Let's compare the 2008 results of three major auto makers:
GM:
- Auto sales: 148 bn $ (-17 %)
- "Automotive cost of sales" excl. all overheads ("selling, general, admin and other expenses"): 149 bn $
- Total operating loss: 21 bn $
- Total loss incl. non-operating items: 31 bn $
- Sh.equity: -86 bn $ (39 bn $ deterioration compared to 07)
Comment: GM didn't even manage to earn enough revenue to cover the cost of building the cars, excluding all selling, general, admin, overhead and non-recurring expenses.
Ford:
- Auto sales: 129 bn $ (-16 %)
- Operating loss: 9 bn $
- Total loss: 15 bn $
- Sh.equity: -17 bn $ (23 bn $ deterioration compared to 07)
Comment: While GM's losses are much higher, it's amazing that Ford thinks it can ride out the crisis without anybody's help: A negative equity of 17 bn $ isn't exactly a solid capital base. Plus: Ford hasn't been profitable in a looooong time: It posted operating losses every year 2004-2008 (35.6 bn $ over 5 years; I don't know if they were profitable prior to 2004, because I couldn't be bothered to look up earlier years)
VW:
- Auto sales: 107 bn € (+ 4%)
- Operating profit: 5.8 bn €
- Total profit: 4.7 bn €
- Sh.equity: 37 bn €
- Sh.equity after taking out all intangibles: 25 bn €
Comment: VW might be facing all sorts of problems in 2009, but compared to GM and Ford, it's amazing how boringly solid their numbers look...
Shaun Rein on the TSM
vor 10 Monaten
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