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LUXEMBOURG--(BUSINESS WIRE)--Feb 27, 2023--
SES S.A. announces financial results for the twelve months ended 31 December 2022.
Financial performance reflects strong execution across the business, complemented by value-accretive DRS GES acquisition
Robust 2023 outlook with O3b mPOWER to drive future long-term growth
Commitment to shareholder return. US C-band clearing fully on track to capture substantial value at the end of 2023
Steve Collar, CEO of SES, commented: “I am pleased with our execution and resulting accomplishments in 2022. Revenue growth of 9% includes strong recovery in Cruise and Aviation, as well as the acquisition of DRS GES. Revenue and EBITDA were in line with our financial outlook while cash generation was enhanced by accelerated C-Band clearing for Verizon, generating $170 million in 2022.
SES-17 is in service above the Americas supporting Thales’ aviation network and 17 new enterprise deals signed in 2022, while the combined backlog for SES-17 and O3b mPOWER now stands at over $1 billion for the first time. The landmark launch of our first two O3b mPOWER satellites, combined with two upcoming launches, paves the way for initial commercial launch at the end of Q3 2023, while we are already rolling out O3b mPOWER technology to existing MEO customers.
I was delighted to join Luxembourg’s Minister of Defence for the announcement of the MEO Global Services programme which, following parliamentary approval, is expected to commit up to €195 million for O3b mPOWER services to support Luxembourg and its partners. This underlines O3b mPOWER’s strong credentials for delivering reliable, sovereign, and secure satellite-enabled solutions, noting the European Parliament’s approval of IRIS 2 and we look forward to continuing productive engagement with the Commission.
Finally, 2022 was a milestone year for our US C-band initiative with three satellites launched and operational, completing the immediate need for satellites to facilitate C-Band clearing and substantially de-risking our programme. We look forward to completing the job in 2023 and earning the remaining $3 billion in accelerated clearing payments towards the end of the year.”
Key business and financial highlights (at constant FX unless explained otherwise)
SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.
€million | 2022 | 2021 | Change as reported | |||
Average €/$ FX rate | 1.06 | 1.19 |
| |||
Revenue | 1,944 | 1,782 | +9.1% | |||
Adjusted EBITDA | 1,105 | 1,091 | +1.3% | |||
Adjusted Net Profit | 189 | 323 | -41.5% | |||
Adjusted Net Debt / Adjusted EBITDA | 3.5 times | 2.9 times | n/a |
Operational performance
REVENUE BY BUSINESS UNIT
| Revenue (€ million) as reported |
| Change (YOY) at constant FX and scope (1) | |||||||||||||||||
| Q1 2022 |
| Q2 2022 |
| Q3 2022 |
| Q4 2022 |
| FY 2022 |
| Q1 2022 |
| Q2 2022 |
| Q3 2022 |
| Q4 2022 | FY 2022 | ||
Average €/$ FX rate | 1.12 |
| 1.08 |
| 1.02 |
| 1.00 |
| 1.06 |
|
|
|
|
|
|
|
|
| ||
Video (total) | 261 |
| 250 |
| 252 |
| 257 |
| 1,020 |
| -2.6% |
| -7.7% |
| -6.5% |
| -5.1% | -5.5% | ||
- Video (underlying) | 251 |
| 250 |
| 252 |
| 257 |
| 1,010 |
| -6.4% |
| -7.7% |
| -6.5% |
| -5.1% | -6.4% | ||
- Periodic | 10 |
| - |
| - |
| - |
| 10 |
| n/m |
| n/m |
| n/m |
| n/m | n/m | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Government (underlying) | 71 |
| 75 |
| 107 (2) |
| 144 (2) |
| 397 (2) |
| -5.7% |
| -9.2% |
| -6.0% |
| +2.2% | -4.6% | ||
Fixed Data (underlying) | 58 |
| 64 |
| 69 |
| 71 |
| 262 |
| -2.4% |
| +7.9% |
| +1.3% |
| -8.0% | -0.8% | ||
Mobility (underlying) | 57 |
| 62 |
| 73 |
| 68 |
| 260 |
| +9.9% |
| +22.2% |
| +20.6% |
| +2.9% | +13.4% | ||
Networks (total) | 186 |
| 201 |
| 249 |
| 287 |
| 923 |
| -0.3% |
| +4.4% |
