dimanche 5 septembre 2010

Lars Carlström: Ses propos sur Saab et le scepticisme suédois+ KPMG

Lars Carlström était le coordinateur du fond d'investissement Ginii capital ( Renault F1) allié à Bernie Ecclestone. Cette lettre à été écrite alors que Ginii allait abandonner son offre de rachat au profit de Spyker. Il s’avéra plus tard que Ginii à finalement participé avec Spyker au rachat à hauteur de 10%. Il exprime ici son avis sur la presse suédoise qui à mis beaucoup de bâtons dans les roues pour le rachat de Saab en écrivant systématiquement des articles négatifs et en reprenant des informations fausses. Je vais essayer de retrouver un article sur un rapport KPMG expliquant l'originalité de la comptabilité de GM quand Saab faisait encore partie du groupe.

Sweden betraying Saab
2010-01-20 07:41
The conditions for Saab have never been better. Yet it has been impossible to attract Swedish investors. They have taken on a negative and totally incorrect analysis, writes Lars Carlström, spokesperson for Genii.
Already in early 2009 pouring negative formulations of Saab Automobile from Swedish media. A media meltdown began, value-charged words like “finito” and “kaputt” flourished freely.
The values and facts that these pundits have based their statements on is hard to say. The most common claim, that Saab has been making losses in 20 years, were highlighted. Let us analyze what lies behind these:
An integrated Saab in GM was to optimize the GM’s performance – not Saab. It is considered to be amateurish to draw an equation between Saab Automobile AB’s results and performance of Saab’s entire global operations because a large proportion of consolidated revenues directly into the GM rather than the Saab.
Saab Automobile AB’s performance is a major component of the allocation and transfer pricing. Saab can not affect currency fluctuations as hedging, materials, production, sales geography and more centrally controlled within GM.
The purpose of this has again been optimizing GM’s results. Dependence on foreign exchange rates, primarily the euro, pound and dollar, has knocked Saab.
Production development plan, which also is controlled centrally, provides long life cycles in which the benefits of newer cars can not be realized. Saab outgoing 9-5-model is now 12.5 years old.
In a large multinational company like GM optimize the performance of the group and not individual units or brands. Nobody knows about Cadillac, GMC, Chevrolet has made money through history.
The loan from European Investment Bank, EIB, has been a hot topic over the last year. The debate has been whether the state should step in and prop Saab with warranties or not. Opinions have been many.
However, the government decided to provide guarantees to the EIB for Saab. The risk of the state is very low because the State has pledges throughout the Saab. These burdens are mainly valued at scrap value. Assets far exceeding the 400 million euros, just over 4 billion, as the warranty covers.
All this should be remembered that this is a loan to be repaid. Market interest rate payable on EIB loan during its seven-year maturity. Saab is in the entire state duration of the guarantee to pay a premium to the State.

Furthermore, Saab will pay all state and EIB advisers. Likewise, Saab will pay for the personnel of the National Debt Office dealing with the matter.
This should be weighed against the imputed cost of unemployment, lost tax revenues and the destruction of Trollhättan with disastrous effects for the entire western Sweden.
Saab has today one of Europe’s most modern and most efficient car plants. Saab has two completely newly developed models, 9-5 and 9-4X. The company is debt free.
The prerequisites for Saab has never been better – with a business plan that has very good opportunities to make Saab into a leading automotive company in its niche. It is therefore difficult to understand how something so positive has been able to become so negative in the Swedish media. The analysis has been non-existent and has been based on cutting the Spirit rather than facts.
This whole downward spiral has led to almost have been impossible to attract investors to the Swedish Saab. Investors have taken on the medial and wholly inaccurate analysis has flourished.
Are we in Sweden, the world’s least nationalistic people?
Lars Carlström
Coordinator, Genii-Ecclestone consortium and a host of other initiatives for Saab

Et voilà un article expliquant un peu la comptabilité de GM

Looks like GM may have done some creative accounting after all – at least according to Swedish Government and their consulting firm KPMG. As we’ve reported the last couple of days, Saab’srescue has been hanging by a thread due to questions around the company’s financial situation prior to the start of the financial crisis. Saab needs the EU to approve the Swedish Government’s guarantee of an EIB loan to Koenigsegg group if the deal is going to go through. If Saab, during the summer of 2008 – when the financial crisis started – were not in sound financial condition, the EU cannot, will not, approve Swedish government’s guarantees to the EIB loan, and the loan will not be granted. And reports from di.se yesterday almost laid that possibility to rest, with reports that GM had lost $ 5.100,- on each Saab-car sold during the last 8 years. Now, as commentator dlfcohn and others at ttac, as well as several commentators atdi.se have pointed out, creative accounting can be useful in major corporates i.e to avoid taxes in tax-heavy countries. This, apparently (at least according to Swed.gov’t/KPMG) was the case with GM/Saab.

Consulting firm KPMG has been commisioned by the Swedish Government to go through Saab’s finances, and examine the cash-flow and sales. The consolidated report, from which the government has produced an 80-page document to the EU, concludes that Saab was not in any financial trouble during summer of 2008, due partly to GM having infused capital into the company. Saab themselves has apparantly also helped document that they were in fact in good financial health mid 2008.
Sources from within Saab have told automotorsport.se that GM has never been interested in reporting taxabale gains in Sweden. Revenues from US sales were never declared in Sweden, but rather went straight to GM. A number of components (including engines) had much higher internal prices than Saab’s own in-house-produced components to benefit other areas with lower tax laws. Saab’s financing company has not been included in Saabs accounts, and the list goes on. Clearly, argues the Swedish government, Saab was as healthy as it could be considering it was rigged by GM to show no profit in Sweden.
If the EU-commision accepts this report, and agrees following their own investigation, they have two months to make a decision to Saab’s fate. Commentators believe the conclusion will be positive, and that it will arrive before the end of this year.

source http://www.thetruthaboutcars.com/swedish-government-saabs-books-were-cooked/

1 commentaire:

  1. http://www.thetruthaboutcars.com/swedish-government-saabs-books-were-cooked/


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