• Net sales in the fourth quarter increased by 32.6% compared to the same period in 2022 thanks to new customer agreements. This is our best quarterly sales to date, despite weaker USD and EUR exchange rates at the end of the period.
• Net earnings increased by 37.6% compared to the same period in 2022 but at the same time decreased slightly compared to the previous quarter. This is mainly due to increased personnel costs in connection with new employment and less vacation time during the period.
• Cash flow decreased by 15.7% compared to the same period in 2022 due to delayed customer payments, most of which have been paid shortly after the end of the period.

KEY FIGURES FOR THE FULL YEAR
For the full year 2023, net sales were MSEK 27.5 (21.4), net income MSEK +9.0 (+6.1) and cash flow MSEK +8.2 (+4.5) compared with the full year 2022.

EVENTS DURING THE FOURTH QUARTER

• On November 27 AVTECH announced that Wizz Air UK have entered into a 3-year agreement for AVTECHs Aventus and SIGMA in-flight services, with an expected start in December 2023 and expected total value in the range of 1.1 to 1.6 MSEK dependent on fleet and EUR exchange rate development. AVTECHs in-flight services are based on the latest high-resolution aviation weather forecasting from the UK Met Office. Aventus delivers precise and tailored wind and temperature information to the cockpit in-flight, while SIGMA provides automatic notifications about turbulence and other weather hazards along the flight path. This leads to improved flight efficiency, punctuality, and passenger comfort on Wizz Air UK flights.

EVENTS AFTER THE PERIOD

• On January 8th it was announced that SAS Scandinavian Airlines System Denmark-Norway-Sweden have entered into a 2-year agreement for AVTECHs ClearPath service, with an expected start date in January 2024 and an expected total value in the range of 5.0 to 6.5 MSEK dependent on the number of SAS group aircraft and flights operating with the service. The ClearPath flight optimization service, based on state-of-the-art high-resolution aviation weather forecasting from the Met Office, provides precise and tailored tactical decision support for SAS pilots to improve the efficiency of each individual flight. By providing its flight crews with up-to-date guidance on the most efficient flight altitudes, SAS can take maximum advantage of prevailing winds and temperatures to reduce its overall carbon emissions. In addition, ClearPath also warns of turbulence along the flight path which increases the comfort for all passengers travelling with SAS. With the ClearPath service, SAS is estimated to be able to reduce its carbon dioxide emissions by 6,000 tons per year, which is equivalent to the annual emissions of 1,626 Swedes.
• On January 31, a press release was released ahead of time with a number of key figures for the fourth quarter, prior to the publication of the full interim report. These figures showed, among other things, that the quarterly sales continued to increase and that the net earnings for the full year 2023 was AVTECH’s best to date.

Financial reports are available at www.avtech.aero/report

https://www.avtech.aero/press-release-english