Eutelsat Communications: Fourth Quarter and Full Year 2017-18 Results 1977 Usd Value Today

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Eutelsat Communications: Fourth Quarter and Full Year 2017-18 Results

The Board of Directors of Eutelsat Communications (Paris:ETL) (ISIN:
FR0010221234 – Euronext Paris: ETL) met yesterday, chaired by Dominique
D’Hinnin, and reviewed the financial results for the year ended 30 June
2018.

Rodolphe Belmer, CEO of Eutelsat Communications, said:

"I’m pleased
to report that we fully delivered on all of our financial objectives for
the second year in a row. In particular, I would highlight the
progressive improvement throughout the year for the five operating
verticals. Moreover, in terms of financial discipline, we are ahead of
plan on the LEAP cost savings program. Elsewhere, the successful
application of our design-to-cost policy – clearly illustrated in the
renewal of the HOTBIRD constellation – will enable us once again to
reduce our capex envelope in the coming years, while the disposal of our
stake in Hispasat enhanced our deleveraging efforts. On the operational
front we took an important step in terms of shaping our Connectivity
strategy with the procurement of our KONNECT VHTS satellite.

During this year, we also delivered a solid commercial performance
which sets us in good stead to achieve our objective of returning to
slight revenue growth this year. All our other financial targets are
also confirmed, and we are recommending a dividend increase of 5% to
1.27 per share, underpinned by substantial discretionary free cash-flow
growth, and as a mark of our confidence in the future of our company.”

EBITDA, EBITDA margin, Net debt / EBITDA ratio, Cash Capex and
Discretionary Free-Cash-Flow are considered as Alternative
Performance Indicators. Their definition and calculation can be
found in appendix 3 of this document.

IFRS 15 and IFRS 16
will be adopted in the Group's consolidated financial statements
for the financial year beginning 1 July 2018.

Revenues down 1.9% like-for-like, within our guidance range of -1% to
-2%;

EBITDA margin of 76.9% at constant currency, well above 76% target;

Effective capex containment at €358 million, below the €420m average
objective;

Discretionary Free Cash Flow up 11.9% at constant currency despite
tough comparison basis (+65% in FY 2016-17);

Net Debt / EBITDA now in line with 3.0x target level; deleveraging
accelerated by disposal of Hispasat stake for €302m;

Recommended dividend of €1.27 per share, up 5%; 1.4 times covered by
Discretionary Free Cash Flow;

Progressive improvement in trend in the operating verticals

Operating verticals down 1.3% at constant currency and perimeter, with
a progressively improving trend (-2.2% year-on-year in the second
quarter, -1.1% year-on-year in the third quarter, -0.7% year-on-year
in the fourth quarter);

Effective design-to-cost policy underpinning tangible reduction in
Capex spend

Replacement of the HOTBIRD constellation a strong illustration of
effectiveness of design-to-cost policy;

Capex outlook further lowered to €400 million average thanks to
above-expectation delivery on design-to-cost;

Robust commercial performance underpinning return to slight growth in
FY 2018-19

Well-oriented channel count, up 4.5% with HD penetration of 21.0%,
up 3.8 points;

Positive outcome of contract renewals, notably Cyfrowy Polsat and
TVN at the HOTBIRD position;

New business in Europe with SFR-Altice at 5°West , Mediaset at
HOTBIRD and XtraTV at the 9°East orbital position as well as in
several emerging broadcast markets, including Fiji on EUTELSAT
172B and the Caribbean region on EUTELSAT 117 WEST B;

Absorption of Noorsat to optimise Video distribution in the MENA
region.

Favourable outcomes of Fall 2017 and Spring 2018 renewal campaigns
with the US Department of Defense;

Significant incremental business at the new 174° East orbital
position;

Landmark MoU with China Unicom followed by the commercialization
of the remaining HTS capacity on EUTELSAT 172B to UnicomAirNet;

Agreement with Taqnia for incremental capacity on EUTELSAT 3B and
EUTELSAT 70B satellites;

These agreements and the double-digit revenue growth confirm the
buoyancy of the Mobile Connectivity market.

