Press Release: SWEDISH AUTOMOBILE TO PUBLISH SEMI-ANNUAL RESULTS ON 31 AUGUST

Zeewolde, The Netherlands, 26 August 2011 – Swedish Automobile N.V. (Swan) announces that it will publish its semi-annual results on 31 August 2011, instead of the previously communicated date of 26 August 2011.

Swan has decided to delay publication as it is currently still in the process of finalizing the semi-annual report.

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38 Comments

  1. Unfortunately this can be again interpreted as bad news and the willingness to hide something …

    Steven, my faith is still strong and I believe something will happen soon. I worked many years in corporate finance and I know these type of deals take time … especially in this case where many parties, public organisations like the EIB, etc are involved …

    However you will agree many people start to doubt and unfortunately there is no positive news coming our way … I only hope nobody in the management team is starting to give up  yet …

        1. Hi Carlo,  

          I’m not sure about the ‘willingness to hide something’ theory.  It’s a 5-day delay, that’s all.  It was due today, but can’t be signed off today for whatever reason.  I agree that it’s not good, but I’m not sure it benefits anyone to create reasons (or deadlines) that may not be there.  

          Personally speaking, it’d be great to have a decision by the end of the month, but as someone with a lot at stake in the decision, I’m not going to tie my hopes to this interim reporting date.

          1. Hi Steven

            thanks for the clarifications. The payment of the salaries could be a good piece of news to counteract the current attack by the media.

            C

  2. You’d think that somebody in the organisation had the extra time to finish the result as planned. Not many vehicles have moved from the assembly lines to stores in April – July. I’m sure there is a good reason for this delay, but it isn’t because there wasn’t enough time. Another mixed signal from Swan: “There is a bright future ahead of us, despite our inability to run the most basic business procedures.” You don’t have to look further than that to know why the press and public are losing faith quickly. It’s been like this for months now.

    1. Don’t really agree with your logic, there, XBJ.  Example, because someone in marketing has had some time off recently, they should have done the report?  

      There are certain people needed to compile a report like that and sign it off, and those people have been very busy indeed.  

      1. That was my wry attempt at sarcasm. I don’t think the report is really unfinished – it just contains very negative numbers which Swan will not publish at the time. The message that the latest press release sends to the world is “we’re either performing at an amateurish level or we have something to hide”. It is just an awful press policy that is destructive to the brand.

        Those numbers will be the only trustworthy piece of information on Saab’s chances of survival of the short term cash crisis. Witholding it from public interest is either extremely silly or the last of the gladiator’s attempts to fend off the beast. For the next five days the imminent demise of Saab will be the only interest point in media. Cue more pain for the enthusiast. It’s time somebody at Swan understood that there is no more goodwill for unmet deadlines or broken promises. If a report is promised, you don’t postpone it on the day of release.

        1. 5 more days and all will be transparent …. if the are trying to hide, it will not be for long …

          so what kind of cover-up would that be?

  3. Hi Steve,

    do you know why there aren´t any recently published press releases on the swedish automobile webb page?
    Thank you, yours Tobias

  4. This is incredibly unprofessional and incompetent, it is inexcusable. For any listed company and especially considering the position SAAB is in. If a company is not capable to compile its half year figures, 2 months after that date!!, misses the deadline with 5 days without decent explanation…

    Maybe the auditords did not accept the account valuation basis of “going concern” anymore, think about that.

    really disappointed in management capability and the lame excuses, time after time. Somebody in vacation in the marketing department, right. Your company is on fire and the fire brigade is having lunch? No problem…

  5. How difficult can it be when you only have to report money spent? I’m a minor shareholder who has lost quite a lot of money. This is not good foor the stock value.

  6. Swade!
    It is with growing concern that I read the media, although half of it is just rubbish, and listen to peoples comments all over.
    I am a great SAAB fan and have driven SAAB´s since 1982, but it makes my heart sick to NOT hear anything from the Horses mouth, instead we only get speculation.

    Facts, figures, openess, realism and inspiration is what we all need to hear. I know and understand that people work their small buttoms of but, the punters need information to keep up the support.

    I find it distressing that VM has suddenly decided not to say a word, where as before he talked all the time. This is not good, communication is King which we all know.

    I look forward to the future and hope that I will derive a SAAB for many years to come!!

    SAAB up !!!!

  7. SAAB in reconstruction, finally and unfortunately. This explains why the semi annuals could not be published. Other valuation critteria apply when in reconstruction, SAAB is no longer “going concern”.

    At least it should be clear by now that this could not continue any longer. But that is not much help for the families involved, dealerships, suppliers and others involved…

          1. SR are usually very careful before they break news like this. it is probably well researched. They claim a number of well-informed sources.

          2. Hi Steven, whenever this kind of news pops up, shareholders get nervous. How is the atmosphere amongst your colleguaes when this happens? A lot of swearing? I suppose Saab wants to know who is informing the press? And why?? Do employees have contract in which they are forbidden  to speak about these kind of things? All the best from Breda, The Netherlands.

