SEAT Falls victim to the recession

SEAT showed how they too have fallen victim to the on-going recession, when they closed their Financial year for 2009 with losses of 187 million euros, compared with the 44 million euro profit it made for 2008.

The final figures were presented today by James Muir, chairman of the Car Manufacturer’s executive committee.

SEAT’s operating income also fell into the red by 391 million euros, more than double on 2008, whilst the EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) was 16 million euros in the black.

The Volkswagen division of the business has also fallen victim to the recession in Spain, resulting in a fall in demand – over 33% of it’s vehicles are usually sold in Spain alone. This was cited as being the main reason that SEAT's turnover fell by 15% in 2009, to 4.1 billion euros.