Aston Martin Lagonda Global Holdings plc

Good morning and welcome everybody to our full year results conference this morning. I'm happy to take a question in a few seconds. Let's just give me a brief overview about all the key messages. Has been really transformational year last year and we set up our turnaround plan as well as growth strategy. Everything is baked in a project horizon. Probably you saw our presentation and our video about the achievements over the course of last year. As well, we delivered our full year results 2020 in line with our expectations, what we set up in September slash October. We aggressively destocked. We have a very aggressive plan to destock our inventory with the dealerships and as well company stock. We almost come to an end, and we are there by the end of that quarter. So it's partially ahead of expectation as well. Successively launched SUV, DBX, with a quality-led ramp-up. So we wholesaled about 1,500 cars. In line our expectation after we realigned everything in that quality-led ramp-up approach. Cars really good received by our customers. great reviews from journalists, from magazines, but as well from customers as well, and dealerships as well, regarding quality, very important. Next derivative out of the DBX is going to come by third quarter this year, more to come in the second quarter of next year. As well, part of the whole journey, a new leadership team, obviously Ken and myself, but a new CEO with us since December, Michael Straughan, and a very, very strong leadership team now in engineering as well, for powertrain, for vehicle, as well for electrical architecture. Successfully launched Project Horizon, but I think you're going to have a lot of questions around that. We came to a new agreement with Mercedes, which is kind of a really turning point for our business for the future. So no doubt we have access to electrical architecture for the future. We have access to all powertrain derivatives of probably a V8 and other variants as well. Electrified powertrain and last but not least, electric drive platforms. Refinancing the business was a very major step for us. It is our debt rate as well. And it's supporting our goals, ambition, and it's underlined by our turnaround program as well. And really important for us is the Formula One step now. I'm happy to announce that we're going to have the new race car with us by the 3rd of March. So we unveiled a new race car. We have a full-fledged works team now. And this gives us a different, totally different view to the brand for everybody in the world. So the brand approach is going to be a different one in the future. And now I think Happy to take questions. Ken is joining me here as well as our CFO. Happy to take your questions.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A queue. This will only take a few moments. If you wish to cancel your request, please press the hash key. Once again, it's star one if you wish to ask a question. Thank you. Your first question comes from the line of Charles Caldicott from Redburn. Please ask your question.

Yeah, good morning, everyone. Thanks for taking my questions. I've got two, please. So the first on the DBX, obviously the whole sales were very strong in Q4 again. But if my math's correct, I think there was only 593 units of retail sales in Q4. And was that in line with your expectations? And when should we expect sales to customers to start exceeding 1000 units per quarter? And also, maybe also, could you update the current size of the order book for the DBX? And then my second question was going to be on Project Horizon, which obviously is going to try to improve the efficiency of the business. Can you help us a little bit quantify the improvement we should expect from that project in 2021 or maybe on a three-year time frame?