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  1. #1
    Frank
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    2010 Spyker Saab Annual Report

    Here are the most interesting parts of the 2010 annual report. There is a total of 140 pages and some/most of it ranges from mildly interesting to pretty boring financial and operational stuff. When you read or glance through the entire report, it becomes obvious running a car business is very complex and it's almost a miracle the take-over from GM actually happened.

    Victor Muller received a nice pay raise in 2010. Cash compensation was € 240,000 in 2009 and € 1,058,571 in 2010.

    The average age of a Saab employee in 2010 was 46 years old. Of the workforce employed at Saab at the end of 2010, 19.8 percent was female and 80.2 percent was male. This means that Saab employs slightly more women than other companies within the industry.

    Download the entire annual report: Saab Spyker 2010 Annual Report.pdf

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    Dear stakeholders,

    2010 was a year of arduous work for all of us. After intensive negotiations with General Motors, we managed to acquire Saab Automobile AB (“Saab Automobile”) as per 23 February 2011. Saab Automobile’s starting point at that moment was a complete standstill situation. Our challenges were countless: production start up, introduction of new Saab models, re- establishment of Saab's global sales network and the restructuring of Saab Automobile’s organization, now being an independent company.

    I have compared Saab often to a beautiful lion who grew up in captivity. One day that lion is loaded on to a truck and released in the vast savannahs of Africa. That mighty animal has to learn how to hunt for its own prey and support himself. Being used to receiving his meals in a stainless bowl, that lion has some serious challenges adapting to his new-found freedom. Saab matches this image closely but its totally dedicated work force is quick and eager to learn and we are getting there rapidly.

    Our prime task was to regain the trust of suppliers, dealers and customers. All operational activities of Saab Automobile were centralized in Trolhättan in Sweden. Car manufacturing became operational in March.

    In May, the all new 9-5 was introduced and well received. Later during the year, new diesel engines were introduced for the 9-3 range, delivering class-leading low CO2 levels for model year 2011.

    By 1 July, we completed the carve-out of the Saab distribution network from General Motors, two months earlier than anticipated. Meanwhile, we built up a global Saab-controlled distribution network, now covering more than 50 countries worldwide.

    In addition to our stand-alone engineering centre, we sought benefits from other technology resources. In the third quarter of 2010, we reached agreement with BMW on the supply of 4- cylinder 1.6 litre turbocharged gasoline engines for the successor of the current Saab 9-3. We also partnered with American Axle Manufacturing, for the development and marketing of a Saab-developed electric all wheel drive system.

    Within Saab Automobile’s organization, we introduced the “New Saab Office” to support change management: Saab as an independent company is a very different animal than it used to be when being a small unit within a very large conglomerate. A number of comprehensive mid- and long-term initiatives have been identified as playing significant roles for a sound future of Saab’s automotive business.

    Our efforts were rewarded by growing production and sales numbers, increasing quarter by quarter. However, we have far from arrived.

    Our top priority is to make Saab Automobile a profitable, independent niche premium car manufacturer. We will continue to refresh our product offering and focus on much shorter product life-cycles than those Saab was used to have. In 2011, the 9-4X crossover and the 9- 5 SportCombi will go on sale, to be followed by the all new 9-3 in 2012, the first car to be developed under our stewardship.

    We will focus on the expansion of sales, both by expansion in markets we recently entered (Japan, Canada, Portugal, Australia) and by establishing distribution networks in important growth markets, such as China and Russia. Other important priorities are management of cash and cost control, improvement of sales prices and higher profit margins.

    We signed a memorandum of understanding to sell the assets of the Spyker sports car business. The indicative sales price includes a purchase price of € 15 million plus a € 17 million earn-out. The sale will enable us to exclusively focus on the Saab automotive business, while reducing our debt burden and interest expenses. The decision to separate the Spyker and Saab automotive businesses is a good one from a capital structure point of view. The Spyker Automotive business represented less than 0.5 percent of total sales of the Group and we simply could not justify seriously diluting shareholders to fund the expansion of that business unit. If and when the sale will be executed, the name of Spyker Cars N.V. will be changed.

