Cash flow Formula One Group

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06/07	BofA Securities Adjusts Price Target on Liberty Media Series C Liberty Formula One to $115 From $105	MT
01/07	Liberty Media's Formula One, Flexjet Sign Multiyear Private Aviation Partnership	MT

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Published financial data: FORMULA ONE GROUP

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	114.5Cr	213.6Cr	257.3Cr	322.2Cr	331.8Cr
Other Revenues, Total	-	-	-	-	34Cr
Total Revenues	114.5Cr	213.6Cr	257.3Cr	322.2Cr	365.3Cr
Cost of Goods Sold, Total	97Cr	148.9Cr	175Cr	224Cr	248.8Cr
Gross Profit	17Cr	65Cr	82Cr	98Cr	116.5Cr
Selling General & Admin Expenses, Total	17Cr	21Cr	29Cr	32Cr	41Cr
Depreciation & Amortization - (IS)	44Cr	40Cr	36Cr	37Cr	35Cr
Other Operating Expenses	-	-	-	-	1.3Cr
Other Operating Expenses, Total	62Cr	61Cr	65Cr	68Cr	77Cr
Operating Income	-44Cr	4Cr	17Cr	30Cr	39Cr
Interest Expense, Total	-15Cr	-12Cr	-15Cr	-21Cr	-21Cr
Interest And Investment Income	70L	-	-	-	-
Net Interest Expenses	-14Cr	-12Cr	-15Cr	-21Cr	-21Cr
Income (Loss) On Equity Invest.	-11Cr	2.3Cr	-	-40L	-1Cr
Other Non Operating Income (Expenses)	15Cr	-70L	17Cr	12Cr	-5.2Cr
EBT, Excl. Unusual Items	-54Cr	-6.7Cr	20Cr	20Cr	12Cr
Merger & Related Restructuring Charges	-	-	-	-	-3.2Cr
Impairment of Goodwill	-	-	-	-	-7.3Cr
Gain (Loss) On Sale Of Investments	-17Cr	-9Cr	5.4Cr	1.5Cr	-
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	-71Cr	-16Cr	25Cr	21Cr	1.7Cr
Income Tax Expense	-11Cr	-3.7Cr	-31Cr	2.7Cr	4.7Cr
Earnings From Continuing Operations	-59Cr	-12Cr	56Cr	18Cr	-3Cr
Net Income to Company	-59Cr	-12Cr	56Cr	18Cr	-3Cr
Minority Interest	-20L	-7Cr	-40L	10L	-
Net Income - (IS)	-60Cr	-19Cr	56Cr	18Cr	-3Cr
Net Income to Common Incl Extra Items	-60Cr	-19Cr	56Cr	18Cr	-3Cr
Net Income to Common Excl. Extra Items	-60Cr	-19Cr	56Cr	18Cr	-3Cr
Per Share Items
Net EPS - Basic	-2.57	-0.82	2.39	0.79	-0.12
Basic EPS - Continuing Operations	-2.57	-0.82	2.39	0.79	-0.12
Basic Weighted Average Shares Outstanding	23Cr	23Cr	23Cr	23Cr	24Cr
Net EPS - Diluted	-2.57	-0.82	2.15	0.62	-0.13
Diluted EPS - Continuing Operations	-2.57	-0.82	2.15	0.62	-0.13
Diluted Weighted Average Shares Outstanding	23Cr	23Cr	24Cr	24Cr	24Cr
Normalized Basic EPS	-1.46	-0.48	0.51	0.53	0.32
Normalized Diluted EPS	-1.46	-0.48	0.49	0.51	0.32
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	-30L	44Cr	54Cr	67Cr	74Cr
EBITA	-44Cr	4Cr	17Cr	30Cr	68Cr
EBIT	-44Cr	4Cr	17Cr	30Cr	39Cr
EBITDAR	8.8Cr	52Cr	-	-	-
Total Revenues (As Reported)	114.5Cr	213.6Cr	257.3Cr	322.2Cr	365.3Cr
Effective Tax Rate - (Ratio)	15.86	23.57	-123.9	12.8	276.47
Current Domestic Taxes	1.1Cr	-50L	-2.9Cr	-3.2Cr	-4.6Cr
Current Foreign Taxes	20L	90L	2.4Cr	4.1Cr	5.8Cr
Total Current Taxes	1.3Cr	40L	-50L	90L	1.2Cr
Deferred Domestic Taxes	-4.1Cr	4.6Cr	2.4Cr	4Cr	60L
