SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — H1 2007 Earnings Presentation
19 slides from SES SA FDR (Class A)'s earnings presentation, Aug 6, 2007
Slide 1: Consolidated Results - H1 2007
Consolidated Results - H1 2007 6 August 2007 Updates Page 17 For Astra 1L Info 1
Slide 2: Disclaimer / Safe Harbor statement
Disclaimer / Safe Harbor statement 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 con
Slide 3: H1 2007 Financial Highlights
H1 2007 Financial Highlights S Revenue increased 11% to EUR 789.1 million ¾ recurring, same scope revenue grew 6.8% to EUR 785 million S EBITDA rose 10% to EUR 548.2 million ¾ recurring, same scope EBITDA grew 11.0% to EUR 558 million S Industry-leading infrastructure EBITDA margin of 82.2% S Net op
Slide 4: H1 2007 Operational Highlights
H1 2007 Operational Highlights S Continued good performance S Growth in all areas with synergies and efficiencies delivered increased revenue and EBITDA S Group utilisation rate of 75% (770 of 1,031 commercially available transponders) S Successful split-off transaction with GE and cancellation of 1
Slide 5: H1 2007 Business Developments
H1 2007 Business Developments S SES ASTRA ¾ CANAL+ contract signed, seven additional transponders by end 2008 ¾ Premiere signed an agreement to use the entavio digital infrastructure platform in Germany – Premiere and PremiereStar the first important Pay- TV clients for entavio ¾ ASTRA 1L launched a
Slide 6: Satellite procurement and incremental capacity
Satellite procurement and incremental capacity Successfully launched satellites - starting service in 2007: AMC-18 8-Dec-06 24 ASTRA 1L 4-May-07 UK / IRL 10 - 16, Africa 8 Procurement program - starting service in 2008 and beyond: ASTRA Satellites Launch Date Incremental txp's *) Sirius-4 Q4 2007 Eu
Slide 7: Financials
Financials SESA ;
Slide 8: Revenues – H1 2007
Revenues – H1 2007 +11% vs. 2006 +6.8% EUR million 785 789 711 735 50 4 (2) (27) 53 H1 2006 (as Non-recurring H1 Constant FX Scope change H1 2006 Organic growth H1 2007 Non-recurring H1 H1 2007 (as reported) 2006 (New Skies, ND USD EUR (recurring, same (recurring) 2007 reported) Satcom, GE) scope, c
Slide 9: EBITDA – H1 2007
EBITDA – H1 2007 EUR million +10% vs. 2006 +11.0% 558 71.2% 548 499 503 (10) 4 (17) 55 17 70.3% EBITDA margin 68.5% 71.2% 69.5% H1 2006 (as Non-recurring / Constant FX Scope change H1 2006 Organic growth H1 2007 Non-recurring / H1 2007 (as reported) Normalised H1 (New Skies, ND (recurring, same (rec
Slide 10: Business segmentation – H1 2007
Business segmentation – H1 2007 H1 2007 Infrastructure ASTRA AMERICOM NEW SKIES OTHER & ELIM*) Total EUR million Revenues 398.0 169.8 118.3 (4.6) 681.6 EBITDA 334.6 133.2 92.2 0.0 560.0 Margin % 84.1% 78.4% 77.9% 82.2% H1 2007 Services **) Start-up ASTRA AMERICOM NEW SKIES OTHER & ELIM*) Sub-Total T
Slide 11: Other financial lines – H1 2007
Other financial lines – H1 2007 S Rise in depreciation of EUR 24.6 million ¾ Full six months impact from SES NEW SKIES fleet integration ¾ New satellites entering service (ASTRA 1KR, AMC-18) ¾ Accelerated write-down associated with the failed NSS-8 satellite launch in January 2007 (EUR 15.9 million)
Slide 12: Capital Expenditure schedule
Capital Expenditure schedule EUR million 365 ~ 550 ~ 510 ~ 310 ~ 30 Guidance in May 2007: ~ 580 ~ 540 ~ 280 ~ 30 227 241 201 191 183 137 136 151 109 89 70 1 12 - 15 Actual 2006 Trend 2007 Trend 2008 Trend 2009 Trend 2010 Astra Americom New Skies Related working capital movements *): (51) (21) 0 0 0
Slide 13: Free Cash Flow - H1 2007
Free Cash Flow - H1 2007 EUR million Free Cash Flow normalised for acquisitions / disposals 446 379 377 100 (76) (16) 59 (70) 621 (242) H1 2006 (as Acquisition H1 2006 Higher net Working Net purchase Other H1 2007 Disposal of H1 2007 (as reported) cash out for (before operating CF Capital of tangibl
Slide 14: Financial Outlook
Financial Outlook S Strong performance expected to continue ¾ Increased guidance for 2007 revenues and EBITDA (detailed in the Appendix) despite weak U.S. dollar and start-up costs ¾ Infrastructure EBITDA margin above 80%, supported by strong market demand and higher transponder fill rates ¾ Stron
Slide 15: Appendices
Appendices SESA ::
Slide 16: Revenue and EBITDA ranges - 2007
Revenue and EBITDA ranges - 2007 2007 Analyst guidance EUR million 14 February 2007 6 August 2007 1 EUR = 1.30 USD 1 EUR = 1.34 USD Guidance update 1) New ranges @ 1 EUR = 1.34 USD Total - Revenues 1568 - 1608 1548 - 1588 1.7% increase 1580 - 1610 - EBITDA 1041 - 1081 1028 - 1068 2.1% increase 1060
Slide 17: Depreciation schedule – SES ASTRA
Depreciation schedule – SES ASTRA EUR million End of Depreciation NBV NBV Satellite Depreciation Period (Yrs.) 30.06.2007 31.12.2006 1) Life Astra 1C 12 Jun-05 0.0 0.0 Astra 1D 10 Dec-04 0.0 0.0 Astra 1E 12 Dec-07 6.7 13.5 Astra 1F 13 May-09 19.2 24.3 Astra 1G 13 Dec-10 33.4 38.1 Astra 1H 13 Sep-12
Slide 18: Depreciation schedule – SES AMERICOM
Depreciation schedule – SES AMERICOM EUR / USD million End of NBV at NBV at NBV at Depreciation Depreciation 30.06.2007 1) 30.06.2007 31.12.2006 2) Satellite Period (Yrs.) Life in MEUR in MUSD in MUSD AMC-1 15 Sep-11 43.5 58.7 65.6 AMC-2 15 Feb-12 50.8 68.6 76.0 AMC-3 15 Sep-12 54.1 73.1 80.0 AMC-4
Slide 19: Depreciation schedule – SES NEW SKIES
Depreciation schedule – SES NEW SKIES EUR / USD million End of NBV at NBV at NBV at Original Depreciation Depreciation 30.06.2007 30.06.2007 31.12.2006 1) Satellite Period (Yrs.) Life in MEUR in MUSD in MUSD NSS-806 13 Mar-11 39.6 53.5 60.8 NSS-7 12 Nov-14 108.3 146.3 156.3 NSS-703 13 Dec-08 4.9 6.6