SES S.A. (NYSE Paris:SESG) (LuxX:SESG) reports financial results
for the nine months and three months ended 30 September 2014.
1. HIGHLIGHTS:
YTD Q3 2014 growth
compared to prior year period
As reported
At constant FX1
Revenue +2.1% +4.7% EBITDA +4.0% +6.0%
Revenue growth and enhanced EBITDA margin delivering 5.9% growth
in group Profit
- YTD Revenue of EUR 1,406.6 million, up
4.7% at constant FX over the prior year
- YTD EBITDA of EUR 1,049.7 million, up
6.0% at constant FX over the prior year
- EBITDA Margin improved to 74.6% (2013:
73.7% at constant FX)
- YTD Profit of the group up 5.9% to EUR
437.9 million
- Guidance for FY 2014 Revenue growth
revised to 4% and EBITDA growth to 5%
- 3-year Revenue and EBITDA CAGR expected
at around 4%
SES remains well placed to deliver long-term growth
- Expanding core DTH business by securing
rights to two new orbital positions in Brazil
- Five new satellites now scheduled to be
launched by the end of 2017, including three satellites to expand
coverage in Asia-Pacific and Latin American markets
- Strong balance sheet with closing Net
Debt / EBITDA ratio lower at 2.87x (Q3 2013: 3.01x)
- Fully protected contract backlog of EUR
7.3 billion
- Near-term impact of continued U.S.
Government sequestration, ASTRA 2G launch delay and AMC-16 power
reduction is mitigated at EBITDA
Karim Michel Sabbagh, President and CEO, commented:
“In the year to date, SES has delivered strong growth in Western
Europe and International markets, complemented by advances in key
target markets and business verticals. The procurement of SES-11,
which we announced in September 2014, extends our long standing
strategic partnership with EchoStar. HD+ in Germany has just
celebrated its five-year anniversary, with its reach growing to
almost three million households. O3b Networks, a company in which
SES has a significant equity interest, entered into commercial
service on 1 September 2014 and is on track to activate the
majority of the 30 or so committed clients by the end of the
year.
We are focused on delivering growth through the
commercialisation of recently launched high quality capacity in
different regions, while maximising the benefits that our financial
and operational strengths allow. Nevertheless, in the short term,
external factors have impacted revenue development. Our continued
focus on operational optimisation has translated into improved
margin and delivered a strong EBITDA performance. We have
accordingly adjusted the FY 2014 guidance to reflect these
developments.
SES’s core business remains well positioned for the future media
environment. Our strategy to build new DTH neighbourhoods is
gaining momentum and innovation continually delivers new
opportunities to support our long-term profitable growth.”
2. FINANCIAL REVIEW:
Year-to-date Financial Review
- Revenue increased by 4.7% (at constant
FX)
- EBITDA increased by 6.0% (at constant
FX)
- Operating profit increased by 6.5% (at
constant FX)
Reported revenue for the year to date of EUR 1,406.6
million rose by 2.1% compared with the prior year period and by
4.7% at constant FX. A key driver of this performance was organic
infrastructure growth in the European and International markets,
combined with a strong performance by the European services
businesses. The sale of eight transponders to Eutelsat as part of
the comprehensive agreement signed in January 2014 was a
significant contributor to the overall European growth of 11.2% (at
constant FX). International growth of 7.3% (at constant FX)
reflects the ramping up of new capacity in the region, as set out
in more detail below. Lower North American revenue (-13.7% at
constant FX) reflects non-renewals of capacity, principally in the
context of the continued U.S. Government budget sequester.
Operating costs were EUR 356.9 million, representing a
decrease of 3.3% as reported and an increase of 1.2% at constant
FX, which was mostly driven by variable costs associated with
increased services revenues.
Reported EBITDA increased to EUR 1,049.7 million, up 4.0%
as reported and 6.0% at constant FX, with the higher revenues more
than offsetting the limited increase in variable costs. The overall
EBITDA margin improved to 74.6% (2013 at constant FX:
73.7%), reflecting improvements in both the very robust
Infrastructure margin as well as a 15% increase in pull-through
revenues being generated between the Infrastructure and Services
operations. The Infrastructure margin reached 84.2% (2013 at
constant FX: 83.7%), and the aggregate margin for Services was
16.2% (2013 at constant FX: 16.3%).
Depreciation and amortisation, as reported, increased
from EUR 382.4 million to EUR 393.2 million year-on-year reflecting
an underlying increase of 2.8%, or 5.1% at constant FX.
