Good afternoon, everyone. Thank you for joining our results call this afternoon. I've got a couple of colleagues with me in the room today, Stuart Holeton, who's our Group Controller. I've also got Steve Humphries with me, who most of you know, our Group Treasurer, and Piers Scott, who's our Global PR Director. I'm just gonna start as usual by running through some of the slides, and then I will welcome any questions after that. I think it's, first of all, starting with the summary on the first slide. As by now I'm sure you're all well aware, we have had some significant headwinds over the past 12 months. Some of them indeed have been faced by the entire industry, all the global supply chain issues that you've been reading about from the semiconductor shortages, some battery shortages as well, causing disruption and of course, the ongoing issues caused by the pandemic. We've also had on top of that, as you know, a delayed launch of our Artura, which has indeed had a significant impact on both FY 2021 and indeed the first half of 2022. However, you know, we're absolutely delighted now that the shipping of Arturas has begun, and we're gonna be starting our first customer deliveries at the end of June. The global test drive with all the media commences on the sixth of June, so I'm sure you'll be able to read plenty of feedback from mid-June onwards. Absolutely the right thing to delay. It is a fantastic car, and we are all set and ready here for a very successful launch. Fair to say, you know, all of our other models have continued to perform really well. That's the 720S, the 765LT, the Spider, all of those completely sold out. The Elva is also sold out, but of course, volumes have been constrained by the semiconductor shortages that I just mentioned. I think the summary really is demand very strong. It's just been frustrating that we haven't been able to supply that demand. Indeed, our dealer stocks are incredibly low. We have 100 dealers worldwide and our dealer stocks are sub 300 currently. We've got a very strong order book. Current orders stand at over 2,000 units at the end of April. That's up 12% even since the end of Q1 2022. As you would expect, and you can see it in the numbers, the delay in the launch of the Artura has had a negative impact on our cash flows. Obviously we've had lower EBITDA anyway during the period, because of the volume impact and of course, some working capital absorption as we build up the Artura stock in advance of delivering those to customers. Clearly we're now literally at the point of beginning to deliver those vehicles. You would certainly expect a stabilizing cash position in half two as compared to the cash absorption that you've seen in the first half. Just a bit of context around that, we've got about 550 Arturas currently either on ships, in our facilities, not yet wholesaled. You can see there that we've got a lot of inventory, and therefore a lot of working capital absorption, and that will now start to unwind. Coupled with that, obviously as with everyone else, the shift to electrification is very important. The Artura really marking the launch of that for us, this new lightweight architecture, and it will certainly serve the next generation of McLaren hybrid supercars. We will continue to actively explore our partnership opportunities. You know, the hybrid technology that we've already invested in will certainly see us through this decade, but our approach to full EV is most likely gonna be with a partner. As I've flagged in the past, this is going to be very much a capital light approach and hence the partnership discussions. I think finally, I would just say that our shareholders remain very, very supportive of the group. I think we're at a real inflection point, and they can certainly see that. We've got a new CEO joining in July. We're hugely excited to be welcoming Michael Leiters to the group, with a you know really strong CV, some fantastic experience, and we're all looking forward to him joining. The Artura, of course, is about to launch. The demand for our vehicles remains incredibly strong, and we've got interesting partnership discussions going. I think you know, a lot to look forward to from here. Moving then to the next slide. I'm now on slide three. I think the picture really for 2021 is that, you know, volume's up year-on-year, yes, but still much lower than we would've planned for because of course the delayed Artura launch and the semiconductor shortages that really did start to kick in quarter four. This has meant that revenue and underlying EBITDA was down year-on-year. Also don't forget, we did have the sale of McLaren Applied in August 2021, so that is reducing your revenue year-on-year. Also during the year, we completed our funding Project Meteor, as we called it. It was GBP 550 million of equity investment. We also refinanced the RCF and of course the bonds during Q3 2021. We completed our sale and leaseback in the first half. The disposal of McLaren Applied was completed. A busy year from a transaction perspective. Certainly you'll expect a much cleaner P&L and cash flow looking forward. Wholesales, as I've already said, are up 29% year-on-year. But this would have been stronger if it wasn't for the headwinds that I've already mentioned. As I've spoken about, in a very strong order book today, you can see where it was at the end of full year 2021 at 1,825. It has strengthened since then, and certainly