[Satellite TODAY 02-08-13] Eutelsat has confirmed that its CFO Catherine Guillouard is leaving the company immediately – a move that comes at a rather odd time for the FSS operator, as it follows a the release of a positive financial performance result through December 2012 and the signing of a long-term multiple launch services agreement with Arianespace.

Guillouard served as Eutelsat CFO for more than five years and decided to, “move on to take up a new challenge outside the group,” according to a statement from the operator, which added that a search is underway to find a replacement CFO.

   Guillouard had successfully led Eutelsat through some fiscally conservative times. In its most recent fiscal first half financial report, released the same day, Euteslat produced a 5.2 percent year-over-year increase in revenues to 633.6 million euros and a 13.9 percent increase in net profits to 178.5 million euros. Eutelsat CEO Michel de Rosen said the operator’s results were in line with targets and confirmed its current and three year objectives.

   Eutelsat’s individual applications also fared well during the period. Its video revenues rose 6.8 percent to 430.7 million euros compared to the same period last year. Eutelsat increased its TooWay Ka-Sat consumer broadband value-added services 37.6 percent to 31.2 million euros and reported that there were 72,000 TooWay terminals active at the end of 2012, compared to 52,450 at the end of June. The ramp up of its IP Easy service in Africa also continued throughout the period.

   Natixis Analyst Eric Beaudet said Eutelsat’s tone was overall confident in delivering its results, especially concerning its Ka-Sat success. “Demand and pricing per customer is on track with their expectations,” Beaudet said in a research note. “New pricing initiatives are not meant to compensate for low demand but to adapt to consumer’s needs after 12 to18 month in service. In more details, consumer broadband is a bit slower than expected but compensated by high demand from Enterprise customers. Finally, note ETL is now willing to sale wholesale capacity (a whole beam) as pricing will be lower but ramp-up faster leaving the same ROCE for the group.”

   Decreases in Eutelsat’s overall data services and multi-usage were minimal compared to the previous year. Eutelsat expects a 5 percent to 6 percent growth in revenue during its the second fiscal half, with an EBITDA margin around 77 percent until June 2015. The operator also forecasted a 500 million euro-average annual capital expenditure and a dividend payout ratio of between 65 percent and 75 percent of net profits. Eutelsat’s backlog stands at a record 5.4 billion euros, underscoring long-term visibility on revenues and cash flows.

Despite the positive performance, de Rosen did not give a detailed reason for Guillouard’s departure. “On behalf of Eutelsat, we thank Catherine for her significant contribution to its development during a key stage in the group’s history, and wishes her well in her future career,” de Rosen said. “She has undertaken to work with her colleagues at Eutelsat to ensure a smooth transition.”

   Eutelsat has had a very busy last six months, with the launches of Eutelsat 21B and 70B and the integration of Eutelsat 172A. The operator just signed a long-term multiple launch services agreement with Arianespace that covers up to four launches in 2016 and 2017, with the assignment of each satellite to a launch vehicle to be made at a later stage. The new contract is in addition to a contract signed between the two entities in July 2012 for the same timeframe, covering one launch and an option for a further launch.

   “This latest contract seals a 30-year relationship between Eutelsat and Arianespace during which over 60 percent of our satellites have been launched by an Ariane rocket,” said de Rosen. “It paves the road for the future by giving us flexibility and schedule assurance to secure our deployment plan for the five years to come. We are delighted to pursue our longstanding collaboration and are confident that we can count on Arianespace’s total commitment to performance and precision.”