AVTECH reported a quarter roughly in line with revenue expectations at SEK 3.5 (Estimated SEK 3.8) million. Its Descent solution revenues continued to be the primary contributor of the reported revenues (before activated costs), likely between SEK 1.5-1.9 million, which was close to our estimate of SEK 1.8 million. The potential binding of EasyJet this year is an important one to showcase, as it illustrates the competitiveness of AVTECH solutions itself, under a period of free-falling oil prices, and will also act as another significant reference customer if successful. We also expect a closing with Air Berlin soon. Regarding CEO Christer Staaf’s insider suspicion we still fully support our previous statement of ‘innocent until proven guilty’. The intrinsic value estimate is maintained at SEK 7 per share with a cash position of approximately 35 MSEK. Short-term revisions of estimates have been performed to further recognize the prolonged procurement processes, which we see as hurdles that can be managed in the longer term.