Company or the Company’s shares ceasing  
to be admitted to the Official List of the Financial Conduct 
Authority and traded on the Main Market for listed securities 
of the London Stock Exchange.
Each of the Current Relationship Agreements provides that 
each Significant Shareholder Group is entitled to nominate 
director(s) to the Board and the Nomination Committee  
and an observer to the Remuneration and Audit and Risk 
Committees subject to the size of its interest in the voting 
rights of the Company and the time elapsed since Admission. 
Further information on the Current Relationship Agreements 
is set out in the Directors’ Report page 112.
On completion of the Placing, the three Significant 
Shareholder Groups of the Company will be the Stroll 
Consortium, Prestige/SEIG and Adeem/PW, and each will 
be party to New Relationship Agreements with the Company. 
Adeem/PW have indicated that they intend on taking up a 
lower level than their irrevocable commitment to take up 
at least 50% of their rights as announced on 31 January.  
The Consortium has therefore agreed to buy the Adeem/PW 
remaining rights in full. This will result in Adeem/PW holding 
less than 20% of the issued share capital of the Company 
following the capital raise. 
In order to ensure the timely execution of the Capital 
Raise, the Board has consequently agreed to Adeem/PW’s 
requirement that the Board appointment rights contained 
in the New Relationship Agreements should be amended to 
reduce the threshold at which each Significant Shareholder 
Group will have the right to appoint two directors to the 
Board, to the lowest percentage holding of the three Significant 
Shareholder Groups upon completion of the Rights Issue, but 
in all cases not below 17.5%. The right to appoint one director 
will continue to be for so long as a Group’s holding of voting 
rights in the Company is equal to or exceeds 7%. 
The Current Relationship Agreements remain in effect until 
then. Further information on the New Relationship Agreements 
is set out in the Prospectus.
BOARD ACTIVITIES 
BOARD MEETINGS
The Board has been very busy during 2019 and early 2020 
having met as a Board for 8 scheduled meetings and an 
additional 25 unscheduled Board and Board Committee 
meetings up to the date of this Report. As set out in the 
introduction, this reflected additional oversight and support 
of management as the Company experienced challenging 
trading conditions placing a stress on liquidity and prompting 
the operational and financial review of the business.  
Board focus was on the following key areas/activities. 
•	Regular product updates particularly DBX unveiling 
activities, Valkyrie progress and Vantage plans. Deep 
dive reviews on key areas of the business including 
quality, supply chain, sales, marketing and dealerships 
and other areas. A number of discussions took place on 
the impacts and Company preparedness for Brexit.
•	Board visits to the Company’s Milton Keynes design studio 
and centre for Red Bull joint projects as well as a two day 
strategy session in St Athan, the DBX production facility. 
•	Consideration and approval of financial statements, 
announcements and other financial reporting matters 
including the approval of the quarterly financial results, 
annual report planning and approval of the annual report 
and preliminary results announcement.
•	Investor relations engagement including regular updates 
by the Director of Investor Relations on investor feedback, 
market reaction to announcements and reports from 
brokers and analysts.
•	Regular updates on the performance of the business, 
performance issues and transformation plans including  
to reduce costs and improve efficiency and impacts  
on the workforce and culture of the Company and plans 
for workforce engagement. 
GOVERNANCE REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
80

•	Consideration of arrangements for the AGM, including  
the Notice of AGM.
•	Consideration of the Partial Offer for 3% of the issued 
share capital of the Company made by offeror Strategic 
European Investment Group S.a.r.l. 
•	Other regular corporate governance and regulatory updates.
•	Following from ongoing review of the liquidity and viability 
of the Company, securing the US$190m private placement 
in H1 and US$150m senior secured notes in H2.
•	A comprehensive review of the Company’s strategy and 
business plan including independent review by external 
advisors on the strategic, financial and legal aspects  
of the Plan.
•	Review and agreement of Chair and Non-Executive 
Director fees on the recommendation of the Remuneration 
Committee, given the performance of the Company.
•	A review of the potential strategic investment options 
alongside liquidity and capital raise options, culminating 
in the approval of the proposed Stroll Consortium Placing 
and underwritten Rights Issue to raise a total £500m. 
In addition to the above the Board considered the requirements 
under the 2018 Corporate Governance Code including a 
gap analysis and the adoption of an action plan to enhance 
compliance. The focus was on identifying the activities taking 
place within the Company including those persons who are 
responsible for these activities and to consider how these 
matters are brought to, and considered by, the Board and 
improvements which could be make. Particular actions 
included the appointment of Imelda Walsh, Remuneration 
Chair, who took on the role of ‘designated NED’ with the 
responsibility to directly engage with the Company’s workforce 
and recommended actions to improve Board ways of working.
During this period, the Board has been very mindful of  
our stakeholders particularly the possible impacts of events 
on them. In particular the Board has in its deliberations 
taken into account possible impacts on our workforce, 
investors, pension scheme, customers, suppliers, dealers, 
business partners and creditors, among others. More 
information on our key stakeholders and engagement  
with them is set out below and on page 32. 
The scheduled Board and Committee meetings have 
standing agenda items which ensures that all aspects  
of the business and regulatory requirements are given 
due consideration as appropriate.
The table below sets out the Directors’ attendance at 
regularly scheduled Board and Committee meetings during 
the period from 1 January 2019 to 31 December 2019.  
In the case of any absences the relevant director ensured 
that their views were communicated to the Chair or another 
director, prior to the meeting. 
GOVERNANCE REPORT CONTINUED
Director
Board
Audit and risk
Nomination
Remuneration
Penny Hughes (Chair)
7/7
n/a
2/2
n/a
Dr. Andy Palmer (President and Group CEO)
7/7
n/a
n/a
n/a
Mark Wilson (EVP and CFO)
7/7
n/a
n/a
n/a
Richard Solomons (Chair, Audit and Risk Committee, SID)
7/7
6/6
2/2
5/5
Amr Ali Abdallah AbouelSeoud3
7/7
n/a
n/a
5/5
Najeeb Al Humaidhi2
2/5
n/a
n/a
n/a
Saoud Al Humaidhi2
4/5
n/a
1/1
n/a
Lord Matthew Carrington
7/7
n/a
n/a
5/5
Mahmoud Samy Mohamed Aly El Sayed1,4
7/7
5/6
1/1
n/a
Peter Ian Espenhahn
7/7
6/6
n/a
n/a
Dante Razzano3
7/7
n/a
2/2
4/5
Peter Rogers1, 5
6/7
6/6
n/a
n/a
Imelda Walsh (Chair, Remuneration Committee)
7/7
6/6
2/2
5/5
Professor Tensie Whelan
6/7
n/a
n/a
n/a
1.	For the period to 7 October 2019 when both directors ceased to be members of the Audit and Risk Committee.  
From this date, they have served as observers on the Audit and Risk Committee with no voting rights.
2.	Ceased to be directors of the Company on 7 October 2019.
3.	For the period to 7 October 2019 when both directors ceased to be members of the Remuneration Committee.  
From this date, they have served as observers on the Remuneration Committee with no voting rights.
4.	Joined the Nomination Committee on 8 October 2019.
5.	Absence due to illness
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
81

INFORMATION FLOW, INDUCTION  
AND PROFESSIONAL DEVELOPMENT
The Chair works closely with the Company Secretary to plan 
and schedule Board and Committee meetings. A key area of 
focus continues to be enhancing the Board and Committee 
agendas and work plans to ensure that financial, regulatory 
and governance requirements are met throughout the year 
as well as providing sufficient time to focus on strategy  
and key areas of the business.
In addition, the Chair and the Company Secretary work to 
ensure that information is made available to Board members 
on a timely basis and is of a quality appropriate to enable 
the Board to effectively carry out its duties. The Chair and 
the Committee Chairs continued to work with management 
to improve the approach to agendas and papers, and to 
discuss the information which would be most useful for the 
Board to receive including between formal meetings.
An agenda and accompanying pack of detailed papers are 
circulated to the Board in advance of each Board meeting. 
Currently these include reports from the Executive Directors, 
other members of senior management and external advisers. 
Members of senior management may be invited to present 
relevant matters to the Board. All Directors are able to 
request additional information on any of the items to be 
discussed. The Board and the members and observers of 
the Audit and Risk Committee also receive further regular 
and specific reports from the internal auditors to allow 
the monitoring of the adequacy of the Group’s systems 
of internal controls and reports from the external auditors. 
Tailored induction programmes were put in place for the 
Chair and Non-Executive Directors as required which 
included visits to each of the main operational locations, 
meetings with senior management and information about 
the key areas of the business. 
The Board and Committee standing agenda items include 
the briefing of Directors on a wide range of topics which 
include corporate governance and regulatory requirements. 
Additionally, Directors have access to the advice and 
services of the Company Secretary and independent and 
professional advice at the Company’s expense should they 
determine that this is necessary to discharge their duties.  
As was appropriate, the Directors were advised on their 
duties in respect of the debt and capital raise activities, 
strategic investment and the partial offer that took place 
earlier in the year.
APPOINTMENT AND ELECTION OF DIRECTORS
All of the Directors have service agreements or letters of 
appointment and the details of their terms are as set out  
in the Directors’ Remuneration Report. The Chair and 
Non-Executive Directors are expected to devote necessary 
time to perform their duties properly. This is expected to be 
approximately 60 days each year for the Chair and 30 days 
each year for the Non-Executive Directors. The Chair and 
Senior Independent Director may be required to spend 
additional time over and above this to carry out their 
extra responsibilities. As discussed in relation to Board 
attendance, Directors devoted significantly more time  
to Board matters during the year. 
The Board considers all Directors to be effective and 
committed to their roles and to have sufficient time to 
perform their duties. As stated, following the Placing, 
Lawrence Stroll will join the Board and become Executive 
Chairman and Penny Hughes has confirmed her intention  
to step down as a Director on 7 April 2020. As noted, by 
mutual agreement Mark Wilson will step down as Chief 
Financial Officer and each of Richard Solomons, Imelda 
Walsh and Tensie Whelan have advised that they will not 
seek re-election at the Company’s Annual General Meeting 
(“AGM”). Consequently, Lawrence Stroll will be offering 
himself for election and all remaining members of the 
Board (excluding those individuals noted) will be offering 
themselves for re-election at Company’s Annual General 
Meeting (“AGM”).
The service agreements and letters of appointment are 
available for inspection at the Company’s registered office 
during normal business hours. No other contract with the 
Company or any subsidiary undertaking of the Company  
in which any Director was materially interested existed 
during or at the end of the financial year other than 
the Current Relationship Agreements with Adeem/PW 
Significant Shareholder Group and the Prestige/SEIG 
Significant Shareholder Group as set out on page 112.
BOARD EVALUATION AND EFFECTIVENESS
A formal Board effectiveness review had been prepared by 
the Company Secretary and planned to take place before  
the year-end. However, given the significant matters 
before the Board and the priority to resolve the Company’s 
performance issues and liquidity position, it became evident 
that it was more appropriate to adopt an ongoing dialogue 
on Board effectiveness. Consequently, there was regular 
GOVERNANCE REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
82

dialogue concerning the difficulties experienced by 
the business and the appropriate Board response, 
including meeting formally on two occasions with only 
the Non-Executive Directors present and on three occasions 
with only the independent Non-Executive Directors present. 
The Senior Independent Director also maintained a dialogue 
with the independent Non-Executive Directors including  
in relation to the Chair’s performance. The Board as a whole 
provided extensive feedback to the Executives on quality 
and transparency of reporting and discussed at length the 
importance of transparency in Board dialogue and robust 
processes. Progress on these matters was acknowledged  
and further areas for improvement noted.
EXTERNAL DIRECTORSHIPS
It is recognised that Non-Executive Directorships can 
provide a further level of experience for executives that 
can benefit the Company. As such, Executive Directors may 
usually take up one Non-Executive Directorship (broadly 
equivalent in terms of time commitment to a FTSE 350 
Non-Executive Directorship role) subject to the Board’s 
approval as long as there is no conflict of interest.
The Board continues to keep under review its approval of 
the President and Group Chief Executive Officer’s existing 
external Non-Executive Directorships of Ashok Leyland 
Limited and SBD Automotive Limited and his role as a 
Board observer of Podpoint Limited. While the President 
and Group Chief Executive Officer has three appointments, 
the Board is comfortable that the aggregate time 
commitment required for these appointments is in line with 
the Company’s policy (see page 105). In addition,  
the Board is satisfied that there are no conflict of interests. 
Details of the Directors’ other directorships can be found  
in their biographies from page 72.
BOARD SUCCESSION AND DIVERSITY 
Board succession planning is focused on ensuring the  
right mix of skills and experience on the Board. All new 
appointments are based on merit, keeping in mind that to 
deliver our strategy we need a Board which is diverse and 
inclusive. Consequently, we believe in the importance of 
diverse Board membership, including in relation to, gender, 
social and ethnic backgrounds, cognitive and personal 
strengths, tenure and relevant experience.
The Company has Significant Shareholder Groups with 
rights to nominate representative directors to the Board 
under their respective Relationship Agreements with the 
Company, as set out on page 112. 
In formulating the Board Diversity Policy which was 
adopted during the year, the Board recognised the Lord 
Davies Report and the Hampton-Alexander Review target 
for women to represent 33% of Boards by 2020 whilst also 
being cognisant of the Company’s Relationship Agreements 
with its Significant Shareholder Groups. Accordingly, the 
Board has agreed that it intends to maintain a balance so 
that, as a minimum, one third of the total Executive and 
independent Non-Executive Directors (including the Chair), 
are women provided that this is consistent with the prevailing 
skills and diversity requirements of the Company as and 
when seeking to appoint a new Director to the Board. 
Under the Board Diversity Policy, three out of 8 Board 
members are women comprising 37.5% of the Board.
We recognise that there will be periods of change on the 
Board and that this number may be smaller for periods 
of time while the Board is refreshed, however, it is our  
longer-term intention to at least maintain this balance. 
DIRECTORS’ CONFLICTS OF INTEREST
Directors have a statutory duty to avoid situations in 
which they may have interests that conflict with those of the 
Company unless that conflict is first authorised by the Board. 
As permitted under the Companies Act 2006, the Company’s 
Articles of Association allow Directors to authorise conflicts 
of interest and, in accordance with its terms of reference,  
the Board has established a policy and set of procedures  
for managing and, where appropriate, authorising actual  
or potential conflicts of interest. This is monitored by the 
Nomination Committee.
Prior to approval of this Report, the Committee has reviewed 
all situational conflicts that it has authorised and concluded 
that the potential conflicts had been appropriately authorised, 
no circumstances existed which would necessitate that 
any prior authorisation be revoked or amended, and the 
authorisation process continued to operate effectively. 
GOVERNANCE REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
83

RELATIONSHIP WITH SHAREHOLDERS,  
EMPLOYEES AND OTHER STAKEHOLDERS 
The Board is committed to maintaining good 
communications with existing and potential shareholders. 
The President and Group Chief Executive Officer and the 
EVP and Chief Financial Officer met with a large number 
of shareholders during the year in person or by telephone 
after each announcement relating to the Company’s 
financial performance. The Chair has engaged with 
institutional shareholders to discuss the Company’s 
performance and Board governance matters and 
communicated their views to the Board. The Chair and 
the Chair of the Remuneration Committee also had an 
extensive dialogue with investors on remuneration issues 
ahead of finalising the Directors’ Remuneration Policy 
approved at last year’s AGM. The Board will have an 
opportunity to engage with its wider shareholders at 
the upcoming AGM.
In relation to investor relations activity, a combination  
of the President and Group Chief Executive Officer, the 
EVP and Chief Financial Officer and the Investor Relations 
team held over 450 meetings with 363 individual investors 
and analysts during the year. About 40% of the meetings 
included the executive management team. The Director of 
Investor Relations was a regular Board attendee to provide 
feedback from these meetings and updates on other 
market matters. Topics discussed included medium-term 
strategy, with the DBX a key area of focus; short-term 
business performance including volumes, product and 
regional trends; cash generation and liquidity; and Brexit 
preparedness. In addition to the ongoing investor relations 
meeting schedule and conference attendances, the 
Company welcomed a number of investors and analysts  
to the Aston Martin Lagonda stand at the Geneva Motor 
Show in March, hosted an investor day at St Athan in June 
and at the official St Athan site opening in December 2019. 
The management team also hosted webcasts for all reported 
results and market updates to take questions from investors 
and analysts to ensure an open dialogue with the market. 
Presentations given to analysts and investors covering 
the Group’s annual and interim results, along with all 
results and other regulatory announcements as well 
as further information for investors, are included 
on the investor relations section of our website at  
www.astonmartinlagonda.com. 
As part of the Board’s work to better understand the views  
of all stakeholders, Imelda Walsh, the Remuneration 
Committee Chair, took on the role of ‘designated NED’  
in FY 2019, with the responsibility to directly engage with 
the Company’s workforce. During the year Imelda attended 
the Company’s Employee Engagement Group (“EEG”) and 
listened to views raised by the workforce and the Company’s 
responses and reported on this to the Board. The EEG  
is well established at the Company, with elected members 
representing the Company’s major job families, and openly 
bringing forward comments and views from their respective 
populations. The designated NED role will evolve in 
2020, and as well as attending two EEG meetings during 
the year, the aim will be to also hold a number of less 
formal meetings with workforce representatives. This 
approach will give the workforce direct access to the 
Board (excluding the Executives) and the opportunity to 
speak up and share their ideas, views and concerns. The 
Board is keen to establish a constructive two-way dialogue 
with our workforce, to enable us to better reflect their 
interests in future Company and strategic decisions, and 
to help ensure that the Company is a great place to work.
During this difficult period for the Company, in addition  
to engagement with the workforce, the Chair, Committee 
Chairs and Executive Directors have also engaged other key 
stakeholders including close engagement with the Pension 
Trustees. The Board recognises that the Aston Martin 
Lagonda Pension Scheme is an important creditor of the 
business and is grateful for the constructive dialogue during 
2019 and into 2020. The Board included these matters  
in its deliberations as appropriate. Further information  
on our engagement with other stakeholders, is set out  
on page 32.
WHISTLEBLOWING 
There is an appropriate mechanism for employees and 
contractors to report any concerns regarding suspected 
wrongdoing or misconduct. The ‘Confidential Reporting 
and Whistleblowing’ policy is made available to all 
employees and contractors on joining the business and 
is published on the Group intranet together with annual 
mandatory training. Whistleblowing reports are investigated 
by the Internal Audit and Risk Management team with 
significant findings reported to the Audit and Risk 
Committee and Board. Further information on this 
is in the Audit and Risk Committee Report.
GOVERNANCE REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
84

ANNUAL GENERAL MEETING
All shareholders may ask questions by contacting us and  
we also encourage them to attend our AGM where they 
will have the opportunity to interact with Board members 
and ask questions. 
The Notice convening the 2020 AGM will be made available 
to shareholders in advance of the meeting. This will provide 
shareholders with the appropriate time, as set out in the FRC’s 
Guidance on Board Effectiveness, to consider matters. 
Separate resolutions will be proposed on each substantially 
separate matter. The results of the proxy votes on each 
resolution will be collated independently by the Company’s 
registrar and will be published on the Company’s website 
after the meeting.
FAIR, BALANCED AND UNDERSTANDABLE 
The Annual Report and Accounts is required, as a whole,  
to be “fair, balanced and understandable” and to provide 
the information necessary for shareholders to assess the 
Group’s position and performance, business model and 
strategy. The Audit and Risk Committee considered, on 
behalf of the Board, whether the “fair, balanced and 
understandable” statement could properly be given on 
behalf of the directors. The Committee considered the 
associated assurance processes (as set out on page 95) and, 
provided a recommendation to the Board that the fair, 
balanced and understandable statement could be given  
on behalf of the Directors. Based on this recommendation, 
our Board is satisfied that it has met this obligation. 
A summary of the Directors’ responsibilities in relation to 
the Financial Statements is set out on page 115. The report 
of the external auditors on page 117 includes a statement 
concerning their reporting responsibilities.
GOVERNANCE REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
85

NOMINATION COMMITTEE REPORT
PENNY HUGHES, CBE
CHAIR, NOMINATION COMMITTEE
DEAR SHAREHOLDER
As Nomination Committee Chair, I am pleased to present the 
Committee’s Report for the year ended 31 December 2019. 
ROLES AND RESPONSIBILITIES
The role of the Committee is to establish formal, rigorous 
and transparent procedures for the appointment of Directors 
to the Board and senior executive officers of the Company. 
In addition, it is responsible for reviewing the succession 
plans for the Executive and Non-Executive Directors. 
This involves:
•	the regular review of the structure, size and composition 
of the Board to ensure it has the proper balance of skills, 
experience, independence, and diversity;
•	succession planning for Directors and senior executives, 
including oversight of the development of a diverse 
pipeline for succession, with a view to addressing the 
leadership needs of the Company to ensure that it can 
continue to compete effectively in the market place;
•	identifying and nominating candidates to fill Board 
vacancies including managing the search process; and
•	keeping under review potential conflicts of interests of 
Directors disclosed to the Company and developing 
appropriate processes for managing such conflicts  
where necessary.
The Committee meets at least twice a year and has formal 
terms of reference which can be viewed on the Company’s 
website www.astonmartinlagonda.com. The Committee had 
two formal meetings during the year but engaged frequently 
in addition to these meetings on Board appointment matters. 
Committee attendance is set out on page 81. 
This report sets out the work of the Committee in 2019  
in more detail.
MEMBERSHIP 
The Committee comprises the Chair of the Board, Penny 
Hughes, who chairs the Committee, two independent 
Non-Executive Directors, Richard Solomons and Imelda 
Walsh, together with two Non-Executive Directors Dante 
Razzano and Mahmoud Samy Mohamed Aly El Sayed.  
As Saoud Al Humaidhi, a member of the Committee, 
stepped down from the Board on 7 October 2019, 
Mahmoud Samy Mohamed Aly El Sayed was appointed  
to the Committee as the Adeem/PW appointed Director. 
The Company Secretary is secretary to the Committee  
and the President and Group Chief Executive Officer,  
Vice President and Chief HR Officer and other members  
of the senior management team may be invited to attend  
for all or part of a Committee meeting as appropriate.
BOARD COMPOSITION
On IPO the Board comprised 14 members including 
the Chair, two Executive Directors, six Non-Executive 
Directors and five independent Non-Executive Directors. 
Consequently, the Board was not compliant with the UK 
Corporate Governance Code (“Code”) because at least  
half of the Board (excluding for these purposes the Chair) 
were not regarded by the Board to be independent for the 
purposes of the Code. The Company made a commitment  
to be UK Corporate Governance Code compliant on the  
first anniversary. 
Board composition is subject to the Current Relationship 
Agreements with the Adeem/PW Shareholder Group and  
the Prestige Shareholder Group which on IPO allowed for 
four and two shareholder appointed directors, respectively. 
The agreement with Adeem/PW required that two of their 
appointed directors would stand down within the year. 
On 7 October 2019 Najeeb Al Humaidhi and Saoud  
Al Humaidhi stepped down from the Board and Saoud  
Al Humaidhi from the Nomination Committee. In addition, 
all shareholder appointed directors stepped down from  
the Remuneration and Audit and Risk Committees becoming 
observers, with those Committees now compliant with the 
NOMINATION  
COMMITTEE REPORT
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
86

NOMINATION COMMITTEE REPORT
Code. Despite the Committee’s work on Board composition 
during the year as described below, at the year-end the 
Board was not yet Code compliant because only five of our 
12 Board members (excluding the Chair) were considered 
by the Board to be independent under the Code. With 
the sad passing of Peter Rogers in early 2020 the Board 
is currently Code compliant however, this is likely to be 
temporary due to the rights of significant shareholders on 
completion of the Placing and/or Rights Issue to appoint 
representative directors (see below).
The Board is satisfied that there is a sufficient balance 
between Executive and Non-Executive Directors on the Board 
to ensure that no one individual has unfettered decision making 
powers and that Directors are able to discharge their duties 
and responsibilities, including on the reserved matters listed 
in the relevant Current Relationship Agreements. 
The Committee’s main focus during the year has been Board 
composition with the aim to achieve the right balance of 
desired skills and experience to support the Company, 
particularly working toward the appointment of at least one 
independent Non-Executive Director to enable the Board to 
be Code compliant. The detail of this work is set out below. 
Following the agreement of a role specification for the 
independent Non-Executive Director position(s), Heidrick & 
Struggles were appointed early in the year to assist with the 
search. Heidrick & Struggles are a signatory to the Voluntary 
Code of Conduct for Executive Search Firms which seeks to 
address gender diversity on boards and best practice for the 
related search processes. Priorities for the role specification 
were agreed including automotive, technical, luxury  
and Asia skills/experience including the aim to focus 
on the gender balance of the Board as part of candidate 
considerations. Following an extensive process which 
included the review of a ‘long list’ of candidates a “short 
list” was agreed and members of the Committee and other 
Board members met with a number of the short-listed 
candidates. On the announcement of Board and Committee 
changes on 8 October 2019, it was announced that we were 
in discussion with candidates and expected to announce  
the outcome shortly thereafter. However, unanimity proved 
difficult to achieve and so given the reality of ensuring 
controlling shareholder support and with the continuing 
challenging trading conditions for the Company prompting 
the Board to conduct a strategic, operational and financial 
review of the business, it was appropriate to pause Board 
composition efforts until the outcome of that review. 
Following that review it was announced on 31 January 2020 
that the Company had agreed a Placing to the Stroll Consortium 
and an underwritten Rights Issue. As a condition of the Stroll 
Consortium’s investment in the Company, Lawrence Stroll 
will join the Board and become Executive Chairman on 
completion of the Placing, and I will step down as a Director 
on 7 April. The three Significant Shareholder Groups of 
the Company will be the Stroll Consortium, Prestige/SEIG 
and Adeem/PW, and each will be entitled under New 
Relationship Agreements to have representative Board 
appointments at a revised lower shareholding following 
the capital raise. The full details are explained in the 
Governance Report on page 80. Due to the Board 
appointment rights, each of Richard Solomons and Imelda 
Walsh have advised that they will not seek re-election at 
the forthcoming AGM. Tensie Whelan has also advised 
she will not stand for re-election. These directors will 
work to support the transition to Lawrence Stroll as 
Executive Chairman during their period of notice. Non-
compliance has only been accepted in order to support 
the capital raise and it is understood significant focus and 
effort will need to be applied to Board composition.
Following discussions and by mutual agreement Mark 
Wilson will step down as Chief Financial Officer and 
as an Executive Director of the Company no later than 
30 April 2020. He will remain available to the Company to 
assist with transition in the period through to 30 June 2020. 
The Committee has initiated a process to appoint a CFO.
DIVERSITY 
The Board acknowledges that the Board’s perspective and 
approach can be greatly enhanced through gender, social 
and ethnic backgrounds, cognitive and personal strengths, 
tenure and relevant experience. There is also a recognition 
that to deliver our strategy it is important to promote a 
high-performing culture, characterised by a diverse and 
inclusive workforce. 
In formulating the Board Diversity Policy which was 
adopted during the year, the Committee recognised the 
Lord Davies Report and the Hampton-Alexander Review 
target for women to represent 33% of Boards by 2020 
whilst also being cognisant of the Company’s Relationship 
Agreements with its Significant Shareholder Groups. 
Accordingly, it was agreed that the Board intends to 
maintain balance so that, as a minimum, one third of the 
total executive and independent Non-Executive Directors 
(including the Chair), are women, provided that this 
is consistent with the prevailing skills and diversity 
requirements of the Company as and when seeking to 
appoint a new Director to the Board. As at the date of this 
Report, under the Board Diversity Policy, female Board 
representation is 37.5% (three out of eight Directors). 
COMMITTEE EFFECTIVENESS
As set out on page 82, given the circumstances of the 
Company an ongoing approach was adopted to assess 
Committee effectiveness. Throughout the year, the Chair 
sought soundings from all Directors so that the Committee 
could enhance its effectiveness in evolving circumstances. 
PENNY HUGHES, CBE
CHAIR, NOMINATION COMMITTEE
26 FEBRUARY 2020
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
87

RICHARD SOLOMONS
CHAIR, AUDIT AND RISK COMMITTEE 
DEAR SHAREHOLDER
As Audit and Risk Committee Chair, I am pleased to present 
the Committee’s report for the period. 
ROLES AND RESPONSIBILITIES
The Committee’s responsibilities include:
•	assessing the integrity of the Group’s financial statements 
and formal announcements of the Group’s performance;
•	consideration of the Group’s viability statement;
•	reviewing the Annual Report to determine whether  
it is fair, balanced and understandable;
•	receiving and reviewing reports from the Company’s 
external auditors, monitoring their effectiveness and 
independence and making recommendations to the 
Board in respect of their remuneration, appointment and 
dismissal. Overseeing policies on the engagement of the 
external auditors for the supply of non-audit services;
•	reviewing the Group’s internal financial, operational and 
compliance controls and risk identification and management 
systems and considering Group policies for identifying 
and assessing risks and arrangements for employees to raise 
concerns (in confidence) about possible improprieties; and
•	reviewing the annual internal audit programme and 
discussing the findings of any internal investigations 
and management’s response. 
The Committee meets at least three times a year at 
appropriate intervals in the financial reporting and audit 
cycle and otherwise as required. The Committee has formal 
terms of reference which can be viewed on the Company’s 
website www.astonmartinlagonda.com. Committee 
attendance for the period is set out on page 81.
MEMBERSHIP
The Committee comprises the Chair, Richard Solomons,  
two other independent Non-Executive Directors, Peter 
Espenhahn and Imelda Walsh. In accordance with the 
Current Relationship Agreements with the Significant 
Shareholder Groups (see page 112), two Non-Executive 
Directors, Peter Rogers and Mahmoud Samy Mohamed Aly 
El Sayed, served as members until 8 October 2019, from 
which point they have served as observers on the Committee 
with no voting rights. 
The Company Secretary is secretary to the Committee.  
The Board Chair, the President and Group Chief Executive 
Officer, the EVP and Chief Financial Officer, the VP and 
General Counsel, the Director of Internal Audit and Risk 
Management, the external auditor and other senior members 
of the finance team also routinely attend meetings.
The Code stipulates that: 
•	the Committee as a whole, shall have competence 
relevant to the sector in which the Company operates.  
All Committee members have past employment 
experience in either finance or accounting roles, or 
broad consumer experience and knowledge of financial 
reporting and/or international businesses. As such the 
Board is satisfied that the Committee as a whole, has the 
competence relevant to the business sector. Details of the 
Committee members’ experience can be found in their 
biographies from page 72. 
•	at least one Committee member should have recent  
and relevant financial experience. Richard Solomons 
meets this requirement as he was previously Chief 
Financial Officer of InterContinental Hotels Group plc  
and is a qualified chartered accountant.
The Committee is considered to be independent for Code 
purposes from 8 October 2019. Prior to this date, and as 
stated in the 2018 Annual Report, due to the rights of the 
Controlling Shareholders to nominate Committee members, 
the Committee was not considered to be independent  
as it was not made up solely of independent Directors. 
AUDIT AND RISK COMMITTEE REPORT
AUDIT AND RISK 
COMMITTEE REPORT
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
88

This Report sets out the work of the Committee in more 
detail. A key area of focus for the Committee at the start  
of 2019 was the tender for audit services, full details of 
which are set out on page 91. On behalf of the Committee,  
I would like to thank all the firms who participated in the 
tender process for the quality and professionalism of their 
submissions. We would like to thank the Group’s former 
auditor, KPMG, for their service as auditor to the Aston 
Martin Lagonda group from 2007 to 2019 as well as 
their support for the IPO. We are pleased to note that the 
transition to Ernst & Young LLP (“EY”) progressed well and 
further details about their activities, and the Committee’s 
interaction with EY are set out in this Report.
MAIN ACTIVITIES
During the period from 1 January 2019 until 31 December 
2019, the Committee had six regularly scheduled and  
3 unscheduled meetings. The Committee focused on the 
following key areas. 
•	Review of the UK Corporate Governance Code 
requirements relating to year-end matters including, 
among others, the review of the Group’s accounting 
policies, key accounting judgements, significant financial 
reporting matters, principal risks, going concern and 
viability, the effectiveness of the Group’s risk management 
and internal control systems and “fair, balanced and 
understandable” reporting in the Annual Report.
•	Financial statements, announcements and other financial 
reporting matters including the approval of the interim 
results announcement, trading updates and the review  
and approval of the Annual Report.
•	Regular updates on treasury, tax, cyber security and 
litigation. Updates on Brexit readiness, the pension 
scheme and the insurance broker tender.
•	Review and approval of the external audit plan,  
audit fees, reports from the external auditor and 
subsequent audit findings.
•	Review of the internal audit function, the risk management 
and corporate risk register and approval of the internal 
audit plan.
•	Leading the audit tender process which culminated in the 
appointment of Ernst & Young LLP as auditor with effect 
from 24 April 2019. 
•	Considering the correspondence from the Financial 
Reporting Council (FRC) which raised a number of 
questions relating to the Company’s 2018 Annual Report 
and reviewing management’s response. 
•	Review and approval of new and/or amended policies 
including the Enterprise Risk Management Framework and 
System, the Internal Audit and Risk Management Charter, 
the Non-Audit Services Policy and Foreign Exchange 
Hedging Policy.
•	Committee annual calendar and agenda planning. 
•	Review of the Committee’s terms of reference.
•	Corporate governance matters and regulatory updates.
At each meeting the Committee held a private session  
with the external auditor and the Director of Internal Audit 
and Risk Management without members of management 
being present.
FINANCIAL REPORTING AND SIGNIFICANT 
FINANCIAL JUDGEMENTS
The Annual Report seeks to provide the information 
necessary to enable an assessment of the Company’s 
position and performance, business model and strategy.  
The Committee assists the Board with the effective discharge 
of its responsibilities for financial reporting, and for ensuring 
that appropriate accounting policies have been adopted  
and that management has made appropriate estimates  
and judgements.
In preparing the Financial Statements for the period, there 
were a number of areas requiring the exercise of a high 
degree of estimation. These areas have been discussed with 
the external auditor to ensure the Group reaches appropriate 
conclusions and provides the required level of disclosure. 
The significant issues considered by the Committee in 
respect of the Annual Report are set out on page 90.
AUDIT AND RISK COMMITTEE REPORT
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89

AUDIT AND RISK COMMITTEE REPORT CONTINUED
Significant matters for the year 
ended 31 December 2019
​
How the audit committee addressed these matters
Impairment assessment  
of goodwill and other 
intangible assets 
​
The Committee considered the Group’s process in determining whether any asset, covered within the 
scope of IAS 36 Impairment of Assets, requires impairment. The key judgement in relation to assessing 
the carrying value of intangible assets with indefinite useful lives (goodwill and brands) largely related 
to the achievability of the Group’s forecasts, which underpin the valuation process. The Committee 
also considered whether there were any indicators of impairment of assets with a finite life. In light  
of the suspension of the Rapide E programme in the reset of the business plan and the deferral of 
Lagonda investment, this programme was reviewed by the Commitee for impairment independently. 
The Committee concluded that the assumptions made, conclusions reached and disclosures given 
were appropriate. 
Accounting for defined  
benefit pension obligations 
​
The Committee considered the financial statement disclosures in respect of the defined benefit pension 
scheme including the judgements made and the sensitivity analysis in relation to actuarial assumptions 
including discount rates, inflation and longevity as set out in note 26 to the financial statements.  
The Committee noted that the judgements made on the pension scheme were all based on advice from 
the Group’s pension adviser. The final calculations in respect of the Group’s defined benefit pension 
scheme liability were performed by the pension scheme actuary. The Committee discussed with the 
auditor the assumptions applied, in particular the findings of the auditor’s own pension specialist and 
concluded that the assumptions made, and disclosures given were appropriate.
Going concern and  
Viability statement reporting
​
The Committee discussed the Group’s considerations in assessing the appropriateness of adopting  
the going concern basis of accounting and considered the financial statement disclosures in respect  
of adopting the going concern basis in preparing the financial information. 
The Committee discussed the key assumptions used in evaluating the long-term viability of the Group, 
the time period for the Viability Statement and the stress and reverse stress testing used as a basis for 
conducting the overall assessment. The Committee concluded that the assumptions made and the 
wording included in the Viability Statement were appropriate.
​
Other matters
​
At the December 2019 and February 2020 meetings, the Committee also considered management’s 
papers on the following subjects and concluded that the assumptions made and the approaches 
adopted were appropriate:
•	Capitalisation and amortisation of development costs;
•	The Group’s revenue recognition policies;
•	Recognition and measurement of adjusting items;
•	Recognition and measurement of the Group’s warranty provision;
•	Recognition and measurement of deferred tax assets;
•	Implementation of new accounting standard IFRS 16;
•	The Group’s treasury policy and other treasury related matters; and
•	The Group’s tax strategy and any other tax related matters including uncertain tax positions;
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
90

