Eutelsat has posted restated revenues of €722.8 million in the half year to December 2014, or 4.3% more than in the same period in 2013.
Its EBITDA amounted to €559.6 million (+11.6%) and EBITDA margin unchanged at 77.4%, with net income amounting to €160.7 million (+9.1%).
Video applications accounted for the majority of revenues at €452.4 million and were 3.5% up on a year earlier.
This reflected the entry into service of the Express-AT1 satellite resources added at the 7/8 degrees West position and good performance of Satmex.
The total number of channels broadcast at year’s end stood at 5,741 – 307 more than a year earlier, excluding Satmex.
HD channels accounted for 11.4% of the total compared to 10.6% a year earlier.
Research published by the Eutelsat TV Observatory shows that as of this January the number of homes receiving channels broadcast by eight of Eutelsat’s flagship television neighbourhoods serving Europe, Russia, North Africa and the Middle East stood at 274 million, up 32% since 2010.
Meanwhile, the number of DTH households is growing, up by 44% to 160 million homes between 2010 and 2014.
Eutelsat says that the situation in Russia, which accounts for around 5% of total revenues, has put pressure on the company’s Russian customers with euro-denominated contracts. It is therefore reviewing the terms of certain contract while the situation persists.
Commenting on the results, Michel de Rosen, chairman and CEO of Eutelsat Communications, said: ”Eutelsat’s half year results were in line with objectives, with like-for-like revenue growth of 4.3%, and an EBITDA margin of 77.4%. Video revenues are benefiting from additional capacity launched last year and from the positive dynamics of the Latin American market. Revenue trends in Data showed a slight improvement, while Value-Added Services reflected uptake on KA-SAT. In Government Services new contracts offset the lower renewals of the previous twelve months. A year on from its consolidation, Satmex continues to deliver in line with expectations and contributed positively t”o all applications.
“Based on performance of the first half, we remain on track to meet our full year objectives, in the context of a tougher comparison basis in the second half and the current environment in Russia. Our targets for the next two years are also confirmed. We are confident in the longer-term demand trends in our industry, and we are investing in our future development with industry-leading innovation projects like Eutelsat Quantum”.