Procurement of KONNECT VHTS to shape our Connectivity strategy

Konnect Africa project on track for a commercial launch in August 2018;

Procurement of KONNECT VHTS with significant multi-year distribution
commitments with Orange and Thales.

stood at €1,407.9 million, down 1.9%
like-for-like. On a reported basis, they were down 4.7%, reflecting a
negative currency effect of 3.2 points and a positive perimeter effect
of 0.4 points (impact of the acquisition of Noorsat partly offset by the
disposal of Wins/DHI and DSAT Cinema). Overall revenues for the five
operating verticals (ie excluding ‘Other Revenues’) were down 1.3% at
constant currency and perimeter.

stood at €373.9 million.
Year-on-year they were up 4.3% on a reported basis, stood at €373.9 million.
Year-on-year they were up 4.3% on a reported basis 1977 Usd Value Today , a trend which with has
progressively improved throughout the year (-2.2% year-on-year in the
second quarter, -1.1% year on year in the third quarter).

Quarter-on-quarter, revenues increased by 10.8% on a reported basis and
by 11.0% on a like-for-like basis. Revenues of the five operating
verticals were up by 0.3% at constant currency and perimeter (-0.4% in
the second quarter versus the first quarter, -0.3% in the third quarter
versus the second quarter).

Unless otherwise stated, all variations indicated below are on a
like-for-like basis

revenues were down 0.7%
like-for-like to €897.3 million.

Revenues from Broadcast were slightly up excluding the impact of the end
of the TV d’Orange contract at the HOTBIRD position, with a solid
performance in key emerging markets, notably MENA at the 7/8° West
orbital position and Russia at the 36°East and 56°East orbital positions.

Professional Video continued to decline reflecting ongoing pressure on
point-to-point services.

Fourth Quarter revenues stood at €223.1 million, broadly flat
year-on-year and down 0.8% quarter-on-quarter.

At 30 June 2018 the total number of channels broadcast by Eutelsat
satellites stood at 6,929 (+299 year-on-year). High Definition
penetration continued to increase, representing 21.0% of channels
compared to 17.2% a year earlier, for a total of 1,455 channels, versus
1,142 a year earlier (+313).

revenues were stable
like-for-like to €158.9 million reflecting predominantly the level of
the previous two renewal campaigns with the US Department of Defense.

Fourth Quarter revenues amounted to €40.2 million, up 2.3% year-on-year.
The negative base effect of a positive one-off in the Fourth Quarter of
the previous year was more than offset by the first effects of the
ramp-up of incremental business secured at the 174°East orbital
position. On a quarter-on-quarter basis, revenues were up 5.8%.

Commercial activity was favourable throughout the year with a high level
of renewals with the US Department of Defense both in Fall 2017 (c.95%)
and Spring 2018 (above 95%) as well as the commercialization of the vast
majority of the operational transponders at the 174°East position,
thereby paving the way for an improvement in trend for this application
in FY 2018-19.

were down 10.1% like-for-like
to €142.5 million. They continued to reflect

ongoing pricing
pressure in all geographies and the absence of significant incremental
volumes.

Fourth Quarter revenues stood at €34.2 million, down by 10.6% on a
year-on-year basis. On a quarter-on quarter basis they were down 1.9%.

Eutelsat’s cautious view on this vertical is unchanged and revenues are
expected to continue to decline in FY 2018-19.

revenues stood at €86.7 million,
down 7.8% year-on-year. Fourth Quarter revenues stood at €21.1 million,
down by 7.5% on a year-on-year basis and by 1.9% quarter-on-quarter.

This performance reflected lower revenues for European Broadband in a
context of scarcity of available capacity in Western Europe and slower
than hoped-for progress by the retail joint-venture with ViaSat.

The launch of the commercial service in Africa on the Al-Yah-3 satellite
in August and actions in Europe including yield management,
differentiated offers and a strengthened focus on under-penetrated
verticals should lead to a return to growth in FY 2018-19.

revenues stood at €74.4
million, up 18.2% year-on-year, reflecting the effect of the Taqnia
contract signed last year, the contribution of of EUTELSAT 172B - with
capacity pre-sold to Panasonic - which entered service at end-November
2017, as well as continued growth on wide-beam capacity notably over the
Americas.

Fourth Quarter revenues stood at €19.5 million, up 14.6% year-on-year
and by 9.0% quarter-on-quarter.

Revenues in FY 2018-19 will benefit from start of the UnicomAirNet
contract on EUTELSAT 172B in January 2019, the contribution of the new
contract with Taqnia at several orbital positions, as well as the
ongoing ramp up of capacity contracts on KA-SAT for the benefit of
several European airlines.

‘Other Revenues’ amounted to €48.1 million
compared with €55.0 million a year earlier. They included notably fees
in respect of a small number of material technical and engineering
contracts which materialized in the fourth quarter.

