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Nevs interim report January – August 2015

Tuesday, October 27, 2015
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Period activities in brief:

Nevs left reorganization after the creditors accepted the composition proposal at Vanersborg district court on 23 March.
The city of Tianjin and the IT company SRIT new partners in Nevs.
IT company Teamsun partner in Nevs JV company in Tianjin.
Cooperation agreement with Dongfeng Motors on including product development and another with Tübitak in the development of the Turkish national car.
The Board extended with a new vice-chairman and union representatives
Financial comments:

Good cash position of the Group, 1 282 MSEK.
Net sales of SEK 50 MSEK, which is on par with the previous year, and consist mainly of sales of services. In addition to this other income from the sale of licenses of 370 MSEK.
Net income was minus 86.6 MSEK, which is significantly better than last year and the management is working hard to achieve sustainable profitability.
After the reporting period:

Nevs became debt free after the second and final chords payment of 231 MSEK was carried out in September, after the reporting period, and are “Going Concern”.
The Group’s equity ratio is very strong, 99% per 2015-09-15.

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