Avio 2016 Full Year Results

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Avio 2016 Full Year Results Investor Presentation rd Paris, 3 December 2018 AVIO SpA- All rights reserved – subject to the restrictions of last page. Disclaimer This document has been prepared by Avio S.p.A. (“Avio” or the “Company”). This document is being provided to you solely for your information and may not be reproduced or redistributed to any other person. This document might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Avio’s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Avio to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Avio does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Any reference to past performance or trends or activities of Avio shall not be taken as a representation or indication that such performance, trends or activities will continue in the future. This document does not constitute an offer to sell or the solicitation of an offer to buy Avio’s securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Avio. This document may not be reproduced, redistributed or published in whole or in part without Avio’s authorization. AVIO SpA- All rights reserved – subject to the restrictions of last page. 2 Avio: a European leader in Space Launch • 50 years in Space Launchers transporting satellites into Space • Prime Contractor of Vega (light launcher) • Partner to Ariane (heavy launcher) • 900 employees, 340 M€ revenues • 300M€ Market Cap (AVIO.MI) • 63% free float, no controlling shareholder • Management invested with 4% share AVIO SpA- All rights reserved – subject to the restrictions of last page. 3 The space industry is on a fast growing path with Avio operating in the upstream segment Global space value chain (2017) Launch Satellite Ground Satellite industry(1,2) manufacturing Segment(3) services(2,4) End users $ 4.6bn $ 15.5bn $ 119.8bn $ 128.7bn (1): Includes launcher manufacturing and launch service activities Source: Satellite Industry Association (2018); Morgan Stanley (2): Commercial services revenues only (3): Includes GNSS chipsets and Related AVIO SpA- All rights reserved – subject to the restrictions of last page. (4): Includes commercial humanflight 4 The Space launch service has three distinctive market segments addressed by Ariane and Vega Geostationary Earth Orbit Medium Earth Orbit Low Earth Orbit Altitude 36,000km Altitude 3,000-22,000km Altitude 500-2,000km • Avg Satellite mass : 5,000 kg • Avg Satellite mass : 1,000-2,000 kg • Avg Satellite mass : 50 Kg – 1000 kg • Avg Service life: 12-15 years • Avg Service life: 10-12 years • Avg Service life: 3-7 years Mostly mature market with New services and technologies available, Niche market, growing demand replenishment opportunities booming demand Sources: Spaceworks; International Journal of Science and Research AVIO SpA- All rights reserved – subject to the restrictions of last page. 5 Space launch demand grows at 5% CAGR globally - Launch offering concentrated in only 6 countries worldwide 2008-2018E Total # of Space Launches Worldwide - CAGR 5% xx = Expected upcoming flights in 2018 110 90 86 17 78 84 78 83 83 69 74 75 93 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E Space Launches by country Space Launches by orbit Space Launches by customer type 2017 2017 2017 5% 11% 8% USA 40% 33% Russia 38% 37% GEO Govt Civil 12% China MEO Govt Military Europe LEO Japan ISS Commercial India 20% 47% 3% 22% 23% Source : Gunter Space Page and SpaceFlightNow AVIO SpA- All rights reserved – subject to the restrictions of last page. 6 Space launch demand expected to grow for smallsats - Government demand continues to play a significant role # of Satellites to Space +x% = CAGR Growth drivers >50 kg only 3,323 Commercial • Rise of constellations +12.5% • New services 1,940 58% • Challenging business cases Comm'l +20.5% Government • Large economies Gov't 1,019 42% strengthening space programs 301 +6.8% 1,383 718 • Emerging economies seeking space access 3,323 >50 kg only SmallSats • Miniaturization +12.5% 1,580 • SmallSats Series production (<500kg) 1,019 +20.2% BigSats • Downward cost pressure BigSats 250 1,743 • Electric propulsion (>500kg) 769 +8.5% 2008-2017 2018-2027 Source : Avio estimate on Euroconsult data Note: Commercial demand excludes OneWeb and Strarlink constellations, amounting to over 5,500 sats AVIO SpA- All rights reserved – subject to the restrictions of last page. 