continues to do so in anticipation of the Artura launch. Moving then on to the next slide. Slide four. Q1 2022, let's not forget that we did face tougher comps here. You'll probably remember Q1 2021, we really were seeing a strong recovery from the 2020 COVID impact at that point. We not only have got the tougher comps, we are seeing in Q1 volumes much below expectation. I think throughout Q1 and indeed Q2, the semiconductor situation really was constraining those models that we could sell. As I said before, demand though, still very strong. Of course, we didn't have the Artura in the quarter either. Also, mix having an impact. You'll probably remember we had some particularly strong mix vehicles in the first quarter last year in the prior period, particularly ultimates and the supercars. Other highlights from the quarter, as I've just mentioned, Michael Leiters has obviously announced as our new CEO. He'll be starting on the first of July. The global test drive, I think I've already mentioned on the sixth of June, and a very strong order book there too. Moving on to the next slide. Slide 5. I should probably mention some of these photos actually as we go along. Most of them won't surprise you to know of the Artura. I think that top one is the Artura Art Car, which is a fantastic collaboration that we did with the artist Nat Bowen. Actually that second photo, I think just demonstrates how much brand collaboration we've now got going across automotive and racing. You probably saw quite a lot of that at the Miami Grand Prix. Certainly you will see our F1 drivers, Lando and Daniel driving the new Artura, which has been great for promotion and marketing. As I say, much more cross collaboration across the two parts of the McLaren Group. As I've said already, 2021 performance supported by, you know, a good mix of products, albeit in the first quarter, slightly tougher mix than the prior period. China still experiencing some impact from COVID-19 as you're well aware, given the ongoing lockdown there. Supply chain risks certainly, you know, a real factor in the period that we're reporting on. Although that does now seem to be abating. I think it's fair to say, you know, we've got a very, you know, profitable and growing dealer network. As I've mentioned, stock at an all-time low. The one, I suppose, benefit of that is that we are, you know, certainly seeing significant overperformance on used cars due to low new car availability. That's really been driving residual values up, and certainly is helping with a very favorable market environment ahead of the Artura launch. Slide six. Some facts and figures on the Artura. I'm not going to read through all of those, but just to highlight really, this is the first model that we're building on the McLaren Carbon Lightweight Architecture. All built in-house, all built at the McLaren Composite Technology Center in Sheffield, which has been a really, you know, fantastic investment for us. This certainly makes the Artura incredibly light, lightest in class. As I've already mentioned, the shipments have begun to the regions, with the cars arriving in the dealerships, you know, throughout this month and next month. Moving on to the next slide seven, where you can see a snapshot here of what's going on across the globe, for the full year 2021 and for Q1. I think FY 2021, you know, volumes are up everywhere, albeit less than planned because the Artura delay and then of course the semiconductor shortages towards the end of the year. Q1 has been a bit of a mixed bag. I guess the headline would be demand is strong, but supply weak. I think throughout the entirety of H1 2022. This is the quarter we're reporting and then indeed the quarter we're in now. Supply has been severely affected. Within that, you know, Europe, in Q1, we've probably seen more of a slow start funnily enough in the U.K. versus the rest of Europe. What we are now seeing is that demand across Europe is strong and actually, you know, the U.K. has also now been growing with the sales season now in full swing. The APAC region was, you know, really severely affected by product supply. You know, retailers with barely any stock there. You know, all we hear is that demand's still very strong, and we look forward to therefore, you know, supply strengthening there. Americas likewise, severely impacted by supply, semiconductors again. I mean, the retailers have done a reasonable job, drawing on the stock to drive retail ahead. I think fair to say stock there is also now an all-time low. Again, I was there just the other week and demand for the brand certainly remains, you know, very, very strong. Their allocations are sold out, you know, for the next few months, same as APAC. Moving on to the financials. I think much of this I have now covered, certainly the revenue and EBITDA. Wholesales, I mean, I should reiterate here again that retails have certainly been tracking ahead of wholesales, hence the stock situation. Liquidity you can see during the year did improve given the financing activities. Net debt therefore also improving with the RCF undrawn as at the year-end, so as at December 2021. CapEx very much within the guided range, the kind of GBP 150-200 envelope, and really focusing very much on the Artura. Moving then on to slide 10, where we're looking more specifically then at Q1. Again, revenue and EBITDA we've already covered. I think it's helpful here actually to see the wholesale volumes