| +3.9% |
| +0.1% | +2.0% | ||
- Networks (underlying) | 186 |
| 201 |
| 249 |
| 283 |
| 919 |
| -0.3% |
| +4.4% |
| +3.9% |
| -1.0% | +1.7% | ||
- Periodic | - |
| - |
| - |
| 4 |
| 4 |
| n/m |
| n/m |
| n/m |
| n/m | n/m | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Sub-total | 447 |
| 451 |
| 501 |
| 544 |
| 1,943 |
| -1.7% |
| -2.7% |
| -1.9% |
| -2.7% | -2.3% | ||
- Underlying | 437 |
| 451 |
| 501 |
| 540 |
| 1,929 |
| -3.9% |
| -2.7% |
| -1.9% |
| -3.2% | -2.9% | ||
|
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|
|
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|
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|
|
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|
| ||
Other | 1 |
| - |
| - |
| - |
| 1 |
| n/m |
| n/m |
| n/m |
| n/m | n/m | ||
Group Total | 448 |
| 451 |
| 501 |
| 544 |
| 1,944 |
| -1.6% |
| -2.7% |
| -2.0% |
| -2.8% | -2.3% |
1) “At constant FX and scope” refers to comparative figures restated at the current period FX, to neutralise currency variations, and excluding the acquisition of DRS GES (which was completed on 1 August 2022).2) As reported includes €95 million from the acquisition of DRS GES (2 months in Q3 2022: €32 million; 3 months in Q4 2022: €63 million).
“Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions, and other such items when material. “Other” includes revenue not directly applicable to Video or Networks.
Given the relatively low level of periodic revenue in each of the last three years (€14 million in 2022; €1 million in 2021; and €8 million in 2020), SES has elected to simplify revenue reporting from Q1 2023 by no longer reporting underlying and periodic revenue separately. Instead, and to maintain transparency, any significant periodic revenue in future will be separately disclosed in the footnotes.
Recent and future satellite launches
Satellite | Region | Application | Launch Date | |||
SES-22 | North America | Video (US C-band accelerated clearing) | Launched | |||
SES-20 & SES-21 | North America | Video (US C-band accelerated clearing) | Launched | |||
O3b mPOWER (satellites 1-2) | Global | Fixed Data, Mobility, Government | Launched | |||
SES-18 & SES-19 | North America | Video (US C-band accelerated clearing) | Q1 2023 | |||
O3b mPOWER (satellites 3-4) | Global | Fixed Data, Mobility, Government | Q2 2023 | |||
O3b mPOWER (satellites 5-6) | Global | Fixed Data, Mobility, Government | Q2 2023 | |||
O3b mPOWER (satellites 7-8) | Global | Fixed Data, Mobility, Government | H2 2023 | |||
O3b mPOWER (satellites 9-11) | Global | Fixed Data, Mobility, Government | 2024 | |||
ASTRA 1P | Europe | Video | 2024 | |||
ASTRA 1Q | Europe | Video, Fixed Data, Mobility, Government | 2024 | |||
SES-26 | Africa, Asia, Europe, Middle East | Video, Fixed Data, Mobility, Government | 2024 | |||
EAGLE-1 | Europe | Government | 2024 |
CONSOLIDATED INCOME STATEMENT
€ million | 2022 |
| 2021 | |
Average €/$ FX rate | 1.06 |
| 1.19 | |
Revenue | 1,944 |
| 1,782 | |
US C-band repurposing income | 184 |
| 901 | |
Cost of sales | (351) |
| (319) | |
Staff costs | (330) |
| (304) | |
Other operating expenses | (205) |
| (198) | |
EBITDA | 1,242 |
| 1,862 | |
Depreciation expense | (642) |
| (575) | |
Amortisation expense | (63) |
| (95) | |
Impairment expense | (397) |
| (724) | |
Operating profit | 140 |
| 468 | |
Net financing costs | (88) |
| (71) | |
Profit before tax | 52 |
| 397 | |
Income tax (expense)/benefit | (87) |
| 49 | |
Non-controlling interests | 1 |
| 7 | |
Net (loss)/profit attributable to owners of the parent | (34) |
| 453 | |
|
|
|
| |
Basic and diluted (loss)/earnings per A-share (in €) (1) | (0.16) |
| 0.92 | |
Basic and diluted (loss)/earnings per B-share (in €) (1) | (0.06) |
| 0.37 |
1)Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds.
