(Tiper Stock Exchange) – Airplanea company listed on Euronext STAR Milan and active in the construction and development of space launchers and propulsion systems, closed the 2022 with Net revenues equal to 357 million euros, up 15% compared to the previous year and slightly above the guidance for 2022 (330-350 million euros). L’Adjusted EBITDAequal to 27.8 million euros, excluding non-recurring costs, is in line with the guidance for 2022 (22-30 million euros) and down by approximately 26% compared to the previous year, due to the significant increase in energy costs.
L’Net incomeequal to 1.3 million euros, is in line with the guidance provided for 2021 (-2/+3 million euros) and down by 7.8 million euros compared to 2021.
“2022 marked the successful maiden flight of Vega C and the first series of ground tests of our new M10 liquid oxygen methane engine. 2022 was also a record year for order intake and net cash growth – commented theAD Giulio Ranzo – From an operational point of view we have suffered from the massive increase in energy costs and unfortunately also from the anomaly in the second mission of Vega C”.
Avio has reached a order book record equal to 1,014 million euros, up 16% compared to 2021 and beyond the guidance indications (870-920 million), thanks to record order acquisitions in the year close to 500 million euros. The new orders include production contracts for Vega C, development contracts for Vega E, production contracts for the P120C, and both production and development contracts for tactical propulsion. The order backlog does not yet reflect the effects of the ESA Ministerial Conference of November 2022 and the new projects of the NextGen EU of the PNRR which will enter the orders starting from 2023.
There Net cash position substantially improves to 74.4 million euros (compared to 57.2 million at 31 December 2021) thanks to the cash contribution deriving from the operating performance and the advances relating to new orders, despite the cash outflows for the distribution of dividends, for the completion of the treasury share buyback programme, the acquisition of Temis and industrial investments for the various programmes.
The BoD approved the guidance for 2023 annual resultsquantifying it as: order backlog of 1,150-1,250 million euro; revenues of 330-350 million euros; Reported EBITDA of 19-25 million euros; net profit of 2-6 million euros. “The solid and growing order book and cash flow guarantee full visibility in the coming years, allowing Avio to look to the future with confidence”, underlined Ranzo.
Furthermore, the BoD has decided to propose to the shareholders’ meeting of do not distribute a dividend.