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Sales 4958000 Current Assets 956000 Total Assets 11116000 Ownership 50 12 KREOS AVIATION We made significant changes this year in the way we look at aircraft management our private and business charter service and aircraft maintenance. The market for all three has grown to include small and mid-size companies who truly value time and celebrate the rewards of success in our strong local economy. Clearly defining why and what we do where we are and where we want to go we created opportunities that we may have missed in the past. This was accomplished through a number of planning days and a continuous audit of what our financial statements were telling us. Although we have many new refined and standardized business rules keeping us on track our business model is best described as Strategic Improv. PIC Flight seized the opportunity to sell a Kreos managed aircraft at top dollar and replaced it with a similar machine in need of an upgrade.This had a significant impact on the entire Kreos Group. Leaving a vacancy in our charter fleet for longer than expected we were under planed and over staffed at a time when demand for service was increasing. Our people accepted the new reality and found the silver lining in every challenge and at every level. The new aircraft was the catalyst Central Aircraft Maintenance needed to step into the next level of service. Although this wasnt the initial plan a proposal to be the first Saskatchewan company to install a Garmin G1000 avionic upgrade was born and accepted. This grew into an entire interior refurbishment which will give CAM credibility as we market our new found skills. The Kreos private terminal continued to grow market share on the airfield winning a second consecutive FBO of The Year for Central Canada Award as chosen by our customers. We are one of the few independent FBOs left at a major centre in North America but the aviation community clearly knows who we are. This past year was also a test of strength in principle. We refused to join therace to the bottomby sacrificing our services and expertise below value. We were willing NOT to work with certain customers based on respect and differences in business philosophy. Kreos is stronger and will survive beyond chasing revenue at all cost. Whether we articulate our vision consciously or not we know where we want to be. Our sales structure is being honed which will focus and add to our growing customer base. The growing demand for private air travel means a need for additional aircraft hangar space and human resources. We will remain flexible and open to opportunities. We arent naive to think our obstacles are more difficult than anyone elses but we do know having the right people and a good compass has been the recipe for growth this year. Thank you to our incredible people customers and ownership who continue to support a very exciting and ever changing aviation industry. Wes Ramsay