Eutelsat Q4 2021-22

Eutelsat Communications reported its full year 2021-22 financial results.

• The company released its results the same day as announcing a deal with OneWeb to combine, bringing together satellite assets in Geostationary Orbit (GEO) and Low-Earth Orbit (LEO) for multi-orbit service. The deal is a memorandum of understanding (MoU) to combine the companies in an all-share transaction. Eutelsat shareholders and OneWeb shareholders would each hold 50% of the Eutelsat shares.
• 6.7% decline in overall revenue. Revenue was 1.1 billion euros compared to 1.2 billion euros the prior year. Despite the decline, revenue was slightly above the mid-point of Eutelsat’s guidance range
• Fixed Broadband and Mobile Connectivity delivered double-digit growth — 35% YoY for Fixed Broadband, and 15% YoY for Mobile Connectivity. Fixed Broadband makes up 6% of revenues, and Mobile connectivity 7%.
• Broadcast remains the largest segment at 61% of revenues. Broadcast revenues were down 6.9% like-for-like to 697 million euros. They reflected predominantly the effect of the partial renewal of capacity with Nilesat at 7/8° West.
• Backlog decline: Backlog stands at 4 billion euros, compared to 4.4 billion at the end of the prior year.
• Operating Vertical revenues expected between 1.150 billion euros and 1.180 billion in fiscal year 2022- 23
• Return to growth: Company confirmed a return to topline growth from expected in fiscal year 2023-24.