Eutelsat Communications — Solid Full Year 2011-2012 Results
PARIS, July 30, 2012 /PRNewswire/ –
Full year 2011-2012 results:
Revenue up 4.6% to EUR1,222.2 million (+5.4% at constant currency)
- Sustained growth in largest activity, Video Applications: + 5.8% - Good performance by Value-Added Services (+8.5%) offsetting decline in Data Services (-1.6%) - Multi-usage up 16.7%
Profitability remains high
- EBITDA at EUR957.2 million, 78.3% margin, - Group share of net income at EUR326.1 million, 27% margin
Order backlog exceeds EUR5 billion, representing over 4 years of revenues.
Dividend recommended by Board of EUR1.00 per share (+11%) representing payout of 67%.
- Three-year top-line CAGR of 5% to 6% for period ending 30 June 2015 with 3% to 4 % growth in 2012-2013, implying acceleration in the subsequent two years - EBITDA margin around 77% for each fiscal year until 30 June 2015 - Capital expenditure of EUR500 million on average per year - Net debt / EBITDA below 3.3x, representing solid investment grade rating - Dividend payout ratio range of 65% to 75%
New capacity to fuel growth:
- GE-23 acquisition to drive expansion in high growth Asia-Pacific region after close in H2 2012 (calendar) - Six satellites on track for launches by end 2014 - New satellite (EUTELSAT 8 West B) to be procured to meet strong video demand in the Middle East and North Africa
The Board of Directors’ of Eutelsat Communications (ISIN: FR0010221234 – Euronext
Paris: ETL), met today and reviewed its financial results for the year ended June 30,
Commenting on the full year 2011-2012 results, Michel de Rosen, CEO of Eutelsat
Communications, said: “Eutelsat Communications continues to deliver profitable growth,with
revenues up 4.6%and the highest EBITDA margin among the largest satellite operators. Our
order backlog exceeded EUR5 billion, equivalent to4.3 times annual revenues, lending high
Demand for transponder capacity across our footprint remains strong and we continue to
optimise the fleet of current and upcoming satellites in order to capture growth in the
video, data and broadband markets in Europe, the Middle East, Africa and Asia. With
KA-SAT, the foundations have been laid for a long-term business which is progressively
expanding the scope of satellite services and providing a complement to Ku-band capacity.
For the three years to June 2015, we target revenue CAGR of 5% to 6%. In the current
year we aim for revenue growth of 3% to 4%, pending the availability of two new satellites
that are due to launch in the first half of the fiscal year and that will benefit the Data
and Multi-usage activities. We remain committed to delivering profitable growth and
shareholder value, targeting an EBITDA margin of around 77% in each of the next three
years, and upgrading our dividend policy with a payout ratio of 65-75% from the previous
floor of 50%.”
Twelve months ended June 30 2011 2012 Change Key elements of consolidated income statement Revenues EURm 1,168.1 1,222.2 +4.6% EBITDA EURm 926.4 957.2 +3.3% EBITDA margin % 79.3 78.3 -1ppt Group share of net income EURm 338.5 326.1 -3.7% Diluted earnings per share EUR 1.539 1.483 -3.7 % Key elements of consolidated cash flow statement Net cash flow from operating activities EURm 816.8 697.2 -14.7% Capital expenditure EURm 485.9 487.5 +0.3% Operating free cash flow EURm 566.0 209.7 NM Key elements of financial structure Net debt EURm 2,198 2,374 +8.0% Net debt/EBITDA X 2.37 2.48 - Backlog Backlog EURbn 4.96 5.24 +5.7%
SOLID REVENUE GROWTH
Note: Unless otherwise stated, all growth indicators or comparisons are made in
comparison with the previous fiscal year or June 30, 2011. The share of each application
as a percentage of total revenues is calculated excluding “other revenues” and “one-off
Revenues by business application (in millions of euros)
Change (in EUR Twelve months ended June 30 2011 2012 million) (in %) Video Applications 786.5 832.2 +45.7 +5.8% Data & Value Added Services 234.0 235.0 +1.0 +0.4% Multi-usage 125.6 146.5 +20.9 +16.7% Other revenues 17.4 5.1 -12.4 NM Sub-total 1,163.5 1,218.7 +55.2 +4.7% Non-recurring revenues 4.7 3.5 -1.2 NM Total 1,168.1 1,222.2 +54.1 +4.6%
VIDEO APPLICATIONS (68.6% of revenues)
Revenues from Video Applications rose 5.8% to EUR832.2 million.
