SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — FY2010 Earnings Presentation
20 slides from SES SA FDR (Class A)'s earnings presentation, Feb 18, 2011
Slide 1: Group Financial Results
Group Financial Results Year to 31 December 2010 18 February 2011
Slide 2: Financial Highlights
Financial Highlights Revenue rose 7.1% to EUR 1,735.7 million g revenue rose 5.1% to EUR 1,718 • Recurring , million EBITDA increased 8.6% to EUR 1,296.4 million • Recurring EBITDA rose 5.0% to EUR 1,307 million • EBITDA margin was 74.7%, recurring 76.1% • Infrastructure EBITDA margin of 83.0% Opera
Slide 3: Operational Highlights
Operational Highlights SES successfully expanded and strengthened its satellite fleet during the year Four F satellites t llit were brought b ht iinto t operation ti • NSS-12 • SES-1 • ASTRA 3B • SES-7 76 transponders (net) added to fleet inventory SES 6 ordered from Astrium, SES-6 Astrium to delive
Slide 4: Commercial Developments
Commercial Developments Four new DTH platforms in operation: • East Africa - Wananchi • Puerto Rico – Claro TV • Vietnam - AVG • South Africa – Top TV SES-7 India capacity p y all contracted for Indian DTH services Favourable development of market penetration in core European DTH markets • More than
Slide 5: Other Developments
Other Developments O3b Networks’ financing completed • SES’ interest of 33% to g grow to 44% • USD 75 million investment in final round of equity financing, payable in 2011 and 2012 • system on schedule for first operations in 2013 Sale agreement for 75.1% interest in satellite services unit ND SatC
Slide 6: Capacity to Increase by 23%
Capacity to Increase by 23% SES Group 2011 2012 2013 2013 2014 Updated since last publication (36 MHz Equiv. Transponders) Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q1 Total Timing shift Yahsat 1A ASTRA 2F ASTRA 2E ASTRA 5B ASTRA 2G SES ASTRA ASTRA 1N ((+23)) ((+12)) ((+12)) ((+21)) ((+10)) QuetzSat-1 SES WORLD SKIES (+
Slide 7: Capex spending set to reduce
Capex spending set to reduce EUR million 27 Oct 2010 publ.: 820 790 620 400 250 250 250 Total 2010-2016: 3.4 Bn EUR 18 Feb - same scope 771 850 610 400 250 250 250 Total 2010-2016: 3.4 Bn EUR SES-8 procurement 70 50 40 Total of 160 MEUR 35 70 Estimated, uncommitted Replacement Satellite Capex 60 Com
Slide 8: Position SES for future global growth and increased profitability
Position SES for future global growth and increased profitability Case for Change S Three dimensions are key y drivers for a new SES operating p g model: Execute SES’ • Ambitious organic growth targets mainly to be realized in new & emerging 1 markets Growth Plan • Opportunity to strengthen business
Slide 9: NewSkies: the next step to finalize our structure for future growth
This is the next step to finalize our structure for future growth SES Company Evolution 1985 1999 2001 2006 2008 2009 2011+ SES Corporate SES Corporate SES Corporate SES Corporate StarOne NewSkies SES Sirius ority Stakes ority Stakes Astra ewSkies SES AMC SES Astra World SES Astra Astra Astra AMC AM
Slide 10: Streamlining the organization around the major activities
Streamlining the organization around the major activities Future SES Structure Engineering & Support Commercial Development Operations Functions REFOCUS STREAMLINE ON CUSTOMERS/ MARKETS FOR EFFICIENCY 10
Slide 11: Financial Review and Analysis
Financial Review and Analysis 11
Slide 12: Financial Highlights – FY 2010 and Q4 2010
Financial Highlights – FY 2010 and Q4 2010 FY 2010 Revenue rose 7.1% to EUR 1,735.7 million • Recurring revenue rose 5.1% to EUR 1,718 million EBITDA increased 8.6% to EUR 1,296.4 million • Recurring EBITDA rose 5.0% to EUR 1,307 million • EBITDA margin was 74.7%, recurring 76.1% • Infrastructure EB
Slide 13: Upper end of guidance reached
Revenue walk from Actual 2009 to Actual 2010 Upper end of guidance reached FX rate EUR/USD: SES Group Revenue 7.1% Actual 2009 1.39 as reported Actual 2010 1.33 +5% in EUR millions 5.1% 1,718 1,736 1,620 1,635 18 (18) 33 83 Actual non-recurring constant FX Actual recurring Actual non-recurring Actua
Slide 14: Closely following revenue growth
EBITDA walk from Actual 2009 to Actual 2010 Closely following revenue growth FX rate EUR/USD: SES Group EBITDA Actual 2009 1.39 Actual 2010 1.33 +5% in EUR millions 8.6% as reported 5.0% 1,245 1,307 76.1% 1,296 74.7% 1,194 73.7% 76.1% 62 ((11)) 26 25 73.7% EBITDA margin 76.1% 76.1% 74.7% Actual non-
Slide 15: Strong top line growth in the quarter
Revenue walk from Q4 2009 to Q4 2010 Strong top line growth in the quarter FX rate EUR/USD: Actual Q4 2009 1.48 SES Group Revenue Actual Q4 2010 1.35 +10% in EUR millions 8.1% as reported 6.3% 440 449 415 414 26 9 (18) 17 Actual non-recurring constant FX Actual recurring Actual non-recurring Actual
Slide 16: Outperforming revenue growth
EBITDA walk from Q4 2009 to Q4 2010 Outperforming revenue growth FX rate EUR/USD: Actual Q4 2009 1.48 SES Group EBITDA Actual Q4 2010 1.35 +10% in EUR millions 15.9% as reported 7.0% 312 3 334 75.8% 335 74.7% 289 69.6% 69 6% 75.3% 75 3% 1 11 12 22 69.6% EBITDA margin 75.3% 75.8% 74.7% Actual non-rec
Slide 17: Outperforming margins
Business Segmentation Outperforming margins Infrastructure WORLD OTHER & in EUR million ASTRA SKIES ELIM *) SES GROUP Revenues 868.6 677.2 677.1 (1.7) 1,544.1 EBITDA 721.1 561.0 561.1 0.0 1,282.2 Margin % 83.0% 82.9% 83.0% Services WORLD OTHER & normalised **) Start-up *) in EUR million ASTRA SKIES
Slide 18: Additional Financial Information
Additional Financial Information Depreciation of EUR 464.4 million up 28.8 million compared to prior year ¾ Additional depreciation arises from fleet changes, the stronger USD and adjustments made to the carrying value of the AMC-4 and AMC-16 satellites Overall net financing charges increased by EUR
Slide 19: Guidance
Guidance The 2010 guidance for full year revenue and EBITDA growth was 4-5%. This incorporated the impact of satellite launch delays and a payload reduction due to health issues on AMC-16. SES now identifies this range of 4-5% for its 3 year revenue CAGR (2010-2012) guidance. SES' revenue growth doe
Slide 20: Disclaimer / 'Safe Harbor' Statement
Disclaimer / ‘Safe Harbor’ Statement This presentation does not, in any jurisdiction, and in particular not 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 securities