7 Avio operates both in heavy and small launchers, working on production and development activities Avio activity by main product lines Avio activity by type of business Ariane 5 - Heavy launcher Vega - Light launcher Production Development (Avio Industrial partner) (Avio Prime Contractor) 70% of Revenues 29% of Revenues P230 Boosters P80 motor Turbopump Zefiro 23 motor Zefiro 9 motor Upper stage Launcher Integr GNC software AVIO SpA- All rights reserved – subject to the restrictions of last page. 8 European Launcher offering evolving to meet market demand 10.5 tons 1.5 tons 2.3 tons 6 tons 11 tons TBD 2.8 tons Perf in GTO in LEO in LEO in GTO in GTO in LEO in LEO Z9 Z9 Z40 Z40 Z40 P120 P120 P120 Today 2019 2020 2021 2024 Ariane 5 / Vega Vega C Ariane 62, Ariane 64 Vega light Vega E (study) AVIO SpA- All rights reserved – subject to the restrictions of last page. 9 Vega now also re-tooled with adapters to meet all sub-segments of demand for piggy back, rideshare or dedicated launch 1m - 2m - 50 cm 50 - 10 cm 10 1m 10 50cm <10 Kg 10-50 Kg 50-250 Kg 500-250 Kg VAMPIRE SSMS VESPA VEGA Light Piggyback Rideshare Dedicated (single/dual) AVIO SpA- All rights reserved – subject to the restrictions of last page. 10 Development and Testing achievements P120 Static Firing Test (July 2018, Kourou) Wind Tunnel Test for Vega C Ongoing SSMS assembly for Maiden Flight in 2019 Z40 Static Firing Test (March 2018, Sardinia) Firing test of M10 prototype engine Success on 13th November AVIO SpA- All rights reserved – subject to the restrictions of last page. 11 Vega C competitiveness generating positive market momentum – recent commercial achievements Vega and Vega C future launches Pleiades • 4 satellites • COSMO • Thailand’s • NAOS satellite • South Korean • Spain • 2 Launches in SkyMed THEOS-2 for Luxembourg Space Agency Ingenio 2020 and 2021 satellite • Launch in and NATO (KARI) satellite Satellite • Launch in 2021 • Launch in 2021 KOMPSAT-7 • Launch 2021 • Launch in 2021 in 2019 • 25 Oct 2018 : Joint Statement for • SSMS maiden Institutional Exploitation signed by major EU flight to fly by countries and ESA mid 2019 • Aggregation of launch demand for EU institutional payloads in the long term • Robust EU/domestic backlog for Ariane 6 and Vega C AVIO SpA- All rights reserved – subject to the restrictions of last page. 12 International commercial success for Vega VV07 Backlog VV05 VV02 VV06 VV03 Backlog 4xSkySat GHGSat Sentinel 2A Proba V LISA KazEOSat-1 KompSat 7 VV09 VV04 VV12 Backlog Sentinel 2B IXV Aeolus LuxSat Backlog Backlog VD20x2 Ceres Backlog Backlog VV02 Spire Backlog Undisclosed x 2 VNredSat-1a Spaceflight Ingenio VV13 Mohammed VI B VV01 Backlog LARES Cosmo 2G VV07 VV11 VV10 Backlog VV010 VV08 Backlog PeruSat Mohammed VI A OptSat Prisma Venus GokTurk-1a TheoSat AVIO SpA- All rights reserved – subject to the restrictions of last page. 13 Avio is part of the EU critical space infrastructures also through partnership with Ariane Group Colleferro Solid rocket motor design, production System activities, mission design Flight Software Factory Liquid propulsion design, production, Stage integration (Vega) Test center Kourou City Turin LOx&LNG turbo-pump design, manufacturing and assembly Paris Kourou European Spaceport (CSG) Management and design Solid rocket motor casting (Regulus – 60% Avio*) of SRM for development and and integration (Europropulsion – 50% Avio**) production programs Vega integration and launch operations (Mobile Gantry) Airola Carbon Epoxy Prepreg * 40% Ariane Group, ** 50% Ariane Group manufacturing and testing AVIO SpA- All rights reserved – subject to the restrictions of last page. Source: Company information 14 Main Plants in Italy Booster Cases Facilities, Colleferro Interstage manufacturing New Vampire P/L dispenser Design of new SPTF Facilities, Sardinia New Rubber Plants Thermal Protection Rubber AVIO SpA- All rights reserved – subject to the restrictions of last page. 15 Main Plants in French Guiana EUP – Stage Integration The Mobile Gantry Regulus – Propellant Launcher Integration casting AVIO SpA- All rights reserved – subject to the restrictions of last page. 16 Economic Highlights Evolution FYs 2015-2017 MAIN ECONOMICS FY 2015 FY 2016 FY 2017* CAGR € - M € - M € - M € - M % Comments NET ORDER BACKLOG 905.4 775.1 952.1 3% Cyclical order backlog ~3yrs visibility NET REVENUES 257.4 292.0 343.8
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