Aston Martin Lagonda Global Holdings plc

Good day, and thank you for standing by. Welcome to the Aston Martin Lagonda Full Year Results 2021 Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you'll need to press star and 1 on your telephone. Please be advised that today's conference has been recorded. I would now like to hand the conference over to our speaker today, Laurence Stroll. Please go ahead.

Good morning and thank you for joining us for this Q&A on our full year results for 2021. I hope you have had the chance to read the release and also watch my address and the presentation of the results from Tobias and Ken that are on the IR section of our corporate website as usual. My second year as Executive Chairman of this iconic and great company has been another of significant progress. We have successfully transitioned our operating model to that of an ultra luxury brand, with customer demand well ahead of supply. Our core business is strong and delivered to plan, with substantially improved profitability. We have strengthened our teams, adding more luxury and automotive experience to the board, broadening relevant experience at the executive level, and substantially bolstering our operational and development teams. The return of the Aston Martin name to Formula One grid has dramatically increased our brand exposure, desirability, global awareness in line with our growth ambitions. The Aston Martin Valkyrie program pushes the boundaries of what is possible to bring to market outside of the Formula One racing environment. We inherited a challenging program. And while it was disappointing that some deliveries were rescheduled from late 2021, following an in-depth review, and now under a dedicated team, we are confident of continuing to deliver these truly extraordinary vehicles to our customers with no compromises. We have a strong pipeline of extraordinary products to come with both the DBX707 and V12 Vantage this year, and a full new generation of front engine sports cars for 2023. This high performance new portfolio will command much stronger pricing and profitability compared with the past, driving delivery of our financial targets. Our path to electrification is clear, with three of our product launches in 2021 featuring hybrid technology. Our first plug-in hybrid coming in 2024, our first battery electric vehicle targeted for launch in 2025, and all car lines will have an electrified powertrain option by 2026. When I invested, I knew this transformation would take four to five years to recreate Aston Martin as the world's most desirable, ultra-luxury British performance brand. We have made strong progress already and are well on plan to achieve our ambitious goal. And with that, we are now happy to take your questions.

Operator, can we poll for the Q&A, please? Thank you. The participants will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star one on your telephone keypad. The first question comes from George Gallius from Goldman Sachs. Please ask your question.