FINANCIAL REPORTING COUNCIL 
During the second half of 2019, the Company received  
a letter from the Corporate Governance and Reporting 
Division of the Financial Reporting Council (“FRC”) as part 
of its ongoing monitoring of UK corporate reporting. This 
letter requested certain information in respect of the Group’s 
2018 Annual Report and Accounts principally regarding 
going concern; accounting for customer deposits, revenue 
recognition, adjusting items, accounting for the conversion 
of preference shares, impairment testing of goodwill,  
and significant accounting judgements. 
The Committee and Board Chair considered the FRC 
letter and management’s response prepared in consultation 
with KPMG (the auditor of the 2018 Annual Report and 
Accounts) and EY, the Company’s current auditor. The 
Company responded in detail to these enquiries and 
proposed some enhancements to its Annual Report 
that would address the questions and comments raised.  
These enhancements, including additional disclosures in 
relation to customer deposits, have been incorporated into 
the Group’s 2019 Annual Report and Accounts. The FRC 
has since confirmed that all matters are now closed. 
The FRC’s role is to consider compliance with reporting 
requirements and is not to verify the information provided  
to them. Therefore, given the scope and inherent limitations 
of their review, which does not benefit from any detailed 
knowledge of our business, it would not be appropriate 
to infer any assurance from their review that our 2018 
Annual Report was correct in all material respects. 
EXTERNAL AUDITORS
TENDER FOR AUDIT SERVICES
As set out in the 2018 Annual Report, in late 2018/
early 2019, the Committee led a process to review 
the provision of its external audit services for the year 
ending December 2019. This was in accordance with the 
requirements of the Competition & Markets Authority Order 
2015 in view of the 12-year tenure of the auditor at the time, 
KPMG LLP (“KPMG”), and in line with good governance 
practice. The process ran from December 2018 to March 
2019 and full details of the Committee’s conclusions and 
recommendation were included in the Notice of Annual 
General Meeting 2019 and are set out below.
KPMG had been the auditor for the Group since 2007.  
Prior to the Company’s admission to listing and trading 
(“IPO”) and as noted in the IPO prospectus, the Directors 
agreed to put the external audit services out to tender for  
the 2019 financial year. A range of firms were approached, 
including the ‘big four’ and a mid-tier firm. KPMG did not 
participate in the audit tender process as, following the 
appointment of a former employee in a senior role at the 
Company, KPMG had concluded they had a conflict 
of interest. Each firm was given extensive access to 
documentation and also met with the Committee Chair, 
members of senior management and the finance team and 
was requested to submit a written proposal to the Company. 
In addition, they were given an accounting and auditing 
challenge which was used to assess both the technical 
competence of the engagement team as well as the 
responsiveness of the central technical team. Firms were 
then shortlisted based on their written proposals and 
the insights gained from the challenge together with the 
findings and conclusions of published inspection reports.
In early March 2019, the shortlisted firms presented to 
the Committee and were assessed against a number of 
objective criteria determined in advance of the process 
which included quality of the proposed team and firm 
(including automotive and luxury industry experience 
and experience of UK-listed groups) and the approach to 
managing audit, including the transition. The Committee 
concluded that Ernst & Young LLP (“EY”) was the preferred 
firm to conduct the audit engagement, judged against the 
selection criteria. The Committee recommended to the 
Board that EY be appointed as the Company’s auditor 
commencing with the audit of the 2019 financial 
year. The Board agreed with the recommendation and 
approved the appointment of EY as auditor with effect from 
24 April 2019. KPMG formally resigned as auditor on the 
same day. Shareholders approved the appointment of EY 
at the Company’s Annual General Meeting on 25 June 2019.
The Committee considers that the Company has complied 
with the Statutory Audit Services for Large Companies 
Market Investigation (Mandatory Use of Competitive Tender 
Processes and Audit Committee Responsibilities) Order 
2014 for the financial year under review.
AUDIT AND RISK COMMITTEE REPORT CONTINUED
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As part of its normal processes the FRC’s Audit Quality 
Team met with the Chair of the Committee to review the 
2018 audit undertaken by KPMG. The FRC confirmed that 
the purpose of the review was to monitor the quality of 
the audits of listed and other major public interest entities. 
Discussions with Audit Committees support that objective 
by enabling the FRC to develop a better understanding of 
the interaction between the Committee and the audit firm. 
OVERSIGHT OF EXTERNAL AUDIT
The Committee oversees the work undertaken by EY.  
The Committee’s responsibilities include making a 
recommendation on the appointment, reappointment  
and removal of the external auditor and overseeing their 
effectiveness and independence. The Committee assesses 
the qualifications, expertise, resources and independence  
of the external auditors and the effectiveness of the audit 
process. During the period the Committee approved 
the auditor transition plan, the external audit plan, the 
proposed audit fee and terms of engagement of EY for 
FY2020. It has reviewed the audit process and the quality 
and experience of the audit partners engaged in the audit 
and has also considered the extent and nature of challenge 
demonstrated by the external auditor in its work and 
interactions with management. The Committee has 
considered the objectivity of the auditor including the nature 
of other work undertaken for the Group as set out below.
NON-AUDIT SERVICES
The Committee recognises that the independence of the 
external auditors is an essential part of the audit framework 
and the assurance that it provides. The Committee adopted  
a policy which sets out a framework for determining whether 
it is appropriate to engage the Group’s auditors for non-audit 
services and for pre-approving non-audit fees. This policy has 
been updated to reflect the guidance contained in the Revised 
Ethical Standard issued by the FRC in December 2019.
The overall objective of the policy is to ensure that the 
provision of non-audit services does not impair the 
external auditor’s independence or objectivity. This 
includes, but is not limited to, assessing:
•	any threats to independence and objectivity resulting  
from the provision of such services;
•	any safeguards in place to eliminate or reduce these 
threats to a level where they would not compromise  
the auditor’s independence and objectivity;
•	the nature of the non-audit services; and
•	whether the skills and experience of the audit firm make  
it the most suitable supplier of the non-audit service.
The total value of non-audit services that can be billed 
by the external auditor will be restricted by a cap which  
is set at 70% of the average audit fees for the preceding 
three years. 
The approval of the Committee must be obtained before  
the external auditor is engaged to provide any permitted 
non-audit services. For permitted non-audit services that  
are clearly trivial, the Committee has pre-approved the use 
of the external auditor for cumulative amounts totalling 
less than £200,000 on the approval of the EVP and Chief 
Financial Officer and Chair of the Committee. During FY 
2019 the Company’s external auditors undertook non-audit 
work in relation to other assurance services associated 
with the US$150m Senior Secured Notes issuance  
in September 2019 and the review of the interim financial 
statements totalling £130,000 and were engaged to perform 
additional services during 2020 in relation to the Placing, 
and Rights Issue. (2018: £2.1m of non-audit services 
fees paid to KPMG in the prior year). 
Details of the fees paid to the external auditor during  
the financial year can be found in note 4 to the  
Financial Statements.
EVALUATION OF INTERNAL CONTROLS
The Board is ultimately responsible for the Group’s system 
of internal controls and risk management and it discharges 
its duties in this area by:
•	determining the nature and extent of the principal risks  
it is willing to accept in achieving the Group’s strategic 
objectives (the Board’s risk appetite); and
•	challenging management’s implementation of effective 
systems of risk identification, assessment and mitigation.
The Committee is responsible for reviewing the effectiveness 
of the Group’s internal control framework and risk 
management arrangements. Details of the Group’s risk 
management process and the management and mitigation of 
principal risks together with the Group’s viability statement 
can be found in the Risk and Viability Report on page 52. 
The Board, through the Committee, has carried out a 
robust assessment of the principal risks facing the Group 
and agreed the nature and extent of the principal risks it 
is willing to accept in delivering the Group’s strategy (the 
Board’s risk appetite). It has considered the effectiveness 
of the system of internal controls in operation across the 
Group for the period covered by the Annual Report and up 
to the date of its approval by the Board. This review covered 
the material controls, including financial, operational and 
AUDIT AND RISK COMMITTEE REPORT CONTINUED
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compliance controls and risk management arrangements 
and no significant control weaknesses were identified.  
The system of internal controls is designed to manage rather 
than eliminate the risk of not achieving business objectives 
and can only provide reasonable and not absolute assurance 
against material misstatement or loss. 
Following the Group’s performance against its original 
plans during 2019 management have commenced a project 
to review and enhance the internal control framework 
associated with the budget and forecasting process, finished 
vehicle inventory monitoring (within the Group and dealer 
network) and authorisation and oversight of retail  
support expenditure.
The process followed by the Board, through the Committee, 
in reviewing regularly the system of internal controls and 
risk management arrangements complies with the Guidance 
on Risk Management, Internal Control and Related Financial 
and Business Reporting issued by the Financial Reporting 
Council. It also accords with the provisions of the Code.
CONTROL ENVIRONMENT 
Our internal control framework is built upon established 
entity-level controls which included documented corporate 
policies, standards and procedures which guide the way 
the Group operates. The corporate policies include the 
following areas: Code of Conduct, Confidential Reporting 
and Whistleblowing, Conflicts of Interest, Anti-Bribery and 
Corruption, Gifts and Hospitality. There are established 
procedures for the delegation of authority to ensure that 
decisions are made at an appropriate level within the 
business dependent on either the magnitude or nature 
of the decision. In particular, access to our IT systems 
and applications is provided subject to formal access 
provisioning processes with the objective being to limit 
access, as appropriate, to enable an individual to perform 
their role and to enforce appropriate segregation of duties 
within business processes. During the year, we were 
re-awarded ISO 9001 accreditation for our quality 
management system which ensures that policies, standards 
and procedures are appropriate for our business, that they 
are reviewed on a regular basis and made available to 
applicable employees and contractors through the Group 
intranet. On joining the Group all employees are provided 
with the Standards of Corporate Conduct policies and are 
asked to confirm that they have read and understood them.
The Group continues to strengthen the control environment 
by embedding the enterprise risk management framework 
and system which is supported by ‘Risk Champions’ within 
each function. The Group has developed and deployed the 
following key elements of the risk and control environment.
•	An Enterprise Risk Management Framework and System –  
which articulates the Group’s approach to risk 
management including risk appetite, risk identification, 
assessment, prioritisation, treatment, reporting, ownership, 
monitoring and oversight.
•	Risk Management Policy – approved by the Executive 
Committee and to be reviewed annually.
•	Corporate Risk Register – providing a top down view  
of the most significant risks facing the Group and 
management accountability for each risk.
•	Functional Risk Registers – providing a bottom up 
assessment and prioritisation of risks on an individual 
function basis.
•	Risk Champion network – nominated, trained functional 
risk champions within each significant function within 
the business, responsible for maintaining the functional 
risk registers and helping to embed risk management 
culture within the function.
•	Risk Management Committee – management committee 
which meets every two months to maintain and manage 
the corporate risk register and to oversee activities of the 
risk owners and their delivery of effective risk mitigation. 
•	Mandatory training – all employees are required to 
complete a number of mandatory training courses each 
year to raise awareness and facilitate adherence to key 
corporate policies and procedures.
Risk mitigation plans were established for all principal risks. 
These plans include management’s assessment of the gross, 
net and target risk levels associated with each risk and their 
assessment of the effectiveness of the mitigating controls. 
During the year, the internal audit team commenced a 
programme of independent assessments of the design and 
operating effectiveness of these risk mitigation plans with all 
principal risks being independently reviewed on a rotational 
basis over a three-year period.
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The internal audit function is responsible for administering 
the Enterprise Risk Management Framework and System 
and for providing independent assurance to the Board, the 
Committee, and senior management. 
The Group continues to develop its ‘three lines of defence’ 
assurance model with the objective of embedding effective 
risk management and control throughout the business and 
providing assurance to the Board and the Committee of the 
effectiveness of internal control and risk management across 
the organisation. 
This comprises the following. 
•	First line of defence – Functional management that have day 
to day responsibility for the risk management and internal 
control systems and embed these in their business processes.
•	Second line of defence – Functions that oversee or 
specialise in risk management and compliance-related 
activity. They monitor and facilitate the implementation  
of effective risk management and control activities by  
the first line. These functions include Financial Control, 
Quality Audit, Security, IT, Health & Safety, Legal and  
the risk management activities performed by the Internal 
Audit and Risk Management team.
•	Third line of defence – Functions that provide independent 
objective assurance to the Board, Audit and Risk Committee 
and senior management regarding the effectiveness of the 
first and second lines of defence. This includes Internal 
Audit and Risk Management and the external auditors’ 
provision of assurance services.
INTERNAL AUDIT
The vision and mission for the Internal Audit and Risk 
Management function was approved by the Committee 
under its Internal Audit and Risk Management Charter, 
which is consistent with the Institute of Internal Auditors 
guidance. The Charter is subject to annual review 
and approval by the Committee. 
The Internal Audit and Risk Management function 
provides independent, objective assurance to the Board, 
the Committee and senior management on whether the 
existing control and governance frameworks are operating 
effectively to meet the Group’s strategic objectives. The 
Director of Internal Audit and Risk Management reports to 
the EVP and Chief Financial Officer with an independent 
reporting line to the Committee Chair. The Director provides 
regular reports to the Committee on the function’s activities. 
The Committee assesses the effectiveness of the Internal 
audit function on an annual basis.
To ensure that it is meeting its objectives, the Internal Audit 
and Risk Management function has an annual work plan 
comprising risk-based cyclical audits, reviews of risk 
mitigation plans and assessments of emerging risks and 
business change activity, together with work mandated for 
compliance purposes. The audit plan for 2020 was approved 
by the Committee and the Committee will monitor progress 
against the plan in the coming year, as well as whether the 
plan remains focused on the evolving key risks facing the 
business. Such reviews will consider any changes to risk 
registers, hot spots and emerging risks in the industry  
as well as changes based on engagement with the business. 
WHISTLEBLOWING
It is important to ensure there is an appropriate mechanism 
for employees and contractors to report any concerns regarding 
suspected wrongdoing or misconduct. The ‘Confidential 
Reporting and Whistleblowing’ policy is made available  
to all employees and contractors on joining the business  
and is published on the Group intranet together with 
annual mandatory training.
Any concerns raised are managed and investigated by the 
Human Resources and/or Legal teams depending on the 
nature of the concern. During the year the Group deployed 
a third party managed global hotline and online reporting 
tool to further enhance our procedures. The third-party 
hotline provides for confidential reporting and will be 
extended to cover our global dealer network. Whistleblowing 
reports are managed by the Internal Audit and Risk 
Management team with significant findings reported to  
the Committee.
AUDIT AND RISK COMMITTEE REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
94

FINANCIAL REPORTING 
Management is responsible for establishing and maintaining 
adequate internal controls over financial reporting. These 
are designed to provide reasonable assurance regarding 
the reliability of financial reporting and the preparation 
of financial statements for external reporting purposes.
The Financial reporting internal control system covers  
the financial reporting process and the Group’s process  
for preparing consolidated accounts. It includes policies  
and procedures which require the following.
•	The maintenance of records that, in reasonable detail, 
accurately and fairly reflect transactions including the 
acquisition and disposal of assets. 
•	Reasonable assurance that transactions are recorded  
as necessary to permit preparation of financial  
statements in accordance with International Financial 
Reporting Standards. 
•	Reasonable assurance regarding the prevention or timely 
detection of unauthorised use of the Group’s assets. 
There are also specific disclosure controls and procedure 
around the approval of the Group’s financial statements.
FAIR, BALANCED AND UNDERSTANDABLE 
ASSURANCE FRAMEWORK 
The Board recognises its duty to ensure that the Annual 
Report and Accounts, taken as a whole, is fair, balanced  
and understandable and provides the information necessary 
for shareholders to assess the Group’s position and 
performance, business model and strategy. The Board 
requested that the Audit and Risk Committee undertake  
a review and report to the Board on its assessment. 
The key elements of the assurance framework for the 
assessment are as follows:
•	the process by which the Annual Report and Accounts 
were prepared, including detailed project planning  
and a comprehensive review process;
•	review of the drafting and verification processes for the 
Annual Report and Accounts by the Disclosure Committee;
•	comprehensive reviews undertaken by the Executive 
Directors, members of the Executive Committee and  
other members of senior management comprising the 
Annual Report and Accounts drafting team to consider 
content accuracy, regulatory compliance, messaging  
and balance; 
•	the review of the Annual Report and Accounts by  
the Audit and Risk Committee placing reliance on the 
experience of the Committee members;
•	reports prepared by senior management regarding critical 
accounting judgements and key financial areas; and
•	discussions with, and reports prepared by,  
the external auditor.
The Committee received confirmation from management 
that the assurance framework had been adhered to for the 
preparation of the 2019 Annual Report.
The Committee provided a recommendation to the Board 
that the “fair, balanced and understandable” statement 
could be given on behalf of the Directors. The Board’s 
confirmation is set out on page 85.
COMMITTEE EFFECTIVENESS 
As set out on page 82, given the circumstances of the 
Company an ongoing approach was adopted to assess 
Committee effectiveness. During the year the Chair sought 
soundings from Committee members who provided ongoing 
feedback on Committee effectiveness so that the Committee 
could remain effective in evolving circumstances. 
RICHARD SOLOMONS
CHAIR, AUDIT AND RISK COMMITTEE
26 FEBRUARY 2020
AUDIT AND RISK COMMITTEE REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
95

DIRECTORS’ 
REMUNERATION REPORT
DIRECTORS’ REMUNERATION REPORT
DEAR SHAREHOLDER,
I am pleased to present the Directors’ Remuneration Report 
(“DRR”) for the year ending 31 December 2019, which 
has been approved by both the Remuneration Committee  
(the Committee) and the Board. 
FY 2019 PERFORMANCE  
AND REMUNERATION OUTCOMES
As set out by the Chair and the CEO in their letters, FY 2019 
has been a very difficult year for Aston Martin Lagonda 
and performance has been disappointing, failing to deliver 
the profits we planned. Revenue of £997m was down 9% 
year-on-year and Adjusted EBITDA of £134.2m was down 
46%, which was mainly driven by a decline in wholesales, 
the mix shift to Vantage (our entry level sports car) and 
higher selling costs.
The annual bonus for FY 2019 for the Executive Directors 
was based on Adjusted EBITDA, net leverage and a strategic 
scorecard. The performance targets for the bonus were set 
by the Committee at the start of FY 2019, considering the 
2019 business plan, emerging global risks and their potential 
impact and market expectations. The Adjusted EBITDA and 
net leverage achieved in 2019 were below the threshold 
targets, resulting in a zero payment under these elements, 
which represent 80% of the total bonus. The strategic 
scorecard measures were achieved in part but, given that 
threshold performance had not been met for either financial 
measure and taking into account the year as a whole, the 
Remuneration Committee determined that no payment 
would be made under this element. Therefore, no bonuses 
have been awarded for 2019. The full target ranges are 
disclosed on page 101.
No other incentives were due to pay out during FY 2019 – 
the first awards under the LTIP were granted during the year, 
as set out below.
FY 2018 ANNUAL BONUS
As reported in our 2018 DRR, performance against bonus 
measures and targets for FY 2018 would have resulted in 
annual bonus payments close to maximum for the CEO and 
CFO, although they had both elected to waive part of their 
bonus and receive 80% of their maximum opportunity. 
Following publication of the 2018 DRR, and in the context of 
the challenging trading conditions during FY 2019, the CEO 
and CFO concluded that it was no longer appropriate to 
receive their bonus payments and following further discussion 
with the Remuneration Committee, made the decision to 
IMELDA WALSH
CHAIR, REMUNERATION COMMITTEE 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
96

DIRECTORS’ REMUNERATION REPORT
waive their 2018 annual bonuses in full. Other members  
of the Executive Committee, who were entitled to a bonus 
payment for 2018, also agreed to waive these in full.
The annual bonus amounts for FY 2018 (as included in  
the single figure Executive Director remuneration table  
on page 100) have therefore been restated to zero.
FY 2019 LTIP
We determined and set out our approach to 2019 LTIP 
awards in our 2019 AGM notice. The Committee set 
performance targets which were considered stretching in  
the context of the business plan at the time. In response to 
comments from some of our major shareholders, we also 
introduced a further, out-performance level to achieve 
maximum vesting for both the EPS and ROIC measures.  
We also recognised the significant fall in share price since 
the IPO in our approach to 2019 LTIP awards. Firstly,  
for the TSR element, we applied an additional £19 share 
price underpin. In addition, the Committee reviewed the 
levels of LTIP award to be granted and determined that they 
would be lower than the level of award set out both in the 
IPO Prospectus and in our Remuneration Policy of 300% 
and 200% of salary respectively for the CEO and CFO,  
to 225% and 150% of salary. Full details of the 2019 LTIP 
awards are set out on page 102. 
BROADER WORKFORCE REWARD
Passionate, motivated and professional people are critical  
to the success of the Company and to attract and retain the  
best talent available, our pay and benefits must be competitive. 
When considering the remuneration arrangements for  
the Executive Directors and the Executive Committee, the 
Committee takes into account remuneration throughout  
the whole Company.
During the year, the Committee considered information  
on the policies and practices which are in place throughout 
the Company, and in particular looked at the AML employee 
population, salary increases and ranges, IPO-related 
payments, incentive opportunities, pension and other 
non-cash benefits, and workforce engagement (including 
employee survey results). We also discussed our approach 
to, and results of, AML’s Gender Pay Gap reporting.  
Our aim is to foster a culture where everybody feels  
valued, motivated and rewarded to achieve their best  
work – detailed information on our people and culture, 
including our Gender Pay Gap figures, can be found 
on page 41.
UK CORPORATE GOVERNANCE CODE
A set out in our 2018 DRR, the Committee was mindful 
of the new Code when designing the 2019 Policy. These 
included on pensions (where our Executive Director 
pension provision already aligns with the workforce), 
holding periods on LTIP awards, post-employment 
shareholding guidelines and enforceable malus and 
clawback provisions. Our Policy was drafted considering the 
Company’s purpose, values and the six policy review factors 
(of clarity, simplicity, risk, predictability, proportionality and 
alignment to culture) and also includes specific discretionary 
powers for the Committee to adjust incentive outcomes 
to ensure they reflect underlying business performance. 
During 2019, we have already demonstrated the exercise 
of discretion in both determining award levels for the first 
LTIP award (post IPO) and also in determining that no 
bonuses would be awarded for 2019.
As part of the Board’s work to better understand the views  
of all stakeholders, I took on the role of ‘designated NED’  
in FY 2019, with the responsibility to directly engage with 
the AML workforce. Further information on this is set out  
in the Governance Report on page 84.
COMMITTEE MEMBERSHIP CHANGES
The make-up of the Remuneration Committee has changed 
during the year and I would like to thank Dante Razzano 
and Amr AbouelSeoud for their contributions as members 
during FY 2019. Both Directors stepped down from the 
Committee on 7 October 2019, although they continue  
to serve as Committee Observers. The Company is now 
compliant with the UK Corporate Governance Code in 
relation to the composition of the Remuneration Committee.
CHANGES TO NON-EXECUTIVE DIRECTOR FEES
In the context of the continuing challenging trading 
conditions during FY 2019, we undertook a review of the 
Chair and Non-Executive Director (“NED”) fees, with the 
Remuneration Committee recommending a reduction to 
the fee of the Chair of the Board, and the Chair of the Board 
and Executive Directors reviewing and proposing changes to 
NED fees. All Directors unanimously agreed that it was right 
to make these changes, which took effect from 1 January 2020. 
The revised fee levels are set out on page 106 and represent 
a reduction of c. 25%.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
97

CFO ARRANGEMENTS
As announced on 27 February 2020, Mark Wilson will step 
down as CFO and as an Executive Director of the Company 
no later than 30 April 2020. He will remain available to 
the Group to assist with the transition in the period through 
to 30 June 2020. Details of his exit arrangements will be 
disclosed on the Company’s website and in the 2020 DRR, 
in accordance with the Company’s obligations under the 
Companies Act 2006. The Board has initiated a process  
to find a new CFO and will provide an update once that 
process has concluded. Any remuneration arrangements  
for the new CFO will be consistent with the Company’s 
approved directors’ remuneration policy.
FY 2020 REMUNERATION APPROACH
The Remuneration Committee has, over recent months, 
given considerable thought and discussed in detail the most 
appropriate approach to take to FY 2020 remuneration for 
Andy Palmer and Mark Wilson. The Chair of the Board 
and the Chair of the Remuneration Committee have also 
discussed potential approaches with the Executive Directors. 
The Committee is grateful to both the CEO and CFO for  
the constructive dialogue and their rational and responsible 
views, which fully recognise the changed circumstances  
of the Company.
The context against which the Committee has determined 
the approach to FY 2020 remuneration includes the 
following factors: 
•	the challenging trading conditions and underperformance 
of the Company during FY 2019;
•	the significant fall in share price since IPO;
•	the current pay positioning of the CEO in particular  
vs. UK FTSE levels;
•	the current shareholdings of the Executive Directors,  
both in terms of the shares they own outright and the shares 
that remain locked-up from the Legacy IPO LTIP; and
•	the reset business plan.
In this context, for FY 2020, Andy Palmer and Mark Wilson 
will receive their fixed pay – this includes salary (which will 
remain unchanged from 2019), a cash allowance in lieu of 
pension and benefits – and will not participate in the annual 
bonus plan or be granted awards under the LTIP. 
The annual bonus and LTIP will be operated for other 
employees in FY 2020 (including any permanent successor 
to the CFO), although the setting of performance targets 
and actual grant of LTIP awards may be delayed, to ensure 
alignment with the reset business plan.
Overall, this approach to FY 2020 remuneration represents  
a considerable reduction to the annual pay opportunity for 
Andy Palmer and Mark Wilson. The Committee believes  
this is the most appropriate approach to take, at this time,  
to recognise the efforts that will be required over FY 2020  
to ensure operational delivery of the reset business plan, 
including the launch of DBX, relaunch of Vantage and start 
of deliveries of Valkyrie. Both the CEO and CFO have 
considerable shareholdings and so continue to be aligned 
with shareholder interests and Company performance 
going forward.
The Committee has had a considerable workload over 
the course of FY 2019 and this has continued into 
FY 2020. We take our responsibility to our fellow 
shareholders seriously and I would like to thank you for 
your continued support and understanding during this 
challenging period. If you have any questions on any 
element of this report, please email Amanda Sherwood 
(amanda.sherwood@astonmartin.com) in the first 
instance and I hope we can rely on your support at 
our forthcoming AGM.
IMELDA WALSH
CHAIR, REMUNERATION COMMITTEE
26 FEBRUARY 2020
DIRECTORS’ REMUNERATION REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
98

DIRECTORS’ REMUNERATION REPORT CONTINUED
EXECUTIVE DIRECTORS’ 
REMUNERATION AT A GLANCE
2019 ANNUAL BONUS OUTCOME
The 2019 performance targets for the bonus were set by the Committee at the start of the year to be stretching in the context 
of the business plan for 2019.
Performance measure
Threshold (20%)
Target (50%)
Maximum (100%)
2019 achieved
Adjusted EBITDA (40%)
£272m
£286m
£315m
£134.2m
Net leverage  
(Net debt/ Adjusted EBITDA) (40%)
2.12
1.97
1.84
7.3x
Strategic scorecard (20%)
1.	Commencement of DBX first production trial build at St Athan  
(by June 2019)
2.	Successful completion of start of production milestone for  
DBS Volante (by September 2019)
3.	Successful passing of AM-RB 003 Gateway 5 (define product),  
key to both V6 engine and 003
(1) Met
(2) Met
(3) Not met​
ALIGNMENT BETWEEN EXECUTIVE DIRECTORS 
AND SHAREHOLDERS
The current CEO and CFO are subject to shareholding 
guidelines of 800% and 300% of salary respectively, which 
drives long-term alignment with investors. The chart below 
illustrates the value of holdings as at 31 December 2019 and 
the status against the guideline. Both Executive Directors 
have fallen below their shareholding guideline due to the 
fall in share price.
REMUNERATION POLICY AND IMPLEMENTATION IN FY 2020
The implementation of our policy for FY 2020 is set out in the following section (Annual Report on Remuneration).
611%
£7.34m
CEO
245%
£1.04m
CFO
0%
200%
400%
600%
800%
% of salary
Shareholding guideline
Our Remuneration Policy was approved by shareholders at the AGM on 25 June 2019 and is set out in full in the Directors’ 
Remuneration Report FY 2018. This can be found in the Annual Report FY 2018 at www.astonmartinlagonda.com.
This section explains the outcomes from the implementation of our Policy during FY 2019.
The Committee considered the bonus outcome for 2019 and, although the strategic scorecard objectives had been met in 
part, given that threshold targets for adjusted EBITDA and net leverage were not met, determined that no 2019 annual bonus 
would be paid.
KEY 2019 FINANCIAL OUTCOMES
Adjusted EBITDA
Net leverage
Adjusted diluted EPS
ROIC
£134.2m
7.3x
32.1p
-0.3%
2019 SINGLE FIGURE EXECUTIVE  
DIRECTOR REMUNERATION
The table below sets out the 2020 single figure remuneration 
for the Executive Directors.
Element
CEO (£’000s)
CFO (£’000s)
Salary
£1,200
£425
Benefits
£26
£23
Pension
£127
£45
Annual bonus
£0
£0
Total
£1,353
£493
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
99

FY 2019 TOTAL SINGLE FIGURE REMUNERATION FOR EXECUTIVE DIRECTORS (AUDITED)
The table below sets out the single figure of total remuneration received by the Executive Directors in respect of FY 2019 
(and the prior financial year). The subsequent sections detail additional information for each element of remuneration.
Shown in £’000s
​
​
​
​
​
​
​
​
Executive Director
Salary
Benefits
Pension
Total
fixed
Annual 
bonus2
LTIP
Total
variable
Total
Dr Andy Palmer
 
 
 
 
 
 
 
 
Year to 31 December 2019
1,200 
26 
127 
1,353 
–
 n/a 
–
1,353 
Year to 31 December 20181
363 
6 
38 
407 
–
 n/a 
–
407 
Mark Wilson
​
​
​
​
​
​
​
​
Year to 31 December 2019
425 
23 
45 
493 
–
 n/a 
–
493 
Year to 31 December 20181
97 
7 
10 
114 
–
 n/a 
–
114 
Notes:
1.	The amounts shown for FY 2018 relate to the period from IPO (8 October 2018) to 31 December 2018
2.	As set out in the Remuneration Committee Chair’s letter and in further detail below, the annual bonus amounts for FY 2018 have been restated (to zero) as, 
in the context of the continuing challenging trading conditions during FY 2019, the CEO and CFO decided to waive their 2018 annual bonus in full
The table below shows the annualised payments for the Executive Directors for FY 2018 (as reported in our 2018 DRR with 
bonus restated to zero) compared to the full year total single figure for FY 2019.
Shown in £’000s
​
​
​
​
​
​
​
​
Executive Director
Salary
Benefits
Pension
Total fixed
Annual 
bonus
LTIP Total variable
Total
Dr Andy Palmer
 
 
 
 
 
 
 
 
Year to 31 December 2019
1,200 
26 
127 
1,353 
–
 n/a 
–
1,353 
Year to 31 December 20181
1,200 
20 
127 
1,347 
–
 n/a 
–
1,347 
Mark Wilson
​
​
​
​
​
​
​
​
Year to 31 December 2019
425 
23 
45 
493 
–
 n/a 
–
493 
Year to 31 December 20181
425 
26 
45 
496 
–
 n/a 
–
496
Notes:
1.	The amounts shown for FY 2018 have been annualised, as if the remuneration policy operated since IPO had been in place for the full year (as disclosed in 
the 2018 DRR, with bonus restated to zero).
SALARY (AUDITED)
There were no increases to salaries during 2019 and no increases will be applied during 2020. 
Shown in £’000s
As at  
1 January 
2019
As at  
1 January 
2020
%  
change
Dr Andy Palmer
£1,200
£1,200
0%
Mark Wilson
£425
£425
0%
PENSION (AUDITED)
Both Executive Directors receive a cash allowance in lieu of participation in the defined contribution scheme. 
They receive an allowance of 10.6% of salary, which is the maximum of 12% of salary with a deduction for an 
amount equal to the employer’s National Insurance contribution.
As disclosed in our Remuneration Policy, the Executive Directors’ pension allowances are in line with the majority  
of employees. The maximum level of employer pension contribution throughout the organisation is the same 
regardless of seniority at 12% of salary (a defined benefit scheme was operated pre-2011).
No Director has a prospective entitlement to receive a defined benefit pension.
DIRECTORS’ REMUNERATION REPORT CONTINUED
ANNUAL REPORT  
ON REMUNERATION
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
100

ALLOWANCES AND BENEFITS (AUDITED)
FY 2019 Shown in £’000s
Car allowance and 
personal mileage
Life  
assurance
Insurance  
(private medical, 
dental and travel)
Total
Dr Andy Palmer
£14
£10
£2
£26
Mark Wilson
£19
£2
£2
£23
ANNUAL BONUS OUTCOMES FOR FY 2019 (AUDITED)
The annual bonus for FY 2019 for the Executive Directors was based on Adjusted EBITDA, net leverage and a strategic 
scorecard, in line with the Remuneration Policy. As reported last year, the performance targets for the bonus were set by the 
Committee at the start of the year, considering the business plan for 2019, emerging global risks and their potential impact 
and market expectations. The table below sets out the targets, the achieved performance and the level of pay out, which is 
zero for FY 2019.
Performance measure
Threshold (20%)
Target (50%)
Maximum (100%)
FY 2019  
achieved
FY 2019 bonus 
payment (%  
of maximum)
Adjusted EBITDA (40%)
£272m
£286m
£315m
£134.2m
0%
Net leverage (Net debt/  
Adjusted EBITDA) (40%)
2.12
1.97
1.84
7.3x
0%
Strategic scorecard (20%)
1.	Commencement of DBX first production trial build at  
St Athan (by June 2019)
2.	Successful completion of start of production milestone 
for DBS Volante (by September 2019)
3.	Successful passing of AM-RB 003 Gateway 5 (define product), 
key to both V6 engine and 003 (by November 2019)
1.	Met
2.	Met 
3.	Not met – Programme 
timing for AM-RB003 and 
V6 deferred to support 
requirement for reduction 
in CAPEX​
0%
The Committee considered the bonus outcome for 2019 and, although the strategic scorecard objectives had been met in 
part, given the broader performance context for 2019 and that both threshold targets for adjusted EBITDA and net leverage 
were not met, determined that no 2019 annual bonus would be paid.
As detailed in the Remuneration Committee Chair’s letter, the annual bonus figures for FY 2018 have been restated to zero. 
As reported in our 2018 DRR, performance against bonus measures and targets for FY 2018 had resulted in annual bonus 
payments close to maximum for the CEO and CFO, although they had both elected to receive 80% of their maximum 
opportunity (payments of £1,674k and £210k for the CEO and CFO respectively). Following publication of the 2018 DRR, 
and in the context of the challenging trading conditions during FY 2019, the CEO and CFO concluded that it was no longer 
appropriate to receive their bonus payments and following further discussion with the Remuneration Committee, made the 
decision to waive their 2018 annual bonuses in full.
ANNUAL BONUS FOR FY 2020
As set out in the Remuneration Committee Chair’s letter, Dr Andy Palmer and Mark Wilson will not participate in the FY 
2020 annual bonus plan.
DIRECTORS’ REMUNERATION REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
101

