In line with objectives
Third quarter revenues of 368 million up 4.5% like-for-like[1]
Nine month revenues of 1,090 million up 4.4% like-for-like1
Growing backlog of 6.4 billion, 4.6 years of revenues
Full-year and three-year financial targets confirmed
Paris, 12 May 2015 - Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris: ETL) today reported revenues for the third quarter and nine months ended 31 March 2015.
Reminder: Third quarter and nine month 2013-14 revenues have been restated. Please refer to table in the appendix.
Three months to 31 March 2015
In millions Q3 2013-14 reported Q3 2013-14 Restated Q3 2014-15 Actual change Change at constant currency
Video Applications 219.7 214.7 225.3 4.9% 3.3%
Data Services 54.1 50.6 58.1 14.7% 4.8%
Value-Added Services 20.5 20.5 23.4 14.0% 13.4%
Government Services 40.2 44.0 49.5 12.5% -0.5%
Other revenues 7.8 7.8 11.4 ns ns
Sub-total 342.3 337.7 367.7 8.9% 4.5%
Non-recurring revenues - - - - -
Total 342.3 337.7 367.7 8.9% 4.5%
EUR/USD exchange rate 1.368
1.197
Nine months to 31 March 2015
In millions
9m 2013-14 reported 9m 2013-14 restated 9m 2014-15 Actual change Change at constant currency
Video Applications 650.2 650.6 677.7 4.2% 3.4%
Data Services 137.9 156.7 165.5 5.6% 1.3%
Value-Added Services 63.7 63.7 74.8 17.4% 17.0%
Government Services 113.8 131.4 141.7 7.8% 1.8%
Other revenues 23.6 22.4 30.8 ns ns
Sub-total 989.3 1 024.8 1 090.5 6.4% 4.4%
Non-recurring revenues 0.5 0.5 - ns ns
Total 989.8 1 025.3 1 090.5 6.4% 4.4%
EUR/USD exchange rate 1.355
1.272
Commenting on the Third Quarter, Michel de Rosen, Chairman and CEO, said: Eutelsat's third quarter revenues were in line with objectives, with like-for-like growth of 4.5%. With growth of 4.4% for the first nine months, we are on track to deliver on our full-year objective. This quarter saw the refinancing of part of our debt, which will lead to lower interest charges. It was also marked by the successful launch of EUTELSAT 115 West B, the first commercial fully-electric satellite, which will bring new capacity to our Americas footprint. Total revenues for the nine-month period ending 31 March 2015 stood at 1,090.5 million, up 4.4% on a pro-forma basis at constant currency and excluding non-recurring revenues. The appreciation of the dollar relative to the euro added two points to top-line growth, particularly represented in Government Services and to a lesser extent in Data Services.
Third quarter revenues stood at 367.7 million, up 4.5% on a pro-forma basis at constant currency and excluding non-recurring revenues. The impact of the appreciation of the dollar was even more marked during the period, adding 4.4 points to top-line growth.
The quarter saw the successful launch of EUTELSAT 115 West B, the first commercial all-electric satellite. The Group also concluded the early refinancing of an 800 million bank term loan which will extend its debt maturity and reduce financial charges by circa 15 million[2] before tax on an annualised basis.
In the context of the current economic environment in Russia, Eutelsat entered into discussions with its Russian clients with the aim of alleviating some contract terms. These discussions have been partially completed. The impact on third quarter revenues was of around 1 million euros. For fiscal year 2014-2015, the impact is estimated at less than five million euros. For FY 2015-16, the additional impact is estimated in the region of 12 to 15 million euros.
THIRD QUARTER REVENUE ANALYSIS[3] BY APPLICATION
VIDEO APPLICATIONS (63% of revenues)
Third quarter revenues from Video Applications were up 3.3% like-for-like to 225.3 million. This mainly reflected the entry into service of the Express-AT1 satellite in May 2014, the good performance of Eutelsat Americas and higher revenues at 28 East in Europe, 7/8 West in the Middle East and North Africa and 16 East in Sub-Saharan Africa and Central Europe. These more than offset lower revenues at the HOT BIRD position following the non-renewal of contracts with some service providers in the first half.
Recent contracts include the long-term extension of capacity agreements on EUTELSAT 16A with United Group, the leading TV and broadband service provider in South Eastern Europe, additional capacity booked by Azam TV at 7 East for its pay-TV operations in East Africa, and a new contract with Strong Media for broadcasting in West Africa from 16 East. Televisa Networks also renewed and increased capacity on satellites commercialised by Eutelsat Americas.
At 31 March 2015, the total number of channels broadcast by Eutelsat satellites stood at 5,747, up 10.3% year-on-year. HDTV penetration continued to increase, representing 11.7% of channels compared to 10.0% a year earlier. A total of 672 channels were broadcast in high definition across Eutelsat's fleet at the end of the third quarter, up from 522 a year earlier.
DATA SERVICES (16% of revenues)
Data Services third quarter revenues stood at 58.1 million, up 4.8% year-on-year on a like-for-like basis. Growth was driven by Latin America thanks to both regular capacity and the HTS payload on EUTELSAT 3B used to provide broadband services in Brazil, and by the ramp-up of regular capacity on EUTELSAT 3B in other regions. As in previous quarters, the data environment remains challenging in EMEA.
On a quarterly sequential basis, the underlying trend continues to show signs of stability.
VALUE-ADDED SERVICES (7% of revenues)
Value-Added Services third quarter revenues amounted to 23.4 million, up 13.4% year-on-year.Uptake on KA-SAT continued, with 180,000 broadband terminals activated at 31 March 2015, up from 140,000 a year ear
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In line with objectives 
