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AVTECH SWEDEN AB (publ) INTERIM REPORT JANUARY - JUNE 2020

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KEY FIGURES AND EVENTS

2020 2020 2019
MSEK Quarter 2 Quarter 1 Quarter 2
Net sales 3.3 4.0 3.8
Operating profit before depreciation +0.7 +0.3 +1.4
Net profit +0.3 +0.0 +0.5
Net profit per share, SEK +0.005 +0.000 +0.008
Cash flow +0.5 -1.0 -0.8
Cash and cash equivalents 12.8 12.3 13.3
Equity 28.8 28.5 28.6
Equity per share, SEK 0.51 0.50 0.51
Equity ratio, % 91.6% 93.1% 97.8%
 

  • A few fixed-price agreements have contributed to a smaller-than-expected decrease in net sales for the quarter.   

  • From mid-March, all staff will mainly work from home according to the Public Health Agency's recommendation for reduced transmission.
  • As expected, the reduction in working time from April has led to reduced costs for both development and marketing. This allows us to retain staff and skills in the face of the situation turning.
  • At the end of the period, a one-year extension of the agreement with Southwest Airlines was implemented. According to press release on June 25. Preparations for an Aventus full-flight winds test are expected to continue in the fall but may be delayed further due to COVID-19 impact.
  • The focus of the marketing for the quarter has been the environment, optimizer and proFLIGHT and to create engaging content on social media and to make personal contacts in these areas. We have often partnered with the Met Office to increase the dissemination of social media posts. In addition to this, preparations have been made for the launch of proFLIGHT and autumn campaigns with a focus on the environment, optimizer and proFLIGHT.

EVENTS AFTER THE PERIOD

  • The development of proFLIGHT continues with some delays due to the reduced pace. The launch of a payment solution is planned for the third quarter. The number of proFLIGHT users at the end of the period amounted to more than 1550 from more than 200 airlines.

  • Work on a new website is also continuing but has been delayed. The current goal is to launch this at the beginning of quarter 4.
  • Planned marketing activities in the upcoming quarters
    • A news article and information campaign focusing on environmental impact and modern technology in the cockpit
    • A Met Office video production focusing on the benefits of high-resolution weather.
    • A webinar focusing on proFLIGHT and the value of a combination of a good turbulence forecast and measured data from the preceding aircraft.
    • A direct information campaign where airline decision-makers are made aware of the possibility of fuel and environmental savings through AVTECH's services, without the need for investments in new equipment.
      Operational analysis of the service during six months of use in Norwegian has provided us with the conditions to promise a 1.5% cost reduction. A video recording of Norwegian's experience is available       here (https://youtu.be/-O-BZ6pZNjs).

 

For further information, please contact
David Rytter, CEO, +46 (0) 8 544 104 80
Britt-Marie Lodenius, Chief Financial Officer, +46 (0) 8 544 104 80

or visit the company's website www.avtech.aero, https: / /www.avtech.aero/report#content

AVTECH Sweden AB (publ), corporate identity number 556568-3108, has its registered office in Stockholm municipality.
Postdress: Färögatan 33, 24 tr, 164 51 KISTA, Sweden.

The company's B-share (short-term AVT B) has been traded on the NASDAQ First North Growth Market since February 2012. The company's A-share is not traded on any marketplace. Certified Adviser is Redeye AB (www.redeye.se), tel: 08-121 576 90, e-mail address certifiedadviser@redeye.se. For explanation of technical terms, see glossary on page 73 of the Company's New Issue Prospectus 2011. The information in this pressrelease is published in accordance with EU Market Abuse Regulation (MAR) The information was submitted, through the above contact person's provision, for publication on August 28th 2020 kl 08:50 CET

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Q2 AVTECH

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