EUTELSAT COMMUNICATIONS Investor Presentation. May 2015
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- Oswin Gregory
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1 EUTELSAT COMMUNICATIONS Investor Presentation May 2015
2 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 2
3 The satellite value chain END USERS Satellite manufacturers Satellite launchers Satellite Operators TV platforms (pay and free) Consumers and Businesses Telecoms 3
4 A robust business model with high barriers to entry High barriers to entry Finite resource of orbital positions and frequencies, heavily regulated at international level with key commercial orbital positions have already been developed High upfront capex before operations High technology & technical expertise through satellite lifecycle Robust business model Significant backlog with long term contracts generating revenue visibility Economies of scale High operating margins Predictable operating cash flow 4
5 Solid industry growth prospects TRANSPONDER DEMAND BY REGION 1 TRANSPONDER DEMAND BY APPLICATION IN EUTELSAT FOOTPRINT 2 Regular capacity HTS capacity 6.8% 4.0% -1.7% 3.5% 4.2% 5.1% 2.8% 1.7% -0.8% 3.5% -4.2% 2.1% 7.4% 72% Other Asia North America South East Asia Oceania LATAM SSA MENA Russia Central Western &Central Europe Europe Asia Video Government Services Trunking Corporate networks Consumer Broadband, HTS capacity (1) CAGR- for regular capacity (2) CAGR - EMEA + LATAM Source: Euroconsult
6 Video drivers: channel growth and image quality TV Channels in EMEA and LATAM ~25,000 ~18,000 Channel growth Strong platform and channel growth in emerging markets Broadly stable in Europe EVOLUTION OF IMAGE QUALITY Ultra High Definition High Definition 14% 25% Standard Definition 38% Image quality HD penetration to rise from 14% to > 35% by 2023 Followed by take-up of UHD Source: Euroconsult 2014, EMEA and LATAM 6
7 Video drivers: scope for HD ramp-up in all regions ESTIMATED HD PENETRATION RATE BY MAJOR REGION BY % 65% 28% 18% 40% 37% 12% 13% 11% 29% 29% 5% 6% 25% North America Western Europe Central Europe LATAM MENA SSA Russia and Central Asia Current HD penetration on Eutelsat fleet: circa 11% Source: Euroconsult
8 Video drivers: capacity requirements versus compression technology NUMBER OF CHANNELS PER 36 Mhz TRANSPONDER Ramp-up Format Modulation MPEG-2 MPEG-4 HEVC 1990s-2000s 2000s-2010s Standard Definition High Definition DVB-S DVB-S DVB-S 2 to DVB-S2 3 to 4 6 to 8 12 to s Ultra HD (4k) DVB-S2 1 to 2 3 to 4 Source: Eutelsat 8
9 Data: robust demand for interconnection INTERNET TRAFIC GROWTH (IN EXABYTES/MONTH) TRANSPONDER DEMAND FOR CORPORATE NETWORKS (FAST GROWING MARKETS) 20% 6% 8% 11% 10% Russia and Central Asia MENA SSA LATAM Asia-Pacific Source: Cisco VNI Source: Euroconsult CAGR ~10% demand CAGR in Eutelsat s fastest growing markets 9
10 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 10
11 Eutelsat key data Revenues of 1.35bn Fleet of 34 satellites offering global coverage Operating >1,000 transponders Broadcasting >5,700 TV channels Backlog of 6.4bn, representing 4.6 years of revenues As of December 31, 2014 excluding total revenues which are at June 30, 2014 and backlog which is as of 31 March
12 Breakdown of revenues Video: 64% Video: 64% Direct-to-Home (DTH) Cable headends Professional Video Data: 36% Data Services: 16% Value-Added Services: 7% Government Services: 13% Mobile backhaul Corporate networks Broadband Internet Mobility (aircraft, ships) Government and administration Departments of Defense As of March 31, % of revenues excluding Other revenues and non-recurring revenues 12
13 Eutelsat s global network 13
14 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 14
15 Third Quarter highlights Successful launch of EUTELSAT 115 West B Additional capacity over Latin America First all-electric commercial satellite Early refinancing of term loan Reduction of nominal from 800m to 600m Extended debt maturity profile Reduction in financial charges of c. 15m per annum before tax Growing backlog at 6.4bn, representing 4.6 years of revenues Q3 revenues: 368m, +4.5%, at constant currency on a proforma basis 1 9-month revenues in line with objectives: 1,090m, +4.4%, at constant currency on a proforma basis 1 Full-year and three-year financial targets confirmed 1 Based on proforma revenues, excluding non-recurring revenues, of 1,377 M for FY (see table in appendix) 15
