Last updated on April 16, 2014 at 1:21 EDT

Eutelsat Communications Reports Full Year 2012-2013 Results

July 30, 2013

PARIS, July 30, 2013 /PRNewswire/ –

Note: This press release contains audited consolidated financial statements prepared
under IFRS, adopted by the Board of Directors of Eutelsat Communications on 30 July 2013
and reviewed by the Audit Committee on 26 July 2013. These accounts will be subject to the
approval of shareholders of Eutelsat Communications at the Annual General Shareholders
Meeting of 7 November 2013.

Full year 2012-2013 results:

Revenue up 5.1% to EUR1,284 million (+3.7% at constant currency)

High level of profitability

        - EBITDA[1] of EUR995.3 million, 77.5% margin
        - Group share of net income at EUR354.9 million, 27.6% margin

Order backlog close to EUR5.4 billion, representing 4.2 years of revenues

Dividend recommended by Board of EUR1.08 per share (+8%) representing a payout of 67%


        - Revenue growth of above 2.5% for 2013-2014 and an average of over 5% for
          the two following years until 30 June 2016. Both revenue targets are at constant
          currency and excluding non-recurring revenues
        - EBITDA margin objective at around 77% for each fiscal year until 30 June 2016
        - Capital expenditure of EUR550 million on average per year
        - Aim to maintain an investment grade rating. Long term net debt / EBITDA target
          below 3.3x.
        - Dividend payout ratio range of 65% to 75%

PARIS, 30 July 2013 -

The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 – Euronext
Paris: ETL) met today and reviewed its financial results for the year ended 30 June 2013.

Commenting on the full year 2012-2013 results, Michel de Rosen, CEO of Eutelsat
Communications, said:

“2012-2013 was another year of growth for Eutelsat, with a robust performance from our
core Video activity, while Data and Multi-usage still face a more challenging environment.
In Value Added Services, traction is increasing on KA-SAT for both consumer and
professional services, reflecting the success of measures taken to enhance the product
offer and distribution. Our order backlog stands at almost EUR5.4 billion and continues to
lend a high level of long-term visibility, notably on the video side. Our recommendation
of an 8% rise in dividend to 1.08 euros per share reflects our confidence in the future of
our business.

Our industry is continuing to grow, albeit at a lesser pace than in the past decade.
Several markets are still developing at a high pace – notably Russia, Central Asia and
Africa, where we already enjoy strong positions, and Asia Pacific and Latin America, where
we are actively developing our footprint, both organically, with, for example, the
procurement of EUTELSAT 65 West A announced today, and via targeted acquisitions. Our
focus will be on expanding our presence in the markets and applications with the highest
potential for growth on the back of a targeted fleet development plan, complemented where
appropriate by external growth opportunities.

On the basis of our current in orbit deployment plan phasing, organic revenue growth
is expected to be over 2.5% for the current year, and an average of over 5% for the two
subsequent years until 30 June 2016. Our EBITDA margin should remain at the high level of
around 77%, and our dividend payout in the 65-75% range.”

        Twelve months ended June 30                    2012    2013   Change
                    Key elements of consolidated income statement
        Revenues                                EURm  1,222.2 1,284.1   +5.1%
        EBITDA                                  EURm    957.2   995.3   +4.0%
        EBITDA margin                             %      78.3    77.5   -0.8ppt
        Group share of net income               EURm    326.1   354.9   +8.8%
        Diluted earnings per share               EUR    1.483   1.612   +8.8%
                  Key elements of consolidated cash flow statement
        Net cash flow from operating activities EURm    697.2   816.2  +17.1%
        Capital expenditure                     EURm    487.5   649.8  +33.3%
        Operating free cash flow                EURm    209.7   166.4  -20.7%
                         Key elements of financial structure
        Net debt                                EURm    2,374   2,647  +11.5%
        Net debt/EBITDA                           X      2.48    2.66      -
        Backlog                                 EURbn    5.24    5.37   +2.5%


1. EBITDA is defined as operating income before depreciation and amortisation,
impairments and other operating income/(expenses)


Note: Unless otherwise stated, all growth indicators or comparisons are made in
comparison with the previous fiscal year or June 30, 2012. The share of each application
as a percentage of total revenues is calculated excluding “other revenues” and
“non-recurring revenues”.