The video business delivered strong growth for the full year reflecting in particular
the performance of two Eutelsat video neighbourhoods:
- 7degree(s) West, addressing Middle East and North African video markets, where capacity was reinforced with the launch of EUTELSAT 7 West A. Operational since October, 2011, this satellite expanded capacity at 7degree(s) West by nearly 30%, confirming it as the leading satellite television position for the region. Capacity take-up was rapid, with high-quality long-term contracts raising the channel count to 534 channels, up 45% year on year. - 16degree(s) East, which was consolidated by the successful entry into service in November 2011 of EUTELSAT 16A, replacing three older satellites. The channel count at this position which principally serves Central Europe and Indian Ocean island DTH (Direct to Home) markets, grew by 23% over the year, to 570 channels. Some competitive pressure was experienced in the Balkans.
Video also benefited from the strong performance of three further Eutelsat video
- 13degree(s) East, the Group's leading video neighbourhood comprising three high-power HOT BIRD satellites to form one of the largest satellite broadcasting systems in Europe, North Africa and the Middle East. Renewal of contracts drove up revenues at this orbital position. - 36degree(s) East, occupied by EUTELSAT 36A and EUTELSAT 36B that together serve the leading pay-TV platforms in Russia and sub-Saharan Africa. As of June 30, 2012 this position was broadcasting 715 channels (+8% year on year). Growth was driven by the activation of new contracts in the fourth quarter last year. - 7degree(s) East, hosting pay-TV services in Turkey where several new contracts were signed, added to revenues from contract renewals.
The first video contract was also signed on KA-SAT, with Ireland’s national
broadcaster, marking the emergence in Europe of a new market for DTH (Direct to home) in
The channel count on Eutelsat’s satellites reflect continued growth, standing at 4,261
at June 30, 2012, up from 3,880 a year earlier (+381 new channels or 10% growth). The
number of High Definition channels also increased, reaching 346 at 30 June 2012, up 57%
from 220 a year earlier. HDTV now represents 8.1% of total channels broadcast from
Eutelsat’s fleet, against 5.7% a year earlier.
DATA and VALUE-ADDED SERVICES (19.4% of revenues)
Data Services revenues stood at EUR185.1 million (-1.6%). All four quarters of
2011-2012 faced tough comparisons following rapid ramp-up of leased capacity on EUTELSAT
10A (serving Europe, Africa, the Middle East and Indian Ocean islands) and EUTELSAT 36B
(serving Russia and sub-Saharan Africa) which generated two consecutive years of
double-digit growth. The performance in Data Services in 2011-2012 can also be explained
by the limited availability of capacity allocated to this application at established
orbital positions. Furthermore, the African beam on EUTELSAT 16A, which entered into
service late in the second quarter, faced a competitive pricing environment resulting in
the slow ramp up of business.
This activity is expected to benefit from the entry into service of two data
satellites, EUTELSAT 21B and EUTELSAT 70B, their launch being scheduled by the end of
The Value-Added Services activity includes broadband services targeting consumers and
businesses. Its revenues increased 8.5% to EUR49.9 million, with the take-up of Tooway(TM)
consumer services more than offsetting the decline in enterprise services from D-Star. At
30 June, 52,450 Tooway(TM) terminals were activated for consumers, with acceleration in
the second half of the year. At 30 June, 2012, over 90% of activated Tooway(TM) terminals
were located in France, Germany, the UK, Italy, Spain, Poland, Ireland and Switzerland,
reflecting the distribution network established in advance of the launch of KA-SAT.
Initial research confirms high customer satisfaction with the service.
The roll-out of professional Value-Added Services on KA-SAT has however been slower
than anticipated. The Group is implementing measures to strengthen the commercial
organisation around KA-SAT services, including refining products and distribution channel
management. The performance of Tooway(TM) was notably increased, to deliver higher speeds
MULTI-USAGE (12.1% of revenues)
Revenues from Multi-usage services, which comprise capacity leased to governments and
administrations, rose 16.7% to EUR146.5 million.
