The period from January 2015 to December 2015
· Net sales: SEK 4.8 million (SEK 46.8 million)
· EBITDA: SEK -61.1 million (SEK -22.3 million)
· Operating loss: SEK -72.5 million (SEK -33.7 million)
· Loss after tax: SEK -74.0 million (SEK -34.2 million).
· Earnings per share: SEK -3.53 (SEK -2.47)
· The board proposes that no dividend be paid
The period from July 2015 to December 2015
· Net sales: SEK 2.1 million (SEK 26million)
· EBITDA: SEK -36.3 million (SEK -17.6 million)
· Operating loss: SEK -41.9 million (SEK -23.7 million)
· Loss after tax: SEK -43.1 million (SEK -23.7 million).
· Earnings per share: SEK -1,80 (SEK -1,54
Message from the CEO
2015 was characterized by hard, intense work on completing our new platform, the
APID One.
Roll-out of the APID One
After years of development, we were very proud to unveil our new APID One
product line on March 31, 2015.The unveiling was at the Swedish National Museum
of Science and Technology in Stockholm with chairman of the museum’s board and
astronaut, Christer Fuglesang, also receiving a unit of our old APID 60. It will
eventually be exhibited at the museum and thus become a part of Swedish aviation
history.
The APID One is a Remotely Piloted Aircraft System (RPAS), with one of our three
new helicopter versions
serving as the core: Ranger, Rescue or Defence. Our systems solve many
challenges around the world – from border surveillance and humanitarian aid to
the monitoring and inspection of tangible assets. The global UAV market is still
in its infancy. With our experience, we can face the major changes in society
that are underway, and we can contribute to increasing safety around the world.
First order from AVIC
March 31 was an important day for CybAero. In addition to the launch of the APID
One, we received our first call-off order from Chinese AVIC on the same day. The
order was for CybAero’s APID One Ranger model and includes five systems for
civilian and commercial applications. This was the first order under an eight
-year framework agreement which entails AVIC purchasing at least 20 helicopter
systems during the first three years and then at least 50 more systems over the
next five years. The first systems will be delivered in 2016 with expected
additional call-off orders during the year.
A company on the rise
We continued to improve the company and our products and systems during the
year. Additional requirements and upgrades postponed delivery to China Customs
until early 2016. The unmanned systems we will be delivering will be the first
in the world to have landing systems that enable unmanned helicopters to
automatically land on vessels in motion. The increased investments in the system
and the postponed delivery naturally have a negative impact on both sales and
earnings. We are confident that this has been well-invested time and money and
that CybAero will now be able to provide a system that is on the cutting edge
worldwide in terms of performance and functionality.
With the need to rapidly address the additional requirements and upgrades
required by China Customs now behind us and having developed a system that we
consider to be at the forefront of the industry, we are now in a position to
both grow revenue and cut operating costs by driving for greater efficiencies
and streamlining the organization.
Our need to shape our organizational structure in a way that enables us to make
the most of our potential is growing as the company expands. In 2015, we made
great strides in that direction, and we are seeing strong dedication from
employees both new and old. That bodes well for 2016, as we plan to continue
expanding our organizational structure by adding more skilled employees. In
addition, we are reviewing our organizational structure on an ongoing basis to
ensure it is as cost-effective as possible with the right staffing for each
function
New major shareholder
U.S.-based investor Subversive Capital LLC became a shareholder of CybAero in
September 2015 by first acquiring AeroVironment’s shares and by participating
fully in the company’s preferred issue in September 2015. In addition, an
extraordinary general meeting on 30 December resolved to conduct a private
placement to Subversive Capital, making Subversive Capital our largest owner,
with ownership of approximately 11.2%. In conjunction with this meeting, Adam
Rothstein and Michael Auerbach from Subversive Capital were elected to CybAero’s
board of directors. Their commercial and political experience and networks will
help spur CybAero’s continuing growth. In addition to his involvement with
Subversive Capital, Michael Auerbach also serves as Senior Vice President of
Albright Stonebridge Group (ASG), with which we recently entered into a
strategic partnership. ASG is a global strategic advisory firm with vast
knowledge of the markets we focus on.
Focus on deliveries
We worked hard on improving and refining our products and systems in 2015. The
company’s full focus has been on completing the highly advanced and
sophisticated system we will deliver to China Customs, the first client for this
system. The delays we have encountered in this project are related to the
technical challenges involved in achieving the highest possible functionality
and operational safety for the system. We now have a world-class system that
opens up interesting business opportunities.
We need to continue working hard and moving quickly to reach and retain a
leading position. Our objective is to open up new markets and areas of
application, both in established industries and new ones. 2015 was industrious,
intense and exciting. In 2016, we will begin to reap the rewards of all our hard
work.
Mikael Hult
CEO
CybAero AB
For full report see attached pdf or on our website, www.cybaero.se
Contact persons
Mikael Hult, CEO, CybAero AB, Phone +46 (0) 13-465 29 00
e-post: mikael.hult@cybaero.se
Ulrika Andersson, Interim CFO, CybAero AB, Phone +46 (0) 13-465 29 00
e-post: ulrika.andersson@cybaero.se
