Antonov plc (‘the Company’ or ‘the Group’)
Trading Update and Unaudited Interim Results for the six months ended 30 June 2011
Key Points:
· Whilst the production release of the TX-6 transmission in China continues to be the primary focus of the business, market interest in Antonov’s electric vehicle transmission has led to this forming a significant part of Antonov’s product development strategy.

· TX-6 automatic transmission project has reached the stage of production validation, production tooled units will be available in the fourth quarter of this year.

· In-vehicle durability testing has reached 150,000 miles threshold without failure.

· EFA, the JV between Landai Chongqing Industries Co., Ltd. and Antonov, has expanded its staff continuously and has recently appointed a General Manager with over 25 years of experience within the automatic transmission industry.

· Antonov has entered into collaboration with Smith Electric Vehicles (“SEV”), to jointly develop two variants of the multi-speed EV transmission (“EVT”) gearbox for the light and medium duty electric vehicle markets. SEV is the world’s largest manufacturer of commercial electric vehicles and has built excellent relationships with major commercial fleet operators in the US and Europe to electrify large percentages of their delivery vehicles.

· Revenue for the period of £124k (2010: £ 174k).

· Loss for the period £952k (2010: £3,954k) after release of previously impaired capitalised development costs.

· Equity funding facilities of € 5.995 million as at 30 June 2011 with an additional € 8.250 million available by the end of September 2012 under a new share subscription agreement.