[October 28, 2016] |
|
SES YTD and Third Quarter 2016 Results
SES S.A. (Euronext Paris and Luxembourg Stock Exchange:SESG) reports
financial results for the nine months and three months ended 30
September 2016.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20161027006891/en/
SES YTD and Third Quarter 2016 Results (Photo: Business Wire)
HIGHLIGHTS
Executing differentiated, global capabilities-driven strategy to
deliver return to growth
-
Revenue of EUR 1,490.1 million, in line with prior period (-0.6% at
constant FX1, -3.6% at same scope1,2)
-
Reported EBITDA of EUR 1,060.9 million, 4.1% lower than prior period
(-4.7% at same scope1,2)
-
EBITDA margin of 71.2% (YTD 2015: 74.1%) and 73.5% at same scope2
-
EUR 495.2 million gain recognised in Q3 2016 related to consolidation
of O3b
-
Profit attributable to SES shareholders of EUR 824.0 million (YTD
2015: EUR 375.5 million)
-
Net Debt to EBITDA ratio at 3.30 times (Q3 2015: 2.62 times)3
-
One third of O3b debt refinanced; on track to complete refinancing by
year-end and accelerate synergies
Accelerating growth and capabilities to deliver optimal and
future-proof customer solutions
-
HDTV channels grown 6.1% (YOY) to 2,434 channels and expanding
commercial UHD channels
-
SES-9 supporting video growth in international markets, where SES now
broadcasts 2,685 channels
-
O3b revenue doubled (YOY) and significantly enhancing long-term
profile of SES's Enterprise vertical
-
MX1 supporting distribution of over 2,500 global TV channels and
expanding premium sports content
-
Expanding market-leading position in aero via major long-term
agreement with Thales Avionics
-
Substantial contract backlog increased to EUR 8.0 billion (YTD 2015:
EUR 7.1 billion)
Karim Michel Sabbagh, President and CEO, commented: "These
results demonstrate that SES's differentiated strategy is enabling the
return to sustainable long-term growth, with third quarter revenue
higher than both the previous two quarters (same scope).
The positive growth dynamics in global video are accelerating and MX1
is already gaining market traction, as demonstrated by the recent
contract for global distribution of the English Premier League.
Mobility growth remains very strong. The agreement with Thales
Avionics for SES-17 further increases SES's significant backlog for
aeronautical connectivity and validates the differentiated approach of
building customised HTS solutions.
O3b remains on track to double its revenue in 2016. This unique
global solution significantly enhances SES's product offering and
long-term growth dynamics across the data-centric verticals, especially
in Enterprise.
SES is focusing on significant growth opportunities in the four
market verticals. In the event that the timing of these extends beyond
Q4 2016, this may impact pace of growth in the final quarter, with
revenues likely to be below the previous FY 2016 guidance range.
SES's focus on delivering differentiated global solutions is
significantly improving the business mix and accelerating the growth
outlook for 2017 and beyond. This is underpinned by SES's substantial
contract backlog of now EUR 7.6 billion, and EUR 8.0 billion including
the strong backlog from O3b and RR Media."
____________________________
1 "Constant FX" refers to the restatement of comparative
figures to neutralise currency variations and thus facilitate comparison 2
"Same scope" excludes the impact of consolidating RR Media and O3b
(including transaction-related costs) 3 Based on rating
agency methodology (treats hybrid bond as 50% debt and 50% equity).
Under IFRS (treats hybrid as 100% equity), Net Debt to EBITDA ratio was
3.05 times at 30 September 2016
OPERATIONAL REVIEW
SES's fully protected contract backlog increased to EUR 8.0 billion as
at 30 September 2016 (30 September 2015: EUR 7.1 billion), benefiting
from important new business and renewals across SES's four market
verticals. The backlog includes EUR 0.3 billion from O3b and EUR 0.1
billion from RR Media.
Video: 69% of group revenue (YTD 2015: 66%)
Reported revenue of EUR 1,026.8 million grew 3.8% (up 3.5% at constant
FX) over the prior period. Revenue development included the first
contribution from RR Media (consolidated on 6 July 2016), which
complemented growth of 0.9% at constant FX and same scope.
