SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — Q3 2008 Earnings Presentation
15 slides from SES SA FDR (Class A)'s earnings presentation, Oct 27, 2008
Slide 1: Q3 2008 Financial Results
Q3 2008 Financial Results 27th October 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: Overview
Overview S Solid recurring revenue growth S Improved EBITDA margin S Increased earnings per share S Successful launch of AMC-21 S Substantial satellite procurement programme, delivering growth • SIRIUS 5 will deliver new capacity at 5 degrees East S Financing secured through the next twelve months S
Slide 4: Highlights – 2008 YTD
Highlights – 2008 YTD S Recurring revenue grew 7.1% to EUR 1,186 million S Recurring EBITDA rose 5.6% to EUR 846 million S Operating profit up 7% to EUR 507.8 million S Net Profit of EUR 338.8 million S EPS grew to EUR 0.99 • enhanced by the share buyback programme 4
Slide 5: Satellite Construction Programme
Satellite Construction Programme Operating segment Launch date Incremental txp's S Focus on growing market Successfully launched satellites - starting service in 2008: segments supports continued investment programme Sirius-4 18-Nov-07 Europe 4 (+ 26 on Sirius-2 1) ), Africa 6 S 10 satellites are in
Slide 6: Solar Array Anomaly
Solar Array Anomaly S Some additional degradation of the solar array circuits occurred in the quarter S Six transponders were switched off on AMC-6 • No revenue impact as capacity was unutilised S Mitigation plan is limiting impact of further potential degradation S Advancement of certain replacemen
Slide 7: Financials
Financials SESA
Slide 8: Revenue – YTD Q3 2008
Revenue – YTD Q3 2008 0% +7.1% vs 2007 SES Group Revenue in EUR million 1,196 1,186 1,195 1,107 (9) 9 (60) (20) 79 YTD Q3 2007 (as Non-recurring / Constant FX *) Scope change YTD Q3 2007 Recurring YTD Q3 2008 Non-recurring / YTD Q3 2008 (as reported) Normalisation (GE transaction) (recurring, same E
Slide 9: EBITDA – YTD Q3 2008
EBITDA – YTD Q3 2008 SES Group EBITDA in EUR million +5.6% 0% vs 2007 831 801 846 71.3% 833 18 (42) (13) (6) 45 69.5% EBITDA margin 72.4% 71.3% 69.7% YTD Q3 2007 (as Non-recurring / Constant FX *) Scope change YTD Q3 2007 Recurring YTD Q3 2008 Non-recurring / YTD Q3 2008 (as reported) Normalisation
Slide 10: Business Segmentation
Business Segmentation EUR million YTD Q3 Infrastructure ASTRA AMERICOM NEW SKIES OTHER & ELIM*) Total Revenues 625.3 209.6 172.0 0.0 1,006.9 EBITDA 528.6 164.6 137.1 0.0 830.3 Margin % 84.5% 78.5% 79.7% 82.5% YTD Q3 Services ASTRA AMERICOM NEW SKIES OTHER & ELIM*) Sub-Total Start-up Total initiative
Slide 11: Other financial lines
Other financial lines Depreciation & Amortisation reduction by EUR 31.6 million compared to the prior year period is influenced by the following two factors: ¾ YTD Q3 2007 included the accelerated write-down of EUR 15.9 million due to the launch failure of NSS-8 ¾ favourable impact of a weaker USD
Slide 12: Capital Expenditure Schedule
Capital Expenditure Schedule EUR million A 2007 Forecast 2008 Trend 2009 Trend 2010 Trend 2011 535 ~ 684 ~ 630 ~ 360 ~ 190 Guidance on 4 Aug 2008: 535 ~ 670 ~ 530 ~ 280 ~ 100 274 254 246 228 209 174 184 172 166 133 145 140 47 25 - Actual 2007 Forecast 2008 Trend 2009 Trend 2010 Trend 2011 ASTRA segm
Slide 13: Guidance for 2008
Guidance for 2008 Analyst guidance for FY 2008 EUR million 4 Aug 2008 27 Oct 2008 Guidance 1 EUR = 1.55 USD 1 EUR = 1.50 USD 1 EUR = 1.50 USD update Total - Revenues 1) 1568 - 1598 1590 - 1620 1590 - 1620 - EBITDA 1) 1080 - 1110 1096 - 1126 1096 - 1126 Guidance Infrastructure as of - Revenues 1319 -
Slide 14: Financial Outlook (1/2)
Financial Outlook (1/2) Change / Confirmation 2008: Growth continues, associated with profitability versus 4 August 2008 improvement ¾ Recurring revenue growth of approximately 5%, supported by a favourable development mainly in the infrastructure segment ¾ Infrastructure EBITDA margin at around 8
Slide 15: Financial Outlook (2/2)
Financial Outlook (2/2) 2009: Growth continues, at attractive profitability levels ¾ Recurring revenue growth of 4-5%, based on a favourable development in both business segments ¾ Infrastructure EBITDA margin at around 82% ¾ Services business profitability to be maintained ¾ Effective tax rate in