The number of operational 36 MHz-equivalent transponders stood at 1,427
at 30 June 2018, up 55 over 12 months, mainly reflecting the entry into
service of EUTELSAT 172B end-November 2017 and subsequent relocation of
EUTELSAT 172A at 174°East. The number of transponder utilized is up by
40 units year-on-year. As a result the fill rate stood at 68.1% compared
to 67.9% a year ago.

Number of operational 36 MHz-equivalent transponders

Number of utilized 36 MHz-equivalent transponders

Based on 36 MHz-equivalent transponders excluding high
throughput capacity

Note: The backlog represents future revenues from capacity lease
agreements and can include contracts for satellites under procurement.

At 30 June 2018, it stood at €4.6 billion, down 12% compared to 30 June
2017, reflecting mainly the impact of the integration of Noorsat (-€0.4
billion). Contracts added to the backlog during the year included
notably renewals with Cyfrowy Polsat and TVN at HOTBIRD, the new
contract with UnicomAirNet at 172°East as well as the new contract with
Taqnia at several orbital slots.

The backlog was equivalent to 3.2 times 2017-18 revenues with 83%
represented by Video.

In years of annual revenues based on last fiscal year

stood at €1,076.9 million (€1,133.6 million at 30 June
2017), down 5.0%.

The "LEAP” cost savings plan is ahead of track, generating €24m of
savings versus an objective of €15 million in FY 2017-18.
1977 Usd Value Today

As a result, despite lower ‘Other’ revenues with lower associated costs
and the slightly dilutive impact of the integration of Noorsat, the

stood at 76.9% at constant rate (76.5% on a reported basis),
compared to 76.7% last year.

stood at €290.1 million versus €351.8
million in 2016-17 a decrease of 17.5%. The net margin stood at 21%.
This reflected mainly:

Lower depreciation and amortisation, down €26.9 million year-on-year,
thanks to lower depreciation of satellites having ended their
operational life or already fully depreciated which was not offset by
the impact of satellites which entered service in the past 18 months
(EUTELSAT 172B and EUTELSAT 117 WEST B);

‘Other operating income’ of -€18.5 million, reflecting notably the
one-off accounting impact of the integration of Noorsat, compared with
+€14.1 million a year ago which included the capital gain on Wins/DHI;

A financial result of -€105.2 million, more favourable than last year
(-€130.9 million): it reflected on one hand lower net cost of debt
(-€95.2 million versus -€125.7 million a year earlier) thanks mainly
to the reimbursement of the €850 million bond in March 2017, and on
the other, the evolution of ‘Other financial income’ (-€10.1 million
versus -€5.2 million a year earlier) linked to a negative variation in
foreign exchange gains and losses and in the fair value of financial
instruments.

A tax rate of 32.0% which reflected notably the recognition of a
positive non-cash one-off related to deferred tax liabilities to take
into account the future evolution of the French corporate tax rate. As
a reminder last year’s tax rate (24.8%) also reflected the partial
tax-exemption of the capital gain in respect of the disposal of
Wins/DHI.

from operating activities stood at €880.8 million
compared to €982.9 million in 2016-17, down €102.1 million. This
reflected mostly the decrease in EBITDA, slightly higher tax paid,
relating to the timing of tax payments, as well as an unfavorable
evolution in working capital compared to a demanding comparison base
last year.

amounted to €358.2 million compared to
€414.4 million a year earlier, below the target of €420 million per
annum on average over three years, reflecting the phasing of various
satellite programmes as well as effective Capex containment. It included
initial payments in respect of the KONNECT VHTS satellites and the
HOTBIRD constellation replacement.

paid net of interest received stood at
€107.9 million (€160.7 million in 2016-17); the €52.8 million decrease
reflected mainly the repayment of the €850 million bond in March 2017.

stood at
€414.7 million at 30 June 2018, up by €6.9 million (or 1.7%)
year-on-year. At constant currency it was up by 11.9%.

stood at €3,241.6 million versus
€3,640.7 million a year earlier, a €399.1 million reduction.
Discretionary free cash-flow more than covered the dividend payment
(€295.4 million including dividends paid to minority interests).

Equity divestments / investments (disposal of the stake in Hispasat and
acquisition of Noorsat and minority interest in Broadband for Africa)
generated a net cash inflow of €206.2 million, while the foreign
exchange portion of the cross-currency swap - included in Net Debt -
decreased by €16.1 million. Lower amount of export credit financing and
financial leases contributed to the reduction in net debt for €57.4
million.

