Regulatory News:
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU) NO. 596/2014, AND WHICH ALSO FORMS PART OF DOMESTIC
LAW IN THE UNITED KINGDOM PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
Eutelsat Group (ISIN: FR0010221234 - Euronext Paris / London
Stock Exchange: ETL). Following the merger with OneWeb forming
Eutelsat Group, and a review of trading for the first three months
since completion of the merger, Eutelsat Group provides the
following update.
The legacy Eutelsat business remains on track with expected
performance and confirms a return to top line growth for FY
2023-24, mainly driven by the entry into service of satellites
EUTELSAT 10B and KONNECT VHTS.
The results of the LEO activities of OneWeb, while progressing
well, with 100% of the satellites in place and a backlog of $1.1bn1
at the end of the last quarter, are running behind schedule
relative to the original roadmap. This reflects delays in the
availability of the ground network, as well as a revenue mix more
oriented than expected towards the sale of user terminals, which
impacts margins. The delay in the ground network impacts revenues,
especially in mobility and in certain geographies where market
access is still outstanding.
The deployment of the ground network is progressing well,
towards a 90% completion rate in Q2 2024. We continue to see strong
momentum in the take-up of pre-signed commitments with major
customers, and we believe we are on track towards our longer-term
targets.
Nevertheless, this dynamic will not suffice to close the gap
relative to our near-term expectations, and in consequence we are
adjusting our financial objectives for FY 2023-24 as follows (at a
€/$ rate of 1.00)2:
- Revenues are now expected in a range of €1.25bn to €1.3bn
(versus €1.32bn to €1.42bn previously).
- Adjusted EBITDA is expected in a range of €650m to €680m
(versus €725m to €825m previously).
- After synergies, cash capex is expected to remain well
contained within a €725m to €875m per annum average range over the
period FY 2025 to FY 2030; Cash capex for FY 2024 is expected in a
range between €600m and €650m.
- We also continue to target leverage of c.3x in the medium
term.
To allow for a more accurate assessment of prospects in the
context of the rapid development of OneWeb’s business, financial
objectives for FY 2024-25 will be reviewed and shared on the
occasion of Eutelsat Group’s FY 2023-24 Results on August 2nd,
2024; previously communicated objectives for FY 2024-25 are
meanwhile suspended.
Management remains confident in the prospects of OneWeb and the
potential of Eutelsat Group’s unique combined GEO-LEO offer. As the
constellation achieves full global operational coverage, we
anticipate an acceleration in revenues and continue to target
double-digit CAGR in revenues and Adjusted EBITDA between FY 2024
and FY 2028.
A conference call hosted by
Management
will take place at
08.30h
CET, today, 29th January 2024
Webcast link:
https://channel.royalcast.com/landingpage/eutelsat-en/20240129_1/
(The webcast link will remain
available for replay)
Conference call:
France: +33 (0) 1 7037
7166
UK: +44 (0) 33 0551
0200
USA: +1 786 697 3501
Quote Eutelsat to the
operator when connecting to the call
About Eutelsat Communications
Founded in 1977, Eutelsat Communications is one of the world's
leading satellite operators. With a global fleet of satellites and
associated ground infrastructure, Eutelsat enables clients across
Video, Data, Government, Fixed and Mobile Broadband markets to
communicate effectively to their customers, irrespective of their
location. Around 7,000 television channels operated by leading
media groups are broadcast by Eutelsat to one billion viewers
equipped for DTH reception or connected to terrestrial networks.
Committed to promoting all facets of sustainable development across
its business activities, Eutelsat leverages its in-orbit resources
to help bridge the digital divide while maintaining a safe and
uncluttered space environment. As an attractive and socially
responsible employer, Eutelsat assembles 1,200 men and women from
50 countries who are dedicated to delivering the highest quality of
service. Eutelsat Communications is listed on the Euronext Paris
Stock Exchange (ticker: ETL).
For more about Eutelsat go to
https://www.eutelsat.com/en/home.html
Find out more at www.eutelsat.com/oneweb
Disclaimer
The forward-looking statements included herein are for
illustrative purposes only and are based on management’s views and
assumptions as of the date of this document. Such forward-looking
statements involve known and unknown risks. For illustrative
purposes only, such risks include but are not limited to: risks
related to the health crisis; operational risks related to
satellite failures or impaired satellite performance, or failure to
roll out the deployment plan as planned and within the expected
timeframe; risks related to the trend in the satellite
telecommunications market resulting from increased competition or
technological changes affecting the market; risks related to the
international dimension of the Group's customers and activities;
risks related to the adoption of international rules on frequency
coordination and financial risks related, inter alia, to the
financial guarantee granted to the Intergovernmental Organization's
closed pension fund, and foreign exchange risk. Eutelsat
Communications expressly disclaims any obligation or undertaking to
update or revise any projections, forecasts or estimates contained
in this document to reflect any change in events, conditions,
assumptions, or circumstances on which any such statements are
based, unless so required by applicable law. The information
contained in this document is not based on historical fact and
should not be construed as a guarantee that the facts or data
mentioned will occur. This information is based on data,
assumptions and estimates that the Group considers as
reasonable.
For the purposes of market abuse regulation (EU) no. 596/2014,
and which also forms part of domestic law in the United Kingdom
pursuant to the European Union (Withdrawal) Act 2018, the person
responsible for arranging release of this Announcement on behalf of
the Company is David Bertolotti, Group General Counsel and Company
Secretary.
Financial calendar
Eutelsat Communications' 12-month fiscal year ends on June
30.
The following financial calendar is provided for information
purposes only. It is subject to change and will be regularly
updated.
First Half 2023-24 results
16 February 2024
Third quarter and Nine Months 2023-24
revenues
14 May 2024
Full-year 2023-24 results
2 August 2024
______________________________ 1 Including $275m Take-or-Pay
Agreement with Eutelsat 2 Pro-forma figures with 12 months’ OW
figures (actual consolidation as of 1st October 2023)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240128099949/en/
PRESS Joanna Darlington Tel.: +33 674 521 531
jdarlington@eutelsat.com
Anita Baltagi Tel.: +33 1 53 98 47 47 abaltagi@eutelsat.com
Katie Dowd Tel. +12022712209 kdowd@oneweb.net
INVESTOR RELATIONS Joanna Darlington Tel.: +33 674 521
531 jdarlington@eutelsat.com
Hugo Laurens-Berge hlaurensberge@eutelsat.com
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