    We will continue to enhance Saab’s unique and strong brand, relying on its heritage of innovation, aircraft manufacturing and Scandinavian values.

    Victor R. Muller Chief Executive Officer and Founder

    Zeewolde, 31 March 2011

    Profile

    Spyker Cars N.V. (“Spyker Cars”) is a public limited liability company incorporated under the laws of the Netherlands with its statutory seat in Zeewolde, the Netherlands. It has been listed at the NYSE Euronext Amsterdam Stock Exchange since 27 May 2004.

    Spyker Cars is a holding company that owns subsidiaries which produce and sell automobiles under the Saab and Spyker brands (together referred to as the “Group”). On 23 February 2010, Spyker Cars acquired Saab Automobile AB (“Saab Automobile”), which had been a wholly-owned part of the General Motors group for ten years.

    This annual report concerns mainly the automotive business of Saab in view of the relative insignificance of Spyker’s automotive business compared to the Saab’s and its planned disposal in 2011.

    Saab Automobile has been producing cars since 1949, when it was a division of the Swedish aircraft manufacturer Svenska Aeroplan Aktiebolaget (first abbreviated to SAAB and later Saab). Like Spyker Cars, it has a rich tradition of aircraft-inspired design, independent thinking and innovation that continues to this day.

    In Trollhättan, Sweden, about 70 km north of Gothenburg, Saab Automobile operates state- of-the-art facilities where it designs, develops, manufactures and distributes premium automobiles. The Saab 9-3 and Saab 9-5 model ranges are built at Trollhättan on a single, adaptable production line. Virtually all Saab activities are now concentrated at the Trollhättan site. Saab Automobile Parts AB, a wholly-owned subsidiary of Saab Automobile which operates a distribution center for spare parts and accessories, is located in Nyköping, Sweden. The Saab 9-4X is manufactured at a General Motors facility in Ramos Arizpe, Mexico.

    In 2010, Saab Automobile forged ahead as a revitalized, entrepreneurial company, forming new business partnerships, restructuring its organization and introducing new ways of working. As part of its five-year business plan, it launched the biggest product offensive in the company’s history. Saab Automobile introduced the all-new 9-5 Sedan in 2010. In 2011, the 9-3 Griffin range (including the 9-3 Convertible Independence Edition), the new 9-4X crossover vehicle and the 9-5 SportCombi were unveiled and are appearing on the showroom floor this same year. 2012 sees the introduction of an all new successor to the 9-3 series.

    Our markets
    At the end of 2010, Saab Automobile sold cars in 40 markets, spanning 51 countries around the world through a network of around 900 sale points. Traditionally, the three largest markets for Saab cars are the United States, Sweden and the United Kingdom.

    Our strategy
    Management will continue to focus on making Saab Automobile a profitable, independent niche premium car manufacturer, while reducing risks in the execution of the plan. Its key priorities in this respect are to:

    • Continue product development activities in order to refresh and expand the entire product portfolio
    • Continue to build up an independent Saab distribution organization • Continue to build up capabilities as an independent company
    • Manage funding and cash and to control costs and capital expenditure tightly
    • Continue to focus on initiatives to further reduce the break-even point.

    All measures target to restore confidence with dealers, suppliers, customers and other stakeholders in order to support increasing sales.

    In addition to driving the ongoing business operations, Management will continue the execution of its business plan. Saab Automobile will continue to enhance its unique and strong brand, relying on its heritage of innovation, aircraft inspiration and Scandinavian values. Management’s focus remains on the strategic positioning of Saab as a premium brand and to improve sales prices and higher profit margins through a rejuvenated product portfolio.

    Our models
    Per 31 March 2011, the following Saab car models are for sale:

    Saab 9-5 Sedan
    Saab 9-3 SportSedan
    Saab 9-3 SportCombi
    Saab 9-3 Convertible
    Saab 9-3X

    In view of the intended sale of the Spyker automotive business (“Spyker Automotive”), the Spyker car models are not mentioned here.