As a result, the net debt to EBITDA ratio stood at 3.0 times, a 0.2
point improvement on 30 June 2017.

At 30 June 2018 the weighted average maturity of the Group’s debt stood
at 2.2 years, compared to 3.0 years at 30 June 2017. The average cost of
debt was 2.9% (after hedging), down from 3.1% in FY 2016-17.

Liquidity remains strong, with undrawn credit lines of €650 million and
cash of €734 million.

On 31 July 2018 the Board of Directors agreed to recommend to Annual
Meeting of Shareholders on 8 November 2018 a dividend of €1.27 per share
compared to €1.21 last year (+5%), in line with the Group’s commitment
to serving a stable to progressive dividend.

The dividend will be paid on 22 November 2018, subject to the vote of
the Annual Meeting of Shareholders.

IFRS 15 and IFRS 16 will be adopted in the Group's consolidated
financial statements for the financial year beginning 1 July 2018. The
main impacts of IFRS 15 are related to the timing of revenue and cost
recognition or reclassifications between revenues and costs for items
such as marketing and technical contributions and for subscriber
acquisition costs and terminals in the Fixed Broadband application.

The adoption of IFRS 16 will lead to the capitalization of short-term
operating leases which were previously accounted as opex.

The Group will apply IFRS 15 retrospectively by restating the comparable
period. IFRS 16 will be applied under the simplified retrospective
method with no restatement of comparative periods.

Overall, the broad impact of IFRS 15 is estimated between -€15 and -€20
million on 2017-18 revenues (of which -€15 to -€20 million on Operating
Verticals). IFRS 16 has no impact on revenues.

The combined impact
of IFRS 15 and IFRS 16 is estimated at circa +1 point on the EBITDA
margin and circa +€30m on Net Debt. It is estimated at between +€5m
and+€10m on Cash Capex. There is no net impact on Discretionary Free
Cash Flow.

Note: The less predictable nature ‘Other Revenues’ (ie revenues which
are non-recurring and not related to the commercialization of capacity)
leads us to exclude them from our revenue objectives as of FY 2018-19.

All elements of the financial outlook are confirmed or upgraded.

(at constant currency, perimeter and IFRS 15 accounting standards) are
expected to return to slight growth from FY 2018-19.

(at constant currency) is expected above 78%
from FY 2018-19, taking into account the impact of IFRS 15 and IFRS 16
accounting standards.

spend is reduced to an
average of €400 million

per annum for the period July
2017 to June 2020 (versus €420 million previously) reflecting positive
impact of design-to-cost policy.

is expected to
grow at a mid-single digit CAGR in the period July 2017

The Group is committed to maintaining a sound financial structure to
support its investment grade credit rating with a

This outlook is based on the nominal deployment plan outlined hereunder.

The upcoming launch schedule is indicated below. Since the last
quarterly update in May 2018, the launches of EUTELSAT 7C and EUTELSAT 5
WEST B have been postponed to Q1 2019 (versus Q4 2018 previously)

Chemical propulsion satellites (EUTELSAT
QUANTUM, EUTELSAT

5 West B) generally enter into
service 1 to 2 months after launch. Electric propulsion satellites
(EUTELSAT

7C, KONNECT, KONNECT VHTS, EUTELSAT HOTBIRD 13F and EUTELSAT
HOTBIRD 13G) between 4 and 6 months.

«nominal capacity corresponding to the specifications of

the
satellites. Total operational capacity at the HOTBIRD orbital
position will remain unchanged with 102 physical transponders (95
36 Mhz equivalent transponders) operated, once

regulatory,
technical and operational constraints are taken into account.”

Eutelsat ordered the KONNECT VHTS satellite from Thales Alenia Space.
Expected to be launched in 2021, it will bring 500 Gbps of Ka-Band
capacity over Europe to support the development of European Fixed
Broadband and in-flight Connectivity businesses. Significant firm
multi-year distribution commitments have been signed with Orange to
address the Fixed Broadband market in European countries where the Group
has a retail presence and Thales to serve notably the government market.

Eutelsat has signed a Memorandum of Agreement (MoA) for the procurement
of two larger new satellites from Airbus Defence and Space to replace
the three existing satellites at its HOTBIRD flagship neighbourhood.
These two new satellites are set to be launched in 2021.

