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Présentation Fy 2014-15 FINALE Sans Speaker Notes FULL-YEAR 2014-2015 RESULTS Thursday 30 th July 2015 Agenda FY 2014-2015 highlights Operational performance Financial overview Outlook 2 Key Figures Revenues Revenues of €1,476m up 4.0 1% like-for-like Increase of 9.5% on a reported basis EBITDA Strong profitability: EBITDA of €1,132m Stable EBITDA margin of 76.7% Net result Group share of net income of €355m, up 17% Net margin of 24% Financial Robust free cash-flow generation Position Improved Net Debt / EBITDA ratio at 3.4 Distribution Proposed dividend of €1.09 per share Payout ratio of 70% 1At constant perimeter and currency and excluding non-recurring revenues, based on proforma revenues of €1,377m for FY 2013-2014 (see table in appendix) 3 Operational highlights Positive contribution to revenue growth from all applications ° Strong performance of Satmex Commercial wins contributing to solid order book of €6.2bn ° Renewal at HOT BIRD position with nc+ for Poland ° Renewal at 16 ° East with Total TV for South-East Europe ° Several new contracts in dynamic Africa video market Deployment plan paving the way for future growth ° Procurement of EUTELSAT 172B to accelerate development in Asia-Pacific ° Launch of EUTELSAT 115 West B, increasing resources in LATAM Procurement of ‘Eutelsat Quantum’ software-defined satellite ° Unprecedented flexibility ° Innovation as a driver of growth Early refinancing of term loan ° Reduction of nominal and extended debt maturity profile ° Reduction in financial charges starting this year 4 Agenda FY 2014-2015 highlights Operational performance Financial overview Outlook 5 Full Year revenues: €1,476m +4.0% like-for-like 1 REVENUE REVENUES Y-O-Y CHANGE (%) 3 CONTRIBUTION 2 (€m) LIKE-FOR-LIKE ACTUAL 63% 913 +3.5 +4.7 Video 16% 227 +1.3 +8.3 Data 7% 102 +14.8 +15.4 VASVAS VAS Government 14% 196 +2.6 +12.5 Services 1 At constant perimeter and currency and excluding non-recurring revenues 2 Excluding Other revenues and Non-recurring revenues 3 Versus restated revenues for FY 2013-2014. Please refer to table in the Appendix 6 Video: Benefits of added capacity and new contracts Revenues of €913m up 3.5% 1 like-for-like, underpinned by: ° Resources added at 56 ° East and 7/8 ° West Revenues (€m) ° Good performance of Eutelsat Americas 2 913 ° Higher revenues at 36 ° East, 7 ° East and 16 ° East 872 Offsetting impact of: Q4 222 Q4 235 ° Lower revenues at 28.5 ° East in Q1 Q3 225 ° Non-renewal at HOT BIRD of contracts with some Q3 215 service providers Q2 215 Q2 225 ° Renegotiation of Russian contracts 5,793 channels broadcast at end-June 2015 Q1 221 Q1 228 HD penetration at 11.9% vs. 10.2% FY 2013-2014 FY 2014-2015 1 On the basis of restated revenues at constant currency 2 Restated revenues adjusted including revenues for Satmex from July to September 2013 and adjusting for the impact of the KabelKiosk disposal and from reclassifications between applications 7 Data: Positive dynamics in LATAM Revenues of €227m, up 1.3% 1 like- for-like Revenues Positive dynamics in LATAM (€m) ° Strong growth for regular capacity 227 209 2 ° HTS payload on EUTELSAT 3B providing 61 broadband services in Brazil Q4 52 Q4 Q3 Q3 Ramp-up of new regular capacity 51 58 on EUTELSAT 3B Q2 52 Q2 56 Ongoing tough conditions in EMEA Q1 54 Q1 51 FY 2013-2014 FY 2014-2015 1 On the basis of restated revenues at constant currency 2 Restated revenues adjusted including revenues for Satmex from July to September 2013 and adjusting for the impact of the KabelKiosk disposal and from reclassifications between applications 8 VAS: Double-digit revenue growth Revenues of €102m, up 14.8% 1 Revenues 185,000 terminals activated on KA-SAT (€m) at 30 June 2015 ° 31,000 terminals activated in FY 2014-15 102 89 ° France, Italy, Germany and Norway the largest Q4 28 contributors to full-year growth Q4 25 ° Stabilisation of net additions in Q4 Q3 23 Q3 21 25 Sequential revenue rise reflecting Q2 20 Q2 notably: 26 ° Rise in KA-SAT subscribers Q1 23 Q1 ° Seasonality in maritime mobility business FY 2013-2014 FY 2014-2015 ° Non-recurrence of negative one-off in Q3 1At constant currency 9 Government Services: Challenging market Revenues Revenues of €196m up 2.6% 1 at (€m) 1 constant currency and 12.5% at actual 196 currency 175 2 ° Contribution of new contracts on EUTELSAT 55 Q4 33B, EUTELSAT 36B and EUTELSAT 48D Q4 43 ° Good performance of Eutelsat Americas Q3 49 ° Negative impact of lower renewals in past Q3 44 18 months Q2 44 Q2 48 Low visibility in forthcoming year ° Increasing pricing pressure Q1 44Q1 44 ° Impact of reduced operations FY 2013-2014 FY 2014-2015 ° Ongoing budgetary constraints ° Tougher procurement processes 1 On the basis of restated revenues 2 Restated revenues adjusted including revenues for Satmex from July to September 2013 and adjusting for the impact of the KabelKiosk disposal and from reclassifications between applications 10 Backlog representing 4.2 years of revenues BACKLOG (€bn) Backlog down 3.5% year-on-year 6.4 ° After 14% increase at constant perimeter 6.1 6.2 in previous year Slight y-o-y decline reflecting ° Renewals with nc+ and Total TV Video 84% 84% 83% ° New contracts in Africa and LATAM ° Backlog consumption ° Impact of Russian contract renegotiations 4.2 years of revenues 30-Jun-14 31-Dec-14 30-Jun-15 Video accounting for 83% The backlog represents future revenues from capacity lease agreements (including contracts for satellites not yet delivered). These capacity lease agreements can be for the entire operational life of the satellites. 