Slide 1: FY 2021 Results Presentation
Yahsat FY 2021 Results Presentation March 1, 2022 yahsat.com
Slide 2: Disclaimer
Disclaimer The information contained in this presentation represents a summary of the condensed consolidated financial statements for the 12 months ended 31 September 2021 (the 12 Months Financial Statements) of Al Yah Satellite Communications Company PJSC and its subsidiaries (Yahsat). This present
Slide 3: Presenters
Presenters Ali Al Hashemi Andrew Cole Chief Executive Officer Chief Financial Officer Amit Somani Layla Al Hayyas Chief Strategy Officer Head of Investor Relations Smart satellite solutions
Slide 4: Agenda
1 Key Highlights and Strategy Update Agenda 2 FY 2021 Financial Overview 3 Discussion and Closing Remarks Smart satellite solutions
Slide 5: Key Highlights and Strategy Update
1 Key Highlights and Strategy Update Ali Al Hashemi, CEO Smart satellite solutions
Slide 6: Key Highlights
Key Highlights Pivotal year for Yahsat – listed on ADX, robust financial performance, T4 program on track and laying foundations for growth Full year revenue marginally up year on year with stellar 4Q21 performance, up 7.9% Strong profitability: Normalised Adjusted EBITDA of USD 244.6 million - marg
Slide 7: FY2021 Business Highlights
FY2021 Business Highlights INFRASTRUCTURE MANAGED SOLUTIONS MOBILITY SOLUTIONS DATA SOLUTIONS Appointed to assess 2 Accelerated market Accelerated key market Signed 10+ enterprise new UAE Government diversification in segments with new Maritime Voice and backhaul deals satellites for launch in AY4 A
Slide 8: Strategy - 2022 and Beyond
Strategy - 2022 and Beyond Expand core Diversify and expand Invest and partner to Build on position as government business commercial business diversify and grow the UAE’s flagship satellite operator Strengthen our UAE core Enrich product offerings and Capitalize on the growing Continue as a technol
Slide 9: FY 2021 Financial Overview
2 FY 2021 Financial Overview Andrew Cole, CEO Smart satellite solutions
Slide 10: FY2021 Financial Highlights
FY2021 Financial Highlights Full year revenue of USD 407.6 million, up vs. 2020; strong recovery since 1Q Sustained recovery in top line since 1Q 2021 when revenue lagged prior by -7.3% 4Q 2021 outperformance Exceptional quarterly performance with revenue and EBITDA up 7.9% and 12.1% respectivel
Slide 11: Continued Recovery and Momentum
Continued Recovery and Momentum Yahsat Group • Revenue accelerated in second half of 2021 after a 0.0% challenging Q1 • 1Q performance held back by pandemic impacting Gross Revenues - Cumulative Variance vs. Prior most parts of the business • Many of Managed Solutions project delays reversed in 2021
Slide 12: FY2021 Financial Highlights
FY2021 Financial Highlights • Full year revenue in line vs. prior year, following Financial Extracts (USDm) 4Q21 4Q20 YoY% FY21 FY20 YoY% a strong recovery in Q4 – up 7.9% vs prior Revenue 123.3 114.3 7.9% 407.6 407.5 0.0% Cost of Revenue (22.9) (19.6) -16.9% (45.5) (40.0) -13.6% • 4Q Adjusted EBITD
Slide 13: Normalised Results
Normalised Results Normalised Adjusted EBITDA Normalised Net Income FY2021 FY2020 FY2021 FY2020 Adjusted EBITDA (USDm) 240.5 246.9 Net Income (USDm) 69.8 68.9 Adjustments for: Adjustments for: One-off gain on transfer of orbital rights (14.0) One-off IPO costs 4.2 One-off IPO costs 4.2 One-off gain
Slide 14: Financial Performance
Financial Performance Revenue by Operating Segment Normalised Adjusted EBITDA by Operating Segment 0.0% FY2021 +5.0% FY2021 407.6 407.5 244.6 232.9 -1.4% 19.7% 11.2% 236.0 238.5 186.7 185.3 13.9% 6.6% 64.2 63.2 15.8% 57.9% 27.0 20.8 34.0 29.0 76.3% 80.3 79.0 27.5 23.9 -3.5 -5.3 FY2021 FY2020 FY2021
Slide 15: Operating Segment Performance
Operating Segment Performance Infrastructure Managed Solutions Revenue Normalised Adjusted Revenue Normalised Adjusted EBITDA EBITDA -1.0% +1.6% 238.5 +0.8% 64.2 236.0 63.2 +17.2% 56.8 60.6 186.7 19.3 185.3 22.3 34.0 46.2 48.6 29.0 59.3 59.3 11.5 12.9 14.0 46.2 43.5 8.1 60 59.2 16.8 4.4 48.2 47.3 17
Slide 16: Operating Segment Performance
Operating Segment Performance Mobility Solutions Data Solutions Revenue Normalised Adjusted Revenue Normalised Adjusted EBITDA EBITDA +1.6% +0.9% +33.6% +15.1% 80.3 27.0 26.8 79.0 -0.6 6.0 -0.3 -1.4 27.5 9.7 34.4 28.4 23.9 -1.7 7.4 -1.1 10.1 5.4 17.2 7.4 -0.6 16.5 -0.9 4.1 6.7 8.7 6.3 16.7 17.9 -3.5
Slide 17: Backlog - Revenue and Cash Flow Visibility