EUTELSAT 172B which was launched in June 2017 started to operate
mid-November. Subsequently, EUTELSAT 172A was relocated at 174° East
and renamed EUTELSAT 174A.

EUTELSAT 31A reached the end of its operational life and was
de-orbited in January 2018.

The Al Yah 3 satellite, on which Eutelsat is leasing capacity for its
Konnect Africa project, was launched on 25 January 2018. Commercial
service is expected to start in August 2018.

EUTELSAT 16C reached the end of its operational life and was
de-orbited in February 2018.

EUTELSAT 36 WEST A has been relocated at 59.7° East and renamed
EUTELSAT 59A.

EUTELSAT 33C and EUTELSAT 59A now operate in inclined orbit.

The Board of 31 July 2018 proposed, amongst others, the following
resolutions to be submitted to the vote of shareholders present at the
Annual General Meeting of 8 November 2018:

Renewal of the mandates of Ross McInnes and Bpifrance Participations;

Compensation of corporate officers and compensation policy;

Note: This press release contains audited consolidated financial
statements prepared under IFRS, reviewed by the Audit Committee on
30 July 2018 and

adopted by the Board of Directors of
Eutelsat Communications on 31 July 2018. These accounts will be
subject to the approval of shareholders of Eutelsat

Communications
at the Annual General Shareholders Meeting of 8 November 2018.

Consolidated accounts are available at www.eutelsat.com/investors/index.html

Eutelsat Communications will present
its results on

To join the call, please dial the following numbers:

, 13:00 CET to
August 8, midnight by dialling the following numbers:

Note: The financial calendar is provided for information purposes
only. It is subject to change and will be regularly updated.

8 November 2018: Annual General Shareholders’ Meeting

Founded in 1977, Eutelsat Communications is one of the world's leading
satellite operators. With a global fleet of satellites and associated
ground infrastructure, Eutelsat enables clients across Video, Data,
Government, Fixed and Mobile Broadband markets to communicate
effectively to their customers, irrespective of their location. Over
6,800 television channels operated by leading media groups are broadcast
by Eutelsat to one billion viewers equipped for DTH reception or
connected to terrestrial networks. Headquartered in Paris, with offices
and teleports around the globe, Eutelsat assembles 1,000 men and women
from 46 countries who are dedicated to delivering the highest quality of
service.

Eutelsat Communications is listed on the Euronext Paris Stock Exchange
(ticker: ETL).

___________________________________________________________________________________________________

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 its 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; 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.

Revenues by business application in the Fourth Quarter (€ millions)

Extract from the consolidated income statement (€ millions)

Portion of net income attributable to non-controlling interests

Interest and Other fees paid net of interests received

Acquisition / disposal of equity investments and subsidiaries

Distributions to shareholders (including non-controlling interests)

Change in foreign exchange portion of the cross-currency swap

The table below shows quarterly reported revenues. Q1 2016-17 revenues
are restated under the new classifications used since H1 2016-17 results.

The table below shows quarterly proforma revenues for FY 2016-17
excluding revenues from Wins / DHI and DSAT Cinema.

In addition to the data published in its accounts, the Group
communicates on three alternative performance indicators which it deems
relevant for measuring its financial performance: EBITDA, cash capex and
Discretionary free cash flow (DFCF). These indicators are the object of
reconciliation with the consolidated accounts.

EBITDA reflects the profitability of the Group before Interest, Tax,
Depreciation and Amortization. It is a key indicator in the Fixed
Satellite Services Sector. The table below shows the calculation of
EBITDA based on the consolidated P&L accounts for FY 2016-17 and FY
2017-18:

The EBITDA margin is the ratio of EBITDA to revenues. It is computed as
follows:

At constant currency, the EBITDA margin would have stood at 76.9% as of
30 June 2018.

The Net debt / EBITDA ratio is the ratio of net debt to last-twelve
months EBITDA. It is computed as follows:

The Group on occasion operates capacity within the framework of
financial leases, 1977 Usd Value Today , leading to outflows which are not
reflected in the item "acquisition of satellites and other tangible or
intangible assets”. Cash Capex including these two elements is published
in order to reflect the totality of Capital Expenditures undertaken in
any financial year.

Cash Capex therefore covers the acquisition of satellites and other
tangible or intangible assets as well as payments in respect of export
credit facilities and long term financial leases on third party capacity.