Revenues by business application (in millions of euros)

                                                        (in EUR
        Twelve months ended June 30   2012     2013    million)   (in %)

        Video Applications            832.2    865.6     +33.4     +4.0%
        Data & Value Added Services   235.0    252.8     +17.8     +7.6%
        Data Services                 185.1    187.5      +2.5     +1.3%
        Value Added Services           49.9     65.3     +15.3    +30.7%
        Multi-usage                   146.5    145.4      -1.0     -0.7%
        Other revenues                  5.1     10.4      +5.4       NM
        Sub-total                   1,218.7  1,274.2     +55.5     +4.6%
        Non-recurring revenues          3.5      9.8      +6.3       NM
        Total                       1,222.2  1,284.1     +61.8     +5.1%

VIDEO APPLICATIONS (68.5% of revenues)

Revenues from Video Applications, Eutelsat’s largest business activity, rose 4.0% to
EUR865.6 million, reflecting dynamic sales across the Group’s key video neighbourhoods.

Growth was in particular driven by two video neighbourhoods:

        - The 7degree(s)/8degree(s) West neighbourhood serving broadcasters in the
          Middle East and North Africa was dynamic, with the number of TV channels up 24%
          year-on-year to 662 (+128). It benefited from refreshed and expansion capacity on the
          EUTELSAT 7 West A satellite, launched in October 2011 which has generated additional
          business with clients that include Al Jazeera, Gulfsat, MBC, Nilesat and Noorsat.
          Resources at this neighbourhood will be further reinforced in the first half of fiscal
          year 2013-2014 with the redeployment of HOT BIRD 13A to 7/8degree(s) West (to be
          renamed EUTELSAT 8 West C). This neighbourhood also contributed significantly to the
          company's strong backlog, with significant multi-year multi-transponder contracts
          signed with anchor customers on EUTELSAT 8 West B well in advance of its launch in
          third quarter 2015.
        - The 16degree(s) East neighbourhood, serving broadcasters in Africa, Indian
          Ocean Islands and Central Europe. Among others, additional contracts were signed with
          SBB and Pink International (Serbia) to support their continuing growth. Channels
          broadcasting from this position rose by 17% during the year to reach 666 (+96) at 30
          June 2013.

Revenue growth was also supported by:

        - Contract renewals at the Group's leading broadcasting neighbourhood at
          13degree(s) East. The number of channels broadcast by the three high-power HOT BIRD
          satellites at this position stood at 1,082 at 30 June 2013, including 145 HD channels
          (+9%) giving a 13.4% HD penetration rate (up from 12.2% a year earlier). The HOT BIRD
          neighbourhood was also further consolidated as a leading digital infrastructure in
          terms of the installed base of Direct-to-Home antennas in key markets, notably Italy
          and Poland.
        - The extension of contracts at 36degree(s) East with MultiChoice, an anchor
          customer, on the African beam of EUTELSAT 36B.
        - Growth at the 9degree(s) East position with good sales momentum of the
          KabelKiosk platform of digital channels and services in German-speaking markets.

Finally, the year also saw the consolidation of the Group’s partnership with RSCC in
Russia following the completion of long-term lease contracts for capacity on satellites
expected to be launched in fourth quarter 2013 to two new video positions, at 56degree(s)
East (Express-AT1 for Siberia) and 140degree(s) East (Express-AT2 for Far East Russia),
providing Eutelsat with coverage of the entire Russian Federation. Multi-year
multi-transponder contracts with TricolorTV for capacity on both satellites were announced
in July 2013.

