- The AVTECH-group turnover for the first quarter of 2012 totaled MSEK 1,3 (1,5).
- Operating income (profit/loss) for the first quarter of 2012 was MSEK -2,3 (0,0). Net profit/loss for the first quarter of 2012 totaled MSEK -2,4 (0,0) or SEK -0,19 (0,00) per share. The result of the first quarter reflects the company's ongoing transformation from an engineering consulting company to a product company as priority during the quarter was on the development and commercialization of Air Traffic Management products having the capacity to generate long term recurring cash-flows, rather than on short-term consultancy.
- Cash flow from operating activities during the first quarter totaled MSEK -1,3 (1,2) or SEK -0,10 (5,26) per share. The group’s cash balance totaled MSEK 2,5 (4,1 by the end of 2011) at the end of the financial period, which is equivalent to SEK 0,20 (0,32) per share.
- Equity totaled MSEK 13,3 (15,8 by the end of 2011) at the end of the financial period or SEK 1,04 (1,23) per share. The group´s equity/assets ratio totaled 63,4 (56,4 by the end of 2011) percent.
- AVTECH Sweden AB (publ) was listed on NASDAQ OMX First North on 20th February 2012.
- In January and February 2012, AVTECH recruited for key positions in finance, marketing and business development; Jonas Saric as CFO for the AVTECH-group, Björn Olsson as Key Account Sales Manager and Charlotte Johnston Lönnberg as Head of Communications. Jonas Saric has previously served as CFO and Marketing Director for LFV Aviation Consulting. He has also served as CFO to the Firth North-premier listed company Effnet Holding AB (publ).
Financial events after the reporting period
- In April 2012 AVTECH received a grant of 3.0 MSEK in research funding from VINNOVA under the program "Research and Grow", thereby enabling a larger effort in the field of Wake Vortex. Wake Vortex is one of AVTECH's most important research areas in Performance Based Operations.
- In May AVTECH received a contract with Emirates airline regarding a key-project within Performance Based Operations. The agreement was rewarded through the Sales- and Marketing Company AVTECH Middle East LLC, and has an estimated contract value of USD 150 000.
- In May AVTECH received a Chinese patent on AventusNowcast™, which means that the company has now received patent protection in Sweden, Europe, US and China.
For more information, please contact:
Jonas Saric, CFO
Tel: +46 (0) 8 544 104 88
E-mail: jonas.saric@ avtech.aero
(Full report attached as pdf, in Swedish only)
About AVTECH Sweden AB (publ)
AVTECH develops products and services for digital Air Traffic Management (ATM). Its customers include the global aviation industry; e.g. airlines, airports, aviation authorities, technology companies and airline manufacturers. By using AVTECH’s products and services, each individual flight as well as the entire airline operation can be optimized in terms of cost, noise and emission, efficiency, punctuality and safety. The head office is in Stockholm, Sweden with subsidiaries in Toulouse, France and Dubai, U.A.E. AVTECH Sweden AB is listed on NASDAQ OMX First North and has appointed Thenberg & Kinde Fondkommission AB as Certified Adviser.
