Thank you very much. Good afternoon, everybody, and welcome to our full year 2020 results call. If we can just move to slide two, please. An update on COVID, which was something we've been working and monitoring on through 2019, 2020. The impact of COVID has been well managed for us. We're now obviously in the first phase of U.K. government restrictions. We're recovering in terms of production and sales, and we're continuing now despite the lockdown we have locally here in our operations around the world. If I just give you a little bit more detail to fill that out. Our global retailer network is now largely speaking up and running. We're operating pretty much as normal across Asia. The U.S. market is progressively opening up. Canada is still the one with only with limited opening. Europe is probably the most challenged region that we have. U.K. is now technically open, whereas some of mainland Europe is still a challenge. Through 2020 specifically, we saw an improvement through the year such that retail sales in the fourth quarter strengthened significantly. Our production operations also continued to open up through 2020. Both our Ultimate and Series lines were in production, as we've moved into 2021, we've moved back on to two shifts in the production center. The wholesales for 2020 completed at just over 1,650 cars, which was in line with the guidance we gave during the year. Post-COVID-19 demand, demonstrated really by the retail sales, strengthened through fourth quarter such that we finished the year at over 2,800 retail, significantly ahead of the wholesale number, enabling us to manage our inventories, also demonstrating recovery in customer demand. We did a lot of work around controlling investment spending during the year, implementing cost efficiency savings across the business. We brought the Elva into production in the later part of 2020 and continued development in the McLaren Artura, such that we were able to launch that in the first part of this year. If we move on to slide three, please, we'll just look at the results across the group and in the specific business areas. Q4 2020 revenue of GBP 383 million was up 123% compared with Q3. A real strengthening in Q4 as we saw both demand coming back and the opportunity to build production. Q4 for 2020 delivered an EBITDA of GBP 105.9 million. Again, a significant improvement over Q3. The quarter-on-quarter improvements were driven by the returning demand as the lockdowns have progressively lifted and being able to translate that demand into production and consequent wholesales as we were able to bring production back on stream. Group full year 2020 revenues were at GBP 772 million, down 48% on 2019, and this was a direct result of the impacts of COVID-19, both on our ability to produce and our sales operations. McLaren Racing investments secured the cash funding is required now through to 2023, beyond which it is planned to be operating in a cash flow positive position. Racing has now moved outside of the restricted group, and there is no obligation from the automotive group now to support investment within Racing. The sale and lease back process for MTC and MPC here in Woking has now been agreed with completion planned no later than the start of May. Looking at automotive specifically, again, Q4 was the real driver for the results that I just explained at group level. Wholesales of 762 cars, so more than double that which we'd seen in Q3, demonstrating both the demand and the return to production. Retail sales for the full year at 2,831, 1,000 cars over the wholesale value, enabling us to drive down inventories at our retailers and ourselves, actually drive them down to a level we haven't seen since 2017. Our wholesale order book at December 2020 was 788 vehicles, growing in the first quarter to over 1,100. In racing, our Formula 1 team finished third in the Constructors' Championship with 202 points, the best result since 2012, and continuing to strengthen. In terms of the shareholding, a consortium led by MSP Sports Capital has committed investment of GBP 185 million to McLaren Racing, GBP 100 million of which was received in 2020. The balance received over three years. This now funds Racing fully through to a return to a cash positive operational position. To move to slide four, I'm going to hand over to Paul Buddin, Group CFO. Thank you, Mike. On slide four, we've laid out our quarter-on-quarter performance. As you can see, across all metrics, we've demonstrated a strong recovery of the business from COVID-19. Starting with wholesale volume in the bottom left there, we have achieved 762 in quarter four alone, which is more than double the next best quarter we've had all year. That has led us to a quarter four turnover of GBP 384 million, which compares quite favorably, although it's a bit less than the turnover we had in Q4 2019, at GBP 438 million. Despite the volume being lower and the revenue being lower, we have actually achieved a slightly better EBITDA in the quarter in 2019, a positive GBP 106 million. This really is being driven by the mix differential. The last quarter has particularly been supported by not only Speedtail, but also Elva deliveries, as well as 765 LTs that we've had in the mix coming through towards