Channel growth and HDTV roll-out were robust across the fleet. The channel count stood
at 4,661 at 30 June 2013, up from 4,261 a year earlier (400 new channels or 9.4% growth).
The number of HD channels also increased, reaching 419 at 30 June 2013, up 21.1%, from 346
a year earlier. HD now accounts for 9% of total channels broadcast by Eutelsat’s
satellites, up from 8.1% a year earlier.


Data Services revenues stood at EUR187.5 million (+1.3%), reflecting the integration
of EUTELSAT 172A into the fleet.

The take-up of the additional capacity provided by EUTELSAT 21B and EUTELSAT 70B was
slower than expected. Markets for point-to-point services remain challenging as a
consequence of terrestrial network (fibre) deployment and the increase in supply of
satellite capacity, notably in Africa.

Demand continues to be dynamic for corporate networks and mobility in fast-growing
regions, notably Africa and Asia Pacific, with new and renewal contracts signed with
customers that include Algerie Telecom for VSAT networks across Algeria, and Australian
Satellite Communications for Panasonic Avionics Corporation, the world leader in in-flight

Revenues from Value-Added Services, which includes broadband services targeting
consumers and businesses, increased by 30.7% to EUR65.3 million.

Broadband services on KA-SAT performed strongly, reflecting the on-going success of
intensified marketing efforts combined with the enhanced broadband offer launched in
February 2013 (with download speeds of up to 20Mbps and upload speeds of up to 6Mbps). A
total of 91,000 terminals (excluding pre-KA-SAT) were activated at 30 June 2013 (from
39,000 at 30 June 2012, on a comparable basis). Distributors in Western Europe,
specifically France, Germany, Ireland, Italy, Spain and the UK were the major contributors
to take-up of the consumer broadband offer. Traction was also gained with new distributors
in other regions including Turkey and Russia. The targeted development of the distribution
network continues.

On the professional side, the Group also developed its product offering, and secured
landmark opportunities such as the deployment of 12,600 terminals in the Ukraine during
national parliamentary elections and the signature of a contract with a Libyan customer
using two of KA-SAT’s beams to provide 1.6 Gbp/s.

Mobile connectivity services for maritime and aeronautical markets also contributed to
growth in Value Added Services. The maritime segment is served by Eutelsat’s WINS
subsidiary which provides capacity and services for on-board GSM and Internet
connectivity. In the market for in-flight connectivity, Eutelsat launched the Eutelsat Air
Access service in Europe in the Ka-band, with a first contract signed for Aer Lingus’
medium-haul fleet.

MULTI-USAGE (11.5% of revenues)

Revenues from Multi-usage services, which comprise capacity leased to governments and
administrations, were flat, at EUR145.4 million. This reflected the outcome during the
third quarter of the 2012-2013 fiscal year of negotiations for renewals which were
adversely impacted by US federal budget sequestration. It was offset by new contracts,
although fewer than expected, and by the integration of EUTELSAT 172A into the fleet.


Other revenues comprised contributions from activity related to service contracts with
partners, some sales of equipment and the Group’s foreign exchange hedging programme. They
amounted to EUR10.4 million at 30 June 2013.

Non-recurring revenues included late delivery indemnities for satellites launched
during the fiscal year or soon to be launched. They amounted to EUR9.8 million at 30 June


The number of transponders leased on Eutelsat’s fleet grew during the fiscal year by
4.8% to 635 at 30 June 2013. The fill rate stood at 74.0% at 30 June 2013, compared to
75.6% a year earlier, reflecting the entry into service of three satellites, two of which
(EUTELSAT 21B, EUTELSAT 70B) brought significant incremental capacity.

        At 30 June                    2011      2012      2013
        Number of operational
        transponders[2]                742       801       858
        Number of leased
        transponders[3]                588       606       635
        Fill rate                     79.2%     75.6%     74.0%

Note: KA-SAT’s 82 spot beams are considered transponder equivalents. The satellite’s
fill rate is considered to be at 100% when 70% of the capacity is taken up.


The order backlog stood at EUR5.37 billion at 30 June 2013, equivalent to 4.2 times
2012-2013 revenues. The backlog represents future revenues from capacity lease agreements,
and can include contracts for satellites not yet in operation.

