SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — H1 2013 Earnings Presentation
20 slides from SES SA FDR (Class A)'s earnings presentation, Jul 26, 2013
Slide 1: Financial Results for the six months to 30 June 2013
Financial Results For the six months to 30 June 2013 26 July 2013
Slide 2: H1 2013 - Business Highlights
H1 2013 - Business Highlights Strong revenue growth in all markets Growth is accelerating as foreseen, driven by strong growth in the International segment and growth in North America and Europe (excluding analogue impact) An impressive list of recently signed agreements with DTH operators dem
Slide 3: H1 2013 - Financial Highlights
H1 2013 - Financial Highlights The first six months of 2013 are heavily impacted from a comparative perspective as H1 2012 included EUR 42.6 million of revenue and EBITDA from German analogue DTH transmissions Reported revenue of EUR 910.5 million increased by 2.1% over the prior year, despite t
Slide 4: Europe Business Review – H1 2013
Europe Business Review – H1 2013 Revenue was EUR 454.6 million, down 3.0% at constant FX • A strong underlying performance, as revenue increased by 6.7%, excluding German analogue impact • EUR 28.4 million of new business partly offsetting German analogue impact of EUR 42.6 million Available cap
Slide 5: North America Business Review – H1 2013
North America Business Review – H1 2013 Revenue of EUR 203.1 million, an increase of 5.9% at constant FX SES Government Solutions performed strongly, with revenue increasing year-on-year in line with expectations, and including a higher level of equipment sales The increase against the prior y
Slide 6: International Business Review (1/2) – H1 2013
International Business Review (1/2) – H1 2013 Revenue of EUR 252.8 million, an increase of 9.3% at constant FX • Accelerating growth in emerging markets • Building and enhancing high-value DTH neighbourhoods Available capacity increased by 74 to 707 transponders versus H1 2012 • New capacity fro
Slide 7: International Business Review (2/2) – H1 2013
International Business Review (2/2) – H1 2013 Key market developments in H1 2013 and to date underpin execution of SES growth strategy • Latin America: Oi Brazil has signed a major multi-year transponder capacity agreement for the majority of the Ku-band capacity on the newly launched SES-6. Its n
Slide 8: O3b Coverage Is Highly Complementary
O3b Coverage Is Highly Complementary GEO FSS GEO HTS O3b A differentiated HTS product Broadcast Enterprise VSAT Offering flexibility, low latency and Consumer Broadband substantial bandwidth Mobile Backhaul 2G Mobile Backhaul 3G/4G Compares very favourably to GEO Oil & Gas, Mining HTS architec
Slide 9: New Satellites to Increase Capacity by 12%
New Satellites to Increase Capacity by 12% (compared to year-end 2012) SES GROUP by region 2013 2014 2015 2015- Total 2013 launch date movements (36 MHz Equiv. Q1 Q2 Q3 Q4 Q1 H1 2017 17 May 26 July ASTRA 5B Satellite Europe ASTRA 2E (+21) 1) ASTRA 2G 21 (Q1 2013) (H1 2013) ASTRA 2E July September *)
Slide 10: Capital Expenditure is Reducing
Capital Expenditure is Reducing As published on 17 May 2013: EUR million 835 691 670 450 450 450 450 Estimated, uncommitted potential Growth Investments (maximum) Estimated, uncommitted potential Growth Investments (minimum) Estimated, uncommitted Replacement Satellite CapEx Committed, Non Satellite
Slide 11: Financial Review and Analysis
Financial Review and Analysis 11
Slide 12: Financial Highlights – H1 2013
Financial Highlights – H1 2013 H1 2013 compared to prior As reported and at Excluding German analogue impact, year period constant FX *) at constant FX Revenue +2.1% +7.2% EBITDA -0.5% +6.4% Revenue of EUR 910.5 million (+2.1%) • Growth of 7.2%, excluding German analogue impact (at constant FX) •
Slide 13: Revenue Walk from H1 2012 to H1 2013
Revenue Walk from H1 2012 to H1 2013 FX rate EUR/USD: SES Group Revenue Actual H1 2012 1.31 in EUR millions Actual H1 2013 1.31 -0.3% 61.4 910.5 891.9 891.7 (0.2) 849.1 (42.6) Actual H1 2012 Constant FX Actual H1 2012 Analogue Actual H1 2012 Growth Actual H1 2013 (Constant FX) impact (excl. Analogue
Slide 14: EBITDA Walk from H1 2012 to H1 2013
EBITDA Walk from H1 2012 to H1 2013 FX rate EUR/USD: SES Group EBITDA Actual H1 2012 1.31 in EUR millions Actual H1 2013 1.31 -0.3% -0.5% 665.1 665.0 39.6 662.0 (0.1) 622.4 (42.6) 74.9% 74.9% 73.0% 72.9% 74.6% EBITDA margin 74.6% 73.3% 72.7% Actual H1 2012 Constant FX Actual H1 2012 Analogue Actual
Slide 15: Infrastructure and Services Segmentation
Infrastructure and Services Segmentation Business Segmentation H1 2013 (as reported) *) in EUR million Infrastructure Services Other / Elim. SES GROUP Revenues 778.3 208.3 (76.1) 910.5 EBITDA 647.6 31.8 (17.4) 662.0 Margin % 83.2% 15.3% 72.7% Business Segmentation H1 2012 (at constant FX) in EUR mil
Slide 16: Additional Financial Information
Additional Financial Information The depreciation charge of EUR 236.2 million for the period was in line with H1 2012, with the EUR 3 million impact of the value adjustment on the AMC-16 satellite in Q1 2012 being offset in H1 2013 by a net increase in the depreciable satellite fleet Overall net
Slide 17: Guidance (1/2) – Updated 2013 Launch Schedule
Guidance (1/2) – Updated 2013 Launch Schedule 22 February 17 May 26 July Satellite (FY 2012) (Q1 2013) (H1 2013) SES-6 June 3 June 3 June ASTRA 2E June July September *) SES-8 June Mid August October September / ASTRA 5B September December October 2013 growth guidance for revenue and EBITDA was ba
Slide 18: Guidance (2/2) – Key Financials
Guidance (2/2) – Key Financials Reporting As reported Excluding Analogue Period Revenue EBITDA Revenue EBITDA 2013 Growth guidance - based on launch schedule as per 22 February ~ 4% - 5% ~ 4% - 5% ~ 6.5% - 7.5% ~ 7% - 8% as per 26 July ~ 3% - 4% ~ 2.5% - 3.5% ~ 5.5% - 6.5% ~ 5.5% - 6.5% 2012-2014 CA
Slide 19: Summary and Conclusion
Summary and Conclusion SES has strong long-term fundamentals, with high cash flows, solid returns and strong margins Growth has accelerated, demonstrating successful execution of SES’ DTH growth strategy in emerging markets Recently announced contracts on launched satellites (e.g. SES-4, SES-5
Slide 20: 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 s