Report: Saab turned a profit of $531 million in 2009

Article by Christian A., on August 26, 2010

According to Saab Automobile's annual report in 2009, it had a profit of 3.9 billion kronor ($531 million), which it attributes to deals with its creditors and a deal to sell equipment to a Chinese automaker.

Saab said that its profit is due mainly to deals it entered with companies to which it owed money. These so-called composition arrangements resulted to revenues of 8.2 billion kronor on Saab's balance sheet. Saab's sale of tools and technology to BAIC generated 1.2 billion kronor. 

Without these two income sources, Saab would have had a loss of 5.5 billion kronor. From about 93,000 cars sold previously, the number dropped to only 38,756 units. This led turnover to decline by 61% to 6 billion kronor.

In an interview with Dagens Industri, head of information Eric Geers said that 2009 was "not a normal year," as Saab went in and out of a reconstruction phase. He also said that 75% of the debts were written off and that the company sold tools to BAIC.

He added that the annual report has "limited relevance," as it fails to Saab's global results. Late last year, we nearly saw the last of Saab when General Motors disclosed that it has started to wind down the company. Spyker saved Saab with a last-minute bid that GM accepted. [via thelocal]

Topics: saab, profit

If you liked the article, share on:

Comments

Recommended

One of the executives at Volkswagen tagged in the so-called Dieselgate scandal has pleaded not guilty to a list of allegations surrounding the carmaker’s actions to cheat emissions regulations in...
by - February 27, 2017
When the Crown De Luxe saloon was first released in 1972, it was at that time the most lavish Toyota model available to British customers. Both unusual and exclusive, one...
by - February 27, 2017
The ride-sharing fleet of sharing Lyft Inc. will soon include thousands of specially fitted self-driving Chevrolet Bolt electric vehicles, courtesy of General Motors. If plans push through, Lyft’s clients would...
by - February 27, 2017
J.D. Power has officially released the 2017 Vehicle Dependability Study, an annual list of the most dependable brands in the auto industry. Once again coming on top is Lexus, the...
by - February 26, 2017
Citroen revealed that its entry to the Chinese market is moving forward with the planned release of the new generation C5. While still on sale on this part of the...
by - February 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries