Spyker posted another loss, trimmed Saab’s sales targets

Article by Christian Andrei, on August 26, 2010

Acknowledging its excessive optimism, Spyker posted another loss on Friday, reduced Saab's sales targets and asserted that expects to still lose money through next year. Several months ago, Spyker acquired Saab from General Motors Co. Nevertheless, Spyker CEO Victor Muller said that the company has sufficient liquidity and does not need to recapitalize even as it reported negative shareholders' equity.

Everyone was surprised when Spyker, a money-losing producer that makes a handful of high-end sports cars each, made a bid for Saab. It was able to pull off the deal but its financing situation has resulted to doubts on whether it can sustain itself while it attempts to revive Saab.

Last Friday, Spyker said that it has a net cash of 280 million euros and undrawn facilities of 266 million euros from a European Investment Bank loan, enabling the company to achieve its 2012 profitability target.

In addition, Spyker posted a loss of 139.1 million euros ($177.2 million) on sales of 243.1 million euros. Spyker did not give comparisons to figures during the past year. Spyker said that this year, its near-term sales goal for Saab is 45,000 units. While in 2011, Spyker predicts sales of 80,000 units.

It also maintained its long-term goal for sales of 120,000 cars per year. Last month, Saab CEO Jan Ake Jonsson said that he was confident it could achieve its goal to sell 45,000 to 50,000 cars this year.

Jonsson told reporters that Saab's restart when it came out of liquidation took longer than they anticipated. Jonsson said that he was optimistic about the recently launched Saab 9-5, which has just started arriving in the US and increasing in Europe after the summer holidays.

He estimates that it will take about a month to get a sense of the car‚ performance. Spyker announced this loss just two days after it said that it had more debts than assets. [via autonews]

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