This business benefited from strong commercial performance from contracts signed in
2011. However, as indicated in the third quarter revenue release, the February/March 2012
contract renewals campaign proved more challenging, with volumes declining due to lack of
capacity in the geographies of highest demand, notably Central Asia with connectivity to
Europe. This situation will be alleviated by the launches of EUTELSAT 21B and EUTELSAT
OTHER AND NON-RECURRING REVENUES
Other revenues (EUR5.1 million) and non-recurring (EUR3.5 million) revenues totalled
at a combined EUR8.6 million at 30 June 2012. Other revenues comprise contributions from
activity related to service contracts with partners, some sale of equipment and the
Group’s foreign exchange hedging programme. Non-recurring revenues included a late
delivery indemnity for the EUTELSAT 16A satellite.
OPERATIONAL AND LEASED TRANSPONDER EVOLUTION
Eutelsat’s fleet fill rate stood at 75.6% at 30 June 2012, compared to 79.2% a year
earlier. It reflects the entry into service during the year of two satellites (EUTELSAT 7
West A, and EUTELSAT 16A), the redeployments of EUTELSAT 3C to 3degree(s) East from
7degree(s) West and EUTELSAT 48B to 48degree(s) East from 16degree(s) East, as well as the
de-orbiting of EUTELSAT 4A.
The majority of new leased transponder capacity was on the new EUTELSAT 7 West A
satellite where demand continues to outstrip supply at a high-performance video
At 30 June 2010 2011 2012 Number of operational transponders 652 742 801 Number of leased transponders 570 588 606 Fill rate 87.5% 79.2% 75.6%
Note: KA-SAT’s 82 spot beams are considered transponder equivalents and its specific
fill rate is considered to be at 100% when 70% of the capacity is taken up.
BACKLOG EXCEEDS EUR5 BILLION
The order backlog stood at EUR5.2 billion at 30 June 2012. The weighted average
residual life of contracts in the backlog is 6.9 years. Based on 2011-2012 revenues, the
backlog is equivalent to 4.3 times annual revenues. The Group’s backlog represents future
revenues from capacity lease agreements, and can include contracts for satellites not yet
As of June 30 2010 2011 2012 Value of contracts (in billions of euros) 4.88 4.96 5.24 In number of annual revenues based on last fiscal year 4.7 4.2 4.3 Weighted average residual life of contracts (in years) 8.0 7.5 6.9 Share of Video Applications 92% 91% 92%
strong FINANCIAL performance
Industry-leading EBITDA margin maintained, despite investment in new activities
Group EBITDA rose by 3.3% to EUR957.2 million reflecting, on one hand, tight cost
control maintained for ongoing operations and, on the other, the impact of additional
costs to support the development of consumer-related offers (mainly Tooway(TM)).
The EBITDA margin remained at the industry-leading level of 78.3%.
Group share of net income stood at 326.1 million, down 3.7% and representing 27% of
revenues, it reflected:
- A EUR28.4 million rise in depreciation due to the full year effect of KA-SAT and the entry into service of EUTELSAT 7 West A and EUTELSAT 16A; - A EUR20.3 million decline in financial result, due in large part to the refinancing completed in December of 2011, which led to a non-recurring effect of EUR28.3 million due to the partial dequalification and subsequent unwinding of the existing interest rate swap; - A EUR16.9 million decrease in corporate tax, mainly due to the partial recognition of a deferred tax asset triggered by tax losses booked abroad, which more than offset the 5% increase in the French corporate tax rate; - Income from associates, down EUR6.4 million to EUR11.4 million as a result of a non-recurring tax credit received by Hispasat in 2010.
