We are going forwardwith ambition,
building on our key strengths.
First and foremost, I would like to express how honoured I am to take over the management of Eutelsat, heading a team of 600 people whose expertise and enthusiasm have built Eutelsat’s exceptional international reputation.
Encouraged by this year's excellent
results, we have entered the
2009-
2010 financial year with confidence
and ambition. Ninety per cent of
our Group's revenues derive from
the high-growth sectors of digital
broadcasting
and broadband
services, and we have clearly
identified multiple vectors for
expansion in these sectors. The
progression of digital TV formats
including High Definition TV, mobile
TV, digital cinema and 3D each
represent a strong source of growth
throughout the 150 countries
covered by our satellites. The
rapid and worldwide take-up of
broadband is another fundamental
development anchoring
satellites
as the perfect complement to fibre
in order to guarantee universal
coverage of all countries and
deliver digital communications to
all citizens.
Short and medium term
objectives raised
for Group
revenues and profitability.
Eutelsat’s backlog at the end of the 2008-2009 financial year confirms these favourable long-term trends. At €3.9 billion, our backlog stands at one of the highest levels ever, representing the equivalent of over four years of revenues.
While pursuing a growth strategy targeting as a priority the markets that preserve the high profitability of our operational margins, Eutelsat is executing one of the largest in-orbit investment programmes in the sector over the 2008-2011 period. The first stage of this programme enabled us to put into service three new satellites and to redeploy five others in the first half of 2009. Designed to increase in-orbit security at our flagship HOT BIRD™ neighbourhood and to develop four positions serving Europe, the Middle East and Africa, these additional resources have also increased our flexibility, reducing our fill factor to 89% from the record 97% reached in December 2008.
With our objectives set on continuing to build in-orbit security and on increasing resources by over 30%, the second phase of our in-orbit investment programme comprises five satellites to be launched by the end of 2011.Encouraged by the excellent sales performance of the 2008-2009 financial year, by the quality of technical operations and the effectiveness of strict cost control, our Group announced in July that it is setting its sights higher for both the short and medium term. We are now targeting revenues of over one billion euros for the 2009-2010 financial year, one year ahead of our original forecast. This target is part of an average annual growth objective of 7% for the period 2009-2012. The EBITDA margin associated with this growth will be €780 million in 2009-2010 and will remain at a high level, in the range of 77% over the threeyear period.
These ambitions confirm the strength and pertinence of Eutelsat’s model, built up by Giuliano Berretta and his team since 1 July 2001 when the assets and activities of the EUTELSAT intergovernmental organisation (IGO) were transferred into a private company.
With the support of a Board of Directors committed to
accompanying the development of our Group, the team
that I lead has the responsibility to build our future for both
the medium and long term, and to manage the present
and the short-term. We have considerable challenges
ahead of us, including those of further integrating satellites
into emerging networks, contributing to reducing the
digital divide in the markets where we are active and
playing our part in propelling forward the digital revolution.
Our approach to these opportunities will be grounded on
principles of operational excellence, unfailing concern for
client service, technical quality, innovation and the creation
of value for our shareholders.
The commitment and talent of our teams enables us to
face these challenges with confidence. We at Eutelsat,
and our shareholders with us, have a bright future ahead.