Good afternoon, everyone. Thank you for joining the results call this afternoon. It's I think just a little over 2 months since the last call. I think today really will be a brief update on any new business developments, and of course, a run through the H1 financials. Hopefully, you've all got access to the presentation that was up on the website. If we kick off on Slide 2 with some of the highlights from the H1. I'm delighted to say that wholesale of Artura have now commenced, as I'll come onto in a moment. Certainly initial reviews have really been very positive indeed. I think the story at the half really is one that demand for our vehicles is certainly very, very strong. The order book's now full for 2022, standing at 2,510 orders at the end of June, and we're already now taking orders into 2023. However, you know, like everybody else across the sector, we have been affected by supply chain issues. So namely, we have the semiconductor shortages and we have had other constraints, whether that's kind of parts, batteries. All of that has impacted the H1, which means that volumes have been down 24%. So, wholesale volumes at 850 units. That has obviously had an impact on revenue, which is also down in the H1. Of course, you've seen that flow through into EBITDA. However, you know, really pleased to say that we have continue to have very supportive shareholders. You would have seen that since the end of the half, we saw GBP 80 million of capital invested into the group from our shareholders. That was in July 2022. We've got commitments for a further GBP 45 million, should we so need it. At the end of the half, liquidity stood at GBP 50 million. Of course, that was before the GBP 80 million of new shareholder funding that was received in July. Finally in the half, or actually officially since the half in July, we were delighted to welcome Michael Leiters as McLaren Automotive's new CEO. I talked a little bit about his resume when we were last together a couple of months ago. You've seen he's obviously got tons of industry knowledge, huge amounts of experience in the luxury automotive sector. Actually the business, I think, is already benefiting from his credibility and experience in areas such as supply base, quality, the retail network, the media. Of course, goes without saying, I think having now a new CEO in place has had a real positive impact on our people. He's certainly a really inspirational leader. A few other highlights. Those of you who have been watching the media keenly, I hope will have seen that we've revealed the new McLaren Solus GT. You know, Michael actually currently is in the U.S. He was at Pebble Beach over the weekend. I think speaking to him earlier, that really was the absolute highlight, I think of the weekend was the reveal. Lots of fantastic commentary. For those of you that don't know the car, it's a track-only car. I mean, it really will give the owners a full racing driver experience. You've got, you know, driving seat molded to your body, bespoke race suits, helmets, coaching program. You know, you've got a bit of detail there in your packs, but the fact that it goes 0 to 100 in 2.8 seconds, top speed of more than 200 miles per hour, and it looks absolutely beautiful. 25 customer cars, they're retailing at over GBP 3 million. All of those now sold even before the public reveal. But again, really nice piece of media there. Moving on to the next slide, Slide 4. Other updates. We are pleased to announce that we are now going to be opening retail presence in Mumbai in October, that's to meet the really high demand from our Indian clientele. This will be our forty-first territory. A really important step, I think, in our expansion plan. Certainly, we've got more retailers planned later in the year and into 2023. In terms of the Artura, I think I've briefly mentioned, you know, initial response has been great. We've done, you know, a large number of test drives now in the US. We've obviously focused test drives there being our largest market. A phenomenal response. I think July was actually our strongest ever order month. You know, really big uplift in the Artura order book in July. As I've just said, order book is now in fact full for 2022, so we're just focused on filling 2023. I think, you know, all of that obviously gives us real confidence in the Artura. Moving on to the next slide. I mean, some of that's actually covered in some of these highlights from the press. Very positive coverage on the Artura. I mean, even looking at a couple of comments there from Chris Harris, you know, step up in terms of quality, mightily impressive, you know, all bodes well. Also 765LT, that really continues to impress. More awards for that car. Sadly, it is all sold out. Finally, we also unveiled what we call the Artura Trophy, which is another race car, based on the Artura, GT4. I'll leave you to read some of those comments yourselves. Moving on to Slide 6. Wholesale update. As I said in my opening remarks, I think demand remains really strong, but it is supply chain that's problematic, hence the drop year-on-year in wholesales. I would just pull out