TTELA on Spyker Cars’ Q3 report

From comments, it seems Spyker’s shareholders were expecting better results from the Spyker Cars 2010 Q3 financial report. A continued loss was expected, but maybe this is more than expected. The share price is down 11% on early trading.

TTELA have put together a report based on the conference call given in relation to the report. The following is the Googltrans:

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Loss for Saab owners

Dutch Spyker, owner of Saab Automobile, has made a loss before tax of EUR 50.1 million (470 million) for the third quarter.

During the same quarter in 2009 made the Spyker was a loss of 3.4 million. For the period 1 January to 30 September 2010 is the loss of 158.9 million euros.

Losses are expected as Spyker’s management to continue roll in 2010-2011, but in 2012 the company [expects to be] be profitable.

For the full year, Spyker expect a wholsale volume of 30000-35000 cars.

During the third quarter of 7430, Saab sold cars to customers. Compared with the second quarter is an increase of 34 percent.

But over the same quarter last year, this is down 10 percent.

Over the first nine months, it is much worse for Saab this year than last year. Until September, Saab’s total sales of 17 965 cars.

Both Saab’s President Victor Muller and Saab’s CEO Jan Ake Jonsson says that there are many challenges left for the company. But they stick to that plan is followed.

– We are on track and feel full of confidence,” says Jan Åke Jonsson at a telephone news conference.

He highlighted that sales will increase after the summer.

– September was 100 percent higher than August, “he says.

At the same time allows Jonsson that management believed that the recovery would be faster.

– We had hoped to recoup much of the volumes that we lost in the winding-up but now we see that it does not. We had some disruptions in the supply chain at the start affecting us and we had some delays in its product range, “he says.

Jonsson also points out that Saab is currently focusing not only on volume.

– Volume is not everything for us right now. It is important that we maintain discipline and sells the right way so that we can profit and get down break-even level, “he says.

Last year, Saab has sold 32 609 cars between January and September. This represents a decrease of 45 percent.

The rate of production at the plant are much higher now than in the third quarter of 2009. Saab has built 9777 cars compared with 2780 last year.

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