Financial Ratios Formula One Group

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US5312297550

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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	2019	2020	2021	2022	2023
Revenues	202.2Cr	114.5Cr	213.6Cr	257.3Cr	322.2Cr
Other Revenues, Total	-	-	-	-	-
Total Revenues	202.2Cr	114.5Cr	213.6Cr	257.3Cr	322.2Cr
Cost of Goods Sold, Total	139.4Cr	97Cr	148.9Cr	175Cr	224Cr
Gross Profit	63Cr	17Cr	65Cr	82Cr	98Cr
Selling General & Admin Expenses, Total	21Cr	17Cr	21Cr	29Cr	32Cr
Depreciation & Amortization - (IS)	45Cr	44Cr	40Cr	36Cr	37Cr
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	66Cr	62Cr	61Cr	65Cr	68Cr
Operating Income	-3.5Cr	-44Cr	4Cr	17Cr	30Cr
Interest Expense, Total	-20Cr	-15Cr	-12Cr	-15Cr	-21Cr
Interest And Investment Income	-	70L	-	-	-
Net Interest Expenses	-20Cr	-14Cr	-12Cr	-15Cr	-21Cr
Income (Loss) On Equity Invest.	1.2Cr	-11Cr	2.3Cr	-	-40L
Other Non Operating Income (Expenses)	-22Cr	15Cr	-70L	17Cr	12Cr
EBT, Excl. Unusual Items	-44Cr	-54Cr	-6.7Cr	20Cr	20Cr
Gain (Loss) On Sale Of Investments	4.2Cr	-17Cr	-9Cr	5.4Cr	1.5Cr
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	-40Cr	-71Cr	-16Cr	25Cr	21Cr
Income Tax Expense	-9Cr	-11Cr	-3.7Cr	-31Cr	2.7Cr
Earnings From Continuing Operations	-31Cr	-59Cr	-12Cr	56Cr	18Cr
Net Income to Company	-31Cr	-59Cr	-12Cr	56Cr	18Cr
Minority Interest	-	-20L	-7Cr	-40L	10L
Net Income - (IS)	-31Cr	-60Cr	-19Cr	56Cr	18Cr
Net Income to Common Incl Extra Items	-31Cr	-60Cr	-19Cr	56Cr	18Cr
Net Income to Common Excl. Extra Items	-31Cr	-60Cr	-19Cr	56Cr	18Cr
Per Share Items
Net EPS - Basic	-1.35	-2.57	-0.82	2.39	0.79
Basic EPS - Continuing Operations	-1.35	-2.57	-0.82	2.39	0.79
Basic Weighted Average Shares Outstanding	23Cr	23Cr	23Cr	23Cr	23Cr
Net EPS - Diluted	-1.35	-2.57	-0.82	2.15	0.62
Diluted EPS - Continuing Operations	-1.35	-2.57	-0.82	2.15	0.62
Diluted Weighted Average Shares Outstanding	23Cr	23Cr	23Cr	24Cr	24Cr
Normalized Basic EPS	-1.2	-1.46	-0.48	0.51	0.53
Normalized Diluted EPS	-1.2	-1.46	-0.48	0.49	0.51
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	42Cr	-30L	44Cr	54Cr	67Cr
EBITA	-3.5Cr	-44Cr	4Cr	17Cr	30Cr
EBIT	-3.5Cr	-44Cr	4Cr	17Cr	30Cr
EBITDAR	-	8.8Cr	52Cr	-	-
Total Revenues (As Reported)	202.2Cr	114.5Cr	213.6Cr	257.3Cr	322.2Cr
Effective Tax Rate - (Ratio)	22.44	15.86	23.57	-123.9	12.8
Current Domestic Taxes	3Cr	1.1Cr	-50L	-2.9Cr	-3.2Cr
Current Foreign Taxes	2.1Cr	20L	90L	2.4Cr	4.1Cr
Total Current Taxes	5.1Cr	1.3Cr	40L	-50L	90L
Deferred Domestic Taxes	-10Cr	-4.1Cr	4.6Cr	2.4Cr	4Cr
Deferred Foreign Taxes	-3.9Cr	-8.4Cr	-8.7Cr	-33Cr	-2.2Cr
Total Deferred Taxes	-14Cr	-12Cr	-4.1Cr	-31Cr	1.8Cr
Normalized Net Income	-28Cr	-34Cr	-11Cr	12Cr	12Cr