a couple of pieces. I mean, China being one, fair to say that we had two months in the half that, because of the lockdowns, you know, we were barely able to sell anything. Actually, also worth flagging that currently due to homologation, the GT is actually the only available model in this market. Despite both of these factors, volumes in China were pretty much, you know, flat year-on-year, which I think that gives you an idea of how excited we are about this region in particular and the huge demand that we're seeing from there and obviously big future potential for that market. I think in terms of existing and future models, you know, 765LT Spider and the Elva fully sold out, really strong order book for the Artura and demand for the GT and the 720S still strong and all of that together, I think gives us good confidence for the future. On to the financials on Slide 8. You've got a good summary there. As I've already touched on, revenue lower year on year because of the reduced volumes. That's feeding into lower reported EBITDA. Don't forget, obviously, in that prior year, the big orange block there has got GBP 67.7 million in that corporate relating to the sale and leaseback in 2022, obviously not there this year. A little bit more detail there on the wholesale volumes, which you can see because of the supply chain issues are down year on year. Liquidity stood at GBP 50 million at the end of the quarter. And as I've already highlighted, that's before receiving GBP 80 million in July. Net debt stood at GBP 520 million. That's a reduction versus the prior year at GBP 570 H1 last year. RCF currently drawn at GBP 15 million and CapEx, very much similar messaging to what you heard when we caught up a couple of months ago. It is lower this year. Obviously last year, you know, it was bound to be higher as we were ahead of the Artura launching. I think looking forward, we're still expecting in the kind of GBP 150 million-200 million range there, obviously with some flexibility. Moving on to the cash flow on Slide 9. Key highlights, I guess, would be working capital. You're actually looking at an inflow in the H1, largely driven by, you know, as you'd expect, lower debtors because we've got lower wholesale volumes. However, we do have working capital outflow on inventory, as you'd expect, much higher stock on hand. I mean, actually we probably held as at June more than 800 Arturas. That was certainly up from, I think we had 500 at the end of the year, as at December. Quite a big uptake in inventory. Some of this was offset by working capital financing associated with this inventory. All of that wrapped together meant the working capital inflow. Other highlights I've already mentioned, obviously in the prior year, we had the gain on the sale and leaseback. That's that GBP 67 million you can see there. CapEx, again, I think I've already mentioned that we would expect lower CapEx this year versus the prior year, and we were really focused on investment on Artura and other models in the prior year. Although I would expect a bit of a tick up in CapEx in H2, now that we've started wholesaling the Artura, and as I've already mentioned, you can see there the RCF drawn at GBP 15 million. Then finally, on that last slide, on Slide 10, you can see again the available liquidity at the end of the half. Net debt, I would just mention, has increased since December. I think at that point it was GBP 464 million. I think it's worth flagging, and it's all the detail is in the release, but of course this you will see the revaluation movement relating to the dollar bond, which obviously has been impacted by the strengthening of the US dollar. There's a big revaluation movement of GBP 63.4 million in there as well. I think that is a kind of quick trot through highlights for the half and financials as they stand today. I think that's probably enough from me, and I will move over to any questions. I should have said at the beginning of the call, I'm joined today by Stuart Alfredson, who's our Group Controller, and also I have Piers Scott here as well, who's our Group Head of PR and Communication. As a reminder, if you'd like to ask a question today, please press star followed by one on your telephone keypad now. When preparing to ask your question, please ensure your headset is fully plugged in and unmuted locally. Press star followed by one on your telephone keypad. The first question today comes from Tom Elliott of Royal London. Tom, please go ahead. Your line is open. Hi, can you guys hear me okay? We can, loud and clear. Hi, Tom. Fantastic. I've got several questions. Well, I'll ask two and then get back in the queue. It was regarding the payable side of your working capital. Just going through the notes of your account, you referenced trade finance facilities and working capital finance facilities. So can you give us an understanding of the size of those facilities, you know, the maturity, the rate you're paying, and, you know, what available capacity do you have on those? Sure. I haven't got the annual report in front of myself. Just want to be careful with what we have publicly said