|By Business Wire||
|May 15, 2014 12:05 PM EDT||
Eutelsat Communications (Paris:ETL) (ISIN: FR0010221234 - Euronext Paris: ETL) today reported revenues for the third quarter and nine months ended 31 March 2014.
Revenues by business application (in millions of euros)
3rd quarter ended
Change (in %)
Change (in %)
|Video Applications||216.4||219.7||+1.5%||- 1.2%||647.1||650.2||+0.5%||- 0.1%|
|Data & Value-Added Services||60.8||74.6||+22.7%||- 1.1%||185.6||201.6||+8.6%||+2.1%|
|Data Services||46.7||54.1||+15.8%||- 15.2%||140.4||137.9||-1.8%||- 10.5%|
|Value-Added Services||14.1||20.5||+45.7%||+ 45.9%||45.3||63.7||+40.7%||+ 41.0%|
|Multi-usage||35.4||40.2||+13.7%||+ 7.5%||108.1||113.8||+5.3%||+ 6.6%|
|Sub-total||315.1||342.3||+8.6%||+ 1.5%||948.8||989.3||+4.3%||+ 2.5%|
|Total||322.9||342.3||+ 6.0%||-1.0%||956.5||989.8||+3.5%||+ 1.8%|
Michel de Rosen, Chairman and CEO of Eutelsat Communications, said:
“This quarter marked a significant step in Eutelsat’s international development with the closing of the acquisition of Satmex on 1 January 2014. Satmex brings strong growth potential from Latin America, one of the most dynamic markets for satellite services.
Revenues for the first nine months were up by 2.5%, at constant currency excluding non-recurring revenues and Satmex, in line with our annual objective. Third quarter revenues were up by 1.5%, and by 6% including Satmex, which was consolidated from the 1 January. The total order backlog stood at the high level of €5.8 billion, providing excellent visibility, notably in Video.
In the third quarter, Video Applications revenues reflected the impact of the suspension of operations on certain frequencies at 28.5° East and the lack of available capacity at other key video neighbourhoods. The successful launch of the Express-AT1 and Express-AT2 satellites marks an important stage in our deployment plan that will add capacity in video markets in the fastest growing regions. The environment for Data services remains generally tough although Satmex has brought a new dynamic. Value-Added Services posted a further strong performance. In Multi-usage, third quarter 2013-2014 contract renewals were in the lower end of our expectations.
The integration of Satmex is progressing well and the Latin American market continues to confirm its potential, with two multi-year contracts signed for the sale of High Throughput Payloads serving the Brazilian market, while Satmex’s order backlog has almost doubled over the last twelve months.
The group confirms its full year objective of above 2.5% organic revenue growth (at constant currency excluding non-recurring revenues and Satmex), while Satmex is well on track to add around US$70 million to revenues in the current fiscal year.”
ANALYSIS BY APPLICATION
Note: Unless otherwise stated, all growth indicators or comparisons are made against the third quarter of the previous fiscal year ended 31 March 2013. The share of each application as a percentage of total revenues is calculated excluding “other revenues” and “non-recurring revenues”.
For the nine-month period ending 31 March 2014, Eutelsat Communications revenues stood at €989.8 million, up 3.5% on a reported basis. At constant currency and excluding the contribution of Satmex as well as non-recurring revenues, revenue growth for the first nine months was 2.5%.
Third quarter revenues stood at €342.3 million, a 6.0% rise, which reflected the contribution of Satmex from 1 January 2014. Revenue growth was 1.5% at constant currency and excluding Satmex and non-recurring revenues. In the same quarter, Satmex revenues were up almost 10%.
VIDEO APPLICATIONS (65.7% of revenues)
Including Satmex, revenues from Video Applications rose 1.5% to €219.7 million, in the third quarter.
Excluding Satmex and at constant currency, Video Applications revenues were down 1.2%, mainly reflecting the suspension of operations on certain frequencies at 28.5° East on 4 October 2013 and the ongoing limitation in available capacity at key video neighbourhoods. Revenues at video neighbourhoods serving broadcasters in fast-growing markets, notably 36° East (addressing Russia and sub-Saharan Africa) and 7°/8° West (addressing the Middle East and North Africa) posted robust year-on-year growth. The Eutelsat-Nilesat video neighbourhood at 7/8° West remained dynamic with further growth in the installed base of satellite dishes which now exceeds 50 million.