the end of the year. Finally on this slide, in the top right-hand box here, our liquidity. We have improved our liquidity over quarter three of 2020. We're now at GBP 105 million. That's driven by the operational performance that I've just gone through, but also the completion of the racing deal that we'll come onto a bit later on in this presentation. Moving on now to slide five, this is where we presented the annual results. Clearly here you can see that there is a year-on-year impact from COVID-19 as we've been discussing and leading you towards on the calls all year. Our wholesale in the bottom left there, are down to 1,659 from 4,662 last year. We have delivered a negative EBITDA of GBP 44 million. Sorry, versus a positive EBITDA last year of GBP 182 million. I'll come on subsequent slides to talk a little more around some of the adjustments and underlying one-offs that are in that number. Mike, if I could hand back to you to talk a bit more about the automotive business unit. Thanks Paul. If we move on to slide seven, please, and I'll go through each of these points individually. Automotive revenues in Q4 at GBP 345 million, continuing to improve, and that's following the impact of COVID-19 through the first half of 2020. We saw the business strengthening through Q3. That was realized through a sales performance in Q4. The McLaren Production Centre is now back operationally, came back progressively through the second half of 2020. We went back to a two shift operation at the end of the first quarter this year. The retail network is now mostly open. Retails in 2020 exceeding wholesales, as I've said, by 1,000 vehicles. Demand is growing positively for us. Probably the only lag we're seeing still is a little bit in Europe, as we know, particularly in mainland Europe, we don't have the non-essential retail open yet, so strictly on a one-to-one appointment basis. Dealership stocks are now more than 50% lower than they were at the beginning of 2020, very much moving now to the position we want of planned scarcity playing into the exclusivity of our cars and into very much a demand driven scenario. We managed very successfully the transition over the end of last year into this year. The impacts of Brexit having no operational impact at all on the operations. Our supply chain has remained intact through the challenges of the last 18 months. We've had a small number of suppliers who experienced difficult times related to the impact of COVID-19 on their demand, but we've been able to manage this through to the point that we've had little or no interruption to operations. We continued to develop the Artura, our new high-performance hybrid supercar through 2020, such that we were able to launch it in the middle of February 2021, moving to deliveries mid-year this year. This car delivers not only our first series hybrid to market, but also is the first vehicle off an all-new lightweight electrified architecture. We'll reuse this architecture with different variants as we move through this decade, meeting the challenges of electrification in the segment in which we compete. Moving on to slide eight, some more detail around Artura then. It is our first all-new series hybrid supercar. The car has been received extremely well by the market. There are some quotations from different publications on the right-hand side. The Artura is based on a new structure that's been designed and developed and is manufactured by ourselves at our composites technology center in Sheffield in the U.K., which has enabled us to retain control over the IP, also to bring more competitive costs to the manufacturing of the car. Just some of the key stats around the vehicle. It is a high performance hybrid powertrain, it's a V6, 3.0-litre twin turbocharged hybridized internal combustion engine, 680 PS, over 205 miles an hour. The benefits of electrification showing through with statistics such as 129 grams per kilometer of CO2, which is really small hatchback levels of emissions. An EV range capability of 28-30 kilometers. Now being able to move on from funding the investment in that new architecture, our capital investment is reducing to an annual average of around GBP 175 million as we move forward. Moving on to slide nine. Just reflecting on the revised lineup of models that we offer. We completed the production of our Sports Series cars as we moved into 2020. Our offering today is the McLaren GT. Two offerings in the supercar segment with the Artura and the 720S. Our motorsport model with our GT3 and our GT4 cars, and then the Ultimate Series range. Of the cars you can see there, the Senna has completed production, the Speedtail has completed production, and just a few remaining cars left to deliver, and the Elva is still in production today. Then moving on to slide 10, we can see the global wholesale volume performance through 2020. I've talked about retails of over 2,800. The wholesale performance was at 1,659, and we can see the impact that COVID has had across different world markets, comparing back to the full year 2019. Actually, you can see in there as you look across to China, which has probably had the smallest reduction, and this is because we saw the China market starting to recover really from around April to