The Spanish VW Group brand SEAT recorded an operating profit of €44 million in 2007, according to Spanish accounting standards, which represented an improvement of €136 million on 2006. 2007 profit after tax was €170 million, a y/y improvement of €218.8 million.

 

Operating income was €5,971 million, 1.5% up on 2006. Expenditure on R&D, investments in new products, improved processes and product-related facilities increased 24.4% to €504 million. CEO Erich Schmitt commented: ¡°SEAT¡¯s workforce and management has worked hard to reach the financial turnaround one year ahead of schedule.¡±

 

In 2007 SEAT increased deliveries to customers by 0.4% to 431,000 (2006: 429,400). The brand¡¯s best performing markets were the UK (+5.8%) and France (+5.1%) as well as the new markets of Central and Eastern Europe (+27.3%). Development was particularly outstanding in Poland (+70.6%). The best-selling SEAT models were the Leon and the Ibiza hatchbacks.

 

Mr Schmitt added: ¡°Our strategy for the next ten years aims at selling more than 800,000 cars per year, gaining a return on investment of 15%, gaining leadership in design and quality in our model segments and becoming Spain¡¯s most attractive employer.¡±

 

He announced a new supermini model will be launched this year as well as an upper medium segment saloon and estate, to be launched in 2009.

From: auto industry.uk/news