PARIS, February 7, 2013 /PRNewswire/ --
Note: This press release contains
unaudited condensed consolidated half-year accounts prepared under
IFRS which was reviewed by the Audit Committee 5 February 2013 and approved by the Board of
Directors of Eutelsat Communications on 7
February 2013.
- Revenue growth: +5.2% at €633.6 million, including EUTELSAT
172A; +3.3% at constant currency
- Profitability:
- EBITDA[1] up 4.9% to €501.9
million; industry-leading EBITDA margin of 79.2%
- Group share of net income up 13.9% to €178.5 million; net
margin at 28.2%
- Excellent visibility: record backlog of €5.4
billion
- Fleet expansion programme on track with successful launches
of EUTELSAT 21B, EUTELSAT 70B and integration of EUTELSAT
172A
- Current and three year targets confirmed
The Board of Directors of Eutelsat Communications (ISIN:
FR0010221234 - Euronext Paris: ETL) approved the financial results
for the half-year ended 31 December
2012.
Six months ended 31 December 2011 2012 Change
Key elements of consolidated income statement
Revenues EURm 602.4 633.6 +5.2%
EBITDA EURm 478.5 501.9 +4.9%
EBITDA margin 79.4% 79.2% -0.2pt
Group share of net income EURm 156.8 178.5 +13.9%
Diluted earnings per share EUR 0.713 0.813 +13.9%
Key elements of consolidated statement of cash flows
Net cash flows from operating activities EURm 333.2 406.8 +22.1%
Capital expenditure EURm 241.8 388.7[2] +60.7%
Operating free cash flows EURm 91.4 18.1 -80.2%
Key elements of financial structure
Net debt EURm 2,379.6 2,612.9 +9.8%
Net debt/EBITDA X 2.53 2.66
Backlog
Backlog EURbn 5.3 5.4 +0.5%
Commenting on the half year 2012-2013 results, Michel de Rosen, CEO of Eutelsat Communications,
said: "We are pleased to
report robust results for first half
2012-2013, with revenue
growth of over 5%
and an EBITDA margin exceeding
79%. The record
backlog of €5.4
billion underscores our long
term visibility on revenues and cash flows.
Two new satellites, EUTELSAT 21B and
EUTELSAT 70B were successfully launched in the first half and
recently entered into service, and the recently acquired EUTELSAT
172A was smoothly integrated into the fleet. These three
advances mark another milestone in the Group's expansion programme
that will lead to an increase of in-orbit resources by more than
30% in the three-year period from June
2012 to June 2015.
At the half year point, Eutelsat
remains fully on track to meet its current year and mid-term
targets of top-line growth of 5 to 6% for the current fiscal year
and a CAGR of 6 to 7% for the three years to June 2015, and an EBITDA margin of around
77%."
--------------------------------------------------
1. EBITDA is defined as operating income before depreciation and
amortisation, impairments and other operating income/(expenses)
2. Includes US$228 million for the
acquisition of EUTELSAT 172A and related assets
REVENUE GROWTH
Note: Unless otherwise
stated, all growth indicators or comparisons are made against the
previous half year ended December 31,
2011. The share of each application as a percentage of total
revenues is calculated excluding "other revenues" and
"non-recurring revenues".
Revenues by business
application (in millions of
euros)
Change
(in EUR
Six months ended December 31 2011 2012 million) (in %)
Video Applications 403.3 430.7 +27.4 +6.8%
Data & Value-Added Services 117.8 124.9 +7.1 +6.0%
Data Services 95.2 93.7 -1.5 -1.5%
Value-Added Services 22.7 31.2 +8.5 +37.6%
Multi-usage 74.4 72.7 -1.8 -2.4%
Other revenues 3.3 5.4 +2.1 +62.5%
Sub-total 598.9 633.6 +34.7 +5.8%
Non-recurring revenues 3.5 - -3.5 nm
Total 602.4 633.6 +31.2 +5.2%
Group revenues rose 5.2% in the first half 2012-2013 to €633.6
million (+3.3% at a constant euro-US dollar exchange rate).
Excluding non-recurring revenues, growth was 5.8%.
Second quarter revenues (excluding non-recurring revenues) stood
at €319.2 million, up 3.9% (+2.9% on a constant currency
basis).