Extract from the consolidated income statement (in millions of euros)
Twelve months ended June 30 2011 2012 Change (%) Revenues 1,168.1 1,222.2 +4.6% Operating expenses (241.7) (265.0) +9.6% EBITDA 926.4 957.2 +3.3% Depreciation and amortisation (280.5) (308.9) +10.1% Other operating income (charges) (0.8) (7.1) NM Operating income 645.2 641.3 -0.6% Financial result (109.2) (129.5) +18.7% Income tax expense (199.0) (182.1) -8.5% Income from associates 17.8 11.4 NM Portion of net income attributable to non-controlling interests (16.3) (15.0) -7.5% Group share of net income 338.5 326.1 -3.7%
SUSTAINED HIGH NET CASH FLOW FROM OPERATING ACTIVITIES
Net cash flows from operating activities amounted to EUR697.2 million (57% of
The Group saw a decline of EUR119.7 million (-14.7%) in net cash flows from operating
activities to EUR697.2 million, representing 57% of revenues. This was mainly due to
higher tax payments (+EUR70 million compared to previous year) resulting from the increase
in net profit before tax in FY10-11 compared to FY09-10. The increase in working capital
is related partly to the increase in revenues and partly to the receipt of some late
payments, which were settled in early July 2012.
Operating free cash flow amounted to EUR209.7 million, a decline of 63.0% on the
previous year which was inflated by non-recurring items including the insurance receipts
from the loss of the W3B satellite; and the reduction in the equity holding in Solaris,
for a total of EUR295.1 million. Without these items, the decline would have been limited
Refinancing of Eutelsat Communications’ indebtedness and strengthened financial
Based on the sound financial performance of Eutelsat Communications, Moody’s upgraded
its ratings on 20 October 2011. The long term issuer rating of Eutelsat S.A. is now Baa2
and the debt instruments issued at Eutelsat Communications S.A. are rated Baa3. Both
ratings have a stable outlook.
In December 2011, the Group successfully refinanced the EUR1,465 million Term Loan and
EUR300 million Revolving Credit Facility at the holding company level, both due in June
2013. The refinancing comprises:
- An EUR800 million new senior unsecured Term Loan and a EUR200 million Revolving Credit Facility, both maturing in December 2016, issued by Eutelsat Communications S.A. - EUR800 million senior unsecured bonds bearing a coupon of 5.00%, maturing in January 2019, issued by Eutelsat S.A.
Following the refinancing, the average maturity of the Group’s debt stood at 5.2 years
at 30 June 2012, up from 3.8 years at 30 June 2011. The group has diversified its sources
from 100% bank debt at 31 December 2009 to 67% bond debt at 30 June 2012.
The average cost of debt drawn by the Group was 4.87% (after hedging) in the 2011-2012
The net debt to EBITDA ratio for the year was 2.48 times, compared to 2.37 times at 30
Net debt to EBITDA ratio
As of June 30 2011 2012 Net debt at the beginning of the period EURm 2,424 2,198 Net debt at the end of the period EURm 2,198 2,374 Net debt / EBITDA X 2.37x 2.48x
11% INCREASE IN dividend
On 30 July 2012, the Board of Directors decided to submit for the approval of
shareholders at the 8 November 2012 Annual Meeting of Shareholders a dividend of 1.00 euro
per share, compared with 0.90 euros for fiscal year 2010-2011.
This represents an increase of 11% over the previous year and a pay-out ratio slightly
above 67% of Group share of net income, in keeping with Eutelsat’s commitment to offering
an attractive level of remuneration to its shareholders.
Eutelsat continues to pursue a deployment plan detailed in the following section, to
optimise current in-orbit resources and upcoming launches, thereby deriving maximum
benefit from the future growth drivers in each of its activities.
- Video applications will continue to be driven by a solid base of business at established video neighbourhoods from pay-TV and free-to-air clients who are progressively adding HDTV channels to Standard Digital and preparing to diversify into a new generation of bandwidth-hungry services (3D and Ultra HD) Accounting for 7% of satellite channels in Extended Europe and sub-Saharan Africa in 2011, HD should represent more than 17% of channels by 2016, according to Euroconsult; - Data Services activity will be boosted by sustained demand in corporate networks and broadband access in Russia and Central Asia, the Middle East and North Africa, sub-Saharan Africa and Asia Pacific, where CAGRs from 2011 -2016 are estimated by Euroconsult to be +7.3%, +6.0% +14.5% and 10.5%, respectively; - Value Added Services growth will be generated by increasing demand for broadband from consumers and enterprises located in areas unserved or underserved by terrestrial networks. The recently published EU Digital Scorecard indicates 10 million unserved households in the EU 27 region alone; - Multi-usage demand for UAVs (Unmanned Aerial Vehicles), which will require significant transponder capacity, is expected to increase six-fold in the next ten years.
