Interim results for the first half year 2011 now available
August 31, 2011 in News
Swedish Automobile N.V., a holding company which produces and sells premium automobiles under the Saab and Spyker brands, today announced its interim results for the first half year 2011. Download the full report from the link after the jump!
The file is a 24 Page PDF File.
Extract from the report:
Victor R. Muller, CEO of the Group and CEO and Chairman of Saab Automobile, said: “It will come as no surprise that this has been an unbelievably tough quarter for this company. Nothing is worse than having to delay salary payments to your loyal employees and they deserve nothing less than my sincere apologies. Moreover, our ever tighter financial situation resulted in sustained production stoppages, lost revenues and a significantly increased operating loss. Our business plan is under review pending completion of funding negotiations and to reflect ventures with our future partners Pang Da and Youngman.”
“There are rays of light on the horizon as well. We have booked good progress in negotiations with our suppliers on payment and delivery terms, and we continue our effort to secure additional near-term funding to enable a sustainable restart of production. Investor interest exists in Saab Automobile based on a continued belief in the long-term prospects for the brand and the company. Despite the company’s current predicament, they recognise the potential of the Saab business: several new vehicles waiting to be launched in global markets, loyal customers who continue to order cars to this very day, a strong premium brand, committed and well-funded new Chinese partners and a highly-skilled workforce responsible for many innovations in the automotive business.”
“However, we know that we can’t look too far into the future just yet. Right now, the focus of Saab management is on working as hard as possible to bring the company back into calmer waters by significantly strengthening our financial position, reaching agreement with all our suppliers on payment and delivery terms and restart production as soon as possible. We are evaluating all available options in order to secure continuity of Saab Automobile.”
Available here: http://media.saab.com/press-releases/2011-08-31/swedish-automobile-nv-reports-semi-annual-results-2011
TTAero said on August 31, 2011
I really do not think it can get more exiting than this…I really do not.
KarlR said on August 31, 2011
The result is a bit better then I thought! But I doesnt look so good that there is no solution yet on the short term!
Sadim said on August 31, 2011
“The result is a bit better then I thought!”
What were you expecting… ? It’s terrible.
And when they look into the future and address the current bridge-loan disussions they say: “There can however be no assurance that these discussions will be successful or that the necessary funding will be obtained. Given the recent liquidity and production situation, previously communicated sales and financial targets will be reassessed as soon as the consequences of this situation on the Group’s operations become clearer. The Group foresees a substantial net loss for 2011.”
Swade said on August 31, 2011
Sadim, they simply can’t give any assurances. Doing so would basically be the same as announcing a deal, which they can’t do until a deal is done. Stating specifically that they can’t give assurances means that there’s no room for speculative interpretations.
Sadim said on August 31, 2011
Quite right.
The only assurance they give is that they will try to solve a problem they have not even been close to solve so far.
Khrisdk said on August 31, 2011
that assurance is just as valid as your assurance they will die.
Khrisdk said on August 31, 2011
Oh…actually better. Saab is still alive
ANA said on August 31, 2011
Khridsdk
One could think that you are trying to victimise Sadim. Remember that independent thinking is important…..
Khrisdk said on August 31, 2011
I am thinking independently.
Also please note that I never make any speculations about Saab without making it absolutely clear that it is speculations or opinion.
That is actually what I oppose from Sadim.
He has continually made statements that theories that every action by Saab is manipulations and fraud.
I will continually answer those statements.
If that makes Sadim a victim, so be it.
ANA said on September 1, 2011
Khisdk
Wild accusations obviously need addressing, but what I am talking about is unstructured personal attacks (which are childish) – perhaps a little more restraint would be good.
Khrisdk said on September 1, 2011
I am not really making personal attacks in a higher degree than sadim.
I usually answer people in the tone they used themselves, from the evaluation that the tone used is on a level they can handle since they are using it
I will admit to having forgot a smiley on the paranoid delusions remark, but apart form that the only references I have made to Sadim is that most is assumptions and Tarot Card reading.
What others call reading the tea leaves.
Carlo A said on September 1, 2011
Sadim, let me tell you, I work in finance …. every statement a public company makes has to be checked by the legal department to avoid possible lawsuits … if you read IPO offering circulars and so on they are full of disclaimers … which is what they are doing here …. SAAB is saying “there are negotiation, but…. it could go wrong”
KarlR said on August 31, 2011
Sadim, As I said I was expecting much worse! I actually think there is something seriously wrong with you Sadim!! Please book a doctors a pointment and stay away from here until you seen the doctor!!
