Spain: SEAT reaches profitability a year early
Thursday, March 27, 2008, AutomotiveWorld.com
According to Spanish accounting standards, SEAT says it made a €44m (US$69.49m) profit for CY2007 at the operating level, a €146m turnaround on figures for 2006. Profit after tax was €170m, a year-on-year improvement of €219m.
Operating income was €5.971m, up 1.5% on 2006's €5.880m. Expenditures for Research & Development, investments in new products, improved processes and product related facilities increased to €504m, a 24.4% year-on-year rise, the Martorell-based OEM notes.
In 2007, the Volkswagen Group subsidiary increased its deliveries to customers by 0.4% to 431,000 units (2006: 429,300). Its best-performing markets were France (+5.1%) and the UK (+5.8%) as well as newer markets in Central and Eastern Europe (+27.3%), the strongest of these being Poland (+70.6%). SEAT notes its most popular models were the Ibiza and Leon.
"Our strategy for the next ten years aims at selling more than 800,000 cars, gaining a return of investment of 15%, gaining leadership in design and quality in our model segments and [to] become Spain's most attractive employer," Erich Schmitt, the company's chief executive says.
"In 2008 SEAT will continue to strictly follow the SEAT Excellence Program and will thereby increase its sales volume and further improve its operating profit," Schmitt adds, also noting that the OEM will release one new model this year and another in 2009.
Published on Thursday, March 27, 2008
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