in the past. It was from your 1H report, not the annual report. Oh, okay. Fine. Yeah. I think if you look back at the year-end report, we were given a little bit more detail around the facilities there. The largest one is in regards to trade finance facility, that is a I think it's about in sterling. I think it's around GBP 150 million, and that gives it. The account feed gives a bit of detail on the rate too, but the rate's relatively modest when you look at that. Would you just be able to give the size of the working capital facility whilst I'm here? It's U.S. dollar denominated, and I think it's $220 million. Okay. Thanks very much. I'll look in the annual report for some more detail. I just wanted to ask on the Solus GT models for 2023, as you mentioned, they're already sold out, but I just wanted to understand how kind of the cash is gonna move through. Are you gonna be taking one payment upon delivery or will there be, you know, deposits in stages? I mean, as you'd expect for a vehicle with that kind of selling price, absolutely we do take deposits. Normally it would be in two or three parts. I think we're at a stage now that probably the cash that we've taken in in form of deposit pretty much covers the cost of investment to date. Is any of the deposits you've taken for this model that's gonna be delivered next year in your 2Q number? In your 2Q 2022 number? Yes. Yes. How much deposits for the new model are already in that number, in the payables number? We wouldn't give that. I mean, I think fair to say, we do always take deposits, you know, any of our high-end ultimate cars. Actually when you look at what's on the balance sheet period on period, it hasn't shifted that much because of course, you know, although we're now not, we're pretty much done with the Elva, for example, this car, although we've only just announced it, this was absolutely in the budget. We've obviously been planning for this for a considerable amount of time. There's kind of nothing. There's not a particular, you know, spike as a result of Solus. As I say, I'm probably not gonna give you details on, you know, margin on the Solus and all the rest of it. Okay. I'll hop back in the queue. Thanks very much. Okay. The next question comes from Michael Lipsky from Mariner Investment Group. Michael, please go ahead. Your line is open. Thank you. Can you hear me okay? Yeah, we've got you. All right. Very good. On the FX hedging, are you fully hedging the anticipated dollar coupons? I apologize if I missed it in the financials. Let's just start there. Do you hedge out the dollar coupon? Yeah. We have U.S. dollar. We do hedging across our major currencies, typically looking out two years, albeit it sort of tapers down over those two years. That will take into account our dollar coupon on the bond as well as operational cash inflows and outflows too. Got it. Can you comment at all on the hedge performance post the H1 of 2022? Anything significant? I wouldn't have said anything been significantly different from what we've seen. I'd say as we touched on in the documents, obviously there's a strong US dollar at the moment, which obviously affects our bond being US dollar denominated. Equally we have cash inflows, you know, with America being our largest market, which obviously that revenue and cash inflows are US dollars, so we see the benefit on that side too. Got it. My last question is just I'm a little confused on the CapEx. You mentioned that it's gonna be lower going forward, but we should expect an uptick in the H2 of 2022. What's a good run rate CapEx number for us to use in our modeling? Yeah, I mean, I think obviously without giving too much guidance, I know in the past we've talked about GBP 150 million-GBP 200 million, and I think for this year that's probably a pretty fair estimate. You can see where it is in the H1, around GBP 70 million. I'd say I would expect it to be definitely higher in the H2, but still within that GBP 150 million-GBP 200 million range. Wonderful. Thank you for that. That's all I have. Thank you, Michael. The next question comes from Chris Telfer from ING. Chris, please go ahead. Chris Telfer from ING, your line is open. Hi. I just wanted to ask, what's the timeline for the 720S replacement? We haven't actually said anything around that yet. You know, as and when there's something to say, then we'll let you know. Okay. Thank you. Just one other question. Page 16 of the financial statements, the derivative financial liabilities has gone from GBP 13.4 in December to GBP 30.1. Could you just give a bit of color on that? Yeah. As I mentioned before, obviously we have a range of US dollar exposures. One of which being, our largest market is the Americas and obviously US dollar denominated. As I mentioned, we sort of hedge out up to two years, albeit sort of tapering down over that period. Obviously as we've taken some of those hedges now, some of them were taken out last year when obviously the US dollar wasn't as strong, so that would cause the derivative liability to increase. Okay, thank you. The next question comes from Matt Dickinson of LFI. Matt, please go