NOTES TO THE FINANCIAL STATEMENTS CONTINUED S S 14 PROPERTY, PLANT AND EQUIPMENT CONTINUED TR16 LEASES TR Property, plant and equipment provides security for a fixed and floating charge in favour of the Aston Martin Lagonda Limited pension scheme. AThe Group holds lease contracts for buildings, plant and machinery and IT equipment. A TE TE Assets in the course of construction at a cost of £37.4m (2022: £32.9m) are not depreciated until available for use and are included within tooling, plant and Ga) Right-of-use lease assets G I I C C machinery. The gross value of freehold land and buildings includes freehold land of £6.1m (2022: £6.1m) which is not depreciated. Capital commitments RPlant and R Properties machinery IT equipment Total are disclosed in note 30. E £m £m £m £m E P P O O R R The tables below analyse the net book value of the Group’s property, plant and equipment by geographical location. Cost T Balance at 1 January 2022 89.2 15.6 6.5 111.3 T United Kingdom Rest of Europe The Americas Asia Pacific Total At 31 December 2023 £m £m £m £m £m Additions 4.0 – – 4.0 Freehold land and buildings 38.7 1.9 5.7 – 46.3 G G Modifications 3.3 – 0.2 3.5 O O Tooling 83.7 73.7 0.9 0.3 158.6 VE VE Disposals (5.5) (4.5) (5.8) (15.8) Plant, machinery, fixtures and fittings, and motor vehicles 146.6 2.0 0.2 – 148.8 R R 269.0 77.6 6.8 0.3 353.7 NANEffect of movements in exchange rates 1.2 – – 1.2 NAN Balance at 31 December 2022 92.2 11.1 0.9 104.2 C C E E United Kingdom Rest of Europe The Americas Asia Pacific Total Balance at 1 January 2023 92.2 11.1 0.9 104.2 At 31 December 2022 £m £m £m £m £m Additions 4.4 – 1.4 5.8 F F Freehold land and buildings 36.6 1.8 2.9 – 41.3 I I NAN NAN Tooling 120.3 61.8 1.1 – 183.2 Modifications 0.6 – – 0.6 Disposals (3.5) (0.1) (0.1) (3.7) Plant, machinery, fixtures and fittings, and motor vehicles 144.7 0.7 – – 145.4 C C IAL Effect of movements in exchange rates (1.5) – (0.1) (1.6) IAL 301.6 64.3 4.0 – 369.9 S S Balance at 31 December 2023 92.2 11.0 2.1 105.3 T T A A T T 15 INVESTMENTS IN EQUITY INTERESTS E E M M On 15 November 2023, the Group subscribed for shares in AMR GP Holdings Limited by exercising its primary warrant option and subscribing for reward Depreciation E E shares it was entitled to under the initial sponsorship term. The primary warrant became exercisable following the Group entering an agreement with AMR N N Balance at 1 January 2022 24.3 5.1 5.9 35.3 T T GP for a second sponsorship term running from 2026 to 2030. S S Charge for the year 9.9 0.6 0.5 11.0 At the point of subscription, a valuation exercise was undertaken to determine the fair value of the derivatives with a gain being recognised in the Disposals (5.5) (4.5) (5.8) (15.8) F F Consolidated Income Statement (see note 20). As the subscription was sufficiently close to the year-end date, and no material changes have occurred in UEffect of movements in exchange rates (0.7) – – (0.7) U R R underlying business, the same valuation was used to determine the fair value as at 31 December 2023. The fair value of the warrant equity option and T T Balance at 31 December 2022 28.0 1.2 0.6 29.8 H H reward shares was established by applying the proportion of equity represented by the derivatives to an assessment of the equity value of AMR GP Limited, E E R R which is then adjusted to reflect marketability and control commensurate with the size of the investment. INFBalance at 1 January 2023 28.0 1.2 0.6 29.8 INF The Group has made the election to carry the investment at fair value through other comprehensive income and will continue to fair value the investment in OR OR r 8.3 0.4 0.6 9.3 Charge for the yea line with the requirements of IFRS 9 at future balance sheet dates. This election was made to reduce volatility due to movements in fair value within the M M Disposals (3.4) (0.1) (0.1) (3.6) Consolidated Income Statement. A A T Effect of movements in exchange rates (0.7) – 0.1 (0.6) T I I ON Balance at 31 December 2023 32.2 1.5 1.2 34.9 ON 2023 2022 £m £m Carrying value Investments At 1 January 2022 64.9 10.5 0.6 76.0 As at 1 January – – At 31 December 2022 64.2 9.9 0.3 74.4 Additions 18.2 – At 1 January 2023 64.2 9.9 0.3 74.4 As at 31 December 18.2 – At 31 December 2023 60.0 9.5 0.9 70.4 Income from the sub-leasing of right-of-use assets in the year 31 December 2023 was £0.4m (2022: £0.6m). The Group recognises the lease payments received on a straight-line basis over the lease term within administrative and other operating expenses in the Consolidated Income Statement. ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 169