Spyker Cars N.V. Reports 2005 full year results

Zeewolde, The Netherlands - - Spyker Cars N.V.- manufacturer of high-quality sports cars has reported its results for the year 2005. The net sales of Spyker Cars amounted to Euro 5.8 million as compared to € 3.7 million over the whole of 2004. Total revenue rose from Euro 4.2 to  Euro 8.0 million. Operating result improved considerable from Euro -4.9 million to Euro -3.2 million in 2005. The net loss decreased from Euro – 5.0 million to Euro -1.9 million. The US Environmental Protection Agency (EPA) certification resulted in a strong increase in sales and additional appointments of high-end dealerships in the United States. New share capital was attracted through several share issues, the proceeds of which have been used to fund among others reinforce working capital and the development of the D12 Peking-to-Paris SSUV.

Highlights 2005

  • Strong increase of both net sales and total revenues
  • Considerable improvement of net result and operating result
  • Order book increased to 191 cars at 31 December 2005 from 99 cars at the end of 2004 (+93%). Strong impact on sales with US certification C8 models
  • Total car production increased from 31 cars in 2004 to 48 cars in 2005 (+ 55%)
  • Start of production of C8 Spyders by Wilhelm Karmann GmbH (Karmann) as from October 2005: 18 cars delivered by Karmann in 2005.
  • Major new shareholders including MerchantBridge (MB) and Mubadala Development Co. (MDC) acquired 1.176.479 newly issued shares, adding Euro 14.1 million new capital to the company
  • Strong expansion of distributor networks in USA and Middle East
  • Introduction of the new race model C8 Spyder GT2R that won two podium places in Le Mans Endurance Series and FIA GT races.
  • Introduction of C12 LaTurbie at Geneva Motor Show March 2005
  • Introduction of D12 Peking-to-Paris Geneva Motor Show March 2006
  • IFRS first time adoption in 2005 annual accounts

Outlook 2006

  • Company expects to show positive cash flow from operations as from the first quarter of 2006
  • Production is expected to increase to 100+ cars
  • Further expansion of distributor network
  • Extensive race program with two cars encompassing ten races including 24 Hours Le Mans


For all the details on the full year results 2005, please visit the investors section and choose the option Financial.