Swedish Automobile 3rd quarter report

For those who are interested in the finer details……

You can download a copy of Swedish Automobile’s 3rd quarter report at Saab Media.

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The basics……

• Saab Automobile AB (Saab Automobile), Saab Automobile Powertrain AB and Saab Automobile Tools AB entered voluntary reorganization under Swedish law

• Continued discussions underway with key Saab Automobile stakeholders, Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) and Pang Da Automobile Trade Company Ltd (Pang Da) about a transaction which will allow for the necessary investments and secure the longer term future and stability for Saab Automobile

• Conditional agreement reached on sale of Spyker Automotive business to North Street Capital, LP with net proceeds for Swan of EUR 32 million

• Filing for administration of Saab GB Ltd in November to give the company the necessary protection against creditors until it secured the necessary funding for the continuation of the company

• Continuing the voluntary reorganization process at Saab Automobile, continue the development of the revised business plan and restarting sustainable production top priorities for Saab Automobile management

• Depending on the outcome of the negotiations to sell Saab Automobile and Spyker Automotive, several possible scenarios for the future of Swan exist, including but not limited to a voluntary liquidation of Swan.

• Q3 2011 sales of € 75.8 million, Q3 EBIT of € -87.5 million

• Cash generated from operations in Q3 amounts to € -81,1 million

• Sales performance seriously affected by production stoppages and tight liquidity situation during third quarter

• Efficiency improvement initiative launched as part of voluntary reorganization process, in order to create more flexible and competitive cost structure within the Saab Automobile business

• 1,235 cars sold (wholesale) in Q3 2011, compared to 8,540 in Q3 2010, a decrease of 86%

• 2,775 cars sold (retail) in Q3 2011, down 63% compared to 7,430 in Q3 2010

• 130 cars produced in Q3 2011, compared to 9,777 in Q3 2010, a decrease of 99%

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2 Comments

  1. 130 cars produced in Q3 2011?

    Are these all 9-4X models before production was stopped in Mexico or does this refer to earlier statements of a few cars being completed in Trollhattan with parts that were still available at the time?  (Not that it is a great number….but I just thought no cars had been produced in Q3.)

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