Sale of F1 team not final! And a loss of 67,3 million in first three Q's

[AX lover]

Spyker says still no final agreement on F1 team sale yet

AMSTERDAM (Thomson Financial) - Spyker Cars NV said it has not yet reached final agreeemnt with Orange India, the proposed buyer of its Formula 1 team, on the completion accounts at Sept 30, 2007.

'A number of issues of relative minor financial importance -- according to our expectations -- are still outstanding,' Spyker said in a statement.

The company provided an unaudited consolidated balance sheet as of the end of September before and after the proposed sale.

'A prediction of the total annual result (for) 2007 cannot be made yet because an impairment test will be made as part of the annual closing process, which might influence the final figures 2007,' Spyker noted.

According to the unaudited provisional figures total assets after the sale of the F1 team were 66.0 mln eur at the end of September compared to 163.3 mln before the sale.

In the first nine months of 2007 unaudited sales were 3.8 mln eur and the luxury car maker said it made a loss of 67.3 mln.

Spyker said it still expects to achieve a sales price of 88.0 mln eur for its F1 team.

After debts of 23.6 mln eur which will be taken over by the buyer and other Spyker debts amounting to 49.1 mln eur, the car maker now expects to have remaining cash available of 15.3 mln.

Source: Forbes.com, 03.03.08, 3:37 AM ET

Spyker Pressrelease

[Reddingius]

Good grief, that is pretty severe! But it may not be as bas as it appears to be, most part of the 67,3 million loss is due to the F1 adventure, and then there's only a 13,9 million loss of the car department. Which can also be explained, they haven't been able to produce many cars because there simply wasn't any money left.
Hopefully they will get over it (with a little help from Snoras) soon.

[AX lover]

@Reddingius, that is exactly that I thought. At first it may sound very bad but most of the loss (36,1 million) has to do with the F1 team and only a small part (13,9 million) has to do with the car department.

In Q4 there will only be a loss at the car department (I guess).

In the first half year the losses where as followed:

Spyker F1 Team -13.0 million EUR
Spyker Automobielen -5.4 million EUR
Spyker Squadron -1.6 million EUR
Spyker Holding (operating loss) -5.1 million EUR
Spyker Holding (deferred tax asset provision) -4.8 million EUR

Total
Spyker Cars N.V. -29.9 million EUR