Rapide to Gaydon
Discussion
Was at Gaydon yesterday, looking over the lines.
The Rapide engine is the same as the DB9 so the synergies should be apparent.
There is a Rapide, Virage, DBS and Vantage S currently in the foyer.
A finished One-77 is in the design studio (number 71 of the 77 being made I think) - will try and upload a photo for you later.
The writing in the wing mirrors was in Arabic
The Rapide engine is the same as the DB9 so the synergies should be apparent.
There is a Rapide, Virage, DBS and Vantage S currently in the foyer.
A finished One-77 is in the design studio (number 71 of the 77 being made I think) - will try and upload a photo for you later.
The writing in the wing mirrors was in Arabic
George H said:
Can only be a good thing if they don't need to sub-con them out any more.
Jockman, when you upload your pictures, don't press those 'thingy typy buttons' again so it's tiny
Will try my best Gorgeous George.Jockman, when you upload your pictures, don't press those 'thingy typy buttons' again so it's tiny
I'm not too clever at these computer things
Please remember that Gaydon is an Assembly line - a lot of the parts including the engine, will continue to be sub-contracted.
Jockman said:
Will try my best Gorgeous George.
I'm not too clever at these computer things
Please remember that Gaydon is an Assembly line - a lot of the parts including the engine, will continue to be sub-contracted.
Gearbox - GrazianoI'm not too clever at these computer things
Please remember that Gaydon is an Assembly line - a lot of the parts including the engine, will continue to be sub-contracted.
Brakes - Brembo
Seats - cannot remember
Stereo - B&O
Air con- cannot remember
Carpet- cannot remember
Wheels - Alcoa
Could go on but it'd get dull. Most supercars are assembled from subcontracted components...
I know I'm at risk of coming over all negative all the time....
Agree it's a good thing in basic terms. I'm sure others would have just moved more to Graz. So a big thumbs up there.
But I do wonder about the sense of this from day 1. Cannot have been cheap setting up the Graz facility. And I'd be very surprised if they only ever intended it to be a 2 or 3 yr stop gap. So would have thought the costs of closing it down would be considerable too. I wonder if keeping Newport Pagnell going for a bit longer might not have been more wise for the volumes they look to be talking about.
It's great that Gaydon is running more efficiently...but am I the only one thinking the grasp on demand/supply isn't the best in the Midlands?
Bond issuing. Low production volumes. Core product that might be considered long in the tooth. Odd manoeuvres with production facilities. Even more odd ways of handling the eco challenge. Maybe trying to compete with Porsche isn't the best avenue for a marque like this...
Agree it's a good thing in basic terms. I'm sure others would have just moved more to Graz. So a big thumbs up there.
But I do wonder about the sense of this from day 1. Cannot have been cheap setting up the Graz facility. And I'd be very surprised if they only ever intended it to be a 2 or 3 yr stop gap. So would have thought the costs of closing it down would be considerable too. I wonder if keeping Newport Pagnell going for a bit longer might not have been more wise for the volumes they look to be talking about.
It's great that Gaydon is running more efficiently...but am I the only one thinking the grasp on demand/supply isn't the best in the Midlands?
Bond issuing. Low production volumes. Core product that might be considered long in the tooth. Odd manoeuvres with production facilities. Even more odd ways of handling the eco challenge. Maybe trying to compete with Porsche isn't the best avenue for a marque like this...
The Graz facility is a very old manufacturing plant not just doing subcontract builds.
http://en.wikipedia.org/wiki/Magna_Steyr
They have an impressive history and are currently building SLS bodies, Rapides, Pug RCZ's, Mini Countryman's and Benz G classes.
http://en.wikipedia.org/wiki/Magna_Steyr
They have an impressive history and are currently building SLS bodies, Rapides, Pug RCZ's, Mini Countryman's and Benz G classes.
Edited by mikey k on Tuesday 7th June 14:54
Aston are in good shape. They've had a good couple of years. Financially they aren't worrying and for a small company they're pumping a lot of money into future development. The future looks good for Aston.
The V12 by the way isn't so much subcontracted as built by Aston staff in a Ford owned building. They may even own the area it's built now since the demarriage from Ford.
The V12 by the way isn't so much subcontracted as built by Aston staff in a Ford owned building. They may even own the area it's built now since the demarriage from Ford.
Knights of Aston said:
They've had a good couple of years. Financially they aren't worrying...
I don't want to sound negative - but can you back up these assertions? I am waiting for my copy of the bond offering prospectus to arrive but from the outside looking in I think the firm has had a pretty terrible couple of years.Thanks!
Bond offering is being used to refi the senior debt of 200m that becomes due for repayment May 2012 , and to take out the pref shares of 40m.
The Senior / mezz secured debt market is dead, so the only way to refi is with a high yield bond. Cost of borrowing will increase significantly, although they may have a PIK element to defray that.
From the accounts filed last week:
2010 sales were 474m up from 347m
Gross Profits were 84m up from 59m
Operating Profit 35m up from 24m
Total Debt cost was 36m up from 29m (18m bank debt, 6m pension, 4m pref div accrual)
Profit before tax was static at 6.8m
R&D was 8.8m down from 12.7m
Highest paid director received 1.8m which included 950k to surrender pension rights.
Warranty claims were 19.5m against a provision of 21.6m
Pension deficit 16.2m in April 09, 11 year recovery plan. Current employer contributions are 22%.
The Senior / mezz secured debt market is dead, so the only way to refi is with a high yield bond. Cost of borrowing will increase significantly, although they may have a PIK element to defray that.