Cash Capex for FY 2016-17 was restated from the value of the payment
owed in 2015-16 to RSCC in respect of lease of EUTELSAT 36C but paid
effectively in FY 2016-17

(€95.2m) which was already
accounted for in 2015-16 cash capex.

The table below shows the calculation of Cash Capex for FY 2016-17 and
FY 2017-18:

Acquisitions of satellites, other property and equipment and
intangible assets

Repayments of ECA loans and long-term capital leases

The Group communicates on Discretionary free cash flow which reflects
its ability to generate cash after the payment of interest and taxes.
DFCF generally and principally serves the dividend payment and debt
reduction.

Discretionary free cash flow is defined as Net cash flow from operating
activities less Cash Capex as well as interest and other financial
costs, net of interest income.

The table below shows the calculation of Discretionary free cash flow
for FY 2016-17 and FY 2017-18 and its reconciliation with the cash flow
statement:

Acquisitions of satellites, other property and equipment and
intangible assets

Interest and other fees paid net of interest received

Payment to RSCC in respect of lease of EUTELSAT 36C included in FY
2015-16 Discretionary

At constant currency, the Discretionary Free-Cash Flow would have
amounted to €456.2 million as of 30 June 2018.

Appendix 4: restatement of comparative financial statements

Total shareholder’s equity stood at €2,844 million at 30 June 2018
versus €2,911 million at 30 June 2017.

FY 2016-17 opening shareholder equity has been restated to adjust the
Satelites Mexicanos' deferred tax positions, leading to a negative net
impact of 56.3 million euros (ie circa 2% of total shareholder equity),
with no impact on the income statement as of 30 June 2017.

Please
refer to note 3.6 of the Appendix to the consolidated financial
statements.

Operating
income before depreciation and amortisation, impairments and other
operating income/(expenses).

Net cash-flow from
operating activities – Cash Capex - Interest and Other fees paid net of
interests received.

the share of each application as a
percentage of total revenues is calculated excluding ‘Other Revenues’.

At constant currency and perimeter. The variation is calculated as
follows: i) FY 2017-18 USD revenues are converted at FY 2016-17 rates;
ii) FY 2016-17 revenues are restated from Wins/DHI and DSAT. FY 2017-18
revenues are restated from

Other revenues include mainly compensation paid on the settlement
of business-related litigations, the impact of EUR/USD currency hedging,
the provision of various services or consulting/engineering fees and
termination fees.

Number of transponders on satellites
in stable orbit, back-up capacity excluded.

Number of
36 MHz-equivalent transponders utilized on satellites in stable orbit.

See Appendix 3 for the definition of this indicator

See Appendix 3 for the definition of this indicator

Excluding Other revenues. Reported revenues for the five operating
verticals stood at €1,360 million in FY 2017-18. As a reminder, the
impact of the adoption of IFRS 15 standard is estimated between -€15 and
-€20 million on FY 2017-18 revenues for the five operating verticals. "

Including capital expenditure and payments under existing export credit
facilities and long-term lease agreements on third party capacity.

Including impact of new IFRS 16 accounting standard.

Net cash-flow from operating activities – Cash Capex - Interest and
Other fees paid net of interest received.

Discretionary Free-Cash-Flow of €407.8 million in FY 2016-17

At constant currency and perimeter. The variation is calculated as
follows: i) Q4 2017-18 USD revenues are converted at Q4 2016-17 rates;
ii) Q4 2017-18 revenues are restated from the net contribution of
Noorsat.

Operating expenses is defined as the sum of
operating costs and of selling, general & administrative expenses.

Excluding amount
to RSCC described in the Appendix 3 (€95.2 million) for financial year
2016-17.

Net debt includes all bank debt, bonds and
all liabilities from long-term lease agreements and Export Credit
Agencies as well as Forex portion of the cross-currency swap, less cash
and cash equivalents (net of bank overdraft). Net Debt calculation is
available in the Note 24.2 of the appendices to the financial accounts.

In FY 2015-16 the payment was frozen in the context of the legal action
brought against the Russian State by former Yukos shareholders.

Included in lines "Repayment of borrowings” and of "Repayment of
finance lease liabilities” of cash-flow statement

Excluding
payment to RSCC mentioned above (€95.2 million)

Included
in the line "Transactions relating to non-controlling interests” of
cash-flow statement

Included in the line "Repayment
of borrowings” of cash-flow statement

Included in the
line " Repayment in respect of finance lease liabilities” of cash-flow
statement

Included in the line " Transactions
relating to non-controlling interests ” of cash-flow statement

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