Backlog - Revenue and Cash Flow Visibility In 2021 Yahsat signed deals with a gross value of more than USD 800 million, including the 15-year T4-NGS Capacity Services Agreement. Circa 70% of 2022 projected revenues (based on low end of guidance) are contracted Future Contracted Revenues Roll out ove
Slide 18: Balance Sheet
Balance Sheet • Yahsat continues to display a strong and stable Balance Sheet 31 Dec 2021 31 Dec 2020 Balance Sheet Fixed assets (satellite, ground systems and infrastructure, buildings) 904.4 1,018.6 • T4-NGS project remains on track with milestone payments capitalized as incurred Capital work in p
Slide 19: Operating Cash Flow Underpins Dividend Policy
Operating Cash Flow Underpins Dividend Policy Operating cash flow conversion Efficient business model enabling strong on 31 Dec 2021 cash generation FY 2021 FY 2020 o Robust and attractive Normalised Adjusted EBITDA margins Adjusted EBITDA 240.5 246.9 One-off gain on transfer of orbital rights o Low
Slide 20: Dividend Policy
Dividend Policy • Board endorsed management’s recommendation to update Dividend Policy, subject to shareholder approval at the AGM, to permit payment of semi-annual dividends • Final FY21 dividend payment of AED 192.8 million equal to 7.90 Fils per share • Dividend is expected to grow by at least 2%
Slide 21: FY2022 Guidance
FY2022 Guidance • Satellite industry set for growth both nationally and GUIDANCE 2022 internationally • Yahsat well positioned to capitalize on this growth Revenue USD 415 - 440 million • Q4’21 momentum and recent Managed Services mandate positions Yahsat well for 2022 Adjusted EBITDA Stable • Aroun
Slide 22: T4 Program - Beyond Fully Funded
T4 Program - Beyond Fully Funded • Out of the USD 210 – 230 million Capex and Investments guidance; approximately USD 190 million, or about 85%, relates to the T4 program. Surplus • T4 CapEx is funded by: of 45 • Approximately USD 85 million ECA draw down • USD 150 million T4 advance payment from en
Slide 23: Discussion and Closing Remarks
3 Discussion and Closing Remarks Smart satellite solutions
Slide 24: Closing Remarks
Closing Remarks Successful first year as Good trajectory for solid Signed new partnerships with key Supported diversification a listed company performance going into national stakeholders adding to of customer base and 2022 contracted future revenue backlog offerings Laying new foundations for Stron
Slide 25: Appendix
K yahsat wlwollll Appendix
Slide 26: Alternative Performance Measures
Alternative Performance Measures Yahsat regularly uses alternative performance measures which are relevant to enhance the understanding of the financial performance and financial position of the Group. These measures may not be comparable to similar measures used by other companies; they are neither
Slide 27: Who We Are
Who We Are 8th Preferred partner 150+ 1 billion largest satellite operator for satellite solutions to the countries covered by Yahsat people within in terms of revenues UAE Government and Thuraya satellites broadband coverage 4 billion No. 1 100+ million 50% people within satellite broadband viewers
Slide 28: Yahsat's journey to date
Yahsat’s journey to date UAE Armed Forces (UAEAF) signed as YahClick launched for broadband JV with Hughes (HPE) for Successfully Yahsat’s anchor customer across MEA and West Asia Brazil using AY3 listed in ADX 2008 2013 2019 2021 AY3 launched, expanding YahClick further (Africa and Brazil) Majority
Slide 29: Yahsat - A Top Ten Global Satellite Operator
Yahsat - A Top Ten Global Satellite Operator Rank (2020) Company (HQ) Revenue (Mn USD, 2020) 1 SES (Luxembourg) $2,208 2 Intelsat (Luxembourg) $1,913 3 Inmarsat (UK) $1,5011 4 Eutelsat (France) $1,492 5 Telesat (Canada) $820 6 Iridium (US) $583 7 JSAT (Japan) $4771 8 Yahsat (UAE) $407 9 ISRO (India)
Slide 30: Diversified Narrow and Wideband Frequency Portfolio
Diversified Narrow and Wideband Frequency Portfolio MSS FSS L S C X Ku Ka Frequencies 1GHz – 2GHz 2GHz – 4GHz 4GHz – 8GHz 8GHz – 12GHz 12 GHz – 18GHz 27GHz – 40GHz Business Line NA NA Government and Video Military solutions Video Secure government military mobility and military capacity and solution
Slide 31: Fleet and Coverage - Overview
Fleet and Coverage - Overview * FSS Satellite ** MSS Satellite Al Yah 3 (AY3*) Thuraya-2** 2018-2033* 2003-2026 Al Yah 2 (AY2*) Ka L Thuraya-3** 2012-2030 2008-2031 Ka L Al Yah 1 (AY1*) 2011 - 2029 Ka,C and Ku Al Yah 1 & Al Yah 2 Gov. Coverage Luxembourg Thuraya 4-NGS** 2023-2039 Greece L Al Yah 2 K
Slide 32: Thank you
K yahsat wlwoltll Thank you yahsat.com