          3. Rem, we can’t control what the press writes about.  We can respond occasionally (as we have today) but we can’t get into a game of rumour-tennis with them.  A lot of what’s going around at the moment is what “might” happen to Saab.  We’re not producing those stories.

            Informers – yes, it’d be nice to know, and yes, there are privacy clauses – in my employment agreement, at least.  I’m sure there are in others, too.  Standard practice.

  8. With the greatest of respect to other posters, I’ve never heard so much rubbish in my life.

    Companies – listed and otherwise – delay their reports all the time. If that becomes a pattern then it is a problem; as a one-off then, frankly, it is just one of those things.

    There are an awfully large number of holier-than-thou posters here today. Circumstances get in the way of us all at one time or another; it is a pretty sad day for society if the slightest delay or mis-step is viewed as a world-ending by those who, I’m pretty sure, are not absolute paragons in their own lives.

    I have no problem with fair comment; I’m immensely saddened with stupid point-scoring and the setting of ludicrously-high moral standards.

    1. It’s hard to turn this story into a positive one. I’ve just sold my shares at a (big) loss. Maybe Saab should have a press conference on a weekly bases? Rumours, rumours and more rumours. I want official statements.

    2. Skwdenyer,

      And do you think at this point Saab can afford such slight mishaps? Within a couple of hours global media were proclaiming corporate restructuring and Swan stock value was doing the waterslide. Such is the level of trust towards Saab today that a missed deadline will call up the vultures. I fail to see how that is going to help Swan find financing.

      1. I don’t disagree. But standing on the sidelines, pointing out the glaringly obvious, is hardly constructive, is it? Do you think that, if potential investors in Saab or purchasers of cars visit this site in search of a demonstration of the support of the world in the brand, that they would think yours – or others’ – were the words of the die-hard supporters who will help to pull Saab through by buying product in the future?

        No, I didn’t think so.

        I don’t think comments here – or on other sites – should be sycophantic or uncritical. Comment and discussion is valuable. But we are where we are and, as such, I like to think it would be more appropriate for us all to adopt a ‘wartime’ approach (concentrate upon keeping-up morale and thinking of how we can all help to defeat ‘the enemy’ and ensure survival) rather than simply sniping from the sidelines or pointing out that is ‘nice weather for an air-raid’ or observing how much better it would be if things weren’t so conflicted.

        The shows of support during the end of the GM era were critical in allowing Saab to dodge a bullet. They might be again. If you genuinely think you have solutions to Saab’s problems, I’d suggest emailing Swade directly and asking him to pass them onto VM; I don’t believe that external ideas are bad, not at all.

        But if, instead, you think that you gain kudos in the eyes of the world by pointing out the blindingly obvious, I believe you need to think again. And, no, I don’t get any more personal than that – I don’t think you’re an idiot, or born out of wedlock, or resemble some sort of invertebrate; I just think you’re fired-up and that you’re not, perhaps, thinking-through the implications of your public display of frustration. If you’re qualified, and if you’re motivated, by all means hop on a plane to Sweden and go and help out; I doubt they’d turn down your help.

        I sincerely hope Saab survives. Assuming that happens, it will be for the shareholders of SWAN, the regulators, and other stakeholders to determine whether current management took reasonable decisions under the circumstances. We can all express our opinions at that time. But, unless you think that starting that process now will actually help Saab to pull through, I would ask – on behalf of so many out there who have supported Saab over many years – to keep your frustrations to yourself.

        And, no, I don’t work for Saab, I’m by no means their apologists, and I certainly don’t owe them anything. But, equally, I shan’t be your apologist just because you’re frustrated.

        1. skwdenyer,

          please refrain from ad hominem speculation about what I might be thinking or gaining when posting here. I am a Saab owner who has sat silent and waited for dependable data on where the company is right now. The date was given and in my calendar. Didn’t happen – OK, so let’s wait another five days then.

          As for any solution to Saab’s problems, I have already made my only point: Punctuality would be a virtue when possible, and I do believe having the semi annual result report ready on time would have been possible.

          1. You disagree with me; that’s fine. But I don’t understand why one should come here to take pot shots at Saab. Seriously, why?

  9. This might sound awkward, but I envy you, and your position.
    I have always liked Saab. (The word “love” carries a lot more in swedish. 🙂  )
    But the situations has kept me from working at Saab. The closest I got was a short stint at Saab Microwave in Mölndal. But you are there. In the middle of it.
    Not only can you see the inner workings of Saab (not only management, but also windtunnels – more of that please), you can document it like noone before.
    And whatever outcome this “adventure” has, I hope you are keeping notes. Because someone must write a book about this. And I rather want it to be you.

    Before I went home today my mediaplayer (set to random) played “Phoenix Rising” by Phenomena. I take it as a sign. Keep your spirit up.

    Griffin Up!

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