CybAero's financial H1 2015 was as expected more of a transition period, without significant income statement results. Attention was primarily centered on the delayed acceptance tests for the Chinese customs delivery and scaling up the firm towards production start during H2 of the first systems from the first AVIC call-off. This has pressured the firm’s cash position and triggered the equity issue that was successfully closed last week. Our expectations for H2 are a successful delivery and payment of the Chinese customs systems and the delivery of some systems to AVIC as part of their first call-off.