LONG-TERM INCENTIVE PLAN
The following section sets out details of:
•	2019 LTIP awards granted during FY 2019
•	Approach to 2020 LTIP awards
2019 LTIP AWARDS GRANTED DURING FY 2019 (AUDITED)
As set out in the Remuneration Committee Chair’s letter, the Committee consulted extensively with shareholders ahead  
of grant and amended the approach to 2019 LTIP awards based on feedback received. The table below summarises the  
LTIP share awards that were granted to the Executive Directors during FY 2019.
2019 LTIP share awards:
FY 2019
Type of award
Basis of award
Shares  
awarded
Face value  
at grant (£’000s)
Performance  
period
Dr Andy Palmer
LTIP share award
225% of salary  
(below policy max of 300%)
262,135 
£2,700
3 years to  
31 December 2021
Mark Wilson
LTIP share award 
150% of salary  
(below policy max of 200%)
61,893 
£637
3 years to  
31 December 2021​
Notes:
1.	The LTIP shares were granted on 27 June 2019 and will vest subject to the performance conditions and vesting schedule outlined below
2.	Awards were granted in the form of nil-cost options
3.	The face value of each award was calculated using the 3-day average price prior to the date of grant (£10.30), which was the price used to determine the 
number of shares awarded
These LTIP awards are subject to the performance conditions, vesting and holding periods and malus and clawback 
provisions as set out below.
2019 LTIP performance measures and targets:
​
​
2019 LTIP targets
Vesting* (as a % of maximum)
EPS (3Y CAGR) 
Threshold
45%
20%
(40% of award)
Stretch
55%
70%
​
Maximum
65%
100%
ROIC (% in FY21) 
Threshold
14.6%
20%
(40% of award)
Stretch
18.0%
70%
​
Maximum
20.0%
100%
Relative TSR (vs. FTSE51-150)
Threshold
Median rank
20%
(20% of award)
Maximum
Upper quartile rank
100%
Additional share price underpin  
on TSR element of awards
Shares would not usually vest unless a share price of £19 is achieved between 
the end of the performance period and the end of the holding period.
** Vesting will be on a straight-line basis between each of threshold and stretch and stretch and maximum (and threshold and maximum for the TSR element) 
The Remuneration Committee retains discretion to adjust the vesting levels to ensure they reflect underlying business performance and any other relevant factors
DIRECTORS’ REMUNERATION REPORT CONTINUED
VESTING AND HOLDING PERIOD:
•	Subject to performance, awards to vest 3 years from grant 
following the announcement of results for 2021 but subject 
to a further 2 year holding period post vest (net of tax)
•	The CEO and CFO volunteered to extend the existing 
(2-year) holding period on their 2019 LTIP awards, to not 
sell any of the shares, should they vest, from their 2019 
awards until the Company’s share price is at £19 or above. 
MALUS AND CLAWBACK:
•	Malus and clawback provisions will be operated at the 
discretion of the Remuneration Committee in respect 
of the LTIP where it considers that there are exceptional 
circumstances. Such exceptional circumstances may include 
serious reputational damage, a failure of risk management, 
an error in available financial information, which led to 
the award being greater than it would otherwise have 
been or personal misconduct. Clawback may be applied 
for a period of up to three years for any LTIP awards.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
102

DIRECTORS’ REMUNERATION REPORT CONTINUED
2020 LTIP AWARDS
As set out in the Remuneration Committee Chair’s letter, Andy Palmer and Mark Wilson will not be granted awards under 
the LTIP in FY 2020. 
SHARE INTERESTS AND SHAREHOLDING GUIDELINES (AUDITED)
The current CEO and CFO are subject to shareholding guideline of 800% and 300% of salary respectively, which drives 
long-term alignment with investors.
The following table sets out the total beneficial interests of the Executive Directors (and their connected persons) in ordinary 
shares of Aston Martin Lagonda Global Holdings plc as at 31 December 2019, as well as the status against the shareholding 
guidelines. The table also summarises conditional interests in share or option awards.
Although both Executive Directors had purchased shares in June 2019, due to the fall in share price during the year,  
as at 31 December 2019 both Andy Palmer and Mark Wilson have fallen below their personal shareholding guidelines.
As at 31 December 2019
Shares owned 
outright
Shares vested but 
subject to 
continued 
employment1
Total shares 
owned outright 
or vested2
As a %  
of salary3
Shareholding 
guideline (as  
% of salary)
Guideline  
met?
LTIP award 
shares unvested 
and subject to 
performance4
Dr Andy Palmer
369,684 
1,041,079 
1,410,763 
611%
800%
No
262,135 
Mark Wilson
54,247 
145,752
199,999 
245%
300%
No
61,893
Notes:
1.	These vested shares were granted under the Legacy LTIP (details of which can be found in the 2018 DRR) and remain  
subject to lock-up arrangements with release in 3 further equal instalments on each anniversary of Admission)
2.	There have been no changes in the period up to and including 26 February 2020
3.	Based on the closing share price on 31 December 2019 of £5.20
4.	These shares were granted under the 2019 LTIP award, full details of which are set out on page 102, under the section titled,  
‘2019 LTIP awards granted during FY 2019’
TSR PERFORMANCE GRAPH AND CEO REMUNERATION
The Company’s shares started trading on the London Stock Exchange’s main market for listed securities on 8 October 2018. 
The graph below shows the TSR performance of £100 invested in the Company’s shares since listing, compared to the FTSE 
250 index which has been chosen because the Company has been a constituent of this index since listing. The table below 
shows the total remuneration earned by the CEO over the same period, along with the percentage of maximum opportunity 
earned in relation to each type of incentive. The total amounts are based on the same methodology as used for the single 
figure of total remuneration for FY 2019 on page 100.
TSR VS. THE FTSE250
CEO TOTAL REMUNERATION
FY
20181
20182
2019
Total remuneration (£’000s)
407 
1,347 
1,353 
Bonus (% of maximum)
0%
0%
0%
LTIP3 (% of maximum)
n/a
n/a
n/a
Notes:
1.	FY 2018 remuneration shown is for the period 8 October to 31 December 
2018, annual bonus was restated to zero as set out on page 101.
2.	The amounts shown for FY 2018 in the second column have been 
annualised, as if the remuneration policy operated since IPO had been  
in place for the full year (as disclosed in the 2018 DRR, with bonus 
restated to zero).
3.	LTIP awards were granted for the first time on 27 June 2019 and will  
not vest until 2021 at the earliest
Dec
2019
Oct
2018
Aug
2019
Oct
2019
Jun
2019
April
2019
Dec
2018
VALUE (£)
ASTON MARTIN LAGONDA
FTSE 250
20
40
60
80
100
120
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
103

CEO REMUNERATION RELATIVE TO EMPLOYEES
The table below summarises the change in Andy Palmer’s 
salary, benefits and bonus received as CEO for FY 2019 
compared to the prior year. The same data is also shown  
for the UK employee population.
Year-on-year change (%)
Salary
Allowances 
and benefits
Bonus
CEO1
0%
30%
0%
UK employees2
3%
0%
0%​
Notes:
1.	The CEO %s have been calculated by comparing FY2019 to the amounts 
for the full FY 2018
2.	The comparator group includes all UK employees. This group represents 
the majority of AML employees, aligns with the location of the CEO  
and is the same group used for the pay ratio reporting below. 
For the comparator group of employees, the salary year-on-year change 
includes the annual salary review from 1 January 2019 but excludes 
any additional changes made in the year, for example on promotion. 
The year-on-year change in bonus is shown for non-management 
employees only. Management bonuses, linked to 2019 Company 
performance measures will be zero (and note zero bonus payment  
to the CEO for both 2018 and 2019). 
For benefits, there were no changes to benefit policies or levels during  
the year. The increase in the value of benefits shown for the CEO 
reflects an increase in the market cost of the same benefits.
The ratios, set out in the table below, compare the total 
remuneration of the CEO (as included in the single figure 
table on page 100) to the remuneration of the median UK 
employee as well as employees at each of the lower and 
upper quartiles.
FY 2019
25th 
percentile 
(P25)
Median 
(P50)
75th 
percentile 
(P75)
CEO pay ratios (Option A)
34:1
29:1
24:1
The ratios are calculated using ‘option A’ as set out in the 
disclosure regulations. The employees at the lower quartile, 
median and upper quartile (P25, P50 and P75) were 
determined based on total remuneration for FY 2019 using  
a calculation approach consistent with that used for the CEO 
in the single figure table on page 100. The Committee chose 
to use option A on the basis that it would provide the most 
accurate approach to identifying the median, lower and 
upper quartile employees. The calculation was undertaken 
on a full-time equivalent basis. The total remuneration  
in respect of FY 2019 for the employees identified at P25,  
P50 and P75 was £40k, £47k, and £57k, respectively.  
The base salary for FY 2019 for the employees at P25,  
P50 and P75 was £38k, £35k and £55k respectively.
DIRECTORS’ REMUNERATION REPORT CONTINUED
The Committee considers pay ratios as one of many 
reference points when considering remuneration. 
Throughout AML, pay is positioned to be fair and market 
competitive in the context of the relevant talent market  
for each role.
RELATIVE IMPORTANCE OF SPEND  
ON PAY FOR FY 2019
The table below sets out the total payroll costs for all 
employees for FY 2019 compared to distributions to 
shareholders by way of dividend and share buyback. 
Adjusted EBITDA is also shown as context.
 
 
FY 2019
FY 2018
Adjusted EBITDA
£m
134.2
247.3
​
% change
-46%
 
Distributions to shareholders 
£m
0​
0
​
% change
0%
 
Payroll costs for all employees
£m
156.7​
211.4
​
% change
-26%​
​
Note: 2018 payroll costs include £61.2m of IPO-related staff incentive costs.
SERVICE AGREEMENTS
The table below sets out information on service agreements 
for the Executive Directors – these were entered into  
before Admission.
Executive Director
Title
Effective date 
of service 
agreement
Notice period 
to and from  
the Company
Dr Andy Palmer
President and 
Group Chief 
Executive Officer
8 October 
2018
12 months
Mark Wilson
EVP and Chief 
Financial Officer
8 October 
2018
12 months
The service agreements for Executive Directors are available 
for inspection by shareholders at the registered office of  
the Company.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
104

EXTERNAL APPOINTMENTS
It is recognised that Non-Executive Directorships can 
provide a further level of experience that can benefit the 
Company. As such, Executive Directors may usually take 
up one Non-Executive Directorship (broadly equivalent 
in terms of time commitment to a FTSE 350 Non-Executive 
Directorship role) subject to the Board’s approval as long as 
there is no conflict of interest. A Director may retain any fee 
received in respect of such Non-Executive Directorship.
Andy Palmer holds three external non-executive roles at 
companies operating in areas that are highly relevant to  
the Company’s business. Andy Palmer’s services to these 
boards are generally performed outside of normal Company 
working hours and are considered to be mutually beneficial 
to both the Company and these businesses. These roles  
are set out below (including associated fees).
•	Ashok Leyland Limited – Non-Executive Director and 
Chair of the Technology Committee (FY 2019 fee of £64k)
•	SBD Automotive Limited (formerly Secured By Design 
Limited) – Non-Executive Director. In exchange for his 
services the Company receives consultancy services from 
SBD Automotive Limited in relation to connected  
and autonomous market trends
•	Pod Point Ltd – Board Observer (no fee)
While the CEO has three appointments, the Board is 
comfortable that the aggregate time commitment required 
for these appointments is in line with the Company’s Policy 
but will continue to keep this under review. In addition,  
the Board is satisfied that no conflict of interests arises.
NON-EXECUTIVE DIRECTORS’ REMUNERATION 
(AUDITED)
The Policy on remuneration for Non-Executive Directors 
is set out in the Directors’ Remuneration Report FY 2019 
(which can be found in the Annual Report FY 2018 at  
www.astonmartinlagonda.com).
The following table sets out the single figure of total 
remuneration received or receivable by the Non-Executive 
Directors in respect of FY 2019 (and the prior financial year).
Shown in £’000s
​
Non-Executive Directors
Total 
fees1
Penny Hughes
 
Year to 31 December 2019
350
Year to 31 December 2018
87
Richard Solomons
 
Year to 31 December 2019
135
Year to 31 December 2018
33
Amr Ali Abdallah AbouelSeoud
​
Year to 31 December 20192
83
Year to 31 December 2018
542
Najeeb Al-Humaidhi (until 7 Oct 2019)
​
Year to 31 December 20193
58
Year to 31 December 2018
555
Saoud Al-Humaidhi (until 7 Oct 2019)
​
Year to 31 December 20193
65
Year to 31 December 2018
21
Lord Matthew Carrington
 
Year to 31 December 2019
85
Year to 31 December 2018
21
Mahmoud Samy Mohamed Aly El Sayed
​
Year to 31 December 20194
85
Year to 31 December 2018
542
Peter Espenhahn
 
Year to 31 December 2019
85
Year to 31 December 2018
21
Dante Razzano
 
Year to 31 December 20195
93
Year to 31 December 2018
542
Peter Rogers
 
Year to 31 December 20196
83
Year to 31 December 2018
21
Imelda Walsh
 
Year to 31 December 2019
115
Year to 31 December 2018
28
Professor Tensie Whelan
 
Year to 31 December 2019
75
Year to 31 December 2018
19
Notes:
1.	Total fees include basic fees and additional Committee Chair  
and membership fees
2.	Amr Ali Abdallah AbouelSeoud was a member of the Remuneration 
Committee until 7 October 2019
3.	Najeeb Al-Humaidhi and Saoud Al-Humaidhi stepped down  
from the Board on 7 October 2019
4.	Mahmoud Samy Mohamed Aly El Sayed was a member of the Audit 
Committee until 7 October 2019 and became a member of the 
Nomination Committee from 8 October 2019
5.	Dante Razzano was a member of the Remuneration Committee  
until 7 October 2019
6.	Peter Rogers was a member of the Audit Committee until 7 October 2019
DIRECTORS’ REMUNERATION REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
105

SUMMARY OF CHAIR AND NON-EXECUTIVE 
DIRECTORS’ FEES FOR FY 2020
As outlined in the Remuneration Committee Chair’s letter,  
in the context of the continuing challenging trading 
conditions during FY 2019, the Chair and Non-Executive 
Directors decided to apply a reduction to fee levels, effective 
1 January 2020. The revised fee levels are set out in the 
table below.
NED role
FY 2019 fee 
(£’000s)
FY 2020 fee 
(£’000s)
Chair of the Board
350
270
Basic NED fee
75
60
SID fee
20
15
Committee Chair
20
15
Committee member
10
5
CHAIR AND NON-EXECUTIVE DIRECTOR 
SHAREHOLDINGS (AUDITED)
The table below summarises the total interests of the  
Chair and Non-Executive Directors (and their connected 
persons) in ordinary shares of Aston Martin Lagonda plc  
as at 31 December 2019 (or at the date of stepping down,  
if earlier).
Non-Executive Directors
Total number 
of shares 
owned1
Penny Hughes
6,000​
Richard Solomons
526
Amr Ali Abdallah AbouelSeoud2
687,239​
Najeeb Al-Humaidhi (until 7 Oct 2019)
33,816,939
Saoud Al-Humaidhi (until 7 Oct 2019)
–
Lord Matthew Carrington
–​
Mahmoud Samy Mohamed Aly El Sayed3
13,408,475​
Peter Espenhahn
526​
Dante Razzano
26,315​
Peter Rogers
–​
Imelda Walsh
526​
Professor Tensie Whelan
–
Notes:
1.	Other than those stated below, there have been no changes in the period 
up to and including 26 February 2020
2.	Includes indirect shareholding through Asmar Limited. On 11 February 
2020 shares within the Adeem/PW Shareholding Group were transferred  
to Venus Holdings Limited, a person closely associated with Mr AbouelSeoud 
and resulting in him having a total interest in 815,911 shares
3.	Includes the shareholding of Adeem Automotive Manufacturing Company 
Limited as Mr Aly El Sayed is a director of the Adeem Automotive and  
CEO of its ultimate parent company Adeem Investment Kuwait and the 
indirect shareholding held through Asmar Limited. On 11 February 2020 
following share transfers within the Adeem/PW. Shareholding Group this 
resulted in Mr Aly El Sayed having a total interest in 1,855,275 shares 
which includes his indirect interest through Adeem and through MSY 
Limited, a person closely associated to him
LETTERS OF APPOINTMENT
The Chair and Non-Executive Directors have letters of 
appointment. All Non-Executive Directors’ appointments 
and subsequent re-appointments are subject to annual 
re-election at the AGM. Dates of the Directors’ letters  
of appointment are set out in the table below.
Non-Executive Director
Date of appointment
Notice period
Penny Hughes
8 October 2018
3 months
Richard Solomons
8 October 2018
3 months
Amr Ali Abdallah AbouelSeoud
7 September 2018
3 months
Najeeb Al-Humaidhi  
(until 8 Oct 2019)
7 September 2018
3 months
Saoud Al-Humaidhi  
(until 8 Oct 2019)
7 September 2018
3 months
Lord Matthew Carrington
8 October 2018
3 months
Mahmoud Samy Mohamed  
Aly El Sayed
7 September 2018
3 months
Peter Espenhahn
8 October 2018
3 months
Dante Razzano
7 September 2018
3 months
Peter Rogers
8 October 2018
3 months
Imelda Walsh
8 October 2018
3 months
Professor Tensie Whelan
8 October 2018
3 months
The terms and conditions of appointment for Non-Executive 
Directors are available for inspection by shareholders at the 
registered office of the Company.
REMUNERATION COMMITTEE IN FY 2019
COMMITTEE MEMBERSHIP
The following Directors served as members of the 
Committee during FY 2019:
•	Imelda Walsh (Chair)
•	Amr Ali Abdallah AbouelSeoud (until 7 October 2019)
•	Lord Matthew Carrington
•	Dante Razzano (until 7 October 2019)
•	Richard Solomons
COMMITTEE REMIT 
The Committee’s Terms of Reference are published on 
www.astonmartinlagonda.com.
In addition to setting the remuneration of the Executive 
Directors, the Committee continues to directly oversee the 
remuneration arrangements for the Executive Committee.
DIRECTORS’ REMUNERATION REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
106

SUMMARY OF MEETINGS
The Committee typically meets four to six times a year. 
During FY 2019, the Committee met five times and  
the agenda items discussed at these meetings are 
summarised below.
Early February
•	Review of draft FY 2018 DRR  
and Remuneration Policy
•	Shareholder engagement update
•	Consideration of 2019 annual bonus approach
Late February
•	FY 2018 annual bonus payments
•	FY 2019 annual bonus – performance targets
•	Gender Pay Gap report
​
•	Shareholder engagement update
•	FY 2019 LTIP funding approach
•	Approval of FY 2018 DRR and Remuneration 
Policy
April
•	Shareholder engagement update
•	2019 LTIP – performance targets  
and award levels
•	Review of independent advisor discussion
July
•	Addressing the UK corporate governance code
•	Review of broader workforce remuneration
•	Review of independent advisor discussion
December
•	FY 2018 bonus – ED waiver
•	Below Board IPO-related payments
ADVICE TO THE COMMITTEE
The Chair of the Board and members of the management 
team are invited to attend Committee meetings where 
appropriate, except when their own remuneration is being 
discussed. During the year Penny Hughes (Chair of the 
Board), Dr Andy Palmer (President and Group Chief 
Executive Officer), Mark Wilson (EVP and Chief Financial 
Officer), Michael Kerr (VP and Chief HR Officer), Michael 
Marecki (VP and General Counsel), Catherine Sukmonowski 
(Company Secretary) and Amanda Sherwood (Director of 
Reward) attended meetings at the Committee’s invitation. 
Since Admission, the Committee has received independent 
advice on remuneration from Willis Towers Watson (“WTW”). 
WTW is a member of the Remuneration Consultants’ Group 
and, as such, voluntarily operates under the Remuneration 
Consultants’ Group Code of Conduct in relation to executive 
remuneration consulting in the UK. The Committee is 
satisfied that the advice provided by WTW is independent 
and objective. WTW has no other connection with the 
Company. Total fees received by WTW in relation to 
remuneration advice provided that materially assisted the 
Committee during FY 2019 were £43,750. 
The Committee initiated an RFP process to review its 
advisers in FY 2019. Given the challenges faced by the 
Company and the workload of the Board, the Committee 
decided to defer the RFP process for 12 months and will 
continue to use Willis Towers Watson during this time.
Freshfields also provided advice to the Committee in relation 
to the operation of the Company’s share plans, employment 
law considerations and compliance with legislation.
COMMITTEE EFFECTIVENESS
As set out on page 82, given the circumstances of the 
Company an ongoing approach was adopted to assess 
Committee effectiveness. During the year the Chair sought 
soundings from Committee members who provided ongoing 
feedback on Committee effectiveness so that the Committee 
could remain effective in evolving circumstances.
REMUNERATION VOTING RESULTS
The table below shows the results of the shareholder votes  
at the 2019 AGM on both the Directors’ Remuneration 
Report and the Directors’ Remuneration Policy.
AGM voting results
Votes  
for
Votes  
against
Votes 
withheld
To approve the Directors’ 
Remuneration Report  
for the year ending  
31 December 2018
203,028,527 
(95.64%)
9,260,855
(4.36%)
442
To approve the Directors’ 
Remuneration Policy
198,266,590
(93.39%)
14,022,935
(6.61%)
299
APPROVAL
This report has been approved by the Board  
and signed on its behalf by:
IMELDA WALSH
CHAIR, REMUNERATION COMMITTEE
26 FEBRUARY 2020
DIRECTORS’ REMUNERATION REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
107

DIRECTORS’ REPORT
DIRECTORS’ REPORT
ABOUT THE DIRECTORS’ REPORT
The Directors’ Report comprises the Governance section 
(pages 78 to 107), the Directors’ Report (pages 108 to 114) 
and the Shareholder Information section (pages 179 to 180). 
Other information that is relevant to the Directors’ Report, 
and which is incorporated by reference into the Directors’ 
Report, is disclosed as follows. 
•	Likely future developments of the Company 
(throughout the Strategic Report) 
•	Human rights (page 45) 
•	Greenhouse gas emissions (page 43) 
•	Relationship with employees (page 39) 
•	Disabled persons (page 109)
•	Health and Safety (page 109)
•	Financial instruments (Note 23) 
•	s172 disclosure (page 32)
•	Post balance sheet events.
STRATEGIC REPORT
Aston Martin Lagonda Global Holdings plc is required 
by the Companies Act 2006 to prepare a Strategic Report 
that includes a fair review of the Company’s business, the 
development and performance of the Company’s business 
during the period, the position of the Company at the end 
of year ended 31 December 2019, and a description of 
the principal risks and uncertainties faced by the Company. 
The Strategic Report on pages 4 to 69 is incorporated 
by reference and shall be deemed to form part of this 
Directors’ Report.
RESULTS AND DIVIDEND
Revenue from the continuing business during the period 
amounted to £997m (2018: £1.1bn). A review of the 
Group’s consolidated results is set out from page 46.
It is the Directors’ intention to retain the Group’s cash flow 
to finance growth and to focus on delivery of its reset plan. 
The Directors intend to review, on an ongoing basis, the 
Company’s dividend policy and will consider the payment 
of dividends as the Group’s strategy matures, depending 
upon the Group’s free cash flow, financial condition, future 
prospects and any other factors deemed by the Directors  
to be relevant at the time.
GOING CONCERN 
The going concern statements for the Group and Company 
are set out on pages 131 and 177 of the Financial Statements 
and are incorporated by reference and shall be deemed  
to be part of this Report.
RESEARCH AND DEVELOPMENT
The Group spent £226m (2018: £214m) on research  
and development during the period. See note 4 to the  
Financial Statements.
TAX STRATEGY 
The Group is committed to complying with its statutory 
obligations in relation to the payment of tax including 
full disclosure of all relevant facts to the appropriate tax 
authorities. In managing its tax affairs, the Group recognises 
its responsibilities as a tax payer and the need to protect  
the corporate reputation inherent in the brand.
The Board has ultimate responsibility for the Group’s tax 
strategy although the day-to-day management rests with 
the Executive Committee which comprises the senior 
operational personnel of the Group. 
The EVP and Chief Financial Officer is the Executive 
Committee member with ultimate responsibility for tax 
matters and is the Senior Accounting Officer of the Group. 
The EVP and Chief Financial Officer advises the Board on 
the tax affairs and risks of the Group to ensure:
•	the proper control and management of tax risk;
•	the tax position is planned in line with the Group’s 
strategic objectives;
•	the tax charge is correctly stated in the statutory accounts 
and tax returns; and
•	all tax compliance is completed in a timely manner  
to HMRC and other tax authorities. 
Further information on the Group’s tax strategy is available 
on the Company’s website.
ARTICLES OF ASSOCIATION 
The Articles of Association set out the internal regulation  
of the Company and cover such matters as the rights of 
shareholders, the appointment or removal of Directors, 
and the conduct of the Board and general meetings. Copies 
are available from the Company Secretary. In accordance 
with the Articles of Association, directors can be appointed  
or removed by the Board or by shareholders in general 
meeting. Amendments to the Articles of Association must 
be approved by at least 75% of those voting in person or 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
108

DIRECTORS’ REPORT
by proxy at a general meeting of the Company. Subject 
to UK company law and the Articles of Association, the 
directors may exercise all the powers of the Company, and 
may delegate authorities to committees, and may delegate 
day-to-day management and decision making to individual 
executive directors. Details of the Board Committees can 
be found on page 79. 
The rules governing the appointment and removal of  
a director are set out in the Articles of Association of 
the Company. Specific details relating to the Significant 
Shareholder Groups and their right to appoint directors 
are set out on page 112.
As stated, following the Placing, Lawrence Stroll will join 
the Board and become Executive Chairman and Penny 
Hughes has confirmed her intention to step down as a 
Director on 7 April 2020. As noted, by mutual agreement 
Mark Wilson will step down as Chief Financial Officer  
and each of Richard Solomons, Imelda Walsh and Tensie 
Whelan have advised that they will not seek re-election  
at the Company’s Annual General Meeting (“AGM”). 
Consequently, Lawrence Stroll will be offering himself for 
election and all remaining members of the Board (excluding 
those individuals noted) will be offering themselves for 
re-election at Company’s Annual General Meeting (“AGM”).
DIRECTORS 
The names and details of the Directors as at the date of  
this Report are set out on pages 72 to 74. 
The names of the individuals who ceased to be Directors 
during the year ended 31 December 2019 are set out below.
Name
Date of cessation
Najeeb Al Humaidhi
7 October 2019
Saoud Al Humaidhi
7 October 2019
DIRECTORS’ INSURANCE AND INDEMNITIES
The Company maintains directors’ and officers’ liability 
insurance, which gives cover for legal actions brought 
against its Directors and officers. Each Director of the 
Company also has the benefit of prospectus liability 
insurance which provides cover for liabilities incurred by 
directors in the performance of their duties or powers in 
connection with the issue of the Company’s prospectus 
dated 20 September 2018 in relation to the Company’s 
listing on the premium listing segment of the Financial 
Conduct Authority’s Official List and admission to trading  
on the Main Market for listed securities of the London Stock 
Exchange (the “IPO”). No amount was paid under any of 
these indemnities or insurances during the year other than 
the applicable insurance premiums. In accordance with 
section 236 of the Companies Act 2006, qualifying third-
party indemnity provisions are in place for the directors in 
respect of liabilities incurred as a result of their office, to the 
extent permitted by law. Both the insurance and indemnities 
applied throughout the year ended 31 December 2019 and 
up to the date of this Report.
EQUAL OPPORTUNITIES AND EMPLOYMENT  
OF DISABLED PEOPLE
The Group has policies on equal opportunities and 
the employment of disabled people which, through the 
application of fair employment practices, are intended 
to ensure that individuals are treated equitably and 
consistently regardless of age, race, creed, colour, gender, 
marital or parental status, sexual orientation, religious 
beliefs and nationality. 
Applications for employment by disabled persons are always 
fully considered, bearing in mind the respective aptitudes 
and abilities of the applicant concerned. In the event of 
members of staff becoming disabled, every effort is made  
to ensure their employment with the Group is continued  
and that the appropriate training is arranged. It is the policy 
of the Group that the training, career development and 
promotion of a disabled person should, as far as possible,  
be identical to that of a person who does not have a disability.
HEALTH AND WELLBEING
The health and wellbeing of employees is central to 
operating an effective and successful business. The Group 
also relies on the health and stability of the communities  
in which it operates. The Group recognises its responsibility 
and the opportunity to make a positive contribution and  
is actively engaged with local areas to foster a sense of 
partnership with the Group.
The Group continues to educate employees on its approach 
to, and specific requirements of, human rights in business 
operations. In 2019, no human rights violations within the 
Group were reported, nor were any relevant reports received 
regarding the supply network.
The health and safety of its workforce, visitors and the 
local community is of paramount importance. The Group 
aims to be a centre of excellence and for the Aston Martin 
Health and Safety Management System to be aligned with 
best practice within the automotive industry. Further details 
are set out on page 42.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
109

SHARE CAPITAL
Details of the issued share capital, together with details  
of movements in the issued share capital of the Company 
during the year, are shown in note 27. This is incorporated by 
reference and deemed to be part of this Report.
The Company has one class of ordinary share which carries 
no right to fixed income. Each share carries the right to  
one vote at general meetings of the Company. The ordinary 
shares are listed on the premium listing segment of the 
Financial Conduct Authority’s Official List and traded on 
the Main Market for listed securities of the London Stock 
Exchange. As at 31 December 2019, the Company had 
228,002,890 ordinary shares of £0.00904 in issue. The 
Company does not hold any shares in treasury.
Specific powers relating to the allotment and issuance of 
ordinary shares and the ability of the Company to purchase 
its own securities are included within the Articles and  
such authorities must be submitted for approval by the 
shareholders, at the AGM each year. The Approval for these 
authorities were not sought at the Company’s 2019 AGM.
SHAREHOLDERS’ RIGHTS
Holders of ordinary shares have the rights accorded to 
them under UK company law, including the rights to 
receive the Company’s annual report and accounts, attend 
and speak at general meetings, appoint proxies and exercise 
voting rights. No shareholder holds ordinary shares carrying 
special rights relating to the control of the Company and the 
Directors are not aware of any agreements between holders 
of the Company’s shares that may result in restrictions  
on voting rights.
RESTRICTIONS ON TRANSFER  
OF ORDINARY SHARES 
The Articles do not contain any restrictions on the transfer 
of ordinary shares in the Company other than the usual 
restrictions applicable where any amount is unpaid on  
a share. All issued share capital of the Company at the 
date of this Annual Report is fully paid. Certain restrictions 
are also imposed by laws and regulations (such as insider 
trading and marketing requirements relating to close periods) 
and requirements of the Market Abuse Regulation whereby 
directors and certain employees of the Company require 
prior approval to deal in the Company’s securities.
SUBSTANTIAL SHAREHOLDINGS
The Company has received notifications of major interests  
in its issued ordinary share capital in accordance with  
Rule 5 of the Disclosure and Transparency Rules. Details 
of the position as at the end of the financial year and 
as at the latest practicable date prior to approval of this 
Annual Report are set out opposite. 
DIRECTORS’ REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
110

​
As at 31 December 2019
As at 21 February 2020
Shareholder 
Number of 
ordinary shares
% of total  
voting rights1
Number of 
ordinary shares
% of total  
voting rights1
Adeem/Primewagon Significant Shareholder Group
​
​
​
​
Adeem Automotive Manufacturing Company Limited
12,592,564
5.523%
1,039,364
0.456%
Asmar Limited
20,301,262
8.904%
–
–
Primewagon (Jersey) Limited
10,907,194
4.784%
10,760,267
4.719%
Stehwaz Automotive Jersey Limited
9,194,651
4.033%
13,118,242
5.754%
Najeeb Al-Humaidhi
4,324,047
1.896%
11,534,540
5.059%
Mohammed Youssef Al-Roumi/Galaxy Investments Limited
4,187,400
1.837%
14,660,405
6,430%
Waleed Al-Humaidhi
398,648
0.175%
3,262,511
1.431%
White Rose Automotive Ltd
1,392,238
0.611%
–
–
RAR Limited
–
–
1,973,991
0.866%
Savoy Investments Limited
–
–
1,973,991
0.866%
ANF Limited
–
–
789,596
0.346%
AGD Limited
–
–
789,596
0.346%
MSY Limited
–
–
789,596
0.346%
Venus Holdings Limited
–
–
789,596
0.346%
Ulrich Bez
–
–
875,938
0.384%
Capital Group
–
–
541,723
0.238%
​
63,298,004
27.762%
62,899,356
27.587%
Prestige/SEIG Significant Shareholder Group2
​
​
​
​
Prestige Motor Holdings S. A. 
​
45,766,783​
20.07%​
Preferred Prestige Motor Holdings S. A.
14,975,231​
6.57%​
Strategic European Investment Group S.à.r.l.
6,840,090​
3.00%​
​
74,781,250
32.80
67,582,104​
29.64%​
Mercedes-Benz AG
9,529,739
4.18%
No further notifications after  
31 December 2019
Invesco Limited
20,862,276
9.15%
No further notifications after  
31 December 2019
Torreal Sociedad de Capital Riesgo SA
–
–
7,151,411
3.14%
Notes
1.	As at the date in the notification to the Company.
2.	Breakdown not provided to the Company via notification under Rule 5 of the Disclosure and Transparency Rules.
DIRECTORS’ REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
111