Deferred Foreign Taxes	-8.4Cr	-8.7Cr	-33Cr	-2.2Cr	2.9Cr
Total Deferred Taxes	-12Cr	-4.1Cr	-31Cr	1.8Cr	3.5Cr
Normalized Net Income	-34Cr	-11Cr	12Cr	12Cr	7.62Cr
Interest on Long-Term Debt	60L	60L	-	-	-
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	3.4Cr
Net Rental Expense, Total	9.1Cr	8.5Cr	-	-	-
Imputed Operating Lease Interest Expense	2.25Cr	2.26Cr	-	-	-
Imputed Operating Lease Depreciation	6.85Cr	6.24Cr	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	2.1Cr	2.9Cr	1.6Cr	2Cr	3Cr
Total Stock-Based Compensation	2.1Cr	2.9Cr	1.6Cr	2Cr	3Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	168.4Cr	207.4Cr	173.3Cr	140.8Cr	263.1Cr
Total Cash And Short Term Investments	168.4Cr	207.4Cr	173.3Cr	140.8Cr	263.1Cr
Accounts Receivable, Total	12Cr	6.6Cr	12Cr	12Cr	11Cr
Other Receivables	-	-	-	-	-
Total Receivables	12Cr	6.6Cr	12Cr	12Cr	11Cr
Restricted Cash	-	-	-	-	70L
Other Current Assets, Total	46Cr	23Cr	17Cr	18Cr	27Cr
Total Current Assets	226.4Cr	236.9Cr	202.3Cr	171.1Cr	302.2Cr
Gross Property Plant And Equipment	20Cr	21Cr	52Cr	97Cr	100.7Cr
Accumulated Depreciation	-7.4Cr	-8.9Cr	-11Cr	-14Cr	-20Cr
Net Property Plant And Equipment	12Cr	12Cr	41Cr	84Cr	81Cr
Long-term Investments	21Cr	22Cr	25Cr	4.1Cr	3.3Cr
Goodwill	395.6Cr	395.7Cr	395.6Cr	395.6Cr	413.4Cr
Other Intangibles, Total	388.3Cr	350.7Cr	316.3Cr	285.8Cr	268.9Cr
Deferred Tax Assets Long-Term	-	-	-	-	58Cr
Other Long-Term Assets, Total	76Cr	149.1Cr	121.3Cr	86Cr	49Cr
Total Assets	1.12TCr	1.17TCr	1.1TCr	1.03TCr	1.18TCr
Liabilities
Accounts Payable, Total	15Cr	31Cr	40Cr	54Cr	64Cr
Current Portion of Long-Term Debt	21Cr	70Cr	6.1Cr	3.6Cr	2.6Cr
Current Portion of Leases	-	-	-	-	1.5Cr
Unearned Revenue Current, Total	26Cr	25Cr	35Cr	25Cr	27Cr
Other Current Liabilities	7.4Cr	4Cr	2.9Cr	-3.1Cr	18Cr
Total Current Liabilities	69Cr	129.6Cr	83Cr	79Cr	113Cr
Long-Term Debt	355Cr	293.6Cr	288.6Cr	287Cr	296.6Cr
Long-Term Leases	-	-	-	-	2.9Cr
Deferred Tax Liability Non Current	-	-	-	30L	-
Other Non Current Liabilities	39Cr	49Cr	36Cr	19Cr	25Cr
Total Liabilities	463.6Cr	472.4Cr	408.1Cr	384.8Cr	437.1Cr
Common Stock, Total	655Cr	634Cr	691Cr	641.9Cr	738.8Cr
Total Common Equity	655Cr	634Cr	691Cr	641.9Cr	738.8Cr
Minority Interest	50L	60Cr	2.5Cr	-	-
Total Equity	655.5Cr	694Cr	693.5Cr	641.9Cr	738.8Cr
Total Liabilities And Equity	1.12TCr	1.17TCr	1.1TCr	1.03TCr	1.18TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	23Cr	23Cr	23Cr	23Cr	25Cr
ECS Total Common Shares Outstanding	23Cr	23Cr	23Cr	23Cr	25Cr
Book Value / Share	28.25	27.31	29.55	27.36	29.64
Tangible Book Value	-128.9Cr	-112.4Cr	-21Cr	-40Cr	56Cr
Tangible Book Value Per Share	-5.56	-4.84	-0.89	-1.68	2.27
Total Debt	375.9Cr	363.1Cr	294.7Cr	290.6Cr	303.6Cr
Net Debt	207.5Cr	155.7Cr	121.4Cr	149.8Cr	40Cr
Debt Equivalent Oper. Leases	73Cr	68Cr	-	-	-
Minority Interest, Total (Incl. Fin. Div)	50L	60Cr	2.5Cr	-	-
Equity Method Investments, Total	3.8Cr	3Cr	3.4Cr	4.1Cr	3.3Cr
