FIRST HALF 2017 RESULTS 
REVENUE GROWTH CONTINUES
MARGINS IMPROVE AND ORDER BACKLOG GROWS
• Revenues  : Euro 148.6 million (+24.4% on H1 2016)
• Adjusted EBITDA  : Euro 15.2 million (+7.8%)
• Adjusted EBIT : Euro 10.3 million (+38.5%)
• Net Profit: Euro 1.7 million (loss of Euro 1.1 million in H1 2016)
• Net Financial Position: cash position of Euro 35.9 million (debt of Euro 18.6 million at December 31, 2016  ).
Colleferro (Rome), September 13, 2017 – The Board of Directors of Avio S.p.A. today reviewed and approved the H1 2017 results.
Avio, a leading aerospace enterprise listed on the STAR segment of the Italian Stock Exchange, reports revenues of Euro 148.6 million for the first half of 2017 – up 24.4% on the same 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.
Adjusted EBITDA reached Euro 15.2 million (up 7.8% on H1 2016) while Adjusted EBIT grew at Euro 10.3 million (up 38.5% on the previous year), also as a result of the completion of amortisation on a number of Vega programme research and development items.
The net financial position improved to a liquidity position of Euro 35.9 million (from a debt of Euro 18.6 million at December 31, 20164), thanks to the cash contribution from the merger with Space 2 S.p.A. leading to the company’s stock market listing.
In particular, in May 2017 approx. Euro 65M of existing bank debt was repaid in advance as no longer required to support company operations. This advance repayment will also significantly reduce funding charges on the company’s income statement.
The backlog also grew to Euro 716.2 million (+11.3% on H1 2016), benefitting from both new Ariane and Vega contracts.
Avio delivered two major results following period ending on June 30, 2017: the tenth successful Vega flight in a row since the inaugural flight in 2012 – a world record for the space launchers sector – and the acquisition (as expected) of additional production and development orders, primarily for the Vega launcher for a total of over Euro 300 million.
“Our double-digit growth continued in the first half of 2017, building on the Group’s 2016 results – stated Giulio Ranzo, Chief Executive Officer of Avio.
The first half of 2017 saw intense flight activity with 4 Ariane flights and one Vega flight (the second Vega flight of the year took place on August 2, consolidating therefore the result of 4 consecutive flights in 10 months). The Ariane launcher has reached an unmatched reliability record with 80 consecutive successful flights; Vega has confirmed its outstanding performance by completing its 10th successful consecutive flight.
We then pursued the development of the new Ariane 6 and Vega C launchers – added Ranzo – completing the P120C’s first booster case. In parallel, works on the new facility have advanced significantly. As part of the development of the Vega C, we delivered major technological development with completion of the first version of the Zefiro 40 motor. Finally – concluded Giulio Ranzo – highlighting the relevance of the Vega C project, in June Arianespace signed (two years ahead of development completion) contracts for 2 Vega C launches for Airbus Defense & Space from 2020“.
The H1 highlights document will be available in the Investor Relations section of the avio.com website. The document will be illustrated during the conference call with analysts and investors scheduled for September 15 at 12 pm.
The H1 Financial Statements will be made available in Italian and English in compliance with the applicable law.
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The Executive Responsible for the preparation of the corporate accounting documents, Mr. Alessandro Agosti, declares in accordance with Legs. Decree 58/1998, that the accounting information contained in the present press release corresponds to the underlying accounting documents, records and accounting entries.
 In consideration of the merger with Space2 S.p.A. which led to the company’s stock market listing, for comparability of the results for the first half of 2017 with the first half of 2016, the pro-forma figures are reported as described in greater detail for the “Pro-Forma” Statements below. The first half of 2016 figures include Space2 S.p.A. for comparability with the first half of 2017.
 Net of “pass-through” revenues.
 The Adjusted indicators exclude non-recurring or unusual items.
 Does not include contribution from merger with Space2 S.p.A. on April 10, 2017.