UNITED KINGDOM: Aston Martin’s financials for the year 2022 have been made public, revealing a mixed picture for the Formula One team. While the team experienced a surge in turnover, reaching just under £188 million, largely attributed to augmented sponsorship and prize money, gross profit saw a decrease from £42.7 million to £35.5 million.
The dip in gross profit can be attributed to the rise in the team’s ‘cost of sales,’ which increased from £107 million to £152 million. This encompasses the total expenditure over the year, including the budget cap figure of $140 million, along with inflationary buffers allowed by the FIA.
Staff numbers remained fairly consistent, with administrative positions seeing a significant reduction from 56 employees in 2021 to 29 in 2022.
Notably, roles related to design, production, and technical aspects increased from 401 to 420. On average, the team employed 449 individuals per month in 2022, slightly fewer than the 457 in 2021, with staff costs rising nominally from £49.1 million to £51.4 million.
Surprisingly, directors, including Lawrence Stroll, received no remuneration from the company in 2022.
In summary, the figures disclose a loss of £52.9 million for Aston Martin in 2022, up from £43.3 million in 2021, accounting for other income sources such as UK government grants.
Additionally, the financial accounts shed light on the financial arrangements between Aston Martin and race driver Lance Stroll, who holds significant influence over Falcon Racing Inc.
In 2022, a net expense of $1.8 million was incurred, a decrease from $2 million in the previous year. Falcon Racing also contributed $1.25 million in sponsorship to the team, marking a notable increase from the preceding year.
As of December 31st, 2022, Falcon Racing owed Aston Martin $13,000, a significant reduction from the $315,000 owed the year prior.
Furthermore, the team received marketing income totalling £19.2 million from Aston Martin Lagonda, the parent company, a slight decrease from £20 million in 2021.
Under the sponsorship agreement, the parent company continues to provide a fleet vehicle to each racing driver free of charge, a provision that remains in effect for the duration of the contract.
The F1 team also incurred aviation costs of just over £4 million in the normal course of business.
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