ahead. Hello. Yeah. Do you have any plans to draw down the other GBP 45 million of equity support? If so, when? I think, you know, difficult to give you an exact timeline at this point. I mean, obviously, there are a lot of variables as we look out towards the end of the year. You know, some of that being just how quickly we can get the Artura out to our dealers. As I've said, you know, demand is certainly there. But you know, we're going as fast as we can. Obviously, you know, I'm sitting here feeling quietly confident that certainly supply chain issues, they're far from over, but they are certainly easing. But again, you know, that can reverse pretty quickly. Hopefully we're past any further regional lockdowns, but again. I think, you know, that will very much dictate, you know, whether we draw it down or, you know, and when we draw it down. As I say, it's very much there, it's committed. You know, we will obviously let you know if we feel that we need to. Just finally, is there a sort of deadline on when you can draw that down? Does it expire at all? No. No. Okay. Thank you. I think it was just a case of being prudent like every other car manufacturer. The outlook is, you know, we have had a pretty, you know, tricky period. You know, when you look back, you think, you know, we've had obviously cash outlays as you've had with Artura, but you've had COVID, semiconductors, all the other supply chain issues. I think we just felt it was prudent to have a second tranche there just in case. You know, candidly, I do feel that the outlook is, you know, much more positive. As I say, we have actually now started wholesaling Arturas. You know, I think a lot of other positive news like the Solus and so on, supply chain does seem to be easing. Obviously now we've got Michael in place, but, you know, I'd rather be better prepared, hence having the additional 45 there. Yeah. Thank you. Just finally, did I hear right, you had 800 Arturas in stock at the end of June? Is that right? We did, yeah. Just over, actually. Thank you very much. As a reminder, that star followed by one to enter the queue for a question. We have some follow-ups from Tom Elliott of Royal London. Tom, please go ahead. Hi. One of my questions actually got answered, but I just wanted to come back on CapEx. We're kind of, you know, two-thirds of the way through the year. GBP 150-200 is still quite a big range. I don't know whether you could say if it would be, you know, to help us think if it would be towards, you know, the higher or the lower end of that. Then just with going into, you know, 2023, talking about model refreshes, and you know, the new model that's gonna be delivered next year. I don't know if you can comment yet on, perhaps, CapEx for 2023 as well. Yeah, sure. Look, I mean, I think, you know, as we sit here today, you could probably safely sit somewhere right in the middle of that range, give or take GBP 5 million-GBP 10 million. I think actually my answer is kind of linked to some of the key variables that I talked about as we sit here with four months still to go. Clearly, CapEx is one of the things that we still do have some possibility of flexing. You know, should things go against us, then obviously we might decide to, you know, a lot of that CapEx is about investing in some of our future programs. There is still scope not to spend there, should we decide that for whatever reason, whether it's supply chain disruptions or any further issues come to hit it. I'd rather hence not committing exactly, but sitting here today, it's probably, you know, in the middle of that range, give or take GBP 5 million-GBP 10 million. Just in. Sorry, 2023. I mean, I think given that, you know, we've got an exciting and ambitious product pipeline moving forward. Again, as I say, I'm afraid we can't really announce. You wouldn't expect us to new models, refreshes and so on at this point. You know, clearly, we've got some exciting things to come. The CapEx next year, it certainly won't be, you know, a huge uptick. Don't forget that. I mean, we've just come through a huge period of investment, a whole new platform, a real step forward in terms of technology and everything else with the Artura. So it's certainly not gonna be back to big CapEx envelope. I would expect it to be, you know, at the higher end of the kind of range we've just talked about, you know. If it ends up being a tick above, that will be because, you know, we're investing in new programs. Probably rather not guide at this point. We've literally just been very focused on getting the Artura out the door, which, you know, we're now really excited that's launched and we'll turn our attention now to some of the future models and programs. Okay. Thank you very much. The next question is from Tom Swift from Morgan Stanley. Tom, please go ahead. Thanks very much. Hi, Kate. Just, I guess a question with relation to Artura in the order book. Can you just say how much Artura was in the order book at the end of the H1? Are we happy to give that? Sorry, just checking. I don't know what we normally. I think that maybe if I keep it, without giving the exact