JDM88
08-27-2010, 08:09 AM
Saab owner Spyker loses 139 million euros in 1st half of 2010 (Roundup)
Aug 27, 2010, 12:41 GMT
Amsterdam/Stockholm - Spyker Cars, the Dutch owner of Swedish car maker Saab, reported Friday it lost 139 million euros (176 million dollars) in the first half of 2010.
However, the company said it had sufficient capital to assure production at least through the end of the year and did not intend to issue new share certificates to raise new capital.
The small specialist sports car producer took over the Swedish car maker from the US concern General Motors at the start of this year, with deal going through on February 23.
Spyker paid 74 million dollars as well as a package of shares worth 326 million dollars, using a European Investment Bank
(EIB) credit of 400 million dollars. The Swedish government guaranteed the credit.
Saab, based in Trollhattan in western Sweden, had to shut down for one and a half months, with production then resuming in late March.
'A virtually empty factory has of course an impact on the books,' Spyker chief Victor Muller said in explaining the first-half losses. 'But what is important is that we are now operating according to plan and are even doing somewhat better.'
Saab company chief executive Jan-Ake Jonsson, spoke in similar vein, while acknowledging the lower sales figures.
'Now we can plan more exactly. We were perhaps too optimistic,' Jonsson said. As a result, the company has lowered its production target for this year to 45,000, from the original target of 50,000 to 60,000.
The company sold 10,500 Saab vehicles in the first half of this year, compared to 24,300 in the first half of 2009.
Production in 2011 is now targeted at 80,000. For 2012, production and sales are targeted to reach 120,000, when the company would again return to the black.
Saab had been recording losses almost continuously since General Motors came on board in 1990.
The new 9.5 model, developed under GM, has been on the market since mid-June.
Muller told Swedish radio SR that the Abu Dhabi-based Mubadala investment fund, which holds 22 per cent of Saab, said it was very satisfied with the first half-year report. Muller holds 38 per cent of Saab.
It's a shame because I've always had a lot of time for Saabs, I've never understood why they've struggled. Oblig pictures:
Saab
http://www.sybarites.org/wp-content/09bf8dda57c1aeae605d00018584305c.jpg
Spyker
http://i62.photobucket.com/albums/h114/gmodc7/IMG_6936_2.jpg
Aug 27, 2010, 12:41 GMT
Amsterdam/Stockholm - Spyker Cars, the Dutch owner of Swedish car maker Saab, reported Friday it lost 139 million euros (176 million dollars) in the first half of 2010.
However, the company said it had sufficient capital to assure production at least through the end of the year and did not intend to issue new share certificates to raise new capital.
The small specialist sports car producer took over the Swedish car maker from the US concern General Motors at the start of this year, with deal going through on February 23.
Spyker paid 74 million dollars as well as a package of shares worth 326 million dollars, using a European Investment Bank
(EIB) credit of 400 million dollars. The Swedish government guaranteed the credit.
Saab, based in Trollhattan in western Sweden, had to shut down for one and a half months, with production then resuming in late March.
'A virtually empty factory has of course an impact on the books,' Spyker chief Victor Muller said in explaining the first-half losses. 'But what is important is that we are now operating according to plan and are even doing somewhat better.'
Saab company chief executive Jan-Ake Jonsson, spoke in similar vein, while acknowledging the lower sales figures.
'Now we can plan more exactly. We were perhaps too optimistic,' Jonsson said. As a result, the company has lowered its production target for this year to 45,000, from the original target of 50,000 to 60,000.
The company sold 10,500 Saab vehicles in the first half of this year, compared to 24,300 in the first half of 2009.
Production in 2011 is now targeted at 80,000. For 2012, production and sales are targeted to reach 120,000, when the company would again return to the black.
Saab had been recording losses almost continuously since General Motors came on board in 1990.
The new 9.5 model, developed under GM, has been on the market since mid-June.
Muller told Swedish radio SR that the Abu Dhabi-based Mubadala investment fund, which holds 22 per cent of Saab, said it was very satisfied with the first half-year report. Muller holds 38 per cent of Saab.
It's a shame because I've always had a lot of time for Saabs, I've never understood why they've struggled. Oblig pictures:
Saab
http://www.sybarites.org/wp-content/09bf8dda57c1aeae605d00018584305c.jpg
Spyker
http://i62.photobucket.com/albums/h114/gmodc7/IMG_6936_2.jpg