EUTELSAT Communications Reports Double-Digit Revenue and EBITDA Growth
July 28, 2011
The Board of Directors' meeting of Eutelsat Communications under the chairmanship of Giuliano Berretta, met today and reviewed its financial results for the year ended June 30, 2011.
| |
|
2010
|
2011
|
Change
|
 |
|
Key elements of the consolidated income statement
|
 |
|
Revenues
|
€m
|
1,047.2
|
1,168.1
|
+11.5%
|
|
EBITDA
|
€m
|
827.8
|
926.4
|
+11.9%
|
|
EBITDA margin
|
%
|
79.0
|
79.3
|
+0.3pt
|
|
Group share of net income
|
€m
|
269.5
|
338.5
|
+25.6%
|
|
Diluted earnings per share
|
€
|
1.224
|
1.539
|
+25.7%
|
 |
|
Key elements of the consolidated statement of cash flows
|
 |
|
Net cash flows from operating activities
|
€m
|
698.3
|
816.8
|
+17.0%
|
|
Capital expenditure
|
€m
|
494.4
|
485.9
|
-1.7%
|
|
Operating free cash flows(2)
|
€m
|
203.9
|
566.0
|
+177.5%
|
 |
|
Key elements of financial structure
|
 |
|
Net debt
|
€m
|
2,424
|
2,198
|
-9.3%
|
|
Net debt/EBITDA
|
X
|
2.93
|
2.37
|
-
|
 |
|
Backlog
|
 |
| Backlog |
€bn
|
4.88
|
4.96
|
+1.6%
|
(1) EBITDA is defined as operating income before depreciation and amortisation, impairments and other operating income/(expenses)
(2) Amount as of June 30, 2011 includes cash payment received from insurance for the loss of satellite W3B for €235.1million
Commenting on the full year 2010-2011 results, Michel de Rosen, CEO of Eutelsat Communications, said: "We are extremely pleased to deliver a second consecutive year of double-digit growth. Expansion capacity launched over the past two years has positioned Eutelsat to capture growth across all of the geographies covered by the fleet and across all activities. This performance is even more remarkable since the satellite fleet operated for much of the year at a fill rate above 90%.
Two additional satellites are on track for launch in the September to October 2011 timeframe which will reinforce our fleet's Ku-band capacity from the second quarter of our current fiscal year onwards. We target revenues in the current year above €1,235 million, with growth accelerating in the subsequent two years to deliver top-line CAGR above 7% for the three year period ending June 30, 2014. This growth will be coupled with strong profitability and we target EBITDA for the current year to be above €955 million, and we confirm our EBITDA margin target at above 77% for each fiscal year until June 2014.
During that period we will pursue our investment plan aimed at increasing capacity, including opening a new orbital position at 3°East, paving the way for sustainably profitable revenue growth beyond 2014."