        As of June 30                                     2011     2012    2013
        Value of contracts (in billions of euros)         4.96     5.24    5.37
        In years of annual revenues based on last
        fiscal year                                       4.2      4.3      4.2
        Share of Video Applications                       91%      92%      92%

strong FINANCIAL performance

High level of EBITDA margin maintained, despite increased investment

Group EBITDA rose by 4.0% to EUR995.3 million. It reflects on one hand tight cost
control maintained for ongoing operations and on the other, the impact of the increase in
resources dedicated to reinforcing the Group’s commercial activity, including the opening
of offices in Dubai, Johannesburg and Singapore, the development of consumer and
professional services on KA-SAT as well as the development of KabelKiosk and mobility


2. Number of transponders on satellites in stable orbit, back-up capacity excluded

3. Number of transponders leased on satellites in stable orbit

The EBITDA margin remains at a high level with a 77.5% outturn.

Group share of net income stood at EUR354.9 million, up 8.8% and representing 27.6% of
revenues. It reflected:

        - Higher level of EBITDA (+4.0%);
        - Increased depreciation (+EUR35.7 million) mainly due to the full year effect
          of the two satellites launched in the first half of 2011-2012 (EUTELSAT 7 West A and
          EUTELSAT 16A) and the inclusion into the fleet of EUTELSAT 21B, EUTELSAT 70B and
          EUTELSAT 172A during the 2012-2013 fiscal year;
        - Other operating income / (charges) of EUR30.8 million, mostly related to the
          settlement of a litigation during the fiscal year;
        - Higher financial result (+EUR12.0 million) due to the non-recurrence of a
          one-off item in the previous year, not entirely offset by the increased financial
          interest on the Group's indebtedness, linked partially to a new EUR300 million bond;
        - Higher income from associates (+EUR2.8 million) with strong performance from
        - Increase in income tax expense of EUR26.3 million, mainly due to the tougher
          tax environment in France, resulting in an effective tax rate of 37.0% in 2012-2013
          (versus 35.6% in 2011-2012).

Extract from the consolidated income statement (in millions of euros)[4]

        Twelve months ended June 30                   2012      2013    Change (%)

        Revenues                                     1,222.2   1,284.1     +5.1%
        Operating expenses[5]                         (265.0)   (288.8)    +9.0%
        EBITDA                                         957.2     995.3     +4.0%
        Depreciation and amortisation[6]              (308.9)   (344.6)   +11.6%
        Other operating income (charges)                (7.1)     30.8       NA
        Operating income                               641.3     681.5     +6.3%
        Financial result                              (129.5)   (117.5)    -9.2%
        Income tax expense                            (182.1)   (208.4)   +14.4%
        Income from associates                          11.4      14.2    +24.5%
        Portion of net income attributable to
        non-controlling interests                      (15.0)    (14.9)    -1.2%
        Group share of net income                      326.1     354.9     +8.8%


Net cash flows from operating activities amounted to EUR816 million (64% of revenues)

The Group saw an increase of EUR119 million (+17.1%) in net cash flows from operating
activities, to EUR816 million, representing 64% of revenues. This was due to higher
EBITDA, lower taxes paid (EUR33 million less), the above mentioned litigation settlement,
and limited working capital outflows.

Operating free cash flow amounted to EUR166 million, a decline of 20.7% on the
previous year. This mainly reflects the acquisition of EUTELSAT 172A, closed in September
2012, for US$228 million and the acquisition in April 2013 of 6% of Hispasat’s share
capital for approximately EUR56 million.

