The car is still a very comfortable and safe means of transport. But the car is becoming less and less welcome in the cities. Congestions and parking pressure cause delays and annoyance. Alternatives such as the (electric) bicycle or scooter are sometimes an ideal solution, but certainly not always, such as on rainy days.

The Carver combines the comfort and safety of a car with the maneuverability of a bicycle or scooter. With a width of only 98 cm, traffic jams are a thing of the past and parking becomes a pleasure. When it rains it is a comfortably closed vehicle and when it is sunny the convertible roof can open completely. Carver drives you happy!

The fast-growing electric transport market is the Carver's playing field. The Carver fills the gap between the electric bicycle or scooter on the one hand and the electric car on the other.

Carver wants to create a future where everyone has access to smarter, cleaner and smaller means of transport in and around major cities. This way, people and companies can make better and more responsible mobility choices for their daily transport. In this way we make the cities cleaner and, above all, more accessible.

Sales and contact with the customer mainly takes place via the internet and social media channels. Direct contact with the customer takes place in three experience centers in the Netherlands and Germany and through our dealers. Customers can now take a test drive at more than twenty locations in the Netherlands. Carver is also present at large sustainable mobility events such as the EX Experience and we organize events throughout the country to introduce as many people as possible to the unique driving experience that the Carver offers.

Business customers are approached directly by our account managers.
Maintenance, service and delivery are provided by our partners, mostly James Autoservice companies. Other collaborations include, for example, insurance companies and leasing companies such as Bourguignon, Friesland Lease and Lease Plan.

Production is located at partner iEV in South Korea. This manufacturer can best be compared with a large VDL, an important supplier to the automotive industry. iEV is also a producer of electric vehicles for a major French car manufacturer and is known for its quality.

Turnover is achieved through three income streams.

Firstly, through the sale of Carvers and Carver Cargos. The forecasts, as can be found in the prospectus, are largely based on sales in the Netherlands for the first year and subsequently on the basis of the whole of Europe. The Carver is European approved.

A second important income stream is income from licensing rights. As already mentioned, a first agreement has been concluded with IEV for the Korean market. The license is paid 60% in advance based on estimated quantities. In January 2020, payment was received for 60% of 7.500 vehicles for the next three years. The first installment of €2021 was received in January 98.000. A second installment of €245.000 will follow in the middle of this year. The remaining payment of EUR 386.200 is expected in the first half of 2022.

A third important source of income for the future concerns the sale of parts for maintenance and damage.

In the sales forecast:

• the income from licensing rights with our Korean partner (also one of our two manufacturers of our Carvers) is included. This concerns the sales license for 7.500 Carvers for the next three years (if this number increases, an additional payment must be made; if fewer sales are made, nothing happens);
• Sales in the Netherlands at the end of February are ahead of the forecast numbers.

The turnover from 2019 to 2020 is based on the consolidated annual accounts for those years and up to 2019 on single figures.

Note: The figures for 2021, 2022, 2023, 2024 and 2025 are forecasts. These are forecasts or forecasts. We have made assumptions to arrive at these forecasts. You can read more about these assumptions in this chapter. These assumptions may turn out to be incorrect in retrospect. It is also possible that our forecasts do not turn out to be true. It is therefore uncertain whether the forecasts will come true. You cannot therefore derive any rights from this. You should therefore not make your decision to invest in our bonds based on these forecasts.

* x €1.000

At the beginning of this year, Carver made a share issue of €600.000. With the share issue of €600.000 and the issuance of this convertible bond, Carver will have a good liquidity position to strengthen its working capital position and finance investments in pop-up stores. . In the coming years, the investments in the Flagstores will be financed from the cash flow. The Carver Cargo will fully contribute to sales numbers from April 2021.

Solvency will be strong from 2021 due to the subordination of loans from the Northern Development Company (NOM) to the Frisian Development Company (FOM) for a total of € 3 million. The NPEX bonds are not subordinated to these loans, but are subordinated to any bank loans and/or credits that may be taken out in the future.

The rates charged by NPEX are shown below.

*To be calculated based on the nominal value of the bonds in the portfolio on the coupon payment date and to be offset against the (monthly) interest payment.