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Previously on TJ13:
Editors note: As we come to the end of the second week – of the break between the Chinese and Spanish Grand Prixs – it is hardly surprising that news is a little slow in Formula One. In addition, it is understandable that with the twentieth anniversary of the death of Ayrton Senna – most of the media this week have been focused on the legend’s story – with a substantial amount merely a rewriting of a history that has been well documented over the last two decades…
Williams Reports 2013 Annual Results
Williams today announced the Group’s financial results for the year ended 31 December 2013, which includes Williams Grand Prix Engineering Limited.
The Group’s overall income has increased to £132.4m (2012: £105.8m), with an EBIT (earnings before interest and taxes) of £12.0m (2012: (£5.1m)). The increase in income and earnings was due primarily to a special non-recurring sponsorship payment, which drove an increase in Formula One income to £108.5m (2012: £86.4m), and a corresponding improvement in EBIT. It appears it did cost Maldonado some money to break his contract with Williams and head to Lotus.
Williams Advanced Engineering, the division of the Group that commercialises Formula One derived technology, generated income and earnings broadly in line with the previous year, with income of £15.6m (2012: £15.5m) and EBIT of £6.0m (2012: £7.6m). Except for funding put in place to support a new Williams Advanced Engineering facility, gross borrowings decreased to £3.0m (2012: £4.6m).
Williams Hybrid Power and the Williams Technology Centre, Qatar ceased to be part of the Group in the first quarter of 2014. The Group has disclosed the performance of both the continuing and discontinued operations in its 2013 accounts.
Overall Group results
. Income increased by 25% to £132.4m (2012: £105.8m)
. Overall EBIT of £12.0m (2012: (£5.1m))
. Earnings per share of 123.91 pence (2012: (47.39 pence))
Formula One results
. Income increased by 26% to £108.5m (2012: £86.4m)
. EBIT of £11.5m (2012: (£8.3m))
Williams Advanced Engineering results
. Income on a like-for-like basis increased to £15.6m (2012: £15.5m)
. EBIT of £6.0m (2012: £7.6m)
Speaking about the results Sir Frank said; “Although 2013 was a difficult season for the team on the race track, we report these full year results at a time of much optimism for the Williams Group. We have started the 2014 Formula One season well and hope we can continue to improve our performance.
We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and very loyal group of partners and fans. These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow.”
O’Driscoll, Williams’ CEO said; “We began the process of refocusing and restructuring midway through last year and we are making good progress against our strategic objectives of strengthening our Formula One performance and building a robust and profitable advanced engineering business.
“The Formula One engineering team has been strengthened significantly and is now led by Pat Symonds, our Chief Technical Officer. A long-term power unit contract with Mercedes-Benz has already proved its worth and supported a strong start to the season. Solid commercial progress through the winter months included a new title sponsorship and rebranding under the exciting Williams Martini Racing banner plus additional new partners. We are committed to the goal of returning the team to winning ways.
“Williams Advanced Engineering is also progressing under a new Managing Director, Craig Wilson. The core objective of using our intellectual property and know-how to create a strong high-tech engineering business remains unchanged. Its capabilities and growing client base are evidence of the strong demand for cutting-edge energy efficient solutions developed in the fast-paced Formula One environment.
New projects over the past 12 months include development of the battery technology for the Formula E racing series. The Group has invested in a new, state-of-the-art advanced engineering facility at our UK headquarters, which has also enabled us to streamline our operations and close our Qatar facility.
“We have recently announced the sale of Williams Hybrid Power to global engineering company GKN in a multi-million pound deal. Williams Hybrid Power is a successful example of Williams incubating and then spinning off Formula One technology, with the Group benefitting from uncapped additional consideration over the next decade from future sales of this innovative technology.”