€ million | 2022 |
| 2021 | |
Adjusted EBITDA | 1,105 |
| 1,091 | |
US C-band accelerated relocation payment | 173 |
| 839 | |
US C-band reimbursement income | 11 |
| 62 | |
US C-band operating expenses | (30) |
| (122) | |
Other significant special items | (17) |
| (8) | |
EBITDA | 1,242 |
| 1,862 |
€ million | 2022 | 2021 | ||
Adjusted Net Profit | 189 | 323 | ||
US C-band accelerated relocation payment | 173 | 839 | ||
US C-band reimbursement income | 11 | 62 | ||
US C-band operating expenses | (30) | (122) | ||
Impairment expense | (397) | (724) | ||
Other significant special items | (17) | (8) | ||
Tax on significant special items | 37 | 83 | ||
Net (loss)/profit attributable to owners of the parent | (34) | 453 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ million | 31 December 2022 |
| 31 December 2021 | |
Closing €/$ FX rate |
| 1.07 |
| 1.13 |
Property, plant, and equipment | 3,630 |
| 3,773 | |
Assets in the course of construction | 1,859 |
| 1,788 | |
Intangible assets | 4,291 |
| 3,790 | |
Other financial assets | 20 |
| 26 | |
Trade and other receivables (1) | 111 |
| 121 (2) | |
Deferred customer contract costs | 7 |
| 9 | |
Deferred tax assets | 499 |
| 568 | |
Total non-current assets | 10,417 |
| 10,075 (2) | |
Inventories | 34 |
| 23 | |
Trade and other receivables (1) | 1,033 |
| 1,727 (2) | |
Deferred customer contract costs | 4 |
| 3 | |
Prepayments | 47 |
| 48 | |
Income tax receivable | 25 |
| 13 | |
Cash and cash equivalents (A) | 1,047 |
| 1,049 | |
Total current assets | 2,190 |
| 2,863 (2) | |
Total assets | 12,607 |
| 12,938 (2) | |
|
|
|
|
|
Equity attributable to the owners of the parent | 5,596 |
| 5,670 | |
Non-controlling interests | 62 |
| 63 | |
Total equity | 5,658 |
| 5,733 | |
|
|
|
|
|
Borrowings (B) | 3,629 |
| 3,524 | |
Provisions | 7 |
| 6 | |
Deferred income | 359 |
| 388 (2) | |
Deferred tax liabilities | 434 |
| 399 | |
Other long-term liabilities | 107 |
| 83 | |
Lease liabilities | 30 |
| 22 | |
Fixed assets suppliers | 740 |
| 472 | |
Total non-current liabilities | 5,306 |
| 4,894 (2) | |
Borrowings (C) | 719 |
| 57 | |
Provisions | 67 |
| 56 | |
Deferred income | 189 |
| 187 (2) | |
Trade and other payables | 367 |
| 292 | |
Lease liabilities | 15 |
| 11 | |
Fixed assets suppliers | 264 |
| 1,554 | |
Income tax liabilities | 22 |
| 154 | |
Total current liabilities | 1,643 |
| 2,311 (2) | |
Total liabilities | 6,949 |
| 7,205 (2) | |
|
|
|
| |
Total equity and liabilities | 12,607 |
| 12,938 (2) | |
| 3,301 |
| 2,532 |
1) Trade and other receivables (current and non-current) include€480 million related to US C-band repurposing (31 December 2021: €1,273 million).2) Restated to reflect the netting of unbilled accrued revenue and deferred income
CONSOLIDATED STATEMENT OF CASH FLOWS
€ million | 2022 |
| 2021 | |
Profit/(loss) before tax | 52 |