16 Third Quarter Revenues: 368m, +4.5% like-for-like 1 REVENUE CONTRIBUTION 2 REVENUES ( m) Y-O-Y CHANGE (%) 3 AT CONSTANT CURRENCY ACTUAL Video 63% Data 16% VAS 7% VAS Government Services 14% At constant perimeter and currency and excluding non-recurring revenues 2 Excluding other revenues and non-recurring revenues 3 Versus restated revenues for Q Please refer to table in the Appendix 16
17 Video: new capacity added last year, good performance of Eutelsat Americas 1 Revenues of 225m up 3.3% 2 y-o-y reflecting Entry into service of Express-AT1 Good performance of Eutelsat Americas Higher revenues at 28 East, 7/8 West and 16 East Lower revenues at HOT BIRD following non-renewal of contracts with some service providers in H1 REVENUES ( m) New contracts Azam TV at 7 East Strong Media and Total TV at 16 East Televisa in LATAM 5,747 channels broadcast at end-march % y-o-y Q Q Q Improved HD penetration at 11.7% (vs. 10.0% at end-march 2014) 1 Satmex is now operating as Eutelsat Americas 2 On the basis of restated revenues at constant currency 3 Restated revenues adjusted for the impact of the KabelKiosk disposal and from reclassifications between applications 17
18 Data: stabilization of underlying trend Revenues of 58m y-o-y, up 4.8% 1 Growth in LATAM Regular capacity HTS payload on EUTELSAT 3B providing Broadband Internet in Brazil 51 2 REVENUES ( m) Ramp-up of new capacity on EUTELSAT 3B Ongoing tough conditions in EMEA Stabilising underlying sequential trend Stripping out USD impact and positive one-off in Q2 Q Q Q On the basis of restated revenues at constant currency 2 Restated revenues adjusted from reclassifications between applications 18
19 VAS: continued revenue growth Revenues to 23m up 13% 1 REVENUES ( m) 180,000 terminals activated on KA-SAT at 31 March 2015 Loading of some beams in UK, Ireland and France Broadly stable sequential revenues excluding a negative one-off in the maritime mobility business Q Q Q At constant currency 19
20 Government Services: continued budgetary constraints Revenues of 49m down 0.5% 1 y-o-y Full-quarter effect of the contract signed last year on EUTELSAT 48D Good performance of Eutelsat Americas Impact of non-renewals in the last 12 months REVENUES ( m) Third quarter contract renewals of c. 90% Continued budgetary constraints and ongoing impact of troop withdrawals Q Q Q On the basis of restated revenues at constant currency 2 Restated revenues including revenues for Satmex from July to September 2013 and adjusting from reclassifications between applications 20
21 Growing Backlog Backlog up 11% y-o-y BACKLOG ( bn) Quarterly increase reflecting mainly Renewal for capacity at HOT BIRD signed with nc Extension of agreements with United Group at 16 East Video 87% 84% 84% Representing 4.6 years of revenues 1 Video accounting for 84% 31 March Dec March 2015 The backlog represents future revenues from capacity lease agreements (including contracts for satellites not yet delivered). These capacity lease agreements can be for the entire operational life of the satellites. 1 Based on proforma revenues for FY
22 Slight decline in fill rate year-on-year Operational tranponders up 58 y-o-y Entry into service of three new satellites OPERATIONAL TRANSPONDERS 1,033 1, Fill Rate of 76.6% slightly up on end-december Ramp-up of new capacity at 3 East Fill Rate 77.0% 76.3% 76.6% Fill rate of circa 80% excluding KA-SAT 31 March Dec March 2015 Number of transponders on satellites in stable orbit, back-up capacity excluded. KA-SAT s 82 spot beams as well as EUTELSAT 3B s 5 Kaband spot beams are considered transponder equivalents. KA-SAT s fill rate is considered to be at 100% when 70% of the capacity is taken up.. 22
23 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 23
24 Our framework for profitable growth Three priority growth opportunities Video: our core activity Higher definition Increased interactivity and hybrid solutions New platforms in developing markets Data and mobility Selective investments in HTS Broadband growth Development of Mobility Geographic expansion Investments geared towards highest growth markets Latin America Asia-Pacific Cost containment initiatives and capex optimisation Resources focused on top line initiatives Enhanced cash flow and ROCE 24