May 2020, and moving into 2021, has actually grown considerably in strength. We took the opportunity as we went through 2020 with the depressed retail demand, sorry, depressed ability to wholesale because the factory was closed, but strengthening retail demand through the year to use that opportunity to destock, both any cars that we had as we completed the Sports Series production, but also, maybe more importantly, our dealer inventories. To move to a position where we're very much demand-led now as the customer demand translates through demand in our retailers and demand back through into our production process. If we move on from that, slide 11, racing, I'm going to hand back to Paul. Thank you, Mike. Thank you. Just a few points to make now on our racing team. I want slide 12, which summarizes a very successful 2020 on the track for McLaren Racing. We finished third in the Formula 1 2020 season with 202 points, and that's our best result since 2012, demonstrating the team is well on a pathway to recovering from the ninth place finish we had back in 2017. Moreover, we had our first season in the NTT IndyCar Series, the full season in the IndyCar Championship. Pato O'Ward, our lead driver, finished fourth in that series. Moving into 2021, we've had a flying start to the season. We've had strong performances in the first two races of 2021, with achieving two double-point finishes and a podium. That's left us third again in the Formula One World Championship with 41 points. Of course, not only are we having success on the track, but off the track, financially, we've had high sponsor retention and also strong new partner acquisitions. Our sponsorship roster has increased year- on- year. Moving on to slide 13. We cover the details of the new investment that we announced just before Christmas. Racing has been a source of historic financial volatility for the group, and has a plan to get to better than break even in the next three years. I'm pleased to say, as a result of this investment that we achieved just before Christmas, it's fully funded from that investment, which means that no longer will the rest of the McLaren Group be called upon in order to fund our racing activity. What it does do is still reaffirm the team's position at the heart of the McLaren brand. Now, the racing investor consortium is led by MSP Sports Capital, a group that have achieved numerous successes within the sports arena, particularly in American sports. They're also joined by UBS O'Connor and also The Najafi Companies who've been making that investment. The consortium have committed to invest that GBP 185 million in cash into McLaren Racing over the next three years. GBP 100 million, which by the way, has already been received in 2020. That grows an initial stake of 15% up to 33% if the full GBP 185 million of funds is drawn by McLaren Racing. The key takeaways from this slide need to be these 5 bullet points at the bottom of the slide here. The first is that it's fully de-risked, and cash covers Racing's business plan till 2023. That's when we will see the real impact of the Formula 1 cost cap and the commercial momentum that I've already referred to, delivering a financially self-sustaining racing business, not only for 2023 and 2024, but also beyond. I should also point out McLaren Racing now sits outside of the McLaren restricted group. It is an unrestricted entity. Any transactions between the restricted group and Racing are governed by commercial arm's length agreements. Going forward for 2021, we'll start to exclude Racing from our presentations because it sits outside our indenture. Moving into the financials. If I could ask you to turn to slide 15. This slide should be familiar to you as it bridges our reported EBITDA for last year to the reported EBITDA for this year. Last year, we reported GBP 182 million, and this year we're reporting -GBP 44 million. It's obvious from the slide that the key impact on our business has been the wholesale drop-off within the automotive business, and that's clearly as we've been talking about due to COVID-19 last year. You can also see that there is an improvement in the results from the racing business, which is fully included in here up to the last couple of weeks of December. I also want to highlight the other, GBP 26 here, which is the gain on sale of racing, and that transaction took place on the 15th of December 2020. If I could then move you on to slide 16, we've included a one-off slide here because 2020 has been a very complex year for McLaren. Not only have we been impacted by COVID-19, but the number of transformations the business has gone through, not least the cost savings that we've spoken about on previous calls, but also the significant transactions that we've been through. Of course, all of these have had implications on our numbers. What we have laid out here, we've picked apart the reported EBITDA loss of GBP 44 to indicate what our result would have been if transactions and cost savings had happened in 2019. What you see here, predominantly from adding back the racing entity, which lost GBP 51 million in 2020, but also the net positive from some of the exceptional costs and cost savings, net of any furlough grants, et cetera, that we received, is that we