AVTECH Sweden AB (publ) Intermin Report January – March 2023


  2023 2022 2022
MSEK Quarter 1 Quarter 4 Quarter 1
Net sales 5.7 5.7 4.5
Operating earnings before depreciation +2.5 +2.8 +1.6
Net earnings +1.4 +1.8 +0.7
Net earnings per share, SEK +0.026 +0.032 +0.012
Cashflow +1.0 +2.2 -0.5
Cash and cash equivalents 15.7 14.6 9.7
Equity 32.6 31.2 25.8
Equity per share, SEK 0.58 0.55 0.46
Equity ratio, % 90.8% 92.7% 91.1%
  • Sales for the first quarter of the year increased by 28% 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 104% compared to the same period in 2022 thanks to increased sales and continued cost control. At the same time, net profit decreased by 19% compared with the previous quarter, a difference that is largely explained by the previous quarter's reduced personnel costs in connection with repaid employer contributions.
  • Cash flow in the first quarter was positive for the first time and increased by MSEK 1.5 compared to the same period in 2022, mainly due to increased customer payments and reduced operating costs.
  • On March 14, AVTECH and the Mexico based airline Volaris entered into a 3-year agreement covering AVTECHs ClearPath and Aventus Winds services, with a target start date in March 2023. The agreement has an expected value in the range of 8 to 14 MSEK, dependent on number of aircraft and USD exchange rate, and includes an initial 3-month evaluation period with an option to discontinue. The ClearPath and Aventus services, both utilizing state-of-the-art high-resolution aviation weather forecasting from the UK Met Office, will provide precise and tailored tactical decision support for Volaris pilots to improve the efficiency of each individual flight. By providing flight crews with the latest weather inputs and guidance on the most efficient flight altitudes, Volaris will significantly reduce their total CO2 emissions. This leads to improved flight execution and efficiency, increased situational awareness and reduced workload for the pilots.

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