SIGNIFICANT CONTRACTS – CHANGE OF CONTROL
At 31 December 2019, the Group had a revolving credit 
facility of £80 million which contains change of control 
clauses. The Group also had: US$400 million of 6.5% 
Senior Secured Notes; £230 million and £55m of 5.75% 
Senior Secured Notes; US$190m senior secured notes;  
and US$150m senior secured split coupon notes, all of 
which contain change of control provisions. In aggregate, 
this financing is considered significant to the Group and  
in the event of a takeover (i.e. a change of control) of the 
Company, these contracts may be cancelled, become 
immediately payable or be subject to acceleration. 
All the Company’s share plans contain provisions relating  
to a change of control. In the event of a change of control  
or winding up of the Company (other than an internal 
reorganisation), LTIP awards will vest subject to the extent  
to which the performance conditions have been satisfied. 
Pro-rating for service will apply unless the Remuneration 
Committee decides otherwise. Outstanding deferred bonus 
awards will vest in full as soon as practicable. 
In the event of an internal corporate reorganisation,  
deferred bonus and LTIP awards may (with consent from  
any acquiring Company) be replaced by equivalent awards. 
Alternatively, the Remuneration Committee may decide  
that deferred bonus and LTIP awards will vest as in the  
case of a change of control described above.
 In the event of a demerger, special dividend or other corporate 
event that will materially impact the share price the Committee 
may, at its discretion, allow deferred bonus and LTIP awards to 
vest on the same basis as for a change of control as described 
above. Alternatively, an adjustment may be made to the 
number of shares if considered appropriate.
As set out in the 2018 Annual Report, the Company 
currently has two groups of Significant Shareholders 
namely, the Adeem/PW Significant Shareholder Group 
and the Prestige/SEIG Significant Shareholder Group. The 
relationship between the Company and each of these 
Significant Shareholder Groups is governed by two 
separate Relationship Agreements (the “Current 
Relationship Agreements”), each executed on IPO. 
The purpose of these Current Relationship Agreements 
is to ensure that the Company can carry on its business 
independently and for the benefit of shareholders as 
a whole. 
The Current Relationship Agreements also provide that  
the Company will not take any action in relation to certain 
significant matters without the prior approval of at least 
two-thirds of members of the Board present and entitled  
to vote. The Current Relationship Agreements will terminate 
upon the relevant Significant shareholder group ceasing  
to have the entitlement to exercise 7% or more of the voting 
rights in the Company or the Company’s shares ceasing to 
be admitted to the Official List of the Financial Conduct 
Authority and traded on the Main Market for listed securities 
of the London Stock Exchange.
Each of the Current Relationship Agreements provides that 
each Significant Shareholder Group is entitled to nominate 
director(s) to the Board and the Nomination Committee  
and an observer to the Remuneration and Audit and Risk 
Committees subject to the size of its interest in the voting 
rights of the Company and the time elapsed since Admission 
as set out below.
•	Adeem/PW Significant Shareholder Group  
Board Appointments
•	20% or above voting rights – 4 Directors until the first 
anniversary of Admission and 2 Directors thereafter. 
The current nominated Directors are Amr Ali Abdallah 
Abouel Seoud, and Mahmoud Samy Mohamed Aly  
El Sayed. Saoud Al Humaidhi and Najeeb Al Humaidhi 
stepped down as Directors on 7 October 2019 in 
accordance with the Relationship Agreement.
•	Between 7% and 20% voting rights – 2 Directors  
until the first anniversary of Admission and  
1 Director thereafter.
•	Prestige/SEIG Significant Shareholder Group  
Board Appointments
•	20% or above voting rights – 2 Directors. The current 
nominated Director is Dante Razzano. It is expected 
that Prestige will appoint a further nominated Director 
in due course. 
•	Between 7% and 20% voting rights – 2 Directors  
until the first anniversary of Admission and 
1 Director thereafter. 
DIRECTORS’ REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
112

•	Adeem/PW Significant Shareholder Group and Prestige 
Significant Shareholder Group Committee Appointments
•	7% or more voting rights until first anniversary of 
Admission – can nominate a Director on each of the 
Committees. On 7 October 2019 Peter Rogers and 
Mahmoud Samy Mohamed Aly El Sayed stepped 
down as members of the Audit and Risk Committee 
and Dante Razzano and Amr AbouelSeoud stepped 
down as members of the Remuneration Committee. 
They are permitted to attend as observers on the 
relevant Committees with no voting rights.
•	7% or more voting rights after first anniversary of 
Admission – can nominate a Director to the Nomination 
Committee and a Director as an observer to each of  
the Audit and Risk and Remuneration Committees.
On completion of the Placing, the Company will 
have three significant shareholders namely, the Stroll 
Consortium, the Prestige/SEIG Shareholder Group and 
the Adeem/PW Shareholder Group. New Relationship 
Agreements will become effective between the Company 
and these parties at that time. The terms of the New 
Relationship Agreements will be the same for each of the 
three significant shareholders and will entitle each of these 
shareholders to appoint representative Board members 
depending on their respective shareholdings immediately 
following the Placing and/or Rights Issue (as applicable). 
The Current Relationship Agreements remain in effect 
until then. Further information on the New Relationship 
Agreements is set out in the Prospectus.
The Group has a technical partnership with a major 
shareholder, Daimler, for the provision of engines, 
electrical architecture and entertainment systems. 
The Group’s technical and commercial partnership with 
Daimler began in 2013, when Daimler became one of 
Aston Martin Holdings (UK) Limited’s shareholders. The 
agreements governing this relationship contain provisions 
that provide that where a strategic Daimler competitor or 
one of its affiliates acquires an interest in the Group, 
Daimler is entitled to terminate these operational 
agreements on 3 years prior notice.
TRANSACTIONS WITH RELATED PARTIES 
The subsisting material transactions which the Company  
has entered into with related parties are the Current 
Relationship Agreements each of which was entered  
into on 20 September 2018. 
The Current Relationship Agreements comply 
with the requirements of the Listing Rules, including 
LR 9.2.2ADR(2)(a), and LR 6.5.4R. In accordance with the 
requirements of Listing Rule 9.8.4R(14), the Board confirms 
that the Company has complied with its obligations under 
the Current Relationship Agreements, including in respect 
of the independence provisions and, so far as the Company 
is aware, each Significant Shareholder Group has complied 
with the provisions of its respective Current Relationship 
Agreement (including the independence and non-
compete provisions set out therein), at all times since 
20 September 2018. Further information on the Current 
Relationship Agreements is on page 112.
Other related party transactions are detailed in note 31.
POLITICAL DONATIONS
It is the Company’s policy not to make political donations and 
no such political donations were made during the period since 
the IPO. In line with 2019 and reflecting the practice of many 
other London-listed companies, the Board will be seeking 
shareholder approval for political donations at the forthcoming 
AGM. This is a precautionary measure, for the Company 
and its subsidiaries to be able to make donations and/or 
incur expenditure which may be construed as ‘political’ by the 
wide definition of that term included in the relevant legislation. 
Further details are provided in the Notice of this year’s AGM.
DIRECTORS’ REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
113

DISCLOSURE TABLE PURSUANT TO LISTING RULE 
LR 9.8.4R 
In accordance with LR 9.8.4R, the table below sets out  
the location of the information required to be disclosed, 
where applicable. 
Applicable sub-paragraph within LR 9.8.4R
Page(s)
(1) Interest capitalised by the Group 
n/a
(2) Unaudited financial information 
n/a
(4) Long-term incentive scheme only involving a Director 
n/a
(5) Directors’ waivers of emoluments 
100 
(6) Directors’ waivers of future emoluments 
n/a
(7) Non pro-rata allotments for cash (issuer) 
n/a 
(8) Non pro-rata allotments for cash (major subsidiaries) 
n/a
(9) Listed company is a subsidiary of another company 
n/a
(10) Contracts of significance involving a Director 
n/a
(11) Contracts of significance involving a controlling shareholder
n/a
(12) Waivers of dividends 
n/a
(13) Waivers of future dividends 
n/a
(14) Agreement with a controlling shareholder 
112 
​
DISCLOSURE OF INFORMATION  
TO THE COMPANY’S AUDITOR
Each person who is a Director at the date of approval  
of this report and of the Financial Statements confirms that 
(i) so far as such Director is aware, there is no relevant audit 
information of which the Company’s auditor is unaware; 
and (ii) such Director has taken all the steps that they ought 
to have taken as a Director, in order to make themselves 
aware of any relevant audit information and to establish  
that the company’s auditor is aware of that information.  
This confirmation is given and should be interpreted  
in accordance with the provisions of section 418 of the 
Companies Act 2006.
The Strategic Report (from pages 4 to 69) and the Directors’ 
Report (as described on page 108) have been approved by 
the Board on 26 February 2020.
By order of the Board
CATHERINE SUKMONOWSKI
COMPANY SECRETARY  
AND DIRECTOR OF GOVERNANCE
26 FEBRUARY 2020
Aston Martin Lagonda Global Holdings Plc 
Registered Office: 
Banbury Road 
Gaydon 
Warwick CV35 0DB
Registered in England and Wales 
Registered number: 11488166
DIRECTORS’ REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
114

STATEMENT OF DIRECTORS’ 
RESPONSIBILITIES
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the Annual 
Report which includes the Strategic Report; the Directors’ 
Report; the Directors’ Remuneration Report and the Group 
and parent Company financial statements in accordance 
with applicable law and regulations. 
Company law requires the directors to prepare Group 
and parent Company financial statements for each 
financial year. Under that law they are required to 
prepare the Group financial statements in accordance 
with International Financial Reporting Standards as 
adopted by the European Union (IFRSs as adopted by 
the EU) and applicable law and have elected to prepare 
the parent Company financial statements in accordance 
with UK accounting standards, including FRS 101 
Reduced Disclosure Framework. 
Under company law the Directors must not approve the 
financial statements unless they are satisfied that they give  
a true and fair view of the state of affairs of the Group and 
parent Company and of their profit or loss for that period.  
In preparing each of the Group and parent Company 
financial statements, the directors are required to: 
•	select suitable accounting policies and then apply  
them consistently; 
•	make judgements and estimates that are reasonable, 
relevant, reliable and prudent; 
•	for the Group financial statements, state whether they 
have been prepared in accordance with IFRSs as adopted 
by the EU; 
•	for the parent Company financial statements, state 
whether applicable UK accounting standards have been 
followed, subject to any material departures disclosed  
and explained in the parent company financial statements; 
•	assess the Group and parent Company’s ability to 
continue as a going concern, disclosing, as applicable, 
matters related to going concern; and 
•	use the going concern basis of accounting unless 
they either intend to liquidate the Group or the parent 
Company or to cease operations, or have no realistic 
alternative but to do so. 
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain the 
parent Company’s transactions and disclose with reasonable 
accuracy at any time the financial position of the parent 
Company and enable them to ensure that its financial 
statements comply with the Companies Act 2006. They 
are responsible for such internal control as they determine is 
necessary to enable the preparation of financial statements 
that are free from material misstatement, whether due to 
fraud or error, and have general responsibility for taking 
such steps as are reasonably open to them to safeguard  
the assets of the Group and to prevent and detect fraud  
and other irregularities. 
Under applicable law and regulations, the Directors are 
also responsible for preparing a Strategic Report, Directors’ 
Report, Directors’ Remuneration Report and Corporate 
Governance Statement that complies with that law and 
those regulations. 
The Directors are responsible for the maintenance and 
integrity of the corporate and financial information included 
on the Company’s website. Legislation in the UK governing 
the preparation and dissemination of financial statements 
may differ from legislation in other jurisdictions. 
Each of the Directors, whose names and functions are 
listed on pages 72 to 75 confirm that, to the best of 
their knowledge: 
•	the financial statements, prepared in accordance with  
the applicable set of accounting standards, give a true  
and fair view of the assets, liabilities, financial position 
and profit or loss of the company and the undertakings 
included in the consolidation taken as a whole; and 
•	the strategic report includes a fair review of the 
development and performance of the business and  
the position of the issuer and the undertakings included  
in the consolidation taken as a whole, together with  
a description of the principal risks and uncertainties 
that they face. 
The Directors consider the Annual Report and Accounts, 
taken as a whole, is fair, balanced and understandable and 
provides the information necessary for shareholders to assess 
the Group’s position and performance, business model 
and strategy. 
These statements were approved by the Board on 
26 February 2020 and signed on its behalf by:
DR ANDY PALMER
PRESIDENT AND GROUP CHIEF EXECUTIVE OFFICER
MARK WILSON
EVP AND CHIEF FINANCIAL OFFICER
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
115

FINANCIAL  
STATEMENTS
Independent Auditor’s Report
117​
Consolidated Financial Statements
126
Notes to the Financial Statements
131
Company Statement of Financial Position
175
Company Statement of Changes in Equity
176
Notes to the Company Financial Statements
177
Shareholder Information
179
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
116

INDEPENDENT AUDITOR’S REPORT
OPINION
IN OUR OPINION:
•	Aston Martin Lagonda Global Holdings plc’s group 
financial statements and parent company financial 
statements (the “financial statements”) give a true  
and fair view of the state of the group’s and of the  
parent company’s affairs as at 31 December 2019  
and of the group’s loss for the year then ended;
•	the group financial statements have been properly 
prepared in accordance with IFRSs as adopted by the 
European Union; 
•	the parent company financial statements have been 
properly prepared in accordance with United Kingdom 
Generally Accepted Accounting Practice; and
•	the financial statements have been prepared in 
accordance with the requirements of the Companies  
Act 2006, and, as regards the group financial statements, 
Article 4 of the IAS Regulation.
We have audited the financial statements of Aston Martin 
Lagonda Global Holdings plc which comprise:
Group
Parent company
Consolidated statement  
of financial position as  
at 31 December 2019
Statement of financial 
position as at 31 
December 2019
Consolidated statement  
of comprehensive income  
for the year then ended
Statement of changes  
in equity for the year  
then ended
Consolidated statement of 
changes in equity for the year 
then ended 
Related notes 1 to 6  
to the financial statements 
including a summary 
of significant accounting 
policies 
Consolidated statement of cash 
flows for the year then ended 
Related notes 1 to 34 to the 
financial statements, including  
a summary of significant 
accounting policies
The financial reporting framework that has been applied  
in the preparation of the group financial statements is 
applicable law and International Financial Reporting 
Standards (IFRSs) as adopted by the European Union.  
The financial reporting framework that has been applied in 
the preparation of the parent company financial statements  
is applicable law and United Kingdom Accounting Standards, 
including FRS 101 “Reduced Disclosure Framework (United 
Kingdom Generally Accepted Accounting Practice).
INDEPENDENT 
AUDITOR’S REPORT
TO THE MEMBERS OF ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
BASIS FOR OPINION 
We conducted our audit in accordance with International 
Standards on Auditing (UK) (ISAs(UK)) and applicable 
law. Our responsibilities under those standards are further 
described in the Auditor’s responsibilities for the audit  
of the financial statements section of our report below.  
We are independent of the group and parent company in 
accordance with the ethical requirements that are relevant 
to our audit of the financial statements in the UK, including 
the FRC’s Ethical Standard as applied to listed public  
interest entities, and we have fulfilled our other ethical 
responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinion.
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN 
We draw attention to Note 1 in the financial statements, 
which indicates that the ability of the Group and Company 
to continue as a going concern is subject to material uncertainty. 
On 31 January 2020, the Company announced its intention 
to raise £500 million by way of a strategic investment  
of £182.4 million by a consortium led by Lawrence Stroll  
and a rights issue of £317.6 million (‘The Capital Raise’). 
The Capital Raise is required for the Group to continue 
operating as a going concern, to facilitate the successful 
execution of the reset of the business plan and to provide  
a platform for the future success of the Group. The completion 
of the Capital Raise is dependent on approval from 
the shareholders of the Company, which at the time 
of issuing these financial statements has not yet been 
obtained. As a result, a material uncertainty exists that may 
cast significant doubt on the group and company’s ability 
to continue as a going concern. Our opinion is not 
modified in respect of this matter.
We draw attention to the viability statement in the Annual 
Report at page 69, which indicates that an assumption  
to the statement of viability is that the Capital Raise 
completes. The Directors consider that the material 
uncertainty referred to in respect of going concern may  
cast significant doubt over the future viability of the group 
and company should the Capital Raise not complete.  
Our opinion is not modified in respect of this matter. 
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
117

CONCLUSIONS RELATING TO PRINCIPAL RISKS,  
GOING CONCERN AND VIABILITY STATEMENT
Aside from the impact of the matters disclosed in the 
material uncertainty related to going concern section,  
we have nothing to report in respect of the following 
information in the annual report, in relation to which 
the ISAs(UK) require us to report to you whether we 
have anything material to add or draw attention to:
•	the disclosures in the annual report set out on  
pages 54 to 66 that describe the principal risks and 
explain how they are being managed or mitigated;
•	the directors’ confirmation set out on pages 92 and 93  
in the annual report that they have carried out a robust 
assessment of the principal risks facing the entity, 
including those that would threaten its business model, 
future performance, solvency or liquidity;
•	whether the directors’ statements in relation to going 
concern and their assessment of the prospects of the 
company required under the Listing Rules in accordance 
with Listing Rule 9.8.6R(3) is materially inconsistent  
with our knowledge obtained in the audit; or 
•	the directors’ explanation set out on page 69 in 
the annual report as to how they have assessed the 
prospects of the entity, over what period they have done 
so and why they consider that period to be appropriate,  
and their statement as to whether they have a reasonable 
expectation that the entity will be able to continue in 
operation and meet its liabilities as they fall due over  
the period of their assessment, including any related 
disclosures drawing attention to any necessary 
qualifications or assumptions.
OVERVIEW OF OUR AUDIT APPROACH
Key audit  
matters
•	Revenue recognition, specifically;
•	There is a risk that revenue is overstated 
due to errors in cut-off, including bill 
and hold arrangements; and
•	There is also a risk of overstatement of 
revenue through inappropriate manual 
journal entries.
•	Capitalisation and amortisation of 
development costs
•	Impairment of capitalised development costs
Audit scope
•	We performed an audit of the complete 
financial information of three components 
and audit procedures on specific balances 
for a further two components.
•	The components where we performed full 
or specific audit procedures accounted for 
100% of Adjusted EBITDA, 100% of 
Revenue and 100% of Total assets.
Materiality
•	Overall Group materiality of £2.6m which 
represents 1.9% of Adjusted EBITDA.
INDEPENDENT AUDITOR’S REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
118

KEY AUDIT MATTERS 
In addition to the material uncertainty related to going concern section, we have determined the matters described below 
to be the key audit matters to be communicated in our report. Key audit matters are those matters that, in our professional 
judgement, were of most significance in our audit of the financial statements of the current period and include the most 
significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included 
those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the 
efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as  
a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk
​ Our response to the risk
Key observations communicated 
to the Audit Committee 
Revenue Recognition  
(£997.3m, 2018: £1,096.5m)
Refer to the Audit Committee 
Report (page 90); Accounting 
policies (page 2); and Note 3  
of the Consolidated Financial 
Statements (page 139)
There is a risk that revenue is 
overstated due to errors in 
cut-off, including bill and hold 
arrangements whereby revenue 
is recognised on a completed 
vehicle before delivery is made 
to the customer based on the 
customers request. 
There is also a risk of 
overstatement of revenue 
through inappropriate manual 
journal entries.
•	We confirmed the existence and the design effectiveness of controls 
within the sales process, paying particular attention to those around 
cut-off and bill and hold transactions.
•	We considered the terms per the contract and delivery to ensure 
revenue has been recognised in accordance with IFRS 15 and  
is recorded in the correct period.
•	For a sample of bill and hold sales we have confirmed the vehicle 
was completed before year end by obtaining the signed quality 
check documentation. For that sample we also confirmed the 
transfer of control had occurred by obtaining the customer requests 
to hold the vehicles on their behalf.
•	We performed physical verification on the finished vehicles and 
agreed these to either the inventory or the bill and hold listings.  
We ensured the manufacturing process was complete for each 
vehicle and that the vehicle was not double counted in revenue  
and inventory.
•	We performed cut-off testing by tracing a sample of transactions 
around the period end to third party delivery note documentation.
•	We performed data analytical procedures of the double entries in the 
general ledger to test the postings from Revenue to Cash, correlating 
the cash conversion of sales. We investigated and obtained evidence 
for unusual items identified.
•	We performed journal testing procedures to identify unusual journal 
entry postings. We obtained audit evidence for unusual and/or 
material revenue journals.
•	We performed full and specific scope audit procedures over this risk 
area in 5 locations, which covered 100% of the risk amount.
Our audit procedures did not 
identify evidence of material 
misstatements in revenue 
recognition arising from the 
risk of cut-off, bill and hold 
or management override 
through journal entries. 
INDEPENDENT AUDITOR’S REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
119

Risk
​ Our response to the risk
Key observations communicated 
to the Audit Committee 
Capitalisation and amortisation 
of development costs (£769.5m, 
2018: £653.2m)
Refer to the Audit Committee 
Report (page 90); Accounting 
policies (page 133); and Note 13 
of the Consolidated Financial 
Statements (page 147)
There is a risk that costs are 
capitalised which do not meet 
the criteria set out within IAS 38 
or that the amortisation period  
is inappropriate.
There is also a risk of 
overstatement of capitalised 
development costs through 
inappropriate manual  
journal entries.
•	We confirmed the existence and the design effectiveness of controls 
around the intangibles process and in particular around the approval 
of capitalised development expenditure.
•	For a sample of costs capitalised we confirmed that the costs 
incurred were; capitalised against the correct project; measured 
correctly; eligible for capitalisation, and the timing of the expense 
capitalisation was appropriate.
•	For a sample of projects we compared the actual spend against the 
budgeted spend to ensure the projects continue to meet the IAS 38 
criteria for capitalisation and remain commercially viable.
•	For capitalised development costs we confirmed the amortisation 
period was aligned to the period over which commercial benefits  
are expected to be received.
•	We challenged the amount/percentage of costs which are  
transferred between models as a result of the carry over carry  
across principle (‘COCA’).
•	We recalculated the amortisation recognised to confirm this was  
in line with expectations.
•	We performed journal testing procedures to identify unusual journal 
entry postings. We obtained audit evidence for unusual and/or 
material journals related to capitalised development costs.
•	We performed full and specific scope audit procedures over this risk 
area in two locations, which covered 100% of the risk amount. 
Our audit procedures did not 
identify evidence of material 
misstatement in the amounts 
of development costs 
capitalised in the period  
or through inappropriate 
manual journal entries. 
Impairment of capitalised 
development costs (£769.5m, 
2018: £653.2m).
Refer to the Audit Committee 
Report (page 90); Accounting 
policies (page 133); and Note 14 
of the Consolidated Financial 
Statements (page 148)
There is a risk that the value  
of development costs is not 
supported by the future forecast 
cashflows from the sale  
of vehicles to which the  
costs relate.
•	We have examined management’s methodology and impairment 
models for assessing the recoverability of the capitalised 
development costs to understand the composition of management’s 
future cash flow forecasts, and the process undertaken to prepare 
them. This includes confirming the underlying cash flows are 
consistent with the Board approved business plan. 
•	We have re-performed the calculations in the model to test the 
mathematical integrity.
•	We have assessed the discount rate used by obtaining the  
underlying data used in the calculation and benchmarking it against 
comparable organisations and market data with the support  
of our valuation specialists.
•	We have analysed the historical accuracy of budgets to actual  
results to determine whether forecast cash flows are reliable based 
on past experience.
•	We calculated the degree to which the key assumptions would need 
to fluctuate before an impairment was triggered and considered the 
likelihood of this occurring.
•	We have audited the disclosures in respect of impairment of 
capitalised development costs with reference to the requirements  
of IAS 36 and confirmed their consistency with the audited 
impairment models.
•	We performed full and specific scope audit procedures over this risk 
area in two locations, which covered 100% of the risk amount.
Our year end audit 
procedures did not identify 
evidence of material 
misstatement regarding the 
carrying value of capitalised 
development costs or 
the impairment charge 
recognised in the year.
Impairment of goodwill and other intangible assets was considered a significant risk, but has not been included in the table 
above as a key audit matter as it was not an area of greatest audit effort. 
INDEPENDENT AUDITOR’S REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
120

AN OVERVIEW OF THE SCOPE OF OUR AUDIT 
TAILORING THE SCOPE
Our assessment of audit risk, our evaluation of 
materiality and our allocation of performance materiality 
determine our audit scope for each entity within the 
Group. Taken together, this enables us to form an opinion  
on the consolidated financial statements. We take into 
account size, risk profile, the organisation of the group  
and effectiveness of group-wide controls when assessing  
the level of work to be performed at each entity.
In assessing the risk of material misstatement to the 
Group financial statements, and to ensure we had 
adequate quantitative coverage of significant accounts in 
the financial statements, of the 7 reporting components of 
the Group, we selected 6 components covering components 
within the UK, America, Japan and China, which represent 
the principal business units within the Group.
Of the 6 components selected, we performed an audit  
of the complete financial information of four components 
(“full scope components”) which were selected based  
on their size or risk characteristics. For the remaining 
two components (“specific scope components”), we 
performed audit procedures on specific accounts within 
that component that we considered had the potential 
for the greatest impact on the significant accounts in 
the financial statements either because of the size of 
these accounts or their risk profile. 
The reporting components where we performed audit 
procedures accounted for 100% of the Group’s Adjusted 
EBITDA, 100% of the Group’s Revenue and 100% of the 
Group’s Total Assets. For the current year, the full scope 
components contributed 97% of the Group’s Adjusted 
EBITDA, 96% of the Group’s Revenue and 94% of the 
Group’s Total Assets. The specific scope component 
contributed 3% of the Group’s Adjusted EBITDA, 4%  
of the Group’s Revenue and 6% of the Group’s Total Assets. 
The audit scope of these components may not have included 
testing of all significant accounts of the component but  
will have contributed to the coverage of significant tested  
for the Group. 
The remaining one component represents 0% of the 
Group’s Adjusted EBITDA, Revenue and Total Assets. 
For this component, we performed other procedures, 
including analytical review to respond to any potential risks 
of material misstatement to the Group financial statements.
INVOLVEMENT WITH COMPONENT TEAMS 
In establishing our overall approach to the Group 
audit, we determined the type of work that needed to 
be undertaken at each of the components by us, as the 
primary audit engagement team, or by component auditors 
from other EY global network firms operating under our 
instruction. Of the three full scope components, audit 
procedures were performed on two of these directly by the 
primary audit team. For the two specific scope components, 
audit procedures were performed on one of these directly by 
the primary audit team. For the components not audited by 
the primary audit team we determined the appropriate level 
of involvement to enable us to determine that sufficient 
audit evidence had been obtained as a basis for our opinion 
on the Group as a whole.
The charts below illustrate the coverage obtained from  
the work performed by our audit teams.
INDEPENDENT AUDITOR’S REPORT CONTINUED
3%
97%
Adjusted EBITDA
4%
96%
Revenue
3%
97%
Adjusted EBITDA
6%
94%
Total assets
Full scope components
Specific scope components
Other procedures
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
121

The Group audit team planned visits that were designed  
to ensure that the Senior Statutory Auditor or his designate 
visits all full and specific scope components. During the 
current year’s audit cycle, visits were undertaken by the 
primary audit team to the component team in the UK.  
These visits involved discussing the audit approach with  
the component team and any issues arising from their work, 
meeting with local management, attending closing meetings 
and reviewing key audit working papers on risk areas.  
For the component team in China, as result of the recent 
outbreak of the 2019 Novel Coronavirus, significant travel 
restrictions have been put in place meaning it was not 
possible for the primary audit team to visit China. In 
response, the primary audit team performed alternate 
procedures to obtain the required information from 
the component team on the procedures performed over 
significant balances. In addition, the primary team held 
extensive discussions with the component team discussing 
the audit approach and any issues arising from their work. 
The primary team interacted regularly with the component 
teams where appropriate during various stages of the audit, 
reviewed key working papers and were responsible for  
the scope and direction of the audit process. This, together 
with the additional procedures performed at Group level, 
gave us appropriate evidence for our opinion on the Group 
financial statements.
OUR APPLICATION OF MATERIALITY 
We apply the concept of materiality in planning and 
performing the audit, in evaluating the effect of identified 
misstatements on the audit and in forming our audit opinion. 
MATERIALITY
The magnitude of an omission or misstatement that, 
individually or in the aggregate, could reasonably be 
expected to influence the economic decisions of the users  
of the financial statements. Materiality provides a basis for 
determining the nature and extent of our audit procedures.
We determined materiality for the Group to be 
£2.6 million, which is 1.9% of Adjusted EBITDA. 
We believe that Adjusted EBITDA provides us with an 
appropriate basis for materiality. Adjusted EBITDA is a 
key metric used by management and investors. 
We determined materiality for the Parent Company to be 
£5.5 million, which is 1% of Equity. The materiality is 
higher than the Group due to the fact the entity is a holding 
company and does not trade. For balances relevant to the 
Group financial statements we have reduced our materiality 
to be in-line with the Group.
During the course of our audit, we reassessed initial 
materiality and updated this for actual results. 
PERFORMANCE MATERIALITY
The application of materiality at the individual account  
or balance level. It is set at an amount to reduce to an 
appropriately low level the probability that the aggregate  
of uncorrected and undetected misstatements  
exceeds materiality.
On the basis of our risk assessments, together with our 
assessment of the Group’s overall control environment,  
our judgement was that performance materiality was 50%  
of our planning materiality, namely £1.3m. We have set 
performance materiality at this percentage due to the fact  
we are performing a first year audit as well as the level of 
adjustments identified in the prior period.
Audit work at component locations for the purpose of 
obtaining audit coverage over significant financial statement 
accounts is undertaken based on a percentage of total 
performance materiality. The performance materiality set for 
each component is based on the relative scale and risk of 
the component to the Group as a whole and our assessment 
of the risk of misstatement at that component. In the current 
year, the range of performance materiality allocated to 
components was £0.26m to £1.30m.
INDEPENDENT AUDITOR’S REPORT CONTINUED
STARTING BASIS
MATERIALITY
ADJUSTMENTS
•	Loss before tax – £104.3m
•	Adjusted EBITDA 
£134.2m
•	Materiality of £2.6m  
(1.9% of materaility basis)
•	Adjusting items – £48.7m
•	Interest (net) – £61.0m
•	Depreciation and 
Amortisation – £127.9m
•	Loss on disposal of fixed 
assets – £0.9m
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
122

REPORTING THRESHOLD
An amount below which identified misstatements  
are considered as being clearly trivial.
We agreed with the Audit Committee that we would 
report to them all uncorrected audit differences in excess 
of £0.13m, which is set at 5% of planning materiality, as 
well as differences below that threshold that, in our view, 
warranted reporting on qualitative grounds. 
We evaluate any uncorrected misstatements against both  
the quantitative measures of materiality discussed above  
and in light of other relevant qualitative considerations  
in forming our opinion.
OTHER INFORMATION 
The other information comprises the information included  
in the annual report set out on pages 1 to 180 other than  
the financial statements and our auditor’s report thereon. 
The directors are responsible for the other information. 
Our opinion on the financial statements does not cover  
the other information and, except to the extent otherwise 
explicitly stated in this report, we do not express any form  
of assurance conclusion thereon. 
In connection with our audit of the financial statements,  
our responsibility is to read the other information and,  
in doing so, consider whether the other information is 
materially inconsistent with the financial statements or 
our knowledge obtained in the audit or otherwise appears 
to be materially misstated. If we identify such material 
inconsistencies or apparent material misstatements,  
we are required to determine whether there is a material 
misstatement in the financial statements or a material 
misstatement of the other information. If, based on the 
work we have performed, we conclude that there is a 
material misstatement of the other information, we are 
required to report that fact.
We have nothing to report in this regard.
In this context, we also have nothing to report in regard 
to our responsibility to specifically address the following 
items in the other information and to report as uncorrected 
material misstatements of the other information where we 
conclude that those items meet the following conditions:
•	Fair, balanced and understandable set out on page 85 –  
the statement given by the directors that they consider  
the annual report and financial statements taken as a 
whole is fair, balanced and understandable and provides 
the information necessary for shareholders to assess 
the group’s performance, business model and strategy,  
is materially inconsistent with our knowledge obtained  
in the audit; or 
•	Audit committee reporting set out from page 88 – the 
section describing the work of the audit committee does 
not appropriately address matters communicated by us  
to the audit committee; or
•	Directors’ statement of compliance with the UK 
Corporate Governance Code set out on page 77 – the  
parts of the directors’ statement required under the Listing 
Rules relating to the company’s compliance with the 
UK Corporate Governance Code containing provisions 
specified for review by the auditor in accordance 
with Listing Rule 9.8.10R(2) do not properly disclose a 
departure from a relevant provision of the UK Corporate 
Governance Code.
OPINIONS ON OTHER MATTERS PRESCRIBED  
BY THE COMPANIES ACT 2006
In our opinion, the part of the directors’ remuneration report 
to be audited has been properly prepared in accordance 
with the Companies Act 2006.
In our opinion, based on the work undertaken in the course 
of the audit:
•	the information given in the strategic report and the 
directors’ report for the financial year for which the 
financial statements are prepared is consistent with 
the financial statements; and 
•	the strategic report and the directors’ report have been 
prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR’S REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
123

MATTERS ON WHICH WE ARE REQUIRED  
TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the 
group and the parent company and its environment obtained  
in the course of the audit, we have not identified material 
misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following 
matters in relation to which the Companies Act 2006 
requires us to report to you if, in our opinion:
•	adequate accounting records have not been kept by the 
parent company, or returns adequate for our audit have 
not been received from branches not visited by us; or
•	the parent company financial statements and the part  
of the Directors’ Remuneration Report to be audited a 
re not in agreement with the accounting records and 
returns; or
•	certain disclosures of directors’ remuneration specified  
by law are not made; or
•	we have not received all the information and explanations 
we require for our audit
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors’ responsibilities 
statement set out on page 115, the directors are responsible 
for the preparation of the financial statements and for being 
satisfied that they give a true and fair view, and for such 
internal control as the directors determine is necessary to 
enable the preparation of financial statements that are free 
from material misstatement, whether due to fraud or error. 
In preparing the financial statements, the directors are 
responsible for assessing the group and parent company’s 
ability to continue as a going concern, disclosing, as 
applicable, matters related to going concern and using  
the going concern basis of accounting unless the directors 
either intend to liquidate the group or the parent company 
or to cease operations, or have no realistic alternative but  
to do so.
AUDITOR’S RESPONSIBILITIES FOR THE  
AUDIT OF THE FINANCIAL STATEMENTS 
Our objectives are to obtain reasonable assurance about 
whether the financial statements as a whole are free from 
material misstatement, whether due to fraud or error,  
and to issue an auditor’s report that includes our opinion. 
Reasonable assurance is a high level of assurance, but is 
not a guarantee that an audit conducted in accordance with 
ISAs(UK) will always detect a material misstatement when 
it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the 
economic decisions of users taken on the basis of these 
financial statements. 
EXPLANATION AS TO WHAT EXTENT THE AUDIT 
WAS CONSIDERED CAPABLE OF DETECTING 
IRREGULARITIES, INCLUDING FRAUD 
The objectives of our audit, in respect to fraud, are;  
to identify and assess the risks of material misstatement  
of the financial statements due to fraud; to obtain sufficient 
appropriate audit evidence regarding the assessed risks  
of material misstatement due to fraud, through designing 
and implementing appropriate responses; and to respond 
appropriately to fraud or suspected fraud identified during 
the audit. However, the primary responsibility for the 
prevention and detection of fraud rests with both those 
charged with governance of the entity and management. 
Our approach was as follows: 
•	We obtained an understanding of the legal and 
regulatory frameworks that are applicable to the Group 
and determined that the most significant are frameworks 
which are directly relevant to specific assertions in the 
financial statements are those that relate to the reporting 
framework (IFRS, FRS 101, the Companies Act 2006 
and UK Corporate Governance Code). In addition, 
we concluded that there are certain significant laws 
and regulations which may have an effect on the 
determination of the amounts and disclosures in the 
financial statements being the Listing Rules of the UK 
Listing Authority, and those laws and regulations relating 
to health and safety and employee matters. 
INDEPENDENT AUDITOR’S REPORT CONTINUED
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
124

