GROVE, UNITED KINGDOM--(Marketwire - May 10, 2011) -
WGF1
WILLIAMS REPORTS SOLID PERFORMANCE FOR 2010 RESULTS;
GROWS PROFIT 28 PERCENT AND DOUBLES CASH AT HAND
10 May, 2011. Grove, UK. Williams Grand Prix Holdings PLC ("Williams"
or the "Group," Ticker: WGF1) today announced Williams Grand Prix
Engineering Limited's results for the year ended 31 December 2010.
Group subsidiary Williams Grand Prix Engineering Limited designs and
manufactures Formula One race cars, running AT&T Williams' entries in
the FIA Formula One World Championship.
- EBITDA on a like for like basis up 25% to GBP12 million
(2009: GBP9.6m)
- Reported EBITDA up 5% to GBP10.1 million (2009: GBP9,6m)
- Profit before tax on a like for like basis up 33% to
GBP7.7million (2009: GBP4.5m)
- Reported profit before tax up 28% to GBP5.8 million (2009: GBP4.5m)
after investment of GBP1.9million in Williams Hybrid Power and Williams
Technology Centre Qatar
- No tax charge for the year. Estimated carry-forward losses for
taxation purposes of approximately GBP88 million
- Turnover of GBP91 million (2009: GBP108.3m)
- Cash at hand more than doubled to GBP27.2 million (2009:
GBP13.2m)
- Cash generation strong, debt reduced to GBP2.4 million
(2009: GBP9.3m, 2007: GBP24.8m)
- Williams Hybrid Power's flywheel contributes to Porsche's race
success with its 911 GT3R Hybrid
- Williams Technology Centre Qatar partners with Sainsbury's to
leverage F1-developed vehicle simulator technology for the UK
supermarket's drivers to enhance energy efficiency and safety
Team Principal Sir Frank Williams said: "Commercially, 2010 has given
Williams a solid foundation from which to grow. Amidst one of the
harshest sponsorship environments for a long time, we signed Petroleos
de Venezuela S.A. (PDVSA) and upgraded and extended existing partners,
Randstad and Oris. This year has seen us build on that with our joint
venture with Jaguar Land Rover and we are looking forward to further
developments with our new businesses, WHP and WTCQ."
Chairman Adam Parr said: "We are pleased to report a solid set of
results for our shareholders. We enter 2011 in a stronger financial
position with a strategy to take the business forward again over the
coming years. Our March IPO and listing on the Frankfurt Stock
Exchange demonstrates investor confidence in Williams, and secures the
team's long-term future by providing a sustainable ownership structure.
A core element of the strategy set out to investors in March was a
partnership with a leading car manufacturer. Our new association with
Jaguar Land Rover, announced this month, demonstrates the strategy is
on track."
On 2 March 2011 Williams was admitted to the Open Market (Entry
Standard segment) of the Frankfurt Stock Exchange, under the ticker
symbol WGF1, following its initial public offering of 24% of its
existing ordinary shares.
All figures in GBPmillion
2010 2009
F1 WTCQ WHP Group F1
Revenue 90.8 - 0.2 91.0 108.3
EBITDA 12.0 (0.8) (1.1) 10.1 9.6
Profit before Taxation 7.7 (0.8) (1.1) 5.8 4.5
Net Funds 24.8 3.9
WILLIAMS GRAND PRIX HOLDINGS PLC
Williams Grand Prix Holdings PLC is the holding company of the Williams
group of companies ("Group") which includes Williams Grand Prix
Engineering Limited and Williams Hybrid Power Limited. The Group has
established the Williams Technology Centre in Qatar which is a branch
of Williams Grand Prix Engineering Limited.
The Group employs approximately 490 personnel throughout its business.
Its revenues are currently derived almost exclusively from its Formula
One business, including commercial sponsorships and the team's share of
the Formula One commercial rights income.
The Group's aim is to be a Championship-winning Formula One team and a
world-class technology business generating steady returns for
shareholders through the economic cycle.
Williams Grand Prix Engineering Limited
Formed in 1977 by Frank Williams and Patrick Head, Williams Grand Prix
Engineering Limited's core competencies are the design and manufacture
of Formula One race cars, and the deployment of this expertise in
running the team's entries in each season's Grands Prix.
As one of the world's leading Formula One teams, the company has
secured 16 FIA Formula One World Championship titles in the past thirty
years. Nine of these titles have been won in the Constructors'
Championship in association with Cosworth, Honda and Renault. The
remaining seven titles are Drivers' Championships, won with Alan Jones,
Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill and
Jacques Villeneuve.
AT&T Williams is one of the most vertically-integrated of Formula One
teams with first-class design and manufacturing facilities on its 33
hectare site in Oxfordshire, England.
Williams Grand Prix Engineering Limited aims to develop substantial
revenues from exploiting its brand, intellectual property and rapid
development skills in projects outside Formula One.
Williams Hybrid Power Limited
Williams Hybrid Power Limited is a company specialising in
magnetically-loaded composite flywheels which are used as an energy
storage device in small and medium sized applications such as
automobiles, buses, trams and light rail.
Williams Technology Centre
The Williams Technology Centre in Qatar is developing large
magnetically loaded composite flywheels (for use in trains or static
applications such as grid stabilisation) and commercial applications of
the Group's motorsport simulation technology.
For further information contact:
Pelham Bell Pottinger
Tristan Peniston-Bird
+44 20 7861 3232
Williams Grand Prix Holdings
Claire Williams, Investor
Relations
+44 7977 275 808
This information is provided by RNS
The company news service from the London Stock Exchange
END
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