Eutelsat had revenues of €1,347.9 million in the year to June 30, a 5% increase on the previous 12 months.
Its EBITDA was meanwhile €1,033.2 million (+3.8%) and group share of net income €303.2 million (-14.6%).
In its latest set of results, the satellite operator notes that video applications were again the most lucrative side of its business, accounting for 66.8% of revenues in the year to June 30. At €877.2 million, they were up 1.5%, including Satmex, and stable at constant currency with Satmex.
Limited additional capacity plus the suspension of operations at certain frequencies at 28.5 degrees East in October 2013 was compensated by growth at 36 degrees East (Russia and sub-Saharan Africa) and 7/8 degrees West (Middle East and North Africa, as well as the entry into service of Express-AT1 (Siberia) in May this year.
As of June 30, the total number of channels broadcast by Eutelsat stood at 5,746. Including Satmex, 584 of these were in HD. The number of operational transponders as of June 30 was 996 (+16.1% year-on-year), with a fill rate of 78.7% (74% a year earlier).
In its outlook, Eutelsat says it expects organic revenue growth of around 4% in the current year, rising to over 5% for the two subsequent years to June 30, 2017.
The EBITDA margin is targeted at above 76.5% for each fiscal year until June 30, 2017.
Average investment will be around €500 million a year until mid-2017, with the focus on high growth markets in Latin America, Russia, the Middle East, Africa and Asia-Pacific.
Eutelsat’s launch schedule covers seven satellites up to mid-2017, with first up being Eutelsat 115 West B (ex Satmex) at 114.9 degrees West, serving the Americas, in Q1 2015.
Commenting on the results, Michel de Rosen, chairman and CEO of Eutelsat Communications, said: ”Eutelsat’s full year results were in line with objectives, with revenue growth above 2.5% and an EBITDA margin at a high level of 76.7%. The integration of Satmex is being executed smoothly with its financial contribution fulfilling our expectations. Our backlog stands at an all-time high of €6.4 billion, confirming the long term positive dynamics in our existing and new markets. The Board of Directors recommends a dividend of €1.03 per share, implying a payout ratio of 75%, at the top end of our policy range.
“Additional capacity coming on stream will allow us to accelerate topline growth in the coming three years. This growth will be principally driven by video and selected opportunities in broadband and mobility in fast growing markets, notably in Latin America and in Asia Pacific. We are committed to our high level of profitability, and will remain selective on capital expenditure that supports our development. This will allow us to strengthen our balance sheet and maintain an attractive level of dividend”.