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  2. #2
    Frank
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    Management board’s report

    Introduction

    This annual report 2010 from Spyker Cars N.V. (“Spyker Cars” or the “Group”) concerns mainly the business of Saab Automobile and its sister company Saab Great Britain Ltd. (“Saab GB”) and to a lesser account the business related to the Spyker sports cars (“Spyker Automotive”).

    On 23 February 2010 Spyker Cars acquired all of the ordinary shares in Saab Automobile from General Motors and agreed to acquire all of the shares in Saab GB at a later stage by separate agreement. This was realised per 31 May 2010. The Saab business in all aspects outnumbers the Spyker business: for instance, the number of employees of Spyker Automotive is less than 2% of Saab Automobile and Saab GB and the ratio regarding number of cars sold in 2010 is not even 0.1%. Consequently, Spyker Automotive numbers are relatively insignificant.

    Saab Automobile was acquired for an aggregate purchase price of € 54.4 million. Spyker Cars purchased Saab GB, the UK distributor of Saab cars, from General Motors UK Limited for a purchase price of £ 1. Under IFRS a company that acquires another company should perform a purchase price allocation (PPA), entailing that the acquirer recognizes the assets acquired and liabilities assumed at their fair values on closing. In this process management has been supported by an internationally recognized valuation firm.

    On 25 February 2011 Spyker Cars'Management announced that the fair value of the net identifiable assets and liabilities of the acquired business combination exceeded the total purchase consideration of € 54.4 million by an amount of € 77.9 million. IFRS requires that Spyker recognizes the resulting gain as a profit on closing. The gain has no impact on the company’s cash position, as it is a non-cash item. Further details on the final PPA, including the effect of key estimates and sensitivities thereon, are provided in the consolidated financial statements in Note 5.

    Spyker Cars announced on 24 February 2011 that it had signed a memorandum of understanding to sell virtually all assets of the Spyker Business to the private UK holding CPP Global Holdings Limited (see also the chapter “Recent events” in the Management Board’s report). When the sale shall be realized, the Group shall no longer report about the Spyker Automotive business.
    Spyker Cars intends to change its name during the General Meeting of Shareholders 2011.

    Global automotive market

    2010 saw a recovery of the vehicle market from the 2008/2009 economic crisis. 2010 global light vehicle sales increased to 60.5 million units (+12%), driven by a 25% market growth in the Asia-Pacific region, notably in China. The US posted a 11% growth to 11.5 million units from the 2009 low point. Europe backed 6% in 2010 versus 2009, following expired market support measures and sovereign debt issues in many countries. In 2010, Saab generated 78 percent of its sales in Europe (including the Nordic markets), while over 19 percent came from the Americas and almost 3 percent from other markets.

    The Group expects the global recovery to continue through 2011, if at a slightly lower pace in the Asia-Pacific region. The global automotive market is predicted to grow by 6% in 2011 and another 8% in 2012. Growth expectations for light vehicle sales in the US are 13% in 2011 and 14% in 2012. Calculations show a slower and mixed recovery in Europe: the 2011 Europe light vehicle market as a whole will stay flat, but the development will vary strongly between countries. It is forecast that Central and Eastern Europe will grow faster, whereas exposed Western Europe markets are expected to still contract. A broader recovery in Western Europe is predicted for 2012, with vehicle market growth of 5 to 6%.

    The premium vehicle sector developed strongly during 2010, with most premium brands gaining volume and market share. The total volume for segments with Saab representation is predicted to grow from 3.2 million in 2010 to 4.4 million (+38%) until 2015. Most of this growth will be in the US and the Asia-Pacific region. Europe will continue to be the largest market for premium brands, but Europe's share of global volume is expected to decrease.

    The high-end luxury market exceeded general market growth, posting a 25% gain for 2010, over 2009. Expectations for 2015 are another 35% increase, driven by US, Asian and Middle East economies.

