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2016-05-11

CybAero: CybAero publishes Annual Report 2015 with the auditor's report that differs from the standard form

CybAero has published the annual report for 2015, it is now available
on the company website, as well as attached as a PDF in this release.

The audit report differs from the standard design and has been
submitted May 11th2016. The auditors reject that the statement and
balance sheets are adopted, but recommends discharge from liability
for the Board members and the CEO.

The motive for the unclean audit report, according to auditors are the
following (quotes from the audit report): "The asset Receivables from
buyers in the balance sheet amounts to SEK 45.6m. The previous year,
the receivable was SEK 43.6m. As can be read from the Directors'
report the development of the systems as well as the upgrades asked
for from the customers have caused a delay in excess of one year.
Furthermore, it can be read from the Directors' report that the final
tests shall be performed in early 2016. These circumstances are in
our opinion of relevance for the valuation of the asset as they have
led payments related to the receivable to be outstanding and in our
opinion it cannot be eliminated that the circumstances ultimately may
mean that the customer will deny, in whole or in part, the obligation
to pay the receivable. Due to this there is a need for a write-down
of Receivables from buyers. The size of the write-down is difficult
to assess, but in our opinion the amount is material."

"Capitalized expenditure for research and development in the balance
sheet amounts to SEK 46.5m per December 31, 2015. One of the criteria
for recognizing such expenditure as an asset is that there are
sufficient financial resources at hand in order to realize the
expected economic benefits of the intangible asset. As a consequence
of the uncertainty associated with the payment of systems in
combination with the fact that additional financing of sufficient
size is not at hand and the negative earnings, we conclude that the
capitalized expenditure for research and development in the balance
sheet is not accounted for in compliance with the Annual Accounts
Act. Furthermore, a charge should have been made in the income
statement with an amount equal to the write-down".

The Board believes that the value of the recorded account receivable
is correct and that the customer will pay for the delivery of the
systems. Furthermore, the Board believes that the value of
capitalized development costs can be justified in the light of the
existing framework agreement with the client as well as a
significantly increased interest from the market for its products.
The Board believes that the audit report does not present any
significant impact on the company's ability to future financing.

For more information, please contact:
Mikael Hult, CEO CybAero AB, phone: +46 (0)13-465 29 00 email:
mikael.hult@cybaero.se

Web: www.cybaero.se Videos: www.youtube.com/cybaero

About CybAero
CybAero develops and manufactures Remotely Piloted Aircraft Systems
(RPAS) for safer and more effective aerial operations in various
environments, including those hazardous in nature. The company has
made a great international impact with its APID One helicopter, which
can be adapted for both military and civilian applications such as
coastal and border surveillance, search and rescue missions, and
mapping. CybAero's head office is located in the Mjärdevi Science
Park in Linköping, Sweden. The company has around 50 employees and
has been listed on the Nasdaq First North since 2007. FNCA Sweden AB
is the company's certified adviser.

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http://news.cision.com/cybaero/r/cybaero-publishes-annual-report-2015-wi...
http://mb.cision.com/Main/1177/2007423/514581.pdf
http://mb.cision.com/Public/1177/2007423/bfda0f06fe4279a6.pdf

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