First quarter results for Spyker: net loss of €76.3 million

In Norway, the wire services reports that Saab posted a result of 384 million SEK (335 after taxes) in the first quarter of 2011.

Meanwhile, Associated Press simply reports the numbers of Saab’s owner which are not so good — a net loss of €76.3 million.

Update: Sorry about that blunder. I was pressed for time.

34 thoughts on “First quarter results for Spyker: net loss of €76.3 million”

  1. It is a net loss of 76,3 euro. Don’t really have the time to dive into the numbers, but the first looks more like the Saab Defense company, which also reported today?

  2. The norwegian newspaper don’t seem to understand that it is two different companies…

    SAAB AB is not in a crisis of any kind, they are doing just fine. But it’s mostly SAAB Automobile we care about here…

  3. Sorry to say so, but the 384 million SEK is the result for SAAB Aeroplanes.
    “Our” SAAB, the car company had a loss of 79 million EUR.

    • Thanks

      I had this suspicion, it meant that the loss was all related to Spyker activities. But Spyker has no longer any activities as it sold the sport car division

      • My guess is that SAAB HAD 35 million euro in cash on March 31, because they had not paid suppliers on time.

        And that´s also why suppliers stopped their deliveries in early April. Since then SAAB have paid several millions euro to suppliers and also several millions to employees in April.

        With no new car deliveries during four weeks, SAAB cannot have much of this cash left today. SAAB-Spyker probably is in VERY BIG FINANCIAL trouble, and without a new cash injection SAAB cannot survive many weeks.

  4. Rune,
    This is wrong. It is not Saab automobil that did a result of 385million SEK. It’s Saab the defense and security company.

    • And these figures are registration not necessarily cars sold. There are 100’s of pre registered car in the UK sat at dealers or the docks as one might assume of other areas.

        • It only shows registrations of car not actual sales to the public or fleet.
          Have a look at how many pre registered cars Saab City have in the UK just as an example.

          • The Saab City pre-reg cars look rather old – ie no TTid 130 or 160 vehicles, so I would suspect that these were what was left in stock when MY11 came out. I doubt you can sell a MY10 car as a new car once the model year changes.

            I know from personal experience when attempting to purchase a 9-3 in the UK in Feb that there was very little choice available in what was held in UK stock, so in the end elected to wait for the Griffin order book to be opened to source the vehicle options we wanted. Of course now we are waiting for production to restart so they can build our car, but I’m sure it will be worth the wait.

          • Gawdplus

            Who are the biggest Saab dealers in the UK? I can see Saab City are just registering cars and then selling as zero miles s/h cars. They cannot do that for long if they do not sell the cars.

            Or maybe those prices that they sell the cars for is the true new value, for sure they are cheaper than dealing on a new vehicle.

            There was not a huge stock avaliable in mid march for Saab dealers to choose from, however you maybe able to tell us something else.

          • The biggest Saab dealer in the UK is owned by Saab GB and that is …..Saab city! The next biggest group used to be Concept but they have now started selling Hyundai’s even though at one point they were subsidised by Saab GB.
            As far as I know Western Saab in the North of England and Scotland are now the biggest dealer group.
            Saab City did about half of their target first quarter and were virtually giving cars away to do that. We could certainly not compete with them.

  5. So only yesterday at the Saab press conference it was stated –
    ” We really started to sell cars… the sales really started to kick in, 170% increase from last quarter 2010 to first quarter 2011″………
    and yet they still lost 76million.
    So what might we expect for the next few months what with the factory being closed for almost a third of this current quarter …150 million euros lost ?? Lets face it cars are not flying out the doors and there are people on this very website who will not order till they are sure their money is safe.
    So with all other factors considered is it possible to see a loss of 350-400 million this year which will exceed the EIB loans on there own?
    Quite frankly Mr Antonov’s alleged investment of 30 million is chicken feed. However as I read it without the EIB being involved for this 30 million investment VM gets the Saab parts business and the factory???
    Considering that the parts business makes a profit and the factory is was valued at 284million last year does it not mean that if Saab were to close he has the potential to make a lot of money quickly?
    Both the EIB and Swedish government insisted on market price being paid for the property for him to invest and their terms and conditions to be made and yet with these other funding methods in place his 30 million buys it all???
    Even with this loss Mr Muller paid himself a very large salary plus a bonus and shares ( and that’s when they lost money)!! I wonder if his trip to China is all first class considering the state of Saabs finances or is he staying on the cheap? I know what I suspect.