number, it is about half. If you look at that order book of 251A that we've given, it's broadly half of that is Artura. Okay. Thank you very much. I guess just a question on the volume cadence for the H2. I mean, I think on the last call, you did kind of give some directionality on that. Can you just talk about that a bit more as to what you expect into the H2? Yeah. I mean, I think, yeah. I mean, clearly it has been unfairly depressed because we haven't had the Artura in there. You know, I would expect quite a significant ramp up now, September onwards. You know, again, I would say for the year, we're still aiming for probably north of 3,000 vehicles. Okay. Thank you very much. The next question comes from Antonio Cazzari with Northlight Group. Antonio, please go ahead. Hi. Good afternoon. Actually, my question was very similar to the previous one in terms of the overall volume. If you say that you just get above 3,000 vehicles, it means that you have roughly 2,000 vehicles. That's part of, I assume, most of the order book. How do you account for Artura in terms of it's clearly it goes assuming the same when you deliver to your retailer, to your dealers. I mean, did you deliver any in July and August? We literally have started wholesaling in August. I think you can assume that there would be no Arturas in the H1. No. You know, in terms of accounting for it. Nothing in July. We have, you know, reasonably low levels in August, and then really start to ramp up in September, October, November, December, and that's obviously when most of your customer handovers are then as well. We have started wholesaling in August. the cars, since you have 800 Arturas on Mm-hmm. In inventory, the cars are ready. It's just a matter of to get them. Oh, they're- I assume. They're ready. I mean, I'm able to say in July that was even higher. I think, you know, broadly at 900 Arturas in July. Now, as I said, it's just a question of when I was talking to you about some of the variables and everything else as we look forward. It is just a question of, you know, how quickly now we can get those into the dealers and into customers' hands. I think, as I said right at the beginning, demand is certainly there. We're now just faced more with the logistics of making it happen. Okay. Looking from a cash flow perspective in the H2, how does the unexpected, at least from my side, cash inflow in the H1 change from a working capital perspective the cash flow profile in the H2, where I had expected an inflow deriving from when you start delivering the Artura? Is that inflow that was expected in the H2 lower because of some of the inflow already anticipated somehow in the H1 of the year or not? Yeah, I think some of it's been brought forward. As you say, we had- Okay. Guided you to positive net working capital for the year. Some of it's brought forward. I mean, I think, you know, as you'd expect, we'll start selling the Arturas. We obviously reduce the stock holding over the coming months. Although clearly our debtors will in turn increase with the higher volumes. But as you rightly say, we have financed some of them, although to be fair, not a massive percentage. Probably still a modest working capital inflow in the H2. You're right, some of that has been brought forward. All things considered, it's a bit difficult to see a materially free cash flow positive in the H2 of the year unless there is a significant inflow, considering the guidance you gave for CapEx and everything. Yeah. I mean, I think, look, you'd expect obviously we've been negative for all the reasons we've talked about in the H1. You know, I would expect that obviously to be positive in the H2. Yeah. You're right. Variable therefore is, you know, managing working capital. As I've cited already, although I'm sitting here today expecting CapEx to step up quite significantly from the first- Yeah. It is still a lever we have to pull, but I think the right thing to do is obviously to invest in the future. That is still a variable. Of course, you know, we still have other things that we can't avoid, like the interest on the bonds. I think, yeah, your assumption is probably about right. Perfect. Thank you very much. The next question comes from Brian Stugliano from Credit Suisse. Brian, please go ahead. Hi. Thanks. I was just wondering if you could give us a little bit of insight into input cost growth over the next 2-3 quarters and what your exposure is there. Thanks. Do you mean all kind of bill of materials or? Yeah. Like if you could just quantify a little bit, you know, a higher input cost and higher energy cost and how that's going to flow through? Yeah. in the next 2-3 quarters. I mean, certainly all my comments have been factoring in some quite heady inflation, same as everybody else. We do hedge, actually. Certainly from the utility perspective, our hedging is much akin to the FX hedging on the energy side. You know, we're working with our suppliers as closely as we possibly can, to manage the inevitable cost inflation that we're also seeing in the supply chain. I guess my comment is kind of similar to what you're hearing from everybody