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Eutelsat Communications First Half 2012-2013 Results In Line With Targets

PARIS, February 7, 2013 /PRNewswire/ --

Note: This press release contains unaudited condensed consolidated half-year accounts prepared under IFRS which was reviewed by the Audit Committee 5 February 2013 and approved by the Board of Directors of Eutelsat Communications on 7 February 2013.

  • Revenue growth: +5.2% at €633.6 million, including EUTELSAT 172A; +3.3% at constant currency
  • Profitability:
    • EBITDA [1]   up 4.9% to €501.9 million; industry-leading EBITDA margin of 79.2%
    • Group share of net income up 13.9% to €178.5 million; net margin at 28.2%
  • Excellent visibility: record backlog of €5.4 billion
  • Fleet expansion programme on track with successful launches of EUTELSAT 21B, EUTELSAT 70B and integration of EUTELSAT 172A
  • Current and three year targets confirmed

The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris: ETL) approved the financial results for the half-year ended 31 December 2012.

    Six months ended 31 December                       2011      2012  Change
                Key elements of consolidated income statement
    Revenues                                  EURm    602.4     633.6   +5.2%
    EBITDA                                    EURm    478.5     501.9   +4.9%
    EBITDA margin                                     79.4%     79.2%  -0.2pt
    Group share of net income                 EURm    156.8     178.5  +13.9%
    Diluted earnings per share                 EUR    0.713     0.813  +13.9%
             Key elements of consolidated statement of cash flows
    Net cash flows from operating activities  EURm    333.2     406.8  +22.1%
    Capital expenditure                       EURm    241.8  388.7[2]  +60.7%
    Operating free cash flows                 EURm     91.4      18.1  -80.2%
                     Key elements of financial structure
    Net debt                                  EURm  2,379.6   2,612.9   +9.8%
    Net debt/EBITDA                              X     2.53      2.66
                                   Backlog
    Backlog                                  EURbn      5.3       5.4   +0.5%

Commenting on the half year 2012-2013 results, Michel de Rosen, CEO of Eutelsat Communications, said:   " We are pleased to report  robust  results for first half 2012-2013 , with revenue growth  of  over 5% and  an  EBITDA margin exceeding 79% .     The record bac klog of €5.4 billion  underscores  our  long term visibility on revenues and cash flows.

Two new satellites, EUTELSAT 21B and EUTELSAT 70B were successfully launched in the first half and recently entered into service, and the recently acquired EUTELSAT 172A was smoothly integrated into the fleet.  These three advances mark another milestone in the Group's expansion programme that will lead to an increase of in-orbit resources by more than 30% in the three-year period from June 2012 to June 2015.

At the half year point, Eutelsat remains fully on track to meet its current year and mid-term targets of top-line growth of 5 to 6% for the current fiscal year and a CAGR of 6 to 7% for the three years to June 2015, and an EBITDA margin of around 77%."

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