Operating profit increased from EUR 626.9 million to EUR
656.5 million, representing a rise of 4.7% as reported and 6.5% at
constant FX.
Reported net financing charges decreased 2.3% to EUR
124.5 million (2013: EUR 127.4 million), reflecting the refinancing
activities in 2013 and 2014 and lower value adjustments, which more
than offset a reduction in the level of capitalised interest due to
the reduced satellite procurement activities.
An increase of EUR 8.6 million in the tax charge to EUR
75.2 million resulted in an effective tax rate of 14.1% (2013:
13.3%).
The share of loss attributed to associates was EUR 17.2
million (2013: EUR 18.7 million), principally relating to SES’s
interest in O3b Networks.
As a result, net profit attributable to SES shareholders
grew from EUR 413.4 million to EUR 437.9 million, generating an
increase of 5.9% on the reported level for YTD 2013.
The group's Net Debt/EBITDA ratio at 30 September was
2.87x (30 September 2013: 3.01x).
At 30 September 2014, the group’s fully protected contract
backlog was EUR 7.3 billion, an amount approximating to four
times 2013 group revenue.
Third Quarter Financial Review
- Revenue increased by 1.7% at constant
FX
- EBITDA increased by 3.4% at constant
FX
- Operating profit increased by 1.1% at
constant FX
Third quarter revenue of EUR 467.7 million was flat on a
reported basis compared to the prior year period, although it was
1.7% higher at constant FX, with favourable developments in Europe
and International markets offsetting a weaker performance in North
America (due to continued lower contract renewals in SES Government
Solutions). There were no revenues from the sale of transponder
capacity to Eutelsat during the third quarter.
European operations recorded growth of 6.2% in revenue at
constant FX, and International growth year-on-year was 5.4% at
constant FX, with continued contracting of new capacity in the
region. These were offset by North America, which reduced by 13.8%
at constant FX as the trend of lower U.S. Government contract
renewals continued into Q3 2014 and is expected to remain for the
full year 2014.
Operating expenses continued to be tightly managed, with
a reported decline from EUR 120.4 million to EUR 111.8 million
translating into a decrease of 7.1% (or 3.4% at constant FX). The
EBITDA margin for the quarter, at constant FX, was strong at
76.1% (Q3 2013 at constant FX: 74.8%) and this contributed to the
third quarter EBITDA of EUR 355.9 million, which improved by
2.5% (or 3.4% at constant FX).
Operating profit for the third quarter of EUR 219.0
million was 0.3% higher as reported and represented an increase of
1.1% at constant FX, despite higher depreciation and amortisation
charges.
3. FLEET DEVELOPMENT AND UTILISATION:
- Available transponder capacity grew by
4.4%
- Utilised transponder capacity grew by
2.0%
- SES-11 procurement extends relationship
with EchoStar, contracted for launch in H2 2016
- SES-12 added to new satellite pipeline,
contracted for launch in H2 2017
No new satellites were launched or entered commercial service
during the third quarter. In July 2014, SES selected Airbus Defence
and Space to build a new hybrid communications satellite, SES-12,
to serve the fast growing DTH, Data, Mobility and Government
markets in Asia. The spacecraft, to be positioned at 95E, will
provide incremental as well as replacement capacity and will follow
SES-9 (to be launched in the first half of next year) in expanding
SES’s ability to serve the Asia-Pacific market.
The procurement of the SES-11 satellite in September 2014
extends SES’s relationship with EchoStar. This satellite will
provide replacement capacity for AMC-15 and AMC-18 at the 105W
orbital position. The satellite is scheduled for launch in
2016.
Available transponder capacity increased by 4.4% compared to 30
September 2013, from 1,469 to 1,534, while utilised capacity rose
by 2.0%, from 1,088 to 1,110 transponders. At 30 September 2014,
the group satellite fleet had a utilisation rate of 72.4%.
Utilisation - Europe
Available capacity has grown by 37 transponders since 30
September 2013, with utilised transponders increasing by 23 over
the same period. The overall utilisation rate in the region stood
at 79.8% at the end of September (30 September 2013: 81.8%).
Average revenue per utilised transponder remained stable in the
discrete national markets served.