    Uncertainties remain about short- and mid-term economic growth. Conditions will remain volatile to energy/commodity prices, interest rates and the management of sovereign debt and trade imbalances. Oil is expected to cost in the $90 to $110 per barrel range, significantly higher than pre-crisis levels. The risks for sustainable, rapid growth in Asia are more on the down-side.

    Branding & marketing

    Saab Automobile communication focuses on the core DNA of the brand (independent thinking, innovation, Scandinavian roots and aircraft heritage) and the brand pillars (progressive design, sporty driving focus and responsible performance). These values are deeply rooted in the Saab brand and are shared with its target audience of modern premium customers.

    The main activity during 2010 was the launch of Saab's new flagship, the new Saab 9-5 Sedan, which was positively received and acclaimed for its design, technologies and driving characteristics. Within the existing Saab 9-3 range, some major improvements in CO2 emissions were introduced in the markets by the end of the year, thereby improving the positioning of this car in a number of European fleet markets. During the year Saab Automobile focused on regaining trust among key stakeholders: dealers, customers and press, and on engaging these audiences through strong communication around its key product news. Management also focused on re-establishing the relation between Saab Automobile and its fleet customers, as fleet buyers form an important part of Saab Automobile’s customer base. By the end of the year this resulted in a significant number of fleet contracts being signed.

    Experience marketing is the core focus of marketing of Saab Automobile. With its experience marketing approach the company strives to give its prospects and customers unique and personal experiences and stories to take part of and spread to others. Experience marketing is focused on events, dialogue and digital marketing, amongst which social media and viral marketing are key ingredients. In addition to this, Saab Automobile invests in high impact media campaigns at given moments such as product launches and high-profile events.

    In 2010, The Group participated in a number of large international motor shows, among which the Salon International de l’Automobile in Geneva, the Mondiale de l’Automobile in Paris and the Los Angeles Motor Show. Saab Automobile and Spyker Cars also organized a number of driving events with respectively the Saab 9-5 Sedan and the Spyker C8 Aileron throughout the year, aimed at both members of the press as well as dealers and end customers.

    Sponsorship is also an integral part of Saab Automobile’s marketing strategy. In 2010, Saab continued to act as an official partner to The Ice Hotel in Jukkasjärvi, Sweden, the location of Saab’s annual Arctic Adventure media and customer event. As part of the sponsorship agreement, Saab Automobile provides the hotel with Saab vehicles which are used for ice driving training sessions for hotel guests.

    Saab Automobile also continued to act as a major sponsor of the Swedish Open Tennis Tournament, held every year in the town of Båstad. As in previous years, Saab Automobile was the exclusive courtesy car provider of the tournament and organized several marketing events around the tournament. Saab Automobile furthermore acted as a personal sponsor to renowned Swedish professional skier Kaj Zackrisson.

    In 2011, Saab Automobile will continue its partnerships with The Ice Hotel, the Swedish Open and Kaj Zackrisson, while it remains open to finding new partners who give energy to the brand and broaden the target customer base.

    Investment policy, product research and product development

    Saab Automobile’s policy, as determined by the Saab Business Plan, focuses on delivering a competitive portfolio and creating a base for future Saab products, while concentrating its operations in Trollhättan, Sweden. In line with the objective of and market demand for shorter product lifecycles and a broadened portfolio, in 2011 alone four new models will come to showroom floors, while in 2012 the next generation Saab 9-3 will be launched. The current policy represents a Saab car product offensive never before.

    During 2010 massive efforts were directed at finalizing the Saab 9-4X and the Saab 9-5 SportCombi. The development of the new Saab modular vehicle architecture was initiated; the first vehicle to use this new architecture is the next generation Saab 9-3. During the Mondiale de l’Automobile in Paris, Saab Automobile revealed a range of new TTiD turbo diesel engines for the existing 9-3 SportSedan, including a 180 hp variant with class-leading 119 g/km CO2 emissions, making the 9-3 SportSedan a very attractive fleet offer in several European markets.