VIDEO APPLICATIONS (68.6% of
revenues)
Video Applications
recorded revenue growth of 6.8% to €430.7 million, reflecting the
ongoing strong performance of the Group's leading video
neighbourhoods.
Growth at 7°/8° West and 16° East was fuelled by the take-up of
new capacity added in the previous year:
- The 7°/8° West video neighbourhood serving broadcast clients in
the Middle East and North Africa remains highly dynamic, with the
number of TV channels up 25% year-on-year to 618 (+125). This
position benefited from new and expansion capacity on EUTELSAT 7
West A, operational since 24 October
2011. This key video neighbourhood will once again be
reinforced in 2013 with the redeployment of a satellite to 8° West,
in keeping with the Group's optimisation of its in-orbit resources.
- At the 16° East neighbourhood, serving broadcasters in
Central Europe and Indian Ocean
Islands, contracts were signed to support new TV channels, which
rose 12% to 588, (+61) at 31 December
2012. The expansion capacity on EUTELSAT 16A, which entered
into service on 9 November 2011,
continues to ramp up despite some competitive pressure in the
Balkans.
Sustained channel growth and HDTV adoption across the fleet:
At 31 December 2012, the total
number of TV channels broadcast by Eutelsat's satellites was 4,485,
up 7.5% (+312) year-on-year. The channel count includes 398 HDTV
channels, up 40.6%, implying an overall HD penetration rate of 8.9%
compared to 6.8% a year earlier. The strongest channel growth was
recorded at the 7°/8° West video neighbourhood (+25%). 36° East,
with coverage of Russia and
sub-Saharan Africa, showed the largest increase in HDTV channels
(+97%). The HOT BIRD position at 13° East (covering Europe), 7°/8° West, 16° East and 7° East
(covering Turkey) all reported
growth in HD channels at rates higher than 30%.
Professional video and newsgathering services benefited during
the period from a number of special events, including the 2012
London Olympic Games.
DATA AND VALUE-ADDED SERVICES (19.9%
of revenues)
Data and Value-Added services revenues
amounted to €124.9 million (+6.0%).
Data Servicesrevenues declined by 1.5% to €93.7
million reflecting the full year impact of factors identified in
2011-2012, notably competitive pressure in the African market which
remains, however, one of the strongest in terms of potential growth
for fixed satellite service operators, as well as the end of a
contract with a late-paying customers whose capacity has since been
resold. EUTELSAT 172A, acquired on 25
September 2012, contributed a full quarter to data revenues
in the first half.
Eutelsat's two most recently launched satellites, EUTELSAT 21B
and EUTELSAT 70B, became operational on 18
December 2012 and 16 January
2013 at 21.5° East and 70.5° East respectively and did not
contribute to first half revenues. Existing traffic at both
positions was successfully transferred and expansion capacity is
expected to progressively ramp-up over the coming quarters.
Revenues for Value-Added Services stood at
€31.2 million, up 37.6%.
Tooway™ consumer broadband services on KA-SAT contributed
strongly to growth in Value-Added Services, with 72,000 active
Tooway™ consumer terminals at 31 December
2012 (from 52,450 at 30 June
2012). An enhanced consumer offer featuring higher
bandwidths, increased volume and more competitive pricing was made
available to service providers from 1
February 2013. The professional business on KA-SAT is also
developing; in October 12,600 professional terminals were deployed
in the Ukraine during national
parliamentary elections.
The IP Easy service, launched in May
2012 and dedicated to broadband for SOHOs (Small Office Home
Office) in Africa, continued to
ramp-up. This growth was insufficient to offset the decline of the
other D-Star offers which are transitioning to new-generation
equipment.
Eutelsat continues to develop mobile connectivity services to
maritime and aeronautical markets. The cruise ship sector
contributed to first half revenue growth via the WINS subsidiary
which provides capacity and services for on-board GSM and Internet
connectivity. In the market for in-flight Internet connectivity,
Eutelsat has just announced the launch of the Eutelsat Air
Access service in Europe in
the Ka-band. The service will be commercially available from
mid-2013 and operate through KA-SAT using ViaSat technology.
MULTI-USAGE (11.6% of revenues)
Multi-usage revenues include short-term contracts for
government administrations who lease transponder capacity from
service providers to meet regional coverage needs. Revenues
declined by 2.4% to €72.7 million, reflecting a weaker renewal
campaign in February/March 2012.
