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Saab automobile finally releases reports showing billions of Losses


  

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Wednesday, 31 August 2011
Automaker Saab made a loss during the first half of the year 2011 to the equivalent of Skr2 billion after tax, according to the company’s report published on Wednesday night.

Crisis – hit Saab did in the first half of 2011 an operating loss of €201.5 million, corresponding to approximately Skr 1.8 billion. The company had sales of between €359 million, approximately Skr 3.3 billion.

During the same period in 2010, sales totalled €241.6 million, about Skr2.2 billion, and operating loss of €21.9 million, approximately Skr 199 million.

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The equity was by mid year negative by almost Skr3.6 billion. According to the report, this has no relevance to Saab's business plan, nor does the company need to access capital by issuing new shares.

The board and management are, however, bent that the equity remains such that the company should not be less than the minimum levels that Swedish law requires.
A total of 12,877 cars were sold in the first half of the year, compared with 11,851 during the first half of 2010. The bulk of production was, however, in the first quarter. In the second quarter, when the factory in Trollhattan stalled most of the time, production collapsed to 1,989 cars, down 79 percent from the same quarter last year.

Saab Automobile investor, Swedish Automobile, has not yet secured funds to be able to start production, the report said.
Saab boss Victor Muller writes in a comment that it comes as no surprise that the most recent quarter has been "incredibly tough" for the company but added that there are  still "bright spots on the horizon."

He also noted in the report that there is no guarantee that the current negotiations will bear fruit, or that the necessary funding will be successful.
Here is the full report
By Scancomark.se Team


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