25 A key player in the Video distribution chain VIDEO: 64% of revenues and 84% of backlog Strong long-term market trends Geographic: gearing investments towards high growth markets E115WB E8WB E36C E65W Latam MENA Russia Africa Latam Applications: innovation to secure satellites in future broadcast environments 25
26 Data and mobility: first mover advantage with HTS High Throughput Satellites and Payloads unlocking data and mobility markets by driving down cost per bit KA-SAT: a landmark broadband programme 180k subscribers In-flight connectivity Technology & Service partner HTS payloads attracting anchor clients contributing to Data backlog 26
27 Latin America, Asia-Pacific: strong potential LATIN AMERICA ASIA-PACIFIC 3 future satellites to increase and diversify resources 5 satellites with Latin America footprint in 2016 Scope for further expansion EUTELSAT 172B: Expansion capacity Unmatched Asia-Pacific footprint Innovative HTS Payload, specifically designed for inflight broadband Panasonic: Anchor tenant secured 27
28 Driving value creation through specific initiatives Opex Containment Initiative Purchase performance plan Strong focus on technical, G&A and IT Savings to reinforce commercial effort Capex Optimisation Increased project selectivity Electric propulsion New launchers Hosted payloads Profitability maintained and improved Return on capital employed 28
29 Expansion capacity to support our growth drivers Expansion capacity of c. 30% 1 focused On high growth markets, especially Latin America On Video and HTS payloads EXPANSION CAPACITY BY REGION (For the 7 satellites to be launched by June 2017) 9% 5% 3% 3% Young fleet with average age of 6.2 years 11% 15% 54% Latin America Asia-Pacific Sub-saharan Africa Europe Russia and Central Asia North-America MENA 1 Increase in number of physical transponders expected between end-september 2014 and end-june One spot beam is considered equivalent to one transponder. Calculation based on nominal deployment plan and including unannounced redeployments. 29
30 Three year deployment plan EUTELSAT 115 WEST B EUTELSAT 9B EUTELSAT 8 WEST B EUTELSAT 36 C EUTELSAT 117 WEST B EUTELSAT 65 WEST A EUTELSAT 172 B Position West 9 East 7/8 West 36 East West 65 West 172 East Launch Q Q Q Q Q Q H Manufacturer Boeing Airbus DS TAS Airbus DS Boeing SSL Airbus DS Launcher SpaceX Proton Arianespace Proton SpaceX N/A Arianespace Coverage Americas Europe MENA LATAM Russia SSA LATAM LATAM Asia-Pacific Applications Video Data GS Video Video Data Video Data Broadband Video Data GS Video Data Broadband Data GS Mobility Capacity (txp) 34 Ku 12 C 50 Ku 40 Ku 10 C 52 Ku 18 Ka 1 40 Ku 24 Ku 10 C 24 Ka 36 Ku 14 C 11 HTS Ku 1 O/w expansion 3 34 Ku 12 C 12 Ku 6 Ku 10 C 20 Ku 18 Ka 1 40 Ku 24 Ku 10 C 24 Ka 1 16 Ku 2 11 HTS Ku 1 LAUNCHED Electrical propulsion. E 115 West B and E 117 West B will enter service 6 to 9 months after launch; and E 172B c. 4 months. 1 Spotbeams - 2 Doubling of regular Ku-band capacity - 3 excludes unannounced redeployments 30
31 Recent and upcoming launch programme Express-AT1 March May Express-AT2 Eutelsat 3B March May July July Eutelsat 115 WB Eutelsat 9 B Eutelsat 8 WB Eutelsat 36C March 7-9 m Q3 1-2m Q3 1-2m Q4 1-2m Eutelsat 117 WB Eutelsat 65 WA All the dates indicated are on a calendar year basis Q4 7-9m Q2 1-2m Eutelsat 172B H1 c. 4m FY FY FY FY Completed launch Upcoming launch X Approx launch date (calendar year) X Approx. entry into in service (calendar year) Eutelsat financial year 31
32 Outlook Revenues (At constant currency, excl. non recurring revenues) Around 4.0% growth for , like-for-like 1 Above 5% average growth in and EBITDA EBITDA margin above 76.5% to June 2017 Capex Leverage Distribution Average of 500m per annum to June 2017 Including cash outflows related to ECA loan repayments and capital lease payments Investment grade ratings Long-term Net debt / EBITDA target below 3.3x Payout ratio of 65% to 75% of Group share of net income 1 Based on proforma revenues,excluding non-recurring revenues, of 1,377 M for FY (see table in appendix) 2 Objective of average revenue growth of above 5% for the two year period from July 2015 to June 2017 is subject to the final outcome of Russian contract renegotiations, no significant deterioration in government services and adherence to our nominal deployment plan. Growth over this period will be back-end loaded, as fiscal year will reflect the launch delay of EUTELSAT 9B as well as the impact of Russian renegotiations. 32