Jake said on August 31, 2011
+900
Sadim, you got your point across.
Sadim said on August 31, 2011
And what might your suggested diagnosis be, my dear KarlR?
Khrisdk said on August 31, 2011
Paranoid delusions?
Sadim said on August 31, 2011
Paranoid delusions? Because I quoted the words of Muller? Come on Khrisdk, you know better than that.
Saab_Lurker said on September 1, 2011
There seems to be a lot of his disease going around.
saabdog said on August 31, 2011
@Sadim
The result of your comment? It’s terrible.
Just saying…
BoeBoe said on August 31, 2011
There was a rumour floating around that Saab GB would be sold (or used as collateral) for the new bridge loan. If you read the report you will learn that this isn’t possible anymore:
Also, Spyker isn’t sold (yet):
Red J said on August 31, 2011
Boe it was not a rumour, it was a statement by di.se.
BoeBoe said on August 31, 2011
Well then that was a false statement by di.se. SAAB GB can’t be pledged or sold anymore.
Red J said on August 31, 2011
Too sad ttela.se felt like having to publish this article.
Sadim said on August 31, 2011
Maybe they see a need to report what they see as important to the general public.
Red J said on August 31, 2011
Di.se is so childish !!
In 2010 everyone said that only the retail sales figure where the real ones, and that talks about wholesale (the cars that Saab sales and give income to Saab Automobile AB) in the automotive industry besides of Saab.
In 2010 Saab sold many cars to the north-American retailers, and thus the wholesale figures where bigger. This time the dealers or retailers have sold more cars than they have bought from Saab, and all of the sudden Di.se thinks that the wholesale figure is the most important.
And why TT and Di.se argue the same way as Sadim refering to the sentence in the report:
Sadim said on August 31, 2011
Are you suggesting that I work for TT and DI? If so what utter nonsense.
Could the sentense that you mention not just be one of those things that people who are quite used to reading finacial reports would find astonishing after having seen a delayed report, while at the same time management is most likely feeding information to the press that a 1 BSEK deal is soon to be completed?
saabdog said on August 31, 2011
Sadim, maybe RedJ is suggesting your work as a troll. If he’s not, then I am. Please just go away.
Red J said on August 31, 2011
No, I’m not suggesting nothing like that. I was only suggesting that TT and DI have the responsibility to offer neutral and objective views on the facts, and do not mix news reporting with a comment.
Otoh, you can express your personal opinion as everybody knows that what you say is your view on things. As well as what I say in the comments is my subjective point of view on things.
Sadim said on August 31, 2011
OK. Could you then explain your thoughts behind the sentence “And why TT and Di.se argue the same way as Sadim refering to the sentence in the report:..” I assume English is not your first language since the sentence in question makes more sense in Swedish: Och varför argumenterar TT och DI likadant som Sadim när de hänvisar till meningen…..
What is so strange about my making reference to this specific part of the report?
RS said on August 31, 2011
Has SU become the Sadim show again? It’s getting A TAD boring IMO…
I’d slam a ‘Your comment is awaiting moderation’ tag on this guy.
Sadim said on August 31, 2011
Well, either we introduce a maximum-number-of-posts-per-day-rule or we introduce a if-Idon’t-like-it-we won’t-post-it-rule. Which would you prefer?
I assume you grew up in the SSSR – and liked it.
RS said on August 31, 2011
When 5 out of the last 10 comments (80% off-topic) are from you almost any time of the day, people are starting to get fed up. I think the SU Crew has been more than patient with you so far.
By all means start your own blog where you can bark at VM and Saab as much as you want.
Khrisdk said on August 31, 2011
Godwins law?
Khrisdk said on August 31, 2011
For someone offended by questions about your mental health you sure don’t hold back when passing judgement on others
Grumpy said on September 1, 2011
Perhaps the argument RedJ is making here is that trained financial journalists, who indeed should be used to reading financial reports written by lawyers, should be able to better report facts.
He merely said that is is strange that they, the trained journalists, come up with the same lame argument you, the self claimed non-journalist, did.