At 30 September 2016, SES's global satellite fleet broadcasts in total
7,317 TV channels to hundreds of millions of households all over the
world. SES's Video business continued to benefit from the acceleration
of High Definition (HD) and Ultra HD (UHD) broadcasting in SES's
developed markets, as well as the continued expansion of video platforms
and capabilities in the international markets.
HDTV channels grew by 6.1% (YOY) to 2,434 channels and SES's HD
penetration increased from 31.3% to 33.3% over the same period. In July
2016, Japan International Broadcasting Inc. signed a long-term agreement
for SES to broadcast NHK WORLD TV in HD across Europe. NHK WORLD (HD), a
24/7 news and information channel, was one of around 50 new HDTV
channels added across Europe in the last twelve months.
SES's portfolio of commercial UHD channels has also grown. At 30
September 2016, a total of 17 commercial UHD channels are broadcast by
SES satellites (30 September 2015: one). In August 2016, Sky Deutschland
launched their first two UHD channels - Sky Sport Bundesliga UHD and Sky
Sport UHD.
This was followed, in October 2016, by a capacity contract for the
distribution of C4K360 across North America. This new channel is
targeted at young audiences and offers a range of high-end entertainment
programming in UHD. SES's UHD channel development in North America also
benefits from the recently announced (in October 2016) capacity and
playout agreement with TERN to deliver INsight TV UHD, as well as the
launch of the Nature Relaxation UHD channel. TERN launched INsight UHD
and HD channels with SES in Europe last year, and is now expanding to
North American audiences as well.
On 6 July 2016, SES acquired RR Media and merged the business with SES
Platform Services to create MX1, the world's leading media services and
solutions provider. MX1 already distributes over 2,500 TV channels and
supports more than 120 video on demand (VoD) platforms around the globe.
In August, MX1 signed an agreement with IMG to provide content
distribution services for the broadcast of English Premier League
matches in HD to TV service platforms, channels and networks across the
Americas, Asia, Europe and the Middle East.
Enterprise: 12% of group revenue (YTD 2015: 15%)
Reported revenue of EUR 181.7 million declined 15.9% (-16.6% at constant
FX) over the prior period. Revenue development included the first
contribution from O3b (consolidated on 1 August 2016).
At same scope, Enterprise declined 20.0% at constant FX and was impacted
by the prior year contribution from capacity contracted by ARSAT, in
advance of the planned migration to its own satellite, as well as the
2015 capacity renewals with EchoStar on AMC-15 and AMC-16. Excluding
these items, Enterprise revenue was 18.4% lower (at constant FX). This
pertains to the part of SES's Enterprise business which is derived from
wholesale capacity sales to small and medium-sized resellers for
point-to-point applications. These now represent around 2% of group
revenue, compared with more than 3% at 30 June 2016 and around 6% at the
start of 2015. SES is reshaping its Enterprise business to further focus
on major global and regional service providers, telcos and mobile
operators, where SES is delivering differentiated products and solutions.
On 1 August 2016, SES completed the acquisition of the remaining shares
of O3b, which offers global managed services, enabled by a unique
ultra-high throughput and low latency Medium Earth Orbit (MEO) global
satellite constellation. The business, which recently completed its
second year of commercial operations, has doubled total revenue for YTD
2016 (compared with the prior period) and has delivered positive EBITDA
since May 2016. The constellation provides 'fibre in the sky'
connectivity services to a total of 46 customers and is on track to
double its revenue and generate over USD 100 million of revenue for FY
2016. Around 55% of O3b customers have increased their initial bandwidth
and services requirements since O3b began commercial operations in
September 2014.
In August 2016, Axesat began using the O3b network to provide broadband
connectivity to internet service providers and 2G, 3G and 4G/LTE (News - Alert) service
to mobile network operators in Peru. The O3b solution enables Axesat to
deliver an enhanced user experience to over 400,000 people, as well as
small businesses and government markets.
In October 2016, O3b secured an agreement with RCS-Communication to more
than double their bandwidth capacity over the next two years to support
increasing demand for cloud-based applications and Enterprise Resource
Planning systems in South Sudan. RCS will also be the first customer to
implement O3b Performance Services Diversity solution, which uses
a software defined networking (SDN) platform to enable intelligent
switching across multiple satellite links. With this solution, ground
terminals are placed in multiple locations, yielding the highest
possible network reliability and resilience, setting RCS apart for
mission critical corporate and government applications.