Utilisation - North America
Available satellite capacity reduced by five transponders
compared with Q3 2013 due to the reduction of the AMC-6 payload
following the solar array circuit failure in Q1 2014. The
utilisation rate reduced against the previous year from 73.4% to
71.0%, principally as a consequence of the on-going U.S. Government
sequestration. Average revenue per utilised transponder remained
stable.
Utilisation - International
Available satellite capacity increased by 33 transponders
compared with the same period a year ago, reflecting the entering
into service of the ASTRA 2E African beam and SES-8 in January and
February 2014, respectively. Utilisation increased by 12
transponders, resulting in an overall utilisation rate of 69.6% (30
September 2013: 71.0%). Average revenue per utilised transponder
remained stable.
Forthcoming launches
The ASTRA 2G satellite, which will complete the replacement
programme for the 28.2 / 28.5E orbital position, is currently
scheduled for launch on a Proton vehicle in late November 2014.
This mission has been delayed due to the failure of an earlier
Proton launch and the subsequent investigation into that failure.
Whereas the satellite had previously been expected to contribute to
2014 revenue, the delay means that there will now be no revenue
recognised from ASTRA 2G until the next financial year.
In addition to ASTRA 2G, four other spacecraft are now scheduled
for launch in the next three years:
Satellite
Region Launch Provider Launch Date ASTRA
2G Europe, Africa ILS November 2014
SES-9 Asia-Pacific SpaceX H1 2015
SES-10 Latin America SpaceX H2 2016
SES-11 North America tbd H2 2016
SES-12 Asia-Pacific tbd H2 2017
Satellite Health
SES operates a number of spacecraft that are susceptible to
solar array circuit failures. During the period, AMC-16, a
spacecraft wholly contracted to EchoStar, experienced further power
degradation. No reduction in commercial capacity on other fleet
assets due to additional circuit failures occurred during the
quarter.
4. GEOGRAPHIC MARKET SEGMENTS:
Europe
European segment revenue rose 11.2% on a constant FX basis to
EUR 757.8 million, driven by new capacity agreements signed in 2013
with customers (including Sky Deutschland), the favourable
development of HD+ sales in Germany, and new business signed during
the current year to date.
A significant contribution to the revenue growth during the
first half of 2014 was the sale of eight transponders to Eutelsat
at 28.5E as part of the comprehensive agreement signed in January
2014.
The HD transmission platform HD+ has established a strong
position in the German market in its first five years of commercial
operation. The company now has a customer base of 1.6 million
paying households. Since its inception, the platform’s offering has
grown substantially, today delivering 19 HD channels to a total
audience of 2.9 million households (including those enjoying the
free introductory period). New services have been added which
enhance the attractiveness of the platform, such as the HD+ Replay
service, which has expanded to deliver access to the media
libraries of SIXX, SAT.1 Gold, ProSieben MAXX and TLC, so that
today HD+ RePlay users have access to 12 media libraries.
The feasibility of Ultra HD broadcasts over satellite was
showcased at IBC in September 2014, as a live broadcast over ASTRA
at 19.2E was demonstrated. The live broadcast using HEVC
compression and content protection was received directly on a
Samsung UHD TV. This was one of several examples at recent trade
shows demonstrating the advanced state of development of the
elements of a UHD TV ecosystem, a prerequisite for the successful
introduction of a consumer offering.
In September 2014, SES secured a comprehensive partnership
agreement with EuroSkyPark GmbH (ESP), a European market leader in
stationary and mobile satellite connection solutions. In addition
to providing for greater technical cooperation between both
companies, the agreement also gives ESP long-term access to
capacity on ASTRA 3B at 23.5E, to be used for key clients in the
energy sector.
Following German ISP ORBITCOM's successful delivery of the Astra
Connect service to individual households and businesses via
satellite, SES Broadband Services has expanded the partnership to
include the delivery of broadband internet by Astra Connect to
communities in Germany. A single antenna provides an entire
community with a satellite broadband connection, which is then
distributed via a local network infrastructure, such as WiFi.
At the beginning of October 2014, SES agreed with Swisscom to
provide the Astra Connect service in Switzerland. Swisscom will
deploy the service and upgrade existing access lines to provide
nationwide DSL broadband Internet access using ASTRA 2E, which
entered into service at the start of 2014.
SES continues to develop its business in Central and Eastern
Europe, where our offering has been enhanced by the incremental
capacity on the newly-launched ASTRA 5B satellite.
North America
North America segment revenue decreased by 13.7% to EUR 252.9
million compared to the prior year period, on a constant FX
basis.
