SES S.A. announces financial results for the nine and three
months ended 30 September 2022.
YTD financial performance reflects solid execution across the
business, complemented by value-accretive DRS GES
acquisition
- Revenue of €1,400 million (+6.1% YOY as reported), Adjusted
EBITDA(1) of €829 million (+0.7% YOY as reported), and Adjusted Net
Profit €277 million (+23.2% YOY as reported) including contribution
from DRS GES (acquired 1 August 2022) and stronger US dollar
- Growth in Networks (+2.7% YOY(2)) and important renewals
secured in Video (-5.6% YOY including periodic(2)) underpins Full
Year standalone outlook(3) of €1,750-1,810 million in revenue and
€1,030-1,070 million in Adjusted EBITDA
- Expected revenue contribution from DRS GES acquisition of
$85-90 million (from 1 August 2022 to 31 December 2022)
- Leverage(4) at 4x due to DRS GES acquisition and growth
investment; expected to reduce to around 3.5x by end-2022
US C-band clearing de-risked to deliver over $3 billion of
value; differentiated investments to drive future long-term
growth
- SES-20, SES-21, and SES-22 all successfully in orbit. Clear
line of sight to Phase 2 clearing proceeds ($3 billion
pre-tax)
- Additional clearing for Verizon nearing completion; expect $155
million in Q4 2022 with balance up to $15 million in early
2023
- SES-17 (in service/consuming backlog) & O3b mPOWER (service
introduction Q3 2023) gross backlog $955 million(5) (up 22%
YOY)
- First O3b mPOWER launch scheduled for 15 December 2022 with
further launches planned for Q1 2023
- Ground-breaking EAGLE-1 partnership advances SES’ leadership in
Quantum Key Distribution and secure connectivity across Europe
Steve Collar, CEO of SES, commented: “Our year-to-date
performance reflects solid ongoing execution across the business
and we remain fully on track to deliver on our 2022 outlook, to
capture significant value from US C-band, and to position SES for
profitable long-term growth through the deployment of our
state-of-the-art multi-orbit assets and architecture.
Our Networks business is up 2.7% year-on-year primarily driven
by ongoing success in Cruise and Aviation. SES-17 is now
contributing to growth across the Americas with 13 new deals signed
in 8 different geographies, while Thales InFlyt Experience
continues to transition aircraft successfully. In Government, we
have completed the acquisition of DRS GES more quickly than
expected and integration with our existing US Government business
is well underway. The combined SES Government Solutions business
now boasts scale and an expanded value proposition to our
Government end-users just as we launch significant new assets in
SES-17 and O3b mPOWER.
The first O3b mPOWER launch is scheduled for 15 December and,
together with two further launches scheduled in Q1 2023, the
constellation will enter service in Q3 2023. Importantly we have
already deployed the O3b mPOWER environment on the ground, and our
customers are starting to receive O3b mPOWER technology that will
be deployed initially on our existing MEO constellation.
With the successful launches of our first three C-Band
satellites, the second phase of clearing is de-risked and therefore
we have clear line of sight to $3 billion in accelerated clearing
payments due at the end of 2023. In equally good news, the
additional US C-band clearing for Verizon is nearly complete and we
expect to receive the majority of the $170 million of agreed
proceeds by the end of this year.”
Key business and financial highlights (at constant FX unless
explained otherwise)
SES regularly uses Alternative Performance Measures (APM) to
present the performance of the Group and believes that these APMs
are relevant to enhance understanding of the financial performance
and financial position.
€million
YTD 2022
YTD 2021
Change as reported
Average €/$ FX rate
1.07
1.20
Revenue
1,400
1,319
+6.1%
Adjusted EBITDA
829
823
+0.7%
Adjusted Net Profit
277
225
+23.2%
Adjusted Net Debt / Adjusted
EBITDA
4.0 times
3.4 times
n/a
- Video revenue of €763 million represents a reduction of 5.6%
year-on-year including the planned impact of lower US wholesale
revenue and periodic revenue of €10 million in Q1 2022. Excluding
these two items, Video was 3.3% lower than YTD 2021 as lower
volumes in mature markets were partially offset by growth in HD+
and Sports & Events.
- At 30 September 2022, SES delivers around 8,000 total TV
channels to 366 million TV homes around the world, including around
3,100 High Definition TV channels. 73% of total TV channels are
broadcast in MPEG-4 with an additional 6% broadcast in HEVC.
- Networks revenue of €636 million included the first
contribution from DRS GES (acquired 1 August 2022) of €32 million.
On a ‘same scope’ basis (excluding DRS GES) Networks grew by 2.7%
year-on-year compared with YTD 2021 with growth in Mobility (of
+17.7%) and Fixed Data (of +2.2%), while the rapid US withdrawal
from Afghanistan in Q3 2021 was the main contributor to lower
revenue in Government (-7.0%).