11 Progressive ramp-up of new capacity Operational TPEs Operational TPEs* up 46 y-o-y (Regular capacity) ° Entry into service of EUTELSAT 3B, EUTELSAT 7B and Express-AT2 1,181 1,122 1,168 Fill Rate of 78.7% slightly up on end- March ° Reduction in capacity at 53 °East Fill 81.2% 77.6% ° New contracts in Africa and Latin America Rate 78.7% ° Lower volumes leased by Russian customers. *The number of operational and leased transponders has until now 30-Jun-14 31-mars-15 30-Jun-15 been reported on the basis of physical transponders including HTS spotbeams. To better reflect actual capacity volumes, the number of transponders (operational and leased) and the fill rate is henceforth Based on 36 MHz-equivalent transponders (TPE), disclosed on the basis of the number of 36 MHz-equivalent excluding HTS capacity (KA-SAT 82 spot-beams transponders (TPE) for regular capacity, excluding HTS capacity. An and EUTELSAT 3B’s 5 Ka-band spot beams) equivalence table is published in the appendix to the press release. 12 Agenda FY 2014-2015 highlights Operational performance Financial overview Outlook 13 Stable EBITDA margin EBITDA (€m) EBITDA up 9.5% +9.5% ° Top-line growth 1,132 1,033 ° Full-year contribution of Satmex EBITDA margin stable at 76.7% EBITDA 76.7% 76.7% ° Leverage from the overall increase in margin revenues ° Negative mix effect due to relatively higher growth of VAS FY 2013-2014 FY 2014-2015 14 Net income of €355m, net margin at 24% Extracts from the consolidated income statement in €m1 FY 2013-14 FY 2014-15 Change Revenues 1,348 1,476 + 9.5% EBITDA 2 1,033 1,132 + 9.5% ° Higher D&A reflecting Satmex consolidation and fleet investment Operating income 623 662 +6.1% ° Other operating income and expenses of €(3.7)m in FY 2014-2015 vs. €(8.5)m in FY 2013-2014 ° Full impact of Dec. 2013 €930m bond Financial result (132) (116) -12.3% ° Postive forex impact of €21m (-€7m in FY 2013-2014) ° Higher income before tax ° Lower tax rate reflecting activation of tax loss carry- Income tax (190) (194) +2.3% forwards in LATAM and non recurrence of FY2013- 2014 tax settlement Income from associates 15 19 +26.2% ° Increased contribution from Hispasat Group share of net income 303 355 +17.2% ° Net margin of 24% 1 Rounded to closest million 2 EBITDA defined as operating income before depreciation, amortisation, impairments and other operating income/(expenses) 15 Strong cash flow generation, up 33% €m +33% 1035 778 1 550 % of revenues 58 % 70 % 451 493 FY 2013-2014 FY 2014-2015 Cash flow from operations Organic investments External growth 1 Acquisition of Satmex (€566m) net of disposals in equity investments or subsidiaries (€16m) 16 Stable net debt Free cash flow: €542m In €m 36 118 Other 214 Change in the currency 87 component of Change in cross- 149 Dividend long-life 1035 currency swap Payment 1 leases 2 Interest paid, net 3779 493 3841 Net operating Capex Cash Flow Net Debt at Net Debt at 30-06-14 30-06-15 1 Including non-controlling interests; €78m to shareholders of Eutelsat Communications 2 including the short-term portion of these leases 17 Sound financial structure Ongoing funding optimisation ° Early refinancing and partial NET DEBT / EBITDA RATIO 2 reimbursement of €800m term loan ° Extended debt maturity and financial charges reduction of c.€15m 1 pa pretax 3 3.5 3.4 Average weighted debt maturity of 4.1 years Average cost of debt after hedging of 3.8% Strong liquidity: 30-Jun-14 30-Jun-15 ° Cash of €420m ° €650m available revolving lines of credit 2 Based on net debt at the end of the period and last twelve months’ EBTIDA 1 Excluding arrangement fees and hedging instruments 3 Proforma of Satmex acquisition. 18 Agenda FY 2014-2015 highlights Operational performance Financial overview Outlook 19 Our framework for profitable growth Three priority growth opportunities Video Broadband and Mobility Geographic footprint New platforms in Selective investments in Investments geared developing markets HTS towards highest growth markets Higher definition Broadband growth New services to address Development of Mobility changing customer
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