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	-	-	-	26Cr
Buildings, Total	-	-	-	-	54Cr
Machinery, Total	-	-	-	-	20Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-60Cr	-19Cr	56Cr	18Cr	-3Cr
Depreciation & Amortization - CF	44Cr	40Cr	36Cr	37Cr	6.2Cr
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	29Cr
Depreciation & Amortization, Total	44Cr	40Cr	36Cr	37Cr	35Cr
(Gain) Loss on Sale of Investments - (CF)	17Cr	9Cr	-5.4Cr	-1.5Cr	-
Asset Writedown & Restructuring Costs	-	-	-	-	7.3Cr
(Income) Loss On Equity Investments - (CF)	11Cr	-2.3Cr	-	40L	1Cr
Stock-Based Compensation (CF)	2.1Cr	2.9Cr	1.6Cr	2Cr	3Cr
Other Operating Activities, Total	-24Cr	3.5Cr	-46Cr	-7.6Cr	20Cr
Change In Accounts Payable	-80L	14Cr	20Cr	8.6Cr	-10Cr
Change in Other Net Operating Assets	-3.7Cr	-20L	-8.7Cr	4.6Cr	3.9Cr
Cash from Operations	-14Cr	48Cr	53Cr	62Cr	57Cr
Capital Expenditure	-2.1Cr	-1.7Cr	-29Cr	-43Cr	-7.5Cr
Cash Acquisitions	-	-	-	-	-20Cr
Investment in Marketable and Equity Securities, Total	10Cr	6.4Cr	1Cr	-6.3Cr	30L
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-50L	-65Cr	68Cr	-2.1Cr	-1.5Cr
Cash from Investing	7.5Cr	-60Cr	39Cr	-51Cr	-29Cr
Long-Term Debt Issued, Total	127.1Cr	-	288.4Cr	-	64Cr
Total Debt Issued	127.1Cr	-	288.4Cr	-	64Cr
Long-Term Debt Repaid, Total	-61Cr	-32Cr	-362.8Cr	-34Cr	-68Cr
Total Debt Repaid	-61Cr	-32Cr	-362.8Cr	-34Cr	-68Cr
Issuance of Common Stock	-	-	-	-	94Cr
Repurchase of Common Stock	-7.2Cr	-10Cr	-3.7Cr	-90L	-1.4Cr
Other Financing Activities, Total	57Cr	94Cr	-49Cr	-8.3Cr	7.2Cr
Cash from Financing	115.8Cr	51Cr	-126.9Cr	-44Cr	96Cr
Foreign Exchange Rate Adjustments	30L	-30L	-	10L	-1Cr
Net Change in Cash	109.7Cr	39Cr	-34Cr	-32Cr	123Cr
Supplemental Items
Cash Income Tax Paid (Refund)	-	-	-	-	-
Levered Free Cash Flow	-29Cr	76Cr	28Cr	-1.91Cr	67Cr
Unlevered Free Cash Flow	-20Cr	84Cr	37Cr	11Cr	80Cr
Change In Net Working Capital	36Cr	-40Cr	-18Cr	3.4Cr	-25Cr
Net Debt Issued / Repaid	66Cr	-32Cr	-74Cr	-34Cr	-3.2Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-2.45	0.22	0.95	1.74	2.22
Return on Total Capital	-2.61	0.24	1.06	1.93	2.48
Return On Equity %	-10.07	-1.78	8.1	2.76	-0.43
Return on Common Equity	-10.11	-2.95	8.42	2.78	-0.43
Margin Analysis
Gross Profit Margin %	14.93	30.29	31.99	30.48	31.89
SG&A Margin	15.2	9.83	11.19	9.81	11.17
EBITDA Margin %	-0.26	20.46	20.79	20.67	20.37
EBITA Margin %	-38.78	1.87	6.72	9.22	18.67
EBIT Margin %	-38.78	1.87	6.72	9.22	10.73
Income From Continuing Operations Margin %	-51.88	-5.62	21.84	5.71	-0.82
Net Income Margin %	-52.05	-8.9	21.69	5.74	-0.82
Net Avail. For Common Margin %	-52.05	-8.9	21.69	5.74	-0.82
Normalized Net Income Margin	-29.6	-5.24	4.63	3.83	2.09
Levered Free Cash Flow Margin	-25.31	35.59	10.8	-0.59	18.4
Unlevered Free Cash Flow Margin	-17.34	39.19	14.42	3.56	21.95
Asset Turnover
Asset Turnover	0.1	0.19	0.23	0.3	0.33