•	We understood how Aston Martin Lagonda Global 
Holdings plc is complying with those frameworks by 
making enquiries of management, internal audit, those 
responsible for legal and compliance procedures and 
the company secretary. We corroborated our enquiries 
through our review of board minutes, papers provided to 
the Audit Committee and correspondence received from 
regulatory bodies. 
•	We assessed the susceptibility of the Group’s financial 
statements to material misstatement, including how fraud 
might occur by meeting with management and internal 
audit to understand where they considered there 
was susceptibility to fraud. We also considered 
performance targets and their influence on efforts made 
by management to manage earnings or influence the 
perceptions of analysts. We considered the programmes 
and controls that the Group has established to address 
risks identified, or that otherwise prevent, deter and detect 
fraud; and how senior management monitors those 
programs and controls. Where the risk was considered  
to be higher, we performed audit procedures to address 
each identified fraud risk. These procedures included 
testing manual journals and were designed to provide 
reasonable assurance that the financial statements were 
free from fraud or error.
•	Based on this understanding we designed our audit 
procedures to identify non-compliance with such laws 
and regulations. Our procedures involved journal entry 
testing, with a focus on manual consolidation journals  
and journals indicating large or unusual transactions 
based on our understanding of the business; enquiries  
of legal counsel, Group management, internal audit, and 
full and specific scope management; and focused testing, 
as referred to in the key audit matters section above.
•	Component teams reported any non-compliance with 
laws and regulations through their audit deliverables 
based on the procedures detailed in the previous 
paragraph. Further, the Group team communicated any 
instances of non-compliance with laws and regulations  
to component teams through regular interactions with 
local EY teams. There were no significant instances  
of non-compliance with laws and regulations.
Notes:
1.		The maintenance and integrity of the Aston Martin Lagonda Global Holdings plc web site is the responsibility of the directors; the work carried out by the 
auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to 
the financial statements since they were initially presented on the web site.
2.		Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 
INDEPENDENT AUDITOR’S REPORT CONTINUED
A further description of our responsibilities for the audit 
of the financial statements is located on the Financial 
Reporting Council’s website at https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of our 
auditor’s report.
OTHER MATTERS WE ARE REQUIRED TO ADDRESS 
•	We were appointed by the company on 24 July 2019  
to audit the financial statements for the year ending  
31 December 2019 and subsequent financial periods. 
•	The period of total uninterrupted engagement including 
previous renewals and reappointments is one year, 
covering the year ending 2019.
•	The non-audit services prohibited by the FRC’s Ethical 
Standard were not provided to the group or the parent 
company and we remain independent of the group and 
the parent company in conducting the audit. 
•	The audit opinion is consistent with the additional report 
to the audit committee.
USE OF OUR REPORT
This report is made solely to the company’s members, 
as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken 
so that we might state to the company’s members those 
matters we are required to state to them in an auditor’s 
report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility 
to anyone other than the company and the company’s 
members as a body, for our audit work, for this report,  
or for the opinions we have formed. 
SIMON O’NEILL (SENIOR STATUTORY AUDITOR)
for and on behalf of Ernst & Young LLP,  
Statutory Auditor Birmingham
26 FEBRUARY 2020
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
125

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
126
FINANCIAL STATEMENTS 
FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019 
2019 
2018
Notes 
Adjusted
£m
Adjusting 
items* 
£m
Total 
£m 
Adjusted 
£m 
Adjusting 
items*
£m
Total
£m
Revenue 
3 
997.3 
–
997.3 1,096.5  
–
1,096.5 
Cost of sales 
 
(642.7)
–
(642.7) 
(660.7) 
–
(660.7)
Gross profit 
 
354.6
–
354.6 
435.8  
–
435.8 
Selling and distribution expenses 
 
(95.0)
–
(95.0) 
(89.8) 
–
(89.8)
Administrative and other operating expenses 
 
(235.2)
(42.1)
(277.3) 
(219.1) 
(74.1)
(293.2)
Other (expense)/income 
5 
(19.0)
–
(19.0) 
20.0 
–
20.0
Operating profit/(loss) 
4 
5.4
(42.1)
(36.7) 
146.9 
(74.1)
72.8 
Finance income 
8 
16.3
–
16.3 
4.2 
–
4.2 
Finance expense 
9 
(77.3)
(6.6)
(83.9) 
(83.3) 
(61.9)
(145.2)
(Loss)/profit before tax 
 
(55.6)
(48.7)
(104.3) 
67.8 
(136.0)
(68.2)
Income tax (charge)/credit 
10 
(8.9)
8.8
(0.1) 
0.6 
10.5
11.1
(Loss)/profit for the year 
 
(64.5)
(39.9)
(104.4) 
68.4 
(125.5)
(57.1)
 
 
 
 
(Loss)/profit attributable to: 
 
 
 
Owners of the Group 
 
(113.2) 
 
(62.7)
Non-controlling interests 
 
8.8 
 
5.6 
 
 
(104.4) 
 
(57.1)
 
 
 
 
Other comprehensive income 
 
 
 
Items that will never be reclassified to the Income Statement 
 
 
 
Remeasurement of defined benefit liability 
26 
(1.4) 
 
5.4
Taxation on items that will never be reclassified to the Income 
Statement 
10 
0.2 
 
(0.9)
Items that are or may be reclassified to the Income Statement 
 
 
 
Foreign exchange translation differences 
 
(2.7) 
 
0.7
Fair value adjustment – cash flow hedges 
23 
9.0 
 
(30.5)
Amounts reclassified to the Income Statement – cash flow hedges 
23 
15.6 
 
3.5
Taxation on items that may be reclassified to the Income Statement 
10 
(3.4) 
 
3.5 
Other comprehensive income/(loss) for the year, net of income tax 
 
17.3 
 
(18.3)
Total comprehensive loss for the year 
 
(87.1) 
 
(75.4)
 
 
 
 
Total comprehensive (loss)/income for the year attributable to: 
 
 
 
Owners of the Group 
 
(95.9) 
 
(81.0)
Non-controlling interests 
 
8.8 
 
5.6 
 
 
(87.1) 
 
(75.4)
 
 
 
 
Earnings per ordinary share 
 
 
 
Basic loss per share 
12 
(49.6p) 
 
(31.0p)
Diluted loss per share 
12 
(49.6p) 
 
(31.0p)
All operations of the Group are continuing. 
*  Adjusting items are defined in note 2 with further detail shown in note 6. 
The notes on pages 131 to 174 form an integral part of the financial statements.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
127
FINANCIAL STATEMENTS 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
Group 
Share 
Capital
£m
Share 
Premium
£m
Capital 
Reserve
£m
Translation 
Reserve
£m
Hedge 
Reserves 
£m 
Retained 
Earnings 
£m 
Non-
controlling 
Interest
£m
Total 
Equity
£m
At 1 January 2019 
2.1
352.3
6.6
2.3
(23.5) 
99.4 
10.2
449.4
Adjustment on adoption of IFRS 16 (note 16) 
–
–
–
–
– 
(2.2) 
–
(2.2)
At 1 January 2019 adjusted 
2.1
352.3
6.6
2.3
(23.5) 
97.2 
10.2
447.2
Total comprehensive loss for the year 
 
 
(Loss)/profit for the year 
–
–
–
–
– 
(113.2) 
8.8
(104.4)
 
 
 
Other comprehensive income 
 
 
Foreign currency translation differences 
–
–
–
(2.7)
– 
– 
–
(2.7)
Fair value movement – cash flow hedges (note 23) 
–
–
–
–
9.0 
– 
–
9.0
Amounts reclassified to the Income Statement – cash 
flow hedges (note 23) 
–
–
–
–
15.6 
– 
–
15.6
Remeasurement of defined benefit liability (note 26) 
–
–
–
–
– 
(1.4) 
–
(1.4)
Tax on other comprehensive income (note 10) 
–
–
–
–
(3.4) 
0.2 
–
(3.2)
Total other comprehensive (loss)/income 
–
–
–
(2.7)
21.2 
(1.2) 
–
17.3
Total comprehensive (loss)/income for the year 
–
–
–
(2.7)
21.2 
(114.4) 
8.8
(87.1)
Transactions with owners, recorded directly  
in equity 
 
 
Credit for the year under equity settled share-
based payments (note 29) 
–
–
–
–
– 
3.7 
–
3.7
Dividend paid to non-controlling interest (note 11) 
–
–
–
–
– 
– 
(4.9)
(4.9)
Tax on items credited to equity (note 10) 
–
–
–
–
– 
– 
–
–
Total transactions with owners 
–
–
–
–
– 
3.7 
(4.9)
(1.2)
At 31 December 2019 
2.1
352.3
6.6
(0.4)
(2.3) 
(13.5) 
14.1
358.9

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
128
FINANCIAL STATEMENTS CONTINUED 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) 
Group 
Share 
Capital
£m
Share 
Premium
£m
Share 
Warrants
£m
Capital 
Reserve
£m
Translation 
Reserve
£m
Hedge 
Reserves 
£m 
Retained 
Earnings 
£m 
Non-
controlling 
Interest
£m
Total 
Equity
£m
At 1 January 2018  
–
353.7
18.5
94.1
1.6
– 
(339.4) 
7.6
136.1
Total comprehensive loss for the year 
 
 
(Loss)/profit for the year 
–
–
–
–
–
– 
(62.7) 
5.6
(57.1)
 
 
 
Other comprehensive income 
 
 
Foreign currency translation differences 
–
–
–
–
0.7
– 
– 
–
0.7
Fair value adjustment on cash flow hedges  
(note 23) 
–
–
–
–
–
(30.5) 
– 
–
(30.5)
Amounts reclassified to the Income Statement – 
cash flow hedges (note 23) 
–
–
–
–
–
3.5 
– 
–
3.5
Remeasurement of defined benefit liability  
(note 26) 
–
–
–
–
–
– 
5.4 
–
5.4
Tax on other comprehensive income (note 10) 
–
–
–
–
–
3.5 
(0.9) 
–
2.6
Total other comprehensive income/(loss) 
–
–
–
–
0.7
(23.5) 
4.5 
–
(18.3)
Total comprehensive income/(loss) for the year 
–
–
–
–
0.7
(23.5) 
(58.2) 
5.6
(75.4)
Transactions with owners, recorded directly  
in equity 
 
 
Shares issued during the year 
2.1
–
–
–
–
– 
– 
–
2.1
Share premium on shares issued 
–
352.2
–
–
–
– 
– 
–
352.2
Capital reduction 
–
(353.6)
–
(87.5)
–
– 
441.1 
–
–
Exercise of share warrants 
–
–
(18.5)
–
–
– 
18.5 
–
–
Credit for the year under equity settled  
share-based payments (note 29) 
–
–
–
–
–
– 
24.1 
–
24.1
Dividend paid to non-controlling interest  
(note 11) * 
–
–
–
–
–
– 
– 
(3.0)
(3.0)
Tax on items credited to equity (note 10) 
–
–
–
–
–
– 
13.3 
–
13.3
Total transactions with owners 
2.1
(1.4)
(18.5)
(87.5)
–
– 
497.0 
(3.0)
388.7
At 31 December 2018 
2.1
352.3
–
6.6
2.3
(23.5) 
99.4 
10.2
449.4
* Further detail on the restatement is disclosed in note 2.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
129
FINANCIAL STATEMENTS CONTINUED 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019 
Notes 
2019 
£m 
2018
restated*
£m
Non-current assets 
 
 
Intangible assets 
13 
1,183.6  
1,071.7 
Property, plant and equipment 
15 
350.5  
313.0 
Right-of-use lease assets 
16 
81.8  
–
Trade and other receivables 
18 
1.8  
1.8 
Other financial assets 
20 
0.2  
–
Deferred tax asset 
10 
45.7 
32.1 
 
 
1,663.6 
1,418.6 
Current assets 
 
 
Inventories 
17 
200.7  
165.3 
Trade and other receivables 
18 
249.7  
240.8 
Income tax receivable 
 
0.3  
0.8
Other financial assets 
20 
8.9  
0.1 
Cash and cash equivalents 
19 
107.9  
144.6 
 
 
567.5 
551.6 
Total assets 
 
2,231.1 
1,970.2 
Current liabilities 
 
 
Borrowings 
23 
114.8  
99.4 
Trade and other payables 
21 
702.1  
671.0 
Income tax payable 
 
8.9  
4.9
Other financial liabilities 
22 
6.3  
4.2 
Lease liabilities 
16 
14.1  
–
Provisions 
25 
12.0  
10.8 
 
 
858.2  
790.3 
Non-current liabilities 
 
 
Borrowings 
23 
839.1  
604.7 
Trade and other payables 
21 
9.4  
49.8 
Other financial liabilities 
22 
2.6  
4.4
Lease liabilities 
16 
97.3  
–
Provisions  
25 
16.2  
12.9 
Employee benefits 
26 
36.8  
38.7 
Deferred tax liabilities 
10 
12.6 
20.0 
 
 
1,014.0  
730.5 
Total liabilities 
 
1,872.2 
1,520.8 
Net assets 
 
358.9 
449.4 
Capital and reserves 
 
 
Share capital 
27 
2.1 
2.1 
Share premium 
 
352.3 
352.3 
Capital reserve 
 
6.6 
6.6 
Translation reserve 
 
(0.4) 
2.3 
Hedge reserves 
23 
(2.3) 
(23.5)
Retained earnings 
 
(13.5) 
99.4
Equity attributable to owners of the group 
 
344.8 
439.2
Non-controlling interests 
 
14.1 
10.2 
Total shareholders’ equity 
 
358.9 
449.4 
* Further detail on the restatement of the comparative period is disclosed in note 2. 
The financial statements were approved by the board of directors on February 26 2020 and were signed on its behalf by: 
 
 
DR ANDREW PALMER 
 
 
 
 
MARK WILSON 
PRESIDENT AND CHIEF EXECUTIVE OFFICER 
 
 
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 
Company Number: 11488166

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
130
FINANCIAL STATEMENTS CONTINUED 
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2019 
Notes 
2019 
£m 
2018
restated*
£m
Operating activities 
 
 
Loss for the year 
 
(104.4) 
(57.1)
Adjustments to reconcile loss for the year to net cash inflow from operating activities 
 
 
Tax charge/(credit) on continuing operations 
10 
0.1 
(11.1)
Net finance costs 
 
67.6 
141.0 
Other non-cash movements 
 
(4.4) 
13.3 
Loss on sale of property, plant and equipment 
4 
0.9 
0.4 
Depreciation and impairment of property, plant and equipment 
4 
38.8 
32.4 
Depreciation and impairment of right-of-use lease assets 
4 
13.3 
–
Amortisation and impairment of intangible assets 
4 
112.4 
67.6 
Difference between pension contributions paid and amounts recognised in Income Statement 
 
(4.4) 
(3.8)
Increase in inventories 
 
(33.3) 
(37.5)
Increase in trade and other receivables 
 
(28.9) 
(122.4)
(Decrease)/increase in trade and other payables 
 
(70.0) 
136.1 
Increase in advances and customer deposits 
21 
48.4 
68.8
Movement in provisions 
 
4.5 
2.8 
Cash generated from operations 
 
40.6 
230.5 
Increase in cash held not available for short-term use 
20 
(8.7) 
–
Income taxes paid 
10 
(12.5) 
(7.9)
Net cash inflow from operating activities 
 
19.4 
222.6 
Cash flows from investing activities 
 
 
Interest received 
8 
5.0 
4.2 
Payments to acquire property, plant and equipment 
15 
(82.2) 
(101.9)
Payments to acquire intangible assets 
13 
(228.0) 
(208.6)
Net cash used in investing activities 
 
(305.2) 
(306.3)
Cash flows from financing activities 
 
 
Interest paid 
28 
(52.0) 
(42.2)
Proceeds from equity share issue 
 
– 
4.6 
Dividend paid to non-controlling interest in subsidiaries  
11 
– 
(3.0)
Principal element of lease payments 
28 
(10.9) 
–
Repayment of existing borrowings 
28 
(91.5) 
–
Proceeds from existing borrowings 
28 
102.3 
0.3
Proceeds from inventory repurchase arrangement 
21 
38.7 
–
New borrowings 
28 
260.8 
98.1 
Transaction fees paid on new borrowings 
28 
(4.1) 
–
Net cash inflow from financing activities 
 
243.3 
57.8 
Net decrease in cash and cash equivalents 
24 
(42.5) 
(25.9)
Cash and cash equivalents at the beginning of the year 
 
144.6 
167.8 
Effect of exchange rates on cash and cash equivalents 
 
5.8 
2.7 
Cash and cash equivalents at the end of the year 
 
107.9 
144.6 
* Further detail on the restatement of the comparative period is disclosed in note 2.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
131
NOTES TO THE FINANCIAL STATEMENTS 
NOTES TO THE FINANCIAL 
STATEMENTS FOR THE YEAR 
ENDED 31 DECEMBER 2019 
1 BASIS OF ACCOUNTING  
Aston Martin Lagonda Global Holdings plc (the “Company”)  
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 “Group”).  
The Group Financial Statements have been prepared and approved  
by the Directors in accordance with International Financial Reporting 
Standards as adopted by the EU (“Adopted IFRSs”).  
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’s functional currency. 
An overview of the business activities of Aston Martin Lagonda, 
including a review of the key business risks that the Group faces, is 
given in the Strategic Report on pages 4 to 69. The debt facilities 
available to the Group and the maturity profile of this debt is shown  
in note 23 of these Consolidated Financial Statements. 
GOING CONCERN 
The Group meets its day-to-day working capital requirements and 
medium term funding requirements through a mixture of Senior 
Secured Notes ($400m and $190m 6.5%, $150m 12%, £230m  
and £55m at 5.75% which all mature in April 2022), a revolving 
credit facility (£80m) which matures January 2022, facilities to finance 
inventory, a number of back-to-back loans and a vehicle wholesale 
financing facility (as described in note 18). The amounts outstanding 
on all the borrowings are shown in note 23 to the financial statements. 
As explained in the letter from the Chair and in the CEO Q&A, 
2019 was a challenging year for the Group and, following an 
operational and financial review, on 31 January 2020 the Group 
announced its intention to raise £500m by way of a placing of 
shares totalling £182m to a consortium led by Lawrence Stroll, and 
a rights issue of £318m. Receipt of the £500m is dependent upon 
sufficient shareholders voting in favour of the placing and rights 
issue at a General Meeting of the Company scheduled for 16 
March 2020. At the date of approving these financial statements, 
the Company had irrevocable support from the major shareholders 
for the placing and rights issue but this was below the 75% needed 
for the proposals to be approved. Assuming the relevant resolutions 
are passed, and other formalities are consequently met, the rights 
issue is fully underwritten and committed. 
Based on the reset business plan described on pages 14 and 15 
the Directors have prepared trading and cash flow forecasts for  
the 12-month period from the date of approval of these financial 
statements. These forecasts assume that the £500m placing and 
rights issue funding is received in March and April 2020 and  
show that the Group has sufficient financial resources to meet  
its obligations as they fall due for the period of at least 12 months 
from the date of these financial statements.  
GOING CONCERN (CONTINUED) 
The forecasts make assumptions in respect of future market conditions 
and, wholesale volumes, average selling price, the launch of new 
models including DBX and Valkyrie and the potential impact of 
Coronavirus on sales in China and the supply of components needed  
for production. The nature of the Group’s business is that there can  
be variation in the timing of cash flows around the development and 
launch of new models and the availability of funds provided through  
the vehicle wholesale finance facility. The forecasts take into account 
these factors to an extent which the directors consider 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 also prepared a downside forecast which incorporates 
certain adverse sensitivities representing those key risks disclosed in the 
Strategic Report which the directors consider most likely to impact cash 
flows over the period of the forecast, including lower wholesale volumes 
as a result of trading or supply chain disruption, product launch delays 
and the non-renewal of financing facilities that mature in the period. In 
the event that these downsides materialise the Directors have considered 
the mitigating actions that could be taken including renewals of current 
financing, access to other financing and deferral of capital expenditure.  
If the Placing and Rights Issue were not to happen this downside could 
not be mitigated by other actions. As the Placing and Rights Issue is not 
guaranteed as it is subject to shareholder approval and is critical to the 
funding requirements of the Group, the directors consider this matter 
represents a material uncertainty which could cast significant doubt  
on the Group’s ability to continue as a going concern.  
Despite the material uncertainty noted, the Directors are of the view that 
there is a reasonable expectation that the Rights Issue and Placing will 
proceed and that they can therefore conclude that they have a reasonable 
expectation that the Group has adequate resources to continue in 
operational existence for the foreseeable future and they can continue  
to adopt the going concern basis in preparing the financial statements. 
Therefore, these financial statements do not include any adjustments that 
would result if the going concern basis of preparation was inappropriate. 
2 ACCOUNTING POLICIES 
BASIS OF CONSOLIDATION 
On 3 September 2018 the Company obtained control of the entire share 
capital of Aston Martin Holdings (UK) Limited by way of a share for 
share exchange with one share in the Company being exchanged for 
one share in Aston Martin Holdings (UK) Limited. Consequently, the 
Group incorporated the assets and liabilities of Aston Martin Holdings 
(UK) Limited at their pre-combination carrying amounts without fair 
value uplift. The equity balance as of 1 January 2018 reflects the equity 
of Aston Martin Holdings (UK) Limited. The share capital of £2.1m as  
of 31 December 2018 and 31 December 2019 reflects the share capital 
of the Company. Although the share for share exchange in 2018 resulted 
in a change in legal ownership, the comparative results presented reflect 
the continuation of the pre-existing group headed by Aston Martin 
Holdings (UK) Limited. The transaction was accounted for as a reverse 
acquisition in line with IFRS 3. The Consolidated Statement of Changes 
in Equity for the year ended 31 December 2018 explains the impact of 
these transactions in more detail.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
132
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
2 ACCOUNTING POLICIES (CONTINUED) 
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 Company and are 
based on consistent accounting policies. All intercompany 
balances and transactions, including unrealised profits arising  
from them, are eliminated. 
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 though 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.  
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. Dealer incentives relating to the sale of the vehicles 
are provided for at the time of the sale.  
Sale of vehicles (continued) 
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’ 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 advanced 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 deposit, 
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. 
OTHER INCOME 
Other income relates to transactions undertaken as part of 
recurring business operations, but where the quantum or nature is 
concluded material enough to be presented separately on the face 
of the Income Statement. Credit losses or related costs associated 
with transactions originally recorded in Other Income are classified 
on a consistent basis. 
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.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
133
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
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 expenses. 
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’s 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’s identifiable normal operating cycle. These 
liabilities are expected to be settled as part of the Group’s 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: 
• the fair value of the consideration transferred; plus  
• the recognised amount of any non-controlling interests in  
the acquiree; plus 
• the fair value of the existing equity interest in the acquiree; less 
• 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 market place, 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 the underlying fair values of the tangible assets, goodwill, 
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 – Intangible Assets after the 
following criteria has been met:  
• the project’s technical feasibility and commercial viability, based 
on an estimate of future cashflows, can be demonstrated when the 
project has reached a defined milestone according to the Group’s 
established product development model; 
• technical and financial resources are available for the project; 
• an intention to complete the project has been confirmed; and 
• the correlation between development costs and future revenues 
has been established.  
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 life cycle 
that had expired at the acquisition date. Technology acquired from 
third parties is included at fair value. 
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 historic 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 property 
5
Development costs 
1 to 10
Technology 
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.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
134
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
2 ACCOUNTING POLICIES (CONTINUED) 
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, machinery, fixtures and fittings  
3 to 30
Tooling 
1 to 15
Motor vehicles 
5 to 9
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 are recognised when there is reasonable 
assurance that the Group will comply with the relevant conditions 
and the grant will be received. Government grants related to assets 
are deducted from the cost of the asset and amortised over the 
useful life of the asset. 
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES – IFRS 16  
(POST 1 JANUARY 2019) 
The Group has applied IFRS 16 using the modified retrospective 
approach and therefore the comparative information has not been 
restated and continues to be reported under IAS 17 and IFRIC 4. 
Transition disclosures and elections are disclosed in note 16. 
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. 
Leases under which the Group acts as lessee (continued) 
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 assets 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’s 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 less  
than twelve 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 accounting policies applicable to the Group as a 
lessor in the comparative period were not different under IFRS 16. 
The Group has no sub-leases that qualify as finance leases. 
OPERATING LEASE PAYMENTS – IAS 17 (PRE 1 JANUARY 2019) 
Payments made under operating leases are recognised in the 
Income Statement on a straight-line basis over the term of the 
lease. Lease incentives received are recognised in the Income 
Statement as an integral part of the total lease expense.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
135
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
2 ACCOUNTING POLICIES (CONTINUED) 
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’s recoverable amount.  
An asset’s recoverable amount is the higher of an asset, or cash-
generating unit’s, 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. 
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 recoverable amount, but so 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:  
• Raw materials, service parts and spare parts – purchase cost on  
a first-in, first-out basis; 
• Work in progress and finished vehicles – 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 short-term deposits in the Statement of Financial Position 
comprise cash at banks, cash in hand and short-term deposits with 
an original maturity of three months or less, subject to insignificant 
changes in value and readily convertible to known amounts. 
DERIVATIVE FINANCIAL INSTRUMENTS 
Derivative financial assets and liabilities are recognised on 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. 
Other than derivative financial instruments held at fair value all 
financial liabilities 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. 
HEDGE ACCOUNTING 
The Group uses derivative financial instruments in the form of 
forward currency contracts, and certain of its existing 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 cashflows is either 
attributable to a particular risk associated with a recognised  
asset or liability, or a highly probably 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: 
• There is an economic relationship between the hedged item  
and the hedging instrument; 
• The effect of credit risk does not dominate the value changes 
resulting from that economic relationship; and 
• 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.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
136
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
2 ACCOUNTING POLICIES (CONTINUED) 
HEDGE ACCOUNTING (CONTINUED) 
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 
cashflow 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 cost 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’s 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. 
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. 
WARRANTY PROVISION 
The Group provides product warranties on all new vehicle sales. 
Provisions are recognised when vehicles are sold or when new 
warranty programs 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. 
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.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
137
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
2 ACCOUNTING POLICIES (CONTINUED) 
INCOME TAXES (CONTINUED) 
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:  
• 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; 
• 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; and 
• 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 as 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 6 in the Financial Statements. 
CRITICAL ACCOUNTING ASSUMPTIONS AND KEY SOURCES 
OF ESTIMATION UNCERTAINTY 
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’s accounting policies, which are 
described in this note, management has made estimates. Other than  
in respect of the measurement of defined benefit pension assets and 
obligations, 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 consider it appropriate to identify the nature of the estimates 
used in preparing the financial statements and the main sources of 
estimation uncertainty are:  
• impairment of indefinite life intangible assets (including goodwill);  
• impairment of finite life intangible assets; 
• the measurement of defined benefit pension assets and obligations; 
Impairment of indefinite and finite life intangible assets 
The Group determines whether indefinite life intangible assets are 
impaired on an annual basis, or more frequently when there is an 
indication that the asset is impaired. This requires an estimation of 
the value-in-use derived from the estimation of future cash flows 
utilising a suitable discount rate (see note 14).  
The Group has determined that for goodwill and other intangibles 
with indefinite lives, there is one cash-generating unit. This is on the 
basis that there are no smaller groups of assets that can be identified 
with certainty which generate specific cash flows that are independent 
of the inflows generated by other assets or groups of 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.  
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  
is very sensitive to these. Note 26 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  
(see note 26).  
NEW ACCOUNTING STANDARDS 
In 2019 the following standards were endorsed by the EU, became 
effective and adopted by the Group: 
• IFRS 16 Leases 
See note 16 for further detail including transition disclosures and 
elections taken. 
• Interpretation 23 Uncertainty over Income Tax Treatments 
The interpretation addresses the accounting for income taxes  
when the tax treatment involves uncertainty that affects the 
application of IAS 12 Income Taxes. 
The Group assessed any uncertainties over income tax treatments. 
Since the Group operates in a multinational environment, it 
evaluated whether the Interpretation had an impact on its 
consolidated financial statements. 
Upon adoption of the Interpretation, the Group considered whether it 
has any uncertain tax positions, particularly those relating to transfer 
pricing. The subsidiaries’ filings in different tax jurisdictions may lead 
to challenges from the local tax authorities related to transfer pricing.  
This interpretation has not had a material impact on the Group’s 
reported financial performance or position. 
The following standards and interpretations, which are not yet 
effective or endorsed by the EU and which have not been early 
adopted by the Group, will be adopted in future accounting periods: 
• Definition of material – amendments to IAS 1 and IAS 8 
(effective 1 January 2020). 
• Interest rate benchmark reform – amendments to IFRS 9, IAS 39 
and IFRS 7. 
None of these amendments above are expected to have a material 
impact on the Group.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
138
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
PRIOR YEAR RESTATEMENT 
The following reclassifications have been made in the Statement of Financial Position regarding the 2018 comparative values: 
i) Following a review of the nature of the service plan liability, it has been reclassified from non-current provisions into current and  
non-current trade and other payables and additional disclosures as a contract liability have been presented within note 21. The provision 
balance presented within these financial statements relates solely to expected future warranty costs provided for at the point of revenue 
recognised on a new vehicle sale. 
ii) The nature of certain trade and other payables have been revisited resulting in the reclassification of lease incentives from current trade 
and other payables to non-current trade and other payables, as a large portion of the balance relates to periods greater than 12 months  
in the future. From 1 January 2019 lease incentives have been accounted for under IFRS 16 and offset against the right-of-use assets. 
iii) Deferred tax assets and deferred tax liabilities, where a right of offset exists in certain jurisdictions, have been offset in the Statement  
of Financial Position as at 31 December 2018. 
The impact on the Consolidated Statement of Financial Position for the year ended 31 December 2018 is: 
 
As disclosed 
2018 Annual 
Report
Reclassifications 
As restated 
2019 Annual 
Report
 
(i)
(ii) 
(iii) 
As at 31 December 2018 
£m
£m
£m 
£m 
£m
Non-current assets  
 
 
Deferred tax assets 
123.1
–
– 
(91.0) 
32.1
 
 
 
Current liabilities 
 
 
Trade and other payables 
(696.1)
(5.2)
30.3 
– 
(671.0)
 
 
 
Non-current liabilities  
 
 
Trade and other payables  
(12.2)
(7.3)
(30.3) 
– 
(49.8)
Provisions 
(25.4)
12.5
– 
– 
(12.9)
Deferred tax liabilities 
(111.0)
–
– 
91.0 
(20.0)
Point i) has resulted in a reclassification of a £7.2m cash inflow from Movement in provisions to Decrease in trade and other payables  
with no impact on the cash generated from operations. 
There is no impact on the Group’s Consolidated Income Statement, earnings per share, retained earnings or net assets for the year ended  
31 December 2018 as a result of these restatements. The transactions which gave rise to points ii) and iii) occurred in 2018 and therefore a 
restated opening Statement of Financial Position has not been presented for the comparative period as the impact at that date was not material. 
The Statement of Changes in Equity for the year-ended 31 December 2018 has been restated to reclassify the £3.0m dividend paid to  
non-controlling interest from Total Comprehensive income/(loss) for the year to Transactions with owners, recorded directly in equity. 
Where the notes included in these Financial Statements provide additional analysis in respect of the above restatements, the comparative 
values presented have been re-analysed on a consistent basis.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
139
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
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 
2019 
£m 
2018
£m
Analysis by category 
 
Sale of vehicles 
897.6 
 1,010.7 
Sale of parts  
63.0 
 61.1 
Servicing of vehicles  
9.3 
 14.6 
Brands and motorsport 
27.4 
 10.1 
 
997.3 
 1,096.5 
 
 
Revenue 
2019 
£m 
2018
£m
Analysis by geographic location 
 
United Kingdom 
229.6 
255.4
The Americas 
295.3 
305.7
Rest of Europe, Middle East & Africa 
231.2 
247.1
Asia Pacific 
241.2 
 288.3 
 
997.3 
 1,096.5 
NON-CURRENT ASSETS OTHER THAN FINANCIAL INSTRUMENTS AND DEFERRED TAX ASSETS BY GEOGRAPHIC LOCATION 
As at 31 December 2019 
Right-of-use
 lease assets 
£m
Property, plant 
and equipment
£m
Goodwill
£m
Intangible  
assets 
£m 
Trade and other 
receivables 
£m 
Total
£m
United Kingdom 
69.1
285.0
85.4
1,081.3 
– 
1,520.8
The Americas 
0.2
0.5
–
– 
– 
0.7
Rest of Europe 
2.5
65.0
–
16.9 
1.8 
86.2
Asia Pacific 
10.0
–
–
– 
– 
10.0
 
81.8
350.5
85.4
1,098.2 
1.8 
1,617.7
 
As at 31 December 2018 
Property, plant 
and equipment
£m
Goodwill
£m
Intangible  
assets 
£m 
Trade and other 
receivables 
£m 
Total
£m
United Kingdom 
258.1 
84.8 
967.9  
–  
 1,310.8 
The Americas 
0.5 
– 
–  
–  
0.5 
Rest of Europe 
54.3 
– 
19.0  
1.8  
 75.1 
Asia Pacific 
0.1 
– 
–  
–  
0.1 
 
 313.0 
 84.8 
 986.9  
 1.8  
 1,386.5

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
140
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
4 OPERATING PROFIT/(LOSS) 
The Group’s operating profit/(loss) is stated after charging/(crediting): 
  
2019 
£m 
2018
£m
Depreciation and impairment of property, plant and equipment (note 15) 
41.8 
32.4 
Depreciation absorbed into inventory under standard costing 
(3.0) 
– 
Depreciation and impairment of right-of-use assets (note 16) 
13.3 
– 
Amortisation and impairment of intangible assets (note 13) 
116.1 
67.6 
Amortisation absorbed into inventory under standard costing 
(3.2) 
– 
Loss on sale of property, plant and equipment 
0.9 
0.4
Depreciation, amortisation and impairment charges – Administrative and other operating expenses 
165.9 
100.4
 
 
Increase in trade receivable loss allowance – Other expense (notes 5 and 23) 
19.0 
– 
Increase in trade receivable loss allowance – Administrative and other operating expenses (note 23) 
1.0 
0.1 
Net foreign currency differences  
8.6 
1.7
Cost of inventories recognised as an expense 
538.2 
552.9
Impairment of inventories held (note 14) 
2.3 
–
Write-down of inventories to net realisable value 
2.5 
1.1 
Expenditure related grant income* 
(0.2) 
(0.3)
Operating lease payments (gross of sub-lease receipts) 
 
 
• Land and buildings 
–  
7.5 
 
• Plant, machinery and IT equipment** 
1.2  
2.2 
Sub-lease receipts 
• Land and buildings 
(0.3) 
(0.3)
Auditor’s remuneration***: 
 
 
 
• Audit of these financial statements 
0.2 
0.2 
 
• Audit of financial statements of subsidiaries pursuant to legislation 
0.3 
0.3 
 
• Taxation compliance 
–  
0.3
 
• Taxation advisory services 
–  
0.6
 
• Other corporate finance services 
–  
1.0
 
• All other services  
0.1 
0.2
Research and development expenditure recognised as an expense 
–  
11.5
 
 
 
2019 
£m 
2018
£m
Total research and development expenditure 
226.0 
213.8 
Capitalised research and development expenditure (note 13) 
(226.0) 
(202.3)
Research and development expenditure recognised as an expense 
–  
11.5 
* Government grant income has been offset against the qualifying employee expenditure within the Consolidated Income Statement.  
** Election taken by the Group to not recognise right-of-use lease assets and lease liabilities for short-term and low-value leases. 
*** The auditors remuneration for year ended 31 December 2018 relates to services provided by the Group’s former incumbent auditors. 
5 OTHER (EXPENSE)/INCOME 
Other income from the ordinary course of business of £20.0m was recognised from the sale of certain legacy intellectual property during 
the year ended 31 December 2018. During the year ended 31 December 2019 the recoverability of the outstanding receivable was 
assessed as doubtful resulting in a loss allowance of £19.0m recognised as a charge to the Consolidated Income Statement. 
 