Diversification of financing supports strong financial position

Over fiscal year 2012-2013, the Group further diversified its funding sources:

        - In October 2012, it successfully raised EUR300 million through the
          issuance of a new 10-year bond at the Eutelsat S.A. level. The coupon is 3.125%.
        - At 30 June 2013, the Group had drawn a total of US$54.9 million on a US$66.2
          million export credit facility signed in May 2012 with the US Ex-Im Bank
          (Export-Import Bank of the United States) for the partial financing of a satellite
          programme. The facility will be repaid through 17 semi-annual instalments from
          November 2013 to November 2021. The facility bears interest at a fixed rate of 1.71%.
        - On 25 April 2013, Eutelsat Communications entered into two separate bank loan
          agreements covered by the Office national du ducroire (ONDD), the Belgian export
          credit agency.
             - The first agreement, for a total amount of EUR121 million, is an 11.5 year
             amortising facility (the first instalment will be repaid three years after
             signing) bearing interest at an all-in rate of 2.07%[7]. It will be used to
             finance the construction of a satellite.
             - The second agreement, for a total amount of EUR87 million, is an 11.5 year
             amortising facility (the first instalment will be repaid three years after
             signing) bearing interest at an all-in rate of 2.23%[7]. It will be used to
             finance a launcher.
             - At 30 June 2013, EUR95 million in total were drawn under the two


4. For more detail, please refer to Group consolidated financial statements at


5. Operating expenses is defined as the sum of operating costs and of selling, general
& administrative expenses.

6. Comprises amortisation expense of EUR44.5 million corresponding to the intangible
asset “Customer Contracts and Relationships” identified during the acquisition of Eutelsat
S.A. by Eutelsat Communications.

7. Rates based on 6-month Euribor and calculated at the facilities signing date.

The weighted average maturity of the Group’s debt stood at 5.0 years at 30 June 2013,
down slightly from 5.2 years at 30 June 2012.

The average cost of debt drawn by the Group was 4.89% (after hedging) in the 2012-2013
fiscal year.

The net debt to EBITDA ratio for the year was 2.66 times, compared to 2.48 times at 30
June 2012.

Net debt to EBITDA ratio

        As of June 30                                      2012          2013
        Net debt at the beginning of the
        period                                 EURm        2,198         2,374
        Net debt at the end of the period      EURm        2,374         2,647
        Net debt / EBITDA                        X         2.48x         2.66x

8% INCREASE IN dividend

On 30 July 2013, the Board of Directors agreed to submit for approval at the 7
November 2013 Annual Meeting of Shareholders a dividend of 1.08 euros per share, up from
1.00 euro for fiscal year 2011-2012.

This represents an increase of 8% over the previous year and a 67% of Group share of
net income pay-out ratio, in line with Eutelsat’s commitment to offer an attractive level
of remuneration to its shareholders.


Revenues (at constant currency and excluding non-recurring revenues)

Based on a nominal satellite deployment plan, the Group targets organic revenue growth
above 2.5% for the current year. With the deployment of additional capacity, mainly in
2014 and 2015, average revenue growth should be above 5% for the two subsequent years to
30 June 2016.


The EBITDA margin is targeted at around 77% for each fiscal year until 2016.

Active and targeted investment policy

The Group will continue to pursue a targeted investment policy. Average investments
will stand at around EUR550 million a year over the three fiscal years to 30 June 2016.
This includes capital expenditures and payments under export credit facilities and under
long-term lease agreements on third party capacity.

Sound financial structure

The group will maintain a sound financial structure to support its investment grade
rating. Over the long term, it aims at a net debt / EBITDA below 3.3x.

Attractive shareholder remuneration

The Group remains committed to sharing its profits with its shareholders over the
fiscal years 2013-2016, with a pay-out ratio of 65% to 75% of Group share of net income.

IN-ORBIT renewal and expansion programME update

Eutelsat Communications will continue to pursue an expansion programme targeted at
fast-growing markets, including the Middle East, Africa, Asia and Latin America, while
reinforcing its presence in longstanding European markets, and will continue to optimise
its fleet with the redeployment of current in-orbit resources and new satellites. While
satellites launched over the fiscal year 2012-2013 were oriented towards Data Services,
the deployment plan until June 2016 is largely focused on Video Applications.

