FINANCIAL KEY FIGURES FOR THE PERIOD
|MSEK||Quarter 2||Quarter 1||Quarter 2|
|Operating earnings before depreciation||+3.2||+2.5||+2.3|
|Net earnings per share, SEK||+0.037||+0.026||+0.025|
|Cash and cash equivalents||18.2||15.7||10.8|
|Equity per share, SEK||0.61||0.58||0.48|
|Equity ratio, %||91.7%||90.8%||90.6%|
- Sales for the second quarter increased by 21% compared to the same period in 2022 thanks to new agreements in the beginning of the year, increased air traffic, and a rising dollar- and euro exchange rate.
- Net earnings increased by 48% compared to the same period in 2022 thanks to increased sales and continued cost control.
- Cash flow increased by MSEK 2.6 in the second quarter, which is 32% higher compared to the same period in 2022.
SIGNIFICANT EVENTS DURING THE PERIOD
- On June 27, a three-year contract extension of existing Aventus Enroute and Descent Winds service with Dallas, Texas-based Southwest Airlines® was announced. The service agreement is now extended until the end of June 2026 with an expected contract value of between MSEK 38 and 52 depending on the USD exchange rate.
SIGNIFICANT EVENTS AFTER THE PERIOD
- On July 12, it was announced that Volaris has chosen to continue with AVTECH's ClearPath and Aventus flight optimization services after a successful three-month evaluation period during the second quarter. This is in accordance with the already communicated three-year agreement that started at the end of March 2023, and which has an expected total value in the range of MSEK 8 to 14, depending on the number of aircraft and USD exchange rate.
- On August 23, it was announced that AVTECH and Volotea Airlines have entered into a 2-year agreement for AVTECH's Aventus wind uplink service, with a start date of August 5, 2023, and an expected total value in the range of MSEK 1.1 to 1.9 depending on fleet size and EUR exchange rate development.
- On August 1, it was announced with great sadness that AVTECH's much appreciated Chairman of the Board, Bo Redeborn, has passed away suddenly and unexpectedly after a short period of illness. With his unique ability to listen in and act, Bo has successfully led AVTECH's development during a very intense period. With his diverse experience and his large network of contacts, he has strongly contributed to AVTECH now having a very solid foundation for future growth and profitability. Bo will be greatly missed by AVTECH's board and management, and our thoughts are with his family.
- On August 21, the Board announced that Ingvar Zöögling had been appointed acting Chairman of the Board. Ingvar, who has been on AVTECH's board since 2008, is a former lawyer and ran a law practice in Stockholm for almost 35 years.
Financial reports are available at www.avtech.aero/report.