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Press release

2017 Results

Vega launcher


  • Net Order Backlog: Euro 952 million (+23% on 2016)
  • Revenues: Euro 343.8 million (+18% on 2016)
  • Adjusted EBITDA[1]: Euro 46.5 million (+28% on 2016)
  • Adjusted EBIT2: Euro 32.3 million (+20% on 2016)
  • Reported EBIT: Euro 25.0 million (+89% on 2016)
  • Net Result: Euro 21.8 million (vs Euro 3.1 million in 2016)
  • Net Financial Position: net cash position of Euro 42 million (debt of Euro 18.6 million at December 31, 2016[2]).

Rome, March 15, 2018 – The Board of Directors of Avio S.p.A. today reviewed and approved the statutory financial statements and presented the consolidated financial statements of Avio S.p.A. at December 31, 2017.

Avio, a leading aerospace enterprise listed on the STAR segment of the Italian Stock Exchange, reports revenues for 2017 of Euro 343.8 million – up 18% on the previous year.  The increase is primarily due to production on the Vega launcher and progress on the development of the new P120C motor and on the Vega C.

Adjusted EBITDA of Euro 46.5 million grew 28% on the previous year, particularly thanks to:

  • Maintenance of the same overhead structure against major revenue growth;
  • Improved operating cost structure from application of the tax credit[3].

The net result of Euro 21.8 million was significantly up (Euro 3.1 million in 2016), also thanks to the considerable reduction in net financial charges (Euro 3.6 million against Euro 6.9 million in 2016), relating to the new Group debt structure whose full benefits on an annual basis shall be apparent from 2018.  In particular, in 2017 Avio firstly repaid in advance through own funds the pre-existing bank loan (approx. Euro 95 million) and thereafter in October 2017 agreed with the European Investment Bank a new loan of Euro 40 million (with 7 year duration and at a fixed interest rate) to support the development of new space propulsion system products and technologies and to expand the Colleferro facility production capacity.

The net order backlog also grew to Euro 952 million (+23% on December 31, 2016) thanks to new contracts worth over Euro 500 million, in particular for Vega (Batch 3 production and development programmes). In addition, in February 2018 Avio signed a contract for the PC batch for the supply of solid propulsion engines for the last 10 Ariane 5 launches before the introduction of the new Ariane 6 launcher.

The net financial position improved to a liquidity position of Euro 41.7 million (from a debt of Euro 18.6 million at December 31, 20163), thanks to the cash contribution from the completion of the merger with Space 2 S.p.A. leading to the company’s listing on the STAR segment of the Italian Stock Exchange, despite increased investment over the previous year (Euro 28.6 million compared to Euro 24.5 million in 2016).

On the basis of the achieved and expected results, the Board of Directors approved the Dividend Policy and in addition proposes to the Shareholders’ Meeting to be held on April 24, 2018 the distribution of a dividend per share of Euro 0.38, gross of statutory withholdings.

It is also proposed that the dividend is paid out from May 16, 2018, with coupon date (coupon No. 3) of May 14, 2018 and record date of May 15, 2018, in accordance with Article 83-terdecies of the CFA.

2017 saw 6 successful Ariane 5 flights and 3 for Vega, which has now therefore delivered 11 consecutive successful launches (from the inaugural flight in 2012) – the fifth in 14 months – consolidating its world reliability record in terms of a new space launch product.

Avio in addition continued with its intensive programme of developing the new generation of European launchers (Vega C, Ariane 6) with the realization of the first P120 and Z40 models. In March 2018, Avio successfully conducted the first launch of the new Vega C Z40 motor in Sardinia, demonstrating therefore the mature state of development of the launcher.

In 2017, the Group undertook extensive development and construction of strategic infrastructure at its production sites (Colleferro and Kourou), completing critical new plant and machinery to support the enterprise’s growth over the coming years. In particular: the new P120 production facility, new machinery for the radiographic and hydraulic tests, new nozzle integration plant, in addition to new automated plant for the production and integration of solid motors at the Joint Venture Europropulsion and the controlled company Regulus.

In 2017, the Group finally integrated the organisations of Avio and ELV (Vega Prime Contractor company) in order to streamline the development and production processes of propulsion and system activities.

“2017 was a key year in our company’s history – stated Chief Executive Officer of Avio, Giulio Ranzo. The stock market listing, the track record of Ariane and Vega successful launches, the production of the new P120C and Zefiro 40 motors for the next generation of European launchers, the construction of the new production and technology plant at Colleferro and a significantly strengthened new equity and financial structure have sown the seeds for growth over the coming years and allow our investors and employees to look to the future with confidence”.

“Avio’s results, which report double digit growth for the third consecutive year – added Ranzo – highlight the solidity of our Group within a quickly expanding market and one which requires advanced technology expertise and decision-making speed to capitalise on the global level opportunities presented”.

The 2017 highlights will be made available in the Investor Relations section of the website to assist the call with financial analysts and investors scheduled for Friday, March 16 at 10.45 AM. The Annual Financial Report will be made available in Italian and in English in accordance with Law.

Together with the 2017 Annual Financial Report, the Board of Directors of Avio S.p.A. approved its first non-financial information report (financial year 2017), in line with the reporting obligation for listed companies under Legislative Decree 254/2016.

In the coming days the Shareholders’ Meeting call notice will be published and thereafter made available on the company website at and on the centralised storage mechanism, where the Illustrative Report to the Shareholders’ Meeting on the proposals concerning the matters on the agenda shall also be made available.

[1] The Adjusted indicators exclude non-recurring or unusual items.

[2] Does not include contribution from merger with Space2 S.p.A. on April 10, 2017.

[3] The research and development tax credit (ref. Ministry for Economic Development Law of December 23, 2013 No. 145) derives from the increase in Research and Development costs in 2017 against the average for the 2012-2014 period.