33 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 33
34 H Key Figures Revenues Revenues of 723m, up 11.6% + 4.3% 1 at constant currency on a proforma basis EBITDA Strong profitability: EBITDA at 560m Stable 77.4% margin Net result Group share of net income at 161m Net margin of 22.2% Financial Position Robust cash-flow generation representing 70% of revenues Stable Net Debt / EBITDA at 3.5x Distribution Dividend of 1.03 paid on 11 December 2014 Payout ratio of 75% Scrip option take up of 66% 1 Based on proforma revenues, excluding non-recurring revenues, of 1,377 M for FY (see table in appendix) 34
35 First Half Revenues: 723m, +4.3% like-for-like 1 REVENUE CONTRIBUTION 2 REVENUES ( m) Y-O-Y CHANGE (%) LIKE-FOR-LIKE 1 ACTUAL Video 65% Data 15% VAS 7% VAS Government Services 13% At constant perimeter and currency and excluding non-recurring revenues 2 Excluding Other revenues and non-recurring revenues Reminder: First-half revenues have been restated. Please refer to table in the appendix. 35
36 Stable EBITDA margin EBITDA up 12% reflecting Integration of Satmex Beneficial effect of USD exchange rate EBITDA ( m) +12% EBITDA margin stable at 77.4% 501 Phasing of operating costs marginally beneficial to the first half EBITDA margin 77.4% 75.9% 77.4% H H H
37 Net income of 161m, net margin at 22% Extracts from the consolidated income statement in m1 H H Change Revenues % EBITDA % Operating income % Financial result (65) (56) -13% Income tax (109) (109) = Increase in D&A reflecting Satmex consolidation and investment in fleet Other operating income and expenses of - 2m in H vs. + 8m in H Full impact of the 930m bond raised in Dec Postive impact of forex for 19m Higher capitalised interests Higher operating income Settlement of the French Tax Audit in H Income from associates % Higher contribution from Hispasat Group share of net income % Net margin of c. 22% of revenues 1 Numbers rounded to closest million 2 EBITDA is defined as operating income before depreciation, amortisation, impairments and other operating income/(expenses) 37
38 Strong cash flow generation M m % of revenues 64% % % H H H Cash flow from operations Organic investments External growth 1 Acquisition of EUTELSAT 172A for US$228m ( 177m) 2 Including: - 16m of disposals in equity investments and subsidiaries - 44m for the share of Satmex equity acquired as of 31 December 2013 (9.9% of Satmex equity) Excluding the amount on Satmex notary escrow account as of 31 December 2013 ( 537m accounted as current financial assets as of 31 December 2013) 3 Impact of the disposal of Kabelkiosk 38
39 Stable net debt m Free Cash-flow : 299m Net operating Cash Flow 3,779 (87) 3, (205) Capex (30) Interest paid, net Dividend Payment 1 (111) Change in long-life leases 2 (99) Others 3 Net Debt as of 30 June 2014 Net Debt as of 31 Dec Including non-controlling interests; 78 m to shareholders of Eutelsat Communications 2 including the short-term portion of these leases 3 including variation of the currency component of the cross-currency swap (- 71m) and proceeds from disposal of equity investments and subsidiaries 39
40 Sound financial structure Average weighted maturity of 3.9 years Average cost of debt after hedging: 3.8% NET DEBT / EBITDA RATIO 1 3.5x 2 3.5x 3.3x 2 Strong liquidity: Cash of 469m 650m revolving lines of credit available 31 Dec Jun Dec Based on net debt at the end of the period and last twelve months EBTIDA 2 Proforma of Satmex acquisition. 40
41 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 41
42 Latin America: attractive growth market HIGH GROWTH FORECAST IN LATIN AMERICA (# of transponders leased) AMONG THE FASTEST GROWING MARKETS (Leased capacity CAGR ) 1, % CAGR % +6.5% +5.8% Video % +2.8% 542 Data LATAM Russia & Central Asia Sub-Saharan Africa Asia-Pacific Global A significant and growing market Market size comparable to Western Europe in volume terms Growth outpacing other major markets Video, VSAT networks and broadband are the key growth drivers Healthy pricing dynamics Source: Euroconsult C, Ku & Ka wide beam. Excluding HTS (HTS refers to High Throughput Satellite) 42
