Thanks, Nadia, and thank you everyone for joining us today for McLaren's Q3 results. I am joined here today by our Group Treasurer, Steve Humphreys, and Piers Scott, our Head of PR. I'll start with a walk through of the year-to-date performance and then open up to any questions at the end. Our year-to-date volumes were up 11% year-on-year, with the prior period having been impacted by supply chain constraints and semiconductor shortages in the early part of 2022. However, as anticipated, Q2 results in 2023 have been lower than Q1 and Q2, reflecting our enhanced focus on quality, whereby all cars have been subjected to greater testing and quality control procedures, and this has resulted in a short-term slowing of deliveries over Q3 and into Q4. Volumes in 2023 largely comprised Artura and GT, with these models making up nearly 90% of the vehicles sold over the year to date. In 2022, a similar percentage of volumes were largely 765LT, 720S and GT, as well as a number of the Ultimate Series, Elva, which gave 2022 a richer product mix. The 765LT, 720S, and Elva have all now completed their production runs earlier this year, and therefore they only make up a small part of the volumes. We are just now actually starting to deliver the 750S to dealers, and so we will start to see some benefit from these deliveries in Q4. North America remains our largest market, at around 37% for the year, of the total wholesale volumes. The percentage increase in volumes we've seen in this region is pretty consistent with the group's overall volume trends. The Asia Pacific region has recorded stronger year-on-year growth, while we haven't seen this growth in Europe. But really, the key factor behind these rates of growth is more to do with the ramp-up of volumes in Q3, where these were Q3 last year, I should say, where these were skewed more to the geographically closer markets, meaning a lower year-on-year rate there. Our order book was similar to where it was at the end of H1, and as you'd expect, it now largely comprises the Artura and the 750S. The 750S, which we revealed back in April, is the successor to our very highly regarded Series Supercar, the 720S. We held our global test drive in early November, in which we gave members of the global media the opportunity to experience the vehicle, and it received extremely positive response and is now sold out well into 2024. Some of the reviews off the back of the event have praised it as the best supercar right now, with various five-star reviews across multiple titles. We expect this feedback, alongside the availability of demo cars at dealers in the near future, to continue to drive the strong demands of this vehicle. Turning to the P&L. Year-to-date revenue was GBP 343 million to September 2023, which was a decrease of 18% compared to the same period in 2022. So while the wholesales had increased by 11%, the impact of these higher volumes was more than offset by the change in product mix we've seen this year. As just discussed, 2023 volumes have predominantly been Artura and GT, which are our two lowest priced models, while 2022 volumes had a much greater proportion of the higher priced 720, 765, and Elva. So the impact of this has been to reduce the average car, the average revenue per car in 2023, and that- it's been down by around a little under 30%, actually. The other positive trend we have started to see from 750S is that there's been a strong options uptake on the early orders, and these obviously will support stronger revenue and margin growth as we look forward to 2024. Our year-to-date gross margin was only 4%, compared to 30% in the period to Q3 2022. The current margin is clearly not where we'd want it to be, but it does reflect a number of different factors. So the model mix shift to lower priced models, whilst we operate with largely just two models over this period. The investment in enhanced quality processes, which has, in the first instance, reduced volumes in the short term, as we've seen in this quarter. But in addition to this is the cost of implementing and operating some of these processes, as well as some of the associated incremental costs. And finally, I guess like many parts of the economy, we've seen certain inflationary cost increases. EBITDA was a loss of GBP 148 million, compared to GBP 54 million in the prior prior period. This result is largely reflective of the gross profit trends just described. Operating costs were GBP 190 million, which was GBP 15 million lower than the same period in 2022. But this decrease in OpEx is due to FX losses and hedges and other FX impacts in the prior year. If you exclude these FX items, OpEx is actually up a little, reflecting that the prior period had reduced the level of spend in light of the supply chain constraints we saw earlier last year. While 2023 has seen higher brand and marketing spend for certain product launches, and especially with our 60th anniversary this year, as well as certain inflationary cost increases again. Cash outflows from operating activities increased to GBP 267 million, and this reflects both the EBITDA loss just described and a working capital outflow. The working capital outflow was predominantly the result of lower creditors, largely reflecting a partial unwind of some of the creditor timing, that we saw in 2022, as well as some lower spend towards the end of the current quarter three. In addition to this, given the lower volumes in the quarter, our inventory at the end of September is higher than we would target it to be. Net cash outflows from investing activities were GBP 148 million, which is well up on the prior period. The increase in spend is due to the higher CapEx, as the business invests in its