SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — Q1 2008 Earnings Presentation
18 slides from SES SA FDR (Class A)'s earnings presentation, Apr 28, 2008
Slide 1: Q1, 2008 Financial Review
Q1, 2008 Financial Review 28 April 2008
Slide 2: Disclaimer / Safe Harbor Statement
Disclaimer / “Safe Harbor” Statement S 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 securiti
Slide 3: Financial Highlights
Financial Highlights S Recurring revenue up 9.1% to EUR 390 million • reported revenue almost unchanged, despite disposals and weaker US dollar S Recurring EBITDA rose 9.2% to EUR 281 million • reported EBITDA slightly ahead at EUR 275.3 million • gross EBITDA margin increased to 70.5% • infrastruct
Slide 4: Business Review
Business Review SESA
Slide 5: Business Highlights
Business Highlights S Growth (ex-currency) in all business units S SES AMERICOM added 17 new transponder contracts S SES NEW SKIES procured the NSS-14 satellite S SES ASTRA market penetration rose to 117.2 million households S Transponder utilisation rose to 77.3%, with the number of commercially av
Slide 6: Launch schedule
Launch schedule Change vs Successfully launched satellites - starting service in 2008: publication: ASTRA Satellites Launch Date Incremental txp's 18-Feb-08 Sirius-4 18-Nov-07 Europe 4 (+ 26 on Sirius-2 1) ), Africa 6 Procurement program - starting service in 2008 and beyond: ASTRA Satellites Launch
Slide 7: Recent Services Developments
Recent Services Developments S entavio • launched 1 September 2007 • slow consumer take-up to date • marketing and other costs are being substantially reduced • negative EBITDA impact to be reduced from EUR 21 million to EUR 16 million in 2008 S IP-PRIME • commercial rollout gaining momentum • targe
Slide 8: Outlook
Outlook S Business outlook remains favourable for SES S Infrastructure activities are growing • new capacity is coming online to meet demand • pricing is stable to gently rising S Services activities are improving their performance S Strong free cash flow generation, unaffected by USD weakness S Sha
Slide 9: Financial Review
Financial Review SESA
Slide 10: The impact of USD movements
The impact of USD movements S Because of the way the business and financing is structured, USD movements have limited impact on our delivery of net profit S For every 1 U.S. cent movement against the euro (based on SES’s current Business Plan): • Revenue ± EUR 4.5 million • EBITDA ± EUR 3.2 million
Slide 11: Revenue – Q1 2008
Revenue – Q1 2008 0% SES Group revenue in EUR million *) +9.1% vs 2007 392 390 391 357 (3) 1 (19) (13) 33 Q1 2007 Non-recurring Q1 Constant FX Scope change Q1 2007 Recurring Q1 2008 Non-rec. / Q1 2008 (as (restated)* 2007 (GE transaction) (recurring, same EUR growth (recurring) Normalised Q1 reporte
Slide 12: EBITDA – Q1 2008
EBITDA – Q1 2008 +2% SES Group EBITDA in EUR million *) +9.2% vs 2007 270 281 275 257 3 (6) (14) (2) 24 68.8% EBITDA margin 72.0% 72.0% 70.5% Q1 2007 Non-recurring Q1 Constant FX Scope change Q1 2007 Recurring Q1 2008 Non-recurring / Q1 2008 (as (restated)* 2007 (GE transaction) (recurring, same gro
Slide 13: Quarterly development
Quarterly development SES Group revenue in EUR million as reported recurring* REVENUE: 407 415 392 390 391 Recurring revenue growth of 9.1% comparing Q1 2008 with Q1 2007 Q1 2008 revenues decrease compared to previous quarter resulting from seasonality of services 4% 373 4% 388 4% 405 -4% 390 bu
Slide 14: Business segmentation
Business segmentation EUR million Q1 2008 Infrastructure ASTRA AMERICOM NEW SKIES OTHER & ELIM*) Total Revenues 205.5 74.0 56.6 0.1 336.2 EBITDA 172.2 58.0 46.1 0.0 276.3 Margin % 83.8% 78.3% 81.4% 82.2% Q1 2008 Services ASTRA AMERICOM NEW SKIES OTHER & ELIM*) Sub-Total Start-up Total initiatives Re
Slide 15: Other financial lines – Q1 2008
Other financial lines – Q1 2008 S Depreciation & Amortisation reduced by EUR 25.0 million • Q1 2007 included the accelerated write-down of EUR 15.9 million due to the launch failure of NSS-8 • favourable impact of weaker U.S. dollar S Effective tax rate of 17.8% • effective tax rate for full year 20
Slide 16: Capital Expenditure schedule
Capital Expenditure schedule EUR million A 2007 Trend 2008 Trend 2009 Trend 2010 535 ~ 640 ~ 440 ~ 185 Guidance on 18 Feb 2008: 535 ~ 640 ~ 440 ~ 170 253 228 224 174 167 161 133 130 149 111 33 41 Actual 2007 Trend 2008 Trend 2009 Trend 2010 ASTRA segment AMERICOM segment NEW SKIES segment Committe
Slide 17: Guidance for 2008
Guidance for 2008 Analyst guidance EUR million 18 February 2008 28 April 2008 1 EUR = 1.44 USD 1 EUR = 1.50 USD Revisions 1a) Upgrade 1b) New guidance 1 EUR = 1.50 USD Total - Revenues 2) 1623 - 1663 1595 - 1635 (26) 11 1580 - 1620 2) - EBITDA 1100 - 1140 1081 - 1121 (12) 17 1086 - 1126 Infrastructu
Slide 18: Financial outlook
Financial outlook S 2008: Growth continues, associated with profitability improvement • Revenue growth reduces to approximately 4%, taking into account the AMC-14 launch failure and slower development of entavio, partly compensated by a favourable development in the infrastructure business segment •