Nilsson Special Vehicles AB ("Nilsson") hereby publishes the year-end report for the financial year 2020. The year-end report is available via the attached document and on the company's website www.nilsson.se . Below is a summary of the year-end report.

CEO Fredrik Nilsson comments

It's been a tough journey. Sales for the fourth quarter were 20 million lower compared to Q4 2019 and for the full year 2020 it was 40 million lower than in 2019. The decrease in turnover in the fourth quarter is mainly due to the fact that the Uk market has effectively stalled and the decrease in ambulance volume on the Norwegian market, as a result of no ambulances being called for delivery in the fourth quarter when the procurement was not awarded. In addition, fewer 3-door funeral cars were delivered in the fourth quarter of 2020 compared to the corresponding period in 2019. The fact that operating profit was only 0.5 million worse for the full year compared to 2019, despite Covid-19 and a significantly lower turnover, gives hope for the future.

Regarding aggregate order intake, a certain trend has been seen, which is why the current order backlog of ambulances and funeral cars lands at a satisfactory level. However, the Uk market continues to be very difficult to predict in terms of 2021's volumes, which the Company aims to address by intensifying work together with the English retailer. In addition, in order to increase risk balancing while increasing potential, new markets will be processed and complementary products offered in existing markets.

After a worrying last six months of 2020, I am hopeful for 2021, although the uncertainty due to Covid-19 remains high. Many parts continue to fall into place, which is underlined by increased efficiency and an expanded product range, along with ongoing establishments in new markets. "

January - December 2020 - Group

  • Order intake: 115 (159) cars.
  • Order backlog: 73 (89) cars.
  • Net sales amounted to KSEK 174,184 (214,114).
  • Operating profit before depreciation and amortization, EBITDA, amounted to KSEK -2,695 (-2,204).
  • Profit after tax amounted to KSEK -14,836 (-12,150).
  • Cash flow from operating activities amounted to KSEK 4,218 (5,318).
  • Earnings per share* amounted to SEK -3.16 (-2.59).
  • The equity/assets ratio at December 31, 2020 was 31 percent (42).

October - December 2020 (fourth quarter) – Group

  • Net sales amounted to KSEK 32,149 (52,108).
  • Operating profit before depreciation and amortization, EBITDA, amounted to KSEK -3,860 (-2,584).
  • Profit after tax amounted to KSEK -9,616 (-5,351).
  • Cash flow from operating activities amounted to KSEK 9,712 (2,220).
  • Earnings per share* amounted to SEK -2.05 (-1.14).

* Earnings per share: Profit for the period divided by number of shares. As of 31/12/2020, the total number of shares

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

Significant events in 2020

First quarter

  • The company appoints Mårten Berggren as new CFO.
  • The Norwegian procurement for ambulances has been cancelled. New procurement will be carried out and is scheduled to be completed in autumn 2020. In the meantime, the old agreement with the possibility of price adjustment applies for 2020.
  • The company announces that chassis deliveries from Volvo are expected to continue as normal.
  • The company has to some extent been affected by COVID-19 in the form of material delays from suppliers, which has led to delivery delays to customers.

Second quarter

  • On April 16, Nilsson will publish his annual report for the financial year 2019. The Annual Report and the accompanying auditor's report are available on the Company's website (www.nilsson.se)
  • The Annual General Meeting will be held in Nilsson on 13 May. The Announcement from the Annual General Meeting is available on the Company's website (www.nilsson.se)
  • The company has been affected by COVID-19 in the form of delayed deliveries of basic cars from suppliers and lower order intake than expected.

Third quarter

  • 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.

During the period, the company has been affected by COVID-19 as follows:

  • During the period, the company has lost part of the sales
  • For the period September 2020 to December 2020, the company has applied for and received support for short-term work to a significant extent.
  • During the period, the company has been granted a rental reduction

Fourth quarter

  • 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 civil servants 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.
  • As a result of the company's risk of losing volume in Norway and volume loss on the English market, the company has made an impairment loss of intangible fixed assets and tools of SEK 3.6 million.
  • Through a temporary deferral of payments for taxes, the company has strengthened liquidity by SEK 5.8 million.

Significant events after the end of the period

  • In relation to procurement award decisions, KOFA Norway has stated that Sykehusinnkjøp HF has not violated the public procurement regulations and thus does not reject the chosen supplier's offer.

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 Feb. 26 at 08:00 a.m. 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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