Nilsson Special Vehicles AB ("Nilsson") hereby publishes its interim report for January – September 2020. The interim report is available via the attached document and on the company's website www.nilsson.se. Below is a summary of the interim report.

CEO Fredrik Nilsson comments

"Order intake for vehicles with estimated delivery in 2020 was, due to Covid-19, lower in the third quarter than last year. In order to adapt the Company's production capacity to a reduced number of deliveries of both ambulances to Scandinavia and funeral vehicles to the English market, the Company has applied for, and has been granted, grants for short-term work. In the second half of the fourth quarter, production will gradually pick up again, in order to meet the order backlog already in place for delivery in 2021. However, the Company continues to streamline its operations unabated and it is with pleasure that we note that the Company shows a positive operating profit (EBITDA) for the first nine months of the year, despite lower sales compared to the previous year.

In August, the sale of Nilsson V90 began Hearse as a charging hybrid (T6). To date, six orders have been received for this electrified model and the Company looks forward to launching this model in the rest of Central Europe as well. During October, the Company participated in a trade fair for ambulances in Poland and also displayed a demobile to a select number of potential customers. Poland is a new market for the Company and this activity is in line with the strategy the Company has to increase the customer base through more geographical catchment areas. The ambition is to establish the sale of both Nilsson ambulances and funeral cars on the Polish market.

On November 2nd, the Company announced that notice would be imposed on three officials and eight collective employees. This is not a nice message to give to employees, but it is a necessary measure to reduce the cost mass until sales volumes can be increased again.

I hope that all employees can stay healthy, that together we can counteract the spread of Covid-19, and that we proudly deliver an increased number of our excellent vehicles as soon as the market recovers."

January - September 2020 - Group

  • Order intake: 76 (86) cars.
  • Order backlog: 60 (57) cars.
  • Net sales amounted to KSEK 142,035 (163,155).
  • Operating profit before depreciation and amortization, EBITDA, amounted to KSEK 1,165 (378).
  • Profit after tax amounted to KSEK -5,220 (-6,801).
  • Cash flow from operating activities amounted to KSEK -5,494 (3,098).
  • Earnings per share* amounted to SEK -1.11 (-1.45).
  • The equity/assets ratio at September 30, 2020 was 37 percent (43).

July - September 2020 - Group

  • Net sales amounted to KSEK 34,943 (37,961).
  • Operating profit before depreciation and amortization, EBITDA, amounted to KSEK -550 (-1,182).
  • Profit after tax amounted to KSEK -2,621 (-3,516).
  • Cash flow from operating activities amounted to KSEK -1,444 (5,884).
  • Earnings per share* amounted to SEK -0.56 (-0.75).

* Earnings per share: Profit for the period divided by number of shares. As of 30/30/2020, the total number of shares amounted to

4,693,207 shares. The total number of shares for the corresponding period last year (2019) was 4,693,207 shares.

Significant events in the third quarter of 2020

  • In July, the company has taken out a temporary loan of SEK 2 million from shareholders and SEK 4 million from the bank, which will be repaid in October 2020.

Significant events after the end of the period

  • Allocation decisions regarding the delivery of ambulances for the Norwegian market have been made to another operator. The company has appealed against this decision and has confirmed that Sykehusköp is holding off on signing contracts for the award until a decision comes from KOFA (Klagenemnda for public acquisitions).
  • The company is notifying three officials and eight collective employees to adjust costs to an expected lower volume.
  • In October, the company repaid the temporarily occupied loan of SEK 4 million to the bank, and in November the temporary loan to shareholders of SEK 2 million.

For more information, please contact:

Fredrik Nilsson, CEO

Email: fredrik.nilsson@nilsson.se

Phone: 0430-490 58

The information in this press release is such that Nilsson Special Vehicles AB (publ) shall make public pursuant to EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication through the agency of the contact person above on 19 Nov at 08:00 CET.

Briefly about Nilsson Special Vehicles

Nilsson is today one of Sweden's largest players for customized vehicles. The company produces and sells limousines, ambulances and funeral cars. Customers are mainly located in Europe, where the largest markets are Scandinavia and England. The story behind Nilsson began in 1945 when Yngve Nilsson Karosserifabrik was founded. With many years of experience in the industry, the company has a strong focus on innovation in the form of new materials, technologies and increased global market focus to achieve continued satisfied customers.

Nilsson Special Vehicles AB (publ) is listed on Nasdaq First North Growth Market (ticker: NILS).

Certified Adviser to Nilsson Special Vehicles is:

Västra Hamnen Corporate Finance AB

Tel: +46 40 200 250

E-mail: ca@vhcorp.se

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