UPDATE 2-Spyker posts fresh loss, trims Saab target

* H1 loss 139.1 mln euros

* Narrows Saab sales target

* Says enough cash/facilities to take to 2012 profit goal

* Shares fall 10.4 pct, top Amsterdam decliner

(Adds conference call, CEO comments)

By Ben Berkowitz

AMSTERDAM, Aug 27 (BestGrowthStock) – Spyker (SPYKR.AS: ), the
loss-making Dutch sports car maker that acquired Saab from GM
earlier this year, posted another loss on Friday, trimmed Saab’s
sales targets and said it would lose money through next year.

Shares plunged 10.4 percent in early trading, leading all
Amsterdam decliners, as the company acknowledged it may have
been too optimistic on Saab’s earlier targets. The stock has
lost two-thirds of its value since Spyker announced the deal to
buy Saab in January.

But Spyker Chief Executive Victor Muller said the company
had sufficient liquidity and would not have to recapitalise
despite reporting negative shareholders’ equity.

Spyker, a money-losing manufacturer that produced a handful
of high-end sports cars annually, stunned markets when it
launched its bid for Saab. While it pulled off the deal, its
complicated financing has raised questions about whether it can
sustain itself while it turns the Swedish brand around.

The company said on Friday it had net cash of 280 million
euros and undrawn facilities of 266 million euros from a
European Investment Bank loan. Together, Muller said that would
carry the company through to its 2012 profitability target.


Spyker posted a loss of 139.1 million euros ($177.2 million)
on sales of 243.1 million euros. The company did not provide
year-earlier comparisons.

Spyker said its near-term sales goal for Saab is 45,000
units this year. For 2011 it forecast sales of 80,000 units and
it kept a long-term goal for sales of 120,000 cars per year.

Saab CEO Jan Ake Jonsson said last month he was confident it
could reach a goal of selling 45,000 to 50,000 cars this year.

“Maybe we were a little bit optimistic” about the high end
of the range, Jonsson told reporters, adding that Saab’s restart
when it came out of liquidation took longer than expected.

Jonsson added he was optimistic about the newly launched
Saab 9-5, which is just now arriving in the United States and
ramping up in Europe after the summer holidays. He said it would
take about a month to get a sense of how the car was performing.

The loss was published two days after the group said its
debts had become larger than its assets. Muller said the issue
was purely an accounting one, having to do with the way certain
items are classified under international rules as opposed to
Swedish accounting standards.

He also said Spyker was still pursuing a second share
listing in Stockholm, though it could eventually consider
de-listing from Amsterdam as well.
(Additional reporting by Marcel Michelson; Editing by Michael
Shields and Mark Potter)

UPDATE 2-Spyker posts fresh loss, trims Saab target