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CybAero: Year-End Report  January-December 2015 CybAero AB (publ)

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

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

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
CybAero AB

For full report see attached pdf or on our website,

Contact persons

Mikael Hult, CEO, CybAero AB, Phone +46 (0) 13-465 29 00

Ulrika Andersson, Interim CFO, CybAero AB, Phone +46 (0) 13-465 29 00


Författare WKR

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