FFIINANNANCCIALIAL S STTAATTEEMMEENNTTSS NOTES TO THE FINANCIAL STATEMENTS CONTINUED S 16 LEASES CONTINUED TR b) Obligations under leases A The maturity profile of undiscounted lease cash flows accounted for under IFRS 16 is: TE G I C 2023 2022 R £m £m E Less than one year 12.7 9.9 P O R One to five year 40.3 39.1 T More than five years 82.8 90.1 135.8 139.2 G O The maturity profile of discounted lease cash flows accounted for under IFRS 16 is: VE R 2023 2022 NAN £m £m C Less than one year 8.8 7.4 E One to five years 28.5 26.8 More than five years 60.0 65.6 F I 97.3 99.8 NAN Analysed as: C Current 8.8 7.4 IAL Non-current 88.5 92.4 S T A 97.3 99.8 T E M E A reconciliation of the lease liability from 1 January to 31 December for the current and prior year is disclosed within note 28. N T The total lease interest expense for the year ended 31 December 2023 was £4.1m (2022: £4.5m). Total cash outflow for leases accounted for under IFRS 16 S for the current year was £7.9m (2022: £10.0m). Expenses charged to the Consolidated Income Statement for short-term leases for the year ended 31 December 2023 were £0.3m (2022: £0.7m). The portfolio of short-term leases at 31 December 2023 is representative of the expected annual short-term F U lease expense in future years. R T H E The following disclosure has been included to facilitate the understanding of the impact of adopting IFRS 16 on the Group due to covenants in the Group’s R finance arrangements that continue to use IAS 17. INF The impact of IFRS 16 on the Consolidated Income Statement, excluding tax, for the year ended 31 December 2023 is: OR M Excluding A Add back Add back impact of T I As reported IFRS 16 IFRS 16 Less Less IFRS 16 ON 31 December interest depreciation amortisation Less lease IAS 17 31 December 2023 charge charge of legal fees incentives lease cost 2023 £m £m £m £m £m £m £m Revenue 1,632.8 – – – – – 1,632.8 Cost of sales (993.6) – – – – – (993.6) Gross profit 639.2 – – – – – 639.2 Selling and distribution expenses (143.8) – – – – – (143.8) Administrative and other operating expenses (606.6) – 9.3 (0.1) 1.1 (11.7) (608.0) Operating loss (111.2) – 9.3 (0.1) 1.1 (11.7) (112.6) Finance income 74.3 – – – – – 74.3 Finance expense (202.9) 4.1 – – – – (198.8) (Loss)/profit before tax (239.8) 4.1 9.3 (0.1) 1.1 (11.7) (237.1) Adjusted EBITDA (note 34) 305.9 – – (0.1) 1.1 (11.7) 295.2 ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 170