SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — FY2008 Earnings Presentation
21 slides from SES SA FDR (Class A)'s earnings presentation, Feb 13, 2009
Slide 1: FY 2008 Financial Results
FY 2008 Financial Results 13 February 2009
Slide 2: Disclaimer / “Safe Harbor” Statement
Disclaimer / “Safe Harbor” Statement S 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 securiti
Slide 3: Introduction
Introduction S Another year of solid growth and a positive outlook S Momentum continues into 2009 S Successful launch of NSS-9, with two more satellite launches this year • A total of nine satellites under construction S Capacity set to grow by ~25%, supporting future growth S 3 year revenue CAGR ab
Slide 4: Solid Key Financials
Solid Key Financials S Recurring revenue was up 6.0% on the prior year period • Reported revenue of EUR 1,630.3 million, reflecting the strong underlying growth, partly offset by the effect of the weaker U.S. dollar S Recurring EBITDA was 4.8% ahead of the prior year period • Reported EBITDA of EUR
Slide 5: Business Review
Business Review SESA
Slide 6: Business Developments
Business Developments S Increase in utilization to 79% • on higher base of 1,082 commercially available transponders S Successful launch of new and replacement spacecraft • AMC-21, ASTRA 1M, Ciel-2 S SIRIUS-4 brought into service • SIRIUS-2 relocated to begin operations at 31.5 degrees East under th
Slide 7: Business Developments
Business Developments S The merger of SES AMERICOM and SES NEW SKIES creates synergies and reduce costs by c. EUR 10 million per year S SES ENGINEERING delivers annual cost savings of c. EUR 7.5 million S ASTRA 5A failed in orbit after 12 years of operations • fully depreciated in 2008, including EU
Slide 8: Launch schedule
Launch schedule Operating segment Launch date Incremental txp's S Focus on growing market segments supports continued Successfully launched satellites - starting service in 2008 / 2009: investment programme AMC-21 14-Aug-08 24 S 8 satellites are in the pipeline for ASTRA 1M 05-Nov-08 launch between
Slide 9: Financial Review
Financial Review SESA
Slide 10: SES Group - Revenue
SES Group - Revenue +1.2% as reported +6.0% 1,611 1,620 1,630 1,528 (14) 10 (49) (20) 92 Actual non-recurring constant FX scope Actual recurring Actual non-recurring Actual 2007 change 2007 growth 2008 2008 recurring recurring S SES Group revenue presents strong recurring growth of 6.0%. S The incre
Slide 11: SES Group - EBITDA
SES Group - EBITDA +0.9% as reported +4.8% 1,090 1,084 70.1% 1,136 70.1% 67.5% 1,100 71.0% 67.5% 35 (34) (7) 52 (36) 67.7% EBITDA margin 71.0% 70.1% 67.5% Actual non-recurring constant FX scope Actual recurring Actual non-recurring Actual 2007 change 2007 growth 2008 2008 recurring recurring S SES G
Slide 12: Business segmentation
Business segmentation EUR millions Excluding one off-items infrastructure 2008 Infrastructure margin reaches 81.6% in 2008. ASTRA AMERICOM NEW SKIES OTHER & ELIM*) Total Revenues 832.3 296.3 243.1 0.0 1,371.7 EBITDA 692.2 220.3 195.5 0.0 1,107.9 Margin % 83.2% 74.3% 80.4% 80.8% 2008 Services ASTRA A
Slide 13: Other financial lines
Other financial lines ▲ Depreciation & Amortisation reduction by EUR 2.3 million compared to the prior year period is influenced by the following two factors: ¾ 2007 included the accelerated write-down of EUR 15.9 million due to the launch failure of NSS-8 ¾ favourable impact of a weaker USD The two
Slide 14: Capital Expenditure Schedule
Capital Expenditure Schedule - Old format (graph includes committed gross satellite CapEx only) EUR million A 2008 Forecast 2009 Trend 2010 Trend 2011 577 ~ 796 ~ 530 ~ 326 Guidance on 27 Oct 2008: ~ 684 ~ 630 ~ 360 ~ 190 345 247 233 217 198 196 173 185 157 136 114 27 Actual 2008 Forecast 2009 Trend
Slide 15: Capital Expenditure Schedule
Capital Expenditure Schedule - New format (graph includes all committed cash-out and -inflows) EUR million 807 807 Non Satellite 747 44 747 Capex - 66 Other (MLA Services & 138 Ground prepayments) 436 486 486 AMERICOM - 30 NEW SKIES 309 Net Satellite 763 319 segment 319 Capex & MLA 289 681 Prepaymen
Slide 16: Free Cash Flow - FY 2008 vs FY 2007
Free Cash Flow - FY 2008 vs FY 2007 EUR million 673 (7) (66) 70 (132) 437 (83) 98 (115) Actual 2007 Net income Adjustment for Working AMC-14 Cash balances Net proceeds Investing Actual 2008 before tax Non Cash Items Capital Insurance leaving SES as from hedging activities Movements Proceeds part of
Slide 17: Financial Outlook
Financial Outlook ▲ 2009: Growth continues, at attractive profitability levels ¾ Recurring revenue growth of around 3-4%, based on a favourable development in both business segments (assuming an average exchange rate of 1.30 USD/EUR, reported revenues are set to increase by more than 7%) ¾ Recurring
Slide 18: Appendices
18 Appendices SESA
Slide 19: Satellite Depreciation and NBV – ASTRA segment
Satellite Depreciation and NBV – ASTRA segment in EUR million End of Depreciation End of Design End of Fuel NBV NBV Satellite Depreciation Period Life Life 31.12.2008 31.12.2007 Life Astra 1F 13 May-09 Jan-11 Oct-19 4.2 15.0 Astra 1G 13 Dec-10 Sep-12 Oct-14 19.1 31.1 Astra 1H 13 Aug-12 Aug-14 Jul-12
Slide 20: Satellite Depreciation and NBV – AMERICOM segment
Satellite Depreciation and NBV – AMERICOM segment End of NBV at NBV at NBV at Depreciation Depreciation End of Design End of Fuel 31.12.2008 1) 31.12.2008 31.12.2007 Satellite Period (Yrs.) Life Life Life in MEUR in MUSD in MUSD AMC-1 15 Sep-11 Sep-11 Jan-13 27.3 38.0 51.8 AMC-2 15 Feb-12 Feb-12 Nov
Slide 21: Satellite Depreciation and NBV – NEW SKIES segment
Satellite Depreciation and NBV – NEW SKIES segment Legally owned satellites End of End of End of NBV at NBV at NBV at Depreciation Depreciation Design Fuel 31.12.2008 31.12.2008 31.12.2007 Satellite Period (Yrs.) Life Life Life in MEUR 1) in MUSD in MUSD NSS-806 13 Mar-11 Mar-08 Apr-16 22.6 31.5 46.