In September 2014, SES extended its strategic partnership with
EchoStar Corporation at the orbital position of 105W, with the
procurement of the new SES-11 satellite. SES-11 will be
manufactured by Airbus Defence and Space, and is due to be launched
in H2 2016. The spacecraft will carry 24 Ku-band and 24 C-band
transponders (36 MHz equivalent). The Ku-band capacity will replace
the existing SES satellite AMC-15 at 105W, an orbital position
where EchoStar has been SES's anchor customer since 2004. The
C-band payload will also provide replacement capacity for AMC-18 at
105W, which will be redeployed to a secondary mission over North
America.
While North American enterprise and video activities were stable
through the period, U.S. Government-related business continued to
be impacted by the on-going budget sequestration, which has led to
non-renewals of some contracts during the period. While SES
Government Solutions comprises a relatively diversified portfolio
of services supporting a range of U.S. Government operations, the
trend of a lower level of contracts being renewed in the first half
of 2014 has continued into the third quarter, and is expected to
persist in the final quarter of 2014 and into 2015. The prior year
period included revenue from the CHIRP Hosted Payload, which
terminated at the end of 2013 after five years of operation.
Despite the ongoing sequester, SES Government Solutions
continued to win new contracts, even as the total amount of new
business opportunities continues to reduce. Certain of these
contracts, such as the multi-year agreement for WIN-T network
provision announced in September 2014, will begin to generate
revenue in 2015, and thereby go towards offsetting the impact of
the sequester.
During the quarter, SES’s new Satellite Operations Center in
Princeton, New Jersey, was inaugurated. Controlling nearly half of
SES’s fleet, a team of highly-skilled satellite controllers
provides 24/7 monitoring and management of 23 SES satellites. The
rest of SES’s global fleet of over 50 spacecraft is managed by
controllers at SES’s global headquarters in Luxembourg. Both
satellite operations centres are fully integrated, enabling each
facility and control team to provide real-time services delivery
and backup support across the SES fleet.
International
International revenue increased by 7.3% to EUR 395.9 million
compared to the prior year period, on a constant FX basis, as new
capacity addressing emerging markets was successfully
commercialised. The International region also incorporates revenue
relating to the SES Government Solutions Pathfinder contract, which
was announced in July 2014.
Digital television broadcasting remained the principal driver of
developments in the International segment in the period.
In August 2014, SES announced the launch of a new digital TV
platform for West Africa in association with Nigerian service
provider Computer Warehouse Group (CWG) on the ASTRA 2F satellite
at 28.2E. The independent and neutral TV platform will be Nigeria’s
first free-to-air (FTA) DTH digital TV platform and provide
broadcasters access to the millions of satellite homes in West
Africa which are pointing their dishes to 28.2E. The platform
provides end-to-end contribution, ground and space services to
local, regional, national and international TV broadcasters across
West Africa. SES will be providing the space segment and specific
ground services, while CWG will be managing the teleport services
as an SES partner teleport operator, providing high operational
standards. The service started in September 2014. The 28.2E orbital
position is SES's prime orbital position for West Africa, with FTA
reach among the highest in the region.
Francophone markets in sub-Saharan Africa were also boosted, as
a Lomé-based consortium of broadcasters, led by Africable and Media
Plus, signed a multi-year contract for two transponders on SES-4 at
22W, SES’s prime orbital slot for Francophone sub-Saharan Africa,
providing 100% audience reach. The capacity allows the new platform
to deliver direct-to-home television across the region. The
roll-out began on 1 October 2014 across Mali, Burkina Faso, Ivory
Coast and Niger. The service offers a bouquet of 80 channels,
free-to-air and encrypted, and allows countries in the footprint to
meet the global digital migration deadline of June 2015.
With regard to Latin America, in August 2014 SES signed an
agreement with Anatel (the Brazilian National Telecommunications
Agency), confirming the Satellite Exploitation rights terms for the
two Brazilian orbital positions (48W and 64W) won in the auction
that took place in May 2014. SES will have four years to make
capacity available at 48W and six years at 64W. At 48W, SES will
operate in C-, Ku- and Ka-bands, for multiple applications, and has
begun development of a media neighbourhood with the repositioning
of NSS-806 to the neighbouring orbital position 47.5W. The 64W
orbital position is exclusively for direct-to-home broadcasting
and, in conjunction with existing assets at 67W, will be developed
as a DTH neighbourhood over Latin America.