Growth and profitability
For the three years, to June 2015, the Group targets revenue CAGR of 5% to 6%. In the
current year the Group aims for revenue growth of 3% to 4%, pending the availability of
two new satellites due to come on line at the end of first half of the fiscal year and
that will benefit Data and Multi-usage activity.
The EBITDA margin is targeted at around 77% for each fiscal year until 2015.
Active and targeted investment policy
The Group will continue to pursue a targeted investment policy. Average capital
expenditure will stand at EUR500 million per annum over the three fiscal years to June
2015 (previously EUR550 million per annum), underpinning the optimisation of the
deployment plan. It covers satellites currently under construction and those under
consideration but not yet announced.
Sound financial structure
The Group will maintain a sound financial structure and targets a net debt to EBITDA
ratio of below 3.3x (formerly 3.5x), for a solid investment grade credit rating.
Attractive shareholder remuneration
Over the three fiscal years 2012-2015, the Group remains committed to sharing its
profits with its shareholders, with a pay-out ratio of 65% to 75% (previously 50% to 75%)
of Group share of net income.
IN-ORBIT renewal and expansion programME update
Eutelsat Communications will continue to pursue expansion targeted at fast-growing
markets including the Middle East, Africa, Asia and Latin America, while reinforcing its
presence in longstanding European markets. To achieve this goal, the group will continue
to optimise its fleet with the redeployment of current in-orbit resources and new
Six satellites are currently under construction, and one about to be commissioned. All
seven are scheduled to be launched between the fourth quarter 2012 and the first half
2015. Once operational, these satellites will deliver an almost 28% expansion of
Satellites to be launched between September 2012 and June 2015:
- EUTELSAT 21B will replace EUTELSAT 21A at 21.5degree(s) East, a core neighbourhood anchored for data, professional video and government services across Europe, North Africa, the Middle East and Central Asia; - EUTELSAT 70B will replace EUTELSAT 70A at 70.5degree(s) East to serve a range of professional applications that include government services, broadband access, GSM backhauling and professional video exchanges in Europe, Africa and Central and South-East Asia; - EUTELSAT 3D (formerly EUTELSAT 7B) will now be initially deployed at 3degree(s) East, to reinforce capacity for the development of business in Europe and Africa prior to the arrival of EUTELSAT 3B, and to enable EUTELSAT 3C to fulfil another mission. - EUTELSAT 25B is being built in the framework of a partnership with the State of Qatar. It will replace EUTELSAT 25A at 25.5degree(s) East and diversify resources at this orbital position by adding new Ka-band capacity; - EUTELSAT 3B will reinforce capacity at 3degree(s)East over Europe, Africa, the Middle East and Central Asia as well as parts of South America, notably Brazil. The 3degree(s) East position was opened by the leased satellite EUTELSAT 3A in May 2011. - EUTELSAT 9B will significantly expand and diversify resources at 9degree(s) East which addresses high-growth video markets across Europe. Its close proximity to Eutelsat's flagship HOT BIRD satellites at 13degree(s) East also gives satellite viewers the opportunity to increase viewing choice through a dual-feed antenna.
EUTELSAT 9B was selected by Astrium Services to host the first data relay payload for
the European Data Relay Satellite System (EDRS) being implemented through a Public-Private
Partnership between Astrium and ESA. The EDRS system of telecommunications satellites in
geostationary orbit will allow very high data rate, bi-directional data relay
communications between Low Earth Orbit Earth Observation satellites and an associated
- EUTELSAT 8 West B will shortly by commissioned in order to boost resources at 7degree(s)/8degree(s) West, the leading video neighbourhood for satellite TV in North Africa and the Middle East.
The launch of EUTELSAT 3D to 3degree(s)East will enable Eutelsat to optimise its fleet
by redeploying additional capacity at 8degree(s) West for video broadcasting more than one
year ahead of the launch of EUTELSAT 8 West B.
Eutelsat Communications announced on 19 June 2012 an agreement to acquire the GE-23
satellite and related assets. Via this acquisition, Eutelsat will integrate the satellite,
all associated customer contracts and orbital rights from GE Capital for US$228 million.