| 397 | |
Taxes paid during the year | (186) |
| (31) | |
Adjustment for non-cash items |
| 1,162 |
| 1,384 |
Changes in working capital |
| 448 |
| (456) |
Net cash generated by operating activities | 1,476 |
| 1,294 | |
|
|
|
|
|
Payments for acquisitions of subsidiary, net of cash acquired | (435) |
| - | |
Payments for purchases of intangible assets |
| (42) |
| (37) |
Payments for purchases of tangible assets (1) | (1,312) |
| (243) | |
Other investing activities | (9) |
| (3) | |
Net cash absorbed by investing activities | (1,798) |
| (283) | |
|
|
|
|
|
Proceeds from borrowings | 744 |
| 159 | |
Repayment of borrowings |
| (57) |
| (614) |
Proceeds from perpetual bond, net of transaction costs |
| - |
| 617 |
Redemption of perpetual bond, net of transaction costs |
| - |
| (768) |
Coupon paid on perpetual bond | (49) |
| (85) | |
Dividends paid on ordinary shares (2) | (219) |
| (181) | |
Dividends paid to non-controlling interest |
| - |
| (2) |
Interest paid on borrowings | (103) |
| (121) | |
Payments for acquisition of treasury shares | - |
| (119) | |
Proceeds from treasury shares sold and exercise of stock options | 4 |
| 1 | |
Lease payments | (17) |
| (14) | |
Payment in respect of changes in ownership interest in subsidiaries |
| 2 |
| - |
Net cash absorbed by financing activities | 305 |
| (1,127) | |
|
|
|
|
|
Net foreign exchange movements | 15 |
| 3 | |
Net increase in cash and cash equivalents | (2) |
| (113) | |
Cash and cash equivalents at beginning of the year | 1,049 |
| 1,162 | |
Cash and cash equivalents at end of the year | 1,047 |
| 1,049 |
1) Including €319 million related to US C-band repurposing (2021: €38 million). 2) Net of dividends received on treasury shares of €11 million (2021: €2 million)
€ million | 2022 | 2021 | ||
Net cash generated by operating activities | 1,476 | 1,294 | ||
Net cash absorbed by investing activities | (1,798) | (283) | ||
Free cash flow before financing activities | (322) | 1,011 | ||
Interest paid on borrowings | (103) | (121) | ||
Lease payments | (17) | (14) | ||
Free cash flow before equity distributions and treasury activities |
| (442) | 876 |
SUPPLEMENTARY INFORMATION
QUARTERLY INCOME STATEMENT (AS REPORTED)
€ million | Q1 2021 |
| Q2 2021 |
| Q3 2021 |
| Q4 2021 |
| Q1 2022 |
| Q2 2022 |
| Q3 2022 |
| Q4 2022 | |
Average €/$ FX rate | 1.22 |
| 1.20 |
| 1.19 |
| 1.15 |
| 1.12 |
| 1.08 |
| 1.02 |
| 1.00 | |
Revenue | 436 |
| 439 |
| 444 |
| 463 |
| 448 |
| 451 |
| 501 |
| 544 | |
US C-band repurposing income | 27 |
| 20 |
| 10 |
| 844 |
| 2 |
| 2 |
| 2 |
| 178 | |
Operating expenses | (203) |
| (193) |
| (182) |
| (243) |
| (184) |
| (190) |
| (232) |
| (280) | |
EBITDA | 260 |
| 266 |
| 272 |
| 1,064 |
| 266 |
| 263 |
| 271 |
| 442 | |
Depreciation expense | (140) |
| (143) |
| (143) |
| (149) |
| (147) |
| (149) |
| (158) |