This was followed, in October 2016, by a contract between O3b and
E-Networks to deliver high-speed, low latency connectivity to Guyana
Goldfield's Aurora Gold Mine. The provision of O3b connectivity to the
mine will transform operations by enabling real time HD
videoconferencing, cloud computing, database-driven applications and
other key applications that were previously impractical to use.
Mobility: 5% of group revenue (YTD 2015: 3%)
Reported revenue of EUR 76.8 million increased 50.3% (up 48.5% at
constant FX) over the prior period. The contribution from the
consolidation of O3b was strengthened by growth of 32.5% at same scope,
reflecting the important benefit from the commercialisation of capacity
across SES's existing global fleet for in-flight connectivity and
maritime services.
SES has continued to advance its market-leading positioning in in-flight
connectivity and in-flight entertainment, expanding global capabilities
to deliver a home-equivalent passenger experience.
In September 2016, SES announced the procurement of SES-17, an optimised
Ka-band high throughput satellite to be built by Thales Alenia Space and
expected to be launched in 2020. SES simultaneously entered into a
long-term commercial agreement with Thales Avionics to offer a new
in-flight connectivity service across the Americas and over the Atlantic
Ocean.
Thales Avionics will use SES-17 to provide FlytLIVE, a new connectivity
solution with full internet services, including video streaming, games,
social media and live television for passengers. Thales Avionics will
launch FlytLIVE in 2017, operating the service on two existing SES
Ka-band multi-beam satellites prior to the launch of SES-17 in 2020. The
total value of the commitment made by Thales Avionics represents a
significant share of the expected investment in the project.
With this important agreement, SES has now secured major, long-term
pre-commitments for the company's future HTS capacity (SES-12, SES-14,
SES-15 and SES-17) with all four of the world's leading in-flight
connectivity and in-flight entertainment service providers - Global
Eagle Entertainment, Gogo, Panasonic (News - Alert) Avionics and Thales Avionics.
SES has enhanced its products and solutions for delivering reliable,
high-quality connectivity across the maritime industry. Since entering
commercial service in September 2014, O3b has expanded its commercial
relationship with Royal Caribbean Cruises from two to 11 cruise ships
and grown from delivering capacity-only to a fully managed end-to-end
solution. This contributed to year-on-year growth of over 75% in O3b's
mobility revenue for YTD 2016.
In September 2016, SES also launched the global SES Maritime+ service to
deliver high-speed connectivity to maritime customers. The managed
connectivity platform solution combines SES's global network
infrastructure and hybrid satellite capacity with the latest technology
from VT iDirect (News - Alert). This enables customers to have easy access to
customisable bandwidth and coverage packages, ensuring satellite
capacity is effectively utilised. The global Maritime+ product is part
of SES Plus, SES's enhanced data network, and follows the launch of a
regional Ka-band Maritime+ offering that specifically targets Europe.
In October 2016, O3b, RigNet and MODEC reached an agreement to provide
O3b's high throughput, low latency connectivity solution for MODEC's
Floating Production Storage and Offloading (FPSO) vessels, situated off
the coast of Brazil. The O3 b solution will enable MODEC to deliver
operational decisions in real time, improving production and operating
efficiency.
Government: 12% of group revenue (YTD 2015: 13%)
Reported revenue of EUR 176.6 million was 10.1% lower than the prior
period (-10.6% at constant FX). At same scope, revenue was 12.4% lower
at constant FX than the prior year period, which had benefitted from the
accelerated revenue contribution associated with the construction phase
of the Wide Area Augmentation Systems (WAAS) and Global-Scale
Observations of the Limb and Disk (GOLD) hosted payloads. Excluding
these two U.S. Government-funded payloads, Government revenue was 6.8%
lower (at constant FX).
SES Government Solutions (SES GS) has continued to deliver innovative
and differentiated products and solutions, which has generated new
business opportunities and is contributing to an improvement in SES GS's
contract backlog.