would have had an adjusted positive EBITDA of GBP 20 million from, I should say, GBP 1,659 wholesales. That's a very good base from which we can look forward to significant growth in 2021. Moving over onto slide 17. We've laid out, as usual, the group cash flow statement. Other than showing the final outturn for the year, the explanations on the slide are consistent with the messages and the differences that we've seen through Q2 and Q3 on previous calls. Going on to slide 18, as usual, we've provided you with one slide that summarizes all of our key metrics in one place, as well as the high-level explanation of the different variances. Finally, on to slide 19, where we've laid out our net debt and liquidity. Underlying net debt is running at GBP 630 million, and our total available liquidity at the end of 2020 is running at GBP 105. Of course, this now includes the GBP 150 million short-term financing that we brought in in June 2020 in response to COVID-19. That funding was received as part of the three-phase strategy that we are now well advanced with. Just to remind you, that strategy was to strengthen the balance sheet in the aftermath of COVID-19, raising equity and repay the bridging loan of GBP 150 million. Then, of course, refinance the group's borrowings by that same amount of debt and notes. I should also point out that following the racing transaction, GBP 205 million heritage cars have remained within the restricted group, and now the group intends to target, as we have throughout last year, significantly lower leverage and a more prudent capital structure going forward once we've completed this three-phase strategy that I've laid out. Now, the McLaren Group continues to evaluate the various capital structure alternatives with respect to its RCF and unsecured notes. That includes an equity or holdco debt capital raise and a debt refinancing. We've appointed and already have working for us Goldman Sachs, HSBC, and Global Leisure Partners to help us advise in that process and are well advanced with our book build there. Of course, just to mention McLaren Applied, we've spoken about it before, but we continue to review all strategic options for McLaren Applied. That brings us back to the end of the formal presentation. Could I please hand back over and take any questions that you may have? Of course. Ladies and gentlemen, if you would like to ask a question, please press star followed by one on your telephone keypads. If you are joining us online, please click the request to speak flag icon. If you choose to withdraw your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. Please note questions will be kept to a limit of two per person. As a reminder, that's star followed by one on your telephone keypads, and if you are joining us online, please click the request to speak flag icon. We have a question from Antonio Casari from Northlight. Antonio, please go ahead. Your line is open. Hi. Thank you very much for the presentation. Couple of questions from me. First one, current trading. It's 28th of April. It'd be great to get a sense how performance has been so far in the year and, most importantly, how cash balance looks like versus the GBP 66 million or GBP 67 million you had at the end of the year. Secondly, regarding the refinancing, it seems that the first scheduled maturity is the repayment of the GBP 150 million loan that you received. It's due, if I'm not mistaken, in June. So I was wondering if you have already potentially a discussion with NBB around potentially extending if the refinancing is not completed by then, or if you plan, what level of certainty you have that it will be completed by that date. The last thing is, if I heard correctly, you mentioned that equity is supposed to repay the GBP 150 million, though in the current leverage, that is not considered as debt. When you assume, you mentioned a lower leverage, do you assume a decrease in gross debt excluding the shareholder loan? Is the lower leverage just linked to a higher EBITDA? Thank you. Okay, Antonio, it's Mike Flewitt. Just very briefly, for the first part of the question before I hand back to Paul. Whilst predominantly we are obviously focused today on Q4 2020, a snapshot of where we are in 2021, the year has largely started as we anticipated. It's running broadly to plan operationally. Production restarted, as I said, very little or no disruption from either Brexit or from the supply base. We went back onto two shifts end of first quarter as planned and are running a two shift operation now. Still building 675LT, building out the balance of those cars, which have sold out in total. Building Elva and building mainstream. We've launched Artura publicly. Artura final pre-production vehicles are in build as we prepare to put demonstrators into our dealerships and customer orders from around mid-year this year. Our operations are running very much to the plan we had in place. First quarter turned out financially broadly where we expected it to be. Demand globally is strong in Asia. I mean, no region is yet without impact of COVID-19. In fact, this week we've just seen Japan announce a state of emergency and cancel their motor show. Nonetheless, across Asia, we're seeing very strong order position as people