SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — FY2006 Earnings Presentation
22 slides from SES SA FDR (Class A)'s earnings presentation, Feb 19, 2007
Slide 1: Consolidated Results Year to 31 December 2006
Consolidated Results Year to 31 December 2006 19 February 2007 1
Slide 2: Disclaimer
Disclaimer S This presentation does not constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, 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 what
Slide 3: 2006 in brief
2006 in brief S Revenues rose 28.4% to EUR 1,615.2 million ¾ recurring, same scope revenues grew 7.4% S EBITDA grew 22.6% to EUR 1,080.4 million S Operating Profit improved 27.2% to EUR 605.3 million S Net Profit was 14.1% higher at EUR 435.8 million S EPS increased by 22% to EUR 0.82 S Net Operatin
Slide 4: Delivering Value to Shareholders
Delivering Value to Shareholders In 2006 SES continued to deliver on its objective of long term shareholder value creation S Continued investment in the business to deliver growth, both organically and via carefully selected acquisitions S Dividend payment of 44 cent (+10%) proposed, totalling EUR 2
Slide 5: Further enhancing shareholder returns
Further enhancing shareholder returns GE transaction enables a dramatic lift in delivery of shareholder value S Rationalisation of asset portfolio improves SES positioning for growth, in particular in Asia and Latin America S Lower number of outstanding shares translates to a higher dividend per sha
Slide 6: Strategy
Strategy S SES’s primary strategic focus remains on the development of its core infrastructure business ¾ growing market segments (video, government and enterprise) ¾ strong go-to-market focus via SES ASTRA, SES AMERICOM and SES NEW SKIES ¾ maintaining industry-leading margins (EBITDA, EBIT, Net Pro
Slide 7: Infrastructure Developments
Infrastructure Developments S Transponder utilisation grew to 74.5% ¾ 760 of 1,019 commercially available transponders S New capacity was taken by ¾ BBC, HNS, PBS, Pro7, Scripps Networks, Turner, and others S ASTRA 1KR and AMC-18 successfully launched S NSS-9, ASTRA 3B, AMC-21 and Ciel-2 satellites
Slide 8: Services Developments
Services Developments S ND Satcom ownership was increased to 100% ¾ strengthening SES ASTRA’s government services offering ¾ significant German government contract won S entavio digital broadcast platform is refocused on Pay-TV offerings ¾ German Cartel Office closed its investigation following Pros
Slide 9: Financials
Financials SESA ;
Slide 10: Revenues – FY 2006
Revenues – FY 2006 Guidance: 1,577 - 1,607 EUR million 28.4% 1,615 vs 2005 7.4% 1,419 1,320 196 1,258 1,230 99 (28) 90 Actual 2005 Non- Actual 2005 Organic Actual 2006 Non- Actual 2006 New Skies & Actual 2006 recurring (recurring, growth (recurring, recurring (baseline) ND Satcom 2005, same scope, s
Slide 11: EBITDA – FY 2006
EBITDA – FY 2006 Guidance: 1,032 – 1,051 EUR million 1,109 *) 7.9% 993 22.6% 1,080 vs 2005 924 116 881 856 69 (25) 68 Actual 2005 Non-recurring Actual 2005 Organic Actual 2006 Non-recurring Actual 2006 New Skies & Actual 2006 2005, constant (recurring, growth (recurring, + Dolphin (baseline) ND Satc
Slide 12: Business segmentation – FY 2006
