AVTECH Sweden AB (publ) presents End of Year Report 2011.
- The AVTECH-group turnover for the fourth quarter of 2011 totaled MSEK 1,0 (1,7). The turnover for the entire year totaled MSEK 5,4 (9,0).
- Operating income (profit/loss) for the fourth quarter of 2011 was MSEK -1,6 (-0,1). For the entire year, the operating income totaled MSEK -3,9 (0,4). Net profit/loss for the fourth quarter of 2011 totaled MSEK -1,9 (-0,1) and for the entire year MSEK -4,2 (0,2) or SEK -1,06 (1,46) per share. The result in 2011 reflects the company's transformation from an engineering consulting company to a product company as the priority in 2011 was on the development and commercialization of Air Traffic Management products having the capacity to generate long term recurring cash-flows, rather than on short-term consultancy.
- Cash flow from operating activities totaled MSEK -7,3 (-2,4) for the fourth quarter of 2011 or MSEK -5,2 (0,2) for the entire year or SEK -1,31 (1,45) per share. The group’s cash totaled MSEK 4,1 (1,1) at the end of the financial period, which is equivalent to SEK 0,32 (6,69) per share.
- Equity totaled MSEK 15,8 (5,9) at the end of the financial period or SEK 1,23 (34,90) per share. The group´s equity/assets ratio totaled 56,4 (40,1) percent.
- During the fourth quarter of 2011 AVTECH successfully completed the preparatory work for implementing the company’s patented wind optimization product, Aventus NowCast™, into full operation. This included a three month operational trial with a major European airline.
- An agreement was established with SITA, the world’s leading provider of IT business solutions and communication services for the air transport industry, who will sell Aventus NowCast™ worldwide directly and as part of their Total Winds product.
- During November 2011, AVTECH made an initial public offering through a new issue of shares. 2 500 000 B-shares were subscribed at SEK 6,00 per share. The company had an over-allotment option, the proceeds from which amounted to approximately 1,7 MSEK. The amount of the company’s new issue totaled 16,7 MSEK, prior to costs. The number of shares was also increased through a 44:1 split in September.
Financial events after the reporting period
- AVTECH Sweden AB (publ) was listed on NASDAQ OMX First North on 20th February 2012.
- In January and February 2012, AVTECH recruited for key positions in finance, marketing and business development; Jonas Saric as CFO for the AVTECH-group, Björn Olsson as Key Account Sales Manager and Charlotte Johnston Lönnberg as Head of Communications. Jonas Saric has previously served as CFO and Marketing Director for LFV Aviation Consulting. He has also served as CFO to the Firth North-premier listed company Effnet Holding AB (publ).
For more information, please contact:
David Alvord, CEO
Tel: +46 (0) 8 544 104 80
E-mail: david.alvord @ avtech.aero
(Full report attached as pdf, in Swedish only)