NOTES TO THE FINANCIAL STATEMENTS CONTINUED S S 18 TRADE AND OTHER RECEIVABLES CONTINUED TR19 CASH AND CASH EQUIVALENTS TR The carrying amount of trade and other receivables at 31 December, converted into sterling at the year-end exchange rates, are denominated in the A 2023 2022 A following currencies (excluding prepayments): TE £m £m TE G Cash and cash equivalents 392.4 583.3 G I I C C 2023 2022 R R £m £m E E Sterling 78.6 75.6 PCash 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 P O O R approximates to their fair value. R Chinese renminbi 38.3 15.2 TCash is held in the following currencies; those held in currencies other than sterling have been converted into sterling at year-end exchange rates: T Euro 87.9 50.8 US dollar 17.0 21.7 2023 2022 G £m £m G Japanese yen 41.0 31.0 O O Other 18.1 11.4 VESterling 143.2 336.8 VE R R 280.9 205.7 NAN Chinese renminbi 21.6 59.8 NAN Euro 38.7 26.1 C C Wholesale finance facility EUS dollar 166.5 130.5 E Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed through a wholesale Japanese yen 15.9 4.5 finance facility. Other 6.5 25.6 F F I I In the year ended 31 December 2022, the Group entered into a multi-currency wholesale finance facility with CA Auto Bank S.p.A. (“CAAB”) and its regional NAN 392.4 583.3 NAN designates. Under the facility, the Group finances dealer trade receivables with CAAB around the time a sale has been made under the Group’s revenue CIncluded within the above: C recognition policy and receives consideration equal to the value of the trade receivable financed. The Group has the option to subvent the dealer financing IALRestricted cash – 32.8 IAL cost which provides the dealer network an interest-free period. The cost of this subvention is presented as a financing expense in the Consolidated Income S S T T Statement. The Group has considered the IFRS 9 criteria for asset derecognition in respect of the trade receivables financed through CAAB. The Group is ADuring 2021, the Group entered into a bilateral Revolving Credit Facility with HSBC Bank plc (“HSBC”), whereby Chinese renminbi with an initial value of A T T satisfied that substantially all the risks are transferred to CAAB. As a result, the wholesale finance facility is off balance sheet. Due to this classification, E£31.9m were deposited in a restricted account with HSBC in China in exchange for a £30.0m sterling overdraft facility with HSBC in the UK. The restricted E M M financing costs of £2.5m (2022: £0.3m) associated with the scheme are presented in operating cash flows (note 28). As at 31 December 2023, £83.8m was Ecash was revalued at 31 December 2022 to £32.8m and is shown in the cash and cash equivalents value above. The cash in China cannot be withdrawn whilst E N N financed under the facility (2022: £65.2m). Tthe loan remains in place. During the year ended 31 December 2023, the loan was repaid and the restricted cash was released. T S S The Group’s previous wholesale finance facility was with Velocitas Funding Designated Activity Company (“Velocitas”) a special purpose vehicle established 20 OTHER FINANCIAL ASSETS for the purpose and financed by a panel of banks led by JPMorgan Chase Bank, N.A., London Branch. At 31 December 2022 the multi-currency facility was 2023 2022 F F closed to new financing, and wound down in the first half of 2023. The remaining senior loan of £0.1m and subordinated loan of £0.5m was received by the U £m £m U R R T Forward currency contracts held at fair value 3.3 2.3 T Group in the year ended 31 December 2023. H H E E R Loan assets – 0.6 R INF Cash held not available for short-term use – 0.3 INF OR Other derivative contracts – 5.6 OR M 3.3 8.8 M A A T T I I ON Analysed as: ON Current 3.3 8.8 Non-current – – 3.3 8.8 The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales contracts. 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. At 31 December 2022, £0.3m held in certain local bank accounts had been frozen in relation to local arbitration proceedings and the cash held in these accounts did not meet the definition of cash and cash equivalents, and therefore was classified as an other financial asset. During 2023, all amounts have been unfrozen. At 31 December 2022, the Group held £0.5m of subordinated loan and £0.1m of senior loan assets relating to a wholesale financing facility (note 18). The facility fully closed during the year ended 31 December 2023 and the amounts were repaid to the Group. The subordinated loan is presented within financing cashflows owing to its longer term deposit time whereas movements in the senior loan are included in operating cashflow. Other derivative contracts comprise warrant options and non-option derivatives both of which entitle the Group to subscribe for equity in AMR GP Holdings Limited, the immediate parent company of AMR GP Limited. The warrant options were recorded as an embedded option derivative asset at £2.9m on initial recognition on 31 March 2020. The fair value movement in the options for the year ended 31 December 2023 was a £7.4m increase (2022: £1.6m increase) and is recognised within the Consolidated Income Statement in administrative expenses. A corresponding liability was recognised on inception of the arrangement (see note 22) which represented an accrual for that element of future sponsorship payments. ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 173