Fixed Assets Turnover	9.7	17.58	9.76	5.17	4.43
Receivables Turnover (Average Receivables)	12.05	22.84	27.23	26.2	28
Short Term Liquidity
Current Ratio	3.27	1.83	2.43	2.17	2.67
Quick Ratio	2.61	1.65	2.23	1.95	2.43
Operating Cash Flow to Current Liabilities	-0.2	0.37	0.64	0.79	0.5
Days Sales Outstanding (Average Receivables)	30.37	15.98	13.41	13.93	13.07
Average Days Payable Outstanding	77.78	56.13	73.42	75.85	82.16
Long Term Solvency
Total Debt/Equity	57.35	52.32	42.49	45.27	41.09
Total Debt / Total Capital	36.45	34.35	29.82	31.16	29.12
LT Debt/Equity	54.16	42.31	41.61	44.71	40.54
Long-Term Debt / Total Capital	34.42	27.77	29.2	30.78	28.73
Total Liabilities / Total Assets	41.43	40.5	37.05	37.48	37.17
EBIT / Interest Expense	-3.04	0.33	1.16	1.39	1.88
EBITDA / Interest Expense	-0.02	3.55	3.59	3.11	3.58
(EBITDA - Capex) / Interest Expense	-0.16	3.41	1.64	1.12	3.22
Total Debt / EBITDA	-1.25T	8.31	5.51	4.36	4.08
Net Debt / EBITDA	-691.67	3.56	2.27	2.25	0.54
Total Debt / (EBITDA - Capex)	-156.62	8.65	12.08	12.11	4.54
Net Debt / (EBITDA - Capex)	-86.46	3.71	4.98	6.24	0.61
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-43.37	86.55	20.46	25.22	13.38
Gross Profit, 1 Yr. Growth %	-72.77	278.36	27.2	19.32	18.64
EBITDA, 1 Yr. Growth %	-100.72	-14.67T	22.43	24.49	11.71
EBITA, 1 Yr. Growth %	1.17T	-109.01	332.5	71.68	9.29
EBIT, 1 Yr. Growth %	1.17T	-109.01	332.5	71.68	31.99
Earnings From Cont. Operations, 1 Yr. Growth %	91	-79.8	-568.33	-67.26	-116.3
Net Income, 1 Yr. Growth %	91.64	-68.12	-393.68	-66.85	-116.22
Normalized Net Income, 1 Yr. Growth %	22.39	-66.99	-206.48	3.67	-38.26
Diluted EPS Before Extra, 1 Yr. Growth %	90.37	-68.09	-361.9	-71.29	-121.08
Accounts Receivable, 1 Yr. Growth %	75.36	-45.45	86.36	0	-7.32
Net Property, Plant and Equip., 1 Yr. Growth %	10.71	-4.03	242.86	105.39	-3.34
Total Assets, 1 Yr. Growth %	-2.73	4.23	-5.56	-6.8	14.53
Tangible Book Value, 1 Yr. Growth %	-57.32	-12.8	-81.41	89	-243.04
Common Equity, 1 Yr. Growth %	25.02	-3.21	8.99	-7.11	15.1
Cash From Operations, 1 Yr. Growth %	-147.28	-446.04	11.02	15.92	-8.4
Capital Expenditures, 1 Yr. Growth %	-52.27	-19.05	1.61T	46.39	-82.39
Levered Free Cash Flow, 1 Yr. Growth %	-183.2	-362.34	-63.43	-106.88	-3.61T
Unlevered Free Cash Flow, 1 Yr. Growth %	-142.22	-521.66	-55.66	-69.11	599.67
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-20.84	2.78	49.91	22.82	19.15
Gross Profit, 2 Yr. CAGR %	-44.44	1.5	119.38	23.2	18.98
EBITDA, 2 Yr. CAGR %	-90.74	2.25	1.24T	23.45	17.93
EBITA, 2 Yr. CAGR %	100.91	6.9	-37.58	172.49	13.12
EBIT, 2 Yr. CAGR %	100.91	6.9	-37.58	172.49	50.53
Earnings From Cont. Operations, 2 Yr. CAGR %	99	-37.88	-2.73	23.83	-76.9
Net Income, 2 Yr. CAGR %	99.33	-21.84	-3.24	-1.32	-76.81
Normalized Net Income, 2 Yr. CAGR %	55.58	-36.93	-40.71	5.07	-19.99
Diluted EPS Before Extra, 2 Yr. CAGR %	98.84	-22.06	-8.59	-13.28	-75.4