From the accounts filed last week:
2010 sales were 474m up from 347m
Gross Profits were 84m up from 59m
Operating Profit 35m up from 24m
Total Debt cost was 36m up from 29m (18m bank debt, 6m pension, 4m pref div accrual)
Profit before tax was static at 6.8m
R&D was 8.8m down from 12.7m
Highest paid director received 1.8m which included 950k to surrender pension rights.
Warranty claims were 19.5m against a provision of 21.6m
Pension deficit 16.2m in April 09, 11 year recovery plan. Current employer contributions are 22%.
rjn21 said:
Bond offering is being used to refi the senior debt of 200m that becomes due for repayment May 2012 , and to take out the pref shares of 40m.
The Senior / mezz secured debt market is dead, so the only way to refi is with a high yield bond. Cost of borrowing will increase significantly, although they may have a PIK element to defray that.
From the accounts filed last week:
2010 sales were 474m up from 347m
Gross Profits were 84m up from 59m
Operating Profit 35m up from 24m
Total Debt cost was 36m up from 29m (18m bank debt, 6m pension, 4m pref div accrual)
Profit before tax was static at 6.8m
R&D was 8.8m down from 12.7m
Highest paid director received 1.8m which included 950k to surrender pension rights.
Warranty claims were 19.5m against a provision of 21.6m
Pension deficit 16.2m in April 09, 11 year recovery plan. Current employer contributions are 22%.
Thats not good. R&D down a third, profits static, debts up ~20%The Senior / mezz secured debt market is dead, so the only way to refi is with a high yield bond. Cost of borrowing will increase significantly, although they may have a PIK element to defray that.
From the accounts filed last week:
2010 sales were 474m up from 347m
Gross Profits were 84m up from 59m
Operating Profit 35m up from 24m
Total Debt cost was 36m up from 29m (18m bank debt, 6m pension, 4m pref div accrual)
Profit before tax was static at 6.8m
R&D was 8.8m down from 12.7m
Highest paid director received 1.8m which included 950k to surrender pension rights.
Warranty claims were 19.5m against a provision of 21.6m
Pension deficit 16.2m in April 09, 11 year recovery plan. Current employer contributions are 22%.
Sales / Revenue up, but as I was taught - Revenue is Vanity, Profit is Sanity.
Neil1300R said:
Thats not good. R&D down a third, profits static, debts up ~20%
Sales / Revenue up, but as I was taught - Revenue is Vanity, Profit is Sanity.
I guess it could be argued that the last 12-24mths have been particularly awkward for luxury goods. I wonder what the same figures are for their target competitors (Porsche. Ferrari. Lambo etc). At least they are still making a profit.Sales / Revenue up, but as I was taught - Revenue is Vanity, Profit is Sanity.
But on the face of it, it doesn't look that shiny.
I wonder if the drop in R&D is because they covered the tail end of the Rapide and the Virage last time round, but now have less in the pipeline. Stuck record I know, but for a sportscar maker that would be the concern. The sales will soon dry up if they're not careful, and lowering the R&D side is not a good sign.
(Are like for like model sales available anywhere?)
V8LM said:
Rats and Ship springs to mind.
Possibly. VC companies aren't well known for being in such deals for the long haul. They've been in it a few years now, and I wonder how rosy they're viewing the general outlook in the sector over the next, say, 7-10yrs.Not convinced I'll be reaching under the mattress to jump in with the bonds...
Murph7355 said:
I guess it could be argued that the last 12-24mths have been particularly awkward for luxury goods. I wonder what the same figures are for their target competitors (Porsche. Ferrari. Lambo etc). At least they are still making a profit.
Well the luxury goods market has been booming for the past 12-18months. Most of it in China. Hence Jag / Land Rover having a big jump in sales and profits. Hence the reason for the Rapide, the Chinese like a 4 seater. probably explains why in the back of the Rapide there isn't space for your feet under the front seats. Chinese legs don't reach that far 
rjn21 said:
Pension deficit 16.2m in April 09, 11 year recovery plan. Current employer contributions are 22%.
Unsustainable in the real world. This is approximately the same level as at British Gas Plc. I won't even guess what the Employee level is.As far as R&D is concerned, remember the Accounts are always just a snapshot in time and there is no data on prepayments or accruals. Any enhanced tax allowances will also effect the timing of R&D expenditure. I see no real cause for concern, especially as there was probably very little spent on the cygnet??
And another thing...
You'd be barmy to think that the Rapide is a 4 seater. I'm 5'7" and I only just managed to squeeze into the rear seat yesterday.
As for the Chinese market, I would not bet my future on such a dubious model. In 8 years ?? or so it will be the biggest economy in the world, whilst languishing somewhere around 78th in the GDP/wealth per head between Zimbabwe and Bangladesh. This is a structural imbalance that could ultimately lead to massive social unrest.
I'm told that pictures of the uprisings in the Arab states are not being permitted on Chinese TV
You'd be barmy to think that the Rapide is a 4 seater. I'm 5'7" and I only just managed to squeeze into the rear seat yesterday.
As for the Chinese market, I would not bet my future on such a dubious model. In 8 years ?? or so it will be the biggest economy in the world, whilst languishing somewhere around 78th in the GDP/wealth per head between Zimbabwe and Bangladesh. This is a structural imbalance that could ultimately lead to massive social unrest.
I'm told that pictures of the uprisings in the Arab states are not being permitted on Chinese TV
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