by quarter. You can see, you know, that we are looking, I think fair to say, well, I'm not gonna guide Q2 is looking better, but we are still constrained. As I say, whilst not giving guidance, you can well imagine that if you extrapolate that those volume charts that you see there, by the time we get to Q3 and Q4, I'd certainly be expecting more than double the kind of volume that you can see here, in Q1. Liquidity, it has deteriorated since December. You know, I've talked you through the trading situation and indeed trading volumes. We've also spent GBP 29 million on CapEx. The bond interest fell in February, that was GBP 18 million, and we have had some working capital outflow, given the lower creditors, because of the lower volumes. However, as at April, since the quarter end, liquidity is still broadly stable. We put in there GBP 57 million, and it remains steady. A similar position, in fact, today. On the net debt, net debt stands at GBP 464 million. Obviously, that was impacted by the operational cash flows as discussed and indeed adverse FX impact on the dollar bond. The RCF as at March was drawn at GBP 15 million, so that's at the end of Q1. CapEx, you can see, in the quarter was down significantly, you know, deliberately not spending until the Artura has launched. I think again, you know, now that the outlook is more positive, now that we can actually see the launch of the Artura in sight, you would probably expect more spend in the second half. I will say that, you know, we have flexibility, and that's both on cost and CapEx. Should the need arise, we would certainly pull that back. Slide 11, for completeness, you can see the EBITDA bridge in there, again, showing a decline in the automotive EBITDA because of the lower volumes. Of course, you know, some of that was offset by strong sales of the 720S and 765LT. We on slide 12 has got Q1 EBITDA bridge, obviously much cleaner than FY 2021. Given that we haven't got the sale and leaseback, you've got a small impact of a slide in there, and then you can certainly see again the EBITDA impact in automotive of lower volumes. Slide 13, we've got a fuller cash flow in there. I think probably the key highlights from the cash flow, of course, working capital, a net outflow. This is, as I alluded to in my opening remarks, obviously a big increase in production stock. This is getting ready for the Artura launch. Lower creditors, as of course, we've got lower trade finance volume. A reduction in debtors as well, because actually we've been good at, or better at collecting debt there. You can see lower CapEx year-on-year, as I've already mentioned, very much focused on delivering the Artura. Of course, you can see the proceeds from the sale and leaseback, which was completed in the first half. On the financing, you can see there if you add up the 196 and the 175, that of course is the net inflow from the financing activities. That was the two preference shares, the GBP 550 million. The repaying of the NBB loan, GBP 150 million, net of any fees on the transaction. Then finally, you can see the GBP 185 million there, the refinancing of the notes, and the RCF. Slide 14, just showing you again a bit more of a breakdown on the liquidity. Liquidity at GBP 132 million at the end of the year as at December. And a little more detail there on the current finances that we have. I suppose just to highlight the maturity date of the bonds now running out to August 26th. Again, reiterating there that the RCF remains undrawn as at December 2021. Then the same for Q1. Again, on Slide 15, you've got the cash flow. I think aside from the weaker trading that I've mentioned, key highlights again there will be working capital. You can see, you know, lower production volumes, decrease in creditors, and again, strong debt collection driving the working capital movements there. CapEx, again, much lower year-on-year, as I've already mentioned. At this stage, as at March, the RCF has drawn GBP 15 million, and we have paid the bond interest, as I've mentioned in the quarter. Finally on slide 16, the same snapshot here of net debt and liquidity. Total liquidity as at quarter end GBP 58 million. Again, I've already flagged the reasons for the decline since December. Just to reiterate that it has since certainly remained stable since then. I think, you know, just a couple of closing remarks before we move on to questions. We have faced some headwinds, which I certainly alluded to several times throughout the presentation. I think it's fair to say the supply chain issues are now resolving. The Artura first shipments now have commenced, as I said, with customer deliveries coming in June. The order book is at historical highs with over 2,000 units currently on order from customers, with over 900 of those for the Artura alone. The working capital position, we see that turning into cash flow once the Artura deliveries begin. I think, you know, also just to mention, I know this is much more focused on automotive as the restricted group, but you know, clearly racing is also in a very healthy position at the moment with you know, valuations there encouraging, and indeed their revenue and cash flow certainly ahead of where we might have hoped they would be. Finally, just to say, that we do have a very, very supportive shareholder and lender group, and we look forward to working with them as we move to this next exciting phase for McLaren. With that, I would be delighted