I can understand though, if you feel offended by being put in the same box as Swedish financial journalists, unwillfully or not
ThomasJ said on August 31, 2011
Childish or not, the Swedish newspapers have the ability to speculate and predict the future, mainly in a negative direction.
I remember how the situation was about 15 years ago, when Saab was written down in the Swedish press. At the same time German newspapers expressed, that they would never do anything like that against the German car manufacturers.
Dagens Industri/di.se (Today’s Industry, in english) seems to have a desire that today’s industry shall not be successful. Strange.
Of course there can be no promise of guaranteed funding, before it is completed.
Grumpy said on September 1, 2011
It is usually said that sports journalists are failed wannabe athletes. Without doubt financial ´journalists, particularly some that work at DI.se, are failed economists or non-starter businessmen.
The problem is that they are ina position of power, much more so than the sports journo.
saabdog said on August 31, 2011
Sadim, your posts are not “discussions”, per se. They’re more like negative opinions repeated ad nauseum for the sole purpose of being a pain to people here at SU who actually have something constructive to say.
OddJob said on August 31, 2011
Sadim, excuse me for saying so but you are at a Saab fan site.
zippy said on September 1, 2011
+1 (billion)
Lundin said on August 31, 2011
I know the report would cause a blood bath, still i am quite confident that we can see a positive end on all this. I fail to see why the rumors going around would be just void.
Please, give it yet some time and even more important be nice to each other! (the world is progressing into a unfriendly and uncertain environment so lets keep..united!)
jond said on August 31, 2011
In a couple of recent posts I’ve assumed a loss of half-a-billion Euro over just more than the eighteen month period and these results now confirm that. Obviously the Company is still losing money. I note that in his statement VM says that ‘Our business plan is under review pending completion of funding negotiations and to reflect ventures with our future partners Pang Da and Youngman.’ Why wasn’t the business plan reviewed when it became quite obvious that sales were falling well short of the original expectation? Had strong action been taken immediately most of these losses would not have been incurred, production would be continuing and there would have been little need to propose to sell off the Company to China. This can only be read as a management failure on an epic scale. Perhaps one of his friends might quietly mention to VM that it might be a good idea to appoint a professional to run the Company.
Pedro said on September 1, 2011
Stop using common sense!
Just kidding – your questions are spot on. Notice how clearing up suppliers plus EIB would be between 900 million EUR and 1 billion EUR? Plus the money needed to restart production (essentially to pay suppliers in advance or on delivery, plus part of the rest of the bills)… No small change there.
Red J said on September 1, 2011
Swedish Radio (SR) has also missed the point in reference with the Saab sales.
This sentence
is wrong.
SR is referring to the sales figures in the H1 financial report from Swedish Automobile, where it states:
To say that all the 12,871 cars ordered (and paid) by the dealers are still not sold to a end customer is simply wrong.
Pedro said on September 1, 2011
It only means that SAAB sold 12K cars to dealers; te rest can and cannot be… But it doesn’t really matter that much to be arguing about 12K or 15K cars… Even if one doubles those 15K figures one is still at roughly one third of a 100K break-even…
Red J said on September 1, 2011
Pedro, I know what it means, and I know what they’ve said.
I’m not arguing if Saab has sold to much or too less cars, I know they a far from the goals they set themselves in January, but I know why, and you also, and thus it makes no sense to discuss no numbers.
My only point is that three Swedish press outlets I’ve checked on this have misleading information on the real facts.
Pedro said on September 1, 2011
I understand your point, but I respectuflly keep my opinion. As for the statement, SR may have put their foot in their mouth with that sentence, as they don’t have access to inventory movement at dealer level.
Pedro said on September 1, 2011
And, from the way I wrote the word “respectfully”, the expression “proofreading is your friend” seems more true than ever LOL
saabluster said on September 1, 2011
The lack of moderation and removal of trolls is making this site unpleasant. I have come here for many many years because it was pleasant to do so. It is of course TimR’s right to oversee this board as he sees fit but so is my participation in this board. I don’t mean that to sound as much like a threat as it probably does but I am fed up and don’t know what else to do.