In August 2016, SES GS secured a contract to provide O3b's unique high
throughput, low latency managed solution for a U.S. Department of
Defense (U.S. DoD) end-user. The contract also enables the U.S.
government to order additional O3b services to meet further
requirements. The solution will enable the U.S. DoD to substantially
reduce the time taken to send large files to remote locations, and
allows end-users to view simultaneous HD-quality videos, providing
enhanced situational awareness in real time.
This is SES GS/O3b's second U.S. government customer, following the
successful delivery of O3b connectivity solutions for the U.S. National
Oceanic (News - Alert) and Atmospheric Administration in American Samoa. This
contributed to year-on-year growth in O3b's government revenue of over
650% for YTD 2016.
SES is expanding the range of products and services available across the
global government business. In September 2016, SES launched Tactical
Persistent Surveillance (TPS), the first Government+ product offering.
TPS is a highly portable surveillance and communications solution, which
is rapidly deployable and designed to provide enhanced situational
awareness for border security, special event monitoring and disaster
response missions around the world. The TPS platform is based on
Lighter-Than-Air inflatable aerostat technology, capable of hosting a
variety of payload offerings to transmit or backhaul Intelligence,
Surveillance and Reconnaissance video and data via satellite.
In October 2016, SES, as part of emergency.lu, provided vital
connectivity services in Haiti to support recovery efforts following the
devastating impact of Hurricane Matthew. The emergency.lu terminals use
dedicated SES satellite capacity to re-establish vital communication
links, improving the effectiveness of rapid response efforts.
Fleet utilisation
As at 30 September 2016, the SES fleet had 1,550 available transponders
(30 September 2015: 1,502 available transponders). Of these, 1,085
transponders were utilised at 30 September 2016 (30 September 2015:
1,086 utilised transponders).
Consequently, the group's satellite utilisation rate was 70.0% at 30
September 2016 (30 September 2015: 72.3%). This included the impact of
SES-9's entry into commercial service on 1 June 2016 (+53 transponders).
Future capacity
By end-2017, SES will launch six satellites, which will add a total of
127 incremental (36 MHz equivalent) transponders. Additionally, SES-12,
SES-14 and SES-15 will carry a total of 36 GHz of HTS capacity, which
will have the revenue generation potential of around 250 (36 MHz) wide
beam transponder equivalents.
In August 2016, SES and SpaceX (News - Alert) announced an agreement for SES-10 to be
the first ever satellite to be launched on a flight-proven Falcon 9
orbital rocket booster. Reusable rockets, such as this, will make access
to space more efficient in terms of both cost and manifest management.
O3b has procured an additional eight satellites to accommodate rapidly
expanding demand, with four satellites expected to be launched during H1
2018, and the remaining four satellites expected to be launched in H2
2019. These procurements will increase the size of the current fleet
from 12 to 20 satellites (including three satellites currently flying as
in-orbit back-up).
These GEO/MEO investments, plus SES-9 (which entered into service on 1
June 2016), are expected to generate up to EUR 750 million of potential
annualised revenue (equivalent to over 35% of SES's FY 2015 group
revenue) at 'steady state' utilisation by 2021.
SES-17, a Ka-band high throughput satellite, will offer a highly
flexible payload with close to 200 spot beams of different sizes. The
beams have been designed to provide optimal coverage for the busiest
data corridors in the Americas and over the Atlantic Ocean. At
'steady-state' utilisation, the satellite is expected to generate
annualised revenue of around EUR 100 million by around 2024.
