Revenues of 1,529m up 0.2% like-for-like[1], 3.6% on a reported basis
High level of profitability: EBITDA margin of 76.2%
Group share of net income of 348m, down 1.9%
Proposed dividend raised to 1.10 per share; cash-only payment
Financial objectives confirmed: return to topline stability in 2017-18 with EBITDA margin above 75% and growing discretionary free-cash-flow[2]
Paris, 29 July 2016 - The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - NYSE Euronext Paris: ETL) met yesterday under the chairmanship of Michel de Rosen and reviewed the financial results for the year ended 30 June 2016.
Key Financial Data FY2014-15 FY2015-16 Actual change Like-for-likechange
Revenues - m 1,476.4 1,529.0 3.6% 0.2%1
Profitability
EBITDA[3] - m 1,131.7 1,164.6 2.9% -
EBITDA margin - % 76.7 76.2 -0.5 pts -
Group share of net income - m 355.2 348.5 -1.9% -
Financial structure
Net debt - m 3,841 4,007 166m
Net debt/EBITDA - X 3.4 3.4 n.c -
Backlog - bn 6.2 5.6 -9.5% -
Commenting on the 2015-16 Financial Year, Rodolphe Belmer, CEO of Eutelsat Communications, said: The past year has seen a number of operational milestones, with the successful launch of five new satellites and the roll-out of initiatives to address the African broadband market. We made further advances in our core Video activity, exceeding the 6,000 channel mark on our fleet, with a further rise in HD penetration and the launch of the first commercial Ultra HD channels. We also took measures to optimise our financial situation with the successful 500 million bond issuance in June 2016, and the initiation of non-core asset disposals.
At the same time, we are facing the challenge of a lower growth environment in certain of our core businesses, particularly data. In this context, we are implementing operational and financial measures aimed at restoring top-line stability as early as 2017-18 and maintaining our EBITDA margin above 75%. Our priority will be to maximize discretionary free-cash-flow generation through capex reduction, the containment of operating costs and balance sheet optimization to lower leverage in line with our commitment to our investment grade rating, while at the sametime investing selectively to support a return to growth in 2018-19.
We are confident in our ability to deliver on these objectives and commit to serving a stable to progressive dividend to our shareholders during this period .
[1] At constant currency and perimeter, excluding non-recurring revenues.
[2] Net cash-flow from operating activities - Cash Capex - Interest and Other fees paid net of interests received. Please refer to the appendix of this document for more detail.
[3] Operating income before depreciation and amortisation, impairments and other operating income/(expenses).
MAIN OPERATING HIGHLIGHTS
Financial year 2015-2016 saw the successful launch of five satellites:
August 2015, EUTELSAT 8 West B, boosting coverage of the Middle East and North Africa region (MENA);
December 2015, EUTELSAT 36C, strengthening resources for Video in Sub-Saharan Africa and Russia and for Broadband in Russia;
January 2016, EUTELSAT 9B, mainly a replacement satellite for Video in Europe;
March 2016, EUTELSAT 65 West A, opening a new orbital position in Latin America;
June 2016, EUTELSAT 117 West B, bringing incremental capacity to the Americas.The Group made further advances in the core Video activity with the number of channels exceeding the 6,000 mark during the year, a further rise in HD penetration to 13.6% and the launch of the first UHD channels on the fleet.
Elsewhere, Eutelsat implemented two initiatives to address the African broadband market: first, the lease, in partnership with Facebook, of the entire Ka-band payload on the AMOS-6 satellite due for launch in the third quarter 2016; second, the procurement of a follow-on standalone High Throughput Satellite, with a launch expected in 2019.
Finally, within the context of the strategy of financial optimisation, Eutelsat successfully issued a 500 million 5-year bond bearing a 1.125% coupon in June 2016, and implemented measures to rationalize its portfolio of assets, with the initiation of the process to divest its 33.69% stake in Hispasat and the sale of Alterna'TV.
REVENUES[1]
Total revenues for FY 2015-16 stood at 1,529 million, up 0.2% at constant currency and perimeter and excluding non-recurring revenues. The appreciation of the dollar relative to the euro added 3.5 points to top-line growth, particularly in Government Services and to a lesser extent in Data Services. On a reported basis, revenues were up 3.6% including the impact of changes in perimeter (disposal of Alterna'TV).
Revenues for the Fourth Quarter stood at 371.6 million, with a like-for-like change of -2.3% year-on-year and -1.5% quarter-on-quarter, consistent with financial objectives.
Revenues by business application
In millions FY 2014-15 FY 2015-16 Actual change Like-for-like change
Video Applications 913.0 943.6 3.4% 2.3%
Data Services 226.6 230.0 1.5% -6.1%
Value-Added Services 102.4 107.8 5.2% 4.8%
Government Services 196.5 199.9 1.7% -7.5%
Other revenues[2] 37.9 47.7 26.0% 23.4%
Sub-total 1,476.4 1,529.0 3.6% 0.2%
Non-recurring revenues[3] - - - -
Total 1,476.4 1,529.0 3.6% 0.2%
EUR/USD exchange rate 1.228 1.108 - -
Video Applications (64% of revenues)
In FY 2015-16, revenues from Video Applications were up 2.3% like-for-like to 943.6 million. This reflected sustained growth in MENA and Sub-Saharan Africa with the entry into service of new capacity on EUTELSAT 8 West B in October 2015 and EUTELSAT 36C in February 2016, as well as growth at 16 East (Sub-Saharan Africa and Central Europe), and 7 East (Middle East and East Africa). Fransat also recorded higher revenues on the back of the transition to Hig
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Revenues of 1,529m up 0.2% like-for-like[1], 3.6% on a reported basis
