Summary

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Details

In the first half year of 2009, the operating result improved by 8% (EUR 0.6 million), compared to the first half year ("HY") of 2008. Car production output maintained at a similar level (21 in HY 09, 22 in HY 08). Car sales were slightly lower at 23 in HY 09 versus 26 in HY 08.

Victor R. Muller, CEO of Spyker Cars N.V. says: "The first half of 2009 showed an automotive industry in distress, particularly in the top end of the market where sales dropped dramatically - sometimes by 50% or more - and temporary factory closures and production stoppages were the standard. We were in the fortunate position that we had not overstocked our dealer network last year, as was the case with certain manufacturers in our market segment which have, in some cases, hundreds of days of unsold stock sitting in ports.

We now see a normalisation of business conditions with the exception of the availability of financing to both dealers (so-called "floor planning") and our end-users. The restriction of floor planning and leasing facilities may have affected our sales and still puts a damper on the upturn in the market. In HY 09 total sales went down by EUR 1.6 million compared to HY 08. There are some signs, however, that the availability of financing for dealers and end-users will improve in the second half of 2009.

Spyker C8 Aileron Coupe

The first half year marked the introduction of the Spyker C8 Aileron at the Geneva show in March, which was positively received by both dealers and customers, particularly because we can now provide an automatic gearbox to our clientele. For the first time in our history we have engaged in a proper dealer and customer launch with the Spyker C8 Aileron. This program started on June 30th last with a dealer launch in Italy for the Far Eastern, Middle Eastern and European dealers and subsequently in Atlanta (Georgia) and Irvine (California) for the American dealers.

These launches will be followed by a further dealer launch in the Middle East in October 2009 and numerous "Ride and Drive" events in America, Europe and the Middle and Far East throughout the second half year of 2009. The first Ailerons were taken in production in the first half year of 2009 and their numbers will increase gradually per quarter from now on. The Spyker C8 Aileron marks a new era for our company, catering for a much wider audience having a cost structure which warrants margins that are the foundation for sustainable profitability in the future.

Also in the first half year we started to see the positive impact of increased cost control on our organisation, while continuing to focus on a cost efficient production of the Spyker C8 Aileron. In the second half of this year we will further implement cost control to reduce the organizational and operational costs.

In spite of the adverse economic conditions in the first half year of 2009, we have managed to expand the dealer network and appoint new dealers in Calgary (Canada), Houston (Texas, USA), San Francisco (California, USA), Salt Lake City (Utah, USA) and Sao Paolo (Brazil). Regretfully, our dealer in Las Vegas closed down, but it is likely that a new appointment will be made in that market fairly soon. Fortunately, all other Spyker dealers worldwide (most of these having multi-brand franchises) have managed to remain in business.

Production output in the first six months of 2009 (21 cars) was practically similar to that of H1 in 2008 (22) as were sales (23 in H1 2009 to 26 in H1 2008), but once production of the Spyker C8 Aileron starts to gain pace in the second half of 2009, production and sales numbers are expected to increase steadily.

We are grateful to our partners, in particular Snoras Bank and Latvijas Krajbanka, for their ongoing support to achieve our objective of attaining profitability."

Key financial dates 2009/2010 Spyker Cars N.V.

23 October 2009 Trading update Q3 (tussentijdse verklaring)

29 January 2010 Trading update Q4 (tussentijdse verklaring)

26 March 2010 Publication Year Results 2009

22 April 2010 Annual General Meeting of Shareholders

Key figures

Please open the attached PDF for the key figures.

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Relevant links

• PDF: - Press release Spyker Cars NV reports key figures 1st half year 2009