Satellite
|
|
|
|
Region
|
|
|
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Application
|
|
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Launch Date
|
SES-10
|
|
|
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Latin America
|
|
|
|
Video, Enterprise
|
|
|
|
Q1 20173
|
SES-11
|
|
|
|
North America
|
|
|
|
Video
|
|
|
|
H1 20173
|
SES-121
|
|
|
|
Asia-Pacific
|
|
|
|
Video, Enterprise, Mobility
|
|
|
|
H2 2017
|
SES-141
|
|
|
|
Latin America
|
|
|
|
Video, Enterprise, Mobility
|
|
|
|
H2 2017
|
SES-151
|
|
|
|
North America
|
|
|
|
Enterprise, Mobility, Government
|
|
|
|
H1 2017
|
SES-16/GovSat-12
|
|
|
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Europe/MENA
|
|
|
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Government
|
|
|
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H2 2017
|
O3b satellites 13-16
|
|
|
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Global
|
|
|
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Mobility, Enterprise, Government
|
|
|
|
H1 2018
|
O3b satellites 17-20
|
|
|
|
Global
|
|
|
|
Mobility, Enterprise, Government
|
|
|
|
H2 2019
|
SES-17
|
|
|
|
Americas
|
|
|
|
Mobility, Enterprise, Government
|
|
|
|
2020
|
1 SES-12, SES-14 and SES-15 to be positioned using
electric orbit raising, entry into service typically four to six months
after launch 2 Procured by LuxGovSat 3
Launch dates to be confirmed following return to flight of
SpaceX
FINANCIAL REVIEW
Reported revenue of EUR 1,490.1 million was in line with the
prior period and was marginally lower at constant FX. Reported revenue
included a EUR 46.0 million (YTD 2015: nil) contribution from the
consolidation of RR Media (from 6 July 2016) and O3b (from 1 August
2016).
Excluding the contributions from RR Media and O3b, revenue was EUR 54.6
million (or 3.6%) lower at constant FX and same scope, of which EUR 39.5
million was due to the impact of the revenue contribution in YTD 2015
from various 'legacy items'. These comprised the sale of European
transponders, capacity contracted by ARSAT in advance of the planned
migration to its own satellite, the AMC-15/AMC-16 capacity renewal and
the accelerated revenue associated with the construction phase of the
WAAS and GOLD hosted payloads. Other revenue of EUR 28.2 million
included an important periodic revenue contribution.
In millions of euro
|
|
YTD 2016
|
|
YTD 2015
|
|
Change
(reported)
|
|
Change
(constant FX)
|
|
Change
(constant FX
and same
scope1)
|
Video
|
|
1,026.8
|
|
989.2
|
|
+3.8%
|
|
+3.5%
|
|
+0.9%
|
Enterprise
|
|
181.7
|
|
216.0
|
|
-15.9%
|
|
-16.6%
|
|
-20.0%
|
Mobility
|
|
76.8
|
|
51.1
|
|
+50.3%
|
|
+48.5%
|
|
+32.5%
|
Government
|
|
176.6
|
|
196.5
|
|
-10.1%
|
|
-10.6%
|
|
-12.4%
|
Other2
|
|
28.2
|
|
39.8
|
|
n/m
|
|
n/m
|
|
n/m
|
Group total
|
|
1,490.1
|
|
1,492.6
|
|
-0.2%
|
|
-0.6%
|
|
-3.6%
|
1 Excluding contribution from RR Media and O3b from
date of consolidation to 30 September 2016 2
Other includes revenue not directly applicable to a particular vertical
and revenue contributions from interim missions
EBITDA was 4.1% lower (4.7% at constant FX) primarily due to
lower revenue. Operating expenses were higher due to the increase
in costs following the consolidation of RR Media and O3b. At same scope,
operating expenses improved by EUR 2.3 million, or 0.6% due to on-going
efficiencies. The reported EBITDA margin for the period was 71.2%
(YTD 2015: 74.1%) and 73.5% at same scope (excluding the consolidation
of RR Media, O3b and related transaction costs).
During the period, the positive contribution to EBITDA from RR Media and
O3b was offset by the one-off transaction-related costs associated with
the acquisition of the two businesses.
In millions of euro
|
|
YTD 2016
|
|
YTD 2015
|
|
Change
|
|
Change
|
Operating expenses (reported)
|
|
(429.2)
|
|
(386.1)
|
|
-43.1
|
|
-11.2%
|
Operating expenses (constant FX)
|
|
(429.2)
|
|
(385.7)
|
|
-43.5
|
|
-11.3%
|
Operating expenses (constant FX and same scope1)
|
|
(383.4)
|
|
(385.7)
|
|
+2.3
|
|
+0.6%
|
|
|
|
|
|
|
|
|
|
EBITDA (reported)
|
|
1,060.9
|
|
1,106.5
|
|
-45.6
|
|
-4.1%
|
EBITDA (constant FX)
|
|
1,060.9
|
|
1,113.0
|
|
-52.1
|
|
-4.7%
|
EBITDA (constant FX and same scope1)
|
|
1,060.7
|
|
1,113.0
|
|
-52.3
|
|
-4.7%
|
1 Excluding impact of RR Media and O3b from date of
consolidation to 30 September 2016 (including transaction-related costs)
Operating profit of EUR 610.4 million was 8.4% lower (-8.9% at
constant FX), including an increase in depreciation and amortisation
expense from EUR 440.1 million to EUR 450.5 million. At same scope and
constant FX, depreciation and amortisation reduced EUR 14.2 million (or
3.2%) compared with the prior period.
