Summary of
financial report Key financial data
Auditors: Ernst & Young Audit, Mazars et Guérard.
| Twelve months ended 30 June | 2007 |
2008 |
2009 |
Change |
|---|---|---|---|---|
| Key elements of the income statement | ||||
| Revenues | 829.1 | 877.8 | 940.5 | +7.2% |
| EBITDA* | 652.6 | 695.7 | 742.1 | +6.7% |
| EBITDA Margin | 78.7 | 79.3 | 78.9 | — |
| Group share of consolidated net income | 159.4 | 172.3 | 247.3 | +43.6% |
| Diluted earnings per share | 0.718 | 0.789 | 1.126 | +42.7% |
| Key elements of the cash-flow statement | ||||
| Net cash flow from operating activities | 527.7 | 566.6 | 654.7 | +15.6 |
| Investments | 350.1 | 422.5 | 416.6 | -1.4% |
| Free cash flow | 177.6 | 144.1 | 358.7** | +149% |
| Key elements of financial structure | ||||
| Net debt | 2 295 | 2 422 | 2 326 | -4% |
| Net debt / EBITDA | 3.52 | 3.48 | 3,13 | — |
| Backlog | 3.69 | 3.41 | 3.94 | +15.5 |
| Key operational metrics | ||||
| Leased transponders | 404 | 468 | 523 | — |
| Fill rate | 80.0% | 93.4% | 88.8% | — |
* EBITDA is defined as the operating result before depreciation and amortisation and other operating income and
expenses (impairment of assets, dilution profits (losses), launch indemnities, etc.).
** Includes an insurance compensation of €121 million related to the W2M satellite. Excluding this insurance proceed, operating free cash flow from operating activities would have been up by 65.3%.
GROUP SHARE OF CONSOLIDATED REVENUES
At 940.5 M€, annual consolidated revenues at 30 June
2009 were up strongly on last year by 7.2%. All the
Group’s business activities contributed to growth: Video
Applications progressed by 4.7% to 679.7 M€, Data by
13.9% to 134.1 M€, Value-Added Services by 11.9% to
38.8 M€ and Multi-Usage by 29.8% to 75.4 M€. Other
income brought in 10.7 M€ for the twelve-month period
compared with 17.8 M€ in the pervious year.
The difference is largely related to the exceptionally high
level of gains resulting from foreign-currency hedges in
2007-2008. The consolidated figure also includes a
one-off payment of 1.8 M€ as an indemnity payment for
late delivery of the W2M satellite. Excluding other income
and non-recurring income, overall revenue growth was
7.9%. At a constant exchange rate and excluding other
income and non-recurring income, growth was 6.7%.
Video Applications continue to dominate the Group’s business portfolio, generating 73.3% of total revenues excluding other income and non-recurring income. Data, Value-Added Services and Multi-Usage respectively account for 18.6% and 8.1% of the total figure.
CONSOLIDATED OPERATING EXPENSES
Operating expenses were 21.1% of 2008-2009 revenues compared with 20.7% for 2007-2008. The 9% progression (+16 M€) is explained by the extremely high number of provisions released last year. When this item is restated to reflect this one-off effect, progression in operating expenses was only 6.8%. It shows the higher resources allocated by the Group to development of new products, growth of commercial activities linked to the arrival of new satellites, and the increase in "taxe professionnelle" due to last year’s improved result.
CONSOLIDATED EBITDA
EBITDA improved by more than 46 M€, up by 6.7% compared to 30 June 2008. At 78.9%, the Group’s consolidated EBITDA margin remains the highest of leading fixed satellite service operators for the fourth consecutive year.