We would like to clarify some important points in relation to information circulating in the press as regards the current situation of the company.
INVAP is a company engaged in complex technological projects such as radioisotope production reactors, Earth observation and communication satellites, radar surveillance systems and nuclear medicine centers, among others. One hundred percent of its income comes from the execution of contracts for the provision of such systems. The company has lived on its own sales for more than four decades.
INVAP has an approximate annual turnover of 200 million U.S. dollars. Today, the balance execution of already confirmed contracts is over 800 million U.S. dollars, two thirds of which correspond to export contracts.
Some of the contracts signed with the national government are under revision, but this situation does not affect the backlog of confirmed works pending execution, which as already said amounts to 800 million U.S. dollars. It is important to point out that this backlog remains constant, since INVAP has managed to compensate the national projects currently under review with the signing of three major export projects (Brazil, Bolivia and the Netherlands).
The company and the government of the Province of Río Negro are in close contact and have a very good dialogue with the national government so as to reduce the impact of contracts under review, as well as to look for new business opportunities in the national and international market.