Eutelsat’s main video neighbourhoods enjoyed good channel growth, demonstrating the positive underlying trend in the Group’s main application. At 31 March 2014, the total number of channels broadcast by Eutelsat’s satellites stood at 5,208. Excluding Satmex (247 channels as of 31 March 2014), the channel count was up 7% year-on-year (+323 channels). Growth was particularly robust at 16° East (+24%, or +149 channels), 7°/8° West (+23%, or +148 channels), 36° East (+19%, or +138 channels) and 7° East (+36%, or +82 channels).
At 31 March 2014, 522 of the channels broadcast by Eutelsat satellites were in High Definition, up from 434, implying a penetration rate of 10.0% (10.3% excluding Satmex) compared to 9.4% at 31 March 2013.
Since end-December 2013, a number of contracts have been announced:
- In Central and Eastern Europe, long-term capacity agreements were signed with three Romanian flagship channels on the EUTELSAT 16A satellite. Two 33 MHz transponders were leased by M7 Group on the EUTELSAT 9A satellite to broadcast its new pay-TV platform in Hungary;
- Arqiva, a leading communications infrastructure company in the UK, signed a multi-transponder contract for capacity commercialised by Eutelsat at the 28.2°/5° East neighbourhood to serve the UK Direct-to-Home market;
- ASBU (The Arab States Broadcasting Union) concluded a multi-year contract on the EUTELSAT 21B satellite for programme exchanges between its member broadcasters in North Africa, the Middle East and Europe.
The successful launch on 16 March 2014 of the Express-AT1 and Express-AT2 satellites marks an important step in Eutelsat’s deployment programme, bringing additional capacity in high demand video markets in the Russian Federation.
DATA and VALUE-ADDED SERVICES (22.3% of revenues)
Data and Value-Added Services were up 22.7% on a reported basis, and down 1.1% excluding Satmex and at constant currency.
Data Services revenues declined by 15.2%, excluding Satmex and at constant currency, continuing to reflect:
- A persistently competitive environment, with point-to-point services remaining under pressure from the roll-out of terrestrial networks and, specifically in Africa, from the existing supply of satellite capacity;
- The reclassification of certain contracts to more accurately reflect the final usage of the capacity, as well as the termination of contracts with customers impacted by the U.S administration’s budgetary constraints.
New contracts signed during the quarter included a 72 MHz Ka-band transponder on EUTELSAT 8 West C with Intrasky, a satellite service provider in the Middle East and Africa, to boost its Internet connectivity services in the Levant area.
Satmex generated €15.2 million revenues in Data Services in the third quarter. Significant contracts were renewed during the quarter, notably with Claro Peru.
Value-Added Services recorded strong growth of 45.9%, at constant currency, to €20.5 million.
With 140,000 terminals activated at 31 March 2014 (from 124,000 at 31 December 2013 and 108,000 at 30 September 2013), broadband services on KA-SAT continued to perform well. Mobile connectivity services for the maritime market, notably through WINS, also contributed to year-on-year revenue growth.
Both the broadband and mobility markets are experiencing good momentum and continue to offer strong growth potential.
MULTI-USAGE (12.0% of revenues)
Including Satmex, whose “State Reserve” revenues are included in Multi-usage, third quarter revenues from Multi-usage services amounted to €40.2 million, up 13.7%.
Third Quarter revenues from Multi-usage services were up 7.5% at constant currency and excluding Satmex.
The negative carry forward effect of the outcome of third quarter 2012-2013 and first quarter 2013-2014 contract renewals, that continued to weigh on revenues, was offset by new contracts and the reclassification of certain contracts from Data Services.
The outcome of third quarter 2013-2014 contract renewals was in the lower end of the Group’s expectations.
