Lotus F1 Team Ltd made a loss of £20.8m in 2011 according to the newly released financial accounts – but the team was actually better off than in the previous season, when it lost £34.2m after tax.
The improved situation was due to a significant increase in turnover, up from £82.1m to £115.6m. The team says that was due in large part to the now cancelled sponsorship from Group Lotus, along with new income from Russia and Brazil, related to 2011 drivers Vitaly Petrov and Bruno Senna.
However, operating expenses also rose from £122.1m to £134.3m. The team says this was attributed to “several areas of the business including acquisition fees and commercial functions, tyre supply agreement, salary increases, and race related costs.”
The accounts also reveal that the team had net debt of £37.1m as of December 31 2011, and that the average number of employees fell from 514 to 500 in 2010-11.