43 Satmex: a major FSS operator in Latin America 3 established orbital positions FSS OPERATIONS: 90% of revenues FSS revenue by application (2013A) 1 7% $120 M FSS Revenue C, Ku and Ka-band frequency rights 23% 70% 3 satellites in orbit, 2 satellites being procured Primarily a data network services business, with high potential in video and Government services Leading market positions in Mexico, Central America and the Andean region Network Services Video Government Total revenue by geography (2013A) $133 M Total Revenue 33% 37% 30% Mexico US Central, South America and Caribbean OTHER OPERATIONS: 10% of revenues Alterna TV: distribution of Latin American programmes to Hispanic communities in the US Sources: Satmex 20F
44 Satmex transaction terms Acquisition of 100% of Satmex capital for $831 m Implied Enterprise Value of $1,142 m including net debt of $311 m 1 Tax losses carried forward of over $450 m, valued at c.$100 m 9.7x 2 EV/EBITDA based on LTM PF EBITDA 3 2-year forward multiple in line with global FSS operators Double-digit IRR, in line with Eutelsat s investment criteria 100% debt financed 930 m 6 year-bond issued at attractive terms (2.625% coupon) in December 2013 Transaction closed on 1 January 2014 Source : Satmex F, Satmex 6-K Forms Note: 1 Gross debt of $360.0m, plus accrued interest of $12.8m, less cash of $61.8m as of 31 March Based on Entreprise Value net of the value of the tax losses carried forward (c. $100 m) 3 LTM PF EBITDA: Actual LTM EBITDA as of March 31, 2013 adjusted to include already contracted incremental revenue on Eutelsat 117 West A vs. Eutelsat 115 West A 44
45 Satmex and EUTELSAT 65 West A: complementary coverage in Latin America Satmex leading markets MEXICO EUTELSAT 65 West A key target market Eutelsat 115 West A & Eutelsat 115 West B W COLOMBIA ECUADOR Eutelsat 65 West A 65 W BRAZIL Eutelsat 117 West A & Eutelsat 117 West B W Eutelsat 113 West A W PERU CHILE 45
46 Satmex a year on Dynamics of Latin American region confirmed REVENUES (USDm) 78 Integration well under way Performance in line with expectations Robust double-digit revenue growth at end-december 2014 Q2 35 Q4 37 Q2 40 Improved EBITDA margin Solid commercial performance Strong backlog > USD400m Q1 34 Q3 35 Q1 38 Important contracts with Millicom, Claro Peru, Televera H H H Two satellites to be launched in 2015 Complemented by Eutelsat 65 West A in 2016 Closing of the acquisition 46
47 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 47
48 Industry average revenue per transponder AVERAGE REVENUE PER TRANSPONDER (m$) Eutelsat coverage Western Europe Central Europe Russia & Central Asia Middle East & North Africa Sub Saharan Africa Southern Asia Latin America North East Asia China area South-East Asia Oceania North America Source: Euroconsult Average Revenue per Transponder for regular capacity only 48
49 Typical capex for a satellite program 50% Satellite 28% Launcher 14% Insurance 8% Capitalized costs 49
50 LEO constellations Geostationary Orbit (GEO) Km LEO offers lower latency than GEO orbit In LEO, satellites are moving with respect to earth surface Medium Earth Orbit (MEO) ~8 000 Km LEO constellations face feasibility and cost challenges: Complexity and cost of ground antennae on the end-users side OneWeb SpaceX / Google Low Earth Orbit (LEO) ~ 1000 Km Cost of the ground segment Efficiency Go-to market approach, particularly in emerging markets Stratosphere ~ 20 Km Regulatory uncertainty regarding spectrum and country licencing 50
51 Agenda FSS Industry: growth opportunities Eutelsat in a snapshot Q performance Outlook Appendices H financial performance Satmex acquisition Industry information Other 51
52 Continued audience growth at Eutelsat Video neighbourhoods Audience growth at Eutelsat s top 8 Video neighbourhoods Growth in DTH households DTH is leading TV reception mode in Western Europe Audience (M homes) DTH households (M homes) Reception modes in % % % 32% 53% 58% 16% 25% East 16 East 7 East 28 East 9 East 36 East 5 West 7/8 West % Share of DTH at Eutelsat s top 8 Video neighbourhoods DTH Cable (-3 pts) IP TV (+10 pts) DTT / Analogue (+1 pts vs. 2010) (-8 pts) With the exception of DTT, all other reception modes are not exclusive Source: Eutelsat TV Observatory 52
