Swedish online news service, The local has reported that Saab has made a profit in 2009, despite the crisis that shrouded the organisation in late 2009 and early 2010. It was reported that Saab Automobile turned a profit of 3.9 billion Kronor ($531 million) in 2009, but largely due to its agreement with its creditors and sale of equipment to Chinese car maker BAIC. This was reported in companies annual report submitted on 27 July 2010. The profit is largely due to arrangements which Saab made between its creditors, which emerged as 8.2 billion kronor in revenues on the companies balance sheet. A further 1.2 billion Kronor was generated after sale of equipment to BAIC. It has been noted that without these, Saab would have made a loss of 5.5 billion Kronor. In 2009, the number of cars it sold has dropped from 93,000 to just 38,756 globally. This led to a decline in turnover of 61% to just 6 billion kronor. All this was shadowed by Saab’s most turbalent year ever in its history with the car being sold to Koeingsegg and then forced into liquidation and subsquent sale to Spyker Cars in February 2010. Eric Geer’s Director of Communication for Saab confirmed ‘2009 was not a normal year. Saab went in and out of a reconstruction phase. 75 percent of the debts were written off and we sold tools to BAIC. The annual report has limited relevance, as it does not show Saab’s global results.’
One Response to “Saab profits after 2009 crisis.”
Mike54 Says:
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