SPYKER N.V. REPORTS ITS INTERIM ANNUAL REPORT 2012
ZEEWOLDE, THE NETHERLANDS | August 31, 2012
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FOREWORD BY THE CEO
Victor R. Muller, Spyker's CEO said: "The first half of 2012 was dedicated solely to stabilizing the Company after the devastating loss of Saab Automobile AB in December 2011. We restructured our large debts to our shareholders by converting them into equity, we made deals with many of our creditors and appointed a new Supervisory Board. The result of these efforts are reflected in this H1 2012 report and the Company is now basically debt free with the exception of € 0.6 million for of a convertible debenture and a € 2 million loan related to the Spyker C8 Aileron tooling. We also managed to deal with the negative effects of the bankruptcy of one of our main suppliers, CPP Manufacturing, which had supplied us with the aluminum bodies-in-white for over a decade. Having reached agreement with virtually all of our suppliers, the production of the Spyker C8 Aileron resumed in H1 2012 be it at a slow pace initially since it will take a lot of time for the supply chain to be fully restored.
Since Spyker executed a drastic cost down exercise, the operational costs were reduced to a bare minimum and hence the operational losses are manageable until production reaches a cash generating level. After the successful elimination of our debt, we embarked on a mission to attract new investment in the Company. Discussions with investors took several months but earlier this week we announced the partnership with Youngman with whom we secured a € 10 million capital injection in the Company and entered into two jointventures: Spyker P2P B.V. for the production of the Spyker D8 Peking-to-Paris SSUV and Spyker Phoenix B.V. to develop and produce a range of new products based on the so-called Phoenix platform to which Youngman obtained a license in 2011.
With a new partner on board and having restructured the Company financially, we are looking forward to grow the Spyker business from hereon forward and will keep an open eye to investment opportunities which come our way."
Victor R. Muller, Spyker's CEO said: "The first half of 2012 was dedicated solely to stabilizing the Company after the devastating loss of Saab Automobile AB in December 2011. We restructured our large debts to our shareholders by converting them into equity, we made deals with many of our creditors and appointed a new Supervisory Board. The result of these efforts are reflected in this H1 2012 report and the Company is now basically debt free with the exception of € 0.6 million for of a convertible debenture and a € 2 million loan related to the Spyker C8 Aileron tooling. We also managed to deal with the negative effects of the bankruptcy of one of our main suppliers, CPP Manufacturing, which had supplied us with the aluminum bodies-in-white for over a decade. Having reached agreement with virtually all of our suppliers, the production of the Spyker C8 Aileron resumed in H1 2012 be it at a slow pace initially since it will take a lot of time for the supply chain to be fully restored.
Since Spyker executed a drastic cost down exercise, the operational costs were reduced to a bare minimum and hence the operational losses are manageable until production reaches a cash generating level. After the successful elimination of our debt, we embarked on a mission to attract new investment in the Company. Discussions with investors took several months but earlier this week we announced the partnership with Youngman with whom we secured a € 10 million capital injection in the Company and entered into two jointventures: Spyker P2P B.V. for the production of the Spyker D8 Peking-to-Paris SSUV and Spyker Phoenix B.V. to develop and produce a range of new products based on the so-called Phoenix platform to which Youngman obtained a license in 2011.
With a new partner on board and having restructured the Company financially, we are looking forward to grow the Spyker business from hereon forward and will keep an open eye to investment opportunities which come our way."
SPYKER N.V.
Edisonweg 2
3899 AZ Zeewolde
the Netherlands
PR CONTACT
SPYKER N.V.
Sander van Dijk
Edisonweg 2
3899 AZ Zeewolde
the Netherlands
PR CONTACT
SPYKER N.V.
Sander van Dijk