(Finance) – AvioA leading company in the aerospace sector listed on the STAR segment of the Italian Stock Exchange, today examined and approved the results for the first half of 2022.
The order backlog is stable at the levels reached in the last year equal to 848 million euros (-3% compared to December 2021) thanks to the acquisition of new orders relating to the production of the P120, to the Vega development, as well as to the development contracts in the field of tactical propulsion for the propulsion of the new Teseo system for NavArm. In addition, in August the company announced theacquisition of further orders for Asterwith the strengthening of tactical propulsion which represents a key sector for Avio’s future growth.
The Group achieved in first half of 2022 revenues of 134 million euros, up (+ 5%) compared to the first half of the previous year. mainly for the development activities of the Vega C and Vega E launchers.
L’EBITDA Reported, equal to 3.2 million euros marks a contraction compared to the first half of the previous year mainly attributable to the significant increase in energy costs that affected the entire Italian industrial sector and the economy starting from the end of 2021.
L’EBIT Reported, equal to -6.2 million eurosmarks a reduction compared to the first half of the previous year or which reflects the same rationale as reported EBITDA net of lower depreciation for the period.
The non-recurring chargeswhich are excluded from Adjusted EBITDA (5.6 million euros) and Adjusted EBIT (-3.7 million euros), they amounted to approximately 2.4 million euros in the half year (in line with the first half of 2021), most of which related to the extra costs incurred as part of the inaugural flight of the Vega C program.
The result for the period, equal to – € 7.6 millionreflects the dynamics of Reported EBIT and tax burdens.
There net cash position as at 30 June 2022 amounted to 40.9 million euros (€ 57.2 million at 31 December 2021 and € 36.6 million at June 30 2021) with a better result than the typical seasonal trend thanks to the trend in working capital, despite a sustained level of investments (10.4 million Euro in the half year), the payment of dividends and further purchases of treasury shares. The solid net cash position allows the Group to face the upcoming growth needs.
Finally, the Board of Directors has updated the guidance for the 2022 annual results, to take into account the changed scenario of energy costs in Europe and Italy, which worsened further from June until August 2022, making it difficult to predict the dynamics of the coming months. For these reasons, the guidance has been updated as follows: order book: 870-920 million euro – confirmed;
revenues: 330-350 million euros – confirmed; Reported EBITDA: € 17-25 million – updated; confirmed 5 million of non-recurring costs, with an Adjusted EBITDA of 22-30 million euros Net income: -2 <-> +3 million euro – updated.
As of June 30, the company holds no. 1,103,233 treasury shares, equal to 4.19% of the share capital.
Today Avio also announces the closing of the acquisition of the total capital of Temis srl, a company with significant skills in the avionics field and reference supplier of the Vega program. As part of the transaction, Avio also acquired 5% of the shares of ART SpA, the previous parent company of Temis, with a simultaneous Long Term Cooperation Agreement aimed at supporting Temis’ operations and supply chain. The acquisition was financed partly in cash and partly by treasury shares in the portfolio, as authorized by the Avio shareholders’ meeting held in April 2022 and with the authorization under the Golden Power regulations. With this operation, Avio acquires fundamental skills for its future and internalizes a significant part linked to the costs for supplies incurred as part of the Vega program. The skills of TEMIS and the support of ART to Temis will be particularly important for the development of new advanced systems for avionics, also in connection with the programs that will be funded under the PNRR.
Avio also announces the signing of an MoU with CDP Venture Capital SGR for a structured cooperation in the important aerospace startup scenario that is emerging in Italy. Leveraging this agreement, Avio joined the Takeoff startup accelerator based in Turin and directed by Plug & Play. This program will offer Avio the opportunity to select and engage the most interesting business initiatives also with the aim of undertaking direct investments.
“The first half of 2022 once again demonstrated Avio’s technological capacity through the successful qualification flight of the new Vega C and the successful tests of the new M10 methane engine for Vega E, the first of its kind in Europe” – he has declared Giulio Ranzo, CEO of Avio.
“Visibility on new orders is increasing thanks to the availability of new products and technologies recognized by customers worldwide, as demonstrated by the signing of the contract with Amazon by Arianespace for the constellation Kuiper. PNRR projects add new long-term perspectives by increasing our competitiveness and diversification “.
“Finally – concludes Ranzo – we are pleased to be able to announce the acquisition of TEMIS, a company that already supplies Avio with strategic skills in avionics, a fundamental area for our business in the future. This vertical expansion in our value chain will give us access to strategic skills and will improve the profitability of the business “.