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Mercedes reaping rewards on and off the F1 track

first_imgFormula One world champions Mercedes are reaping the financial rewards of their track dominance, according to the team’s latest accounts.Figures published by Mercedes-Benz Grand Prix Ltd on Tuesday showed a loss after tax of 22.3 million pounds ($28.50 million) in 2015 from a previous 76.9 million with the team remaining on course to break even.Turnover grew by 66.3 million pounds thanks to additional sponsorship revenues and more money from the sport’s commercial rights holder as a result of the team’s improved 2014 performance.Mercedes said their agreement with the commercial rights holder meant revenue flows based on sporting performance would be “significantly increased” from 2016 onwards as a result of their track dominance.”The future outlook for sponsorship revenues is also very promising,” the team added.Turnover, which does not include any contribution from majority shareholder and Mercedes’ parent Daimler, has grown 86 percent since 2011 – a current 213 million pounds compared to 115 million.Operating costs rose by 8.1 million pounds, or 3.5 percent, mainly due to inflationary increases in salary costs.Mercedes said that as of December 31, the company had negative net liquid assets of 130.1 million pounds, compared to 90.1 million in 2014, with net liabilities of 109.3 million (vs 87 million).Last year was another record-breaking season on the track for drivers Lewis Hamilton and Nico Rosberg, who remain dominant this year as well.Hamilton won his third world championship, and the Briton’s second in a row with Mercedes, in 2015 while Germany’s Rosberg again finished runner-up.Between them they won 16 of the 19 races, with a record 12 one-two finishes. The team also set records for most points in a season (703), most one-twos in qualifying (15), podium finishes (32) and equalled the record for pole positions (18).advertisementMercedes put the team’s advertising value equivalent (AVE) from broadcast alone at $3 billion in 2015, which they said represented 10 times the team’s operating costs.The net cost of the team to Daimler was around $30 million, effectively the net loss.”Success is never down to one individual — it’s the product of an incredible collective effort,” said Mercedes motorsport head Toto Wolff, who has a 30 percent stake in the team.”Now we can see that the company is reaping the rewards on the business side, like we have done on the track for the past seasons.”last_img read more

Three earthquakes recorded off Vancouver Island but no damage reported

first_imgVANCOUVER – Three relatively strong earthquakes that began Sunday night in the Pacific Ocean off Vancouver Island didn’t trigger a tsunami because they happened along a fault line where sections of the Earth’s crust are moving sideways, says an earthquake seismologist with Natural Resources Canada.“That horizontal type of movement is the least likely to generate a tsunami, because there is no vertical movement of the sea floor. It’s a horizontal slipping,” John Cassidy said in an interview Monday from Victoria.The U.S. Geological Survey reported a 6.6 magnitude quake about 260 kilometres west of Tofino, followed by a 6.8 tremor and then a third measuring 6.5.Survey geophysicist Zachary Reeves in Golden, Colo., said all three quakes occurred in the same general area over about an hour and at a shallow depth of about 10 kilometres. He described the quakes as “pretty big.”Emergency Info BC tweeted that the quakes were felt in parts of the province, but there were no reports of damage or injury.At least four aftershocks were reported late Sunday or early Monday ranging in intensity from 5.2 to 4.3. Cassidy said more were expected.“The most likely scenario now is that the aftershocks will continue for days or weeks, but they will become smaller as time goes on, and they will become less frequent,” he added.About 200 people reported feeling the quakes to the U.S. Geological Survey website, most of them on the east coast of Vancouver Island.Three earthquakes of the magnitude recorded within a 45-minute window are unusual, Cassidy said, but he added they don’t necessarily mean a damaging shaker is imminent.“These are a very good reminder of plate motions and earthquakes that occur here in this region. We have seen much larger in the past and we will see larger again in the future.”He said it is important to be aware of earthquakes so people “know what to expect and be prepared.”British Columbia is located on the Pacific Ring of Fire, an active seismic zone where thousands of mostly small earthquakes are recorded annually by sensors in the province.Most of the quakes happen near the Cascadia subduction zone, an area where the Juan de Fuca and North American tectonic plates converge, stretching from Vancouver Island to northern California.An earthquake early-warning system recently tested off the B.C. coast could give residents anywhere from 20 seconds to two minutes to prepare before a quake.The first-of-their-kind warning sensors developed by Ocean Networks Canada are installed along the Cascadia subduction zone and when fully operating next March will be able to estimate location and magnitude of a megathrust earthquake.last_img read more