SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — Q3 2011 Earnings Presentation
15 slides from SES SA FDR (Class A)'s earnings presentation, Nov 11, 2011
Slide 1: Group Financial Results for the nine months to 30 September 2011
Group Financial Results for the nine months to 30 September 2011 11 November 2011
Slide 2: Financial Highlights
Financial Highlights Year To Date: Recurring revenue rose 3.0% to EUR 1,283.4 million Recurring EBITDA grew 3.7% to EUR 965.3 million • Recurring EBITDA margin of 75.2% Operating profit rose 3.1% to EUR 609.9 million Profit of the Group rose 34.3% to EUR 446.7 million Net debt / EBITDA of 3.13 times
Slide 3: Operational Highlights
Operational Highlights Four SES satellites successfully launched in the third quarter • SES-3, ASTRA 1N, SES-2, QuetzSat-1 Strategic partnership with Gazprom Space Services • Access to business opportunities in the Russian market New DTH platform in Georgia HD+ service now received in 1.5 million Ge
Slide 4: Capacity to Increase by 23%
Capacity to Increase by 23% 2011 2012 2013 2014 SES Group (36 MHz Equiv. Transponders) Total Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q1 ASTRA 2E (+12) Yahs at 1A ASTRA 2F ASTRA 2G SES ASTRA (+23) ASTRA 1N (+12) (+10) ASTRA 5B (+21) QuetzSat-1 SES WORLD SKIES (+32) SES-2 North American Fleet SES-3 SES-8 SES WORLD SK
Slide 5: Capex spending set to reduce
Capex spending set to reduce 29 Jul 2011 publ.: 771 920 660 440 250 250 250 Total 2010-2016: 3.5 Bn EUR 880 Estimated, uncommitted Replacement Satellite Capex EUR million 55 771 Committed, non-Satellite Capex - 60 700 Inf rastructure & Services 30 Committed Satellite Capex providing replacement and
Slide 6: Financial Review and Analysis
Financial Review and Analysis 6
Slide 7: Financial Highlights – YTD Q3 2011
Financial Highlights – YTD Q3 2011 Recurring revenue of EUR 1,283.4 million (+3.0%) • Reported revenue was essentially flat at EUR 1,281.5 million Recurring EBITDA of EUR 965.3 million (+3.7%) • Recurring EBITDA margin of 75.2% • Reported EBITDA declined 1.1% to EUR 951.4 million • Reported Infrastr
Slide 8: Revenue walk YTD Q3 2010 to YTD Q3 2011
Revenue walk from Actual YTD Q3 2010 to Actual YTD Q3 2011 In line with full year guidance of 3% SES Group Revenue -0.4% FX rate EUR/USD: as reported Actual ytd Q3 2010 1.32 in EUR millions Actual ytd Q3 2011 1.42 -7% 3.0% 1,287.2 1,245.8 1,283.4 1,281.5 (2.9) (1.9) (38.5) 37.6 Actual non-recurring
Slide 9: EBITDA walk YTD Q3 2010 to YTD Q3 2011
EBITDA walk from Actual YTD Q3 2010 to Actual YTD Q3 2011 Outperforming revenue growth SES Group EBITDA FX rate EUR/USD: Actual ytd Q3 2010 1.32 in EUR millions -1.1% as reported Actual ytd Q3 2011 1.42 -7% 3.7% 961.5 74.7% 74.7% 965.3 75.2% 74.2% 951.4 930.7 (2.4) (13.9) (28.4) 34.6 74.7% EBITDA ma
Slide 10: Revenue walk Q3 2010 to Q3 2011
Revenue walk from Actual Q3 2010 to Actual Q3 2011 In line with full year guidance of 3% FX rate EUR/USD: SES Group Revenue Actual Q3 2010 1.27 in EUR millions -2.8% Actual Q3 2011 1.44 -12% as reported 3.2% 442.3 417.0 430.2 430.1 (1.1) (0.1) (24.2) 13.2 Actual non-recurring constant FX Actual recu
Slide 11: EBITDA walk Q3 2010 to Q3 2011
EBITDA walk from Actual Q3 2010 to Actual Q3 2011 In line with revenue growth FX rate EUR/USD: SES Group EBITDA Actual Q3 2010 1.27 in EUR millions -2.7% Actual Q3 2011 1.44 -12% as reported 2.8% 328.8 74.3% 312.1 74.8% 320.8 74.6% 319.8 74.4% 1.0 (17.7) 8.7 (1.0) 74.3% EBITDA margin 74.8% 74.6% 74.
Slide 12: Business Segmentation: Outperforming margins
Business Segmentation Outperforming margins WORLD OTHER & Infrastructure *) Infrastructure EBITDA margin of 82.9% in EUR million ASTRA SKIES ELIM SES GROUP Revenues 655.6 488.4 (10.7) 1,133.3 EBITDA 551.8 388.0 0.0 939.8 Margin % 84.2% 79.5% 82.9% Services WORLD OTHER & *) in MEUR ASTRA SKIES ELIM S
Slide 13: Additional Financial Information
Additional Financial Information Depreciation of EUR 315.6 million was EUR 28.5 million lower than prior year • Approximately half of this decrease is due to the impact of the weaker U.S. dollar in the current period, the balance being related to value adjustments made in the prior year period, and
Slide 14: Guidance
Guidance SES’ year-to-date recurring revenue growth of 3% meets company expectations and guidance. For the full year, apart from the revenue shortfall of EUR 10 million (and the associated EBITDA) directly resulting from the launch delays, SES is in line to achieve the revenue and EBITDA growth guid
Slide 15: 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