Avio: First Half 2020 Results

Avio has managed to keep continuity of operations during the lockdown through a specific Government authorization related to the strategic relevance of Avio business activities. In the middle of August the third launch of Ariane 5 took place. The VV16 Vega flight successfully took place on the 3^rd of September, lifting to orbit 53 satellites of different sizes by 21 customers from 13 countries thanks to SSMS, Avio’s innovative dispenser.

For the remaining part of the year another Vega and another Ariane 5 are being readied for launch and preparation of an additional Vega flight is also envisioned with a view to launch in early 2021.

"The first half of 2020 confirmed, once again, the strength of our Company which, despite the difficulties linked to Covid-19, remained resilient and focused on long term objectives. - said Giulio Ranzo, CEO of Avio".

"In these months we maintained continuity of operations, launching Ariane 5 in August and, a few days ago, Vega".

"After the VV16 mission a few days ago, which brought 53 satellites into orbit for the first time in Europe thanks to the SSMS dispenser, designed and built by Avio, we are already working on the next Vega flight and Ariane 5 flight, envisioned by the end of the year. In the meantime, we plan to complete the last and final static firing test of P120 and then to prepare for the maiden flights of Vega C and Ariane 6 in 2021"- concluded Ranzo.

Highlights

• Maintained continuity of operations during COVID-19 lockdown
• Successfully returned Vega to flight with SSMS (53 satellites in a single mission)
• Further Vega and Ariane 5 missions before end 2020
• Vega C and Ariane 6 maiden flights expected by first half and 2021 year-end, respectively

Financial results

• Net order backlog: Euro 632 million (-5% on December 2019)
• Revenues: Euro 167.9 million (-11% on HY 2019)
• EBITDA: Reported Euro 16.9 million (+5%) – Adjusted: Euro 19.9 million (+18%)
• EBIT: Reported Euro 8.5 million (+5%) – Adjusted: Euro 11.5 million (+30%)
• Net income: Euro 8.4 million (+19%)
• Net cash position: Euro 26.9 million

Guidance 2020

• Net order backlog: Euro 650-680 million
• Revenues: Euro 325-345 million
• EBITDA Reported: Euro 34-36 million
• Net income: Euro 16-19 million

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