RE: McLaren 540C Coupe revealed

[anonymous-user]

ZesPak said:

Axel987 said:

R8 V10 manual for me please. NA engine manual gearbox jobs a goodun. Might hoy in the ABT 600 bhp kit too.

For the "snow" mode?

From 1:00 onwards should keep Axel happy

https://www.youtube.com/watch?v=tf9CEesYMoQ

[br d]

garyhun said:

ZesPak said:

Axel987 said:

R8 V10 manual for me please. NA engine manual gearbox jobs a goodun. Might hoy in the ABT 600 bhp kit too.

For the "snow" mode?

From 1:00 onwards should keep Axel happy

https://www.youtube.com/watch?v=tf9CEesYMoQ

Looks brilliant, I hope they sell tons of them.

[Rich_W]

ralphrj said:

Streetrod said:

McLaren automotive went into profit only three years after releasing the MC12. Their accounts are public record if you care to check

And if you read them you will know that it wasn't quite the good news story that they like to portray.

Indeed. Maybe my lack of financial training is making me miss something. But

http://companycheck.co.uk/company/01967717/MCLAREN...

Would suggest that they were
£99M in debt in 09 (I'm guessing minus figures for "Net Worth" are debt)
£218M in 2010
£183M in 2011
£249M in 2012
£100M in 2013

So whilst the number is definitely declining. And I applaud them for doing so in a turbulent few years for the world. It's not like they are debt free just yet.

Of course I could be reading it wrong. And I'd be happy to be educated.

[DonkeyApple]

Rich_W said:

Indeed. Maybe my lack of financial training is making me miss something. But

http://companycheck.co.uk/company/01967717/MCLAREN...

Would suggest that they were
£99M in debt in 09 (I'm guessing minus figures for "Net Worth" are debt)
£218M in 2010
£183M in 2011
£249M in 2012
£100M in 2013

So whilst the number is definitely declining. And I applaud them for doing so in a turbulent few years for the world. It's not like they are debt free just yet.

Of course I could be reading it wrong. And I'd be happy to be educated.

Although, the last thing they want is to be debt free as it's not tax efficient. Modern practice is to load yourself up with debt.

I would hazard that their debt is from their investors and it's an extremely efficient way to funnel returns to them while ensuring you have no profit to be taxed.

[br d]

DonkeyApple said:

Although, the last thing they want is to be debt free as it's not tax efficient. Modern practice is to load yourself up with debt.

Indeed, I'm fabulously wealthy and it's just awful.

(Where's that "I'll get me coat" smilie?)

[ralphrj]

Rich_W said:

Indeed. Maybe my lack of financial training is making me miss something. But

http://companycheck.co.uk/company/01967717/MCLAREN...

Would suggest that they were
£99M in debt in 09 (I'm guessing minus figures for "Net Worth" are debt)
£218M in 2010
£183M in 2011
£249M in 2012
£100M in 2013

So whilst the number is definitely declining. And I applaud them for doing so in a turbulent few years for the world. It's not like they are debt free just yet.

Of course I could be reading it wrong. And I'd be happy to be educated.

The debt is the money loaned to McLaren by their investors in order to fund the car business. The figure has dropped not because McLaren has paid back their investors with money generated by the car business but because the debt has been converted from interest bearing loans to non interest bearing shares. I don't think that McLaren Automotive had the money to be able to make the interest payments that were due and may have been faced with closure if the investors hadn't agreed to the debt-for-equity swap.

The saving on interest payable is the reason McLaren Auto turned a profit. If they still had to pay the interest they would have posted a loss.

McLaren say that they are performing in line with or ahead of their business plan but I'd be surprised if the business plan really was:

"Please lend us £300 million and in a couple of years when we've run out of money we'll swap it for shares."

I suspect that it is a consequence of the restructure that McLaren now only own a very small part (4%) of the car company that share their name and the Bahrainis own just under half.

[xRIEx]

Streetrod said:

McLaren automotive went into profit only three years after releasing the MC12. Their accounts are public record if you care to check

McLaren never released the MC12, Maserati did