Nevertheless, the outcome of the September/October 2012 renewal campaign was in-line with
expectations, and EUTELSAT 172A contributed to revenues of this
activity in the second quarter.
The two newest satellites, EUTELSAT 21B and EUTELSAT 70B, are
well-positioned to meet certain geographic needs for Multi-usage
customers in the future.
OTHER AND NON-RECURRING REVENUES
Other revenues and non-recurring revenues stood at €5.4
million at 31 December 2012. They
comprise contributions from activity related to service contracts
with partners, equipment sales and the result of the Group's
foreign exchange hedging programme.
RECORD BACKLOG SUPPORTS LONG TERM
VISIBILITY
Backlog reaches a record high of €5.4
billion
The order backlog at 31 December
2012 stood at the record level of €5.4 billion, reinforcing
the Group's long-term visibility on revenues and operating cash
flows. It was driven by strong commercial dynamic at some of the
fastest growing video neighbourhoods, particularly satellites
addressing the Middle East and
North Africa.
The backlog represents a weighted average residual life of
contracts of 7.3 years and is equivalent to approximately 4.4 times
annual revenues for FY 2011-2012.
The order backlog includes EUTELSAT 172A, integrated in the
fleet since September 2012.
Backlog key indicators:
December 31 2010 2011 2012
Value of contracts (in billions of euros) 4.9 5.3 5.4
Weighted average residual life of contracts (in
years) 7.9 7.3 7.3
Share of Video Applications 92.3% 93.0% 91.9%
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.
OPERATIONAL AND LEASED
TRANSPONDERS
As of 31 December 2012, the number
of operational transponders on Eutelsat's fleet of 30 satellites
stood at 850, up 6.1% on December 31,
2011. The increase reflects the integration of EUTELSAT 172A
in September 2012 and EUTELSAT 21B in
December 2012. As EUTELSAT 70B became
operational in January 2013 it is not
reflected in the transponder count at 31
December 2012.
Fleet
evolution
31 December 2011 31 December 2012
Operational
transponders 801[*] 850[*]
Leased transponders 610 635
Fill rate 76.1% 74.7%
* Includes 82 KA-SAT spots as
transponder equivalents. Fill rate considered at 100% when 70% of
capacity is taken up.
HIGH PROFITABILITY MAINTAINED
EBITDA remained high, representing a
margin of 79.2%
Group EBITDA amounted to €501.9 million, up 4.9%. The 79.2%
margin remains industry-leading among FSS (Fixed Satellite
Services) operators.
Operating expenses amounted to €131.8 million, up 6.4%, mainly
reflecting the increase in resources dedicated to reinforcing the
Group's commercial activity, including the development of consumer
and professional services on KA-SAT. This trend is expected to
continue in the second half of the fiscal year.
Group share of net income up 13.9%,
net margin at 28.2%
Group share of net income stood at €178.5 million, an increase
of €21.8 million (+13.9%), reflecting:
- Higher level of EBITDA (+4.9%),
- Higher depreciation (+€10.3 million) mainly due to the full
year effect of the two satellites launched in H1 2011-2012
(EUTELSAT 7 West A and EUTELSAT 16A),
- Higher financial result (+€12.5 million) due to the
non-recurrence of a one-off item in the previous year, not entirely
offset by the increased financial interest on the Group's
indebtedness, linked partially to a new €300 million bond,
- Higher income from associates (+€1.0 million) with the strong
performance of Hispasat,
- Income tax increase limited to €4.7 million despite the tougher
French tax environment, resulting in a decrease in the effective
tax rate from 38.4% in H1 2011-2012 to 36.6% in H1 2012-2013.
Extract from the consolidated income statement (in millions
of euros)[3]
Six months ended December 31 2011 2012 Change
Revenues 602.4 633.6 +5.2%
Operating expenses[4] (123.9) (131.8) +6.4%
EBITDA 478.5 501.9 +4.9%
Depreciation and amortisation[5] (153.0) (163.3) +6.8%
Other operating income (expenses) - - -
Operating income 325.5 338.6 +4.0%
Financial result (66.9) (54.4) -18.7%
Income tax expense (99.3) (104.0) +4.7%
Income from associates 5.2 6.2 +19.9%
Portion of net income attributable to
non-controlling interests (7.7) (7.9) +2.4%
Group share of net income 156.8 178.5 +13.9%
NET CASH FLOWS FROM OPERATING
ACTIVITIES
Net cash flows from operating
activities amounted to €406.8 million (64% of revenues)
The Group recorded an increase of €73.6 million (+22.1%) in net
cash flows from operating activities to €406.8 million,
representing 64.2% of revenues. This reflected the increase in
revenues combined with the improvement of receivables collection,
and lower taxes paid (-€27.8 million).