5. OTHER DEVELOPMENTS:
O3b Networks
SES holds a strategic interest in start-up O3b Networks, which
is operating a Medium Earth Orbit (MEO) satellite constellation of
Super High Throughput Satellites (HTS) to enable customers in
emerging markets to extend their range and reach of service. O3b’s
MEO constellation, being capable of delivering higher throughput,
lower latency and greater flexibility than geostationary
satellites, provides flexible and affordable connectivity through
‘fibre in the sky’ to areas not connected by terrestrial fibre
optic cables.
The first four satellites were launched in 2013 and were
followed by satellites 5-8, launched on 10 July 2014. Following in
orbit testing, the system commenced commercial operations on 1
September 2014. Active customers include Royal Caribbean Cruises,
Timor Telecom, and Norfolk Telecom, with highly favourable customer
feedback. O3b continues to bring other, already contracted,
customers into operation, targeting to activate the majority of the
30 or so committed clients on the system by the end of this
year.
Following General Services Administration (GSA) approval, SES
Government Solutions can now offer O3b services on their GSA
Schedule, the first distribution partner to be authorised to offer
O3b capability directly to the U.S. Government. The approval means
that U.S. Government customers can now purchase O3b bandwidth,
whole beams, gateway IP connectivity, modems, and ground and
maritime terminals.
Strategic Partnership with Global Eagle Entertainment to deliver
in-flight connectivity
On 30 October 2014, SES announced a significant agreement for
SES to provide Ku-band satellite connectivity for Global Eagle
Entertainment (GEE)’s airline customers around the world. GEE is a
worldwide leading provider of content, connectivity and digital
media solutions to airlines. The aeronautical mobility sector is a
key target market for SES and is poised for strong growth in the
coming years.
SES satellites will provide GEE with Ku-band capacity to support
GEE’s worldwide mobile connectivity solution on a combination of
SES satellites, along with select teleport services. The agreement
includes access to the existing SES network, as well as to upcoming
high throughput satellite (HTS) spot beam-based systems, providing
significant increases in bandwidth speeds.
6. OUTLOOK AND GUIDANCE:
Financial guidance
SES remains well placed to execute on its strategy and we
maintain our medium-term growth perspective as we continue to
advance in key target markets and verticals, while building upon
the resilience of our business.
The combination of short-term external factors (being the
continued U.S. Government budget sequestration, the further delay
to the launch of ASTRA 2G, and the impact of the AMC-16 health
issue) has resulted in an adjustment of the full year 2014 revenue
growth expectation, which is currently projected to be 4%, at
constant FX.
The impact on EBITDA is mitigated by continued operational
optimisation achieved in the business and, accordingly, full year
2014 EBITDA growth is expected to be 5%, at constant FX.
The company’s outlook for the 3-year CAGR 2014-2016 is for
revenue and EBITDA to increase by around 4%, at constant FX.
SES is in a period of significantly reduced capital expenditure,
even as additional growth investments are made. This, and rising
revenue and EBITDA, should deliver strong growth in free cash flow,
which may be applied to further growth investments and the
long-term delivery of shareholder returns.
These expectations assume that there is no further change in
satellite health status and that the schedule of forthcoming
launches remains unchanged.
SES’s results for the 2014 financial year will be announced on
Friday 20 February 2015.
