Media and Stories |
Press release


Avio logo



• Net Order Backlog: Euro 810.7 million (+10% compared to December 2020 and +29% compared to September 2020)

• Net Revenues: Euro 197.8 million (-8%)

• EBITDA Adjusted: Euro 11.8 million (-49%) • EBITDA Reported: Euro 8.0 million (-54%)

• EBIT Adjusted: Euro -3.8 million (N.m.) • EBIT Reported: Euro -7.6 million (N.m.)

• Net cash position: Euro 14.7 million (Euro -47.9 million compared to December 2020)

Rome, November 8, 2021 – The Board of Directors of Avio S.p.A. today reviewed and approved the 9M 2021 Group consolidated results. Avio, company leader in the space sector listed in the STAR segment of the Italian Stock Exchange, confirms a significant increase in the Net Order Backlog to Euro 810.7 million (+10% compared to December 2020 and +29% compared to September 2020) including contracts mainly for Vega E development activities until 2024 and tactical propulsion production for about 10 years, with an overall visibility over 2021. In the meantime the pipeline of new orders sees new production batch orders for Vega and Ariane with also a sizeable share of the Italian National Recovery and Resilience Plan dedicated to Space programs for the elaboration of development programs during 2022.

The Net revenues of Euro 197.8 million in the first nine months of 2021 are down 8% compared to the same period of the previous year, mainly due to the activities required in the first months of 2021 for the return to flight of Vega, with the consequent postponement of some development activities of the Vega C and Vega E launchers therefore affecting the revenues and margins associated with these activities. These efforts led the Vega launcher to complete its VV18 return to flight mission in April 2021, a second mission in August 2021 and a third mission expected in mid-November 2021, thus completing three flights in about six months. The Maiden Flight of Vega C is expected by March 2022.

The Reported EBITDA, equal to Euro 8.0 million, marks a decrease with respect to the previous year, mainly due to lower revenues and the lower absorption of fixed costs also impacted by increased costs of utilities due to the increase in natural gas prices, only partially compensated by lower non-recurring costs and the positive contribution of the Ariane 5 phaseout.

The Reported EBIT, amounting to Euro -7.6 million, marks a decrease with respect to previous year, also due to increase in depreciation for the phase-in industrial investments for the P120 motor production. 2 The impact of non-recurring costs amounts to Euro 3.8 million (Euro 5.6 million in 9 months 2020), of which Euro 2.2 million related to the Vega return to flight and Euro 0.9 million related to the COVID-19 pandemic, which are excluded from both Adjusted EBITDA (Euro 11.8 million -49% on 9 months 2020) and Adjusted EBIT (Euro -3.8 million). ù

The Net Cash Position as of the 30 September equal to +Euro 14.7 million (Euro 62.6 million as of the 31 December 2020 and Euro 26.2 million as of 30 September 2020) reflects the typical seasonality trend of the financial cycle. In the last quarter Avio will be busy in completing a set of significant milestones on both production and development programs, and also on the contractualization of some program extensions on the ESA Vega C and P120. For these reasons the most significant part of revenues, profits and net cash will be registered in the last quarter, thus representing a relevant management challenge. On the basis of the elements available as of today, the FY 2021 Guidance disclosed on the 10 th of September 2021 is confirmed. The Board of Directors has also approved the FY 2022 Financial Calendar, as per Annex 2 of this Press Release.

"In the third quarter of 2021 Avio has focused on keeping up the Vega operating activities to perform 3 Vega flights in about 6 months, while simultaneously preparing the Vega C Maiden Flight. In the meantime the orders have increased, prospecting new development and production activities. Moreover, we see new opportunities incoming for possible technology developments from the Italian National Plan of Recovery and Resiliency“ commented Giulio Ranzo, CEO of Avio. "While we are getting ready for a new launch of Vega in the coming weeks, we are completing the last operations that will lead us, in the first 2022 quarter, to the Maiden Flight of Vega C, the new and more performing European space launcher of the Vega class, which we will finalize also thanks to the support of all of our institutional and industrial partners.”

The 9M 2021 key financial highlights will be available in the Investor Relations section of the website to assist the call with financial analysts and investors scheduled for Thursday, the 8th of November at 5.30 PM CET.