Capital expenditures amounted to €388.7 million including
US$228 million for the acquisition of
EUTELSAT 172A and related assets.
Diversification of financing supports
strong financial position
The Group further diversified its funding sources:
- In October 2012, the Group
successfully raised €300 million through the issuance of a new
10-year bond at the Eutelsat S.A. level. The coupon is 3.125%.
- At 31 December 2012, the Group
had drawn a total of US$46.3 million
on a US$66.2 million export credit
facility signed in May 2012 with the
US Ex-Im Bank (Export-Import Bank of the
United States) for the partial financing of a satellite
programme. The facility will be repaid through 17 semi-annual
instalments from November 2013 to
November 2021. The facility bears
interest at a fixed rate of 1.71%.
With the new financings in place, the average maturity of the
Group's indebtedness now reaches 5.3 years.
The average cost of debt drawn by the Group was 5.00% (after
hedging) in the first six months of the 2012-2013 fiscal year.
The net debt to EBITDA ratio for the first half was 2.66 times,
compared to 2.53 times at 31 December
2011 and 2.48 times at 30 June
2012.
Net debt to EBITDA ratio
As of December 31 2011 2012
Net debt at the beginning of the
period EURm 2,198 2,374
Net debt at the end of the period EURm 2,380 2,613
Net debt / EBITDA (Last twelve months) X 2.53 2.66
--------------------------------------------------
3. For more details, please refer to Group condensed
consolidated half-year accounts at http://www.eutelsat.com.
4. "Operating expenses" is defined as the sum of operating costs
plus selling, general & administrative expenses.
5. Comprises amortisation expense of €22.2 million corresponding
to the intangible asset "Customer Contracts and Relationships"
identified during the acquisition of Eutelsat S.A. by Eutelsat
Communications.
Net debt includes all bank debt, bonds and all liabilities from
long-term lease agreements, less cash and cash equivalents (net of
bank overdraft).
OUTLOOK CONFIRMED
Eutelsat confirms the outlook published on 30 July 2012 for the current year and three years
to June 2015.
- Revenue targets at +5-6% for 2012-2013, and CAGR of 6-7% to
June 2015, including the impact of
the acquisition of EUTELSAT 172A;
- EBITDA margin at around 77% for each fiscal year until
June 2015;
- Average capital expenditure of €500 million per annum over the
three fiscal years to June 2015
(excluding EUTELSAT 172A);
- Net debt to EBITDA ratio of below 3.3x, for a solid investment
grade credit rating;
- Dividend pay-out ratio of 65% to 75% of Group share of net
income.
FLEET DEPLOYMENT PLAN UPDATE
Successful launches of EUTELSAT 21B
and EUTELSAT 70B: both satellites in full commercial service
EUTELSAT 21B was successfully launched by Arianespace on
10 November 2012 and entered into
commercial service at 21.5° East on 18
December 2012.
The satellite addresses users ranging from enterprises and
government administrations to broadcasters, news agencies and
telcos. It offers increased bandwidth (40 Ku-band transponders
versus 29 on EUTELSAT 21A), higher power and improved flexibility.
In addition to an enhanced widebeam spanning Europe, North
Africa, the Sahel and Central
Asia, it features two dedicated high-energy beams covering
North-West Africa and the
Middle East/Central Asia optimised for data, broadband and
professional video services.
EUTELSAT 70B was successfully launched by Sea Launch on
3 December 2012 and entered into
commercial service at 70.5° East on 16
January 2013.
This satellite has been custom-designed to optimise resources at
70.5° East which is a point of reference for data services,
broadband access, mobile backhauling and professional video
exchanges. With high frequency reuse, four powerful beams with
coverage of Europe, Africa, Asia
and Australia are connected to 48
Ku-band transponders, more than doubling capacity at 70.5°
East.