OTHER AND NON-RECURRING REVENUES
Other revenues stood at €7.8 million (€2.6 million in the third quarter 2012-2013). They mainly include compensation paid on the settlement of business-related litigation, the financing of certain research programmes by the European Union and other organisations, and the recognition of EUR/US$ foreign exchange gains/losses.
There were no non-recurring revenues in the current quarter (versus €7.7 million in the third quarter 2012-2013).
SATMEX INTEGRATION ON TRACK
Closing of the acquisition and adoption of the Eutelsat brand
On 1 January 2014, Eutelsat closed the transaction to acquire 100% of the share capital of Satélites Mexicanos, S.A. de C.V. (“Satmex”) having obtained all required government and regulatory approvals. The transaction amounted to an aggregate of US$831.0 million and covered 100% of the share capital, as well as transaction-related costs. Satmex has been consolidated in the accounts of Eutelsat Communications since 1 January 2014.
Operating as a wholly-owned subsidiary, Satmex was renamed Eutelsat Americas in March 2014.
Early Redemption of Satmex bonds
On 15 May 2014, all the notes issued on 5 May 2011 and 30 March 2012 (the "Notes"') by Satmex, initially maturing on 15 May 2017, were redeemed at 104.75% of their principal amount, plus accrued and unpaid interest to the redemption date. The Notes represented an aggregate principal amount of approximately US$360 million and were bearing a coupon of 9.5%.
The early redemption of the Notes was pre-financed in December 2013 with the issuance by Eutelsat S.A. of 6-year senior unsecured bonds for a total of €930 million at very attractive conditions (2.625% coupon).
Following the redemption of the Notes, Satmex intends to terminate its obligations to file or furnish reports under the Securities Exchange Act of 1934 by filing Form 15F with the Securities and Exchange Commission of the United States of America.
LATIN AMERICAN MARKET CONFIRMING ITS HIGH POTENTIAL
Strong growth of Satmex backlog
The backlog of Satmex continued to grow, amounting to US$0.46 billion at 31 March 2014. It was up 9.7% on end-December 2013, and up 82% compared to end-March 2013.
Commercial wins addressing the Brazilian market
Two multi-year contracts were signed during the quarter for the sale of High Throughput payloads serving the Brazilian market:
- A 15-year contract was concluded with Hughes Network Systems do Brasil (“Hughes”), an EchoStar company, for the Ka-band capacity connected to the Brazilian service area on the EUTELSAT 65 West A satellite. Expected for launch in early 2016, EUTELSAT 65 West A will host a Ka-band payload with 24 spotbeams, of which 16 will cover a significant portion of the Brazilian population and generate over 24 Gbps of throughput, allowing Hughes to deliver broadband services to consumers and businesses unserved or underserved by terrestrial networks.
- A multi-year contract with Via Sat Brasil for the entire High Throughput payload on the EUTELSAT 3B satellite that is scheduled to launch on 26 May. The satellite’s five steerable Ka-band spotbeams, delivering full coverage of Brazil, will allow Via Sat Brasil to address the enterprise broadband market. The company also plans to use the capacity to diversify into satellite Internet access on selected airline routes between Brazil’s main business hubs.
BACKLOG AT €5.8 BILLION (87% VIDEO)
The backlog represents future revenues from capacity lease agreements and can include contracts for satellites not yet in operation.
Eutelsat’s backlog stood at €5.8 billion at 31 March 2014, up 8.3% compared to 31 December 2013, boosted by the integration of Satmex, whose order book continued to grow, amounting to US$0.46 billion at 31 March 2014, up 9.7% compared to 31 December 2013.
Excluding Satmex, the backlog rose by 1.3%. It represents a weighted average residual life of contracts of 7.0 years, and is equivalent to 4.2 times 2012-2013 revenues.
Backlog key indicators:
|Value of contracts (in billions of euros)||5.5||5.3||5.81|
|In years of annual revenues based on last fiscal year||4.5||4.1||4.22|
|Share of Video Applications||92%||94%||87%|
1 Including US$0.46 billion for Satmex.
2 Calculation based on a standalone backlog as of 31 March 2014 and on revenues reported at 30 June 2013.
OPERATIONAL AND LEASED TRANSPONDERS
At 31 March 2014, the number of operational transponders on Eutelsat’s fleet stood at 977, compared to 855 as of 31 December 2013. The increase reflects mainly the integration of the Satmex 6 and Satmex 8 satellites into the fleet.
