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.

At the time of compiling this report, the company's liquid assets amount to more than SEK 1.1 billion, due to be paid by the owners of SEK 1.8 billion. SEK 1 billion to fund the business during the initial phase. Simultaneously, the company wants to 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.

Nevs has delivered - services that have thus created positive synergies for Nevs' own development projects.

Important activities:

  • 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 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 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. Panda wants to give Nev's 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.

Financial comments:

  • 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. 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, 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 at New Long Ma (NLM), a transportation vehicle manufacturing company, which was signed in February 2016.
  • In March, 2016 Nevs signed a statement of agreement with the largest power grid company in China - State Grid.

Please read the annual report in pdf format HERE.
The interview with Nevs President on the annual report can be found HERE.

12 thoughts on "Business year 2015 summary from Nevs annual report"

  • Please forget all for a short time NEVS and please look at this report once:

    It's about a cooperation between Königsegg and Qoros ... What makes the whole thing really interesting is that in Qoros 3 ( to my knowledge, actually a lot of Saab know-how and the car was developed by Saab technicians and Magna / AVL in Graz Austria. Incidentally, it is one of the safest vehicles ever tested.

    The “problem” is that Qoros is having a hard time on the domestic market (China) and does not seem to dare to go to Europe and is only sold in Slovakia.

    It's a pity, because apparently Qoros is building on Swedish knowledge ...

    In my humble opinion there is more Saab in this company than in all other brands together and certainly more than in NEVS and I would very much wish if Qoros would be sold in this country.

    What do you think about that?

  • blank

    There is still the rumor that Volvo, together with Geely, wants to launch a new car brand.
    The interesting thing is that the company CEVT is responsible for Geely works for a company headquarters
    in Trollhättan.
    That would be a better alternative than NEVS,
    at least for me ...

  • More and good news:
    “Nevs plan är att starta tillverkningen av målade body in Trollhättan i highest. Just now there are 700 people who are jobable in Trollhättan and there are also commissions at work.

    - Vi rekryterar ett 50-tal ingenjörer i månaden och vi förbereder nu för att anställa ett 100-tal bilbyggare i Trollhättan till sommaren, saw Mattias Bergman. ”

    “Nev's plan is to start production of painted car bodies in Trollhättan in the fall. Right now there are over 700 people working in Trollhättan, and more will be hired.

    - We recruit 50 engineers in the month and we are now preparing to hire some 100 car builder in Trollhättan by summer, says Mattias Bergman. "

  • blank

    I do not read anything from the Annual Report
    NEVS maybe in the future somehow possibly with
    SAAB intends to….

    • The word “SAAB” is used extremely sparingly. What you can read is that NEVS refers to the tradition of the work and the brand. Everything else leaves a lot of room for speculation.

  • blank

    "A cooperation agreement was signed with the Scientific and Technological Research Council of Turkey, Tübitak, to develop a Turkish national car."

    Hello? With a production in Turkey, the Saab - no matter which EVO - finally stops with me.
    Turkey has not yet managed to build a car with billions every year from the US and the EU. Every attempt to build cars according to given standards in Turkey has always failed miserably. Even for the traffic safety of the cars admitted in Turkey after graduated contracts the German TÜV must be grad, which examines there anyway already for years on site.

    Actually, I wanted to write yesterday that I don't care when the Saab was produced and complied with Tom - that everyone has to decide for themselves and their wallets how much Saab is in there.

    But I will never accept a Saab from Turkey as SAAB!

    • It's about this Projects, A national car which, contrary to the original text, will be based on a newly developed platform and has nothing to do with the 9-3. It will not be a Saab but a new Turkish brand that 2020 is to hit the market.

  • blank

    It is probably time again that a spare part is desperately searched. I am looking for my 9-5, 2.2TiD, 2004, the hydraulic lines 5531793 + 5531488. The market is empty.
    Who has an idea to get these parts? Scrapping the car because of these missing parts is just too bad. Thanks for any hint.

    • Even if the topic passes completely: Hydraulic lines can be made at the local hydraulic service. Get out old lines, have them rebuilt, continue driving Saab and have fun

    • Unfortunately I can't help you with the line, but I once had such lines built for me. Just ask in an old car workshop, most of them know someone ... or at Opel?

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