Eutelsat Reports Growth, Confirms Financial Objectives Through 2011

[Satellite Today 11-04-08] Eutelsat Communications saw sustained revenue growth in its first quarter 2009 financial report of 7 percent, performance of video applications up 5.4 percent, a 16.4 percent increase of TV channels broadcast by Eutelsat’s video neighborhoods, an increase in data and value added services by 10.3 percent and progress of value-added services up by 19.3 percent.
    The company boasted that its financial objectives through 2011 have been confirmed.
    Eutelsat said it intends to maintain a solid financial structure with a net debt to EBITDA ratio of three to four times over the 2008-2011 period.
    As of June 2008, Eutelsat’s net debt was 2.4 billion euros ($3 billion). Eutelsat has two credit lines, of 1.9 billion euros ($2.4 billlion) due in June 2013 and 1.3 billion euros ($1.6 billion) due in November 2011. Eutelsat’s debt is largely hedged against interest rates until the maturity of the credit lines.
The company’s average cost of net debt was 3.87 percent at Jun. 30 after hedging.