Condensed consolidated income statement
In euro millions
Q3 2014 Q3 2013
YTD
2014 YTD 2013 Average U.S. dollar exchange rate
1.3408 1.3197
1.3621 1.3150
Revenue
467.7 467.7
1,406.6 1,378.2
Operating expenses
(111.8) (120.4)
(356.9) (368.9) EBITDA
355.9
347.3
1,049.7 1,009.3
Depreciation and amortisation expense
(136.9) (129.0)
(393.2) (382.4) Operating profit
219.0 218.3
656.5 626.9 Net financing
charges
(39.2) (44.9)
(124.5) (127.4) Profit before
tax
179.8 173.4
532.0 499.5
Income tax expense
(21.6) (21.3)
(75.2)
(66.6) Profit after tax
158.2 152.1
456.8 432.9
Share of associates’ results
(10.0) (6.4)
(17.2) (18.7) Non-controlling interests
(1.2) (0.3)
(1.7) (0.8)
Profit attributable to equity holders of the parent
147.0 145.4
437.9 413.4
Transponder utilisation by Regional Coverage
In 36 MHz-equivalent
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Europe Utilised 269 278
279 289
292 Europe Available 329 347 347 362
366
Europe % 81.8% 80.1% 80.4% 79.8%
79.8%
North America Utilised 282 279 271 267
269 North America Available 384 384 379 379
379 North
America % 73.4% 72.7% 71.5% 70.4%
71.0%
International Utilised 537 543 548 554
549 International Available 756 756 789 789
789
International % 71.0% 71.8% 69.5% 70.2%
69.6%
Group Utilised 1,088 1,100 1,098 1,110
1,110 Group Available 1,469 1,487 1,515 1,530
1,534
Group % 74.1% 74.0% 72.5% 72.5%
72.4%
Revenue by Regional Coverage
As reported
(In euro millions)
Q3 2014 Q3 2013 Change
YTD
2014 YTD 2013 Change
Europe
242.6 227.9 +6.5%
757.8
682.5 +11.0% North America
85.5 100.6 -15.0%
252.9
303.7 -16.7% International
139.6 139.2 +0.3%
395.9
392.0 +1.0% Group
467.7 467.7 0.0%
1,406.6 1,378.2
+2.1% At constant FX
(In euro millions)
Q3 2014 Q3 2013 Change
YTD
2014 YTD 2013 Change
Europe
242.6 228.4 +6.2%
757.8
681.4 +11.2% North America
85.5 99.2 -13.8%
252.9
293.0 -13.7% International
139.6 132.4 +5.4%
395.9
369.0 +7.3% Group
467.7 460.0 +1.7%
1,406.6 1,343.4
+4.7%
Quarterly development of operating results (as
reported)
In euro millions
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Average U.S. dollar exchange rate 1.3197 1.3585 1.3706 1.3758
1.3408 Revenue
467.7 484.3 465.6 473.3
467.7 Operating expenses (120.4)
(128.9) (120.6) (124.5)
(111.8) EBITDA 347.3 355.4 345.0
348.8
355.9
Depreciation expense (120.2) (110.1) (114.7) (118.3)
(123.7)
Amortisation expense (8.8) (21.0) (10.9) (12.4)
(13.2)
Operating profit 218.3 224.3 219.4 218.1
219.0
Quarterly development of operating results (at constant
FX)
In euro millions
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Revenue 460.0 486.0 469.5
478.3
467.7 Operating expenses (115.7) (129.2) (122.6)
(126.8)
(111.8) EBITDA 344.3 356.8 346.9 351.5
355.9
Depreciation expense
(118.7) (106.8) (115.7) (119.7)
(123.7) Amortisation expense
(8.8) (21.0) (10.9) (12.4)
(13.2) Operating profit 216.8
229.0 220.3 219.4
219.0
Analysis by Business Segment
In euro millions Infrastructure Services
Elimination /Unallocated1
Total
YTD Q3 2014 Revenue
1,211.0 327.5 (131.9) 1,406.6 EBITDA 1,020.2 53.2 (23.7) 1,049.7
EBITDA margin 84.2% 16.2% -- 74.6%
YTD Q3 2013 Revenue
1,180.7 315.0 (117.5) 1,378.2 EBITDA 986.5 50.0 (27.2) 1,009.3
EBITDA margin 83.6% 15.9% -- 73.2% EBITDA margin at constant FX
83.7% 16.3% -- 73.7%
1 Revenue elimination refers to cross-charged capacity and other
services; EBITDA impact represents unallocated corporate
expenses
Additional information is available on our website
www.ses.com
TELECONFERENCES
A call for investors and analysts will be hosted at 14.00
CET today, 31 October 2014. Participants are invited to call the
following numbers five minutes prior to this time.
Belgium +32 (0)2 400 1973 France +33 (0)1 76
77 22 32 Germany +49 (0)69 2222 10639 Luxembourg +352 2088 1429
UK
+44 (0)20 3427 1932
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A presentation, which will be referred to during the calls, will
be available for download from the Investor Relations section of
our website www.ses.com
A replay will be available for one week on our website:
www.ses.com
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Statement
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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.
1 “Constant FX” refers to the restatement of comparative figures
to neutralise currency variations and thus facilitate comparison.
Comparative revenue and operating expenses for 2013 are also
adjusted to reflect the disposal of the Glocom business in November
2013.
SESMark RobertsInvestor RelationsTel. +352 710 725
490Mark.Roberts@ses.comorYves FeltesMedia RelationsTel. +352 710
725 311Yves.Feltes@ses.com
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