The transaction is expected to close in the second half of 2012 (calendar), subject to
regulatory approvals. With the integration of GE-23 into its fleet Eutelsat will expand
its footprint further into Asia and establish a presence in the Pacific, giving greater
access to strong commercial dynamics in this region.
CHANGES IN SHARE OWNERSHIP
During fiscal year 2011-2012, Abertis Telecom sold 23.1% of Eutelsat Communications
shares in two transactions:
- On 13 January 2012, Abertis Telecom sold a 16.1% stake through a private placement to qualified institutional buyers - On 22 June 2012, Abertis Telecom sold a 7% stake to China Investment Corporation (CIC).
Following the two transactions, Abertis Telecom today retains 8.35% of Eutelsat
Communications’ shares and is the Group’s second shareholder behind the Fonds Strategique
d’Investissement (FSI) which holds 25.6% of Eutelsat Communications’ shares.
Eutelsat Communications accepted the resignations of four Directors during the year:
- On 16 February 2012, Retevision I S.A., represented by Andrea Luminari, and Tradia Telecom S.A., represented by Tobias Martinez Gimeno - On 25 June 2012, Abertis Infraestructuras, represented by Francisco Reynes Massanet, and Abertis Telecom, represented by Marta Casas Caba
Eutelsat Communications’ Board of Directors now counts eight members, of which four
* * *
Consolidated accounts are available at http://www.eutelsat.com/investors/index.html
Results presentation for Analysts and Investors
Eutelsat Communications will hold an analysts and investors meeting in English on
Tuesday, 31 July 2012 to present its financial results for the full year 2011-2012. The
meeting will take place at Group headquarters, 70, rue Balard, 75015 Paris, starting at
9.30am Paris time.
You can also follow this presentation, in English, by conference call on live. It can
be accessed via the following telephone numbers:
- +33-(0)1-70-99-32-12 (from France) - +44-(0)207-1620-177 (from Europe) - +1-334-323-6203 (from United States)
Access code: 919546 #
Instant replay number will be available from July 31, 3:00 pm (Paris time) to August
7, midnight (Paris time):
- +33-(0)1-70 99 35 29 (from France) - + 44 (0)20 7031 4064 (from the U.K) - +1-888-365-0240 (from the United States)
Access code: 919546 #
There will be webcast live from the home page of the Investor Relations section at
The financial calendar below is provided for information purposes only. It is subject
to change and will be regularly updated.
- October 25, 2012: financial report for the first quarter ended September 30, 2012 - November 8, 2012: Annual General Shareholders Meeting
About Eutelsat Communications
Eutelsat Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is the holding
company of Eutelsat S.A. With capacity commercialised on 28 satellites that provide
coverage across Europe, as well as the Middle East, Africa and significant parts of Asia
and the Americas, Eutelsat is one of the world’s three leading satellite operators. As of
30 June 2012 Eutelsat’s satellites were broadcasting more than 4,250 television channels
to over 200 million cable and satellite homes in Europe, the Middle East and Africa. The
Group’s satellites also serve a wide range of fixed and mobile telecommunications
services, TV contribution markets, corporate networks, and broadband markets for Internet
Service Providers and for transport, maritime and in-flight markets. Eutelsat’s broadband
subsidiary, Skylogic, markets and operates high speed Internet services through teleports
in France and Italy that serve consumers, enterprises, local communities, government
agencies and aid organisations in Europe, Africa, Asia and the Americas. Headquartered in
Paris, Eutelsat and its subsidiaries employ just over 750 commercial, technical and
operational professionals. This culturally diverse staff comprises employees from 30
Quarterly revenues by business application (financial year 2010-2011)
Three months ended In millions of euros 30/09/2010 31/12/2010 31/03/2011 30/06/2011 Video Applications 195.5 196.5 198.5 195.9 Data & Value-Added Services 58.9 58.0 58.9 58.3 Data 47.2 45.9 47.3 47.6 Value-Added Services 11.7 12.1 11.5 10.7 Multi-usage 28.8 28.6 32.6 35.6 Other 2.4 4.5 3.2 7.3 Sub-total 285.6 287.5 293.2 297.1 One-off revenues - 2.7 2.0 - Total 285.6 290.2 295.2 297.1
Quarterly revenues by business application (financial year 2011-2012)
Three months ended In millions of euros 30/09/2011 31/12/2011 31/03/2012 30/06/2012 Video Applications 198.2 205.1 211.0 217.8 Data & Value-Added Services 59.6 58.2 57.9 59.3 Data 48.3 46.8 45.0 44.9 Value-Added Services 11.3 11.4 12.9 14.3 Multi-usage 36.2 38.2 37.0 35.0 Other 1.3 2.0 2.8 (1.1) Sub-total 295.4 303.6 308.7 311.1 One-off revenues - 3.5 - - Total 295.4 307.1 308.7 311.1
Note: At a constant euro-dollar exchange rate, revenue growth would have been 5.2%
(+4.7% at variable currencies) in Q4 2011-2012 compared with Q4 2010-2011.
