Saab owner Spyker reports $176 million loss in 1H; Saab’s sales down more than 50 percent

Saab owner Spyker posts $176 million loss in 1H

AMSTERDAM — Spyker Cars NV, the owner of Saab Automobile AB, reported a hefty loss Friday for the first half of 2010, as the tiny company absorbed the impact of purchasing the much larger Saab as it was on the verge of liquidation.

Spyker’s net loss was euro139 million ($176 million), up from a loss of euro8.7 million a year ago. Sales jumped to euro243 million from euro4.1 million. Operating loss was euro109 million.

The figures reflect the consolidation of loss-making Saab from Feb. 23.

Saab sold 10,500 cars in the first half of 2010, down from 24,300 in the same period a year ago.

“Given the effective shut down in Saab’s operations during the first months of 2010, the first half year cannot be seen as representative in terms of volumes and operating results, but as a necessary episode from which Saab will build going forward,” the company said in a statement.

CEO Victor Muller forecasts selling 45,000 Saabs this year, 80,000 in 2011 and reaching 120,000 and profitability in 2012.

Spyker, the Dutch niche luxury car maker which in its 11-year history never made a profit, confounded critics by buying Saab from General Motors in January for $74 million (euro52 million) — less cash than Saab had on its books. Spyker also received a euro400 million loan from the European Investment Bank, backed by the Swedish government, which hopes to hold on to Saab jobs.

Saab had lost euro400 million on sales of euro1 billion in 2009, prompting GM to sell.

“In just a few months we have delivered several critical operational milestones ranging from restarting our manufacturing and product development to rebuilding our distribution network and undertaking the global launch of the all new Saab 9-5 model, which was extremely well received,” said Saab CEO Jan Ake Jonsson.

Spyker noted that euro134 million of its euro400 million loan has been drawn on so far. It says that it has euro546 million in cash and credit.

Spyker’s balance sheet says it has a negative net worth of euro126 million.

“The group expects to end the year 2010 with sufficient liquidity to support its operations,” the company said.