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DGAP-News: Williams Grand Prix Holdings PLC : Williams Reports 2013 Annual Results

May 2, 2014

DGAP-News: Williams Grand Prix Holdings PLC / Key word(s): Final Results Williams Grand Prix Holdings PLC : Williams Reports 2013 Annual Results 02.05.2014 / 11:50 --------------------------------------------------------------------- ?02.05.14 Williams Reports 2013 Annual Results Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced the Group's financial results for the year ended 31 December 2013. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited. The Group's overall income has increased to £132.4m (2012: £105.8m), with an EBIT 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. 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 Williams, Founder and Team Principal of Williams, 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." Mike O'Driscoll, Group Chief Executive Officer, 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." Key statistics F1 WAE Discontinued Group Businesses 2013 Income (£m) * 108.5 15.6 8.3 132.4 EBIT (£m) 11.5 6.0 (5.5)** 12.0 EPS 123.91p 2012 Income (£m) * 86.4 15.5 3.9 105.8 EBIT (£m) (8.3) 7.6 (4.4) (5.1) EPS (47.39)p * Excludes pass through costs ** Includes exceptional cost for termination of an operation of £2.7m -Ends- Notes to Editors Williams Grand Prix Holdings PLCWilliams Grand Prix Holdings PLC is the holding company of the Williams group of companies ("Group") which includes Williams Grand Prix Engineering Limited. The Group employs over 600 people, and generates its revenues from its long standing Formula One business and its more recently developed Advanced Engineering operation. The Group's aim is to be a championship-winning Formula One team and a world-class engineering and technology business generating consistent and satisfactory returns for its shareholders. Williams Grand Prix Engineering LimitedWilliams Grand Prix Engineering Limited's core competencies are the design and development of racing cars to compete in the Formula One World Championship. As one of the world's leading Formula One teams, the company has secured 16 FIA Formula One World Championship titles since its foundation in 1977. Nine of these titles have been won in the Constructors' Championship in association with Cosworth, Honda and Renault. The remaining seven titles were won in the Drivers' Championship with Alan Jones, Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve. WGPE continues to develop by adapting its intellectual property and rapid development skills in projects outside Formula One under the trading name Williams Advanced Engineering. Williams Advanced Engineering Williams Advanced Engineering is the brand that is used for all Group activity outside of the Formula One team, with projects focused on the exploitation of Williams' brand, intellectual property and know how. Williams Advanced Engineering harnesses Formula One derived technology, development pace and knowledge to deliver highly innovative products and services to the motorsport, automotive, transport, aerospace and energy sectors. Working in close collaboration with its customers, Williams Advanced Engineering helps them meet the sustainability challenges of the 21st century and improve their performance, market position and brand image. End of Corporate News --------------------------------------------------------------------- 02.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at and --------------------------------------------------------------------- 266137 02.05.2014

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