Paris, 11 May 2017 - Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris: ETL) today reported revenues for the Third Quarter and Nine Months ended 31 March 2017.
Three months to 31 March 2017
Note: Since its First Half results on 9 February 2017, Eutelsat now publishes its revenues on the basis of five applications: Video, Fixed Data and Government Services (Core Businesses), Fixed Broadband and Mobile Connectivity (Connectivity). Please refer to the note in the appendix to H1 results release for more details.
Previous reported applications Proforma: New applications Variation
In millions Q3 2015-16 In millions Q3 2015-16 [1] Q3 2016-17 Vs. reported revenues Like-for-like change[2]
Video Applications 239.1 Video Applications 236.7 228.1 N/A -4.1%
Data Services 54.4 Fixed Data 47.0 42.1 N/A -12.6%
Value-Added Services 25.3 Government Services 45.3 45.2 N/A -3.0%
Government Services 49.7 Fixed Broadband 17.8 24.2 N/A 36.0%
Other revenues 14.5 Mobile Connectivity 13.8 17.2 N/A 21.1%
Sub-total 383.0 Other revenues [3] 15.2 7.5 N/A -51.6%
Non-recurring revenues - - - - N/A -
Total 383.0 Total 375.7 364.3 -4.9% -4.2%
EUR/USD exchange rate 1.10 1.06
Rodolphe Belmer, Chief Executive Officer, commented: Revenues for the Third Quarter were in line with our expectations, with a solid underlying performance in Broadcast. In consequence we affirm our revenue target for the Full Year with an outturn around the middle of our range of objectives.
During the quarter, we have made solid commercial progress, with an outcome of the Department of Defense Spring renewal campaign in line with expectations as well as the sale of new and renewal capacity at a number of our Video neighbourhoods. We have continued to maximise capex efficiencies notably with the agreement to host the EGNOS navigation system payload on EUTELSAT 5 West B and the contract with Blue Origin to further diversify our options for access to space. We have made significant headway on our strategic roadmap, with the closure of the first phase of the ViaSat partnership agreement. These elements enable us to look the medium term return to growth with confidence.
OPERATING HIGHLIGHTS
During the Third Quarter, Eutelsat made further headway with
A solid commercial performance notably comprising:
An outcome of the Spring renewal campaign with the US Department of Defense in line with our expectations;
The signature with NTV-PLUS of a multi-year, multi-transponder contract covering the Express-AT2 satellite to reach homes in Far Eastern Russia and incremental capacity on the Express-AT1 satellite to consolidate coverage of Siberia;
The multi-year renewal of a HOTBIRD transponder by SRG SSR, Switzerland's public broadcaster;
A multi-year contract with Ethiopia's Information Network Security Agency for a new TV platform at the 7/8 West neighbourhood.
Continued progress on Capex efficiency via:
A hosted payload, with the selection of Eutelsat by the European Global Navigation Satellite Systems Agency (GSA) for the development, integration and operation of the next-generation EGNOS payload on EUTELSAT 5 West B, a contract valued at c. 100 million. Service is scheduled to start in FY 2019-20 for a duration of 15 years;
Greater choice in the launcher market through a contract with Blue Origin for a launch on the New Glenn rocket in the 2021-2022 timeframe, further diversifying options for access to space.
Further progress on the deployment plan, with the entry into service in January of EUTELSAT 117 West B over the Americas;
The closing of the partnership arrangement combining Eutelsat's established European broadband business with ViaSat's broadband technology and Internet Service Provider (ISP) expertise.
THIRD QUARTER REVENUES [4]
Third Quarter revenues stood at 364.3 million, down 4.2% at constant currency and perimeter. On a reported basis, revenues were down 4.9% reflecting a 1.9 point negative perimeter effect (reflecting the disposal[5] of Alterna'TV, Wins/DHI and DSAT Cinema) and a 1.2 point positive currency effect.
Quarter-on-quarter, revenues were down 1.6% on a reported basis and down 2.9% on a like-for-like basis.
Unless otherwise stated, all variations indicated below are on a like-for-like basis.
Core businesses
Video Applications (64% of revenues)
Third Quarter revenues for Video Applications amounted to 228.1 million, down 4.1% year-on-year. Revenues from Broadcast were down 3.5% year-on-year with the negative impact of the rationalisation of capacity at the HOTBIRD position and lower revenues from FRANSAT more than offsetting the contribution of incremental capacity launched during the course of last year (mainly EUTELSAT 36C for Sub-Saharan Africa). Without these two negative elements, Broadcast revenues would have been slightly growing.
Professional Video revenues were down 9.1% year-on-year, reflecting continued pressure on contribution services in this application.
Revenues were down by 0.9% quarter-on-quarter. This sequential decline was fully attributable to Professional Video, with Broadcast revenues broadly stable, despite the end of the contract with Orange TV from 1 January 2017, reflecting sustained performance in emerging markets.
At 31 March 2017, the total number of channels broadcast by Eutelsat satellites stood at 6,356, up 3.2% year-on-year. HD penetration continued to rise, representing 16.6% of channels compared to 13.1% a year earlier, or 1,057 channels, up from 807 ( 31%) a year earlier.
On the commercial front, a multi-year, multi-transponder contract was signed with NTV-PLUS covering the Express-AT2 satellite at 140 East to reach homes in Far East Russia and incremental capacity on the Express-AT1 satellite at 56 East to consolidate coverage of Siberia. Elsewhere, a multi-year contract wit
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Paris, 11 May 2017 - Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris: ETL) today reported revenues for the Third Quarter and Nine Months ended 31 March 2017.
