Eutelsat Communications : Consolidated financial statements as of 30 June 2022

Eutelsat Communications Group

"Société anonyme" with a capital of 230,544,995 euros

Registered office: 32, boulevard Gallieni, 92130 Issy-les-Moulineaux 481,043,040 R.C.S. Nanterre

CONSOLIDATED FINANCIAL STATEMENTS

AS OF 30 JUNE 2022

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CONSOLIDATED INCOME STATEMENT

	(in millions of euros, except per-share data)		Note		30 June 2021			30 June 2022
	Revenues from operations		6.1		1,233.9			1,151.6
	Operating costs	6.2	(94.7)		(93.2)
	Selling, general and administrative expenses	6.2	(217.3)		(196.8)
	Depreciation expense	7.1.1, 7.1.2, 7.1.3	(507.7)		(481.7)
	Other operating income and expenses	6.3	(67.0)		44.9
	Operating income				347.2			424.8
	Cost of net debt			(72.8)		(63.1)
	Other financial income and expenses			(22.2)		(1.8)
	Financial result		6.4		(95.0)			(64.9)
	Current income before tax				252.3			359.9
	Income tax	6.5	(24.2)		(48.6)
	Share of result of associates	7.2	-		(71.5)
	Net income				228.1			239.8
	Attributable to the Group			214.1		230.8
	Attributable to non-controlling interests			14.0		9.1
	Basic and diluted earnings per share attributable to	6.6	0.930		1.002
	Eutelsat Communications shareholders

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COMPREHENSIVE INCOME STATEMENT

	(in millions of euros)		Note		30 June 2021			30 June 2022
	Net income				228.1			239.8
	Other recyclable items of gain or loss on comprehensive income
	Translation adjustment	7.6.4	(16.5)		117.3
	Tax effect	7.6.4	(9.3)		21.0
	Changes in fair value of hedging instruments (1)	7.6.3	1.6		(43.3)
	Tax effect	7.6.3	15.0		10.6
	Other non-recyclable items of gain or loss on comprehensive income
	Changes in post-employment benefits	7.7	20.1		56.8
	Tax effect			(5.2)		(14.7)
	Total of other items of gain or loss on comprehensive income			5.8		147.7
	Total comprehensive income				233.9			387.5
	Attributable to the Group			219.7		373.1
	Attributable to non-controlling interests (2)			14.2		14.4

1. The changes in the fair value of hedging instruments concern only cash-flow hedges. Net foreign investment hedges are recorded as translation adjustments.
2. The portion attributable to non-controlling interests breaks down as follows:
3. • A net result of 14.0 million euros as of 30 June 2021 and 9.1 million euros as of 30 June 2022.
   • Other recyclable items of gain or loss on comprehensive income of (0.3) million euros as of 30 June 2021 and (1.9) million euros as of 30 June 2022; and
   • Other non-recyclable items of gain or loss on comprehensive income of 0.5 million euros as of 30 June 2021 and 7.3 million euros as of 30 June 2022.

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CONSOLIDATED STAFULTEMENTS OF FINANCIAL POSITION

	(in millions of euros)		Note		30 June 2021			30 June 2022
	Assets
	Goodwill	7.1.1	1,246.5		1,295.2
	Intangible assets	7.1.1	440.3		377.4
	Tangible assets and construction in progress	7.1.2	3,730.4		3,677.5
	Rights of use in respect of leases	7.1.3	517.5		452.9
	Investments in associates	7.2	-		605.7
	Non-current financial assets	7.4.3	71.5		43.0
	Non-current assets associated with customer contracts and costs to obtain	7.3	37.7		34.0
	and fulfil contracts
	Deferred tax assets	7.8	7.6		1.4
	Total non-current assets				6,051.5			6,487.0
	Inventories			8.1		12.9
	Accounts receivable	7.3.1	244.5		246.9
	Current assets associated with customer contracts and costs to obtain and	7.3	17.4		18.8
	fulfil contracts
	Other current assets			42.8		32.6
	Current tax receivable			26.6		29.7
	Current financial assets	7.4.3	27.0		65.1
	Cash and cash equivalents	7.4.1	861.1		680.5
	Total current assets				1,227.5			1,086.5
	Total assets				7,279.0			7,573.6

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	(in millions of euros)		Note		30 June 2021			30 June 2022
	Liabilities
	Share capital	7.6.1	230.5		230.5
	Additional paid-in capital			718.0		718.0
	Reserves and retained earnings			1,666.0		1,828.8
	Non-controlling interests			76.2		83.4
	Total shareholders' equity				2,690.7			2,860.7
	Non-current financial debt	7.4.2	3,097.4		2,718.1
	Non-current lease liabilities	7.4.3	411.6		365.9
	Other non-current financial liabilities	7.4.3	89.0		94.7
	Non-current payables to fixed asset suppliers	7.4.3	188.7		134.1
	Non-current liabilities associated with customer contracts	7.3.3	117.5		159.2
	Non-current provisions	7.7	83.0		17.6
	Deferred tax liabilities	7.8	197.9		184.8
	Total non-current liabilities				4,185.0			3,674.5
	Current financial debt	7.4.2	45.5		338.5
	Current lease liabilities	7.4.3	24.1		59.8
	Other current payables and financial liabilities	7.4.3	121.4		302.4
	Accounts payable			84.9		78.3
	Current payables to fixed asset suppliers	7.4.3	25.0		163.3
	Tax payable			20.8		23.6
	Current liabilities associated with customer contracts	7.3.3	69.0		65.2
	Current provisions	7.7	12.6		7.1
	Total current liabilities				403.3			1,038.3
	Total liabilities and shareholders' equity				7,279.0			7,573.6

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