The YTD 2016 results include a reported gain on disposal of a
non-controlling interest of EUR 495.2 million, which was recognised
directly before the consolidation of O3b on 1 August 2016.
Net financing costs of EUR 135.4 million were EUR 31.7 million
higher than the prior period, which had included EUR 31.6 million of net
foreign exchange gains related to the stronger U.S. Dollar during 2015.
The group's income tax expense was EUR 83.9 million (YTD 2015:
EUR 89.2 million), representing an effective tax rate of 8.7%
(YTD 2015: 15.9%). Excluding the EUR 495.2 million gain on disposal of
non-controlling interest, the effective tax rate was 17.7%. Profit
after tax was EUR 886.3 million (YTD 2015: EUR 473.5 million).
The effect of non-cash movements associated with the group's minority
shareholding in O3b (prior to consolidation on 1 August 2016) was the
principal contributor to SES's share of associates' result being
a loss of EUR 62.5 million (YTD 2015: EUR 95.5 million). The net
profit attributable to SES shareholders for the period was
EUR 824.0 million (YTD 2015: EUR 375.5 million), including the gain on
disposal of a non-controlling interest of EUR 495.2 million.
The group's Net Debt to EBITDA ratio was 3.30 times at 30
September 2016 (30 September 2015: 2.62 times). This treats the hybrid
bond as 50% debt and 50% equity. As presented using IFRS recognition
principles, where the hybrid bond is treated as 100% equity, Net Debt to
EBITDA ratio was 3.05 times at 30 September 2016.
Net Debt to EBITDA included EUR 1.1 billion of net debt from the
consolidation of O3b, of which around one third has already been
refinanced by SES. SES expects to complete the full refinancing of the
O3b debt by the year-end. This would accelerate the financing synergies
from EUR 40 million to EUR 60 million in FY 2017.
Financial guidance
Q3 2016 revenue (same scope) was higher than both the previous two
quarters. Growth in video is accelerating and is complementing strong
growth dynamics in mobility. Quarterly revenue in Enterprise and
Government has stabilised, while Government backlog has grown.
SES is focused on significant growth opportunities in the four market
verticals and is supported by the unsurpassed contract backlog to
date. The timing of some of these upcoming opportunities may
extend beyond Q4 2016, and this, along with the development of wholesale
capacity sales in Enterprise to date, may impact the previous FY 2016
guidance range, with revenues likely to be below the low end of the
range. FY 2016 revenue is however not expected to be lower than around
EUR 1,960 million (same scope).
The Group's EBITDA margin (same scope) is expected to be around 73.5%.
The FY 2016 financial guidance relating to the contribution from RR
Media and O3b is unchanged. In particular, O3b is on track to double its
revenues in FY 2016 and its unique global solutions are significantly
enhancing SES's product offering and long term growth dynamics across
all data centric verticals, especially in Enterprise, making it an
important SES growth vertical from FY 2017.
SES now has the foundation in place to deliver sustainable long-term
growth. Recently added and future incremental wide beam and HTS capacity
(from SES-9 to SES-16/GovSat-1), plus SES's investment in O3b, is
expected to generate up to EUR 750 million of additional annualised
group revenue by 2021. This is equivalent to over 35% of SES's FY 2015
group revenue.
In addition, SES-17 (launch window in 2020) is expected to generate
annualised revenue of around EUR 100 million at 'steady-state'
utilisation by around 2024.
The financial guidance assumes an average EUR/USD exchange rate of 1.10,
as well as nominal satellite health and launch schedule.
