Luxembourg, 26 July 2013 SES S.A. (NYSE Euronext Paris and Luxembourg Stock Exchange: SESG) reports financial results for the six months ended 30 June 2013.
FINANCIAL HIGHLIGHTS
Revenue of EUR 910.5 million ( 2.1%)
Revenue at constant exchange rate (FX) grew by 7.2%, excluding German analogue impact
EBITDA of EUR 662.0 million (-0.5%)
EBITDA at constant FX grew by 6.4%, excluding German analogue impact
EBITDA margin of 72.7% (H1 2012: 74.6%)
Infrastructure EBITDA margin of 83.2% (2012: 83.6%)
H1 2013 growth compared to prior year period
As Reported and at constant FX*
Excluding German analogue impact, at constant FX
Revenue
2.1%
7.2%
EBITDA
-0.5%
6.4%
* Revenue and EBITDA comparisons for the period are the same as reported and at constant FX due to similarity of exchange rates
Operating profit was flat at EUR 408.6 million (H1 2012: EUR 411.5 million)
Profit of the group EUR 268.0 million (H1 2012: EUR 298.7 million)
Earnings per A-share of EUR 0.67 (H1 2012: EUR 0.74)
Closing net debt / EBITDA multiple of 3.07 (H1 2012: 3.07)
Contract backlog of EUR 7.1 billion (H1 2012: EUR 6.8 billion)
Romain Bausch, President and CEO, commented:
SES is growing in all markets. Although the German analogue switch-off in April 2012 limits the comparison with the prior year period, the underlying growth has accelerated. We launched, and will shortly bring into service, SES-6, an important satellite supporting our future growth. An impressive list of recently signed agreements with DTH operators demonstrates the success of our growth strategy in emerging markets, with Oi in Brazil, Cignal Digital TV in the Philippines, Sky Vision in Indonesia, as well as Platco Digital and Wananchi in Africa all developing their businesses on SES satellites. Revenue from these regions increased by 9.3% compared to H1 2012.
Our investment in O3b Networks has also passed an important milestone, with the successful launch of its first four satellites. We eagerly await the launch in September of the next four spacecraft, allowing for the commercial operations to begin prior to the end of the year.
SES has three more satellite launches scheduled for 2013, each of which contributes new capacity and will accelerate revenue growth in the second half of the year in the emerging markets where we are successfully commercialising this capacity. The 2013 revenue and EBITDA guidance range of 4-5% growth provided with the FY 2012 results announcement was based on the launch schedule as known in February. While all other assumptions on which the guidance is based remain unchanged, the dates of these satellite launches will now be later than foreseen. These schedule movements are expected to have a timing impact on revenue of up to EUR 18 million in 2013. The project economics and returns on these satellite programmes remain unaffected, consistent with the long term nature of our business.
SES is now entering a period in which capital expenditure will reduce significantly, even while additional growth investments are pursued. This, coupled with rising revenue and EBITDA, will deliver strong growth in free cash flow, which may be applied to further investments and acquisitions and/or be returned to shareholders.
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For further information:
Mark Roberts
Investor Relations
Tel. 352 710 725 490
Mark.Roberts@ses.com
Yves Feltes
Media Relations
Tel. 352 710 725 311
Yves.Feltes@ses.com
Additional information is available on our website www.ses.com
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Luxembourg, 26 July 2013 SES S.A. (NYSE Euronext Paris and Luxembourg Stock Exchange: SESG) reports financial results for the six months ended 30 June 2013.
