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11.04.2016 08:19:01

DGAP-News: Williams Grand Prix Holdings PLC

DGAP-News: Williams Grand Prix Holdings PLC : Williams Reports 2015 Annual Results

DGAP-News: Williams Grand Prix Holdings PLC / Key word(s): Final Results Williams Grand Prix Holdings PLC : Williams Reports 2015 Annual Results

11.04.2016 / 08:19 The issuer is solely responsible for the content of this announcement.

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11.04.16 Williams Reports 2015 Annual Results; Significant Improvements in Revenue and EBITDA

Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced the Group's financial results for the year ended 31 December 2015. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited. Group revenue increased from £90.2m in 2014 to £125.6m last year. EBITDA improved from a loss of £37.0m in 2014 to a loss of £3.3m in 2015. The Group generated operating free cash flow of £2.7m for the full year. The increase in revenue is primarily due to increased commercial rights and sponsorship income following a significant improvement in on-track performance during the 2014 Formula One season. The Formula One business generated revenues of £101.5m (2014: £70.2m), with an EBITDA of £0.2m (2014: loss of £31.5m). Williams Advanced Engineering generated revenues of £21.3m (2014: £17.8m) with an EBITDA of £2.1m (2014: £1.5m). Mike O'Driscoll, Group Chief Executive Officer, said; "Our 2015 financial results represent a major improvement, with strong revenue growth and positive cash flow. Over the past two years we have completely restructured our business, and our results reflect significant progress, both operationally and financially. We were able to continue our resurgence on the track, and balance revenue and expenditure, despite enormous levels of competitive spending in what is sport's most challenging financial environment. Williams Advanced Engineering continues to make excellent progress and contributes to our overall results. "Our Formula One team achieved third place in the Constructors' Championship for the second successive season in 2015, illustrating the clear step change we have made in our racing competitiveness since we began our restructuring. Commercial rights income is paid a year in arrears, and these accounts reflect our much improved third place in the 2014 Constructors' Championship. Our improved performance on the race track has also enhanced our power in the sponsorship market, with major brands such as Unilever, Avanade, BT and Hackett joining the WILLIAMS MARTINI RACING team during the period. We have also seen a number of our partners increase their commitments to the team, which demonstrates the continued strength of our brand. "Williams Advanced Engineering continued to build and strengthen its customer base in 2015, and also began to diversify into new market sectors, notably aerospace and defence. Its project portfolio has expanded significantly over the past twelve months, and there has also been an encouraging trend towards longer term contracts, enabling more robust planning. Williams Advanced Engineering has a solid platform for continued growth and we are encouraged by the progress of this exciting business. "These financial results show that we are continuing to build a solid foundation for future sporting and commercial success." Key Statistics





F1 WAE Other1 Group 2015 Revenue (£m) 101.5 21.3 2.8 125.6 EBITDA (£m)3 0.2 2.1 (5.6) (3.3) Operating Free Cash Flow (£m)4 2.7

2014 Revenue (£m) 70.2 17.8 2.22 90.2 EBITDA (£m)3 (31.5) 1.5 (7.0)2 (37.0) Operating Free Cash Flow (£m)4 (37.0)





Notes:

1. Williams Heritage, Williams Conference Centre, Group costs, and other projects delivered outside of F1 and Williams Advanced Engineering. 2. Includes discontinued operations; Williams Hybrid Power and the Williams Technology Centre, Qatar. 3. EBITDA represents earnings before interest, taxes, depreciation and amortisation and excludes non-cash share-based payment charges and mark-to-market charges on financial derivatives. 4. Operating Free Cash Flow represents cash flows from operating activities including capital expenditure and disposals of fixed assets, but excluding other investment activities such as the disposal of companies. -Ends- Notes to Editors Williams Grand Prix Holdings PLC Williams Grand Prix Holdings PLC is the holding company of the Williams group of companies 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 Limited Williams 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. Williams Grand Prix Engineering Limited 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, defence 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.

Media Contacts Sophie Ogg Head of Communications E: sophie.ogg@williamsf1.com M: +44 (0)7977 275762 James Francis Senior Communications Manager E: james.francis@williamsf1.com M: +44 (0)7788 317639

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11.04.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

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