are managing the situation now. U.S. has been coming back very strongly in recent weeks. I think we've all read that their vaccination program is taking effect, and you can see that translating now into our retailers reopening across all of the states, as I say, except in Canada at the moment, which is still appointments only. Europe is the one that's a little bit slower. The U.K. has now opened, all non-essential retail opened in the last few weeks. Retail has been able to be open, but we still are waiting for them to open in mainland Europe. The cumulative of all of that, as I say, was a first quarter that pretty much ran to plan. We continue to see 2021 pretty much unfolding as we anticipated, which is a progressive recovery from the impacts that COVID had on the business in 2020. Just, Q1 is historically always been a cash flow negative quarter for you. Is there any reason why this year should be different, or is it safe to assume that it's the same also this year? Well, I think, Antonio, in fairness, we'll be doing Q1 results call a few times. Okay. Forgive me if I don't go into it. Yeah, sorry. But I- It's tempting when you report on the 28th of. I know. February. I don't blame you asking, just forgive me not answering. I think on that note, I'll hand over to Paul. Sure. You had another two questions there, Antonio. One was on the refinancing and the GBP 150 million NBB loan. You are correct. It is due at the end of June, actually, be ready for us after around that. Again, I'm not going to comment on individual discussions we may or may not be having with our financing houses. What I will say is we are confident around the equity raise that we are currently undertaking. That is the primary way that we see as we paying that loan, when it becomes due on the 30th of June. You also talked about a shareholder loan of GBP 150 million, and I must admit, I wasn't 100% clear what you were referring to. I don't know whether you're confusing that with the NBB loan or whether there's some shareholder preference shares. What I would say is all those sit with outside of the indenture. They're not in the holding group, they're in the shareholder holding entity, which is McLaren Group Limited. They're not part of the report that we're giving today. Absolutely. I was saying, sorry for not being clear. I was saying, when you say the group intends to target a significantly lower leverage, clearly the 150 is not part of the leverage, which means that does it mean that the group targets to reduce the gross debt excluding the 150? The 150 million consisting of dollar and pound in the secured notes? Yes. Correct. The intent of the ultimate refinancing is to reduce the total group debt, excluding the GBP 150. Yes. Okay. That's through additional, I guess, equity-like instrument or holdco group instrument. Correct. equity-like instrument and the recently announced sale and leaseback that we have completed. Okay. Oh, sorry. On that one, can you tell us what the impact? There should be a slight negative impact in terms of EBITDA from the cost of sale and leaseback. Can you tell us what the cost would be? We're not going to disclose that as a detail, no. Okay. It's commercially well. Yeah. Thank you. All right. Thank you, Antonio. Our next question comes from Evan Mitchell from BCI. Evan, please go ahead. Your line is open. Thanks, everyone. I guess I just wanted to clarify something. In terms of the capital received from the sale of the Racing Group, do I take it that effectively now Racing is going to be carved out and the GBP 100 million that has been received, I guess, in the last fiscal year, that cash is going to be sitting with the sort of excluded Racing Group and the rest of the restricted group is just effectively now going to be protected from requiring any funding for Racing going forward. Is that sort of how would I take that sale? You're absolutely right with that. The funding received to go into racing is to fund that business and therefore, that protects the rest of the group from having to go any further financing to racing. Perfect. Sorry, go ahead. I was just going to say, having said that, there was a small flow from racing into the group of GBP 35 million when we completed the transaction as we settled some intercompany positions. Okay. Excellent. Thanks. I believe it was mentioned that around GBP 205 million of heritage cars are still available to the restricted group. Do you have any strategy on monetizing those that you're able to share with us today? At this moment in time, no, those assets sit within the restricted group, and there are no plans for any substantial sale of those assets. Okay, excellent. Then last one for me. I think you mentioned that the broader EU still is closed to broader retail sales, but that retail sales are still available on sort of a one-on-one sale basis. Do I take it that the supply chain in the EU has more or less opened up and that you haven't been experiencing any of the disruptions that you saw in the last fiscal year associated with COVID-19? Yeah, that's very much the case. Outside of the U.K., the two main countries that form our supply base are Germany and Italy, and both are trading normally. People, I think, have adjusted to be able to operate with