to take any questions. Thank you. Of course, if you'd like to ask a question via the telephone lines, you can do so by pressing star followed by one on your telephone keypad now. If you've joined 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. As a reminder, that's star followed by one on your telephone keypad now. Our first question comes from Tom Elliott of Royal London. Tom, your line is now open. Good afternoon. Can you hear me okay? Yep, we can hear you fine. Fantastic. I just wanted to ask about the order book. You said 2000 units. You know, typically when you say, you know, when you say you have 2000 units in the order book right now, how does that translate into deliveries across the next six, nine, twelve months? I guess again, I mean, I'm not able to give too much guidance, but let's just broadly talk about wholesale volumes. I gave you the volumes, I guess, for Q1, so they were at 424. I would expect volumes to tick up a bit from there for Q2. Not significantly, 'cause we are still obviously Artura hasn't launched, and we're still seeing the tail end of the semiconductor shortages. However, certainly by the time we get to Q3 and Q4, as I alluded to in my comments, I would probably expect, you know, at least a doubling of volumes there. I guess Q3, over 1,000 and Q4 the same. I guess, you know, if I've said you can see where the order book is, I think within that I've said to you that just less than half of that is, you know, for the Artura. I hope with that you're probably able to have a sense of the expected demand profile based on that book. Look, the only other thing to mention there, Tom, is that we haven't actually, you know, the Artura to date, you know, no one's been able to drive it, test it, the dealers haven't had any. Although the order book's very healthy for the Artura at 900, I imagine as soon as we're able to get some of those cars in the market, that as well will pick up. I think it's fair to say, look, it's gonna be some time before our supply can probably satiate the demand, but a lot of it will certainly, you know, we'll do our best and some of the pent-up demand will start to unwind and hope that can help. How much of that order book is in China, comes from China? Tiny. I mean, I'll follow up after the call, but really very small. Okay. Thank you. My next question, I have a few questions, so I'll hop back in the queue afterwards. On the slides, it mentions, you know, the final software validation, you know, is now complete. In terms of the delays for the Artura, you know, can you give us some color on what was specifically, you know, McLaren related and what was, you know, broader semiconductor or supply chain related? I mean, I think it's a combination of all of the above. I mean, clearly this is a you know huge step for us and it's a you know a fantastic new platform new technology. I think the key here was at every step of the way was quality. I think fair to say the board the exec were all absolutely aligned that the car was not gonna be launched until it was perfect. With any new platform that sometimes can take longer than planned. I think not helped by the fact that we had COVID and therefore collaborating working together all of that was definitely made harder. Then you know just at the point where we probably might have hoped to launch semiconductors came along. In the end, I think we used that time just to, you know, refine, regroup, which is why I say, you know, everybody, if you know, come to MTC, everybody is hand on heart, very excited about the launch because it is at this point, having had all this extra time, really a fantastic car. In terms of, you mentioned you started shipping the Artura now. Just in terms of- Yeah. The very early stages of that, are you seeing, you know, everything that, you know, other companies we're looking at, you know, we're talking about, you have concerns around freight, logistics, shipping? From the very early stages, are you seeing any issues at all? Not so far. I mean, I think it's fair to say our volumes compared to, you know, some of the OEMs are relatively small. What we often find is that it was a bit like the early stages of semiconductors, to be honest. We were less impacted than others. No, we haven't experienced that as any kind of delay. Okay. My last question on working capital, then I'll hop back in the queue so others can ask questions. Yeah. You know, you said some working capital absorptions in the quarter. You know, over the last six months because of the delay, are you able to kind of quantify, you know, the working capital build specifically related to the Artura model? The follow-up to that would be, you know, in 2023, you know, hopefully you're ramping more towards, you know, run rate. What would you expect from working capital, you know, looking further out to 2023 as well? Yeah, sure. No, I think probably the easiest thing to do is if you look back from, well, let's take March 2022 and roll back 12 months, which I guess just captures all of the, you know, the Artura and some of the other issues that we've faced. If you look at the cash position, if you look at your pro forma cash position as at March 2021 and where we are today, clearly, you know, some of that has been a bit dull. About GBP 140 million of that has been CapEx. The working capital is probably between GBP 100 million and GBP 120 million over that 12-month period outflow. I would say you can look at the