| (188) | |
Amortisation expense | (19) |
| (29) |
| (24) |
| (23) |
| (12) |
| (12) |
| (16) |
| (23) | |
Impairment expense | - |
| - |
| - |
| (724) |
| - |
| (24) |
| - |
| (373) | |
Operating profit | 101 |
| 94 |
| 105 |
| 168 |
| 107 |
| 78 |
| 97 |
| (142) | |
Net financing costs | (26) |
| (18) |
| (23) |
| (4) |
| (16) |
| (14) |
| 24 |
| (82) | |
Profit before tax | 75 |
| 76 |
| 82 |
| 164 |
| 91 |
| 64 |
| 121 |
| (224) | |
Income tax benefit/(expense) | (8) |
| (8) |
| (14) |
| 79 |
| (9) |
| (45) |
| (24) |
| (9) | |
Non-controlling interests | 2 |
| - |
| - |
| 5 |
| - |
| - |
| - |
| 1 | |
Net Profit | 69 |
| 68 |
| 68 |
| 248 |
| 82 |
| 19 |
| 97 |
| (232) | |
|
|
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|
|
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|
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| |
Basic earnings/(loss) per share (in €) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class A shares | 0.13 |
| 0.12 |
| 0.14 |
| 0.53 |
| 0.17 |
| 0.02 |
| 0.20 |
| (0.55) | |
Class B shares | 0.05 |
| 0.05 |
| 0.05 |
| 0.22 |
| 0.07 |
| 0.01 |
| 0.08 |
| (0.22) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted EBITDA | 268 |
| 276 |
| 279 |
| 268 |
| 274 |
| 271 |
| 284 |
| 276 | |
Adjusted EBITDA margin | 61% |
| 63% |
| 63% |
| 58% |
| 61% |
| 60% |
| 57% |
| 51% | |
US C-band repurposing income | 27 |
| 20 |
| 10 |
| 844 |
| 2 |
| 2 |
| 2 |
| 178 | |
US C-band operating expenses | (34) |
| (25) |
| (16) |
| (47) |
| (9) |
| (8) |
| (7) |
| (6) | |
Other significant special items | (1) |
| (5) |
| (1) |
| (1) |
| (1) |
| (2) |
| (8) |
| (6) | |
EBITDA | 260 |
| 266 |
| 272 |
| 1,064 |
| 266 |
| 263 |
| 271 |
| 442 |
1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.
LIKE-FOR-LIKE REVENUE BY BUSINESS UNIT
(Pro forma as if the acquisition of DRS Global Enterprise Solutions had been completed on 31 December 2021)
€ million | Q1 2022 |
| Q2 2022 |
| Q3 2022 |
| Q4 2022 |
| FY 2022 | |
Average €/$ FX rate | 1.12 |
| 1.08 |
| 1.02 |
| 1.00 |
| 1.06 | |
Video (total) | 261 |
| 250 |
| 252 |
| 257 |
| 1,020 | |
- Video (underlying) | 251 |
| 250 |
| 252 |
| 257 |
| 1,010 | |
- Periodic | 10 |
| - |
| - |
| - |
| 10 | |
|
|
|
|
|
|
|
|
|
| |
Government (underlying) | 116 |
| 119 |
| 119 |
| 144 |
| 498 | |
Fixed Data (underlying) | 58 |
| 64 |
| 69 |
| 71 |
| 262 | |
Mobility (underlying) | 57 |
| 62 |
| 73 |
| 68 |
| 260 | |
Networks (total) | 231 |
| 245 |
| 261 |
| 287 |
| 1,024 | |
- Networks (underlying) | 231 |
| 245 |
| 261 |
| 283 |
| 1,020 | |
- Periodic | - |
| - |
| - |
| 4 |
| 4 | |
Other | 1 |
| - |
| - |
| - |
| 1 | |
Group Total | 493 |
| 495 |
| 513 |
| 544 |
| 2,045 |
“Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions, and other such items when material. “Other” includes revenue not directly applicable to Video or Networks.
