NOTES TO THE FINANCIAL STATEMENTS CONTINUED S S 10 DIVIDENDS TR 12 INTANGIBLE ASSETS TR No dividends were declared or paid by the Company in the year ended 31 December 2023 (2022: £nil). A Capitalised Dealer Software A TE Goodwill Brands Technology development cost network and other Total TE 11 EARNINGS PER ORDINARY SHARE G £m £m £m £m £m £m £m G I I C C Cost 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 R R shares in issue during the year. 1,017,505 ordinary shares were issued under the Group’s share investment plan (note 29). As these shares are held in trust on EBalance at 1 January 2022 85.4 297.6 163.5 1,613.9 15.4 67.1 2,242.9 E P P behalf of the Group’s employees and the Group controls the trust they have been excluded from the calculation of the weighted average number of shares. O O Additions – – – 232.0 – 5.9 237.9 R R T Balance at 31 December 2022 85.4 297.6 163.5 1,845.9 15.4 73.0 2,480.8 T Continuing and total operations 2023 2022 G Balance at 1 January 2023 85.4 297.6 163.5 1,845.9 15.4 73.0 2,480.8 G Basic earnings per ordinary share O O VE VE Loss available for equity holders (£m) (228.1) (528.6) Additions – – 188.5 268.5 – 6.4 463.4 R Balance at 31 December 2023 85.4 297.6 352.0 2,114.4 15.4 79.4 2,944.2 R Basic weighted average number of ordinary shares (million) 748.2 424.7 NAN NAN Basic loss per ordinary share (pence) (30.5p) (124.5p) C C Amortisation E Balance at 1 January 2022 – – 9.9 780.6 10.8 57.5 858.8 E 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, including the future technology shares and warrants detailed above. The weighted Charge for the year – – 1.9 221.4 0.8 3.3 227.4 F F I I average number of dilutive ordinary share awards outstanding during the year are excluded when including them would be anti-dilutive to the earnings per NANBalance at 31 December 2022 – – 11.8 1,002.0 11.6 60.8 1,086.2 NAN share value. C C Continuing and total operations 2023 2022 IALBalance at 1 January 2023 – – 11.8 1,002.0 11.6 60.8 1,086.2 IAL Diluted earnings per ordinary share S S Charge for the year – – 9.8 264.0 0.7 5.9 280.4 T T Loss available for equity holders (£m) (228.1) (528.6) ABalance at 31 December 2023 – – 21.7 1,266.0 12.3 66.7 1,366.7 A T T E E Basic weighted average number of ordinary shares (million) 748.2 424.7 M M E E Basic loss per ordinary share (pence) (30.5p) (124.5p) N N Net book value T T S At 1 January 2022 85.4 297.6 153.6 833.3 4.6 9.6 1,384.1 S 2023 2022 At 31 December 2022 85.4 297.6 151.7 843.9 3.8 12.2 1,394.6 Number Number F At 1 January 2023 85.4 297.6 151.7 843.9 3.8 12.2 1,394.6 F U U Diluted weighted average number of ordinary shares is calculated as: R R T At 31 December 2023 85.4 297.6 330.4 848.4 3.1 12.7 1,577.6 T Basic weighted average number of ordinary shares (million) 748.2 424.7 H H E E 1R R Adjustments for calculation of diluted earnings per share: INFOn 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic INF Long-term incentive plans – – architecture via a Strategic Cooperation Agreement. The Group was required to undertake a valuation exercise to measure the fair value of the access to the Issue of unexercised ordinary share warrants – – ORMBAG technology upon its initial capitalisation. The Group selected the ‘With and Without’ income approach which compares the net present value of cash OR M M Issue of tranche 2 shares – – Aflows from the Group’s business plan prior to (‘Without’) and after (‘With’) the access to the technology. This methodology estimates the present value of A T T I the net benefit associated with acquiring the access to the technology. In the Group’s assessment, the fair value of access to this technology is £142.3m. I Weighted average number of diluted ordinary shares (million) 748.2 424.7 ONThe £142.3m represents the assumed cost at acquisition from which point the cost model has been adopted. Amortisation commenced during the year ON 1 The number of ordinary shares issued as part of the long-term incentive plans and the potential number of ordinary shares issued as part of the 2020 issue of share warrants have been ended 31 December 2023 and the carrying value of the technology asset is £134.2m. excluded from the weighted average number of diluted ordinary shares, as including them is anti-dilutive to diluted earnings per share. As part of the Strategic Cooperation Agreement entered into in December 2020 with MBAG, shares were issued for access to tranche 1 technology. On 26 June 2023, the Aston Martin Lagonda Global Holdings plc confirmed a strategic supply arrangement with Lucid Group, Inc. (“Lucid”) providing the The Agreement includes an obligation to issue further shares for access to further technology in a future period (note 30). During the year ended Group with access to select powertrain components for future BEV vehicles (collectively the “technology”). The consideration paid by the Group was a 31 December 2023, the agreement was amended and the Group is no longer required to issue further shares to MBAG. mixture of cash and 28,352,273 newly issued shares in Aston Martin Lagonda Global Holdings plc. The Group was required to undertake a valuation exercise to measure the fair value of the access to the Lucid technology upon its initial capitalisation. The Group selected the ‘With and Without’ income approach Warrants to acquire shares in the Company were issued alongside the Second Lien SSNs in December 2020 which can be exercised from 1 July 2021 through which compares the net present value of cash flows from the Group’s business plan prior to (‘Without’) and after (‘With’) the access to the technology. This to 7 December 2027. As a consequence of the rights issue during the period ended 31 December 2022 (note 27) the number of ordinary shares issuable via the methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group’s assessment, the fair value options was increased by a multiple of 6 to ensure the warrant holders’ interests were not diluted. As at 31 December 2023, 66,159,325 options, each entitled to of access to this technology is £188.5m. The £188.5m represents the assumed cost at acquisition from which point the cost model has been adopted. 0.3 ordinary shares, remain unexercised. The future issuance of warrants may have a dilutive effect in future periods if the Group generates a profit. Amortisation is aligned to when the asset is available for use – i.e. when it is in the location and condition necessary for it to be capable of operating in the Adjusted earnings per share is disclosed in note 34 to show performance undistorted by adjusting items to assist in providing useful information on the manner intended by management. underlying performance of the Group and enhance the comparability of information between reporting periods. Amortisation of capitalised development costs commences when the programme to which the expenditure relates is available for use. As at 31 December 2023, £253.2m (2022: £259.4m) of capitalised development costs were not yet within the scope of amortisation. ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 165