ramp-up in inventory of around GBP 60 million, and you can probably see the math in that actually. I've given you the numbers of the Artura that we've got in stock ready to go, and you probably got a fair idea of what the build might be on that. That's kind of GBP 60 million. Then the rest of it, you know, good working capital management is obviously the use of trade finance. We have had lower volumes than anticipated. I think the other GBP 50 million is really wrapped up in that, you know, creditor position and use of trade finance. Thank you. Just quickly on, you know, 2023, going back to hopefully, potentially next. Oh, sorry. More normalized. Yes, yes. Clearly, you know, already, in the second half, you would expect much more normalized working capital. Obviously, some of that's gonna depend on the exact phasing of how the whole wholesale planned. Certainly, I'm expecting that outflow to really unwind in the second half. Again, you know, in 2023, we're always going to have, you know, depending on the mix of vehicles, we are always going to have working capital movements. Certainly, you wouldn't expect anything like what we've seen over the last 12 months, as I say, and particularly pre the launch and indeed with having been a delayed launch. Thank you. I'll get back in the queue. Thank you, Tom. Our next question comes from Lino Schoors of P2 Asset Management. Lino, your line is now open. Yes, thank you very much for taking the question. So I have two questions. One is, now obviously there's been a lot of news, or rumors at least, between you guys having discussions with Audi either on a potential collaboration or even of them taking a stake in the business. Would appreciate if you could provide any commentary on that. The next one is, you talk about wanting to enter a partnership, particularly as it pertains to your EV strategy. It would be good if you could provide some color on kind of how do you see this envisaging? What kind of partnership are you looking for? What's the timeline for that? Thank you. Yeah, thank you, Lino. Yes, there has indeed been quite a lot in the press. Look, it's fair to say, and I'm sure any of our competitors will tell you the same thing, that you know, we do all talk to each other regularly. Often what you see in the press can be somewhat overdone. We have been very clear, even since the capital raise last year, that we would be talking to others, and we would be looking potentially for a partnership, given that our approach to full EV, given our size, is much more likely to with a partner in a capital-light way. As I said before, you know, we obviously remain focused on cash generation and our balance sheet, and therefore a capital-light approach would be best. I think also, you know, given the conversations we've had, you know, I think we've got a lot to bring to the table. You know, people are really attracted by our carbon, our lightweight carbon technology, attracted by the brand and potentially the halo impact that that brand can have on others, and indeed our production facility. There's plenty we can bring. On the other side, you know, there are others that have already invested a lot in EV technology, and therefore there is potential for platform sharing there. I think in terms of what that will look like, you know, difficult to know. Obviously, it depends on the partner. It depends on how deep the partnership is, whether it's more of a kind of commercial arrangement or something deeper than that. You know, all I would say is that we, you know, had lots of interest, and we've got some really engaging and interesting conversations going on. Could you mention anything on timeline, what you have in mind, given that obviously the Artura has had some delays, and I would assume that, you know, a partnership could definitely help in bringing the brand forward. It could, but I think key is, you know, the right partnership, and therefore, yeah, you probably wouldn't expect me to comment. But it's, you know, certainly high on the list of priorities. I think just to reiterate, though, with the launch of the Artura, the hybrid technology we have will certainly see us through the next decade. You know, a lot of carryover from the investment that we've already made. This is much more around, you know, our approach to full EV. I think we've already said that would be probably, you know, a few years from now. I think, you know, we're very engaged, but we have time, and it's about the right partner that fits our brand, and that, you know, both sides of the partnership stand to benefit. Understood. Thank you. Thank you. Our next question comes from Stephanie Vincent of J.P. Morgan. Stephanie, your line is now open. Hi. Thank you very much for taking my questions. I just want to start out with some questions on liquidity for the short-term, excuse me, and maybe some longer-term questions. Given that you said, and hopefully I'm not making a mistake here, you said that the inventory build, I think, for the Artura was around GBP 50 million. I did just have a question on Q1. It doesn't seem like any of that build has been made already in Q1. Am I right to say that none of the dealers have received their, I guess, you know, demonstration-type cars to advertise this to customers? That was the first thing. The second thing is just I realize that it's always a little bit sensitive, but in terms of contribution margins on the Artura, some of your public