Accounts Receivable, 2 Yr. CAGR %	4.88	-2.2	0.82	36.52	-3.73
Net Property, Plant and Equip., 2 Yr. CAGR %	17.38	3.08	81.39	165.37	40.9
Total Assets, 2 Yr. CAGR %	1.06	0.69	-0.78	-6.18	3.32
Tangible Book Value, 2 Yr. CAGR %	-35.95	-38.99	-59.73	-40.72	64.42
Common Equity, 2 Yr. CAGR %	8.64	10.01	2.71	0.62	3.4
Cash From Operations, 2 Yr. CAGR %	-27.98	27.91	96	13.44	3.04
Capital Expenditures, 2 Yr. CAGR %	22.47	-37.84	272.25	400.59	-49.23
Levered Free Cash Flow, 2 Yr. CAGR %	-10.81	47.74	-2.05	-84.14	55.48
Unlevered Free Cash Flow, 2 Yr. CAGR %	-35.98	33.43	36.74	-62.99	47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-13.73	5.35	8.36	41.18	19.59
Gross Profit, 3 Yr. CAGR %	-32.82	5.31	9.43	79.08	21.66
EBITDA, 3 Yr. CAGR %	-79.82	7.68	8.57	505.5	19.41
EBITA, 3 Yr. CAGR %	123.07	-28.62	70.34	-12.54	157.38
EBIT, 3 Yr. CAGR %	123.07	-28.62	70.34	-12.54	114
Earnings From Cont. Operations, 3 Yr. CAGR %	32.22	-7.17	21.8	-32.34	-37
Net Income, 3 Yr. CAGR %	32.71	8.2	21.51	-32.29	-45.95
Normalized Net Income, 3 Yr. CAGR %	18.94	-7.2	-24.9	-28.57	-12
Diluted EPS Before Extra, 3 Yr. CAGR %	28.54	8.05	16.74	-37.86	-45.88
Accounts Receivable, 3 Yr. CAGR %	12.94	-15.66	21.25	0.55	19.98
Net Property, Plant and Equip., 3 Yr. CAGR %	9.29	9.76	53.87	89.06	89.52
Total Assets, 3 Yr. CAGR %	-1.76	2.11	-1.44	-2.83	0.27
Tangible Book Value, 3 Yr. CAGR %	-28.03	-29.01	-58.94	-32.58	-20.49
Common Equity, 3 Yr. CAGR %	4.93	4.54	9.67	-0.67	5.23
Cash From Operations, 3 Yr. CAGR %	22.83	21.53	22.01	64.52	5.64
Capital Expenditures, 3 Yr. CAGR %	28.06	6.69	87.71	172.73	64.01
Levered Free Cash Flow, 3 Yr. CAGR %	-7.7	27.79	-7.23	-59.59	-4.02
Unlevered Free Cash Flow, 3 Yr. CAGR %	-26.8	20.01	-7.58	-16.73	-1.41
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	7.61	12.02	12.56
Gross Profit, 5 Yr. CAGR %	-	-	7.85	12.13	13.15
EBITDA, 5 Yr. CAGR %	-47.04	49.77	7.95	13.73	12.22
EBITA, 5 Yr. CAGR %	40.53	-10.07	34.03	21.98	81.11
EBIT, 5 Yr. CAGR %	40.53	-10.07	34.03	21.98	62.12
Earnings From Cont. Operations, 5 Yr. CAGR %	27.69	-18.27	16.94	4.17	-37.36
Net Income, 5 Yr. CAGR %	27.77	-10.4	16.96	4.28	-37.36
Normalized Net Income, 5 Yr. CAGR %	14.38	36.34	-9.97	-2.48	-22.98
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-26.89	12.16	-1.05	-37.38
Accounts Receivable, 5 Yr. CAGR %	-	-	7.93	2.26	10.56
Net Property, Plant and Equip., 5 Yr. CAGR %	3.58	5.98	33.84	56.24	48.54
Total Assets, 5 Yr. CAGR %	41.8	31.25	-1.37	-1.29	0.44
Tangible Book Value, 5 Yr. CAGR %	5.57	-2.64	-42.95	-33.95	-28.48
Common Equity, 5 Yr. CAGR %	46.13	37.58	4.04	2.95	7.12
Cash From Operations, 5 Yr. CAGR %	31.76	4.94	48.08	18.23	14.04
Capital Expenditures, 5 Yr. CAGR %	-8.64	53.42	96.24	98	11.26
Levered Free Cash Flow, 5 Yr. CAGR %	-	41.16	-5.48	-44.53	14.05
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	41.51	-6.01	-25.04	11.27