 
 
2019 
£m 
2018
£m
Sale of intellectual property 
–  
20.0 
Loss allowance recognised in relation to the sale of intellectual property 
(19.0) 
–
 
(19.0) 
20.0

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
141
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
6 ADJUSTING ITEMS 
 
2019 
£m 
2018
£m
Adjusting operating expenses: 
 
Impairment of assets (note 14): 
 
Development costs (note 13) 
(27.7) 
–
Plant, machinery, fixtures and fittings (note 15) 
(4.7) 
–
Tooling (note 15) 
(3.7) 
–
Inventory 
(2.3) 
–
Right-of-use lease assets (note 16) 
(1.0) 
–
 
(39.4) 
–
Restructuring costs 
(2.8) 
–
Initial Public Offering costs: 
 
 
Staff incentives 
0.6 
(61.2)
Professional fees 
(0.5) 
(12.9)
 
(42.1) 
(74.1)
Adjusting finance expenses: 
 
Movement on derivatives not qualifying for hedge accounting (note 9) 
(6.6) 
–
Premium paid on the redemption of preference shares 
–  
(46.8)
Preference share fee write-off 
–  
(15.1)
 
(6.6) 
(61.9)
Total adjusting items before tax 
(48.7) 
(136.0)
Tax credit on adjusting items 
8.8 
10.5 
Adjusting items after tax 
(39.9) 
(125.5)
The Lagonda brand is expected to be relaunched no earlier than 2025 (previously 2022) and while development of Rapide E is substantially 
complete, the programme has been paused pending further review. An assessment of the carrying value of Rapide E assets, and assets 
carried across from Rapide as part of the Group’s carry-over-carry-across (“COCA”) principle, has resulted in an impairment charge of 
£39.4m – see note 14 for further details. 
In 2019 the Group incurred employee redundancy costs of £2.8m (2018: £nil) as part of the first phase of a restructuring plan that is 
expected to conclude in 2020. 
During the year ended 31 December 2018 staff incentive and other costs were incurred as part of the Initial Public Offering (“IPO”). These 
costs included accrued staff incentives due for payment in 2019. In the context of the continuing challenging trading conditions during 
2019, the executive team no longer believed that it was appropriate to receive their 2018 IPO related bonus payments and, following 
further discussion with the Remuneration Committee, agreed to waive their unpaid bonus in full. This resulted in £4.2m being credited back 
to the Consolidated Income Statement in 2019 as an adjusting item to remain consistent with the treatment of the initial accrual in 2018. 
The Legacy LTIP share option charge for the year ended 31 December 2019 related to the IPO was £3.6m and is included in Staff 
incentives (2018: £24.1m). 
In the year-ended 31 December 2019 a charge of £6.6m was recognised in relation to fair value movements of derivative financial 
instruments held to hedge future foreign currency cashflows, but where the necessary criteria for hedge accounting had not been met.  
Once the criteria for hedge accounting had been met, all movements in the fair value of these derivative financial instruments are recorded 
either in Other Comprehensive Income or in arriving at adjusted operating profit/(loss) in the Consolidated Income Statement.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
142
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
7 STAFF COSTS AND DIRECTORS’ EMOLUMENTS 
(a) Staff costs (including directors) 
 
2019 
£m 
2018
£m
Wages and salaries1 
126.9 
164.6
Social security costs1 
13.6 
32.3
Expenses related to post-employment defined benefit plan 
6.9 
8.2
Contributions to defined contribution plans 
9.3 
6.3
 
156.7 
211.4 
1. The value presented for the year ended 31 December 2019 includes the release of accrued staff incentives totalling £4.2m offset by the legacy LTIP charge  
of £3.6m, both of which are presented as adjusting items – see note 6 for further detail. The comparative disclosed includes £61.2m of Initial Public Offering 
related staff incentive costs incurred during the year ended 31 December 2018 presented as an adjusting item. 
The average monthly number of employees during the year were: 
By activity 
2019 
Number 
2018
Number
Production 
1,118 
1,024
Selling and distribution 
348 
265
Administration 
1,099 
974
 
2,565 
2,263 
(b) Directors’ emoluments and transactions 
 
 
 
2019 
£m 
2018
£m
Directors’ emoluments 
2.9 
3.5 
Company contributions to pension schemes 
0.2 
0.1
Gains on the exercise of share options (Legacy LTIP) 
– 
40.8 
All directors benefited from qualifying third-party indemnity provisions. Further information relating to directors’ remuneration is set out  
in the Directors’ Remuneration Report on pages 96 to 107. 
(c) Compensation of key management personnel (including executive directors) 
 
 
2019 
£m 
2018
£m
Short-term employee benefits 
4.3 
8.0 
Share related awards 
– 
28.6
Post-employment benefits 
0.5 
0.3 
 
4.8 
36.9 
No compensation for loss of office payments were paid in either the current or prior year to key management personnel.  
8 FINANCE INCOME 
 
2019 
£m 
2018
£m
Bank deposit and other interest income 
5.0 
4.2
Foreign exchange gain on borrowings not designated as part of a hedging relationship 
11.3 
–
Total finance income 
16.3 
4.2

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
143
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
9 FINANCE EXPENSE 
 
2019 
£m 
2018
£m
Bank loans, overdrafts and secured notes 
55.3 
44.3 
Other interest 
7.5 
0.3
Interest on lease liabilities (note 16) 
4.6 
–
Net interest expense on the net defined benefit liability (note 26) 
1.1 
1.1
Interest on preference shares classified as financial liabilities 
– 
32.0 
Interest on contract liabilities held (note 21) 
8.8 
5.6 
Finance expense before adjusting items 
77.3  
83.3 
Adjusting finance expense items: 
 
Premium paid on the redemption of preference shares  
– 
46.8 
Preference share fee write-off 
– 
15.1 
Movements on derivatives not qualifying for hedge accounting  
6.6 
– 
Total Adjusting finance expense 
6.6 
61.9
Total finance expense 
83.9 
145.2 
During the year ended 31 December 2019 no directly attributable borrowing costs relating to the construction of an asset, that has taken  
a substantial length of time to get ready for its intended use, have been capitalised (2018: £nil).  
10 TAXATION 
Current tax charge/(credit) 
2019 
£m 
2018
£m
UK corporation tax on losses 
(1.3) 
1.3
Overseas tax 
13.2 
6.4
Prior period movement 
2.0 
0.9
Total current income tax charge 
13.9 
8.6 
 
 
Deferred tax credit 
 
Origination and reversal of temporary differences 
(13.0) 
(13.5)
Prior period movement 
(0.8) 
(6.2)
Total deferred tax credit 
(13.8) 
(19.7) 
Total income tax charge/(credit) in the Income Statement 
0.1 
(11.1) 
 
 
Tax relating to items charged/(credited) to other comprehensive income 
 
Deferred tax 
 
Actuarial movement on defined benefit pension plan 
(0.2) 
0.9 
Fair value adjustment on cash flow hedges 
0.1 
(3.5)
Current tax 
 
Fair value adjustment on cash flow hedges 
3.3 
– 
 
3.2 
(2.6)
 
 
Tax relating to items charged in equity – deferred tax 
 
Share based payments 
– 
(13.3)

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
144
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
10 TAX EXPENSE ON CONTINUING OPERATIONS (CONTINUED) 
(a) Reconciliation of the total income tax charge/(credit) 
The tax charge/(credit) in the Consolidated Income Statement for the year is lower (2018: lower) than the standard rate of corporation tax in 
the UK of 19.0% (2018: 19.0%). The differences are reconciled below: 
 
2019 
£m 
2018
£m
Loss on operations before taxation 
(104.3) 
(68.2)
Loss on operations before taxation multiplied by standard rate of corporation tax in the UK of 19.0% 
(2018: 19.0%) 
(19.8) 
(13.0)
Difference to total income tax charge/(credit) due to effects of: 
 
Expenses not deductible for tax purposes  
0.2 
21.3
Recognition of previously unrecognised deferred tax asset 
(6.3) 
(18.9)
Movement in unprovided deferred tax 
10.5 
–
Derecognition of deferred tax asset of interest deductible in future periods 
8.0 
–
Irrecoverable overseas withholding taxes 
1.2 
–
Adjustments in respect of prior periods 
1.2 
(5.3)
Effect of lower rates applied to deferred tax 
2.2 
(0.1)
Difference in overseas tax rates 
1.5 
1.5
Other  
1.4 
3.4
Total income tax charge/(credit) 
0.1 
(11.1)
(b) Tax paid 
Total net tax paid during the year of £12.5m (2018: £7.9m). 
(c) Factors affecting future tax charges 
A reduction in the UK corporation tax rate to 17% (effective 1 April 2020) was substantively enacted on 6 September 2016. This will reduce the 
Group’s future current tax charge accordingly.  
(d) Deferred tax 
Recognised deferred tax assets and liabilities 
Deferred tax assets and liabilities are attributable to the following: 
Assets 
2019
£m
Assets  
2018 
restated 
£m 
Liabilities  
2019 
£m 
Liabilities 
2018
restated
£m
Property, plant and equipment 
(54.2)
(49.3) 
– 
–
Intangible assets 
–
– 
117.3 
111.0
Employee benefits 
(6.3)
(6.6) 
– 
–
Provisions 
(13.7)
(0.6) 
– 
–
Interest deductible in future periods 
– 
(7.6) 
– 
–
RDEC credit 
(7.0)
– 
– 
–
Losses 
(56.6)
(45.7) 
– 
–
Share based payments 
(13.3)
(13.3) 
– 
–
Other 
–
– 
0.7 
–
Deferred tax (assets)/liabilities 
(151.1)
(123.1) 
118.0 
111.0 
Set off of tax liabilities/(assets) 
105.4
91.0  
(105.4) 
(91.0) 
Total deferred tax (assets)/liabilities 
(45.7) 
(32.1) 
12.6 
20.0
Where the right to off-set exists in certain jurisdictions, deferred tax assets and liabilities have been netted down.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
145
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
10 TAX EXPENSE ON CONTINUING OPERATIONS (CONTINUED) 
(d) Deferred tax (continued) 
Movement in deferred tax – 2019 
1 January 
2019
£m
Recognised 
in Income 
and OCI 
£m
Recognised  
in Equity  
£m
Other  
movement  
£m 
31 December 
2019
£m
Property, plant and equipment 
(49.3) 
(4.9)
–
– 
(54.2)
Intangible assets 
111.0
6.3
–
– 
117.3
Employee benefits 
(6.6)
0.3
–
– 
(6.3)
Provisions 
(0.6)
(13.0)
–
(0.1) 
(13.7)
Interest deductible in future periods 
(7.6)
7.6
–
– 
–
RDEC credit 
–
–
–
(7.0) 
(7.0)
Losses 
(45.7)
(10.9)
–
– 
(56.6)
Share based payments 
(13.3)
–
–
– 
(13.3)
Other 
–
0.7
–
– 
0.7
 
(12.1) 
(13.9)
–
(7.1) 
(33.1)
 
 
Movement in deferred tax – 2018 
1 January 
2018
£m
Recognised 
in Income 
and OCI 
£m
Recognised  
in Equity  
£m
Other  
movement 
£m 
31 December 
2018
£m
Property, plant and equipment 
8.8 
(58.1)
–
– 
(49.3) 
Intangible assets 
51.8 
59.2
–
– 
111.0
Employee benefits 
(8.0)
1.4
–
– 
(6.6)
Provisions 
(1.4)
0.8
–
– 
(0.6)
Interest deductible in future periods 
–
(7.6)
–
– 
(7.6)
Losses  
(27.7)
(18.0)
–
– 
(45.7)
Share based payments 
–
–
(13.3) 
– 
(13.3)
 
23.5 
(22.3) 
(13.3) 
– 
(12.1) 
Other movements reflect the reclassification of RDEC credits from Trade and other receivables to deferred tax and foreign exchange differences. 
The Group believes that it is appropriate to recognise a Deferred Tax Asset in respect of historic tax losses due to the future forecast 
profitability of the Group as demonstrated by the reset business plan.  
In addition to the deferred tax recognised above, the Group has a £18.5m (2018: £nil) unrecognised net deferred tax asset in respect of 
interest deductions deductible in future periods where the likelihood of recoverability is not considered to support recognition of the asset. 
The aggregate amount of temporary differences associated with investment in subsidiaries and branches, for which deferred tax liabilities 
have not been recognised is £32.5m for the year ended 31 December 2019 (2018: £34.5m). 
11 DIVIDENDS 
No dividends were declared or paid by the Company in the year-ended 31 December 2019 (2018: £nil). 
During the year ended 31 December 2019 a dividend of £9.8m was declared by Aston Martin Works Limited (2018: £6.0m), of which the 
Group holds 50% of the voting rights and share capital. The terms of the 2019 dividend required the element due to the non-controlling 
interest to be fully offset with balances owed to subsidiaries of the Group.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
146
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
12 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.  
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. 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. 
Continuing and total operations 
2019 
2018
Basic earnings per ordinary share 
 
Loss available for equity holders (£m) 
(113.2) 
(62.7)
Basic weighted average number of ordinary shares (million) 
228.0 
 202.1 
Basic loss per ordinary share (pence) 
(49.6p) 
(31.0p)
 
 
Diluted earnings per ordinary share 
 
Loss available for equity holders (£m) 
(113.2) 
(62.7)
Diluted weighted average number of ordinary shares (million) 
228.0 
 202.1 
Diluted loss per ordinary share (pence) 
(49.6p) 
(31.0p)
 
 
 
2019 
Number 
2018
Number
Diluted weighted average number of ordinary shares is calculated as: 
 
Basic weighted average number of ordinary shares(1) (million) 
228.0 
202.1
Adjustments for calculation of diluted earnings per share(2): 
 
Legacy long-term incentive plan 
– 
–
2019 long-term incentive plan 
– 
–
Weighted average number of diluted ordinary shares (million) 
228.0 
202.1
1. Additional ordinary shares issued as a result of the share split conducted in 2018, have been incorporated in the 2018 earnings per share calculation in full 
without any time apportionment. 
2. The number of ordinary shares issued as part of the Legacy long-term incentive plan, and the potential number of ordinary shares issued as part of the 2019 
Long-term incentive plan, have been excluded from the weighted average number of diluted ordinary shares as including them is anti-dilutive to diluted 
earnings per share. 
Adjusted earnings per share is disclosed in note 34 to show performance undistorted by adjusting items and give a more meaningful 
comparison of the Group’s performance.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
147
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
13 INTANGIBLE ASSETS 
Goodwill 
£m 
Brands
£m
Technology
£m
Capitalised
Development 
Cost
£m
Dealer 
Network  
£m 
Software and 
other 
£m 
Total
£m
Cost 
 
 
 
Balance at 1 January 2018 
85.4  
297.6 
21.2 
829.8 
15.4 
52.6 
1,302.0 
Additions  
–  
– 
– 
202.3 
–  
6.3 
208.6 
Balance at 31 December 2018 
85.4  
297.6 
21.2 
1,032.1 
15.4 
58.9 
1,510.6 
 
 
 
 
Balance at 1 January 2019 
85.4  
297.6 
21.2 
1,032.1 
15.4 
58.9 
1,510.6 
Additions 
–  
– 
– 
226.0
– 
2.0 
228.0
Balance at 31 December 2019 
85.4 
297.6
21.2
1,258.1
15.4 
60.9 
1,738.6
 
 
 
 
Amortisation 
 
 
 
Balance at 1 January 2018 
0.6  
– 
2.4 
318.3
7.7 
42.3 
371.3 
Charge for the year 
–  
– 
1.9 
60.6 
0.8 
4.3 
67.6 
Balance at 31 December 2018 
0.6  
– 
4.3 
378.9 
8.5 
46.6 
438.9 
 
 
 
 
Balance at 1 January 2019 
0.6  
– 
4.3 
378.9
8.5 
46.6 
438.9 
Charge for the year 
–  
– 
1.9
82.0
0.8 
4.3 
89.0
Adjustment 
(0.6) 
–
–
–
– 
– 
(0.6)
Impairment (note 14) 
– 
–
–
27.7
– 
– 
27.7
Balance at 31 December 2019 
– 
– 
6.2
488.6
9.3 
50.9 
555.0
 
 
 
 
Net book value 
 
 
 
At 1 January 2018 
84.8  
297.6 
18.8 
511.5 
7.7 
10.3 
930.7 
At 31 December 2018 
84.8  
297.6 
16.9 
653.2 
6.9 
12.3 
1,071.7
 
 
 
 
At 1 January 2019 
84.8  
297.6 
16.9 
653.2 
6.9 
12.3 
1,071.7
At 31 December 2019 
85.4 
297.6
15.0
769.5
6.1 
10.0 
1,183.6
Goodwill primarily arose on the acquisition of Aston Martin Lagonda Group Limited by Aston Martin Holdings (UK) Limited in 2007.  
During the year-ended 31 December 2019 the Group received £3.3m of grants relating to qualifying development expenditure (2018: 
£8.2m). There are no unfulfilled conditions or other contingencies attached, with amounts received deducted from the carrying value  
of capitalised development costs.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
148
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
14 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 – 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 tests the carrying value of goodwill and brands at the cash-generating unit level for impairment annually or more frequently if 
there are indicators that goodwill or brands might be impaired. At the year-end reporting date, a review was undertaken on a value-in-use 
basis, assessing whether the carrying values of goodwill and brands were supported by the net present value of future cash flows derived 
from those assets. 
Key assumptions used in value-in-use calculations 
The calculation of value-in-use for the cash-generating unit is most sensitive to the following assumptions: 
• Cash flows were projected based on actual operating results and the reset five-year business plan. Beyond this, cash flows were 
extrapolated using a constant growth rate of 2.0% per annum. Key assumptions such as revenue, gross margin and fixed costs within  
the forecasts are based on past experience and the reset business plan;  
• 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 9.0% (2018: 10.2%1); and 
• An exchange rate of $1.33/£ has been used for 2020, with $1.40/£ used for 2021 into perpetuity. 
Sensitivity analysis 
• the pre-tax discount rate would need to increase to 16.2% for the assets to become impaired; or 
• the growth rate of 2.0% per annum beyond the five-year plan would need to be -11.8% for the assets to become impaired; or 
• the USD exchange rate would need to increase to $1.97/£ (with all other currencies moving against the £ in line with the $) for the  
assets to become impaired. 
1. Restated – the post-tax discount rate was incorrectly disclosed in the 31 December 2018 Consolidated Financial Statements. 
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 capitalized development costs.  
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 cash-generating 
unit (“CGU”). The recoverable amount is the higher of the CGU’s fair value less costs of disposal and its value-in-use.  
In assessing the 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.  
IMPAIRMENT 
At 31 December 2019 the Group was engaged in early stage discussions with strategic investors in relation to building longer term 
relationships. The impact on current project lifecycles and the cadence of future model launches was under review. 
On 31 January 2020, the Group announced its intention to strengthen its financial position in order to immediately improve liquidity and 
reduce leverage. A proposed placing of newly issued ordinary shares of the Company to a Consortium, and a subsequent underwritten 
rights issue, was proposed for completion following the publication of the 2019 Annual Report and Accounts. The Group and ventures 
affiliated to the Consortium agreed, as part of the reset business plan, to control medium-term investment requirements providing greater 
financial stability and flexibility. The Lagonda brand is now expected to be relaunched no earlier than 2025 (previously 2022) and while 
development of Rapide E is substantially complete, the programme has been paused pending further review. 
With the aforementioned indicators of impairment, a review of the carrying value of Rapide E assets and assets carried across from Rapide 
as part of the Group’s carry-over-carry-across (“COCA”) principle has been completed. As a result of this review an impairment charge has 
been recognised in full for the Rapide E assets: 
 
2019
£m
Development costs (note 13) 
27.7
Plant, machinery, fixtures and fittings (note 15) 
4.7
Tooling (note 15) 
3.7
Inventory 
2.3
Right-of-use lease assets (note 16) 
1.0
Total impairment charge recognised as adjusting in the Consolidated Income Statement (note 6) 
39.4

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
149
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
15 PROPERTY, PLANT AND EQUIPMENT 
 
Freehold land 
and buildings
£m
Tooling 
£m
Plant, machinery, 
fixtures and fittings  
£m 
Motor  
Vehicles 
£m 
Total
£m
Cost  
 
 
Balance at 1 January 2018 
68.6 
368.4
120.4  
0.7  
558.1 
Additions 
0.1 
49.4
52.3  
0.1  
101.9 
Disposals 
– 
– 
(0.6) 
(0.1) 
(0.7)
Effect of movements in exchange rates 
– 
– 
0.1  
–  
0.1 
Balance at 31 December 2018 
68.7 
417.8
172.2  
0.7  
659.4 
 
 
 
Balance at 1 January 2019 
68.7 
417.8
172.2  
0.7  
659.4 
Additions  
– 
46.6
37.0 
–  
83.6
Transfer to right-of-use lease assets (note 16) 
– 
– 
(3.3) 
–  
(3.3)
Disposals 
– 
(1.2)
–  
–  
(1.2)
Effect of movements in exchange rates 
(0.2)
– 
(0.1) 
–  
(0.3)
Balance at 31 December 2019 
68.5
463.2
205.8 
0.7 
738.2
 
 
 
Depreciation 
 
 
Balance at 1 January 2018 
23.0 
249.1
41.9  
0.2  
314.2 
Charge for the year 
2.3 
21.4
8.7  
–  
32.4 
Disposals 
– 
– 
(0.3) 
–  
(0.3)
Effect of movements in exchange rates 
– 
– 
0.1  
–  
0.1 
Balance at 31 December 2018 
25.3 
270.5
50.4  
0.2  
346.4 
 
 
 
Balance at 1 January 2019 
25.3 
270.5
50.4  
0.2  
346.4 
Charge for the year 
2.3
21.2
9.9 
– 
33.4
Disposals 
–
(0.3)
– 
– 
(0.3)
Impairment (note 14) 
–
3.7
4.7 
– 
8.4
Effect of movements in exchange rates 
(0.1)
–
(0.1) 
– 
(0.2)
Balance at 31 December 2019 
27.5
295.1
64.9 
0.2 
387.7
 
 
 
Net book value 
 
 
At 1 January 2018 
45.6 
119.3
78.5  
0.5  
243.9 
At 31 December 2018 
43.4 
147.3
121.8  
0.5  
313.0 
 
 
 
At 1 January 2019 
43.4 
147.3
121.8  
0.5  
313.0 
At 31 December 2019 
41.0
168.1
140.9 
0.5 
350.5
Property, plant and equipment provides security for a fixed and floating charge in favour of the holders of the Senior Secured Notes. 
Assets in the course of construction at a cost of £126.1m (2018: £51.1m) 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 £6.1m (2018: £6.1m) which is not 
depreciated. Capital commitments are disclosed in note 30. In 2s019 the Group received £2.3m of government grants relating to qualifying 
tooling expenditure (2018: £2.6m). There are no unfulfilled conditions or other contingencies attached, with amounts received deducted 
from the tooling carrying value. 
The tables below and on the following page analyse the net book value of the Group’s property, plant and equipment by geographic location. 
At 31 December 2019 
United Kingdom 
£m
Rest of Europe 
£m
The Americas  
£m 
Asia Pacific 
£m
Total 
£m
Freehold land and buildings 
38.9
2.1
– 
–
41.0
Tooling 
105.3
62.6
0.2 
–
168.1
Plant, machinery, fixtures and fittings, and motor vehicles 
140.8
0.3
0.3 
–
141.4
 
285.0
65.0
0.5 
–
350.5

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
150
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
15 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) 
At 31 December 2018 
United Kingdom
£m
Rest of Europe 
£m
The Americas  
£m 
Asia Pacific 
£m
Total 
£m
Freehold land and buildings 
41.0 
2.4 
–  
– 
43.4 
Tooling 
95.3
51.6
0.4 
– 
147.3
Plant, machinery, fixtures and fittings, and motor vehicles 
121.8 
0.3 
0.1  
0.1 
122.3 
 
258.1 
54.3 
0.5  
0.1 
313.0 
16 LEASES  
The Group holds lease contracts for buildings, plant and machinery and IT equipment. 
The application of IFRS 16 required the Group to make estimates that affect the valuation of lease liabilities and right-of-use lease assets. 
These predominantly include determining the contracts that fall under IFRS 16, the contract term and the interest rate used for the 
discounting of future cash flows.  
The lease term determined by the Group comprises a non-cancellable period, periods covered by an option to extend if the Group is reasonably 
certain to exercise the option and periods covered by an option to terminate if the Group is reasonably certain not to exercise that option. The 
same period is applied to determine the useful economic life and therefore the depreciation rate of the right-of-use lease assets.  
The modified retrospective transition approach was chosen under which, prior to reflecting the impact of lease incentives, deposits and 
dilapidation provisions, the Group evaluated its lease liability on transition using incremental borrowing rates assessed at the date of 
transition with a right-of-use assets of equal value.  
The Group has elected, under IFRS 16, not to recognise right-of-use lease assets and lease liabilities for short-term and low value leases.  
It continues to recognise these lease costs on a straight-line basis over the lease term within Administrative and other operating expenses  
in the Consolidated Income Statement. 
The equity reserves of the Group at 1 January 2019 have been reduced by £2.2m to reflect the derecognition of legal and other costs associated 
with lease agreements previously expensed over the lease term. Whilst qualifying costs of this nature incurred would be included in the value  
of the associated right-of-use asset following adoption of IFRS 16, under the transition approach adopted this treatment is not followed.  
 
£m
Operating lease commitment disclosed at 31 December 2018 
124.3
Exemption applied 
(2.0)
Embedded leases 
5.3
Lease incentives and other 
43.2
Gross lease liabilities at 1 January 2019 
170.8
Discounting 
(54.3)
Lease liabilities upon adoption of IFRS 16 at 1 January 2019 
116.5
Management have implemented new processes and procedures across the Group to ensure compliance with the new accounting standard.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
151
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
16 LEASES (CONTINUED) 
a) Right-of-use lease assets 
The Group is party to property leases with terms of 1 to 30 years, in addition to plant, machinery and IT equipment leases of between 1 to 5 years. 
 
Properties
£m
Plant and 
machinery 
£m 
IT equipment 
£m 
Total
£m
Cost  
 
 
Introduced on adoption of IFRS 16 at 1 January 2019 
72.7
4.6  
5.2  
82.5 
Additions 
3.3 
5.3 
1.2 
9.8
Modifications 
(0.3)
– 
– 
(0.3)
Transfer from tangible fixed assets (note 15) 
–
3.3 
– 
3.3
Effect of movements in exchange rates 
(0.4)
– 
– 
(0.4)
Balance at 31 December 2019 
75.3
13.2 
6.4 
94.9
 
Depreciation 
 
 
Introduced on adoption of IFRS 16 at 1 January 2019 
– 
–  
–  
– 
Charge for the year 
7.7
2.1 
2.5 
12.3
Impairment (note 14) 
1.0
– 
– 
1.0
Effect of movements in exchange rates 
(0.2)
–  
–  
(0.2)
Balance at 31 December 2019 
8.5
2.1 
2.5 
13.1
 
Carrying value 
 
 
Introduced on adoption of IFRS 16 at 1 January 2019 
72.7
4.6  
5.2  
82.5 
At 31 December 2019 
66.8
11.1 
3.9 
81.8
Income from the sub-leasing of right-of-use assets in the year 31 December 2019 was £0.3m (2018: £0.3m). 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.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
152
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
16 LEASES (CONTINUED) 
b) Obligations under leases 
The future gross minimum rentals payable accounted for under IAS 17 as at 31 December 2018 were: 
 
2018
£m
Not later than one year 
0.2
After one year but not more than five years 
12.6
More than five years 
111.5
 
124.3
The weighted average of the incremental borrowing rate applied to the lease liabilities recognised in the Statement of Financial Position at 1 
January 2019 was 4.04%. 
The maturity profile of undiscounted lease cash flows accounted for under IFRS 16 as at 31 December 2019 are: 
 
2019
£m
Less than one year  
14.8
One to five year 
30.4
More than five years  
126.4
 
171.6
The maturity profile of discounted lease cash flows accounted for under IFRS 16 as at 31 December 2019 are: 
 
2019
£m
Less than one year  
14.1
One to five year 
26.3
More than five years  
71.0
 
111.4
Analysed as: 
Current 
14.1
Non-current 
97.3
 
111.4
A reconciliation of the lease liability from 1 January 2019 to 31 December 2019 is disclosed within note 28. 
The total lease interest expense for the year ended 31 December 2019 was £4.6m. Total cash outflow for leases accounted for under IFRS 
16 for the current year was £15.5m. Expenses charged to the Consolidated Income Statement for short-term and low-value leases for the 
year-ended 31 December 2019 were £1.0m and £0.2m respectively. The portfolio of short-term leases at 31 December 2019 is 
representative of the expected annual short-term lease expense in future years. 
The impact of IFRS 16 on the Consolidated Income Statement, excluding tax, for the year-ended 31 December 2019 is: 
 
As Reported 
31 December 
2019 
£m
Add back 
IFRS 16 
interest 
charge
£m
Add back 
IFRS 16 
depreciation 
charge
£m
Less 
Amortisation 
of Legal fees
£m 
Less  
Lease 
incentives  
£m 
Less  
IAS 17  
lease cost 
£m 
Excluding impact 
of IFRS 16
31 December 
2019 
£m
Revenue 
997.3
 
 
997.3
Cost of sales 
(642.7)
 
 
(642.7)
Gross profit 
354.6
–
–
–
– 
– 
354.6
Selling and distribution expenses 
(95.0)
 
 
(95.0)
Administrative and other operating expenses 
(277.3)
–
12.3
(0.2)
1.2 
(15.5) 
(279.5)
Other (expense)/income 
(19.0)
 
 
(19.0)
Operating profit/(loss) 
(36.7)
–
12.3
(0.2)
1.2 
(15.5) 
(38.9)
Finance income 
16.3
 
 
16.3
Finance expense 
(83.9)
4.6
–
–
– 
– 
(79.3)
(Loss)/profit before tax 
(104.3)
4.6
12.3
(0.2)
1.2 
(15.5) 
(101.9)
 
 
 
Adjusted EBITDA (note 34) 
134.2
–
–
(0.2)
1.2 
(15.5) 
119.7
The above disclosure has been included to facilitate the understanding of the impact of adopting IFRS 16 on the Group.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
153
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
17 INVENTORIES 
 
2019 
£m 
2018
£m
Parts for resale, service parts and production stock 
68.8 
 86.5 
Work in progress 
32.1 
 15.5 
Finished vehicles 
99.8 
 63.3 
 
200.7 
 165.3 
Finished vehicles includes Group owned service cars at a net realisable value of £23.4m (2018: £30.3m). 
During the year ended 31 December 2019 an inventory repurchase arrangement was entered for certain parts for resale, service parts  
and production stock. These inventories were sold and subsequently repurchased in November 2019 – see note 21 for further details.  
18 TRADE AND OTHER RECEIVABLES 
 
2019 
£m 
2018
£m
Amounts included in current assets 
 
Trade receivables 
173.3 
 191.5 
Other receivables 
52.0 
29.0 
Prepayments 
24.4 
 20.3 
 
249.7 
 240.8 
 
 
Amounts included in non-current assets 
 
Trade receivables 
1.8 
 1.8 
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 23. 
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): 
 
2019 
£m 
2018
£m
Sterling 
111.3 
115.7
Chinese Renminbi 
18.4 
 13.2 
Euro  
20.5 
 42.1 
US Dollar 
75.1 
 41.4 
Other 
1.8 
 9.9 
 
227.1 
222.3 
WHOLESALE FINANCE FACILITY 
All financed vehicle sales are made directly to third-party Aston Martin franchised dealers with a large proportion financed through  
a £150m wholesale finance facility (2018: £200m facility) with Standard Chartered Bank plc supported by a credit insurance policy. 
The utilisation of the facility at 31 December 2019 is £99.6m (2018: £159.1m) and, due to the off-balance sheet treatment, is not  
recorded in trade receivables in the Group’s Statement of Financial Position. 
Vehicles financed through this facility have a maximum term of 45 days from invoice date to be funded under the facility to allow for  
any timing delays in despatching a vehicle and processing. Under the trade finance facility, Standard Chartered Bank plc advance to  
the Group the sales value of vehicles which have been despatched upon receipt of certain documentation. Standard Chartered Bank plc 
have substantially all of the risks associated with the wholesale financing scheme and hence they bear substantially all of the credit risk 
associated with dealers purchasing vehicles through the wholesale finance scheme. Taking into consideration the Group’s exposure to 
variability in cash flows both before and after the transfer, the financing arrangement is treated as off-balance sheet.  
The Group incurs a finance charge on vehicles financed through the scheme based on each currency LIBOR at the commencement of  
each invoice funded.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
154
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
19 CASH AND CASH EQUIVALENTS 
 
2019 
£m 
2018
£m
Cash at bank and in hand 
107.9  
 144.6 
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: 
 
2019 
£m 
2018
£m
Sterling 
14.3 
 28.0 
Chinese Renminbi 
46.5 
 59.6 
Euro 
12.1 
 18.0 
US Dollar 
29.6 
 36.5 
Other 
5.4 
 2.5 
 
107.9 
 144.6 
Included within the above: 
 
Restricted cash 
36.3 
25.7
The Group has a series of one-year back-to-back loan arrangements with HSBC Bank plc (“HSBC”), whereby Chinese Renminbi to a value 
at the time of £36.7m (31 December 2018: £25.5m) has been deposited in a restricted account with HSBC in China in exchange for a 
Sterling overdraft facility with HSBC Bank plc in the United Kingdom. The restricted cash has been revalued at 31 December 2019 to 
£36.3m (31 December 2018: £25.7m) and is shown in the cash and cash equivalents value above. 
20 OTHER FINANCIAL ASSETS 
 
2019 
£m 
2018
£m
Forward currency contracts held at fair values 
 
0.4 
0.1
Cash held not available for short-term use 
 
8.7 
–
 
 
9.1 
0.1
 
 
 
Analysed as: 
 
 
Current 
 
8.9 
0.1
Non-current 
 
0.2 
–
 
 
9.1 
0.1
The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates when converting 
foreign currencies to Sterling. 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. 
In 2019 £8.7m held in certain local bank accounts had been frozen in relation to local arbitration proceedings (2018: nil). At 31 December 2019 
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. 
21 TRADE AND OTHER PAYABLES 
CURRENT TRADE AND OTHER PAYABLES 
 
2019 
£m 
2018 
restated
£m
Trade payables 
 
138.5 
167.7 
Customer deposits and advances 
 
319.3 
270.9
Accruals and other payables 
 
240.0 
226.1 
Deferred income – service packages 
 
3.7 
5.2
Due to related parties (note 31) 
 
0.6 
 1.1 
 
 
702.1 
 671.0 
Trade payables are non-interest bearing and it is the Group’s policy to settle the liability within 90 days.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
155
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
21 TRADE AND OTHER PAYABLES (CONTINUED) 
At 31 December 2019 a repurchase liability of £38.9m including accrued interest of £0.2m, has been recognised in accruals and other 
payables and Net Debt (see note 24). In November 2019, £32.2m of parts for resale, service parts and production stock were sold for 
£38.7m (gross of indirect tax) and subsequently repurchased. Under the repurchase agreement, the Group will repay for £40.0m gross of 
indirect tax. As part of this arrangement legal title to the parts was surrendered however control remained with the Group. The terms of this 
repurchase arrangement require the liability to be fully settled in 2020.  
Changes in the Group’s contract liabilities during the year are summarised as follows: 
£m 
At 1 January 
2019
Additional 
amounts arising 
during the period 
Amounts 
recognised 
within revenue 
Significant financing 
component for 
which an interest 
charge is recognised 
Amounts 
returned and 
other changes  
At 31 
December 
2019 
Customer deposits and advances 
270.9
116.1
(55.3)
8.8 
(21.2) 
319.3
Deferred income – service packages 
12.5
7.6
(7.0)
–  
–  
13.1
 
 
 