- Adjusted EBITDA of €829 million represented an Adjusted EBITDA
margin of 59.2% (YTD 2021: 62.4%) including recurring operating
expenses of €571 million and an EBITDA contribution of €4 million
from the acquisition of DRS GES (from 1 August 2022). Adjusted
EBITDA excludes US C-band operating expenses (net of reimbursement
income) of €18 million (YTD 2021: €18 million) and other
significant special items of €11 million (YTD 2021: €7
million).
- Adjusted Net Profit (as reported) improved by 23% year-on-year
to €277 million including a net foreign exchange gain of €87
million (YTD 2021: €24 million gain) and higher income tax expense
of €52 million (YTD 2021: €36 million expense).
- At 30 September 2022, the Adjusted Net Debt to Adjusted EBITDA
ratio (including 50% of the €1,175 million of hybrid bonds as debt)
was 4.0 times (YTD 2021: 3.4 times) reflecting the acquisition of
DRS GES for $450 million, capital expenditure for SES-17 and O3b
mPOWER, and costs related to US C-band clearing ahead of
anticipated future reimbursements, and before receipt of proceeds
from additional clearing for Verizon of $170 million (of which up
to $155 million is expected in Q4 2022), and Phase II accelerated
relocation payment of $2,991 million linked to 5 December 2023
clearing milestone.
- Contract backlog at 30 September 2022 was €5.1 billion (€6.4
billion gross backlog including backlog with contractual break
clauses), including DRS GES contract backlog of €0.1 billion (€0.8
billion gross backlog).
- 2022 group revenue and Adjusted EBITDA outlook (assuming an FX
rate of €1=$1.13, nominal satellite health, and nominal launch
schedule) is unchanged and expected to be between €1,750-1,810
million and between €1,030-1,070 million respectively. This
excludes the acquisition of DRS GES which is expected to contribute
an additional $85-90 million to group revenue for the period 1
August 2022 to 31 December 2022.
- Capital expenditure (net cash absorbed by investing activities
excluding acquisitions, financial investments, and US C-band
repurposing) outlook (assuming an FX rate of €1=$1.13) is also
unchanged and expected to be €950 million in 2022 with an average
of €460 million for 2023-2026.
Operational performance
REVENUE BY BUSINESS UNIT
Revenue (€ million) as
reported
Change (YOY) at constant FX
and scope(1)
Q1 2022
Q2 2022
Q3 2022
YTD 2022
Q1 2022
Q2 2022
Q3 2022
YTD 2022
Average €/$ FX rate
1.12
1.08
1.02
1.07
Video (total)
261
250
252
763
-2.6%
-7.7%
-6.5%
-5.6%
- Video (underlying)
251
250
252
753
-6.4%
-7.7%
-6.5%
-6.8%
- Periodic
10
-
-
10
n/m
n/m
n/m
n/m
Government (underlying)
71
75
107(2)
253(2)
-5.7%
-9.2%
-6.0%
-7.0%
Fixed Data (underlying)
58
64
69
191
-2.4%
+7.9%
+1.3%
+2.2%
Mobility (underlying)
57
62
73
192
+9.9%
+22.2%
+20.6%
+17.7%
Networks (total)
186
201
249
636
-0.3%
+4.4%
+3.9%
+2.7%
- Networks
(underlying)
186
201
249
636
-0.3%
+4.4%
+3.9%
+2.7%
Sub-total
447
451
501
1,399
-1.7%
-2.7%
-1.9%
-2.1%
- Underlying
437
451
501
1,389
-3.9%
-2.7%
-1.9%
-2.8%
Other
1
-
-
1
n/m
n/m
n/m
n/m
Group Total
448
451
501
1,400
-1.6%
-2.7%
-2.0%
-2.1%
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 €32 million from the acquisition of DRS GES.
“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.