Satellite redeployments
EUTELSAT 21A
With the entry into service of EUTELSAT 21B, the EUTELSAT 21A
satellite was redeployed to 48° East (renamed EUTELSAT 48C).
EUTELSAT 70A
With the entry into service of EUTELSAT 70B, EUTELSAT 70A is
currently being redeployed to 25.5° East (renamed EUTELSAT 25C) and
will remain at this position until the entry into service of
EUTELSAT 25B, planned for in mid-2013. EUTELSAT 25A will be
redeployed from 25.5° East to an alternative location.
EUTELSAT 48B
In July 2012, EUTELSAT 48B was
redeployed at 28.5° East (renamed EUTELSAT 28B) to address
commercial opportunities outside Europe.
During H1 2012-2013, the Telecom 2D satellite was
de-orbited.
Agreement with RSCC on developing 36°
East and 140° East
On 1 November 2012, Eutelsat and
RSCC (the Russian Satellite Communications Company), the
state-owned Russian satellite operator, announced an agreement
whereby Eutelsat will lease capacity for broadcasting and IP
services on two RSCC satellites to be launched in 2013 and 2015.
Express-АТ2 will be launched to 140° East in 2013, and Express-AMU1
(EUTELSAT 36C) will be launched in 2015 to provide follow-on and
expansion capacity for EUTELSAT 36A at the 36° East position for
Russia and sub-Saharan Africa.
Acquisition of EUTELSAT 172A
On 25 September 2012, the
transaction to acquire the GE-23 satellite, associated customer
contracts and orbital rights from GE Capital, was finalised. The
satellite, renamed EUTELSAT 172A, is now part of Eutelsat's fleet,
with technical and commercial teams ensuring a smooth transition
for existing customers.
The addition of this satellite to the fleet complements
Eutelsat's organic growth initiatives, notably the EUTELSAT 70B
satellite, equipped with a dedicated Asian beam, which became
operational in January 2013.
EUTELSAT 8 West B procurement
On 11 October 2012, Eutelsat
announced the procurement of the EUTELSAT 8 West B satellite. It
will be equipped with 40 operational Ku-band transponders designed
primarily to serve DTH markets in North
Africa and the Middle East.
It will also introduce a C-band mission to 8° West, with 10
operational transponders in a footprint covering the African
continent and reaching west to South
America.
CORPORATE GOVERNANCE
The Ordinary and Extraordinary Annual General Meeting of
Shareholders of Eutelsat Communications was held on November 8, 2012 in Paris under the chairmanship of Jean-Martin Folz, Chairman of the Board. The
accounts for fiscal year 2011-2012 were approved, as well as all
resolutions put to the vote.
The Annual General Meeting of Shareholders also approved the
proposal to distribute 1.00 euro per
share, an increase of 11% over the previous year. This
distribution, which represents a pay-out ratio of 67% of Group
share of net income, was paid on November
21, 2012.
The Annual General Meeting of Shareholders voted the appointment
as new independent directors of Miriem Bensalah Chaqroun, a
Moroccan national, and Elisabetta
Oliveri, an Italian national.
Following its meeting of 7 February
2013, the Board of Directors of Eutelsat Communications
announced that Ross McInnes has been
co-opted to the Board as an independent director and will assume
the chairmanship of the Audit Committee. He replaces Olivier Rozenfeld who has resigned his seat
after almost three years as an independent director.
The total number of directors now stands at ten, of which six
are independent.
Documentation
Consolidated accounts are available at
http://www.eutelsat.com/investors/index.html
Results presentation for Analysts and
Investors
Eutelsat Communications will hold an analysts and investors
meeting in English on
Friday 8 February 2013
to present its financial results for the half year 2012-2013. The
meeting will take place at Group headquarters, 70 rue Balard, 75015
Paris, starting at 9.30am Paris time (welcome coffee at 8:45 am).
You can also follow this presentation, in English, by conference
call on live. It can be accessed via the following telephone
numbers:
- +33 (0) 1 70 99 32 12 (from France)
- +44 (0) 207 162 0177 (from the U.K.)
- +1 334 323 6203 (from the United
States)
Access code: 927620#
A replay of the call will be available from February 8, 2013 at 3:00pm (Paris
time) to February 22, 2013 midnight
(Paris time), by dialling:
- + 33 (0) 1 70 99 35 29 (from France)
- + 44 (0) 207 031 4064 (from the U.K.)
