The business year 2015 summary from Nevs’ annual report2016-04-27
- April 27, 2016
- Posted by Richard Elliott
- Comments Off on The business year 2015 summary from Nevs’ annual report
During the business year of 2015 Nevs became debt free after settling the final composition with its creditors in September. Overall Nevs presents good finances and cash flow and it has sufficient funding to cover its investments. Several strategic agreements have been signed during 2015, with partners that not only support the business plan but also share the vision about shaping mobility for a more sustainable future.
At the time of compiling this report the company’s liquid assets amount to more than SEK 1.1 billion, due to a capital contribution from the owners of SEK 1.8 billion. The owners have agreed to additional funding of around SEK 1 billion to fund the business during the initial phase. Simultaneously, the company will continue its dialogue with financial partners to ensure long-term financing during the implementation of the next step of the business plan.
As expected, the result for 2015 is negative, however, the deficit of SEK 335 million is substantially lower compared to 2014.
The increase in turnover is mainly a result of the development services Nevs has delivered – services that have also created positive synergies for Nevs’ own development projects.
- Nevs left the reorganization as the creditors accepted the composition proposal at Vänersborg district court on March 23.
- The city of Tianjin and the IT company SRIT became new co-owners of Nevs.
- Two joint venture companies were established in Tianjin, one aimed at production and the other at building a global research and development center.
- A cooperation agreement was signed with the Scientific and Technological Research Council of Turkey, Tübitak, to develop a Turkish national car.
- The construction of a production site, a research and development center and an administrative office started in the city of Tianjin. The new site will complement the main plant in Trollhättan.
- An important industrial and strategic agreement was signed with the Chinese state-owned vehicle manufacturer, Dongfeng Motors including product development.
- Nevs became debt free as the company settled the second and final part of the composition – 231 MSEK – with its creditors early September.
- A strategic collaboration agreement was signed with Panda New Energy Ltd. and China Volant Industries, Volinco, about delivering electric vehicles until 2020. Additionally, this means Panda will give Nevs access to the important and growing mobility service market.
- The Board was extended with new members with experience from the car industry and union representatives.
- Good cash position of the Group, 1 140 MSEK.
- Net sales of 78,5 MSEK, which is an increase to previous year due to increased sales of services. Other operating income mainly consists of the revenue from selling licenses, 370 MSEK, and revenue from composition, 254 MSEK for the Group and 294 MSEK for the parent company.
- Net income was minus 345,9 MSEK, which is significantly better than last year. With new partners and a new owner structure the management has good opportunities to execute on the business plan and generate sustainable profitability.
After the reporting period:
- A framework agreement on acquiring a stake in New Long Ma (NLM), a transport vehicle manufacturing company, was signed in February 2016.
- In March 2016 Nevs signed a strategic agreement regarding delivering of electric vehicles with the biggest power grid company in China – State Grid.
Director Communications and Public Affairs
Tel: 0046 5208 5100
National Electric Vehicle Sweden (Nevs) vision is to shape mobility for a more sustainable future. Core to this is a global portfolio of fully electric premium cars, complemented with mobility services and sustainable city offerings.
Nevs was founded in 2012 and acquired the main assets of Saab Automobile AB. The company is owned by NME Holdings Ltd., Tianjin Binhai Hi-tech Industrial Development Area, (THT) and State Research Information Technology Co., Ltd. (SRIT).
Nevs’ head office and main research and development facilities are located in Trollhättan, Sweden. Nevs’ car production plant is located in Trollhättan, with a second production plant and a R&D Centre under construction in Tianjin, China.