The corporate that runs the squad, Mercedes-Benz Grand Prix Ltd., declared a turnover for 2023 of £546.5 million, which covers the 12 months that ended December 31.
This determine represents a rise of £71.9 million over the 2022 determine of £474.6 million.
As a comparability, Pink Bull Know-how, the corporate behind Pink Bull’s F1 staff, had a turnover in 2022 of £385.6m.
Nevertheless, regardless of the rise in turnover at Mercedes, the Brackley-based outfit reported a slight fall in earnings – right down to £83.8 million from the £89.7m it declared in 2022.
That is the results of a mixture of things that features each elevated prices and better funds of tax within the 2023 monetary 12 months.
Race automotive improvement belongings, that are carried ahead to the next season, went up from £41 million in 2022, to £52.2 million final 12 months.
This larger determine included partially the additional funding wanted to alter its 2024 F1 challenger, which required a brand new chassis for this season.
The £52.2m determine additionally consists of the early work that the staff was capable of do in producing the 2023 gearbox and suspension elements which have been provided to buyer Williams this 12 months, which was capable of be accomplished earlier than the 2024 parts utilized by Aston Martin.
Mercedes additionally reported an enormous enhance in common staffing ranges, up by 175 to 1289 final 12 months, in comparison with 1114 in 2022.
This resulted in its wage invoice leaping by £29.6 million to £111.7m from the £82.1 million it declared in 2022 – though a part of this was brought on by the elevated employees bonuses handed out for the staff ending second within the constructors’ championship fairly than the third of the earlier season.
There have been additionally some tax parts at play within the remaining revenue calculation.
The staff’s 2022 figures included a deferred tax asset, which meant its earnings final 12 months have been unusually good.
This, allied to the federal government growing the company tax price to 25% in April 2023 from 19% in 2022, means Mercedes’ invoice jumped by £23.7 million from £8.6 million in 2022 to £32.5m final 12 months.
The distinction in tax funds 12 months on 12 months had a huge impact on general revenue, however the enterprise appears to be on a really strong basis with its EBIT (Earnings Earlier than Curiosity and Tax) being fairly steady. It was £113.8 million for the 12 months ended 2023, in comparison with £113.6 million in 2022.
Whereas Mercedes completed 2023 in second place within the F1 championship behind Pink Bull, bettering on its 2022 efficiency, it additionally reported a decline within the protection it obtained on tv as a result of it delivered fewer podiums. Nevertheless, different components confirmed robust development.
In a declaration within the filings, Mercedes said: “The staff’s share of tv protection confirmed a small decline to 14.7% for 2023, reflecting the decrease variety of podium finishes the staff loved versus 2022.
“The cumulative Promoting Worth Equal (AVE) remained robust for industrial companions and shareholders, at $5.3 billion. The staff continued to develop strongly on social media, with a cumulative followership of 36 million (+15%) and a complete of 465 million engagements (+9%).
“Throughout 2023, the staff welcomed seven new industrial companions and launched a world-class hospitality providing on the Las Vegas Grands Prix, to serve the elevated demand for VIP race attendance as F1 continues to develop globally. In July, Forbes estimated the worth of the staff to be $3.8 billion.”
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