else. We are managing that as best we can. All my kind of guidance certainly factors in, you know, some pretty reasonable cost increase. Okay, thanks. Thank you. As a reminder, that's star followed by one to enter the queue to ask a question. We have an anonymous text question. Can you please remind us of your wholesale guidance? Do you still expect to reach 3K units in 2022, and what is your medium-term target? Yes, I think as I've already said, maybe the text message didn't hear the comment. We do expect to meet the 3,000 target for 2022. We haven't yet guided for 2023 and beyond, but clearly our aspiration is to, you know, get back to volumes more akin to the peak points that you've seen in the past. We have another anonymous text question. Working capital expectations for H2. After your 800 vehicles are finished, how will the vehicles be shipped? Any issues with shipments, et cetera, and could there be further delays? I think, again, maybe the text message, I've already commented on the H2 working capital question. Sorry, the second one was what? How will the cars be shipped? I mean, we've already obviously planned, you know, which slightly dictates our volumes in the end, because as I've already said, the demand is there and we're now merely filling our order book for the following year. When I talk to you know, you can imagine that wholesale volumes are fairly equally spread across September to December to get to that just north of 3,000 number. And that is kind of dictated by, frankly, the kind of capacity of getting cars on ships and into port. Although I think it's fair to say, 'cause I did make the comment before, when we were together a couple of months ago, that some of these cars were already on ships. You know, we do already have many cars in the U.S., so they are already there. They are already awaiting wholesale, which is why I feel pretty confident in a reasonable tick up in September. It's not that we're now waiting to get them all over there. I think as I mentioned already, you know, we've been doing test drives and so on in the U.S., so that's already planned for and in train. Nothing further in the queue at present, but as a final reminder, that's star followed by one to enter the queue to ask a question today. We have a follow-up from Tom Swift from Morgan Stanley. Tom, please go ahead. Thanks very much. I just wanna come back, I guess, to Brian's question and I guess hone in that a bit more. Kate, in terms of input gross costs, what about with respect to labor wages and what have you, because of everything happening in the UK, in terms of any renegotiations, that would be very helpful to know if there've been any increases on that side. Sure. I mean, I think, you know, we have already done some pay adjustments for this year. I think again, that's already fully baked into 2022, and we haven't got any kind of further plans looking forward. Again, when it comes to the right time of year in 2023, we'll see where things are there, and boost there as we can. Thank you. Just a final one, a bit more pedantic. When specifically does, you know, the inventories, particularly of Artura, actually get considered as revenues? Is it when it comes off of the port? Some of the OEMs do that. Or is it when it actually is delivered to dealers? Just for, you know, trying to reconcile things. Thank you. I think it depends a little bit on the region. You know, I think as a broad brush approach, it would be, yes, when it gets to the dealer. In the case of the U.S., for example, it's actually once it's on the truck, you know, once it's left Baltimore and it's on the truck to the dealer, at that point we would count that as wholesale. As a general principle, it's yes, it's when it gets to the dealer or it's certainly pretty much almost there. Okay. Understood. Thank you. We have another anonymous text question. 2Q 2022 saw similar sales to 1Q 2022, but EBITDA was down from a loss of GBP 6 million in the first three months to a loss of around GBP 20 million in 2Q 2022. What drove that? Also, what is the magnitude of current working- Sorry, could you just read that again? I didn't quite catch that. Can you start again? Of course. Read that a bit more slowly? 2Q 2022 saw similar sales to 1Q 2022, but EBITDA was down from a loss of GBP 6 million in the first three months to a loss of around GBP 20 million in 2Q 2022. What drove that? Also, what is the magnitude of current working capital financing outstanding as of the 30th of June 2022? Hi. Sorry. I think, I mean, some of that was, as in our look at 2Q, some of that was FX. Yeah. You know, some of FX and some of it was just the mix at the time, too, in the different quarters, so. It will be a mixture of mix, FX. Obviously, some of it will be, you know, maybe you've seen a bit of material rises from Q2 to Q1. We have no further- I can't remember all of that. Fine. Okay. Thank you. As we have no further questions, I'll hand back to Kate for any closing remarks. No, I think that's everything from me, but as ever, if you should have any follow-up questions, we'd be delighted to take them. Thank you all for listening.