IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Friday, April 29, 2011

Spyker Cars NV financial report Q1 2011

Updated with the operating loss and net loss and the last paragraph about transactions with GM

For those of you interested in reading Spyker Cars NV's financial report for the first quarter of 2011, it can be downloaded at Spyker Cars web page. Spyker Cars is of course the parent company to Saab Automobile AB.

The report shows a operating loss of EUR 79 million and a net loss of EUR 72 million for the first quarter of 2011.

Apart from the expected words about the recent liquidity situation, it is worth noting that Spyker Cars once again confirmes that they are in discussions with Chinese car manufacturers to fund Saab short- and mid-term. The property sale is also still an option if Saab can make a viable agreement with the European Investment Bank. The report also says that this year's sales target of 80,000 cars will be reassessed when the production stop is taken into account. Finally, Spyker Cars NV proposes to change its name into Swedish Automobile NV at the Annual General Shareholders meeting on 19 May.

It's also interesting to read that not only does Saab buy goods and services from GM, Saab also sells goods and services to GM. In the first quarter the sale to GM was EUR 15.3 million and the purchase from GM was EUR 52.4 million.