£m 
At 1 January 
2018
Additional 
amounts arising 
during the period 
Amounts 
recognised 
within revenue 
Significant financing 
component for 
which an interest 
charge is recognised 
Amounts 
returned and 
other changes  
At 31 
December 
2018 
Customer deposits and advances 
205.5
75.4
(9.0)
5.6 
(6.6) 
270.9
Deferred income – service packages 
5.9
6.6
– 
–  
–  
12.5
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, for which these 
customer deposits primarily relate to, the Group expects to derecognise a significant proportion over the next 3 years with approximately 
£90.0m expected to be recognised in 2020. 
In the year ended 31 December 2019, a finance expense of £8.8m (see note 9) was recognised as a significant financing component on 
contract liabilities held for greater than 12 months (2018: £5.6m). 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 2019  
the Group held £78.5m of contractually refundable deposits (before the impact of significant financing components) (2018: £50.1m).  
The special vehicle programs 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 whom is required to make an equivalent advanced  
payment. Further liquidity risk considerations are disclosed in note 23. 
Deferred service package income is recognised in revenue over the service package period. 
NON-CURRENT TRADE AND OTHER PAYABLES  
 
2019 
£m 
2018
restated
£m
Deferred income – service packages 
 9.4 
7.3
Lease incentives and other 
–  
42.5
 
9.4 
49.8
Included within non-current trade and other payables for the year ended 31 December 2018 are long-term lease incentives as restated  
(see note 2). Upon transition to IFRS 16 on 1 January 2019 these lease incentives were reclassified as part of establishing the right-of-use 
lease assets, within non-current assets – see note 16.  
22 OTHER FINANCIAL LIABILITIES  
 
2019 
£m 
2018 
£m
Forward currency contracts held at fair value 
8.9 
8.6
Analysed as: 
 
Current 
6.3 
4.2 
Non-current 
2.6 
4.4 
 
8.9 
8.6

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
156
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS 
GROUP 
The Group’s principal financial instruments comprise Senior Secured Notes, a Revolving Credit Facility, a finished vehicle financing facility, 
a loan to finance the construction of the paint shop at St.Athan, back-to-back loans 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 have 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, to set appropriate risk limits and controls, and monitor 
adherence to limits. 
The Board of Directors oversee 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 dedicated dealer network. Dealers outside of North America are required to pay for vehicles in advance 
of their despatch or use the wholesale financing scheme with Standard Chartered Bank plc (see note 18). Dealers within North America are 
allowed 10-day credit terms from the date of invoice or use of the wholesale financing scheme. 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 30-day credit terms.  
Service 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, amongst 
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. 
In generating the expected credit loss provision, historical credit loss rates for the preceding 5 years are calculated, including consideration 
given to factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable aging 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. 
In presenting the loss allowance summary below, the specific loss allowance and original receivables balance of £19.0m disclosed in note 
5 has been excluded so as to not distort the expected loss rate. The trade receivable loss allowance as at 31 December is as follows: 
 
As at 31 December 2019 
As at 31 December 2018 
 
Expected Loss 
Rate
%
Gross Carrying 
Amount
£m
Loss Allowance
£m
Expected Loss 
Rate 
% 
Gross Carrying 
Amount 
£m 
Loss Allowance
£m
Current 
*
117.8
–
* 
177.4  
– 
1 – 30 days past due 
*
30.2
–
* 
4.4  
– 
31 – 60 days past due 
*
10.6
–
* 
4.0  
– 
61+ days past due 
6.8%
17.7
1.2
2.6% 
7.7  
0.2 
 
176.3
1.2
 
193.5  
0.2 
* 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 value. 
The closing loss allowances for trade receivables, including the specific loss allowance disclosed in note 5 of £19.0m, reconciles to the 
opening loss allowance as follows: 
 
2019 
£m 
2018
£m
Opening loss allowance as at 1 January 
0.2 
0.3
Increase in loss allowance recognised in the Income Statement – Other expense (note 5) 
19.0 
–
Increase in loss allowance recognised in the Income Statement – Administrative and other operating 
expenses 
1.0 
0.1
Receivables written-off during the year as uncollectible 
– 
(0.2)
At 31 December 
20.2 
0.2

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
157
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS (CONTINUED) 
BORROWINGS 
The following table analyses Group borrowings: 
 
2019 
£m 
2018
£m
Current 
 
Bank loans and overdrafts 
114.8 
99.4
Non-current 
 
Senior Secured Notes 
829.9 
590.9
Bank loans 
9.2 
12.4
Unsecured Loan 
– 
1.4
Total non-current borrowings 
839.1 
604.7 
Total borrowings 
953.9 
704.1 
Total borrowings are denominated in the following currencies, in sterling at the year-end exchange rates: 
 
2019 
£m 
2018
£m
Sterling  
403.0 
388.5
US Dollar 
550.9 
314.2
Japanese Yen 
– 
1.4
Total borrowings 
953.9 
704.1 
Current Borrowings 
At 31 December 2019 £70.0m of the £80.0m Revolving Credit Facility was drawn (2018: £70.0m). 
The Group holds a series of one-year back-to-back loan arrangements with HSBC Bank plc, whereby Chinese Renminbi to a value at the 
time of £36.7m (2018: £25.5m) have been deposited in a restricted account with HSBC in China in exchange for a Sterling overdraft facility 
with HSBC Bank plc in the United Kingdom. The restricted cash has been revalued at 31 December 2019 to £36.3m (2018: £25.7m) and is 
shown in cash and cash equivalents. The overdraft of £36.7m (2018: £25.3m) 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 
which matures on 31 March 2022. The loan is secured against the paint shop assets, with the final payment on 31 March 2022 including  
a capital payment of £6.3m accounted for as part of the effective interest rate over the term of the loan. At 31 December 2019 the amount 
included in current borrowings was £2.9m (2018: £2.7m). 
The Group has separate arrangements to finance in-transit finished vehicles and certain finished vehicle inventory. Total borrowings on 
these facilities at 31 December 2019 were £4.4m (2018: £nil) and £0.8m (2018: £1.4m) respectively. 
Non-Current Borrowings 
On 1 April 2019 the Group issued $190m 6.5% Senior secured Notes at a discount of 5% to the par redemption value. The discount is  
charged to finance expenses within the Consolidated Income Statement over the term of the notes based on the effective interest rate method. 
In 8 October 2019 the Group issued $150m 12% (6% Payment in Kind (“PIK”), 6% cash interest) Senior Secured Notes with a 6% premium 
on redemption. This premium is accounted for as part of the effective interest rate and charged to finance expenses within the Consolidated 
Income Statement over the term of these notes.  
The new Senior Secured Notes issued in 2019 mature in April 2022. Transaction costs capitalised during the year ended 31 December 2019 
amounted to £5.4m (2018: £nil). 
The Group has the option for an additional $100m of Delayed Draw Notes linked to those Senior Secured Notes issued on 8 October 2019. 
The Delayed Draw Notes (“DDNs”) may be drawn, subject to certain conditions, on the same terms as other senior secured obligations of 
the Group at an interest rate of 12% per annum. If these conditions are not met, the DDNs may be drawn as unsecured obligations at an 
interest rate of 15% per annum. Interest will accrue at the rate of 6% per annum as cash interest plus either 6% per annum (if secured) or 
9% per annum (if unsecured) paid in kind.  
The Group has $400m 6.5% Senior Secured Notes and £285m 5.75% Senior Secured Notes both of which mature in April 2022.  
The movement in carrying value of the Senior Secured Notes from 2018 to 2019 includes £2.4m (2018: £2.3m) amortisation of capitalised 
transaction costs.  
The combined sterling equivalent carrying value of the Senior Secured Notes at 31 December 2019 is £829.9m (2018: £590.9m) and they 
are secured by fixed and floating charges over certain assets of the Group. 
The non-current element of the fixed rate loan to finance the construction of the paint shop at the new St Athan manufacturing facility was 
£9.2m at 31 December 2019 (2018: £12.4m).

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
158
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS (CONTINUED) 
INTEREST RATE RISK 
The only interest rate risk that the Group is exposed to is on the back-to-back loan arrangement with HSBC Bank plc, whereby Chinese 
Renminbi have been deposited in a restricted account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc 
in the United Kingdom. The interest rate charged on the overdraft facility is based on 3-month LIBOR. 
Profile 
At 31 December the interest rate profile of the Group’s interest-bearing financial instruments was: 
 
2019 
£m 
2018
£m
Fixed rate instruments 
 
Financial liabilities 
917.2 
678.8 
 
 
Variable rate instruments 
 
Financial liabilities 
36.7 
25.3
Borrowings, including the Senior Secured Notes and the loan to finance the paint shop in St Athan, are at fixed interest rates. The rate  
of interest on the Revolving Credit Facility, which is attached to the Senior Secured Notes, is based on LIBOR plus a percentage spread  
and is predetermined at the date of the drawdown of the Revolving Credit Facility so is considered to be fixed rate for the analysis above. 
The interest rate charged on both the in-transit and certain finished vehicle facilities are based on the lender’s cost of funds at the point  
of the borrowing. 
In 2019 the Group has 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 180 days.  
Surplus cash funds, when appropriate, are placed on deposit and attract interest at a variable rate derived from LIBOR. 
INTEREST RATE RISKS – SENSITIVITY 
The following table demonstrates the sensitivity, with all other variables held constant, of the Group’s profit after tax to a reasonably 
possible change in interest rates on the back-to-back loan arrangement with HSBC Bank plc. 
 
2019 
£m  
2018
£m
(Increase)/ 
decrease in 
interest rate 
Effect on profit 
after tax 
Effect on profit 
after tax 
3-month LIBOR 
1.00% 
0.3 
0.2

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
159
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS (CONTINUED) 
FOREIGN CURRENCY EXPOSURE 
The Group’s exposure to the risk of changes in foreign currency exchange relates primarily to US Dollar sales (including inter-group sales), 
Chinese Renminbi sales and Euro denominated purchases.  
At 31 December 2019 the Group hedged 80%, 68% and 34% for 2020, 2021 and 2022 respectively, of its US dollar denominated highly 
probable inter-company sales, and 38%, 12% and 2% of its Euro denominated purchases for 2020, 2021 and 2022. These foreign currency 
risks are hedged by using foreign currency forward contracts and the $400m Senior Secured Notes. 
The Group’s sterling equivalents of financial assets and liabilities (excluding borrowings analysed by currency) denominated in foreign 
currencies at 31 December were: 
At 31 December 2019 
Euros
£m
US Dollars
£m
Chinese 
Renminbi 
£m 
Other 
£m 
Total
£m
Financial assets 
 
 
Trade and other receivables 
20.5
75.1
18.4 
1.8 
115.8
Foreign exchange contracts 
–
–
– 
0.4 
0.4
Cash held not available for short-term use 
–
–
8.7 
– 
8.7
Cash balances 
12.1
29.6
46.5 
5.4 
93.6
 
32.6
104.7
73.6 
7.6 
218.5
Financial liabilities 
 
 
Trade and other payables 
(116.5)
(45.1)
(11.4) 
(6.4) 
(179.4)
Lease liabilities 
(2.2)
(0.2)
(0.5) 
(8.1) 
(11.0)
Customer deposits and advances 
(0.2)
(15.8)
(7.9) 
– 
(23.9)
Foreign exchange contracts 
–
(8.6)
– 
(0.3) 
(8.9)
 
(118.9)
(69.7)
(19.8) 
(14.8) 
(223.2)
Net balance sheet exposure 
(86.3)
35.0
53.8 
(7.2) 
(4.7)
 
At 31 December 2018 
Euros
£m
US Dollars
£m
Chinese 
Renminbi 
£m 
Other 
£m 
Total
£m
Financial assets 
 
 
Trade and other receivables 
42.1
41.4
13.2 
9.9 
106.6
Foreign exchange contracts 
–
0.1
– 
– 
0.1 
Cash balances 
18.0
36.5
59.6 
2.5 
116.6 
 
60.1 
78.0 
72.8  
12.4  
223.3 
Financial liabilities 
 
 
Trade and other payables 
(149.3)
(43.3)
(17.2) 
(4.7) 
(214.5) 
Customer deposits and advances 
–
(12.2)
(11.9) 
– 
(24.1)
Foreign exchange contracts 
–
(5.1)
– 
(3.5) 
(8.6) 
 
(149.3) 
(60.6) 
(29.1) 
(8.2) 
(247.2) 
Net balance sheet exposure 
(89.2) 
17.4 
43.7  
4.2  
(23.9) 
The following significant exchange rates applied: 
Average Rate
2019
Average Rate 
2018 
Closing Rate 
2019 
Closing Rate
2018
Euro 
1.13
1.13 
1.18 
1.10
Chinese Renminbi 
8.74
8.83 
9.23 
8.76
US Dollar 
1.27
1.34 
1.33 
1.27

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
160
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS (CONTINUED) 
CURRENCY RISK – SENSITIVITY 
The following table demonstrates the sensitivity to a change in the US Dollar, Euro and Chinese Renminbi exchange rates with all other 
variables held constant, of the Group’s profit 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 profit 
after tax 
2019 
£m 
Effect on profit 
after tax
2018
£m
US Dollar  
(5%) 
(7.7) 
(11.2)
US Dollar  
5% 
8.6 
12.4
Euro 
(5%) 
12.3 
8.8
Euro 
5% 
(13.6) 
(9.7)
Chinese Renminbi 
(5%) 
(2.3) 
(2.1)
Chinese Renminbi 
5% 
2.5 
2.3
$190m and $150m Senior Secured Notes (“SSNs”) 
The Group took out additional US Dollar denominated SSNs in 2019 totalling $340m. The Group chose not to hedge these borrowings  
due to the relative weakness of Sterling and general economic uncertainty. 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/(expenses). 
A corresponding change in the translated Sterling value of these SSNs is reflected in the Consolidated Statement of Financial Position. 
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 has also 
designated the foreign exchange movement on the $400m Senior Secured Notes (“SSNs”) as part of a cash flow hedging relationship, to 
manage the exchange rate risk resulting from forecast US dollar inter-company 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: 
• Firstly, 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.  
• Secondly, the Group has designated $400m of Senior Secured Notes as a hedging instrument in respect of $400m of highly probable 
forecast US Dollar sales that are not already hedged with forward contracts. 
The Group currently has no cash flow hedges beyond 2022. 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 for the forward foreign exchange contracts are the  
spot elements of the entire forward foreign exchange contracts. The hedged items are highly probable forecast net sales or purchases. The 
value of hedging instrument matches the value of the hedge item in a 1:1 hedging ratio. Movements in the fair value attributable to the spot 
element are considered as an effective hedge and recognised through Other Comprehensive Income into the hedge reserve. The balance of 
the fair value movement related to these contracts is recorded in the cost of hedging reserve. 
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 expenses as an adjusting item (see note 9) 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 not attributable to the spot element considered to be an effective hedge, is recorded within cost of sales in the 
Consolidated Income Statement. 
$400m Senior Secured Notes 
The $400m SSNs are recorded at amortised cost translated into sterling at the year-end closing rate with movements in the carrying value 
offset by movements in the value of the highly probable forecast sales from US Dollars to Sterling. The hedge ratio is 1:1 as the value of the 
hedging instrument matches the value of the hedged item. 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). 
The amounts recorded within the Hedge Reserve, including the Cost of Hedging Reserve, are reclassified to the Consolidated Income 
Statement when the hedged item effects 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 (2018: all cost of sales).

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
161
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS (CONTINUED) 
HEDGE ACCOUNTING (CONTINUED) 
The impact of hedging instruments on the Statement of Financial Position is as follows: 
The impact of hedged items on the Statement of Financial Position is as follows: 
The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is: 
Hedge ineffectiveness recognised within the Consolidated Income Statement relates to those forward exchange contracts which were only 
designated as a hedge with effect from 1 July 2019 and relates to the element which is not attributable to the movement in the spot rate of 
those instruments since that date. 
At 31 December 2019 there are no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge 
accounting is no longer required (2018: no balances). 
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. 
 
 
 
31 December 2019
 
31 December 2018
 
Notional 
value
£m
Carrying 
value
£m
Change in fair 
value used for 
measuring 
ineffectiveness
£m
Notional 
value 
£m 
Carrying 
value 
£m 
Change in fair 
value used for 
measuring 
ineffectiveness
£m
Foreign exchange forward contracts – other financial 
assets 
34.9
0.4
0.4
50.3 
0.1 
0.1
Foreign exchange forward contracts – other financial 
liabilities 
220.0
(8.9)
(10.3)
407.8 
(8.6) 
(9.4)
$400m Senior Secured Notes – hedge instrument 
301.6
301.6
12.6
314.2 
314.2 
(18.5)
31 December 2019 
31 December 2018
 
Cash flow Hedge 
Reserve
£m
Cost of Hedging 
Reserve 
£m 
Cash flow Hedge 
Reserve 
£m 
Cost of Hedging 
Reserve
£m
Foreign exchange forward contracts 
0.1
(2.0) 
(3.5) 
(5.0)
$400m Senior Secured Notes – hedge instrument 
(0.8)
– 
(18.5) 
–
Tax on fair value movements recognised in OCI 
0.1
0.3 
3.5 
–
Year-ended 31 December 2019 
Total hedging 
gain/(loss) 
recognised in 
OCI
£m
Ineffectiveness 
recognised in 
the Income 
Statement
£m
Income Statement
 line item
Fair value 
movement 
on cash flow 
hedges 
£m 
Amount 
reclassified 
from OCI to 
the Income 
Statement 
£m 
Income 
Statement 
line item
Foreign exchange forward contracts 
1.4
6.6
Finance Expense
– 
1.4 
Cost of Sales
Foreign exchange forward contracts 
5.5
4.9
Cost of Sales
(3.7) 
9.2 
Cost of Sales
$400m Senior Secured Notes – hedge instrument 
17.7
–
–
12.7 
5.0 
Cost of Sales
Tax on fair value movements recognised in OCI 
(3.4)
–
–
(1.6) 
(1.8) 
Cost of Sales
Year-ended 31 December 2018 
Total hedging 
gain/(loss) 
recognised in 
OCI
£m
Ineffectiveness 
recognised in 
the Income 
Statement
£m
Income 
Statement
 line item
Cost of 
hedging 
recognised in 
OCI 
£m 
Amount 
reclassified 
from OCI to 
the Income 
Statement 
£m 
Income 
Statement 
line item
Foreign exchange forward contracts 
(8.5)
–
–
(12.0) 
3.5 
Cost of Sales
$400m Senior Secured Notes – hedge instrument 
(18.5)
–
–
(18.5) 
– 
–
Tax on fair value movements recognised in OCI 
3.5
–
–
3.5 
– 
–

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
162
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS (CONTINUED) 
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. 
The Group has a number of one-year back-to-back loan arrangements with HSBC Bank plc, whereby Chinese Renminbi were deposited in a 
restricted account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. The restricted  
cash has been revalued to £36.3m at 31 December 2019 (2018: £25.7m) and is shown in the total of cash and cash equivalents. The overdraft of 
£36.7m (2018: £25.3m) is shown in Borrowings in Current Liabilities on the Statement of Financial Position.  
At 31 December 2019 the Group had cash and cash equivalents of £107.9m (2018: £144.6m).  
At 31 December 2019 the Group holds £829.9m (2018: £590.9m) of Senior Secured Notes (“SSNs”). The in-year increase is attributable  
to the Group issuing $190m of 6.5% SSNs in April 2019 and $150m of 12% (6% PIK and 6% cash interest) SSNs issued in October 2019, 
in addition to foreign currency movements on US Dollar denominated borrowings and the amortisation of transaction costs on borrowings 
through the effective interest rate. All of the SSNs mature in April 2022. Attached to the SSNs is an £80m Revolving Credit Facility of which 
£70.0m was drawn at 31 December 2019 (2018: £70.0m).  
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 2019 the Group held refundable deposits of £78.5m (2018: £50.1m). The special vehicle programs 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 whom is required to make an equivalent advanced payment. 
The maturity profile of the Group’s financial liabilities at 31 December 2019 based on contractual undiscounted payments is as follows. 
 
On demand
£m
Less than 3 
months
£m
3 to 12 
months
£m
1 to 5  
years 
£m 
>5 years 
£m 
Contractual 
Cash Flows 
Total
£m
Non-derivative financial liabilities 
 
 
Bank loans and overdrafts 
–
94.6
24.4
6.7 
– 
125.7
Senior Secured Notes 
–
1.8
45.4
937.1 
– 
984.3
Trade and other payables 
–
333.0
57.3
9.6 
– 
399.9
Refundable customer deposits and advances 
78.5
–
–
– 
– 
78.5
 
 
 
Derivative financial liabilities 
 
 
Forward exchange contracts 
–
0.9
5.4
2.6 
– 
8.9
 
78.5
430.3
132.5
956.0 
– 
1,597.3
Included in the table above table are interest bearing loans and borrowings at a carrying value of £953.9m. 
The table below summarises the maturity profile of the Group’s financial liabilities at 31 December 2018 based on contractual 
undiscounted payments. 
 
On demand
£m
Less than 3 
months
£m
3 to 12 
months
£m
1 to 5  
years 
£m 
>5 years 
£m 
Contractual 
Cash Flows 
Total
£m
Non-derivative financial liabilities 
 
 
Bank loans and overdrafts 
–
7.2
94.4
13.1 
– 
114.7 
Senior Secured Notes 
–
–
76.1
781.3 
– 
857.4 
Unsecured Loan 
–
–
0.1
1.4 
– 
1.5 
Trade and other payables 
–
392.0
–
12.2 
– 
404.2 
Refundable customer deposits and advances 
50.1
–
–
– 
– 
50.1
 
 
 
Derivative financial liabilities 
 
 
Forward exchange contracts 
–
1.0
3.2
4.4 
– 
8.6 
 
50.1 
400.2 
173.8 
812.4  
–  
1,436.5 
Included in the table above are interest bearing loans and borrowings at a carrying value of £704.1m.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
163
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
23 FINANCIAL INSTRUMENTS (CONTINUED) 
ESTIMATION OF FAIR VALUES 
Trade and other receivables, and trade and other payables are deemed to have the same fair value as their book value and, as such, the 
table presented only includes assets 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. The Sterling Senior Secured Notes are all valued at amortised cost. The fair value of these Senior Secured Notes 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. For all other receivables and payables, the carrying amount is deemed to reflect the fair value.  
 
As at 31 December 2019
As at 31 December 2018
 
Nominal value
£m
Book value
£m
Fair value
£m
Nominal value 
£m 
Book value 
£m 
Fair value
£m
Included in assets 
 
 
Level 2 
 
 
Forward foreign exchange contracts 
–
0.4
0.4
– 
0.1 
0.1
 
–
0.4
0.4
– 
0.1 
0.1
 
 
 
Included in liabilities  
 
 
Level 1 
 
 
£285m 5.75% Sterling Senior secured Notes 
285.0
279.0
273.6
285.0 
276.6 
278.1 
$400m 6.5% US Dollar Senior secured Notes 
301.6
301.6
288.0
314.2 
314.3 
300.7
$190m 6.5% US Dollar Senior secured Notes 
143.3
137.2
133.8
– 
– 
– 
$150m 12.0% US Dollar Senior secured Notes 
113.1
112.1
122.1
– 
– 
– 
Level 2 
 
 
Forward exchange contracts 
–
8.9
8.9
– 
8.6 
8.6 
 
843.0
838.8
826.4
599.2  
599.5 
587.4 
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.  
CAPITAL MANAGEMENT 
The Board’s 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’s 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 Statements of Changes in Equity. 
Subsequent to 31 December 2019 the Board approved the reset business plan aimed at rebalancing the debt to equity ratio of the Group 
and improving liquidity through the issuance of new ordinary shares totalling £500m. Further detail is discussed on page 4.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
164
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
24 NET DEBT 
The Group defines Net Debt as current and non-current borrowings in addition to inventory repurchase arrangements, less cash and cash 
equivalents including cash held not available for short-term use. Lease liabilities accounted for under IFRS 16 are excluded from Net Debt. 
 
2019 
£m 
2018
£m
Cash and cash equivalents 
107.9 
144.6
Cash held not available for short-term use 
8.7 
– 
Inventory repurchase arrangement 
(38.9) 
– 
Loans and other borrowings – current 
(114.8) 
(99.4)
Loans and other borrowings – non-current 
(839.1) 
(604.7)
Net debt 
(876.2) 
(559.5)
 
 
Movement in net debt 
 
Net decrease in cash and cash equivalents 
(42.5) 
(25.9) 
Add back cash flows in respect of other components of net debt: 
 
New borrowings 
(260.8) 
(98.1) 
Proceeds from inventory repurchase arrangement 
(38.7) 
– 
Proceeds from existing borrowings 
(102.3) 
(0.3) 
Repayment of existing borrowings 
91.5 
– 
Movement in cash held not available for short-term use 
8.7 
– 
Transaction fees 
4.1 
– 
Increase in net debt arising from cash flows 
(340.0) 
(124.3) 
Non-cash movements: 
 
Conversion of preference shares to ordinary shares 
–  
302.9 
Foreign exchange gain/(loss) on secured loan 
23.7 
(18.4) 
Interest added to debt 
(1.1) 
(49.3) 
Unpaid transaction fees 
(2.0) 
– 
Foreign exchange gain and other 
2.7 
2.7 
(Increase)/decrease in net debt  
(316.7) 
113.6 
Net debt at beginning of the year 
(559.5) 
(673.1) 
Net debt at the end of the year 
(876.2) 
(559.5) 
25 PROVISIONS 
 
2019 
£m 
2018
restated*
£m
At the beginning of the year 
23.7 
20.9
Charge for the year 
27.9 
19.6
Utilisation 
(23.5) 
(17.1)
Effect of movements in exchange rates 
0.1 
0.3
At the end of the year 
28.2 
23.7
 
 
Analysed as: 
 
Current 
12.0 
10.8
Non-current 
16.2 
12.9
 
28.2 
23.7
The provision represents costs provided in respect of the Group’s warranty scheme. The warranty provision is calculated based on the level 
of historic claims and is expected to be substantially utilised within the next three years.  
* Further details of the restatement is disclosed in note 2.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
165
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
26 PENSION OBLIGATIONS 
DEFINED CONTRIBUTION SCHEME 
The Group opened a defined contribution scheme in June 2011. The total expense relating to this scheme was £8.6m (2018: £5.7m). 
Outstanding contributions at the year-end were £0.6m (2018: £0.5m).  
DEFINED BENEFIT SCHEME 
The Group operates a defined benefit pension scheme. During 2017 it was agreed and communicated to its members that the scheme’s 
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.  
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 is comprised of representatives of the Group and 
members of the scheme and an independent, professional Trustee has been appointed during the year.  
The pension scheme exposes the Group to the following risks: 
Asset volatility – the scheme’s Statement of Investment Principles targets 55% return-enhancing assets and 45% risk-reducing assets.  
The Trustee monitors the appropriateness of the scheme’s investment strategy, in consultation with the Group, on an on-going basis. 
Inflation risk – 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). 
Longevity – increases in life expectancy will increase the period over which benefits are expected to be payable, which increases the value 
placed on the scheme’s liabilities. 
There have been no curtailment events in the years ended 31 December 2019 or 31 December 2018. 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 2017. 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 pre-retirement investment return would 
be 3.4% per annum and the post retirement return 2.25% per annum and that salary increases would average 3.0% per annum for the period to 
31 March 2021 and 3.55% thereafter. 
At the 6 April 2017 actuarial valuation, the actuarial value of the scheme assets was £265.4m, sufficient to cover 85% of the benefits which 
had accrued to members, after allowing for the expected future increases in earnings. Following this latest actuarial valuation of the scheme 
contributions increased from 22.5% to 23.7% for the Group where the active member does not participate in the salary sacrifice scheme. 
For active members participating in the salary sacrifice scheme, employees make no contributions and the Group contribution is 30.2%  
or 34.7% depending on whether the member opted for benefits of 1/80 or 1/70 of pensionable salary. 
The actuarial valuation on 6 April 2017 showed a deficit in the scheme of £48.6m. On 5 July 2018, the Group agreed to increase the recovery 
plan contributions from £2.8m per annum to £4.0m per annum through to 31 March 2020 and £7.1m thereafter through to 31 July 2025.  
Estimated contributions for the year ending 31 December 2020 are £12.8m.  
A full actuarial valuation was carried out at 6 April 2017 by a qualified independent actuary. This valuation has been updated by an independent 
qualified actuary to both 31 December 2018 and 31 December 2019 in accordance with IAS 19R. The next triennial valuation as at 6 April 2020 
is due to be completed by June 2021 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 
2019 
 31 December 
2018
Discount rate 
2.20% 
3.15%
Rate of increase in salaries 
2.90% 
3.20%
Rate of revaluation in deferment 
1.90% 
2.20%
Rate of increase in pensions in payment attracting LPI 
2.85% 
3.10%
Expected return on scheme assets 
2.20% 
3.15%
RPI Inflation assumption 
2.90% 
3.20%
CPI Inflation assumption 
1.90% 
2.20%

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
166
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
26 PENSION OBLIGATIONS (CONTINUED) 
ASSUMPTIONS (CONTINUED) 
The Group’s inflation assumption reflects its long-term expectations and has not been amended for short-term variability. The post  
mortality assumptions allow for expected increases in longevity. The ‘current’ disclosures below relate to assumptions based on the 
longevity (in years) following retirement at each reporting date, with ‘future’ being that relating to an employee retiring in 2039 (2019 
assumptions) or 2038 (2018 assumptions). 
Projected life expectancy from age 65 
Future
Current 
Future 
Current
Currently 
aged 45
Currently  
aged 65 
Currently  
aged 45 
Currently 
aged 65
2019
2019 
2018 
2018
Male 
23.2
21.8 
23.1 
21.7
Female 
25.5
23.9 
25.4 
23.8
 
 
 
Years
 
 
Duration of the liabilities in years as at 31 December 2019 
25 
 
 
Duration of the liabilities in years as at 31 December 2018 
25
 
 
The following table provides information on the composition and fair value of the assets of the Scheme: 
 
31 December 
2019
Quoted
£m
31 December 
2019
Unquoted
£m
31 December 
2019
Total
£m
31 December 
2018 
Quoted 
£m 
31 December 
2018 
Unquoted 
£m 
31 December 
2018
Total
£m
Asset Class 
 
 
UK Equities 
43.4
–
43.4
37.9 
– 
37.9
Overseas Equities 
48.6
–
48.6
43.3 
– 
43.3
Property 
–
28.5
28.5
– 
27.8 
27.8
Private debt 
–
20.4
20.4
– 
– 
–
Index linked gilts 
–
–
–
56.9 
– 
56.9
Liability driven investment 
42.8
19.3
62.1
– 
– 
–
Corporate bonds 
–
–
–
– 
53.7 
53.7
Absolute return bonds 
–
73.9
73.9
– 
– 
–
Diversified alternatives 
–
27.0
27.0
– 
26.0 
26.0
High yield bonds 
–
–
–
– 
12.6 
12.6
Cash  
2.5
–
2.5
6.5 
– 
6.5
Insurance policies 
–
5.4
5.4
– 
4.1 
4.1
Total 
137.3
174.5
311.8
144.6 
124.2 
268.8
The scheme assets and funded obligations at 31 December are summarised below: 
 
2019 
£m 
2018
£m
Total fair value of scheme assets 
311.8 
268.8
Present value of funded obligations 
(333.4) 
(275.2)
Funded status at the end of the year 
(21.6) 
(6.4)
Adjustment to reflect minimum funding requirements 
(15.2) 
(32.3)
Liability recognised in the Statement of Financial Position  
(36.8) 
(38.7)
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.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
167
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
26 PENSION OBLIGATIONS (CONTINUED) 
Amounts recognised in the Consolidated Income Statement during the year ending 31 December were as follows: 
 
2019 
£m 
2018
£m
Amounts charged to operating profit/(loss): 
 
Current service cost 
(6.9) 
(8.1)
Past service cost 
– 
(0.1)
 
(6.9) 
(8.2)
Amounts charged to finance expense: 
 
Net interest expense on the net defined benefit liability 
– 
(1.0)
Interest expense on the adjustment to reflect minimum funding requirements 
(1.1) 
–
Total expense recognised in the Income Statement 
(8.0) 
(9.2)
Changes in present value of the defined benefit pensions obligations are analysed as follows: 
 
2019 
£m 
2018
£m
At the beginning of the year 
(275.2) 
(318.4)
Current service cost 
(6.9) 
(8.1)
Past service cost 
– 
(0.1)
Interest cost 
(8.5) 
(7.8)
Experience losses 
(0.1) 
(1.6)
Actuarial (losses)/gains arising from changes in financial assumptions 
(52.3) 
48.7 
Distributions 
9.9 
7.2 
Actuarial (losses)/gains arising from changes in demographic assumptions 
(0.3) 
4.9 
Obligation at the end of the year 
(333.4) 
(275.2)
Changes in the fair value of plan assets are analysed below: 
 
2019 
£m 
2018
£m
At the beginning of the year  
268.8 
271.5 
Interest on assets 
8.5 
6.8 
Employer contributions 
11.3 
12.0 
Return on scheme assets excluding interest income 
33.1 
(14.3)
Distributions 
(9.9) 
(7.2)
Fair value at the end of the year  
311.8 
268.8 
 
 
 
 
2019 
£m 
2018
£m
Actual return on scheme assets 
41.6 
(7.5)
Analysis of amounts recognised in the Statement of Financial Position: 
 
2019 
£m 
2018
£m
Liability at the beginning of the year 
(38.7) 
(46.9)
Net expense recognised in the Income Statement  
(8.0) 
(9.2)
Employer contributions 
11.3 
12.0 
(Loss)/gain recognised in Other Comprehensive Income 
(1.4) 
5.4 
Liability recognised in the Statement of Financial Position at the end of the year  
(36.8) 
(38.7)
Analysis of amount taken to Other Comprehensive Income: 
 
2019 
£m 
2018
£m
Return on scheme assets excluding interest income 
33.1 
(14.3)
Experience losses arising on funded obligations 
(0.1) 
(1.5)
(Losses)/gains arising due to changes in financial assumptions underlying the present value of funded obligations 
(52.3) 
48.6 
Gains/(losses) arising as a result of adjustment made to reflect minimum funding requirements 
18.2 
(32.3)
(Losses)/gains arising due to changes in demographic assumptions 
(0.3) 
4.9 
Amount recognised in Other Comprehensive Income 
(1.4) 
5.4

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
168
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
26 PENSION OBLIGATIONS (CONTINUED) 
SENSITIVITY ANALYSIS OF THE PRINCIPAL ASSUMPTIONS USED TO MEASURE SCHEME LIABILITIES 
At 31 December 2019 the present value of the benefit obligation is £333.4m (2018: £275.2m) and its sensitivity to changes in key 
assumptions are: 
Change in  
assumption 
Present value  
of benefit 
obligations at  
31 December 
2019 
£m 
Present value
 of benefit 
obligations at 
31 December 
2018
£m
Discount rate 
Decrease by 0.25% 
355.1 
292.7 
Rate of inflation* 
Increase by 0.25% 
352.2 
290.0 
Life expectancy increased by approximately 1 year 
Increase by one year 
348.1 
284.6 
* Applies to the Retail Prices Index and the Consumer Prices index inflation assumptions. The assumption is that the salary increase assumption would also 
increase by 0.2% per annum after (2020/21). 
Funding levels are monitored on a regular basis by the Trustee and the Group to ensure the security of member’s benefits. The next triennial 
valuation as at 6 April 2020 is due to be completed by June 2021 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. 
 
