SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — Q1 2011 Earnings Presentation
16 slides from SES SA FDR (Class A)'s earnings presentation, May 12, 2011
Slide 1: Group Financial Results
Group Financial Results Three months to 31 March 2011 12 May 2011
Slide 2: Business Review and Highlights (1)
Business Review and Highlights (1) Revenue rose 4.2% to EUR 428.4 million EBITDA grew 3.5% to EUR 321.5 million Profit of the Group, at EUR 149.4 million, was up 40.1% German public broadcasters contracted 5 transponders for HD services to follow analogue switch-off Four additional transponders cont
Slide 3: Business Review and Highlights (2)
Business Review and Highlights (2) SES ASTRA technical reach extended • 135 million TV households in Europe now served (+8%) • 57.6 million of which are DTH households (+1.4%) 211 HD channels on ASTRA • Increased from 190 at end 2010 HD+ households now number 769,000 • Renewals of HD+ subscriptions
Slide 4: Capacity to Increase by 23%
Capacity to Increase by 23% SES Group 2011 2012 2013 2014 (36 MHz Equiv. Transponders) Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q1 Total Yahsat 1A ASTRA 2E (+23) (+12) SES ASTRA ASTRA 2F ASTRA 5B ASTRA 2G ASTRA 1N (+12) (+21) (+10) QuetzSat-1 SES WORLD SKIES (+32) SES-2 North American Fleet SES-3 SES-5 SES-6 SES WOR
Slide 5: Capex spending set to reduce
Capex spending set to reduce EUR million 18 Feb 2011 publ.: 771 920 660 440 250 250 250 Total 2010-2016: 3.5 Bn EUR Estimated, uncommitted 35 Replacement Satellite Capex Committed, non-Satellite Capex - 60 Inf rastructure & Services 20 Committed Satellite Capex providing replacement and incremental
Slide 6: OneSES Design Principles
OneSES Design Principles Execute SES’ Proximity: Get closer to the business & customers Growth Plan Integration: Integrate previously separate functions Meet Customer Responsibility: Provide one face to the customer Expectations Flexibility: Handle non-standard requirements Improve Internal Scalabil
Slide 7: A New Operating Model
A New Operating Model OneSES Activity Clusters Engineering & Support Commercial Development Operations Functions REFOCUS STREAMLINE ON CUSTOMERS/ MARKETS FOR EFFICIENCY 7
Slide 8: Organizational Overview
Organizational Overview CEO Romain Bausch Executive Advisor Robert Bednarek CCO CDO CTO CFO Corporate Ferdinand Kayser Gerson Souto Martin Halliwell Andrew Browne Romain Bausch Commercial Europe Corporate Space Systems & Financial Operations Legal Development Operations Product Ground Financial Stra
Slide 9: Financial Review and Analysis
Financial Review and Analysis 9
Slide 10: Financial Highlights – Q1 2011
Financial Highlights – Q1 2011 Revenue of EUR 428.4 million (+4.2%) • Recurring revenue grew 3.1% to EUR 428.4 million EBITDA of EUR 321.5 million (+3.5%) • Recurring EBITDA grew 3.0% to EUR 323.8 million • Recurring EBITDA margin of 75.6% • Reported Infrastructure EBITDA margin was 84.0% • Reported
Slide 11: Revenue walk from Actual Q1 2010 to Actual Q1 2011
Revenue walk from Actual Q1 2010 to Actual Q1 2011 In line with full year guidance of 3% FX rate EUR/USD: Actual Q1 2010 1.40 Actual Q1 2011 1.36 +3% SES Group Revenue in EUR millions 4.2% as reported 3.1% 411 415 428 428 (0) 4 13 Actual non-recurring constant FX Actual recurring Actual non-recurrin
Slide 12: EBITDA walk from Actual Q1 2010 to Actual Q1 2011
EBITDA walk from Actual Q1 2010 to Actual Q1 2011 Closely following revenue growth FX rate EUR/USD: Actual Q1 2010 1.40 Actual Q1 2011 1.36 +3% SES Group EBITDA in EUR millions 3.5% as reported 3.0% 311 75.6% 314 75.6% 324 75.6% 321 75.0% 0 3 10 (3) 75.6% EBITDA margin 75.6% 75.6% 75.0% Actual non-r
Slide 13: Business Segmentation
Business Segmentation Outperforming margins Infrastructure WORLD OTHER & in EUR million ASTRA SKIES ELIM*) SES GROUP Revenues 215.8 165.7 (3.7) 377.8 EBITDA 180.8 136.5 0.0 317.3 Margin % 83.8% 82.4% 84.0% Services WORLD OTHER & in EUR million ASTRA SKIES ELIM*) SES GROUP Revenues 38.8 41.2 0.0 80.0
Slide 14: Additional Financial Information
Additional Financial Information Depreciation of EUR 106.5 million is EUR 2.3 million lower than prior year Additional depreciation resulting from fleet changes (ASTRA 3B) is more than offset by end of depreciation of AMC-5 and the extension of AMC-4’s depreciable life Overall net financing charges
Slide 15: Guidance
Guidance All guidance issued with the FY 2010 results in February 2011 is reiterated SES expects recurring revenue growth of approximately 3% in 2011; recurring EBITDA growth is expected to be in line with the revenue growth Revenue will rise strongly thereafter benefiting from the full year impact
Slide 16: Disclaimer / 'Safe Harbor' Statement
Disclaimer / ‘Safe Harbor’ Statement 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 sec