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SES 2013 First Half Results Show Growth in All Markets

by david.nunes

SES 2013 First Half Results Show Growth in All Markets

World-leading satellite operator, SES S.A. (NYSE Euronext Paris and Luxembourg Stock Exchange: SESG) today reported financial results for the six months ended 30 June 2013.


  • Revenue of EUR 910.5 million (+2.1%)
    §        Revenue at constant exchange rate (FX) grew by 7.2%, excluding German analogue impact
  • EBITDA of EUR 662.0 million (-0.5%)
    §        EBITDA at constant FX grew by 6.4%, excluding German analogue impact
    §        EBITDA margin of 72.7% (H1 2012: 74.6%)
    §        Infrastructure EBITDA margin of 83.2% (2012: 83.6%)

H1 2013 growth compared to prior year period

As Reported and at constant FX*

Excluding German analogue impact, at constant FX







*  Revenue and EBITDA comparisons for the period are the same as reported and at constant FX due to similarity of exchange rates

  • Operating profit was flat at EUR 408.6 million (H1 2012: EUR 411.5 million)
  • Profit of the group EUR 268.0 million (H1 2012: EUR 298.7 million)


  • International revenue increased by 9.3% over H1 2012 to EUR 252.8 million, on a constant FX basis, as new capacity addressing emerging markets was successfully commercialised.  Available satellite capacity increased by 74 transponders compared to H1 2012. Average revenue per utilised transponder remains stable.
  • In the Pacific region, Pactel extended its connectivity offering, signing a multi-year, multi-transponder contract for capacity on NSS-9 at 183°E. The capacity will support its provision of internet access.
  • Another significant player in the region, Digicel, signed for additional capacity on NSS-9 to support its cellular network in Papua New Guinea.  As part of a collaboration with O3b Networks, Digicel will combine SES and O3b capacities for high-quality voice and high-speed mobile data services, thus enabling fibre-like speeds.
  • Other new business in Asia included a renewal and capacity extension agreement with Thai DTH broadcaster IPMTV. The agreement renews capacity on the NSS-6 satellite and secures new capacity on SES-8, scheduled to be launched in Q4 2013.
  • Mediascape, the leading DTH operator in the Philippines, extended its partnership with SES via a new multi-year, multi-transponder deal on SES-7 at 108.2°E. The new capacity expansion will allow MediaScape, through its brand Cignal Digital TV, to further expand its services for the provision of DTH satellite TV in the Philippines. Cignal Digital TV currently offers 22 HD channels and 65 SD channels to more than half a million subscribers across the Philippine archipelago.


  • SES has three more satellite launches scheduled for 2013, each of which contributes new capacity and will accelerate revenue growth in the second half of the year in the emerging markets where we are successfully commercialising this capacity.  The 2013 revenue and EBITDA guidance range of 4-5% growth provided with the FY 2012 results announcement was based on the launch schedule as known in February. While all other assumptions on which the guidance is based remain unchanged, the dates of these satellite launches will now be later than foreseen. These schedule movements are expected to have a timing impact on revenue of up to EUR 18 million in 2013. The project economics and returns on these satellite programmes remain unaffected, consistent with the long term nature of our business.
  • SES is now entering a period in which capital expenditure will reduce significantly, even while additional growth investments are pursued.  This, coupled with rising revenue and EBITDA, will deliver strong growth in free cash flow, which may be applied to further investments and acquisitions and/or be returned to shareholders.”


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