AVTECH Sweden AB (publ) INTERIM REPORT January - March 2018
- The AVTECH Group's net sales for the first quarter of 2018 amounted to MSEK 2.8 (2.2).
- Operating profit before depreciation for the first quarter of 2018 was MSEK 0.3 (0.2). Net profit for the first quarter of 2018 amounted to MSEK -0.9 (-1.3) or SEK -0.04 (-0.02) per share.
- Cash flow from operating activities for the first quarter of 2018 amounted to MSEK -0.3 (-0.5) or SEK -0.01 (-0.08) per share. The Group's cash and cash equivalents at the end of the period amounted to MSEK 18.7 (at the previous year's change 20.4), corresponding to SEK 0.33 (0.36) per share.
- Equity at the end of the period amounted to MSEK 29.1 (at the previous year's change 30.0) or SEK 0.52 (0.53) per share. The Group's equity ratio was 96.15 percent (96.9).
- Turnover in the quarter has been affected by late deliveries. This is shown by a comparison between Q1 2018 and Q4 2017. Development of SIGMA weather warning system continues according to plan. During September 2017, the first version of AVTECH's Aventus SIGMA solution was completed. Aventus SIGMA is a high quality service that highlights high-quality conditions such as ice formation, turbulence, volcanic ash, etc. to the aircraft's cockpit era. In the first version, AVTECH and Met Office (UK) have focused on high-speed turbulence along the chosen aerodrome. Since the fourth quarter of 2017, Aventus SIGMA has been operating at BRA - Braathens Regional Airlines and Norwegian. Further development of the Aventus system (Nowcast and SIGMA) has been carried out in collaboration with bl. a Norwegian and BRA in the first quarter of 2018.
- Further efforts have been made in the first quarter of 2018, to customize the Aventus system. The ongoing work on creating a SIGMA iOS Tablet App where weather forecasts and warnings as well as Aventus Nowcast are visualized for the pilot user. The product should also be a powerful tool for other airline personnel. During the period, a related group of pilots has begun the use of the SIGMA iOS Tablet App. This is done as a final step of verification and product customization prior to launch in Q2 2018
- The cooperation with Lufthansa Cargo AG regarding Aventus Nowcast continued during the quarter. In addition, the dialogue with another three companies in the Lufthansa Group has been intensified.
- As market demand for products and services within our product range and a widening of AVTECH's product range increased, the cost of marketing activities is estimated to increase during the year. Presentations of AVTECH's renewed product search will be done in collaboration with existing customers and Met Office. These presentations will be conducted as seminar members during trade fairs in the aerospace industry. a in Shanghai, Amsterdam, Dubai and London.
Events after the end of the period
- EasyJet is expected to join the group of development customers for SIGMA weather alert systems in which BRA and Norwegian have been included in the year 2018.
- The collaboration between Met Office, easyJet, Gatwick Airport in London and AVTECH continues. Within the framework of cooperation, various solutions to improve the efficiency of the use of the airport have been discussed. The project continues with the aim of developing technical and financial models for launching an introductory project in 2018. Another major operator has approached a dedicated interest in AVTECH's products and knowledge in operational efficiency between airports and airlines.
- As previously announced, AVTECH has conducted an evaluation project of its Aventus product in a project funded by the Swedish Energy Agency. The project has been completed for 6 months and has been done in cooperation with Norwegian Air Shuttle. Aventus has undergone thorough testing of the Norwegian fleet of aircraft where the positive effects of AVTECH's products have been carefully analyzed.
For further information, please contact
Christer Fehrling, Managing Director, +46 (0) 8 544 104 80
Britt-Marie Lodenius, CFO, +46 (0) 8 544 104 80
or visit the company's website www.avtech.aero
AVTECH Sweden AB (publ), organization number 556568-3108, has its registered office in the municipality of Stockholm.
Postal address: Färögatan 33, 24 tr, 164 51 KISTA, Sweden.
The company's B-share (short name AVT B) has been traded on NASDAQ OMX First North since February 2012. The company's A-share is not traded on any marketplace. Certified Adviser is f. Redeye AB (www.redeye.se), tel: 08-545 01 330. For explanation of technical terms, see glossary on page 73 of the company's New Issue Prospectus 2011. The information in this press release is the one that AVTECH Sweden AB (publ) is required to to publish under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on April 19, 2018 at 08.30 CET.