SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — H1 2012 Earnings Presentation
17 slides from SES SA FDR (Class A)'s earnings presentation, Jul 27, 2012
Slide 1: Financial Results for the six months to 30 June 2012
Financial Results For the six months to 30 June 2012 27 July 2012
Slide 2: Business Review and H1 2012 Highlights
Business Review and H1 2012 Highlights c Revenue of EUR 891.9 million, up 4.8% • +1.4% at constant FX c EBITDA of EUR 665.1 million, up 5.3% • +2.1% at constant FX • EBITDA margin of 74.6% c Operating profit increased 2.4% to EUR 411.5 million c Profit of the group rose 2.3% to EUR 298.7 million • E
Slide 3: Europe – Business Highlights
Europe – Business Highlights c German analogue switch-off completed at end April as scheduled • 29 transponders terminated analogue transmissions • Recontracting of capacity developing as foreseen, with contracts signed for 13 transponders • Ten are already in use • Three more scheduled to start no
Slide 4: Europe – Revenue and Utilisation
Europe – Revenue and Utilisation c Europe revenue was flat at EUR 467.4 million • Analogue switch-off impact of EUR 33 million was neutralised by new transponder contracts (EUR 22 million) and services growth including HD+ (EUR 11 million) c Utilisation rate drops, but remains high at 81.4% (H1 2011
Slide 5: North America – Revenue and Utilisation
North America Revenue and Utilisation c Revenues slightly decreased compared to H1 2011 (at constant FX rate) • Taking into account satellite health-related reductions on AMC-15 and AMC-16 c Utilisation rate was 77.6% (H1 2011: 73.6%) • Available capacity reduced by 28 transponders - AMC-15 (-10); A
Slide 6: International – Business Highlights
International – Business Highlights Launches c SES-4 was launched in February and entered service in April • Adding 27 transponders at 338°E • Coverage of Western Africa, South America and EMEA c SES-5 was launched, following some delays, on 9 July • Adding 64 transponders at 5°E • New capacity for
Slide 7: International – Revenue and Utilisation
International – Revenue and Utilisation c Revenue increased by 8.0% over H1 2011 c Available satellite capacity increased by 101 transponders • Mainly due to YahSat, QuetzSat-1, the move of AMC-3 and SES-4 entering service c Utilisation rate was 74.2% (H1 2011: 79.3%) • Available capacity increased
Slide 8: Capacity to Increase by 19%
Capacity to Increase by 19% SES GROUP by region 2012 2013 2014 2015- (36 MHz Equiv. Total Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 Transponders) SES-5 ASTRA 2F ASTRA 2E ASTRA 5B ASTRA 2G Europe (+12) (+12) 1 (+12) 1 (+21) (+10) 1 67 9 Jul 2012 North America 2-4 Satellites SES-4 SES-5 in SES-6 SES-8 Internati
Slide 9: CapEx spending set to reduce
CapEx spending set to reduce EUR million Estimated, uncommitted potential Growth Investments (maximum) Estimated, uncommitted potential Growth Investments (minimum) Estimated, uncommitted Replacement Satellite CapEx Committed, non satellite CapEx – Infrastructure and Services Committed Satellite Cap
Slide 10: Financial Review and Analysis
Financial Review and Analysis 10
Slide 11: Financial Highlights – H1 2012
Financial Highlights – H1 2012 c Revenue of EUR 891.9 million (+4.8%) • Revenue at constant FX rate grew 1.4% c EBITDA of EUR 665.1 million (+5.3%) • EBITDA at constant FX rate grew 2.1% • EBITDA margin of 74.6% (H1 2011: 74.2%) c Operating profit of EUR 411.5 million (+2.4%) c Profit of the Group o
Slide 12: Revenue walk from H1 2011 to H1 2012
Revenue walk from H1 2011 to H1 2012 FX rate EUR/USD: SES Group Revenue Actual H1 2011 1.41 in EUR millions +4.8% as Actual H1 2012 1.31 +7% reported 12.5 891.9 28.0 879.4 851.4 Actual H1 2011 Constant FX Actual H1 2011 Growth Actual H1 2012 (Constant FX) c Reported H1 2012 revenue increases by 4.8%
Slide 13: EBITDA walk from H1 2011 to H1 2012
EBITDA walk from H1 2011 to H1 2012 FX rate EUR/USD: SES Group EBITDA Actual H1 2011 1.41 in EUR millions +5.3% as Actual H1 2012 1.31 +7% reported 13.7 665.1 19.9 651.4 631.5 74.2% EBITDA margin 74.1% 74.2% 74.6% 74.6% Actual H1 2011 Constant FX Actual H1 2011 Growth Actual H1 2012 (Constant FX) c
Slide 14: Infrastructure and Services segmentation
Infrastructure and Services segmentation Business Segmentation H1 2012 in EUR million Infrastructure Services Other / Elim. *) SES GROUP Revenues 783.2 183.4 (74.7) 891.9 EBITDA 655.0 27.6 (17.5) 665.1 Margin % 83.6% 15.0% 74.6% c The Infrastructure EBITDA margin of 83.6% is well above guidance of (
Slide 15: Additional Financial Information
Additional Financial Information c Depreciation of EUR 236.4 million was EUR 24.2 million higher than H1 2011 due to: • changes in the depreciable fleet including the start of operations on SES-2, SES-3, ASTRA 1N, QuetzSat-1, the YahLive payload on YahSat-1A and SES-4 as well as the end of depreciat
Slide 16: Guidance
Guidance Proforma Outlook Reporting Outlook Excluding Analogue Period Revenue EBITDA Revenue EBITDA 2012 Annual Growth ~ 2.0% ~2.5% ~ 9.0% ~11.0% 2012 Proforma: Excluding launch delays and solar ~ 3.0% ~3.5% array circuit failures 2012-2014 CAGR ~ 4.5% ~4.5% ~ 7.5% ~8.0% c Strong underlying revenue
Slide 17: Disclaimer / “Safe Harbor” Statement
Disclaimer / “Safe Harbor” Statement c This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any s