I have called for Sadim, leeloo, and BoeBoes removal on more than one occasion in the past. I feel that in all fairness it should be said that on occasion these individuals do post their thoughts in way that is reasonable and adds to the community here. I felt it was sad to see some jump on Sadim in past couple days when what he posted was not in the least bit objectionable. I know that regardless of what these individuals say at this point they will be jumped because they have built up such a reputation here. So while I did not like seeing my fellow friends here needlessly jump on them I also don’t have too much pity for them because they have dug themselves their own pit here and I know they really couldn’t care less about our community here or Saab as a brand. They are trolls in the truest sense and do not deserve to associate with us.
These trolls like to throw out the all too easy rebuttal that we are just wanting to bury our heads in the sand. While I have seen this attitude from some here I don’t feel it is the sentiment of most. Our wanting to focus on the positives has nothing to do with ignoring the problems. We all know the direness of the situation all too well. We don’t need reminded of this. Not wanting to dwell on it is not denial. It is simply wanting to look at life in a positive way and be the kind of people that other people like to hang around. Nice people. Positive people.
Would you hang around someone who constantly slandered you or found fault in everything you did?
Although it hurts sometimes we would want our friend to tell us if something was wrong. But motive has so much to do with it. If I knew they were telling me because they cared for me then the counsel can be taken as constructive. If however the person has been degrading me at every opportunity, throwing every mistake in my face(as if they made none) any counsel could better be described as criticism and is destructive in nature.
BoeBoe, Sadim, and Leeloo do not care about us. Why are they still in our house? While they may at times say something useful their motives for being here are certainly not and are destructive. There are plenty of people here who I respect and who are not looking at everything with rose tinted glasses on. We don’t need the trolls here. These characters have abused the freedom that has been afforded them and have, to the point of exhaustion, taken advantage of the patience of those who can ban them. I beg the powers that be to step in and do the right thing.
jond said on September 1, 2011
Actually, far be it from me to comment on, or criticize, the moderation policy, but I would like just to say something in support of the three you mention. My belief is that BoeBoe and Sadim are truly trying to get to the truth and have been very informative and I have much appreciated their input. Leeloo is provocative but in an interesting way and I would much prefer to read what (s)he has to say than to have her/him excluded. In fact (s)he made a very interesting suggestion yesterday, which I am tempted to believe might have more than a grain of truth.
Pedro said on September 1, 2011
jond: +1
Red J said on September 1, 2011
jond,
from a personal and not SU point of view.
Those three have created their own reputation, is up to them to change the form and not the contents of what they say, because the way they say it is what annoys most people here.
Grumpy said on September 1, 2011
Good post Saabluster. I have also reacted to some of the posts, particularly those of Leeloo who I find especially ‘trollish’.
I do not come to this site to be taught by some commenters that it doesn’t make sense to be positive about the brand that I love. I don’t want to read long arguments, assays from some, that walking away is the best option.
This is not the debate page of a daily newspaper. It is a site for people that like Saab cars and/or Saab the company. If there are people coming here with the intent to disrupt, to flog an idea that Saab is a waste of time, that our opinions are wrong, then I say go away. start your own blog or whatever.
Some commenters, like Leeloo, are quite active also on DI.se expressing strong negativity and a claim to see the ‘truth’. DI.se is a true home for people who wants nothing more than see Saab gone. The tendency lately, the past 6 to 8 months, seems to be that some of the most frantic Saab-haters have started as missionaries on other sites such as SU and TTELA. TTELA is run over by negative commentary which strikes me as quite odd considering the paper itself is mostly pro-Saab and people in the area are too. SU risks being disrupted by troll missionaries and I believe Saabluster’s comment is an indication of that.
Sorry for the rant.
Leeloo said on September 1, 2011
I must say I find it quite entertaining and cute to be called a Troll:) Especially since i heard Saabs are being built by Trolls in Trollhättan:)
Sorry for the rant
It’s alright, used to it by now.
Khrisdk said on September 1, 2011
People could always call you iTroll to differentiate.
The i-words seems to be popular these days
Grumpy said on September 1, 2011
Different kind of Troll but I guess you already know that.
Nice picture.
SaabSouth said on September 1, 2011
Hardly surprising seeing as they made almost no cars Q2, what really concerns is that all the plaster’s that VM has been getting in terms of extra cash from here there and every where has basically been p**sed out the door keeping everything together. Somethinh has to happen soon!
Pedro said on September 1, 2011
If I understand correctly and since I am in ‘metaphor mode’ today, your concern is that there are too many balls in the air to juggle so the juggler is having increasing trouble keeping all those balls in the air without any of them falling.