Business segmentation – FY 2006 FY 2006 Infrastructure - before restructuring EMEA Americas New Skies Asia, Other & Sub-Total Elim Revenues 783.7 459.9 142.2 30.8 1,416.7 EBITDA 649.4 339.6 105.6 21.9 1,116.6 Margin % 82.9% 73.8% 74.3% 71.0% 78.8% FY 2006 Services - before restructuring EMEA America
Slide 13: Other financial lines
Other financial lines ¾ Depreciation charges rose 21% to EUR 438.6 million • reflecting the first-time consolidation of the 5 satellite fleet of New Skies and • the entry into service of ASTRA 1KR and AMC-23 during the period ¾ Amortisation charges were EUR 36.5 million • Amortisation of franchise f
Slide 14: Launch schedule / Incremental txp’s
Launch schedule / Incremental txp’s ASTRA Satellites Launch Date Incremental txp's ASTRA 1L Q2 2007 UK / IRL 10 - 16, Africa 8 Sirius-4 Q3 2007 Europe 7, Africa 6 ASTRA 1M Q2 2008 ASTRA 3B Q4 2009 Europe 20, Middle East 12 AMERICOM Satellites Launch Date AMC-18 8-Dec-06 24 AMC-14 Q4 2007 32 Ciel-2 (
Slide 15: Capital Expenditure schedule
Capital Expenditure schedule EUR million 365 ~ 504 ~ 448 ~ 160 Guidance in Aug / Nov 2006: ~ 440 ~ 480 ~ 430 ~ 120 276 227 214 188 160 146 136 68 45 2 9 2 Actual 2006 Trend 2007 Trend 2008 Trend 2009 Astra Americom New Skies ¾ Lower CapEx in 2006 due to shifts to 2007; thereafter in line with previo
Slide 16: Cash Flow
Cash Flow EUR million 536 433 (208) (12) 66 48 275 Same scope (620) (17) Actual 2005 Higher net No swap Net purchase of Other Actual 2006 New Skies & New Skies & Actual 2006 operating CF settlement or tangible assets (same scope) Other net Other net major disposals operating CF acquisition cash impa
Slide 17: Financial Outlook
Financial Outlook ¾ On a pro forma basis*, 2007 recurring revenues and EBITDA to be mid- single digit percentage above 2006 ¾ Reflecting the non-recurring revenues in 2006 (CbB, Star One transponder sales) and the impact of the GE transaction, 2007 Total Revenues and EBITDA reduce versus 2006, as de
Slide 18: Appendices
Appendices SESA 3s
Slide 19: Revenue and EBITDA ranges - 2007
Revenue and EBITDA ranges - 2007 2007 Analyst guidance EUR million 6 November 2006 14 February 2007 Update for recent 1 EUR = 1.27 USD 1 EUR = 1.30 USD events 1) 2007 Total - Revenues 1660 - 1700 1644 - 1684 (76) 1568 - 1608 - EBITDA 1100 - 1140 1089 - 1129 (48) 1041 - 1081 Infrastructure - Revenues
Slide 20: Depreciation schedules (1)
Depreciation schedules (1) SES ASTRA Satellite Depreciation End of Depreciation NBV NBV Period (Yrs.) 31.12.2006 31.12.2005 Life Astra 1C 12 Jun-05 0.0 0.0 EUR million Astra 1D 10 Dec-04 0.0 0.0 Astra 1E 12 Dec-07 13.5 27.0 Astra 1F 13 May-09 24.3 34.3 Astra 1G 13 Dec-10 38.1 47.7 Astra 1H 13 Sep-12
Slide 21: Depreciation schedules (2)
Depreciation schedules (2) SES AMERICOM End of NBV at NBV at NBV at 1) Depreciation Depreciation 31.12.2006 31.12.2006 31.12.2005 Satellite Period (Yrs.) Life in MEUR in MUSD in MUSD AMC-1 15 Sep-11 49.8 65.6 79.4 AMC-2 15 Feb-12 57.7 76.0 90.7 AMC-3 15 Sep-12 60.7 80.0 94.0 AMC-4 15 Dec-14 87.5 115
Slide 22: EBITDA margin – FY 2006
EBITDA margin – FY 2006 FY 2006 - New Skies ND SatCom FY 2006 - same scope (after elim.) (after elim.) full scope EUR million Revenue - as reported 1,419.4 150.0 45.7 1,615.2 EBITDA - as reported 977.0 97.8 5.5 1,080.4 EBITDA margin 68.8% 65.2% 12.1% 66.9% Non recurring revenue 99.3 0.0 0.0 99.3 Rec