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Despite a slowing economy in Russia and its impact on Eutelsat revenues, the Paris-based satellite operator reported some impressive numbers early on July 30.
Revenues were up 9.5 per cent at €1.476 billion (€1.348bn), EBITDA also up 9.5 per cent at €1.132 billion. The only small cloud on the list of successes ws Eutelsat’s backlog which fell back €200 million to €6.2 billion, a 3.5 per cent drop.
CEO Michel de Rosen, in comments enclosed with the results, said: “The past year has seen a number of significant commercial successes notably renewals at the HOT BIRD and 16° East video neighbourhoods, as well as several contract wins in Africa and MENA, and a strong performance by Satmex, that now operates as Eutelsat Americas. All applications contributed to growth.
“Our deployment plan is paving the way for the future, with the order of EUTELSAT 172B equipping us to accelerate our expansion in Asia-Pacific from 2017, and the successful launch of EUTELSAT 115 West B, the first all-electric commercial satellite, that will bring expansion capacity to the Americas. The development and procurement of the software-defined Eutelsat Quantum satellite also underlines our commitment to innovation for our clients as a driver of growth.
“Revenue growth for 2015-16 is targeted at 2-3 per cent, reflecting the impact of Russian contract renegotiations, delays to our launch schedule and the current pressure on Government Services. In 2016-17 it should accelerate to 4-6 per cent, thanks to the arrival of new capacity for fast-growing markets, albeit with a delay of EUTELSAT 65 West A. Revenues will continue to be underpinned by our solid backlog, representing over four years of revenues, as well as the positive dynamics in our targeted growth markets and applications.”