SES 2011 yearly profit grows 26.8%

MUMBAI: Global satellite operator SES has reported financial results for the 12 months period ended 31 December 2011.

The operating profit stood at EUR 808.2 million, showing a marginal growth of 1.4 per cent over the year ago period. Profit of the group was at EUR 617.7 million a growth of 26.8 per cent.

However, SES‘ revenue, at EUR 1.7 billion, saw slight decline (0.1 per cent). Recurring revenue grew by 2.8 per cent to EUR 1.7 billion. EBITDA was EUR 1.27 billion a slight decline of 1.7 per cent.

Recurring EBITDA grew by 3.1 per cent to EUR 1.2 billion. Recurring EBITDA margin was at 74.6 per cent. Contract backlog was up 6.1 per cent to EUR 7 billion, reflecting EUR 2 billion of renewals and new business signed during the year.

SES president, CEO Romain Bausch commented, "SES‘ results for 2011 demonstrate the core resilience of our operating business. Revenue for the year was on target, despite the challenge of launch delays. Group profit grew by 26.8 per cent year on year. In a busy second half, SES successfully launched four satellites. QuetzSat-1, a satellite wholly contracted by EchoStar, entered service in November, while the other new satellites carry mainly replacement capacity."

"SES‘ organisational realignment was implemented during 2011. It is delivering real benefits, including enhanced focus on our key markets. Seven further satellites are being built and are due to be launched before the end of 2014. The majority of the new capacity will be serving customers in emerging markets. SES‘ high quality orbital positions and footprints are laying down the foundation for future growth.

For SES, 2012 is an important year in the ongoing transformation. The company is developing its presence in emerging markets, while maintaining position in the more mature European and North American markets. "In 2012 we will experience the exceptional impact of the analogue TV switch-off in Germany. When eliminating the impact of this, we foresee an underlying three year revenue CAGR (2012-2014) of approximately 7.5 per cent. On a recurring basis this is expected to be approximately 4.5 per cent. This fully reflects the launch delays and satellite health issues. We look to the future with confidence," Bausch said.

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