AVTECH Sweden AB (publ) END-YEAR REPORT January – December 2012
AVTECH Sweden AB (publ) presents End of Year Report 2012.
- The AVTECH-group turnover for the fourth quarter 2012 totaled MSEK 2,0 (1,0). The turnover for the entire year totaled MSEK 6,4 (5,4).
- Operating income (profit/loss) for the fourth quarter 2012 was MSEK -1,7 (-1,6) and MSEK -9,6 (-3,9) for the entire year. Net profit/loss for the fourth quarter 2012 totaled MSEK -1,8 (-1,9) and for the entire year -10,0 (-4,2) or SEK -0,78 (-1,06) per share.
- Cash flow from operating activities during the fourth quarter totaled MSEK -4,8 (-7,3) or MSEK -8,7 (-5,2) for the entire year or SEK -0,68 (-1,31) per share. The group’s cash balance totaled MSEK 0,0 (4,1) at the end of the financial period, which is equivalent to SEK 0,00 (0,32) per share.
- Equity totaled MSEK 8,3 (15,8) at the end of the financial period or SEK 0,65 (1,23) per share. The group’s equity/assets ratio totaled 40,2 (56,4) percent.
- AVTECH Sweden AB (publ) was listed on NASDAQ OMX First North on 20 February 2012.
- In May 2012, AVTECH Middle East received an important contract with Emirates airline regarding the so-called FLOW-project and in June the company entered a significant commercial side agreement with Emirates airline regarding Aventus NowCast as part of the ongoing FLOW-project.
- In September 2012, two individual commercial contracts were signed within the important area Wake Vortex, with an important airport in the Middle East. Both projects were successfully completed in December 2012.
- In September 2012, AVTECH published a forecast regarding reaching positive cash flow and profit during the third quarter 2013, where the Board of AVTECH made the decision regarding the implementation of a preferential share issue public. The share issue was approved at the Extraordinary General Meeting on 16 October 2012. The subscription period ended on 14 November 2012, after which the preference share was listed on the Mangold list on 21 December. The total number of shares subscribed amounted to approximately MSEK 3,3, equivalent to 38 per cent of the share issue. In connection with the share issue, the company also secured additional short-term debt financing amounting to 2,2 MSEK from the owners.
- During October and November 2012, AVTECH signed three significant commercial contracts regarding Aventus NowCast, with Air New Zealand, Icelandair and Air Malta.
Events after the reporting period
- In January 2013, AVTECH closed a fifth important contract for its Aventus NowCast product with a major Asian airline, where SITAS’a ATI Cloud-solution will be utilized in connection with the implementation of Aventus NowCast™.
For more information, please contact:
David Alvord, CEO /Jonas Saric, CFO
Tel: +46 (0) 8 544 104 88
(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 Mangold Fondkommission AB as Certified Adviser.