Interest on Long-Term Debt	60L	60L	60L	-	-
Supplemental Operating Expense Items
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)	2.8Cr	2.1Cr	2.9Cr	1.6Cr	2Cr
Total Stock-Based Compensation	2.8Cr	2.1Cr	2.9Cr	1.6Cr	2Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	59Cr	168.4Cr	207.4Cr	173.3Cr	140.8Cr
Total Cash And Short Term Investments	59Cr	168.4Cr	207.4Cr	173.3Cr	140.8Cr
Accounts Receivable, Total	6.9Cr	12Cr	6.6Cr	12Cr	12Cr
Other Receivables	-	-	-	-	-
Total Receivables	6.9Cr	12Cr	6.6Cr	12Cr	12Cr
Other Current Assets, Total	9.2Cr	46Cr	23Cr	17Cr	18Cr
Total Current Assets	75Cr	226.4Cr	236.9Cr	202.3Cr	171.1Cr
Gross Property Plant And Equipment	17Cr	20Cr	21Cr	52Cr	97Cr
Accumulated Depreciation	-5.9Cr	-7.4Cr	-8.9Cr	-11Cr	-14Cr
Net Property Plant And Equipment	11Cr	12Cr	12Cr	41Cr	84Cr
Long-term Investments	117.4Cr	21Cr	22Cr	25Cr	4.1Cr
Goodwill	395.6Cr	395.6Cr	395.7Cr	395.6Cr	395.6Cr
Other Intangibles, Total	430.3Cr	388.3Cr	350.7Cr	316.3Cr	285.8Cr
Other Long-Term Assets, Total	121.2Cr	76Cr	149.1Cr	121.3Cr	86Cr
Total Assets	1.15TCr	1.12TCr	1.17TCr	1.1TCr	1.03TCr
Liabilities
Accounts Payable, Total	26Cr	15Cr	31Cr	40Cr	54Cr
Current Portion of Long-Term Debt	-	21Cr	70Cr	6.1Cr	3.6Cr
Unearned Revenue Current, Total	11Cr	26Cr	25Cr	35Cr	25Cr
Other Current Liabilities	4.9Cr	7.4Cr	4Cr	2.9Cr	-3.1Cr
Total Current Liabilities	43Cr	69Cr	129.6Cr	83Cr	79Cr
Long-Term Debt	567.7Cr	355Cr	293.6Cr	288.6Cr	287Cr
Deferred Tax Liability Non Current	-	-	-	-	30L
Other Non Current Liabilities	16Cr	39Cr	49Cr	36Cr	19Cr
Total Liabilities	626.4Cr	463.6Cr	472.4Cr	408.1Cr	384.8Cr
Common Stock, Total	523.9Cr	655Cr	634Cr	691Cr	641.9Cr
Total Common Equity	523.9Cr	655Cr	634Cr	691Cr	641.9Cr
Minority Interest	20L	50L	60Cr	2.5Cr	-
Total Equity	524.1Cr	655.5Cr	694Cr	693.5Cr	641.9Cr
Total Liabilities And Equity	1.15TCr	1.12TCr	1.17TCr	1.1TCr	1.03TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	23Cr	23Cr	23Cr	23Cr	23Cr
ECS Total Common Shares Outstanding	23Cr	23Cr	23Cr	23Cr	23Cr
Book Value / Share	22.62	28.25	27.31	29.55	27.36
Tangible Book Value	-302Cr	-128.9Cr	-112.4Cr	-21Cr	-40Cr
Tangible Book Value Per Share	-13.04	-5.56	-4.84	-0.89	-1.68
Total Debt	567.7Cr	375.9Cr	363.1Cr	294.7Cr	290.6Cr
Net Debt	509Cr	207.5Cr	155.7Cr	121.4Cr	149.8Cr
Debt Equivalent Oper. Leases	-	73Cr	68Cr	-	-
Minority Interest, Total (Incl. Fin. Div)	20L	50L	60Cr	2.5Cr	-
Equity Method Investments, Total	88Cr	3.8Cr	3Cr	3.4Cr	4.1Cr
Account Code - Inventory Valuation	3	3	3	3	3

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-31Cr	-60Cr	-19Cr	56Cr	18Cr
Depreciation & Amortization - CF	45Cr	44Cr	40Cr	36Cr	37Cr
Depreciation & Amortization, Total	45Cr	44Cr	40Cr	36Cr	37Cr