The fill rate stood at 77.0% at 31 March 2014, compared to 74.8% at 31 December 2013 with the integration of Satmex, whose fill rate is above Group average.
|31 March 2013||31 December 2013||31 March 2014|
* Includes 82 KA-SAT spots as transponder equivalents. Fill rate considered at 100% when 70% of capacity is taken up.
CURRENT YEAR AND MEDIUM TERM OUTLOOK CONFIRMED
Group performance over the first nine months and the successful launch of Express-AT1 and Express-AT2 allow Eutelsat to confirm its objective of above 2.5% revenue growth for the current year on a constant currency basis and excluding non-recurring revenues and Satmex.
Satmex is on track to add around US$70 million to Eutelsat’s revenues for FY 2013-2014.
Eutelsat also confirms that for fiscal year 2013-2014 it expects an EBITDA margin of around 77% excluding the acquisition of Satmex and of around 76.5% including Satmex.
The Group’s medium-term outlook, published with first-half results on 14 February 2014, is also confirmed.
UPDATE OF FLEET DEPLOYMENT PLAN
Redeployment of EUTELSAT 33A
EUTELSAT 25B, a joint venture satellite with Es’hailSat from Qatar, went into commercial service on 29 October 2013 at 25.5° East, enabling Eutelsat to redeploy EUTELSAT 25C to 33° East in November 2013 under the name EUTELSAT 33B.
Within the framework of an agreement with Türksat, the Turkish satellite operator, EUTELSAT 33A was redeployed in early May 2014 from 33° East to 31° East and renamed EUTELSAT 31A.
Redeployment of EUTELSAT 28B
Following a multi-year agreement signed with the Afghanistan Ministry of Communications & Information Technology (MCIT), EUTELSAT 28B was relocated in February 2014 to 48° East to deliver extensive coverage of Afghanistan and Central Asia. Renamed EUTELSAT 48D, it will be used to enhance deployment of Afghanistan’s national broadcasting and telecommunications infrastructure as well as its international connectivity.
Successful launch of RSCC Express-AT1 and Express-AT2 satellites and entry into service of Express-AT1
The Express-AT1 and Express-AT2 satellites, owned and operated by RSCC, were successfully launched on 16 March 2014 by a Proton M rocket. Eutelsat has contracted 15-year leases with RSCC for 29 transponders across both satellites, principally to serve the Tricolor TV and NTV+ platforms. 21 of these transponders are already leased.
On 1 May 2014, Express-AT1 replaced an existing satellite at 56° East to bring fresh and expanded broadcasting resources over Siberia.
Express-AT2 is expected to start commercial service on 1 July 2014 at 140° East. It will be used for DTH broadcasting in Far East Russia.
EUTELSAT 3B launch
The launch of the EUTELSAT 3B satellite by Sea Launch that was originally planned for 15 April 2014, is now scheduled for May 26. EUTELSAT 3B is designed to increase and diversify Eutelsat’s resources and footprint at the 3° East orbital position. The first satellite to assemble Ku, C and Ka payloads in a single platform, it will operate up to 51 transponders for data, telecom, broadband and professional video services in Europe, Africa, the Middle East, Central Asia and South America.
Estimated launch schedule (satellites generally enter into service one to two months after launch for chemical propulsion satellites and six to eight months after launch for electric propulsion satellites.)
|EUTELSAT 3B(1)||3° East||26 May 2014||Data, Broadband||
Europe, Africa, Middle East,
|30 Ku / 9 Ka / 12 C|
|EUTELSAT 9B||9° East||Q1 2015||Video||Europe||60 Ku|
|SATMEX 7(2)||114.9° West||Q1 2015||Video, Data, Multi-usage||Americas||34 Ku / 12 C|
|EUTELSAT 8 West B||7°/8° West||Q3 2015||Video, Data||Middle East, Africa, South America||40 Ku / 10 C|
|EUTELSAT 36C(3)||36° East||Q4 2015||Video, Data, Broadband||Russia, Sub-Saharan Africa||Up to 52 Ku / 18 Ka|
|SATMEX 9(2)||116.8 ° West||Q4 2015||Video, Data, Multi-usage||Latin America||40 Ku|
|EUTELSAT 65 West A||65° West||Q2 2016||Video, Data, Broadband||Latin America||24 Ku, 10 C, up to 24 Ka|
1 When launched to 3° East, EUTELSAT 3B will
release EUTELSAT 3D to 7° East.
