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

Article by Christian Andrei, 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

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