(Gain) Loss on Sale of Investments - (CF)	-4.9Cr	17Cr	9Cr	-5.4Cr	-1.5Cr
(Income) Loss On Equity Investments - (CF)	-1.2Cr	11Cr	-2.3Cr	-	40L
Stock-Based Compensation (CF)	2.8Cr	2.1Cr	2.9Cr	1.6Cr	2Cr
Other Operating Activities, Total	13Cr	-24Cr	3.5Cr	-46Cr	-7.6Cr
Change In Accounts Payable	3.8Cr	-80L	14Cr	20Cr	8.6Cr
Change in Other Net Operating Assets	2Cr	-3.7Cr	-20L	-8.7Cr	4.6Cr
Cash from Operations	29Cr	-14Cr	48Cr	53Cr	62Cr
Capital Expenditure	-4.4Cr	-2.1Cr	-1.7Cr	-29Cr	-43Cr
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	6.3Cr	10Cr	6.4Cr	1Cr	-6.3Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	1.8Cr	-50L	-65Cr	68Cr	-2.1Cr
Cash from Investing	3.7Cr	7.5Cr	-60Cr	39Cr	-51Cr
Long-Term Debt Issued, Total	13Cr	127.1Cr	-	288.4Cr	-
Total Debt Issued	13Cr	127.1Cr	-	288.4Cr	-
Long-Term Debt Repaid, Total	-70L	-61Cr	-32Cr	-362.8Cr	-34Cr
Total Debt Repaid	-70L	-61Cr	-32Cr	-362.8Cr	-34Cr
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-3Cr	-7.2Cr	-10Cr	-3.7Cr	-90L
Other Financing Activities, Total	40L	57Cr	94Cr	-49Cr	-8.3Cr
Cash from Financing	9.6Cr	115.8Cr	51Cr	-126.9Cr	-44Cr
Foreign Exchange Rate Adjustments	-	30L	-30L	-	10L
Net Change in Cash	43Cr	109.7Cr	39Cr	-34Cr	-32Cr
Supplemental Items
Cash Income Tax Paid (Refund)	-	-	-	-	-
Levered Free Cash Flow	35Cr	-29Cr	76Cr	28Cr	-1.91Cr
Unlevered Free Cash Flow	47Cr	-20Cr	84Cr	37Cr	11Cr
Change In Net Working Capital	-5.5Cr	36Cr	-40Cr	-18Cr	3.4Cr
Net Debt Issued / Repaid	12Cr	66Cr	-32Cr	-74Cr	-34Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-0.19	-2.45	0.22	0.95	1.74
Return on Total Capital	-0.2	-2.61	0.24	1.06	1.93
Return On Equity %	-5.76	-10.07	-1.78	8.1	2.76
Return on Common Equity	-5.77	-10.11	-2.95	8.42	2.78
Margin Analysis
Gross Profit Margin %	31.06	14.93	30.29	31.99	30.48
SG&A Margin	10.39	15.2	9.83	11.19	9.81
EBITDA Margin %	20.67	-0.26	20.46	20.79	20.67
EBITA Margin %	-1.73	-38.78	1.87	6.72	9.22
EBIT Margin %	-1.73	-38.78	1.87	6.72	9.22
Income From Continuing Operations Margin %	-15.38	-51.88	-5.62	21.84	5.71
Net Income Margin %	-15.38	-52.05	-8.9	21.69	5.74
Net Avail. For Common Margin %	-15.38	-52.05	-8.9	21.69	5.74
Normalized Net Income Margin	-13.69	-29.6	-5.24	4.63	3.83
Levered Free Cash Flow Margin	17.22	-25.31	35.59	10.8	-0.59
Unlevered Free Cash Flow Margin	23.25	-17.34	39.19	14.42	3.56
Asset Turnover
Asset Turnover	0.18	0.1	0.19	0.23	0.3
Fixed Assets Turnover	20.02	9.7	17.58	9.76	5.17
Receivables Turnover (Average Receivables)	22.59	12.05	22.84	27.23	26.2
Short Term Liquidity
Current Ratio	1.76	3.27	1.83	2.43	2.17
Quick Ratio	1.54	2.61	1.65	2.23	1.95
Operating Cash Flow to Current Liabilities	0.69	-0.2	0.37	0.64	0.79
Days Sales Outstanding (Average Receivables)	16.16	30.37	15.98	13.41	13.93
Average Days Payable Outstanding	65.07	77.78	56.13	73.42	75.85
Long Term Solvency
Total Debt/Equity	108.32	57.35	52.32	42.49	45.27
Total Debt / Total Capital	52	36.45	34.35	29.82	31.16
LT Debt/Equity	108.32	54.16	42.31	41.61	44.71
Long-Term Debt / Total Capital	52	34.42	27.77	29.2	30.78
Total Liabilities / Total Assets	54.45	41.43	40.5	37.05	37.48
EBIT / Interest Expense	-0.18	-3.04	0.33	1.16	1.39
EBITDA / Interest Expense	2.14	-0.02	3.55	3.59	3.11
(EBITDA - Capex) / Interest Expense	1.92	-0.16	3.41	1.64	1.12
Total Debt / EBITDA	13.58	-1.25T	8.31	5.51	4.36
Net Debt / EBITDA	12.18	-691.67	3.56	2.27	2.25
Total Debt / (EBITDA - Capex)	15.18	-156.62	8.65	12.08	12.11
Net Debt / (EBITDA - Capex)	13.61	-86.46	3.71	4.98	6.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.67	-43.37	86.55	20.46	25.22
Gross Profit, 1 Yr. Growth %	13.36	-72.77	278.36	27.2	19.32
EBITDA, 1 Yr. Growth %	19.43	-100.72	-14.67T	22.43	24.49
EBITA, 1 Yr. Growth %	-68.18	1.17T	-109.01	332.5	71.68
EBIT, 1 Yr. Growth %	-68.18	1.17T	-109.01	332.5	71.68
Earnings From Cont. Operations, 1 Yr. Growth %	107.33	91	-79.8	-568.33	-67.26
Net Income, 1 Yr. Growth %	107.33	91.64	-68.12	-393.68	-66.85
Normalized Net Income, 1 Yr. Growth %	97.77	22.39	-66.99	-206.48	3.67
Diluted EPS Before Extra, 1 Yr. Growth %	107.69	90.37	-68.09	-361.9	-71.29
Accounts Receivable, 1 Yr. Growth %	-37.27	75.36	-45.45	86.36	0
Net Property, Plant and Equip., 1 Yr. Growth %	24.44	10.71	-4.03	242.86	105.39
Total Assets, 1 Yr. Growth %	5	-2.73	4.23	-5.56	-6.8
Tangible Book Value, 1 Yr. Growth %	-3.88	-57.32	-12.8	-81.41	89
Common Equity, 1 Yr. Growth %	-5.6	25.02	-3.21	8.99	-7.11
Cash From Operations, 1 Yr. Growth %	9.7	-147.28	-446.04	11.02	15.92
Capital Expenditures, 1 Yr. Growth %	214.29	-52.27	-19.05	1.61T	46.39
Levered Free Cash Flow, 1 Yr. Growth %	-4.39	-183.2	-362.34	-63.43	-106.88
Unlevered Free Cash Flow, 1 Yr. Growth %	-2.92	-142.22	-521.66	-55.66	-69.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.49	-20.84	2.78	49.91	22.82
Gross Profit, 2 Yr. CAGR %	5.52	-44.44	1.5	119.38	23.2
EBITDA, 2 Yr. CAGR %	7.01	-90.74	2.25	1.24T	23.45
EBITA, 2 Yr. CAGR %	-6.46	100.91	6.9	-37.58	172.49
EBIT, 2 Yr. CAGR %	-6.46	100.91	6.9	-37.58	172.49
Earnings From Cont. Operations, 2 Yr. CAGR %	10.01	99	-37.88	-2.73	23.83
Net Income, 2 Yr. CAGR %	10.44	99.33	-21.84	-3.24	-1.32
Normalized Net Income, 2 Yr. CAGR %	17.26	55.58	-36.93	-40.71	5.07
Diluted EPS Before Extra, 2 Yr. CAGR %	5.63	98.84	-22.06	-8.59	-13.28
Accounts Receivable, 2 Yr. CAGR %	-9.37	4.88	-2.2	0.82	36.52
Net Property, Plant and Equip., 2 Yr. CAGR %	8.58	17.38	3.08	81.39	165.37