the necessary precautions in place, so we're not having any interruption of supply as it stands. It's something we continue to monitor, but we've been pleasingly free of any supply disruption in this year and have nothing on the horizon as it stands at the moment. The retailers, as you said, are in mainland Europe. Specifically, I'm thinking of France, Germany, Switzerland, are closed, but there is still some limited operations as people make individual one-to-one appointments. In most countries, even with retail operations closed, service operations are still open, and people are able to collect cars there. It's not 0, but it is a diminished position currently. Okay. Have you guys been experiencing any sort of continued volatility with respect to concerns around Brexit or trade restrictions or trade wars? No, not to date. Again, nothing on the horizon. We came through the transition over Christmas, New Year, some initial incremental workload, paperwork, and works with our logistics team, but nothing that resulted in any interruption to supply. The remaining elements of Brexit to be worked through, which I think come into effect at the end of this year. Again, I think some work to be done, but nothing that we anticipate that will affect supply components. We've had no production interruption from that. Okay, great. Thanks for the call, guys. Thank you, Evan. Our next question comes from Karl Griffith from Napier Park. Karl, please go ahead. Your line is open. Hi. Thank you for the presentation, guys. Just one question from me. I'm new to the name here. Could you just give me a bit more color about the GBP 150 million loan to McLaren Group Limited transaction? That seems like it's coming from the holdco. When was this done and kind of what the situation was when that was done? Also, it's kind of hard to hear, so I'm not sure if you're away from the microphone, but I'd appreciate it if you could go a bit closer. No problem there. The GBP 150 million loan we refer to was a loan that we put in place in June last year. It's GBP 150 million loan to McLaren Group Limited from the National Bank of Bahrain and is repayable at the end of June this year. However, McLaren Group Limited sits outside our indenture, and that GBP 150 million of loan proceeds was injected into the McLaren Holdings into the group subject to the indenture by way of ordinary equity. Okay. Yeah, no, that's clear. That's obviously the near-term maturity that someone else was mentioning earlier. Correct. We'll disclose the details of negotiations on currently. Cool. Okay. Thank you. That's it. Thank you, Karl. Our next question comes from Ryan Ball from Cambridge Global Asset Management. Ryan, please go ahead. Your line is open. Hello. Thanks for taking my question. Could you guys maybe perhaps talk a little bit about how you expect the average selling price to evolve as sales go back to normal over the next 12 months? Broadly, I can. We had a very rich mix of cars through the latter parts of 2020, by which I mean a high percentage of Ultimate Series cars, and the LT version of our Super Series compared to the overall volume. It was a richer mix through that period. It settles out into a more normal position in 2021. The average selling price will fall, albeit the quantum, the volume of sales increases significantly over 2020. We have some Ultimate Series cars with the Elva still in production and on sale, and we have the balance of the 675 LTs to sell. Beyond that, we are in our series range of GT, 720S, and then Artura from the start of the second half of the year. Okay. Maybe as a follow-on to that, as things move back to more normal conditions and you guys start thinking about the five-year plan, how do you think about EBITDA margins evolving over time as you try to approach 6,000 units at some point? How much fixed cost absorption should you benefit over, say, 2019 and would improve EBITDA margins? Well, we see- in the automotive group over the long run? Yeah, we see the margins progressively strengthening through the period. There's a number of drivers for that. One is the recovery of volumes. If we think that wholesales were under 1,700 last year, we're going through a period of recovery this year. I think 2022, we can aspire to be back closer to where we were in 2018, 2019. Still forecasting in the near term to be below 5,000 cars. The volume will help the margin. There has been a lot of work done around the costs in our business that we implemented through 2020. We're bringing down our fixed costs and our employment costs. A lot of work on the cost of sales, particularly in areas such as bill of materials. More competitive margins across the range. We will progressively see a strengthening of that margin as we move through the coming years. Okay. Thank you. Thank you, Ryan. Our next question comes from Konstantin Chinarov from Aptior Capital. Konstantin, please go ahead. Thanks for the time, guys. I have a few questions. My first question is on working capital. Last year was the sort of working capital drag on cash flows. As we kind of recover from sales perspective through this year, if you could comment on the sort of likely behavior of working capital. That's my first question. Yeah, sure. Last year was a rather unique