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.