The corporate that runs the squad, Mercedes-Benz Grand Prix Ltd., declared a turnover for 2023 of £546.5 million, which covers the yr that ended December 31.
This determine represents a rise of £71.9 million over the 2022 determine of £474.6 million.
As a comparability, Crimson Bull Expertise, the corporate behind Crimson Bull’s F1 crew, had a turnover in 2022 of £385.6m.
Nonetheless, 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 mix of things that features each elevated prices and better funds of tax within the 2023 monetary yr.
Race automotive growth belongings, that are carried ahead to the next season, went up from £41 million in 2022, to £52.2 million final yr.
This increased 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 crew was capable of do in producing the 2023 gearbox and suspension components which were equipped to buyer Williams this yr, which was capable of be accomplished earlier than the 2024 elements utilized by Aston Martin.
Mercedes additionally reported a giant improve in common staffing ranges, up by 175 to 1289 final yr, 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 crew ending second within the constructors’ championship somewhat than the third of the earlier season.
There have been additionally some tax components at play within the last revenue calculation.
The crew’s 2022 figures included a deferred tax asset, which meant its earnings final yr had been unusually good.
This, allied to the federal government rising the company tax charge 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 yr.
The distinction in tax funds yr on yr had a huge impact on general revenue, however the enterprise appears to be on a really stable basis with its EBIT (Earnings Earlier than Curiosity and Tax) being fairly secure. It was £113.8 million for the yr ended 2023, in comparison with £113.6 million in 2022.
Whereas Mercedes completed 2023 in second place within the F1 championship behind Crimson Bull, enhancing on its 2022 efficiency, it additionally reported a decline within the protection it acquired on tv as a result of it delivered fewer podiums. Nonetheless, different components confirmed sturdy progress.
In a declaration within the filings, Mercedes said: “The crew’s share of tv protection confirmed a small decline to 14.7% for 2023, reflecting the decrease variety of podium finishes the crew loved versus 2022.
“The cumulative Promoting Worth Equal (AVE) remained sturdy for industrial companions and shareholders, at $5.3 billion. The crew 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 crew 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 crew to be $3.8 billion.”
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