Estimated satellite launch schedule (satellites generally enter intoservice one totwo
months after launch.)

                                  launch       Main         Main
                      Orbital    (calendar applications  geographic
        Satellite     position     year)     targeted     coverage    Transponders
                                              Video,    Middle East,
                                            telecoms,   North Africa
        EUTELSAT    25degree(s)5            government   and Central
        25B(1)          East      Q3 2013    services       Asia      16 Ku / 7 Ka
        Express     56degree(s)
        AT1(2)          East      Q4 2013     Video        Siberia       19 Ku
        Express     140degree(s)                          Far East
        AT2(2)          East      Q4 2013     Video        Russia         8 Ku
                                                        Middle East,
        EUTELSAT     3degree(s)             Telecoms,   Central Asia, 30 Ku / 9 Ka
        3B(3)           East      H1 2014  Broadband(3) Latin America    / 12 C
                                                        Europe, North
                     9degree(s)                            Africa,
        EUTELSAT 9B     East      Q1 2015     Video      Middle East     60 Ku
                                                        Middle East,
        EUTELSAT 8  7/8degree(s)                        Africa, South
        West B          West      Q3 2015  Video, Data     America    40 Ku / 10 C
        EUTELSAT    36degree(s)            Video, data,  Sub-saharan  Up to 52 Ku
        36C(2)          East      H2 2015   broadband      Africa       / 18 Ka
        EUTELSAT 65 65degree(s)            Video, data,                 Up to 58
        West A          West      H1 2016   broadband   Latin America (Ku, Ka, C)

1 Partnership satellite with Qatar Satellite Company, transponders indicated for
Eutelsat portion only. Pending outcome of ITU dispute will operate 8 of the 16 Ku-band

2 Partnership satellites with RSCC. For Express-AT1 & AT2, transponders indicated for
Eutelsat portion only

3 When launched to 3degree(s) East, EUTELSAT 3B will release EUTELSAT 3D to 7degree(s)
East to address video markets in Turkey


Eutelsat today confirmed the order of a new multi-mission high-capacity satellite
designed to serve dynamically expanding video and broadband markets in Brazil and across
Latin America. The company has selected Space Systems/Loral (SSL [http://www.ssloral.com
]) to manufacture the EUTELSAT 65 West A satellite that will be launched and operational
in early 2016. The satellite will be located at the 65degree(s) West position where
Eutelsat’s subsidiary, Eutelsat do Brasil Ltda., was granted frequencies in C, Ku and
Ka-bands by ANATEL, the Brazilian telecommunications regulatory authority, in June this
year. The satellite will embark a payload of 10 transponders in the C-band, 24
transponders in the Ku-band and up to 24 Ka-band spotbeams.


The Annual General Meeting of Shareholders held on 8 November 2012 voted the
appointment as new independent directors of Miriem Bensalah Chaqroun, a Moroccan national,
and Elisabetta Oliveri, an Italian national.

Following its meeting of 7 February 2013, the Board of Directors of Eutelsat
Communications announced that Ross McInnes has been co-opted to the Board as an
independent director and that he will assume the chairmanship of the Audit Committee.

The total number of directors stands at ten, of which six are independent.

* * *


Consolidated accounts are available at http://www.eutelsat.com/investors/index.html

Results presentation

Eutelsat Communications will hold an analysts and investors meeting in English on
Wednesday, 31 July 2013 to present its financial results for the full year 2012-2013. The
meeting will take place at Group headquarters, 70, rue Balard, 75015 Paris, starting at
9.30am Paris time (welcome from 8.45am).

You can also follow this presentation live, in English, by conference call via the
following numbers:

        - + 33 1 70 99 32 12 (from France)
        - +44 207 1620 177 (from Europe)
        - +1 334 323 6203 (from United States)

Access code: 934382#

Instant replay number will be available from July 31, 3.00 pm (Paris time) to August
14, midnight (Paris time):

        - + 33 1 70 99 35 29 (from France)
        - + 44 20 7031 4064 (from Europe)
        - +1 954 334 0342 (from the United States)

Access code: 934382#

There will also be a live webcast via the home page of the Investor Relations section
at http://www.eutelsat.com

Financial calendar

The financial calendar below is provided for information purposes only. It is subject
to change and will be regularly updated.

