Eutelsat Communications reports First Half 2011-2012 results
16 February 2012
The Board of Directors' of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris: ETL) adopted the financial results for the half-year ended 31 December 2011.
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2010
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2011
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Change
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Key elements of consolidated statement
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Revenues
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€m
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575.9
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602.4
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+4.6%
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EBITDA
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€m
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463.0
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478.5
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+3.4%
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EBITDA margin
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%
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80.4
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79.4
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-1pt
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Group share of net income
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€m
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174.4
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156.8
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-10.1%
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Diluted earnings per share
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€
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0.793
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0.713
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-10.1%
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Key elements of consolidated statement of cash flows
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Net cash flows operating activities
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€m
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371.0
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333.2
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-10.2%
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Capital expenditure
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€m
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226.8
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241.8
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+6.6%
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Operating free cash flows
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€m
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245.8(2)
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91.4
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-62.8%
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Key elements of financial structure
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Net debt
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€m
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2,414.8
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2,379.6
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-1.5%
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Net debt /EBITDA
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X
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2.75
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2.53
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Backlog
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Backlog
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€bn
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4.9
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5.3
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+9.6%
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(1) EBITDA is defined as operating income before depreciation and amortisation, impairments and other operating income/(expenses)
(2) Included exceptional cash items totalling €161.6 million relating to the first payments received from insurers from the loss of the W3B satellite and an equity investment reduction.
Commenting on the half year 2011-2012 results, Michel de Rosen, CEO of Eutelsat Communications, said: "We delivered solid results in the First Half with 4.6% revenue growth and an industry-leading EBITDA margin of over 79%. Following the successful entry into service of two new satellites, that have anchored our market position in the Middle East, Africa, Central Europe and the Indian Ocean Islands, our order backlog increased almost 10% to €5.3 billion, giving excellent long term visibility and underscoring the overall resilience of our business. In addition to these operational achievements, the Group successfully refinanced a significant part of its debt, extending its average maturity and further diversifying funding sources.
With new in-orbit resources recently entered into service, the Group remains on track to achieve annual revenues of over €1,235 million for the current fiscal year. This objective is however more challenging in view of the current competitive environment in some regions and a partial delay in the roll-out of KA-SAT services. The EBITDA target of over €955 million for the current year is confirmed. In addition, the Group reaffirms its medium term objectives for the three year period from July 2011 to June 2014."
