- The AVTECH-group turnover for the third quarter 2012 totaled MSEK 1,6 (1,1). The turnover for the nine month period totaled MSEK 4,5 (4,4).
- Operating income (profit/loss) for the third quarter of 2012 was MSEK -2,1 (-2,1) and MSEK -7,9 (-2,2) for the nine month period. Net profit/loss for the third quarter of 2012 totaled MSEK -2,2 (-2,2) and for the nine month period -8,2 (-2,3) or SEK -0,64 (-1,75) per share.
- Cash flow from operating activities during the third quarter totaled MSEK -0,3 (-0,4) or MSEK -3,9 (2,1) for the nine month period or SEK -0,31 (1,59) per share. The group’s cash balance totaled MSEK 0,4 (4,1 by the end of 2011) at the end of the financial period, which is equivalent to SEK 0,03 (0,32) per share.
- Equity totaled MSEK 7,5 (15,8 by the end of 2011) or SEK 0,59 (1,23) per share. The group’s equity/assets ratio totaled 41,7 (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 a contract with Emirates airline regarding the so-called FLOW-project. In June the company entered a significant commercial side agreement with Emirates airline regarding Aventus NowCast as part of the ongoing FLOW-project, and in September two individual commercial contracts were signed within the important area Wake Vortex.
- In September 2012 AVTECH published a forecast regarding reaching positive cash flow and profit during the third quarter 2013 and as a consequence of previously communicated delays, in September 2012 the Board of AVTECH decided on the implementation of a preferential share issue, conditioned by the approval of an Extraordinary General Meeting (see ”events after the reporting period”).
Events after the reporting period
- On 16 October 2012, The Extraordinary General Meeting approved the Board’s decision on a preferential share issue worth approximately 8,5 MSEK. The subscription period ended on 14 November 2012 and the total number of shares subscribed amounted to approximately MSEK 3,3, equivalent to 38 per cent of the share issue. In connection to the implementation of the preferential share issue, the company secured additional short-term debt financing amounting to 1,7 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.
- In October 2012, AVTECH signed a strategically important Memorandum of Understanding (MoU) with NATS.
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 Thenberg & Kinde Fondkommission AB as Certified Adviser.