Eutelsat - OneWeb Combination Update
FINANCIAL OUTLOOK CONFIRMED (STANDALONE)
OPERATING VERTICALS
REVENUES
► Growth from FY 2023-24 onwards
CASH CAPEX
ADJUSTED
DISCRETIONARY
FREE CASH FLOW3
LEVERAGE
DISTRIBUTION
Not exceeding €400m¹ per annum for each
of the two fiscal years FY 2022-23 and FY
2023-24
► Average of €420m per annum over the next
two fiscal years FY 2022-23 and FY 2023-242
Equivalent to cumulative Adjusted DFCF generation of €1.4 bn
over three fiscal years (FY 22/FY 23/FY 24) at 1.00 €/$
Medium-term net debt / Adjusted EBITDA
ratio of c. 3x
Dividend suspended for three years in the
context of combination with OneWeb³
EUTELSAT
This outlook is based on the revised nominal deployment plan outlined below.
It assumes no further material deterioration of revenues generated from Russian customers. It excludes the impact of the contemplated combination with OneWeb.
1 Including capital expenditure and payments under existing export credit facilities and other bank facilities financing investments as well as payments related to lease liabilities.
2 Based on a €/$ rate assumption of 1.00 and current perimeter. Adjusted DFCF objectives exclude future payments related to the take-or-pay agreement with OneWeb.
3 Starting from FY 2022-23.
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