The Ordinary and Extraordinary Annual General Meeting of Shareholders of Eutelsat Communications (Euronext Paris: ETL) was held in Paris on 8 November under the chairmanship of Giuliano Berretta, Chairman of the Board. The accounts for fiscal 2010-2011 were approved, as well as the Company’s Articles of Association and all resolutions put to the vote.
The Annual General Meeting of Shareholders also approved the proposal to distribute 0.90 euro per share, an increase of 18.4% over the previous year. This distribution, which represents a pay-out ratio of 58%, will be paid on November 22, 2011.
Shareholders renewed the mandates of the Fonds Stratégique d’Investissement (represented by Thomas Devedjian), Abertis Telecom (represented by Marta Casas Caba) and Bertrand Mabille as Board members for six-year terms ending at the end of the Ordinary General Meeting to be held to examine the accounts for the financial year ending 30 June 2017.
Shareholders appointed Abertis Infraestructuras (represented by Francisco Reynes Massanet), Tradia Telecom (represented by Tobias Martínez Gimeno) and Retevision I (represented by Andrea Luminari) as Board members for six-year terms. Shareholders also approved the appointment of Jean-Paul Brillaud and Jean-Martin Folz as Board members for six-year terms.
The Board of Directors that met after the General Assembly approved the appointment of Jean-Martin Folz as non-executive Chairman of the Board. The Board also appointed Giuliano Berretta as Honorary Chairman.
Michel de Rosen, Chief Executive Officer, commented: "With the excellent results achieved in the 2010-2011 financial year, Eutelsat delivered another year of growth, and a record one for our company. For the second consecutive year we have achieved double-digit growth in revenues, with EBITDA up by 11.9%.To maintain our leadershipin markets with ongoing potential for expansion we are investing the equivalent of over 40% of revenues in renewing and expanding in-orbit resources, and plan annual average capital expenditure of550 million euros to June 2014. These investments do not curtail our capacity to share profits with shareholders. Our objective is to continue to increase dividends each year, with a payout ratio between 50% and 75%.
With Jean-Martin Folz now appointed as our Group’s new Chairman, Eutelsat’s trajectory of growth is well-placed to continue. Jean-Martin succeeds Giuliano Berretta whose outstanding contribution forms an intrinsic part of Eutelsat’s development. We are proud to welcome Giuliano as our Honorary Chairman.”