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
Q4 2022
O3b mPOWER (satellites 3-4)
Global
Fixed Data, Mobility, Government
Q1 2023
O3b mPOWER (satellites 5-6)
Global
Fixed Data, Mobility, Government
Q1 2023
SES-18 & SES-19
North America
Video (US C-band accelerated clearing)
Q1 2023
O3b mPOWER (satellites 7-8)
Global
Fixed Data, Mobility, Government
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
YTD 2022
YTD 2021
Average €/$ FX rate
1.07
1.20
Revenue
1,400
1,319
US C-band repurposing income
6
57
Operating expenses
(606)
(578)
EBITDA
800
798
Depreciation expense
(454)
(426)
Impairment expense
(24)
-
Amortisation expense
(40)
(72)
Operating profit
282
300
Net financing costs
(6)
(67)
Profit before tax
276
233
Income tax expense
(78)
(30)
Non-controlling interests
-
2
Net profit attributable to
owners of the parent
198
205
Basic and diluted earnings per
A-share (in €)(1)
0.39
0.39
Basic and diluted earnings per
B-share (in €)(1)
0.16
0.15
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
YTD 2022
YTD 2021
Adjusted EBITDA
829
823
US C-band reimbursement
income
6
57
US C-band operating expenses
(24)
(75)
Other significant special
items
(11)
(7)
EBITDA
800
798
€ million
YTD 2022
YTD 2021
Adjusted Net Profit
277
225
US C-band reimbursement
income
6
57
US C-band operating expenses
(24)
(75)
Impairment expense
(24)
-
Other significant special
items
(11)
(7)
Tax on significant special
items
(26)
5
Net profit attributable to
owners of the parent
198
205
SUPPLEMENTARY INFORMATION
QUARTERLY INCOME STATEMENT (AS REPORTED)
€ million
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Average €/$ FX rate
1.22
1.20
1.19
1.15
1.12
1.08
1.02
Revenue
436
439
444
463
448
451
501
US C-band repurposing income
27
20
10
844
2
2
2
Operating expenses
(203)
(193)
(182)
(243)
(184)
(190)
(232)
EBITDA
260
266
272
1,064
266
263
271
Depreciation expense
(140)
(143)
(143)
(149)
(147)
(149)
(158)
Amortisation expense
(19)
(29)
(24)
(23)
(12)
(12)
(16)
Impairment expense
-
-
-
(724)
-
(24)
-
Operating profit
101
94
105
168
107
78
97
Net financing costs
(26)
(18)
(23)
(4)
(16)
(14)
24
Profit before tax
75
76
82
164
91
64
121
Income tax benefit/(expense)
(8)
(8)
(14)
79
(9)
(45)
(24)
Non-controlling interests
2
-
-
5
-
-
-
Net Profit
69
68
68
248
82
19
97
Basic earnings per share (in
€) (1)
Class A shares
0.13
0.12
0.14
0.53
0.17
0.02
0.20
Class B shares
0.05
0.05
0.05
0.22
0.07
0.01
0.08
Adjusted EBITDA
268
276
279
268
274
271
284
Adjusted EBITDA margin
61%
63%
63%
58%
61%
60%
57%
US C-band repurposing income
27
20
10
844
2
2
2
US C-band operating expenses
(34)
(25)
(16)
(47)
(9)
(8)
(7)
Other significant special
items
(1)
(5)
(1)
(1)
(1)
(2)
(8)
EBITDA
260
266
272
1,064
266
263
271
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.
QUARTERLY OPERATING PROFIT (AT CONSTANT €/$ FX RATE OF €1:
$1.13)
€ million
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Average €/$ FX rate
1.13
1.13
1.13
1.13
1.13
1.13
1.13
Revenue
454
452
455
468
446
440
471
US C-band repurposing income
29
21
11
861
2
2
1
Operating expenses
(213)
(199)
(187)
(246)
(182)
(183)
(217)
EBITDA
270
274
279
1,083
266
259
255
Depreciation expense
(149)
(150)
(149)
(154)
(147)
(148)
(143)
Amortisation expense
(19)
(30)
(23)
(23)
(12)
(12)
(15)
Impairment expense
-
-
-
(739)
-
(24)
-
Operating profit
102
94
107
167
107
75
97
Adjusted EBITDA
278
285
286
271
274
267
267
Adjusted EBITDA margin
61%
63%
63%
58%
61%
60%
57%
US C-band repurposing income
29
21
11
861
2
2
1
US C-band operating expenses
(36)
(27)
(17)
(48)
(9)
(8)
(6)
Other significant special
items
(1)
(5)
(1)
(1)
(1)
(2)
(7)
EBITDA
270
274
279
1,083
266
259
255
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.
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Presentation of Results:
A presentation of the results for investors and analysts will be
hosted at 9.30 CET on 3 November 2022 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.
+1 212 999 6659
Confirmation code
SES
Webcast registration
https://channel.royalcast.com/landingpage/ses/20221103_1/
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.
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 around 8,000 channels and has an unparalleled
reach of 366 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.
______________________________ 1 Excluding operating
expenses/income recognised in relation to US C-band repurposing and
other significant special items (disclosed separately) 2 At
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) 3 Financial outlook
assumes a €/$ FX rate of €1 = $1.13, nominal satellite health, and
nominal launch schedule. ‘Standalone’ outlook excludes acquisition
of DRS GES 4 Ratio of Adjusted Net Debt (including 50% of the
€1.175 billion of hybrid bonds as debt) to Adjusted EBITDA 5 Gross
backlog $955 million (fully protected: $710 million)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102006065/en/
Richard Whiteing Investor Relations +352 710 725 261
richard.whiteing@ses.com
Suzanne Ong External Communications +352 710 725 500
suzanne.ong@ses.com
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