future models with the [subsequent spend], supported by the funding we've received from shareholders over the course of this year. Net cash flows from financing activities were an inflow of GBP 332 million year to date, and these cash flows have benefited from GBP 370 million of new share capital issued over the course of this year. The previously announced recapitalization is ongoing between the group and its shareholders. As previously discussed, we expect this will deliver a simplified capital structure as well as streamline corporate governance, which will enable simpler execution of our future plans. Our shareholders have remained very supportive of the business during this process, and the recapitalization has provided new funding to the group over the course of the year, with GBP 450 million received so far, including GBP 80 million in November. This funding has supported our investment in, and focus on enhanced quality procedures, and as just noted, it has enabled us to grow our CapEx spend year-on-year, so that we can invest in our long-term product investment plans. At September, we had liquidity of GBP 55 million, comprising a mix of both cash and available headroom in the financing facilities. Liquidity since September has been bolstered by the receipt of the GBP 80 million from our shareholders in November. As we look to the rest of this year, from a volume perspective, we expect to end the year around 2,000 vehicles. This level of volume reflects the additional quality processes we've had in place, active campaigns on our vehicles, and alongside, Q4 only having a relatively modest number of 750S, given the timing of commencement of deliveries. Operating cash outflows will increase further in Q4 as volumes remain below a more normalized run rate. For CapEx, we previously talked about an annual CapEx range of around GBP 150 million-GBP 200 million. We've been at the lower end of this range for the last couple of years, but given the shareholder investment we've had this year to support our future product plan, we expect this to be at the top end of this range. Financing costs will be a little bit over GBP 40 million. As we start to think about 2024, I won't go into detailed specifics at this time, but we do expect to see a number of areas of improvement as we look forward to the new year. With the 750S, the Artura, and the GT in place for 2024, this gives us a more balanced product mix over the year. 2023 has clearly suffered a gap between the end of the 720S and the 765LT and the commencement of the 750S. So the introduction of this vehicle will improve both our revenue and our margins. Likewise, volumes have been below where we want them to be due to the timing of product launches and the slowing in production in H2, as we've implemented the various quality enhancement processes. We expect to see an uplift in volumes year-on-year as these factors start to unwind, as we go into H1 of 2024, and we remain confident in the ongoing demand for our current product lineup. Both improving the product mix and growing the volumes are our key first steps to improving the margin and the EBITDA of the business. For working capital, we'd expect to see some reversal of the outflows we've seen this year. We currently have more inventory than we would target to have, and we expect to start to see that come down in 2024 as we grow our volumes. CapEx, again, will likely be towards the top end of our typical range of GBP 150-GBP 200. While delivery of these factors will see a much improved cash performance in 2024, we do still expect a free cash outflow. We've actually worked closely with our shareholders as part of the recapitalization process regarding ongoing support of the business and its future product plan. While I can't give more specific detail at this time, we obviously will keep you informed as things evolve. But most importantly, we have obviously benefited from their support this year, and they remain apprised of our latest plans and forecasts. So that's the end of what I intended to cover through the slides. So I might hand over to questions now. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to retract your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. We ask you please limit yourself to two questions per person. We have a question from Jemma Permalloo of JP Morgan. Jemma, please go ahead. Your line is open. Hi, good afternoon. Apologies for joining a bit late, I may have missed it. I just had a broader question on the recapitalization process. Given the latest update of the GBP 80 million that came through in November, where are you? Are you seeing further potential, shareholder support? Are you sort of done for the year, or is this more priority for 2024 now? Thank you. Thanks, Jemma. So I guess as we've just run through, we do expect to have to require further funding as we look forward to next year, because we do expect to have a free cash flow, free cash outflow as we look at 2024. I think we'll obviously work with our shareholders as to, you know, what's the right time for future funding to come into the business. So we'll obviously keep you up to date, you know, as those decisions are made. Great. Thank you. Thank you, and as a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. We'll pause for just a moment. Thank you. It appears we have no further questions, and I'll hand back to Stuart for any closing comments. Very great. Well, thank you, everyone, for your time today. We obviously wish you a very happy, rest of 2023 and, look forward to talking to you again in 2024, as we look forward to the year-end results. All the best. Thank you very much.
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