year in terms of what happened in COVID-19. We've spoken at length on previous calls about how our working capital cycle works. We're not going to have another year like that. What I would say is that we're expecting a small double-digit outflow in working capital for 2021. That will be largely driven by our deposits, which of course, we are finishing the delivery of the Elva this year. We have not got any more Ultimate Series cars announced in the pipeline, and therefore not taking any more deposits. As a result, our remained deposit balance will outflow. Got it. In terms of the seasonality of that working capital outflow, is it fair to say that it's skewed towards first half or the second half? I'm not going to comment on the seasonality. Sure. Understood. My second question is about sort of cost pressures and there are plenty of reports about the sort of logistics issues, semiconductors shortages. We see across sort of commodity complex, substantial rise of respective input costs. I guess the question is: Do you see any pressure of that on the business? If so, how the business is managing that? Yeah. There have been a number of challenges we talked about, both Brexit and COVID-19 potentially impacting the supply base. You're right, very recently, a lot of press coverage around the shortage on semiconductors initially because the supply base was taking capacity down through 2020, then as volumes ramped up, there was a capacity shortfall, also there was an incident in one of the Japanese suppliers with a fire. We have been managing this very carefully. We've had a team working a long way ahead on Brexit, working very closely with our supply base through the period of COVID-19 to ensure that the relationships were in place and that there was an understanding, and that we would manage together coming out of this. As we've moved into this year, we did have some disruption through last year, but as we've moved through this year, we've been pretty much free of disruption in terms of supply. The one that is still on the horizon is the semiconductor position. We have six of our suppliers who utilize those components, but as we look forward, and we can look forward any time into about a 15-week supply chain, we don't have any shortfall through that period. I couldn't rule it out longer term, because it is an evolving position. Yeah Certainly within the life cycle at the moment, we've managed to put in place a good supply position. Got it. On this sort of sale and leaseback, I'm just trying to figure out the impact of that transaction on the recurring EBITDA. Is it fair to say that, given GBP 170 million sort of price tag reported out there, that I'm kind of thinking about 6%-8% sort of level cap rate, so the impact on EBITDA should be kind of GBP 10 million-GBP 15 million on the recurring basis going forward. Is it kind of like a fair range, or I'm missing something? I think we commented on the impact on EBITDA to Antonio's question earlier on. I'm not going to give away the exact numbers. All I will say is that it's a fair commercial cap rate, and it's a fair commercial rent that we are paying. Got it. Finally, just on the racing point. If you could remind us from a restricted group perspective, effectively racing does not exist, there is no capital commitment from restricted group perspective to support racing going forward. Equally, restricted group does not benefit from equity value of racing through share pledges or the like. Is this kind of like a fair summary? There is no commitment here for cash to flow from the McLaren Group into McLaren Racing, that is for sure. Remember that group does still retain a 67% interest in racing, assuming that the full GBP 185 million of funds are drawn over the next few years. It does retain equity interest through that remaining 67% holding. Got it. All right. Thanks so much for that. Understood. Thank you, Konstantin. Our next question comes from Jemma Permalloo from JP Morgan. Jemma, please go ahead. Your line is open. Hi, Paul and Mike. Can I check if you can hear me clearly? Yes, we can hear you. Thank you. Perfect. First of all, just a clarification from me. Just on the GBP 185 investment by MSP, I think I remember it was confirmed in mid-December. Just to be clear, that GBP 100 million that you mentioned that's been received, was that after year-end December? No, that was received prior to the end of 2020. Okay. Thank you. All right, onto my question. I think I'm quite interested in terms of your refinancing plan. Just conscious that there may be details that you can't share at the moment, but the 2022 bond stepped down to par, I think, on the 1st of August. Just general thoughts or maybe if you could give a bit of color in terms of the potential plans, if you were to tap the market again, would you still be looking at secured bonds? We are in the middle of quite a complex transaction at this moment in time in terms of an equity raise, on which we are very well advanced. We have said before that once that equity raise is complete, we will move into a probably refinancing of the bonds. Because we are in the midst of that transaction, it would be inappropriate for me to give any more comments on that at this stage. Sure. That's fair. Is my understanding