- + 1 954 334 0342 (from the United
States)
Access code: 927620#
There will be webcast live from the home page of the Investor
Relations section
at http://www.eutelsat.com
Financial calendar
The financial calendar below is
provided for information purposes only. It is subject to change and
will be regularly updated. (Note: financial releases are
published after the close of the market on the day indicated)
- May 7, 2013: financial report for
third quarter ended March 31,
2013
- July 30, 2013: earnings for the
full year ended June 30, 2013
- October 29, 2013: financial
report for the first quarter ended September
30, 2013
- November 7, 2013: Annual General
Shareholders Meeting
About Eutelsat Communications
(http://www.eutelsat.com)
Eutelsat Communications is the holding company of Eutelsat S.A.
With capacity commercialised on 30 satellites delivering reach of
Europe, the Middle East,
Africa, Asia, significant parts of the Americas and
the Asia-Pacific, Eutelsat
Communications (Euronext Paris: ETL, ISIN code:
FR0010221234) is one of the world's leading satellite
operators. As of 31 December 2012
Eutelsat's satellites were broadcasting almost 4,500 television
channels to over 200 million cable and satellite homes in
Europe, the Middle East and Africa. The Group's satellites also provide a
wide range of services for TV contribution, corporate networks and
fixed and mobile broadband markets. Headquartered in Paris, Eutelsat and its subsidiaries employ
over 780 commercial, technical and operational professionals from
30 countries.
Appendix
Quarterly revenues by business
application
3 months ended
In millions of
euros 31/12/2011 31/03/2012 30/06/2012 30/09/2012 31/12/2012
Video
Applications 205.1 211.0 217.8 216.3 214.4
Data &
Value-Added
Services 58.2 57.9 59.3 61.1 63.8
...of which
Data Services 46.8 45.0 44.9 44.9 48.8
...of which
Value-Added
Services 11.4 12.9 14.3 16.2 15.0
Multi-usage 38.2 37.0 35.0 34.1 38.6
Other revenues 2.0 2.8 (1.1) 3.0 2.4
Sub-total 303.6 308.7 311.1 314.4 319.2
Non-recurring
revenues 3.5 - - - -
Total 307.1 308.7 311.1 314.4 319.2
Change in net debt (in millions of
euros)
Half-year Full-year Half-year
ending ending ending
Period ending 31/12/2011 30/06/2012 31/12/2012
Net cash flows from operating activities 333.2 697.2 406.8
Capital expenditure (241.8) (487.5) (388.7)
Insurance indemnity on property and
equipment - - -
Operating free cash flows 91.4 209.7 18.1
Interest and other fees paid. net (34.6) (146.0) (24.8)
Acquisition of non-controlling interests (0.8) (2.5) -
Distributions to shareholders (including
non-controlling interests) (223.8) (227.2) (228.1)
Acquisition of treasury shares (3.1) (9.9) 0.6
Other (10.9) 0.2 (5.2)
Decrease (increase) in net debt (181.8) (175.7) (239.4)
Channels at video neighbourhoods
serving Central and Eastern
Europe, Russia,
Middle East, Africa
Orbital position Markets 31/12/2011 31/12/2012
7degree(s)/
8degree(s) West North Africa, Middle East 493 618
7degree(s) East Turkey 210 216
Central Europe, Indian Ocean
16degree(s) East islands 527 588
36degree(s) East Russia, Africa 697 743
Total 1,927 2,165
Estimated satellite launch
schedule
Estimated launch
Satellite (calendar year) Transponders
EUTELSAT 3D* Q2 2013 37 Ku
EUTELSAT 25B** Q3 2013 16 Ku / 7 Ka
Express AT2*** H2 2013 8 Ku
EUTELSAT 3B H1 2014 51 (Ku, Ka, C)
EUTELSAT 9B H2 2014 60 Ku
EUTELSAT 8 West B H1 2015 40 Ku / 10 C
EUTELSAT 36C*** H2 2015 Up to 70 (Ku & Ka)
Note: Satellites generally enter into service one to two months
after launch.
* Ex-EUTELSAT 7B
** Partnership satellite with Qatar Satellite Company,
transponders indicated for Eutelsat portion only
*** Partnership satellites with RSCC
SOURCE Eutelsat Communications