SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — H1 2011 Earnings Presentation
13 slides from SES SA FDR (Class A)'s earnings presentation, Jul 29, 2011
Slide 1: Group Financial Results for the six months to 30 June 2011
Group Financial Results for the six months to 30 June 2011 29 July 2011
Slide 2: Highlights
Highlights Recurring revenue rose 3.0% to EUR 853.2 million Recurring EBITDA grew 4.2% to EUR 644.4 million • EBITDA margin of 75.5% Operating profit rose 4.1% to EUR 402.0 million Profit of the Group rose 52.5% to EUR 292.1 million Net debt / EBITDA of 3.05 times Contract backlog increased to EUR 7
Slide 3: Highlights (2)
Highlights (2) Transponder utilisation increased to 80.7% at 30 June • Up from 79.7% at end March New capacity agreements and renewals drove growth and a rise in backlog to EUR 7.0 billion • ITV renewed six transponders and contracted three more HD+ developed well, significantly contributing to the
Slide 4: Capacity to Increase by 23%
Capacity to Increase by 23% SES Group 2011 2012 2013 2014 (36 MHz Equiv. Transponders) Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q1 Total Yahsat 1A ASTRA 2E (+23) (+12) SES ASTRA ASTRA 2F ASTRA 5B ASTRA 2G ASTRA 1N (+12) (+21) (+10) QuetzSat-1 SES WORLD SKIES (+32) SES-2 North American Fleet SES-3 SES-4 SES-6 SES WOR
Slide 5: Capex spending set to reduce
Capex spending set to reduce EUR million 12 May 2011 publ.: 771 920 660 440 250 250 250 Total 2010-2016: 3.5 Bn EUR No change on CapEx spending schedule over period presented 2012 to 2016: CapEx spending significantly reduces as replacement cycle of the SES fleet nears its floor; the estimated, unco
Slide 6: Financial Review and Analysis
Financial Review and Analysis 6
Slide 7: Financial Highlights – H1 2011
Financial Highlights – H1 2011 Recurring revenue of EUR 853.2 million (+3.0%) • Reported revenue grew 0.8% to EUR 851.4 million Recurring EBITDA of EUR 644.4 million (+4.2%) • Reported EBITDA declined 0.2% to EUR 631.5 million • Recurring EBITDA margin of 75.5% • Reported Infrastructure EBITDA margi
Slide 8: Revenue walk from Actual H1 2010 to Actual H1 2011
Revenue walk from Actual H1 2010 to Actual H1 2011 In line with full year guidance of 3% EUR millions H1 2011 revenue increased by 0.8%, as recurring growth overcame the effect of a weaker USD Recurring revenue growth of 3.0%, or EUR 24.9 million, was mainly contributed by services activities 8
Slide 9: EBITDA walk from Actual H1 2010 to Actual H1 2011
EBITDA walk from Actual H1 2010 to Actual H1 2011 Outperforming revenue growth EUR millions Reported EBITDA decreased by 0.2% as strong recurring growth was offset by non-recurring cost items and a weaker USD Recurring EBITDA grew EUR 26.2 million, or 4.2%, due to profitable growth from services
Slide 10: Business Segmentation
Business Segmentation Outperforming margins ¡ Infrastructure EBITDA margin of 83.6% (H1 2010: 83.6%) ¡ Services EBITDA margin of 16.9% (H1 2010: 14.3%) ¡ SES Group EBITDA margin of 74.2% (H1 2010: 74.9%); recurring EBITDA margin of 75.5% (H1 2010: 74.6%) *) Revenue elimination refers to cross-charge
Slide 11: Additional Financial Information
Additional Financial Information Depreciation of EUR 212.2 million was EUR 17.0 million lower than prior year ¾ Lower depreciation resulted from the weaker U.S. dollar, a charge of EUR 5.6 million taken last year on the AMC-4 satellite, changes to the depreciable fleet for satellites beginning or en
Slide 12: Guidance
Guidance The 2010 guidance for full year recurring revenue and EBITDA growth was 4-5%. SES now identifies this range of 4-5% for its 3-year CAGR (2010-2012) SES' revenue growth does not develop on a linear basis and accordingly SES anticipates recurring revenue growth of approximately 3% in 2011; re
Slide 13: Disclaimer / 'Safe Harbor' Statement
Disclaimer / ‘Safe Harbor’ Statement This presentation does not, in any jurisdiction, including without any 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