right, that per the new covenants that were agreed last year, that the McLaren Group will probably have to maintain a minimum cash, and I think that's cash and liquid facilities of GBP 30 million at quarter end? Yes, absolutely. That is our common agreed waiver. Okay. Do you still share the general guidance that ideally for a McLaren Group, you would ideally like to have 10% of cash of LTM sales? I mean, conscious that it's probably not close to that, but I think that was a target that was mentioned between [audio distortion]. Again, I'm not going to comment on that at this stage. Got it. That's it from me. Thank you. Thank you, Jemma Permalloo. We currently have no further questions. As a final reminder, that's star followed by one on your telephone keypad. If you are joining us online, please click the Request to Speak flag icon. We have a follow-up question from Antonio Casari from Northlight. Antonio, please go ahead. Sorry, quick follow-up. Last year, you gave guidance for 2021 volumes between 3,250 and 3,500. Is that guidance confirmed today? Second, the GBP 175 million CapEx, shall we take it as level for 2021 or further down the line in terms of following years? We're not changing the volumes guidance that we gave in quarter three last year, hence why we made no comment on that today. The GBP 175 million is an average over the next five years of our business plan. 2021 will be higher? No, 2021 will not be higher than that. Okay. Thank you. Thank you, Antonio. Our next question comes from Farid Gargour from MFM Mirante Fund Management. Farid, please go ahead. Your line is open. Hello, can you hear me? Yes, we can hear you. Hi. Thank you. Just again on the sale of Racing, is there no future commitment, funding commitment required, even longer term in the event that those funding requirements exceed GBP 185 million? There is no funding requirement from the McLaren Group in the event that, sorry, funds over and above the GBP 185 million are received. Clarified. I would add to that, though, I do not see that as a likely scenario at this stage. Racing is performing very well financially. Okay, great. Thank you very much. Thank you, Farid. Our next question comes from Charles Coldicott from Redburn. Charles, please go ahead. Hello. Thanks for taking my questions. My first one was sort of a medium term view from you. There's not really been much growth in the global sports car market over the last five years, notwithstanding obviously the impact of COVID-19 last year. In fact, in reality, all the growth in luxury volumes has really been in SUVs. Do you expect the overall sports car market to grow back above pre-COVID-19 highs? If so, where do you think that growth will come from, I suppose regionally? My second question was going to be sort of longer term. Once you get to 6,000 units, are you capacity constrained at 6,000 units, or can you go above 6,000? A couple of sort of broad points. The supercar segment as we define it and the consultants we've used looking at it has continued to grow and grew progressively through to 2019. Albeit if you take the super luxury segment, the highest growth rate was absolutely luxury SUVs. No question about that. But we are seeing supercar sports cars continuing to grow. If we look at the fundamentals that are driving it in terms of people putting wealth to a bit, the homogeneous demand that we see globally for building that demand across a global playing field, then yes, we do expect demand to grow back to 2019 levels and beyond that in the coming years. From our perspective, our business plan for the coming five years is constructed around 5,000 cars. We have a capacity capability to go to 6,000 cars. As I say, our financial expectations and plans are built around 5,000. Okay. Thank you. Thank you, Charles. Our next question comes from Brian Studioso from CreditSights. Brian, please go ahead. Your line is open. Hi. Thanks. I was just wondering quickly, you have this sale lease back planned to close early May and equity discussions are ongoing. Can you just clarify if there's any timing requirements relating to those two events and the subsequent debt refinancing? Thanks. No, we have already announced that we've been successful with the sale and lease back, and we expect that actually to be completed within early May. In terms of the subsequent equity and debt refinance, again, I think I've already said on the call here, we've appointed the bank to work on that with us. We're advanced with the book build, but we're going to give no further indication around timing. Thanks. Thank you, Brian. We currently have no further questions, so I'll hand back over to Mike. Actually, I'll finish off, Mike, if that's okay with you. Please do. Just wanted to thank everybody for taking time today to sit down and listen to us. This is actually my last call before I step down as McLaren CFO, and I'll be handing over to Kate Ferry, who you'll be hearing from on the next call. I want to thank you all for the support not only that you've shown to myself and McLaren over my tenure as CFO. I look forward to watching this great business go from strength to strength in the future, but this time from the outside. Thank you from me, and I hope our paths cross again in the future.