Total Assets, 2 Yr. CAGR %	-1.27	1.06	0.69	-0.78	-6.18
Tangible Book Value, 2 Yr. CAGR %	-6.55	-35.95	-38.99	-59.73	-40.72
Common Equity, 2 Yr. CAGR %	-3.87	8.64	10.01	2.71	0.62
Cash From Operations, 2 Yr. CAGR %	97.99	-27.98	27.91	96	13.44
Capital Expenditures, 2 Yr. CAGR %	109.76	22.47	-37.84	272.25	400.59
Levered Free Cash Flow, 2 Yr. CAGR %	-2.79	-10.81	47.74	-2.05	-84.14
Unlevered Free Cash Flow, 2 Yr. CAGR %	-3.61	-35.98	33.43	36.74	-62.99
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-13.73	5.35	8.36	41.18
Gross Profit, 3 Yr. CAGR %	-	-32.82	5.31	9.43	79.08
EBITDA, 3 Yr. CAGR %	93.16	-79.82	7.68	8.57	505.5
EBITA, 3 Yr. CAGR %	-19.86	123.07	-28.62	70.34	-12.54
EBIT, 3 Yr. CAGR %	-19.86	123.07	-28.62	70.34	-12.54
Earnings From Cont. Operations, 3 Yr. CAGR %	-1.86	32.22	-7.17	21.8	-32.34
Net Income, 3 Yr. CAGR %	-1.86	32.71	8.2	21.51	-32.29
Normalized Net Income, 3 Yr. CAGR %	126.75	18.94	-7.2	-24.9	-28.57
Diluted EPS Before Extra, 3 Yr. CAGR %	-29.94	28.54	8.05	16.74	-37.86
Accounts Receivable, 3 Yr. CAGR %	-	12.94	-15.66	21.25	0.55
Net Property, Plant and Equip., 3 Yr. CAGR %	7.96	9.29	9.76	53.87	89.06
Total Assets, 3 Yr. CAGR %	56.61	-1.76	2.11	-1.44	-2.83
Tangible Book Value, 3 Yr. CAGR %	32.95	-28.03	-29.01	-58.94	-32.58
Common Equity, 3 Yr. CAGR %	59.71	4.93	4.54	9.67	-0.67
Cash From Operations, 3 Yr. CAGR %	-8.04	22.83	21.53	22.01	64.52
Capital Expenditures, 3 Yr. CAGR %	180.2	28.06	6.69	87.71	172.73
Levered Free Cash Flow, 3 Yr. CAGR %	36.94	-7.7	27.79	-7.23	-59.59
Unlevered Free Cash Flow, 3 Yr. CAGR %	47.17	-26.8	20.01	-7.58	-16.73
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	102.76	-	-	7.61	12.02
Gross Profit, 5 Yr. CAGR %	60.48	-	-	7.85	12.13
EBITDA, 5 Yr. CAGR %	33.12	-47.04	49.77	7.95	13.73
EBITA, 5 Yr. CAGR %	-21.31	40.53	-10.07	34.03	21.98
EBIT, 5 Yr. CAGR %	-21.31	40.53	-10.07	34.03	21.98
Earnings From Cont. Operations, 5 Yr. CAGR %	60.72	27.69	-18.27	16.94	4.17
Net Income, 5 Yr. CAGR %	60.72	27.77	-10.4	16.96	4.28
Normalized Net Income, 5 Yr. CAGR %	9.85	14.38	36.34	-9.97	-2.48
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-26.89	12.16	-1.05
Accounts Receivable, 5 Yr. CAGR %	-	-	-	7.93	2.26
Net Property, Plant and Equip., 5 Yr. CAGR %	-	3.58	5.98	33.84	56.24
Total Assets, 5 Yr. CAGR %	-	41.8	31.25	-1.37	-1.29
Tangible Book Value, 5 Yr. CAGR %	-	5.57	-2.64	-42.95	-33.95
Common Equity, 5 Yr. CAGR %	-	46.13	37.58	4.04	2.95
Cash From Operations, 5 Yr. CAGR %	57.85	31.76	4.94	48.08	18.23
Capital Expenditures, 5 Yr. CAGR %	85.56	-8.64	53.42	96.24	98
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	41.16	-5.48	-44.53
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	41.51	-6.01	-25.04