ALTERNATIVE PERFORMANCE MEASURES
SES regularly uses Alternative Performance Measures (‘APM’) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements.
Alternative Performance Measure | Definition | |
Reported EBITDA and EBITDA margin | EBITDA is profit for the period before depreciation, amortisation, net financing cost and income tax. EBITDA margin is EBITDA divided by revenue. | |
Adjusted EBITDA and Adjusted EBITDA margin | EBITDA adjusted to exclude significant special items. In 2021 and 2022, the primary exceptional items are the net impact of the repurposing of US C-band spectrum, restructuring charges, one-off regulatory charges arising outside ongoing operations, and costs associated with the acquisition and integration of new subsidiaries. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. | |
Adjusted Net Debt to Adjusted EBITDA | Adjusted Net Debt to Adjusted EBITDA, represents the ratio of Net Debt plus 50% of the group’s hybrid bonds (per the rating agency methodology) divided by the last 12 months’ (rolling) Adjusted EBITDA. | |
Adjusted Net Profit | Net profit attributable to owners of the parent adjusted to exclude the After tax impact of significant special items. |
Presentation of Results:
A presentation of the results for investors and analysts will be hosted at 9.30 CET on 27 February 2023 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:
U.K. | +44 (0) 33 0551 0200 | |||||
France | +33 (0) 1 70 37 71 66 | |||||
Germany | +49 (0) 30 3001 90612 | |||||
U.S.A. | +1 786 697 3501 | |||||
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Confirmation code | SES | |||||
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Webcast registration |
The presentation is available for download from https://www.ses.com/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.
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About SES
SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,000 channels and has an unparalleled reach of 369 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.
Disclaimer
This presentation does not, in any jurisdiction, including without limitation 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 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 whatsoever.
No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.
This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous 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 occur or 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.
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1Excluding operating expenses/income recognised in relation to US C-band repurposing and other significant special items (disclosed separately)
2At constant FX and scope which refers to comparative figures restated, to neutralise currency variations, and excluding the acquisition of DRS Global Enterprise Solutions (DRS GES). 2022 includes€10 million of periodic revenue in Video and€4 million periodic revenue in Networks (2021: nil in Video;€1 million in Networks)
3Ratio ofAdjusted Net Debt (including 50% of the €1.175 billion of hybrid bonds as debt) to Adjusted EBITDA
4Financial outlook assumesa€/$ FX rate of €1 = $1.09, nominal satellite health, and nominal launch schedule
5Gross backlog $1,020 million (fully protected: $820 million) including major deals signed since 1 January 2023
View source version on businesswire.com:https://www.businesswire.com/news/home/20230226005137/en/
CONTACT: Richard Whiteing
Investor Relations
Tel: +352 710 725 261
richard.whiteing@ses.comSuzanne Ong
External Communications
Tel: +352 710 725 500
suzanne.ong@ses.com
KEYWORD: LUXEMBOURG EUROPE
INDUSTRY KEYWORD: 5G TELECOMMUNICATIONS SATELLITE NETWORKS INTERNET AUDIO/VIDEO TECHNOLOGY MOBILE/WIRELESS
SOURCE: SES S.A.
Copyright Business Wire 2023.
PUB: 02/27/2023 01:30 AM/DISC: 02/27/2023 01:30 AM
http://www.businesswire.com/news/home/20230226005137/en