MUMBAI: SES S.A., a leading worldwide satellite operator (NYSE Euronext Paris and Luxembourg Stock Exchange: SESG), reports financial results for the six months ended 30 June 2014.
• H1 Revenue of EUR 938.9 million (2013: EUR 910.5 million)
- An increase of 6.3% over the prior year period at constant exchange rates (“constant FX”)1
• H1 EBITDA of EUR 693.8 million (2013: EUR 662.0 million)
- An increase of 7.4% at constant FX over the prior year
- EBITDA margin of 73.9% (2013: 72.7% as reported)
• Operating profit rose to EUR 437.5 million, an increase of 9.4% at constant FX
• H1 Profit of the group increased 8.5% to EUR 290.9 million (2013: EUR 268.0 million)
• Contract backlog of EUR 7.2 billion at end of June 2014
• Closing Net Debt / EBITDA ratio of 2.85 (30 June 2013: 3.07) Karim Michel Sabbagh, President and CEO, commented:
“SES’s continuing successful development and execution of the 2014 plan has delivered robust first half results that validate our strategy to address target regions and market verticals. Video remains core to our business. Europe and the International segments posted strong growth, while the North American segment continued to be affected by the U.S. Government budget sequester. The 2014 financial guidance is reiterated.
Three satellites were brought into service in the period, further developing our capabilities in Europe, MENA and Asia-Pacific. Four more satellites are under construction, including the newly announced SES-12, a hybrid satellite for the Asia-Pacific region, which will benefit from the dual innovations of an HTS payload and all-electric propulsion. These programmes, all components of our medium term CapEx plan, will enhance our differentiated positioning in the developing markets that we are targeting.
On 10 July 2014, O3b Networks, the satellite company building ‘Fibre in the Sky’, in which SES has a significant interest, successfully launched its second group of four satellites. O3b’s full suite of commercial services will be offered once in-orbit testing is completed. We look forward to O3b’s successful commercialisation of its product range with customers across the underserved markets of the world.”
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