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Eutelsat Communications confirmed its Full Year objectives for 2022-23 despite a 4.1% decline in Operating Vertical revenues like-for-like. The company maintained a strong EBITDA margin of 73%, showcasing industry-leading profitability. Key highlights include successful launches of four satellites, which bolster future growth, and positive momentum from OneWeb, with a secured backlog of $0.8 billion. However, net income decreased by 68.7% to €51.9 million, and Discretionary Free Cash Flow fell by 58.2% to €81.6 million. Eutelsat's financial outlook remains steady with anticipated revenue between €1.135 to €1.165 billion for the fiscal year.
Eutelsat has successfully decommissioned its EUTELSAT 5 West A satellite, which operated for over 20 years, exceeding its original 15-year lifespan. The satellite, retired on January 13, 2023, was safely re-orbited over 400km above the geostationary arc, complying with French Space Law. The 99.999% service availability highlights Eutelsat's satellite control expertise. This satellite played a crucial role in transitioning to digital television in France. Eutelsat continues to ensure seamless services through its new EUTELSAT 5 West B satellite, maintaining operational continuity for its clients.
Eutelsat has committed to providing broadband connectivity to over 1 million people in Sub-Saharan Africa by 2027. Reaching the milestone of 200,000 users for its Konnect Wi-Fi hotspots signifies progress in this initiative. Their Konnect service, leveraging new-generation satellite technology, offers reliable internet at competitive prices, enabling social and economic development. CEO Eva Berneke emphasizes the company's dedication to bridging the digital divide through affordable connectivity, crucial for fostering innovation and growth in underserved communities.
Eutelsat Communications has released its liquidity contract update for the second half of 2022. As of December 31, 2022, the liquidity account held a total of 307,775 shares valued at a cash balance of €1,748,502. In the second half of 2022, Eutelsat executed 2,681 transactions, buying 1,709,235 shares for €14,789,414 and selling 1,639,590 shares for €14,215,581. Compared to the first half of 2022, the liquidity account saw a decrease in cash balance and share assets, indicating a need for improved liquidity management.
Eutelsat Communications is implementing broadcasting restrictions as mandated by French and EU regulatory bodies. Effective December 21, 2022, the company has ceased broadcasting three Russian channels—Rossiya One, Pervyi Kanal, and NTV—along with all activities related to Islamic Republic of Iran Broadcasting. The financial impact for FY 2022-2023 is estimated at a revenue loss of €10-15 million and an EBITDA reduction of €15-20 million. In light of these changes, Eutelsat's revenue target for FY 2022-2023 has been adjusted to between €1,135-1,165 million, while confirming a cash flow forecast of €420 million annually.
Eutelsat Communications has provided an update according to Article 223-16 of the AMF General Regulations. As of
Eutelsat Communications held its Annual General Meeting on November 10, 2022, where shareholders approved a dividend of €0.93 per share for the fiscal year ending June 30, 2022. Shareholders could opt for cash or new shares, and 62% chose the scrip dividend. A total of 18,381,330 new shares will be issued on December 16, 2022, increasing the company’s share capital to €248,926,325 ordinary shares. Cash dividends totaling €81 million will also be paid on the same date.
Eutelsat Communications (ETL) has renewed its multi-year sponsorship with Télécoms Sans Frontières (TSF), marking 15 years of collaboration focused on emergency connectivity services globally. This partnership enhances TSF's ability to provide timely satellite communication in humanitarian crises, ensuring critical connections for affected communities. Eutelsat's CEO, Eva Berneke, emphasized the importance of satellite connectivity in restoring communication during emergencies. The partnership reflects Eutelsat's commitment to corporate social responsibility in emergency telecommunications.
Eutelsat Communications has announced a partnership with Thales Alenia Space to develop a next-generation software-defined satellite (Flexsat) aimed at enhancing connectivity in the Americas. The Flexsat will provide over 100 Gbps of incremental capacity, supporting various B2B services. This satellite, designed for instant reconfiguration to optimize service, is expected to be delivered in 2026. The project is part of Eutelsat's growth strategy to meet rising connectivity demands and is included in its financial forecasts for FY2022-23 and FY2023-24.
Eutelsat Communications has appointed Christophe Caudrelier as Chief Financial Officer, starting January 2, 2023. Caudrelier brings over 30 years of financial expertise from various global industries, emphasizing operational excellence. This leadership change follows Sandrine Téran’s resignation. CEO Eva Berneke highlighted Caudrelier's suitability for Eutelsat's ambitious strategic roadmap in the Video and Connectivity sectors. Caudrelier previously served at Tikehau Ace Capital Partners and holds significant experience in finance at firms including Valeo and Naval Group.
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