9M 2018 HIGHLIGHTS

STRONG REVENUES, EBITDA AND EBIT GROWTH CONTINUES

  • Net Revenues: Euro 261.5 million (+15% on the corresponding first nine months of 2017)
  • Reported EBITDA[1]: Euro 22.5 million (+27% on the corresponding first nine months of 2017)
  • Reported EBIT1: Euro 12.3 million (+75% on the corresponding first nine months of 2017)
  • Net Financial Position: cash position of Euro 48.7 million (+7 Euro million with respect to December 31, 2017)

 

Rome, November 8, 2018 – The Board of Directors of Avio S.p.A. today reviewed and approved the 9M 2018 Group consolidated results.

Avio, a leading aerospace enterprise listed on the STAR segment of the Italian Stock Exchange, reports net revenues of Euro 261.5 million for the first nine months of 2018 – up 15% on the same corresponding period of the previous year.  The increase is primarily due to production on the Vega launcher and progress on the development of the new P120C motor, for the next generation launchers Ariane 6 and Vega C.

Reported EBITDA reached Euro 22.5 million1 (up 27% on the corresponding 9M 2017), while Reported EBIT grew to Euro 12.3 million1 (up 75% on the corresponding 9M 2017), also as a result of the completion of amortization on a number of research and development items.

Non-recurring costs have been further reduced (from Euro 5.7 million in the corresponding first nine months of 2017 to Euro 2.4 million in the same period of 2018).

Net Cash Position at September 30 was Euro 48.7 million (compared to Euro 41.7 million at December 31, 2017) in line with normal cash flows business cycle.

Avio registered the acquisition in the first nine months of 2018 of additional production and development orders, principally for the Vega launcher, for a total of almost Euro 300 million, with a net order backlog today amounting to about Euro 1 Billion.

In terms of production and flight activity, Avio achieved two major results: the fifth successful Ariane 5 launch along with the twelfth successful Vega launch (since the inaugural 2012 flight), adding to Avio’s world record for successful space launches.

“The double-digit growth continued in the third quarter of 2018 in line with the Group’s 2018 half-year results – stated Giulio Ranzo, Chief Executive Officer of Avio. The first nine months of 2018 showed intense flight activity with five Ariane launches and one Vega launch (the second Vega flight of the year will take place on 20th November). 

We then continued on developing the new Ariane 6 and Vega C launchers – concluded Ranzo – completing the static tests of the 2 new engines, P120 and Z40. The static test of new M10 engine prototype is also underway, the new liquid Oxygen-Methane propulsion system of the future Vega E launcher. Finally, we signed several contracts with new international clients also for small satellites (thanks to the new SSMS adapter scheduled to fly in 2019). These achievements further confirm the market attractiveness and competitiveness of Vega providing additional long-term visibility, as shown by the high level of the net order backlog“.

The 9M key financial highlights will be available in the Investor Relations section of www.avio.com  to assist the call with financial analysts and investors scheduled for Thursday, November 8 at 6 PM.

[1] Includes the portion of the Research and Development tax credit matured in 2017, accruing to the first nine months of 2018, of Euro 1.8 million.

 



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