Satellite operator EUTELSAT reported first half results of fiscal year 2011-12 with revenue growth: of 4.6% at €602.4 million. EBITDA was reported to be up 3.4% to €478.5 million, generating EBITDA margin of 79.4%.
EUTLSAT reported record backlog of €5.3 billion up 9.6%. Its Fleet expansion program is on track with two successful satellite launches and the company completed a successful €1.8 billion refinancing in 2011.
Michel de Rosen, CEO of Eutelsat Communications, said“We delivered solid results in the first half with 4.6% revenue growth and an industry-leading EBITDA margin of over 79%."
"Following the successful entry into service of two new satellites, that have anchored our market position in the Middle East, Africa, Central Europe and the Indian Ocean Islands, our order backlog increased almost 10% to €5.3 billion, giving excellent long term visibility and underscoring the overall resilience of our business," de Rosen added.
"In addition to these operational achievements, the Group successfully refinanced a significant part of its debt, extending its average maturity and further diversifying funding sources. With new in-orbit resources recently entered into service, the Group remains on track to achieve annual revenues of over €1,235 million for the current fiscal year. This objective is however more challenging in view of the current competitive environment in some regions and a partial delay in the roll-out of KA-SAT services. The EBITDA target of over €955 million for the current year is confirmed. In addition, the Group reaffirms its medium term objectives for the three year period from July 2011 to June 2014," de Rosen added.
The net debt to EBITDA ratio for the first half was 2.53 times, compared to 2.75 times at 31 December 2010 and 2.37 times at 30 June 2011.