53 Eutelsat Quantum: cutting-edge technology Software-defined class of satellites First satellite to be launched in 2018 Manufactured by Airbus Defense and Space Incomparable flexibility in terms of: Coverage Bandwidth Power and frequency configurability Premium capacity through footprint shaping and steering, power and frequency band pairing that customers will be able to actively define Targeting for users operating in government, mobility and Data markets Example of a coverage hopping between 2 markets Most of the capacity is devoted to Cairo, during day-time in Africa Most of the capacity is devoted to NYC, during day-time in Americas 53
54 KA-SAT High Throughput Satellite Operational since Mid-2011 covering extended Europe 1 and the Mediterranean Basin Adressing mainly: Internet Broadband market in areas with limited or no Internet service (Tooway) In-flight connectivity Spotbeam architecture vs. widebeam for traditional satellites enables reuse of frequencies Total throughput of 90 Gbps Significantly lowered cost per Mb Connexion to a network of ten ground stations 180, 000 broadband terminals activated at end March Extended Europe: Western Europe, Central Europe, Russia and Central Asia, Middle East and North Africa, Sub Saharan Africa 54
55 Debt maturity profile 200m 850m 800m 930m 200m 1 800m 4.125% 450m 5.0% 2.625% 600m 1 300m 45m 3.125% 152m Bank debt Bonds Undrawn lines of credit Former debt renegotiated in early 2015 Others Note: Maturities are provided on a calendar year basis figures based on accounts as of 31 Dec. 2014, excluding Bank debt which was renegotiated since. 1 with two possible extension facilities of one year each subject to lender agreement 55
56 Shareholder structure EUTELSAT SHAREHOLDING STRUCTURE AS OF 31 DECEMBER 2014 Bpifrance 26.03% 62.31% 5.01% Free float and others 67.13% CIC % (1) China Investment Corporation 56
57 Disclaimer This presentation does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offer to buy any securities of Eutelsat Communications, nor should it, or any part of it, form the basis of or be relied on in connection with any contract or commitment whatsoever concerning Eutelsat Communications assets, activities or shares. This presentation includes only summary information related to the accounts and activities for the fiscal year of Eutelsat Communications and its strategy, and does not purport to be comprehensive or complete. For further details please refer to the consolidated accounts of Eutelsat Communications for the fiscal year , available on the Eutelsat Communications website All statements other than historical facts included in this presentation, including without limitations, those regarding Eutelsat Communications position, business strategy, plans and objectives are forward-looking statements. The forward-looking statements included herein are for illustrative purposes only and are based on management s current views and assumptions. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: postponement of any ground or in-orbit investments and launches including but not limited to delays of future launches of satellites; impact of financial crisis on customers and suppliers; trends in Fixed Satellite Services markets; development of Digital Terrestrial Television and High Definition television; development of satellite broadband services; Eutelsat Communications ability to develop and market value-added services and meet market demand; the effects of competing technologies developed and expected intense competition generally in our main markets; profitability of its expansion strategy; partial or total loss of a satellite at launch or in-orbit; supply conditions of satellites and launch systems; satellite or third-party launch failures affecting launch schedules of future satellites; litigation; its ability to establish and maintain strategic relationships in its major businesses; and the effect of future acquisitions and investments. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. These materials are supplied to you solely for your information and may not be copied or distributed to any other person (whether in or outside your organisation) or published, in whole or in part, for any purpose. 57
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