SES's results for the year ended 31 December 2016 will be published
on 24 February 2017
CONDENSED CONSOLIDATED INCOME STATEMENT
For the three months and nine months (YTD) ended September 30
In millions of euro
|
|
Q3 2016
|
|
Q3 2015
|
|
|
|
YTD 2016
|
|
YTD 2015
|
Average U.S. Dollar exchange rate
|
|
1.1116
|
|
1.1124
|
|
|
|
1.1109
|
|
1.1222
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
533.3
|
|
493.5
|
|
|
|
1,490.1
|
|
1,492.6
|
Operating expenses
|
|
(172.2)
|
|
(127.0)
|
|
|
|
(429.2)
|
|
(386.1)
|
EBITDA
|
|
361.1
|
|
366.5
|
|
|
|
1,060.9
|
|
1,106.5
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortisation expense
|
|
(168.3)
|
|
(150.0)
|
|
|
|
(450.5)
|
|
(440.1)
|
Operating profit
|
|
192.8
|
|
216.5
|
|
|
|
610.4
|
|
666.4
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal of non-controlling interest
|
|
495.2
|
|
--
|
|
|
|
495.2
|
|
--
|
Net financing costs
|
|
(59.8)
|
|
(52.9)
|
|
|
|
(135.4)
|
|
(103.7)
|
Profit before tax
|
|
628.2
|
|
163.6
|
|
|
|
970.2
|
|
562.7
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(24.3)
|
|
(30.1)
|
|
|
|
(83.9)
|
|
(89.2)
|
Profit after tax
|
|
603.9
|
|
133.5
|
|
|
|
886.3
|
|
473.5
|
|
|
|
|
|
|
|
|
|
|
|
Share of associates' result, net of tax
|
|
(8.4)
|
|
(32.5)
|
|
|
|
(62.5)
|
|
(95.5)
|
Non-controlling interests
|
|
1.2
|
|
(0.9)
|
|
|
|
0.2
|
|
(2.5)
|
Profit attributable to owners of the parent
|
|
596.7
|
|
100.1
|
|
|
|
824.0
|
|
375.5
|
|
|
|
|
|
|
|
|
|
|
|
Additional information is available on the SES website at www.ses.com
PRESENTATION OF RESULTS
A call for investors and analysts will be hosted at 9:30 CEST on
Friday, 28 October 2016.
Participants are invited to call one of the following numbers five
minutes prior to this time.
|
|
Belgium
|
|
+32 (0)2 400 6926
|
France
|
|
+33 (0)1 76 77 22 57
|
Germany
|
|
+49 (0)69 2222 2018
|
Luxembourg
|
|
+352 2787 0187
|
UK
|
|
+44 (0)20 7026 5967
|
USA
|
|
+1 719-457-2086
|
|
Confirmation Code:
|
|
7965121
|
|
|
|
A presentation, which will be referred to during the calls, will be
available for download from the Investor Relations section of the SES
website at www.ses.com
A replay will be available for one week on the SES website at www.ses.com
Disclaimer / "Safe Harbor" Statement
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 securities of SES nor should
it or any part of it form the basis of, or be relied on in connection
with, any contract or commitment whatsoever.
No representation or warranty, express or implied, is or will be made by
SES, its directors, officers or advisors or any other person as to the
accuracy, completeness or fairness of the information or opinions
contained in this presentation, and any reliance you place on them will
be at your sole risk. Without prejudice to the foregoing, none of SES or
its directors, officers or advisors accept any liability whatsoever for
any loss however arising, directly or indirectly, from use of this
presentation or its contents or otherwise arising in connection
therewith.
This presentation includes "forward-looking statements". All statements
other than statements of historical fact included in this presentation,
including, without limitation, those regarding SES's financial position,
business strategy, plans and objectives of management for future
operations (including development plans and objectives relating to SES
products and services) are forward-looking statements. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of SES to be materially different
from future results, performance or achievements expressed or implied by
such forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding SES and its subsidiaries and
affiliates, present and future business strategies and the environment
in which SES will operate in the future and such assumptions may or may
not prove to be correct. These forward-looking statements speak only as
at the date of this presentation. Forward-looking statements contained
in this presentation regarding past trends or activities should not be
taken as a representation that such trends or activities will continue
in the future. SES and its directors, officers and advisors do not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161027006891/en/
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