- Audited Results for the Year ended 31 December 2010
Summary Report
Antonov plc is engaged in innovation, development and marketing of products and solutions for the automotive industry. The Group holds a substantial intellectual property portfolio and is actively looking to identify and expand the commercial opportunities for its technology.

Key elements of the Group’s commercial strategy are:

Primary focus on 6-speed automatic transmission technology, TX-6, for which start of production in China is planned for the end of 2011 and the first customer (Lifan, a fast growing Chinese OEM) has been secured.
Following significant progress in 2010, further development of 2-speed and 3-speed transmission technology for applications such as electric vehicles.
Winning and delivering additional commercial engineering projects for both the European and North American markets.
During 2010, Antonov generated revenues of £255k from a combination of professional design and development services and product sales.

Financial highlights

Total revenues for financial year 2010 amount to £255k (2009: £183k)
Successful applications for Research & Development tax credits of £824k in 2010
Loss for the year reduced to £1,198k (2009: £4,745k)
Cash balance at the end of the year £130k (2009: £239k)
Following substantial investment during the year, available equity funding facilities as at 31 December 2010 amounted to €9.4 million (£8.1 million) (2009: €16.1 million, £14.6 million)
Available credit funding facilities as at 31 December 2010 amounted to €15 million, with approximately £12.8 million undrawn (2009: €15 million, with approximately £13.6 million undrawn).