    • You got it wrong.

      The 30 million euros was part of a deal that intended to inject some capital into saab. Since Antonov wasn’t allowed to finance Saab in any way, they tried to solve it by selling the real estate. Antonov would pay 30M, not knowing if he would be accepted as an owner. Once he got accepted, he would pay the remainder for a total of about 100M euros.
      The property is valued to about 25M euros in case Saab enters bankruptcy. Most agree that it’s more or less worthless in that scenario.

      As for the parts division .. that is held as collateral and won’t be released. Only way to release it, is by paying back the EIB loan in full. That requires close to 220M euro, not 30.

      • So this is a very similar investment that was made by the Swedish government last month for roughly the same amount? Seems a coincidence that late in the month , 2 months running that there is a cash injection?

  6. Spyker CEO Victor Muller said Friday(today) that the “painful production stoppages” meant the company’s 2011 forecast of 80,000 cars sold “is no longer feasible.”
    Lets be honest! There was absolutely no chance of 80,000 sales this year before the stoppages. Over 33000 would be a result. If that’s the figures Victor was running the company on no wonder they are in the poop already.

        • Right!
          There were too many cancellations of Saab-orders during the last few weeks in our dealership. This issue has made a huge damage. If Saab survives this and can get production restarted asap, the customers will remain unsafe for a long while if Saab will do their marketing as they did before.

          So crystal balls tells me a max. of 40.000 maybe this year…

        • Last weeks halt is bad, yes.
          Otherwise the numbers tells me this.

          Q1 2010 there were appr 4.500 Saabs sold. With a year total at appr 30.000 Saabs sold. Those numbers shows us that one cannot simply multiply Q1 with 4 to get a year total. Though this is exactly what many jounalists insists to do. The numbers indicates a rise in sales over time.

          Without the four weeks halt i speculate like this.
          Q1 2011 there were appr 9.500 Saabs sold. With a speculated year total at appr 60.000 Saabs sold.
          And that is with the 2010 lineup.
          Adding the 9-4X, 9-5SC and low emission 9-3 could easily result in 80.000 Saabs sold 2011.
          But……we have an existing halt! there for I cut down to appr 50-70.000 Saabs sold 2011.
          Future tells us what the impact of the halt will have on sales.

          • There are 100’s and 100’s of car being pre registered so the figures do lie.
            The coverage of whats happening has been non existent in the UK and yet sales are very slow. If it was on the BBC news today that Saab had been closed down for 3 weeks the interest would stop altogether.
            If they can trade for the year I would have thought 40,000 sold units would be a heck of a result. Sadly it would also mean 100’s of millions of losses if the first quarter is anything to go by.
            I see no one has commented on my opinion of Victor Muller? Is it handy that he is out of the country and away from the media while this is happening?

          • At the start of the year the UK target was 22000 units. Unbelievably this little Island was the biggest market for Saab helped mainly by cheap lease deals and hire cars last year as I understand it. This year the deals are not so cheap and considering this shut down at best they may sell 10000 cars.

  7. Well..Your crystal ball is as good as any others.

    @Gawdlpus..So is yours..

    But I am not so sure it matters who is right if the long term financing gets sorted out.

  8. @gawdlplus

    we all know sales could be much better – but what should have SAAB done better. They were nearly dead in the beginning of 2010. every press started with loss making or the typical opel thing… . they did a good job – the 9-3 under 119 g, the phoenix , the 9-5sc and the 9-4x is production ready. they couldn´t afford big ad campaigns and tv spots . But it was also clear that they need additional funding – you cannot run a company with the EIB money which was only for R&D
    negative writing doesn´t help anyone . if you wan´t saab to survive spread out positive spirit.

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