        - October 29, 2013: financial report for first quarter ended September 30,
        - November 7, 2013: Annual General Shareholders Meeting

About Eutelsat Communications (http://www.eutelsat.com)

Eutelsat Communications is the holding company of Eutelsat S.A. With capacity
commercialised on 31 satellites delivering reach of Europe, the Middle East, Africa, Asia,
significant parts of the Americas and the Asia-Pacific, Eutelsat Communications (Euronext
Paris: ETL, ISIN code: FR0010221234) is one of the world’s leading satellite operators. As
of 30 June 2013, Eutelsat’s satellites were broadcasting more than 4,600 television
channels to over 200 million cable and satellite homes in Europe, the Middle East and
Africa. The Group’s satellites also provide a wide range of services for TV contribution,
corporate networks and fixed and mobile broadband markets. Headquartered in Paris,
Eutelsat and its subsidiaries employ over 780 commercial, technical and operational
professionals from 30 countries.


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
        Non-recurring revenues              -         3.5          -          -
        Total                           295.4       307.1      308.7      311.1

Quarterly revenues by business application (financial year 2012-2013)

                                                  Three months ended
        In millions of euros         30/09/2012  31/12/2012 31/03/2013 30/06/2013

        Video Applications              216.3      214.4      216.4      218.5
        Data & Value-Added Services      61.1       63.8       60.8       67.1
        Data                             44.9       48.8       46.7       47.1
        Value-Added Services             16.2       15.0       14.1       20.0
        Multi-usage                      34.1       38.6       35.4       37.4
        Other                             3.0        2.4        2.6        2.5
        Sub-total                       314.4      319.2      315.1      325.5
        Non-recurring revenues              -          -        7.7        2.1
        Total                           314.4      319.2      322.9      327.6

Note: At a constant euro-dollar exchange rate, revenue growth would have been 4.8%
(+5.3% at variable currencies) in Q4 2012-2013 compared with Q4 2011-2012.

Revenue breakdown by application (in percentage of revenues)*

        Twelve months ended June 30              2012          2013

        Video Applications                       68.6%         68.5%
        Data & Value-Added Services              19.4%         20.0%
        ........of which Data Services           15.2%         14.8%
        .......of which Value-Added Services     4.1%          5.2%
        Multi-usage                              12.1%         11.5%
        Total                                   100.0%        100.0%

*excluding other revenues and non-recurring revenues (EUR8.6 million in FY 2011-2012
and EUR20.2 million in FY 2012-2013)

Change in net debt (in millions of euros)

        Twelve months ended June 30                         2012         2013

        Net cash flows from operating activities            697.2        816.2
        Capital expenditure                                (487.5)      (649.8)
        Operating free cash flows                           209.7        166.4
        Interest and other fees paid, net                  (146.0)      (140.0)
        Acquisition of non-controlling interests             (2.5)        (0.2)
        Distributions to shareholders (including
        non-controlling interests)                         (227.2)      (229.6)
        Acquisition of treasury shares                       (9.9)        (0.5)
        Other                                                 0.2        (68.9)
        Decrease (increase) in net debt                    (175.7)      (272.8)

Channel growth at neighbourhoods serving Central and Eastern Europe, Russia, Middle
East, Africa

        Orbital                                            30/06/2013
        position        Markets                 30/06/2012            Growth
        7degree(s)/     North Africa, Middle
        8degree(s) West East                        534        662     +24.0%
        7degree(s) East Turkey                      213        224      +5.2%
        16degree(s)     Central Europe, Indian
        East            Ocean islands               570        666     +16.8%
        East            Russia, Africa              715        761      +6.4%
        Total                                     2,032      2,313     +13.8%

SOURCE Eutelsat Communications

Source: PR Newswire