    In Paris, the Saab e-Power concept car was revealed, the first fully electric Saab. The e- Power is based on the Saab 9-3 SportCombi and an initial test fleet of 50 prototypes was announced to test the viability and business model of electric vehicles. This test fleet is expected to become operational in the summer of 2011. The Saab e-Power is a result of a co-operation between Saab Automobile, American lithium-ion battery firm Boston Power and other external partners.

    The Saab 9-4X crossover was launched at the Los Angeles Motor Show in November 2010 and represents an entry into a new segment for Saab Automobile. The crossover segment is a growing segment globally and the 9-4X will attract new and existing customers to the Saab brand. Production launch of the 9-4X will start in April 2011 for USA and Canada, while the global roll-out will continue in the autumn of 2011. The 9-4X is manufactured at a General Motors facility in Ramos Arizpe, Mexico.
    In 2010, Saab Automobile started to develop a modular Saab platform, called Phoenix. The first vehicle to use this new architecture is the next generation Saab 9-3. This modular platform shall be the base for many future Saab products and features several advanced technologies. The architecture will for instance include the e-AWD system, a Saab Automobile invention that is being commercialized in a joint venture with American Axle Manufacturing (“AAM”).

    Since its split from General Motors on February 23, 2010, Saab Automobile has worked intensively to revitalize its engineering department which until then was integrated in the General Motors structure. All employees within the department are primarily focused on Saab projects, unlike under the GM era. The new engineering organization is now well-equipped to support Saab Automobile’s extensive development program and current product offensive, while it will optimize Saab Automobile’s ability to build competitive premium cars for the 21st century and allow the company to realize its ambition of creating one of the most efficient engineering organizations in the automotive industry.

    Complementing development activities in Saab Automobile’s own engineering department, Saab Automobile continues to benefit from the technology resources of General Motors and from (future) co-operations with other OEMs and other companies in the automotive industry. This fresh approach within Engineering is reflected in several strategic technology partnerships with parties such as BMW, Boston Power, AAM and VICURA, while Saab Automobile is also sharing its engineering know-how with third parties through its business unit Saab Engineering Services.

    Management will continue the execution of its business plan, which covers product development until the end of 2012, including the successor to the current Saab 9-3. Saab Automobile will continue to enhance its unique and strong brand, relying on its heritage of innovation, aircraft inspiration and Scandinavian values. Management focus remains on the strategic positioning of Saab as a premium brand and to improve sales prices and higher profit margins through a rejuvenated product portfolio.

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  3. #3
    Frank
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    Production and suppliers

    On 23 February 2010 Saab Automobile effectively exited liquidation with no cars in production, no material on order very low global inventory, several product development projects on hold and limited marketing activities. In the direct period following this date, management focused on restarting operations and regaining the trust of dealers, customers and suppliers. Manufacturing was restarted on 22 March 2010 after a complete 7 week standstill. After resolving persistent parts shortages, capacity steadily increased. While Saab Automobile manufacturing was fully operational by this time, the company was still hampered by the disruption of the supply chain as a result of the liquidation phase.

    In 2010, all Saab operational activities were centralised in Trollhättan, Sweden. The production of the Saab 9-3 Convertible was brought back to Trollhättan from Magna Steyr in Austria, and the first Convertible rolled off the Trollhättan production line on 12 January 2010. Also, production of the 9-5 Sedan was brought to Trollhättan from GM facilities in Rüsselsheim. Currently, the full Saab 9-3 and Saab 9-5 model ranges are built on a single production line in Trollhättan. Starting in 2011, the Saab 9-5 SportCombi will also be built in Trollhättan. The only Saab vehicle to be produced outside Sweden is the 9-4X crossover vehicle, which will be built at a General Motors facility in Mexico.

    Full-year production in 2010 came in at 32,048 units, an increase of 53 percent compared to the 20,905 units produced in 2009. Given the effective shut down in Saab Automobile’s operations during the first months of 2010, the year 2010 should not be seen as representative in terms of volumes, but as a necessary episode from which Saab Automobile will build going forward.