2019 
£m 
2018
£m
Expected future benefit payments 
 
Year 1 (2020 / 2019) 
2.6 
2.8 
Year 2 (2021 / 2020) 
3.0 
2.6 
Year 3 (2022 / 2021) 
3.6 
3.0 
Year 4 (2023 / 2022) 
4.6 
3.6 
Year 5 (2024 / 2023) 
4.9 
4.7 
Years 6 to 10 (2024 to 2029) 
38.8 
34.9 
HISTORY OF SCHEME EXPERIENCE 
 
2019 
2018
Present value of the scheme liabilities (£m) 
(333.4) 
(275.2)
Fair value of the scheme assets (£m) 
311.8 
268.8 
Deficit in the scheme before adjusting to reflect minimum funding requirements (£m) 
(21.6) 
(6.4)
Experience gains/(losses) on scheme assets excluding interest income (£m) 
33.1 
(14.3)
Percentage of scheme assets 
10.6% 
(5.3%)
Experience losses on scheme liabilities (£m) 
(0.1) 
(1.5)
Percentage of the present value of the scheme liabilities 
0.0% 
(0.5%)
Total amount recognised in Other Comprehensive Income (£m) 
(1.4) 
5.4 
Percentage of the present value of the scheme liabilities 
(0.4%) 
2.0%
27 SHARE CAPITAL AND OTHER RESERVES 
 
2019 
£m 
2018
£m
Allotted, called up and fully paid 
 
228,002,890 ordinary shares of 0.00904p each (2018: 228,002,890) 
2.1 
2.1
Shares classified as shareholders’ funds 
2.1 
2.1
In 2018 the Group, formally headed by Aston Martin Holdings (UK) Limited, undertook a capital restructuring exercise. As part of this exercise,  
Aston Martin Lagonda Global Holdings Limited was incorporated on 27 July 2018 and on 3 September 2018 acquired the entire share capital of Aston 
Martin Holdings (UK) Limited by way of a share for share exchange. This transaction was accounted for as a reverse acquisition in line with IFRS 3.  
On 7 September 2018, Aston Martin Global Holdings Limited re-registered as a public limited company under the name Aston Martin Lagonda 
Global Holdings plc and subsequently on 3 October 2018 the Company’s shares were admitted to the London Stock Exchange.  
Further details of the capital restructuring are disclosed in the Consolidated Statement of Changes in Equity for the year ended 31 December 2018 
as shown on page 128. Included within Capital Reserve is £5.5m relating to a capital contribution made by existing shareholders as part of the 
acquisition of the Group in 2007 in addition to £1.1m relating to the 50% interest in the share capital of AMWS Limited, the parent company of 
Aston Martin Works Limited. 
Subject to shareholder approval, on 31 January 2020 the Group announced plans to raise £182m through the issuance of 45.6m new ordinary 
shares. Subsequent to this a rights issue is to be launched to raise a further £318m through the issuance of additional new ordinary shares with  
the quantity to be determined after the approval of these Consolidated Financial Statements.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
169
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
28 ADDITIONAL CASH FLOW INFORMATION 
RECONCILIATION OF MOVEMENTS OF SELECT LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES 
The tables below reconcile movements of certain liabilities to cash flows arising from financing activities for the years ending 31 December. 
Liabilities 
Borrowings 
and inventory 
arrangements 
£m 
Lease 
liability
£m
Unsecured 
Loans
£m
$150m 
12.0% SSN 
£m
$190m 
6.5% SSN
£m
£285m 
5.75% SSN 
£m 
$400m 
6.5% SSN
£m
Total
£m
At 1 January 2019 
111.8  
116.5
1.4 
–
–
276.5  
314.4 
820.6 
Changes from financing cash flows 
 
 
Interest paid 
(3.7) 
(4.6)
(0.5)
–
(5.3)
(16.4) 
(21.5)
(52.0)
Principal lease payment 
– 
(10.9)
–
–
–
– 
–
(10.9)
Repayment of existing borrowings 
(90.0) 
–
(1.5)
–
–
– 
–
(91.5)
Proceeds from existing borrowings 
102.3 
–
–
–
–
– 
–
102.3
Inventory repurchase arrangement 
38.7 
–
–
–
–
– 
–
38.7
New borrowings 
– 
–
–
122.2
138.6
– 
–
260.8
Transaction costs paid 
(0.7) 
–
–
(2.8)
(0.6)
– 
–
(4.1)
Total changes from financing cash flows 
46.6 
(15.5)
(2.0)
119.4
132.7
(16.4) 
(21.5)
243.3
Effect of changes in exchange rates 
– 
(0.5)
0.1
(9.1)
(2.0)
– 
(12.6)
(24.1)
New leases under IFRS 16 
– 
9.8
–
–
–
– 
–
9.8
Modifications to existing leases 
– 
(3.5)
–
–
–
– 
–
(3.5)
Unpaid transaction costs 
– 
–
–
(1.2)
(0.8)
– 
–
(2.0)
Interest expense 
4.3 
4.6
0.5
2.9
7.3
18.9 
21.4
59.9
Balance at 31 December 2019 
162.7 
111.4
–
112.0
137.2
279.0 
301.7
1,104.0
 
Liabilities 
Loans and 
Borrowings
£m
Unsecured 
Loans
£m
£285m 
5.75% SSN
£m
$400m 6.5% 
SSN 
£m 
Preference 
Shares
£m
Total
£m
At 1 January 2018 
13.5 
1.3 
274.3 
295.9  
255.9
840.9
Changes from financing cash flows 
 
Interest paid 
(6.6)
–
(16.4)
(19.2) 
–
(42.2)
Movement in borrowings 
0.3
–
–
– 
–
0.3
New borrowings 
98.1
–
–
– 
–
98.1
Total changes from financing cash flows 
91.8
–
(16.4)
(19.2) 
–
56.2
Effect of changes in exchange rates 
–
0.1
–
18.5 
–
18.6
Conversion of preference shares 
–
–
–
– 
(349.8)
(349.8)
Interest expense 
6.5
–
18.6
19.2 
93.9
138.2
Balance at 31 December 2018 
111.8 
1.4 
276.5 
314.4  
–
704.1
29 SHARE BASED PAYMENTS 
LONG-TERM INCENTIVE SCHEME 
On 27 June 2019 Executive Directors and certain other employees were granted conditional share awards under the Company’s Long-Term 
Incentive Plan (“LTIP”). In respect of this arrangement total charges to the Consolidated Income Statement were £0.1m (2018: not present). 
The Directors consider this not material and hence further detailed disclosures have been omitted. 
LEGACY EXECUTIVE LONG-TERM INCENTIVE SCHEME  
The fair value of options granted is based on a Monte Carlo Simulation due to the vesting being based on market conditions. Enterprise 
values have been used as the basis for determining the fair value of the Legacy LTIP awards. 
2018 grant  
of 2014 Legacy 
LTIP 
2018 grant  
of 2017 Legacy 
LTIP 
2018 grant 
of 2018 Legacy 
LTIP
Aggregate fair value at measurement date (£m) 
4.8 
25.5 
1.2
Exercise price (p) 
– 
– 
–
Expected volatility (%) 
30 
22 
23
Dividend yield (%) 
0 
0 
0
Risk free interest rate (%) 
1.70 
0.14 
0.65
The expected volatility is wholly based on the historical volatility of listed automotive peers over a period commensurate with the terms of 
each award.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
170
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
29 SHARE BASED PAYMENTS (CONTINUED) 
The total expense recognised for both the LTIP and Legacy LTIP in the period arising from equity-settled share-based payments is as follows: 
 
2019 
£m 
2018
£m
LTIP share option charge 
0.1 
– 
Legacy LTIP share option charge (note 6) 
3.6 
24.1 
 
3.7 
24.1
30 CAPITAL COMMITMENTS 
Capital expenditure contracts to the value of £74.4m (2018: £94.2m) have been committed but not provided for as at 31 December 2019. 
31 RELATED PARTY TRANSACTIONS 
Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and accordingly are not 
disclosed. The Group has entered into transactions, in the ordinary course of business, with entities with significant influence over the 
Group. Transactions entered into, and trading balances outstanding at each year end with entities with significant influence over the  
Group are as follows: 
Sales to 
related 
party
Purchases  
from related 
party 
Amounts owed 
by related 
party 
Amounts owed 
to related 
party
Related party – Group 
£m
£m 
£m 
£m
Entities with significant influence over the Group 
31 December 2019 
1.1
4.0 
0.2 
0.6
Entities with significant influence over the Group 
31 December 2018 
1.4
2.4 
–  
1.1
During the year ended 31 December 2019 no payments (2018: £9.5m) were made to existing shareholders. 
TRANSACTIONS WITH DIRECTORS 
In the year ended 31 December 2019 no cars were sold to any directors (2018: one car sold to Dr Andrew Palmer for £0.1m excluding 
value added tax). No amounts were outstanding at either year end. 
TERMS AND CONDITIONS OF TRANSACTIONS WITH RELATED PARTIES 
Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities other than subsidiaries are 
unsecured, 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 intercompany accounts. The Group has not provided or benefited from any guarantees 
for any related party receivables or payables.  
32 POST BALANCE SHEET EVENTS 
On 31 January 2020 the Group announced plans to raise £500m through the issuance of new ordinary shares to a consortium of investors 
in addition to a subsequent rights issue – see the Prospectus published on 27 February 2020 for further detail.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
171
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
33 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 2019 are disclosed below. 
INVESTMENTS IN SUBSIDIARY UNDERTAKINGS 
Subsidiary undertakings 
Holding 
Proportion of 
voting rights 
and shares 
held 
Nature of Business 
Aston Martin Holdings (UK) Limited* 
Ordinary 
100% 
Dormant company 
Aston Martin Capital Holdings Limited** ◊ Ordinary 
100% 
Financing company holding the Senior Secured Notes 
Aston Martin Investments Limited**  
Ordinary 
100% 
Holding company  
Aston Martin Capital Limited** ◊ 
Ordinary 
100% 
Dormant company – formerly the financing company that held  
the previous Senior Secured Notes that were repaid in 2017 
Aston Martin Lagonda Group Limited**  
Ordinary 
100% 
Holding company 
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 and 
motorsport activities  
AM Brands Limited**◊ 
Ordinary 
100% 
Grants licences to third parties for the use of the Aston Martin 
brand for products worldwide 
Aston Martin Lagonda of Europe GmbH** 
> 
Ordinary 
100% 
Provision of engineering and sales and marketing services  
AML Overseas Services Limited**  
Ordinary 
100% 
Dormant company 
Aston Martin Italy S.r.l** < 
Ordinary 
100% 
Dormant company 
Aston Martin Lagonda (China) Automobile 
Distribution Co., Ltd** √ 
Ordinary 
100% 
Luxury sports car distributor  
AM Nurburgring Racing Limited** 
Ordinary 
100% 
Dormant company 
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 – Asia Pacific  
PTE Limited** >> 
Ordinary 
100% 
Operator of the sales office in Singapore and certain other 
countries in the Asia Pacific region 
AMWS Limited** ◊ 
Ordinary 
50%*** 
Holding company 
Aston Martin Works Limited** 
Ordinary 
50%*** 
Sale, servicing and restoration of Aston Martin cars, and 
manufacture of Continuation vehicles. 
All subsidiaries are incorporated in England and Wales unless otherwise stated. 
◊ incorporated in Jersey (tax resident in the United Kingdom) 
^ incorporated in the United States of America 
> incorporated in Germany 
< incorporated in Italy 
<< incorporated in Japan 
>> incorporated in Singapore 
√ incorporated in the People’s 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 page 172. 
On 18 December 2019 AML Italy S.r.l was liquidated and ceased to be a subsidiary of the Group as of this date.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
172
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
33 GROUP COMPANIES (CONTINUED) 
Aston Martin 
Works Limited
AMWS Limited 
Aston Martin  
Works Limited 
AMWS Limited
2019
£m
2019  
£m 
2018 
£m 
2018
£m
Total assets 
41.0
– 
28.0 
–
Total liabilities 
(12.8)
– 
(5.2) 
–
Net assets 
28.2
– 
22.8 
–
Revenue 
74.0
– 
74.3 
–
Profit after tax 
17.6
– 
11.2 
–
Group’s share of profit 
8.8
– 
5.6 
–
REGISTERED ADDRESSES 
Aston Martin Holdings (UK) Limited  
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
Aston Martin Capital Holdings Limited  
Le Gallais Building, 54 Bath Street, St Helier, Jersey, JE1 8SB  
Aston Martin Investments Limited  
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
Aston Martin Capital Limited  
Le Gallais Building, 54 Bath Street, St Helier, Jersey, JE1 8SB  
Aston Martin Lagonda Group Limited  
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
Aston Martin Lagonda of North America Incorporated  
9920 Irvine Center Drive, Irvine, CA 92618, United States of America 
Lagonda Properties Limited 
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
Aston Martin Lagonda Pension Trustees Limited  
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
Aston Martin Lagonda Limited  
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
AM Brands Limited  
Le Gallais Building, 54 Bath Street, St Helier, Jersey, JE1 8SB  
Aston Martin Lagonda of Europe GmbH  
Gottlieb-Daimler-Strasse 30, 53520 Meuspath, Germany 
AML Overseas Services Limited  
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
Aston Martin Italy S.r.l  
Corso Magenta 84, Milano, Italy.  
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd  
Unit 2901, Raffles City Office Tower, No. 268 Xi Zang Middle Road, 
Huangpu District, Shanghai, China 200001 
AM Nurburgring Racing Limited  
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
Aston Martin Japan GK  
1-2-3 Kita-Aoyama, Minato-ku, Tokyo 107-0061, Japan 
Aston Martin Lagonda – Asia Pacific PTE Limited  
8 Marina View,# 41-05, Asia Square Tower 1, Singapore 018960 
AMWS Limited 
Le Gallais Building, 54 Bath Street, St Helier, Jersey, JE1 8SB  
Aston Martin Works Limited 
Banbury Road, Gaydon, Warwickshire, England, CV35 0DB 
34 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)/profit before tax and adjusting items as shown in the Consolidated Income Statement. 
ii) 
Adjusted EBIT is (loss)/profit from operating activities before adjusting items.  
iii) Adjusted EBITDA removes depreciation, loss on sale of fixed assets and amortisation from adjusted EBIT. 
iv) 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. 
v) 
Normalised Adjusted Earnings Per Share is loss after tax before adjusting items as shown in the Consolidated Income Statement, 
divided by the closing number of ordinary shares in issue at the end of the reporting period. 
vi) Net Debt is current and non-current borrowings in addition to inventory repurchase arrangements, less cash and cash equivalents  
and cash held not available for short-term use but excluding lease liabilities recognised following the adoption of IFRS 16, as shown 
in the Consolidated Statement of Financial Position. 
vii) Adjusted leverage is represented by the ratio of Net Debt to the last twelve months (‘LTM’) Adjusted EBITDA, excluding the impact  
of IFRS 16. 
viii) Adjusted Return on Invested Capital represents adjusted operating profit after adjusted tax divided by the sum of gross debt, including 
inventory repurchase arrangements whilst excluding lease liabilities, and equity.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
173
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
34 ALTERNATIVE PERFORMANCE MEASURES (CONTINUED) 
INCOME STATEMENT 
 
2019 
£m 
2018
£m
Loss before tax 
(104.3) 
(68.2)
Adjusting operating expenses (note 6) 
42.1 
74.1
Adjusting finance expenses (note 9) 
6.6 
61.9
Adjusted (loss)/profit before tax (EBT) 
(55.6) 
67.8
Adjusted finance income 
(16.3) 
(4.2)
Adjusted finance expense 
77.3 
83.3
Adjusted operating profit (EBIT) 
5.4 
146.9
Reported depreciation 
42.7 
32.4
Reported amortisation 
85.2 
67.6
Loss on disposal of fixed assets 
0.9 
0.4
Adjusted EBITDA 
134.2 
247.3
EARNINGS PER SHARE 
 
2019 
£m 
2018
£m
Adjusted earnings per ordinary share 
 
Loss available for equity holders (£m) 
(113.2) 
(62.7)
Adjusting items (note 6) 
 
Adjusting items before tax (£m) 
48.7 
136.0
Tax on adjusting items (£m) 
(8.8) 
(10.5)
Adjusted (loss)/earnings (£m) 
(73.3) 
62.8
Basic weighted average number of ordinary shares1 (million) 
228.0 
 202.1 
Adjusted (loss)/earnings per ordinary share (pence) 
(32.1p) 
31.1p
 
 
Adjusted diluted earnings per ordinary share 
 
Adjusted (loss)/earnings (£m) 
(73.3) 
62.8
Diluted weighted average number of ordinary shares1 (million) 
228.0 
202.1
Adjusted diluted earnings per ordinary share (pence) 
(32.1p) 
31.1p
 
 
 
2019 
£m 
2018
£m
Normalised adjusted earnings per ordinary share 
 
Adjusted (loss)/earnings (£m) 
(73.3) 
62.8
Basic number of ordinary shares as at 31 December2 (million) 
228.0 
228.0
Normalised adjusted (loss)/earnings per ordinary share (pence) 
(32.1p) 
27.5p
 
 
Normalised adjusted diluted earnings per ordinary share 
 
Adjusted (loss)/earnings (£m) 
(73.3) 
62.8
Diluted number of ordinary shares as at 31 December2 (million) 
228.0 
228.0
Normalised adjusted diluted (loss)/earnings per ordinary share (pence) 
(32.1p) 
27.5p
1. Additional ordinary shares issued as a result of the share split conducted in 2018 have been incorporated in the earnings per share calculation in full without 
any time apportionment. 
2. The basic and diluted number of ordinary shares as at 31 December (see note 27) have been used as the basis for the current year normalised  
EPS calculation. This represents an indication of the future weighted average number of ordinary shares for evaluating performance of the Group. No 
adjustment is made for the potential number of ordinary shares issued as part of the 2019 Long-term incentive plan as including them is anti-dilutive.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
174
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 
34 ALTERNATIVE PERFORMANCE MEASURES (CONTINUED) 
NET DEBT 
 
2019 
£m 
2018
£m
Opening cash and cash equivalents 
144.6 
167.8
Cash inflow from operating activities 
19.4 
222.6
Cash outflow from investing activities 
(305.2) 
(306.3)
Cash inflow from financing activities 
243.3 
57.8
Effect of exchange rates on cash and cash equivalents 
5.8 
2.7
Cash and cash equivalents at 31 December 
107.9 
144.6
Cash held not available for short-term use 
8.7 
–
Borrowings 
(953.9) 
(704.1)
Inventory repurchase arrangement 
(38.9) 
–
Net Debt 
(876.2) 
(559.5)
 
 
Adjusted EBITDA 
134.2 
247.3
Impact of IFRS 16 on adjusted EBITDA 
(14.5) 
–
Adjusted EBITDA (excluding the impact IFRS 16 – note 16) 
119.7 
247.3
Adjusted leverage 
7.3x 
2.3x
ADJUSTED RETURN ON INVESTED CAPITAL 
 
2019 
£m 
2018
£m
Adjusted operating profit (EBIT) 
5.4 
146.9
Tax (charge)/credit 
(8.9) 
0.6
Adjusted operating (loss)/profit after tax 
(3.5) 
147.5
 
 
Senior Secured Notes 
829.9 
590.9
Unsecured loans 
– 
1.4
Inventory repurchase arrangement 
38.9 
–
Loans and borrowings 
124.0 
111.8
Gross Debt 
992.8 
704.1
Total Shareholders’ equity 
358.9 
449.4
 
1,351.7 
1,153.5
Adjusted Return on Invested Capital 
(0.3%) 
12.8%

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
175
COMPANY FINANCIAL STATEMENTS 
PARENT COMPANY 
FINANCIAL STATEMENTS 
PARENT COMPANY STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019 
Note
2019 
£m 
2018
£m
Non-current assets 
 
Investments 
3
815.1 
815.1 
 
 
Creditors: amounts falling due within one year 
4
(256.5) 
(257.9)
Net current liabilities 
(256.5) 
(257.9)
Net assets 
558.6 
557.2 
Capital and reserves 
 
Share capital 
5
2.1 
2.1 
Share premium 
5
352.3 
352.3 
Capital reserve 
5
2.0 
2.0 
Retained earnings 
202.2 
200.8 
Shareholder equity 
558.6 
557.2 
The financial statements were approved by the board of directors on 26 February 2020 and were signed on its behalf by: 
 
 
DR ANDREW PALMER 
PRESIDENT AND CHIEF EXECUTIVE OFFICER 
Company Number: 11488166 
The profit on ordinary activities after taxation amounts to £1.4m (2018: loss of £60.0m). During the year ended 31 December 2019, the executive 
team agreed, after consultation with the Remuneration Committee, to waive their unpaid IPO bonus in full. This resulted in £4.0m being released 
to the Income Statement of the Company.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
176
COMPANY FINANCIAL STATEMENTS CONTINUED 
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY 
Company 
Share 
Capital
£m
Share 
Premium
£m
Share 
Warrants
£m
Capital 
Reserve
£m
Merger 
Reserve 
£m 
Retained 
Earnings
£m
Total 
Equity
£m
At 1 January 2019 
2.1 
352.3 
– 
2.0 
–  
200.8 
557.2
Total comprehensive income for the year 
 
Profit for the year 
– 
– 
– 
– 
– 
1.4
1.4
Total comprehensive income for the year 
– 
– 
– 
– 
–  
1.4
1.4
 
 
At 31 December 2019 
2.1 
352.3 
– 
2.0 
–  
202.2
558.6
 
Company 
Share 
Capital
£m
Share 
Premium
£m
Share 
Warrants
£m
Capital 
Reserve
£m
Merger 
Reserve 
£m 
Retained 
Earnings
£m
Total 
Equity
£m
At 27 July 2018 
– 
– 
– 
– 
–  
– 
– 
Total comprehensive expense for the period 
 
Loss for the period 
– 
– 
– 
– 
–  
(60.0)
(60.0)
Total comprehensive expense for the period 
– 
– 
– 
– 
–  
(60.0) 
(60.0) 
Transactions with owners, recorded directly in equity 
 
Issue of shares 
2.1 
– 
– 
– 
–  
– 
2.1 
Premium on issue of shares 
– 
352.3 
– 
– 
–  
– 
352.3 
Reduction of capital 
–
– 
– 
– 
(242.4) 
242.4 
– 
Arising on share for share exchange 
– 
– 
18.4
2.0 
242.4 
– 
262.8 
Exercise of share warrants 
–
– 
(18.4)
–
– 
18.4
– 
Total transactions with owners 
2.1 
352.3 
– 
2.0 
–  
260.8 
617.2 
At 31 December 2018 
2.1 
352.3 
– 
2.0 
–  
200.8 
557.2

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
177
NOTES TO THE COMPANY FINANCIAL STATEMENTS 
1 ACCOUNTING POLICIES 
Authorisation of Financial Statements and statement of compliance 
with FRS 101. 
The Parent Company Financial Statements of Aston Martin 
Lagonda Global Holdings plc (the Company) for the year were 
authorised for issue by the Board of Directors on 26 February 2020 
and the Statement of Financial Position was signed on the Board’s 
behalf by Dr Andrew Palmer. The Company is a public limited 
company incorporated and domiciled in the UK. The Company’s 
ordinary shares are traded on the London Stock Exchange and it is 
not under the control of any single shareholder. 
The Group meets its day-to-day working capital requirements and 
medium term funding requirements through a mixture of Senior Secured 
Notes ($400m and $190m 6.5%, $150m 12%, £230m and £55m at 
5.75% which all mature in April 2022), a revolving credit facility  
(£80m) which matures January 2022, facilities to finance inventory, a 
number of back-to-back loans and a vehicle wholesale financing facility.  
As explained in the letter from the Chair and in the CEO Q&A, 
2019 was a challenging year for the Group and, following an 
operational and financial review, on 31 January 2020 the Group 
announced its intention to raise £500m by way of a placing of 
shares totalling £182m to a consortium led by Lawrence Stroll,  
and a rights issue of £318m. Receipt of the £500m is dependent 
upon sufficient shareholders voting in favour of the placing and 
rights issue at a General Meeting of the Company scheduled for 16 
March 2020. At the date of approving these financial statements, 
the Company had irrevocable support from the major shareholders 
for the placing and rights issue but this was below the 75% needed 
for the proposals to be approved. Assuming the relevant resolutions 
are passed, and other formalities are consequently met, the rights 
issue is fully underwritten and committed. 
Based on the reset business plan described on pages 14 and 15 
the Directors have prepared trading and cash flow forecasts for  
the 12-month period from the date of approval of these financial 
statements. These forecasts assume that the £500m placing and 
rights issue funding is received in March and April 2020 and  
show that the Group has sufficient financial resources to meet  
its obligations as they fall due for the period of at least 12 months 
from the date of these financial statements.  
The forecasts make assumptions in respect of future market 
conditions and, wholesale volumes, average selling price, the 
launch of new models including DBX and Valkyrie and the 
potential impact of Coronavirus on sales in China and the supply  
of components needed for production. The nature of the Group’s 
business is that there can be variation in the timing of cash flows 
around the development and launch of new models and the 
availability of funds provided through the vehicle wholesale 
finance facility. The forecasts take into account these factors  
to an extent which the directors consider 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 also prepared a downside forecast which 
incorporates certain adverse sensitivities representing those key 
risks disclosed in the Strategic Report which the directors consider 
most likely to impact cash flows over the period of the forecast, 
including lower wholesale volumes as a result of trading or supply 
chain disruption, product launch delays and the non-renewal of 
financing facilities that mature in the period. In the event that  
these downsides materialise the Directors have considered the 
mitigating actions that could be taken including renewals of 
current financing, access to other financing and deferral of capital 
expenditure. If the Placing and Rights Issue were not to happen this 
downside could not be mitigated by other actions. As the Placing 
and Rights Issue is not guaranteed as it is subject to shareholder 
approval and is critical to the funding requirements of the Group, 
the directors consider this matter represents a material uncertainty 
which could cast significant doubt on the Group’s ability to 
continue as a going concern.  
Despite the material uncertainty noted, the Directors are of the 
view that there is a reasonable expectation that the Rights Issue  
and Placing will proceed and that they can therefore conclude that 
they have a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the foreseeable 
future and they can continue to adopt the going concern basis  
in preparing the financial statements. Therefore, these financial 
statements do not include any adjustments that would result if  
the going concern basis of preparation was inappropriate. 
The Parent Company Financial Statements are presented 
in Sterling. 
These Financial Statements have been prepared in accordance with 
Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ 
(FRS 101). No Income Statement is presented for the Company as 
permitted by Section 408 of the Companies Act 2006. There were no 
gains or losses in the period ended 31 December 2019 (2018: £nil) 
in Other Comprehensive Income. The fee relating to the audit of 
these financial statements of £0.2m (2018: £0.2m) was borne by a 
subsidiary undertaking in the year. 
BASIS OF PREPARATION 
The Parent Company Financial Statements have been prepared  
in accordance with FRS 101, as applied in accordance with the 
provisions of the Companies Act 2006. FRS 101 sets out a reduced 
disclosure framework for a ‘qualifying entity’ as defined in the 
standard which addresses the financial reporting requirements  
and disclosure exemptions in the individual financial statements of 
qualifying entities that otherwise apply this recognition, measurement 
and disclosure requirements of IRFS as adopted by the EU. 
FRS 101 sets out amendments to IFRS as adopted by the EU that 
are necessary to achieve compliance with the Companies Act  
and related Regulations. The following disclosures have not  
been included as permitted by FRS 101. 
• A Cash Flow Statement and related notes as required by  
IAS 7 ‘Statement of Cash Flows’; 
• Disclosures in respect of transactions with wholly owned 
subsidiaries as required by IAS 24 ‘Related Party Disclosures’; 
• Disclosures in respect of capital management as required  
by paragraphs 134 to 136 of IAS 1 ‘Presentation of  
Financial Statements’; 
• The effects of new but not yet effective IFRSs as required by 
paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes  
in Accounting Estimates and Errors’; and 
• Disclosures in respect of the compensation of key management 
personnel as required by paragraph 17 of IAS 24 ‘Related Party 
Disclosures’. 
As the financial statements of the Group include the equivalent 
disclosures, the Company has also taken the exemptions under  
FRS 101 available in respect of the following disclosures: 
• The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 
‘Share-based Payment’ in respect of group-settled shared based 
payments; and 
• The requirements of paragraphs 91 to 99 of IFRS 13 ‘Fair Value 
Measurement’ and the disclosures required by IFRS 7 ‘Financial 
Instruments: Disclosures’. 
The accounting policies set out herein have, unless otherwise 
stated, been applied consistently to all periods presented in these 
Financial Statements.

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
178
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED 
1 ACCOUNTING POLICIES (CONTINUED) 
INVESTMENTS 
The Company recognises investments in subsidiaries at cost  
less impairment in its individual Financial Statements. 
The Company 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 Company makes an estimate of the asset’s recoverable amount. 
An asset’s recoverable amount is the higher of an asset’s or cash-
generating unit’s fair value less costs to sell and its value-in-use and is 
determined for an individual asset, unless the asset does not generate 
cash inflows that are largely independent of those from other assets  
or groups of assets. 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 in those expense categories consistent with the 
function of the impaired asset. 
Where an impairment loss subsequently reverses, the carrying  
amount of the asset (or cash-generating unit) is increased to the 
revised estimate of its recoverable amount, but so 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 (or cash generating unit) in prior periods. A reversal of an 
impairment loss is recognised as income immediately. 
AMOUNTS DUE TO GROUP UNDERTAKINGS 
Amounts due to Group undertakings are initially recognised  
at fair value. Subsequent to initial recognition they are measured  
at amortised cost using the effective interest method.  
2 DIRECTORS’ REMUNERATION 
The Company has no employees other than the directors. 
Full details of the directors’ remuneration is given in the  
Directors’ Remuneration Report. 
3 INVESTMENTS 
 
£m
Cost and net book value 
At 1 January 2019 and 31 December 2019 
815.1 
 
 
£m
Cost and net book value 
At 27 July 2018 
–
Additions 
815.1 
At 31 December 2018 
815.1 
On 3 September 2018 the Company acquired the entire share 
capital of Aston Martin Holdings (UK) Limited by way of a share  
for share exchange with the existing shareholders. 
The Company directly owns 100% of the share capital of Aston 
Martin Holdings (UK) Limited, a dormant company registered  
in England and Wales. 
A full list of subsidiary and other related undertakings is given  
in note 33 of the Group Financial Statements. 
4 CREDITORS: AMOUNTS FALLING DUE WITHIN 
ONE YEAR 
 
2019
£m
2018
£m
Amounts due to Group undertakings 
256.5
257.9
5 CAPITAL AND RESERVES 
 
2019
£m
2018
£m
Allotted, called up and fully paid 
 
228,002,890 ordinary shares of 0.00904p 
each 
2.1
2.1
SHARE PREMIUM 
In the year ended 31 December 2018, share premium totalling 
£352.3m arose from the conversion of the preference shares into 
ordinary shares, £347.8m, and the issue of shares to the former 
directors of Aston Martin Holdings (UK) Limited, £4.5m. 
CAPITAL RESERVE 
The capital reserve of £2.0m arose from the share-for-share 
exchange on the acquisition of the entire share capital of  
Aston Martin Holdings (UK) Limited. 
6 POST BALANCE SHEET EVENTS 
See note 32 of the Group Financial Statement for disclosure  
of notable events subsequent to 31 December 2019.

GENERAL SHAREHOLDER ENQUIRIES 
Enquiries relating to shareholdings, such as the transfer  
of shares, change of name or address, lost share certificates 
or dividend cheques, should be referred to the  
Company’s registrar: 
Equiniti, Aspect House, Spencer Road, Lancing,  
West Sussex, BN99 6DA, United Kingdom. 
Tel: 0333 207 5973. 
Lines are open 8.30am to 5.30pm, Monday to Friday.  
Please dial +44 121 415 0920 if calling from outside the UK 
or online at help.shareview.co.uk for additional information.
ANNUAL GENERAL MEETING 
Information on the date and venue for our Annual General 
Meeting, together with the Notice of Meeting containing 
details of the business to be conducted, will be posted 
 on our website www.astonmartinlagonda.com. 
The voting results for the 2020 Annual General Meeting  
will also be accessible on www.astonmartinlagonda.com 
shortly after the meeting. 
ELECTRONIC COMMUNICATION 
Shareholders may at any time choose to receive all 
shareholder documentation in electronic form via the 
internet, rather than in paper format. Shareholders who 
decide to register for this option will receive an email  
each time a shareholder document is published on the 
internet. Shareholders who wish to receive documentation 
in electronic form should register online at  
www.shareview.co.uk.
Equiniti offers a range of shareholder information and 
services online at www.shareview.co.uk.
REGISTERED OFFICE 
Aston Martin Lagonda Global Holdings plc  
Banbury Road  
Gaydon  
Warwick CV35 0DB  
United Kingdom 
Registered in England and Wales  
Registered Number: 11488166 
www.astonmartinlagonda.com 
SHARE DEALING 
Aston Martin Lagonda Global Holdings plc shares can 
be traded through most banks, building societies or stock 
brokers. Equiniti offers a telephone and internet dealing 
service. Terms and conditions and details of the commission 
charges are available on request. 
For telephone dealing, please telephone 03456 037 037 
between 8.00am and 4.30pm, Monday to Friday, and for 
internet dealing visit www.shareview.co.uk/dealing. 
Shareholders will need their reference number which  
can be found on their share certificate.
SHAREGIFT 
Shareholders with a small number of shares, the value  
of which makes them uneconomic to sell, may wish to 
consider donating their shares to charity through ShareGift, 
a donation scheme operated by The Orr Mackintosh 
Foundation. A ShareGift donation form can be obtained 
from Equiniti. Further information is available at  
www.sharegift.org or by telephone on 0207 930 3737.
SHARE PRICE INFORMATION 
The latest Aston Martin Lagonda Global Holdings plc  
share price is available on the Company’s website at  
www.astonmartinlagonda.com.
SHAREHOLDER INFORMATION
SHAREHOLDER INFORMATION
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
179

UNAUTHORISED BROKERS (BOILER ROOM SCAMS) 
Shareholders are advised to be very wary of any unsolicited advice, offers to buy shares at a discount, or offers of free company 
reports. These are typically from overseas-based ‘brokers’ who target UK shareholders offering to sell them what often turn 
out to be worthless or high-risk shares in US or UK investments. These operations are commonly known as boiler rooms. 
If you receive any unsolicited investment advice, get the correct name of the person and organisation, and check that they 
are properly authorised by the FCA before proceeding any further. This can be done by visiting www.fca.org.uk/register/. 
If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services 
Compensation Scheme if things go wrong. If you think you have been approached by an unauthorised firm, you should 
contact the FCA consumer helpline on 0800 111 6768. 
More detailed information can be found on the FCA website at www.fca.org.uk/consumers/protect-yourself/unauthorised-firms. 
WEBSITE 
This Annual Report and other information about Aston Martin Lagonda Global Holdings plc, including share  
price information and details of results announcements, are available at www.astonmartinlagonda.com.
SHAREHOLDER INFORMATION CONTINUED
ABOUT THIS PRINTED REPORT
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DISCLAIMER
The purpose of this Annual Report is to provide information to the members of Aston Martin Lagonda Global Holdings plc. 
This document contains certain statements with respect to the operations, performance and financial condition of the Group 
including among other things, statements about expected revenues, margins, earnings per share or other financial or other 
measures. Forward-looking statements appear in a number of places throughout this document and include statements 
regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, 
amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business 
we operate. By their nature, these statements involve uncertainty and are subject to a number of risks since future events 
and circumstances can cause actual results and developments to differ materially from those anticipated. The forward-
looking statements reflect knowledge and information available at the date of preparation of this document and unless 
otherwise required by applicable law the Company undertakes no obligation to update or revise these forward-looking 
statements. Nothing in this document should be construed as a profit forecast. All members, wherever located, should 
consult any additional disclosures that the Company may make in any regulatory announcements or documents which 
it publishes. The Company and its directors accept no liability to third parties in respect of this document save as would 
arise under English law. This document does not constitute an invitation to underwrite, subscribe for or otherwise 
acquire or dispose of any Aston Martin Lagonda Global Holdings plc shares, in the UK, or in the USA, or under 
the USA Securities Act 1933 or any other jurisdiction.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2019 ANNUAL REPORT
180

ASTON MARTIN LAGONDA
 2019 ANNUAL REPORT