H2’15 revenues far below our expectations, but in the end top line is currently only an accounting issue for CybAero – cash flow is what counts for now. As for cash flow, we’re still waiting for successful delivery and payment in the Chinese customs order. If this doesn’t happen in “early 2016” as the firm now forecasts, we see a financing need before summer. FY2016 we expect further clarity on end customer, first deliveries and potential next call-off order(s) from AVIC and also more specifics on new deals. The recent addition of a majority shareholder, who also takes an active board role, is very positive in our view. Our fair value range remains intact between ~5-19 SEK per share, but with a lowered base case.