    Distribution network and sales development

    Following the acquisition of Saab Automobile on 23 February 2010, the Group undertook a massive effort not only to restart production, but also to establish a global, Saab-controlled independent distribution network. In addition to Saab-owned distribution networks in Saab’s largest markets (the US, the UK and Sweden) that were obtained in the acquisition, Saab Automobile successfully established its own controlled network in other key markets in and outside Europe. Wholesale and retail financing was secured through agreements with GMAC, Santander Consumer Bank and Banco Cetelem, enabling Saab Automobile to finance its own and its dealers'stock and offer retail financing programs to its end users. A complete carve- out of Saab Automobile's distribution network from General Motors was realized by July 1, 2010, two months earlier than anticipated.

    One of the largest challenges in 2010 was to restock dealers around the world to normal levels again. This was especially vital in markets like the United States, where dealer stock is key in order to be able to sell cars. When Spyker acquired Saab Automobile in February 2010, there were a mere 500 cars left on the ground in the United States, while normal inventory levels in this market are substantially higher. Moreover, as production was considerably lower than sales in 2009, inventory levels around the globe were depleted by almost 19,000 units.

    Saab Automobile also expanded its distribution network, by signing up new partners and re- launching the brand in a number of markets. On 27 July, the Group acquired 100% of the shares of Île de France Automobiles (“Saab Rive Gauche”) from General Motors for an amount of € 0.7 million. Saab Rive Gauche is a is a Saab dealer located in the city center of Paris. On 2 August, Saab Automobile announced an importer agreement with Tokyo-based PCI Co. Ltd. for the Japanese market. On 31 August, Saab Automobile announced the appointment of Lisbon-based Hipogest Group as an importer for the Portuguese market. A re- launch of the Saab brand in the Canadian market was announced in the fall of 2010, while Saab Automobile also announced plans for a re-launch of the brand in the Australian market as of early 2011. Finally, on 20 December, Saab Automobile announced a principle agreement with CATC for the import of cars for the Chinese market. On 25 March 2011, Saab Automobile and CATC reached a final agreement in this respect. Also with CATC, Spyker concluded a joint venture agreement for the marketing and sale of Spyker automobiles in mainland China. At the end of 2010, Saab vehicles were sold in 40 reporting markets, covering 51 countries, through a network of around 900 dealerships.

    Sales development was heavily influenced by events in the beginning of 2010, as Saab Automobile emerged from liquidation and restarted production at the end of March after a seven-week standstill. However, as the year proceeded, Saab Automobile continued to see sales momentum increase quarter by quarter in several key markets, with an especially strong performance in the fourth quarter. Full-year wholesale (revenue generating volume) increased 15% year-on-year to 31,696 cars, on the back of encouraging results in several key markets. Full-year retail sales amounted to 28,284 cars, down 29% year-on-year.

    Management remains confident that the strong sales momentum as witnessed in the third and fourth quarter of 2010 will continue to build throughout 2011.

    Outlook for 2011

    Given the increasing sales momentum in 2010 and the planned re-entry of markets such as Russia and China, Management remains confident that this momentum will continue to build throughout 2011 and 2012. However, 2011 and 2012 are build-up years for Saab Automobile and although volume and markets share are important, Management's key objective is to renew and expand the product portfolio, enhance the distribution organization and build an independent company, while remaining within the financial boundaries set in its business plan. The Group's medium term goal is to establish Saab Automobile as an independent, financially viable, niche premium car manufacturer. The Group also foresees a net loss for 2011, after which profitability is expected for 2012.

    The Group’s research and development focuses on development of more energy efficient car models and will continue to do so in the future, in order to be leading in this field. Also the enhancement of safety for people in and around the vehicle is a focus point of R&D.

    A large part of the investment budget is dedicated hereto.

    The Group acknowledges that people form a highly important asset; this which was clearly proven for the Saab entities during the turbulent year 2010 as many stayed loyal to the brand and the companies during difficult times. It will maintain its aim to ensure a safe, people friendly and compelling working environment for its employees.

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