Spyker Cars has posted a first half loss of EUR139m (US$177m) on net sales of EUR243m.
The Netherlands company – that also announced EBIT of EUR108m – said the numbers reflected the recent absorption of Saab into its operations.
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Saab car sales fell during the reporting period from 24,300 units to 10,500, while Spyker noted its negative equity of EUR126m would not require a recapitalisation by means of a share issue or similar financial instrument.
Group CEO and chairman of Saab Victor Muller claimed momentum would continue as “the strong brand loyalty, goodwill and interest in our cars, together with the enthusiasm of our existing and new distributors will be a major advantage in supporting the growth of our sales pipeline.”
In an interview with just-auto two months ago Muller said he wanted unit levels to be at 100,000 this year and at 125,000 in 2012, although analysts have questioned the viability of Saab as a stand-alone entity.
“By the end of 2012 the oldest car in the showroom will be the new 9-5,” he said. “All the other products will have been completely revamped.”
Spyker said yesterday (26 August) its negative equity position reflected the International Financial Reporting Standards requirement to treat the US$326 million of redeemable preference shares issued to General Motors as part of the Saab acquisition in February of 2010, as liabilities instead of equity.
For the full half-year results, click here.
