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Eutelsat: FY earnings down 12.6%, acquisition in UK

( - Eutelsat has reported FY 2019-20 net income, group share that is down 12.
6% at 298 million euros, along with an EBITDA margin of 76.9% at constant exchange rates (76.8% on a reported basis), compared to 78.1% in its previous fiscal year.

The satellite operator's sales came in at 1,278 million euros, down 3.2% as reported and down 5% on a comparable basis. As of 30 June its backlog was down 6% year-on-year, equivalent to 3.2 times 2019-20 revenue.

Eutelsat will propose a 2019-20 dividend of 0.89 euro per share, and anticipates operating revenues of 1,180-1,220 million euros for 2020-21, in addition to adjusted free cash flow from operations of between 420-450 million euros for 2021-22.

The company has also signed an agreement with Bigblu Broadband to acquire its satellite broadband business in Europe by October 2020, subject to the lifting of the usual conditions precedent.

BBB Europe currently has about 50,000 subscribers across Europe, for which Eutelsat will pay around 38 million pounds. It posted sales of about 35 million pounds in 2019, with a low double-digit EBITDA margin.

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