Eutelsat posts steady rise in revs, profits for 2013 second half
Pascale Paoli-Lebailly | 14-02-2014
Eutelsat's board of directors has announced the financial results for the half-year ended 31 December 2013, delivering first half revenues in line with the full-year objectives, with a 2.2% growth at €647.4 million, and more than 3% at constant currency excluding non-recurring revenues.
Operational result establishes at €501.3 million (down 0.1%) and operating profitability remains high with a 77.4% EBITDA margin. Group share of net income reached €147 million.
The order backlog of €5.3 billion "continues to provide good visibility," the company said.
"In video applications, our main neighbourhoods saw good channel growth, demonstrating a positive underlying trend. The performance of this activity in the first half reflects a lack of available capacity, which will be addressed with future fleet deployments, and the impact of the suspension of operations on certain frequencies at 28.5° East, CEO Michel de Rosen commented. "The performance of data was more than offset by the growing contribution from value-added services which is benefiting from our new commercial impetus."
Closed on 1 January 2014, the acquisition of Satmex has secured its financing with a €930 million six-year bond issue in December.
"With Satmex, we are significantly upscaling in Latin America to add to our strong presence in other fast-growing markets," de Rosen added.
Eutelsat announced additional capacity in the coming years that will principally serve video markets in the fastest growing regions, notably Latin America, Russia, the Middle East and Africa.