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SEAT : Annual Report 1999
A further 44,000 million pesetas were dedicated to R&D expenditure, 32% more than the previous year, a clear indication of the company's firm intentions for the development of new products. These figures were announced today by the Chairman of SEAT, Bruno Adelt, during the press conference where the 1999 Annual Report was presented. Furthermore, he stressed that despite "the heavy investments and the large amount of resources aimed at the development and launch of new models", SEAT made a profit of 14,210 million pesetas in 1999. Although the result is lower than 1998, it is nonetheless remarkable since it shows the company's ability to finance its investments and R&D expenditure with its own capital. SEAT will continue for the next few years with this investment policy knowing that it is the best guarantee for the future. In this way, the company will direct more than 250,000 million pesetas in the 2000-2004 period. Other parameters that measure SEAT's economic activity, like production, sales and income, also provided solid results last year. For the first time in the history of the company, SEAT's 1999 turnover was more than 968,000 million pesetas, with a 17.1% increase over 1998. The launch of new models and improvements to the rest of the product range pushed the maker's revenues up close to the billion peseta mark. Significant growth has also been achieved in production. More than 517,000 SEAT brand vehicles, an increase of 25% over 1998, were manufactured in Martorell and other factories of the Volkswagen Group. More than 387,000 SEAT units were produced in the Martorell facility, with a 6% increase over the previous year. Sales of SEAT models surpassed the 481,000 unit mark last year, which means an increase of 11.5% over 1998 and a new record for the third year running. Of this amount, two thirds were sold in the export markets, where significant growth was achieved in several countries. In Spain, 173,000 vehicles were sold, a 12.4% increase over the previous year. During his speech, the Chairman of SEAT underlined the need to act with flexible labour criteria so as not to lose competitivity in the face of market swings and in order to guarantee employment. He also made reference to the commercial and sports successes obtained in 1999. The Spanish maker launched three new models -the Ibiza, Córdoba and León -, besides unveiling the spectacular Formula concept car and the 3 litre Arosa. In the area of motor sport, Bruno Adelt highlighted the positive performance of the Córdoba WRC in its first season in the World Rally Championship, where the SEAT team managed to reach the podium on two occasions. Referring to the current year, Adelt pointed out the significant milestone that SEAT is celebrating this year: its 50th anniversary. "A half century of life which makes us one of the youngest carmakers in the world and which, at the same time, gives us the necessary maturity to be able to compete with precaution and guarantees for success". Erich Krohn, SEAT's Executive Financial Vice-President, explained that "combining strong growth without compromising the financial situation, and increasing our strength of patrimony, is a basic premise in the management of SEAT". He also highlighted the priority of self-financing foreseen investment to be able to offer our customers with competitive cars of innovative design, adding that "this is, definitively, a bid for the future of SEAT". Source: Seat, Barcelona, 20.03.2000
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