competitors have talked about plans for contribution margins on their new models, and I was just wondering if you would be willing to share that. It seems like that currently the current portfolio has been a drag, and you're currently generating EBITDA. So I just want to see about the step change to that. Then finally, I don't think I have anything in at least the disclosure from the offering memorandum or recent filings about potential deposit-taking activities for new specials for 2022, but I wanna know if I'm missing something there. Sure. Thanks, Stephanie. Yes, on the short-term liquidity question, you're absolutely right that even the dealers haven't received cars yet. Some of them, they've had what we call static cars, so these are display cars, but they haven't had any demos, so cars that they can actually drive. That was my point around, you know, given that no one's actually been able to drive the thing, we're very encouraged by the order book already. You're right, and that's why I'm using that. It's a critical part of, you know, the working capital movement, particularly, in fact, that build-up that you can see even in Q4 is really important. On the contribution question, I think I'm not gonna give contribution on the Artura, but I think it's fair to say it is clearly going to be very enhancing, which is why, you know, when you're looking at the EBITDA versus our expectations, the fact that we've had no Artura in there has had an impact. Clearly, when you do your plans, you know, well ahead of time, we've done our best obviously to compensate with other models, but we've not at all been able to fill in for what would have been a very healthy margin on the Artura. I think finally, on the deposits, no. I mean, you know that we've kind of had a deliberate strategy, if you like, of now, you know, we had the Ultimate, we had the Elva, we're now having a bit of a pause. Artura is the big launch now. We don't take deposits on those, so nothing in, certainly, in the current year. Okay, that's very helpful. A very quick follow-up. There was a line item, I guess, on other income due to EBITDA, I guess, that you would have from some services that you provided to the Applied business that you sold. Just wanting to know, is that something that is ongoing, or does that very quickly roll off? AKA, is that sort of one time in your mind? Other income, I mean, there are two bits here. You'll remember that we did have what we call corporate revenue, which to be honest, is kind of services provided by group to other parts of the group, did sit in revenue. We sensibly flipped that into other income. In terms of what we provide to Applied, I think that, as I said today, we've still got a really good relationship with them. They may not be, you know, part of the group anymore, but absolutely share our name. We work with them, and there are still certain services that we would provide. I think there was a 2-year minimum in the agreement, but I've no doubt that when that comes to the end, you know, we may well find that we decide to extend that if it's working for both sides. Okay, that's really helpful. Thank you. Thank you, Stephanie. Our next question comes from Maximilian Lichtenheld of Canyon Partners. Maximilian, your line is now open. Hello. Thanks for the presentation. I just had a quick question on liquidity in terms of, you know, as you look into Q2 and, you know, with GBP 58 million available, you know, if there's any additional delay on the Artura, just wondering if you are having conversations because you mentioned supportive shareholders, etc., to sort of put in some equity or other forms of financing to kind of, you know, be in a bit more resilient position, you know, should there be any further delays from here. I mean, I think Maximilian, thank you for the question. We couldn't be more confident at this point that the Artura will launch. I think as I've flagged in a way, the semiconductor piece wasn't ideal, but if anything, it kind of gave us even more time than we'd have normally had for a launch. You know, the cars have already shipped, so they are on their way to market. As I say, everything's booked with the media. You know, there is at this point, I think, you know, maybe if we'd have been having this call a few months ago, but at this point, that car will launch. I think that of all the, you know, unforeseen variables, that is one that I would say is now, you know, irreversible. Got it. You feel comfortable with kind of GBP 58 million as of end of Q1 of sort of, you know, being able to get through that and not having enough cash because I guess you have some minimum operating cash now that you need in business as well. Yes, indeed. I think as I flagged, you know, you've got liquidity obviously at the end of the quarter. That has certainly now stabilized. Then, you know, with the launch of Artura, as you can see, the second half cash flows also ought to stabilize, and therefore, the same goes for liquidity. I think also, you know, as I've mentioned during the presentation, you know, we do have flexibility. You know, the Artura will launch, as I say, that literally the ship has left. You know, we have flexibility should anything else arise and whether that's, you know, managing CapEx, which currently is due to increase in the second half because our confidence now in the outlook is such that we're ready now to invest in some of the out-year programs. We have flexibility