Revenue breakdown by application (in percentage of revenues)*
Twelve months ended June 30 2011 2012 Video Applications 68.6% 68.6% Data & Value-Added Services 20.4% 19.4% ........of which Data Services 16.4% 15.2% .......of which Value-Added Services 4.0% 4.1% Multi-usage 11.0% 12.1% Total 100.0% 100.0%
*excluding other revenues and one-off revenues (EUR22.1 million in FY 2010-2011 and
EUR8.6 million in FY 2011-2012)
Change in net debt (in millions of euros)
Twelve months ended June 30 2011 2012 Net cash flows from operating activities 816.8 697.2 Capital expenditure (485.9) (487.5) Insurance indemnities on property and equipment 235.1 - Operating free cash flows 566.0 209.7 Interest and other fees paid, net (109.3) (146.0) Acquisition of non-controlling interests (7.8) (2.5) Distributions to shareholders (including non-controlling interests) (177.1) (227.2) Acquisition of treasury shares (13.7) (9.9) Other (31.6) 0.2 Decrease (increase) in net debt 226.5 (175.7)
Estimated satellite launch schedule
Satellite Estimated launch Transponders EUTELSAT 21B Q4 2012 40 Ku EUTELSAT 70B Q4 2012 48 Ku EUTELSAT 3D* Q1 2013 37 Ku EUTELSAT 25B** H1 2013 16 Ku / 7 Ka EUTELSAT 3B H1 2014 51 (Ku, Ka, C) EUTELSAT 9B H2 2014 60 Ku EUTELSAT 8 West B H1 2015 40 Ku / 10 C
Note: Satellites generally enter into service one to two months after launch.
* Ex-EUTELSAT 7B
** Partnership satellite with Qatar Satellite Company, transponders indicated for
Eutelsat portion only
1. EBITDA is defined as operating income before depreciation and amortisation,
impairments and other operating income/(expenses)
2. This outlook does not take into account the acquisition of the satellite GE-23 and
related assets, which is expected to close in the H2 of calendar 2012.
3. Amount as of June 30, 2011 includes cash payment received from insurance for the
loss of satellite W3B for EUR235.1 million
4. Number of transponders on satellites in stable orbit, back-up capacity excluded
5. Number of transponders leased on satellites in stable orbit
6. For more detail, please refer to Group consolidated financial statements at
7. Operating expenses is defined as the sum of operating costs and of selling, general
& administrative expenses.
8. Comprises amortisation expense of EUR 44.5 million corresponding to the intangible
asset “Customer Contracts and Relationships” identified during the acquisition of Eutelsat
S.A. by Eutelsat Communications.
9. This outlook does not take into account the acquisition of the GE- 23 satellite and
related assets, which is expected to close in the H2 of calendar 2012.
10. Extended Europe is defined as: Western Europe, Central Europe, Russia and Central
Asia, North Africa and the Middle East.
11. 2011 amount includes the cash payment received from insurance for the loss of
satellite W3B for EUR235.1 million
Note: This press release contains audited consolidated financial statements prepared
under IFRS, adopted by the Board of Directors of Eutelsat Communications 30 July 2012 and
reviewed by the Audit Committee 27 July 2012. These accounts will be subject to the
approval of shareholders of Eutelsat Communications at the Annual General Shareholders
Meeting of 8 November 2012.
SOURCE Eutelsat Communications