LONDON, 29 SEPTEMBER 2023: Eutelsat Communications (Euronext Paris: ETL) (the “Company”), a global leader in satellite communications, is pleased to announce that its entire issued share capital has today been admitted to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange (LSE) under the ticker symbol: ETL.
Eutelsat Group was formed following the successful completion of the combination between Eutelsat and OneWeb, which was approved by Eutelsat shareholders on 28 September 2023. The Group’s unique GEO-LEO offering positions it as a global leader in the space sector, ideally placed to address the growing need for satellite connectivity services across every corner of the globe.
Eva Berneke, Chief Executive Officer commented: “Eutelsat is among a limited number of listed equities offering exposure to the fast-growing Space Sector. Our admission to the London Stock Exchange will offer the opportunity to a wider section of investors and shareholders to participate in our exciting journey.”
Eutelsat Communications (Euronext Paris: ETL) (the “Company”), a global leader in satellite communications, is pleased to announce that its entire issued share capital has today been admitted to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange (LSE) under the ticker symbol: ETL.
Eutelsat Group becomes the first GEO-LEO integrated satellite group, transforming space communications and addressing the fast-growing connectivity market.
PARIS, 28 SEPTEMBER 2023: Eutelsat Communications SA (Euronext Paris: ETL) (the “Company”), one of the world's leading satellite operators, announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network, following the approval today at the Ordinary and Extraordinary General Meeting of Eutelsat shareholders. This combination forms Eutelsat Group.
The Company remains headquartered in Paris. OneWeb will be a subsidiary operating commercially as Eutelsat OneWeb with its centre of operations remaining in London. The Company remains listed on the Euronext Paris Stock Exchange and has applied for standard listing on the London Stock Exchange.
The newly formed Eutelsat Group is strategically positioned to be a global leader in space communications. Eutelsat’s powerful GEO fleet will combine network density and high throughput with the low latency and ubiquity of OneWeb’s LEO constellation to offer customers global, fully integrated connectivity services. This combination confirms Eutelsat as a pioneer in the space industry and a leader in space technology innovation, showcasing its continuous commitment to pushing the boundaries of the satellite landscape.
With OneWeb’s network already active and set to be globally operational by end of 2023, the combined GEO-LEO service will open up new markets and applications for customers, including Fixed Connectivity (Backhaul, Corporate networks), Government Services and Mobile Connectivity (Maritime and Inflight). Broadcast and video services will remain integral to Eutelsat Group’s business and continue to deliver unparalleled and innovative services for customers, including new IP native video services, at the convergence of broadband and broadcast.
The combined entity is expected to grow at a double-digit revenue CAGR over the medium to long-term, reaching c. €2bn in 2027. Adjusted EBITDA for the combined entity is expected to grow at a double digit CAGR over the same period, outpacing revenue growth.
Dominique D'Hinnin, Chairman of the Board of Directors, said: “This is an historic moment for the satellite industry. We are bringing together two businesses that are at the forefront of delivering integrated, seamless and reliable connectivity to customers worldwide.
“We will be moving fast to accelerate the growth of the combined business. With the support of strategic shareholders of both entities, we are confident of maximising financial performance and operational excellence, while capitalising on the high-return investment of next generation satellites.
“I would like to pay tribute to all colleagues who have ensured we can successfully deliver this combination. We are ready to provide connectivity and services that will support economic and social development globally as a trusted partner for multi-orbit connectivity.”
Sunil Bharti Mittal, Vice-Président (Co-Chair) of the Board of Directors, commented:“This exciting combination will be transformative for communities and businesses worldwide, utilising the unique blend of GEO and LEO technologies. This is a major milestone for us, our partners, and the customers we serve. The business combines compelling strategy, technology, and talent to deliver across several markets and verticals and together we are well-positioned to deliver value for all our shareholders.
“Closing the digital divide is a critical mission for Eutelsat Group and the combination of these two businesses, which have each pursued this goal separately, accelerates our progress. I want to thank everyone who has made today possible. Because of the work of our colleagues, we have created a company which will bring connectivity to more people around the world and help close the digital divide.”
Eva Berneke, Chief Executive Officer, added: “Eutelsat Group is the only GEO-LEO operator in satellite communications that can offer a ubiquitous connectivity service. Global connectivity is an important and exciting challenge to deliver upon. We can address a wider range of customer requirements and provide hybrid connectivity services where they are required worldwide, all with industry leading resilience. As we continue our track record of innovation to develop future generations of satellite technology, we can unlock significant value both for customers and shareholders. The Eutelsat-OneWeb combination has given us the scale, financial strength, and business proposition to capitalise on the significant opportunity.”
Eutelsat Communications SA one of the world's leading satellite operators, announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network, following the approval today at the Ordinary and Extraordinary General Meeting of Eutelsat shareholders. This combination forms Eutelsat Group.
Operating verticals revenues of €1,157m, at the upper end of expected range
Continued strong Free-Cash-Flow generation, with adjusted DFCF at €518m
Return to topline growth on a standalone basis from FY 2023-24 confirmed, with further strong cashflow generation
Continued strong commercial momentum at OneWeb;
FY 2022-23 revenue objective achieved
EGM to approve the transaction expected in late September 2023
Paris, 28 July 2023– The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 / Euronext Paris: ETL), chaired by Dominique D’Hinnin, reviewed the financial results for the year ended 30 June 2023.
Note: This press release contains figures from the consolidated full-year accounts prepared under IFRS and subject to a review by the Auditors. They were reviewed by the Audit Committee on 26 July 2023 and approved by the Board of Directors on 27 July 2023. The audit procedures have been carried out and the audit report is in the process of being issued. The presentation of the annual results and the notes to the consolidated financial statements are available on the www.eutelsat.com/investors website.
Adjusted EBITDA, Adjusted EBITDA margin, Net debt / Adjusted EBITDA ratio, Cash Capex, Discretionary Free Cash-Flow and Adjusted Discretionary Free Cash-Flow are considered Alternative Performance Indicators. Their definition and calculation are in Appendix 3 of this document.
In compliance with ESMA recommendations, as of 30 June 2023, Eutelsat’s “EBITDA” will evolve to “Adjusted EBITDA”. This change of terminology does not affect the calculation of this indicator, which can be found in Appendix 3 of this document.
Commenting on the Full-Year, Eva Berneke, Chief Executive Officer of Eutelsat Communications, said: “Fiscal Year 2022-23 has been a very solid year for Eutelsat, with revenues at the top end of our range of expectations, a high level of profitability and robust Free Cash Flow Generation. From a commercial point of view we have seen strong momentum in our Connectivity verticals, confirming our strategy of shifting our business model to address these new applications. Operationally Eutelsat has proven its technological credentials with a record level of satellite launches and service entries. In parallel, OneWeb, with who we are working closely to prepare our proposed combination has seen a similar commercial dynamic, with a 50% increase in its backlog since October 2022.
On the basis of the performance of the past year, Eutelsat confirms its standalone objectives for the current and outer years, and notably the long-awaited return to topline growth. With its industry-leading profitability and confirmed ability to generate a high level of Free Cash Flow, Eutelsat is in a strong position to make the combination with OneWeb a true success and I look forward to our joint future with confidence.”
The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 / Euronext Paris: ETL), chaired by Dominique D’Hinnin, reviewed the financial results for the year ended 30 June 2023.
