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Spyker Trading Update Third Quarter 2006

Zeewolde, the Netherlands, 27 October 2006 – Spyker Cars N.V, manufacturer of high-quality sports cars, today announced the trading update for the third quarter of 2006. Spyker Cars is listed on Eurolist by Euronext Amsterdam.

  • On September 10th 2006, Spyker announced that it had acquired Midland F1 Racing Limited (“MF1 Racing”) of Silverstone, United Kingdom from Midland Resources Holding Ltd. The company is to be called Spyker F1 Team Ltd. and is a 100% subsidiary of Spyker. 
  • The purchase price paid for Midland F1 Racing amounted to US$ 106.6 million. The transaction was financed by means of a fully underwritten share issue of 2,650.000 shares at € 20 per share (totally 53 million euros) in addition to an interest free vendor loan for the remainder. The majority of the new shares was taken up by Michiel Mol who joined the Management Board as Director of Formula One racing. The new shares represent 40% of all outstanding shares after the share issue. 
  • The shareholders of Spyker Cars N.V. approved the acquisition and transaction, including the appointment of Michiel Mol as Director Formula One Racing and Fred Mulder as member of the Supervisory Board, during an Extraordinary General Meeting of Shareholders of Spyker Cars N.V. on September 27th, 2006.
  • On September 29th 2006 Spyker MF1 Team announced that the Dutch F1 race driver Christijan Albers had signed as driver for the 2007 season with Spyker MF1 Team.
  • On September 30th, 2006, Spyker MF1 Team announced that it signed an engine supply agreement with Ferrari SpA. Ferrari will supply its V8 engines to Spyker MF1 Team as well as the required technical assistance.
  • 67 cars were delivered by 30 September 2006 (third quarter 2005: 22 cars delivered).
  • Total order book rose to 305 as per 30 September 2006. (302 as per 30 June 2006). This number consists of 153 C models and 152 orders for the Spyker D12 Peking-to-Paris. 
  • The company maintains its expectation to produce at least 100 cars in 2006, doubling its 2005 production output.
  • Earnings per book year 2006 will increase as a consequence of the Midland F1 Racing acquisition and Spyker Cars expects to be profitable this year. 
  • Staff increased to 343 employees of which 136 in Zeewolde and 207 in Silverstone.
  • Spyker participated during the following key events:
    July: Goodwood Festival of Speed (UK); the BullRun (USA) with the Olympic legend Carl Lewis as one of its drivers; Salon Privée (London, UK)
    August: Pebble Beach Concours d’elegance (USA)
    September: USA Spyker Ride & Drive coast-to-coast Road Show, touring from dealer to dealer and displaying several Spykers amongst which the D12 Peking-to-Paris.  
  • Spyker Squadron participated with a two-car line up in the following races:
    16 July: LMS 1000KM of Nürburgring (Germany). Spyker finished third in class.
    30 July:  FIA GT 24hours of Spa-Francorchamps (Belgium). Spyker finished fourth in class.
    27 August: LMS 1000KM of Donington, UK.
    25 September: LMS 1000KM of Jarama (Spain). Spyker finished third in class.
  • New dealers have been appointed in Bangkok (Thailand); Dallas, Texas (USA); Downers Grove (Chicago, Il, USA) and Miami (USA). Dealer showrooms were officially opened in Frankfurt, Germany; Antwerp, Belgium and Pangbourne (UK).
  • New production facility in Zeewolde was taken in use.

Victor Muller, CEO Spyker Cars, says: “This has been an amazing third quarter in which we completed the acquisition of the Midland F1 Racing Formula One team, an absolute milestone for our company. The Formula One arena is an unparalleled way to both underline our commitment to racing and to benefit from a massive increase in brand awareness around the globe. The acquisition has been approved by our shareholders. The majority of the newly issued shares to finance the transaction has been taken up by Michiel Mol who joined the Management Board as Director of Formula One racing. Fred Mulder was appointed to the Supervisory Board. Ever since our initial announcement we have experienced tremendous media exposure as never before resulting in a vast increase of brand awareness.”
 
Muller continues: “Spyker remains fully committed to its GT2 program and will enter a two-car line-up for the 2007 12-Hours of Sebring, 24-Hours of Le Mans, Le Mans Series and selected FIA GT races. Production and order intake are on schedule and this year will mark the first financial year with black figures in our six year history.”

For more information: spykercars.com