2 Satmex 7 and Satmex 9 are electric propulsion satellites.
3 Partnership satellite with RSCC.
Eutelsat wins Anatel auction for frequencies at 69.45° West
On 6 May 2014, Eutelsat do Brasil was awarded a licence in the C and Ku bands at the 69.45° West orbital position in an auction organised by Anatel, the Brazilian telecommunications regulator. The price to be paid is c. €9 million.
Filing of Form 6K by Satmex
On 15 May 2014, Satmex filed to the Securities Exchange commission a Report of foreign private issuer pursuant to rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 for the month of May 2014 (or “Form 6K”).
.* * *
Q3 and 9-month revenues conference call
Eutelsat Communications will host a conference call on Thursday, 15 May
2014, at 18H30 CET.
To join the call, please dial the following numbers
+ 33(0) 1 76 77 22 21 (from France)
+44 (0)20 3427 1908 (from the UK)
+1 656 254 3367 (from United States)
Access code: 6889285#
A recording will be available from 15 May midnight to 22 May, midnight (Paris time):
+ 33(0) 1 74 20 28 00
+ 44 (0) 20 3427 0598 (from the U.K)
+1 347 366 9565 (from the United States)
Access code: 6889285#
31 July 2014: full-year 2013-2014 results
30 October 2014: first quarter 2014-2015 revenues
6 November 2014: Annual General Meeting of Shareholders
About Eutelsat Communications
Established in 1977, Eutelsat Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is one of the world's leading and most experienced operators of communications satellites. The company provides capacity on 36 satellites to clients that include broadcasters and broadcasting associations, pay-TV operators, video, data and Internet service providers, enterprises and government agencies. Eutelsat’s satellites provide ubiquitous coverage of Europe, the Middle East, Africa, Asia-Pacific and the Americas, enabling video, data, broadband and government communications to be established irrespective of a user’s location. Headquartered in Paris, with offices and teleports around the globe, Eutelsat represents a workforce of 1,000 men and women from 32 countries who are experts in their fields and work with clients to deliver the highest quality of service. For more about Eutelsat please visit www.eutelsat.com
Revenue breakdown by application (in percentage of revenues)*
|3 months ended 31 March||9 months ended 31 March|
|Data & Value-Added Services||19.4%||22.3%||19.7%||20.9%|
|……..of which Data Services||14.9%||16.2%||14.9%||14.3%|
|…….of which Value-Added Services||4.5%||6.1%||4.8%||6.6%|
*excluding other revenues and one-off revenues (€10.3 million in Q3 2012-2013, €7.8 million in Q3 2013-2014 and €15.7 million year-to-date 2012-2013, €24.1 million year-to-date 2013-2014).
Quarterly revenues by business application (in millions of euros)
|3 months ended|
|Data & Value-Added Services||60.8||67.1||66.3||60.7||74.6|
|…………of which Data Services||46.7||47.1||43.2||40.6||54.1|
|……of which Value-Added Services||14.1||20.0||23.0||20.1||20.5|
Channel growth at neighbourhoods serving Central and Eastern Europe, Russia, Middle East, Africa
|7°/ 8° West||North Africa, Middle East||649||797|
|16° East||Central Europe, Indian Ocean islands, Africa||625||774|
|36° East||Russia, Africa||727||865|
Contribution of Satmex to third quarter 2013-2014 revenues by application (in millions of euros)
|Data & Value-Added Services||15.2|
|……..of which Data Services||15.2|
|…….of which Value-Added Services||-|
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