there, and we have flexibility also with an offset base. Got it. Okay, that's helpful. Thank you. Just one follow-up on the specials, you know, the Elva, given that you're not taking more deposits, I guess, on new specials as we speak, when are these going to be delivered? Because I guess that will also impact working capital as in when you do kind of deliver them, the remaining ones. I think throughout, I would say throughout the remainder of this year we'll be delivering the Elvas. You're right on that. I haven't got the exact dates for each one. As you know. Could you quantify the impact roughly in terms of working capital impact? I will come back to you on that because I probably need to just check the schedule for the Elva, if you don't mind. Okay. Thank you very much. Thank you for your question, Maximilian. Our next question comes from Mark Baker of ADM Capital. Mark, your line is now open. Hi, good afternoon. Thank you for taking my question. Just a little to push a little bit further on Max's comment with regards to liquidity, because obviously we're living in unpredictable times. There are many companies that seem certain about the quarter and then 10 weeks later report that things haven't gone according to plan. Could you just, you talk about supportive shareholders. Can you just talk about whether you have had discussions with the shareholders about potentially putting more money in on the equity level? I suppose the second question is, to the extent you do need more liquidity, is there any baskets or any availability to put money either ahead of the 7.5 bonds or parity with the 7.5 bonds? Thanks. Hi, Mark. Yeah, thanks for your question. Look, I mean, I think all I can do is reiterate that if anything, you know, we're kind of, dare I say, at our low point now. You know, we're certainly at an inflection point where, you know, we've invested in all the cars, we've had the semiconductors. You can actually, you know, you can really see that in our cash flow. So as confident as we can possibly be that that liquidity position is now stabilized, that is where we are. So I think we haven't, you know, needed to do anything further in terms of, you know, fundraising and so on, as we sit today. Clearly, we will carefully monitor that. But as I said in response to Maximilian's question, there is no question at this point that. You know, it'd be absolutely valid question if we didn't yet know if the Artura was going to launch, but it absolutely is going to launch within a matter of weeks. I think that's really what gives me the confidence. Likewise, you know, I speak for our shareholders, where in terms of them being supportive, a lot of that, you know, they've been with us, you know, very supportive over the last 12 months. I think they can also now see although the turning point has been somewhat delayed, we really are at that point now. However, look, I appreciate your question. You never know. I mean, look at even what happened with semiconductors. There are always things that could come and bite you. I mean, I think on the semiconductor piece, we've certainly moved beyond the short-term uncertainty. That, for example, is a case in question where we've actually got supply now firm and we can see that right until the end of 2022. For example, on that one, Artura high level of certainty. On the semiconductors, we've also got a high level of certainty, and we're probably, or we have, secured those over and above what we normally would've done just to make sure that we are covered. As I said before, we have also got opportunity to flex cost and CapEx. I think where, you know, where there were question marks, we have as much certainty as we can, and we will remain flexible where we can. What's important? Yeah. Hi, Mark. Steve here. On your question on the credit facilities, any availability we have there, yes, we do have headroom in those facilities. As you know, our RCF we have on the credit facilities basket, we can upsize that via an accordion feature, which is unutilized at the moment. That's for the GBP 15 million. And equally on the pari with the existing notes, we have the conventional baskets, as you're aware. There's a general basket, a lease finance basket or a capital lease basket, and an inventory finance basket, which only very, very lightly utilized. There is additional capacity there should it be required. Thanks, Steve. Can you just quantify roughly what that amount would be? That would be my final question. The general basket, I mean, obviously it's within the indentures, so you should have that detail. General basket is GBP 30 million. The capital lease basket is GBP 25, and the inventory finance, GBP 15. Perfect. Thank you very much indeed. Thank you. We now have a follow-up question from Tom Elliott of Royal London. Tom, your line is now open. Hi. It was actually answered. It was around, you know, are you having any conversations with your shareholders, but you've already answered that. Thank you. Thank you, Tom. As another reminder, if you wish to submit a question, please press star followed by one on your telephone keypad now. We currently have no further questions. I'll hand back over to Kate Ferry for any closing remarks. Well, thank you all for joining the call this afternoon. It goes without saying, if you've got any follow-ups, you have our details, and we can answer anything that you feel you need to know after the call. Speak to you soon. Bye.