SES S.A. announced solid financial results for the three months
ended 31 March 2018. Group revenue and EBITDA were delivered in
line with the company’s expectations, with strong underlying
revenue growth in SES Networks.
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SES: First Quarter 2018 Results (Photo:
Business Wire)
Key financial highlights
- Reported revenue EUR 477.6 million (Q1
2017: EUR 540.6 million), down -4.9% at constant FX(1)
- Underlying revenue(2) EUR 474.5
million; stable (YOY) at constant FX(1) (SES Video: -3.6% and SES
Networks +8.5%)
- EBITDA margin of 63.7% (Q1 2017:
66.2%); 64.8% excluding a EUR 5.0 million restructuring provision
as part of SES’s on-going optimisation programme
- Net profit of EUR 98.2 million (Q1
2017: EUR 128.4 million)
- Financial outlook remains unchanged and
an update will be provided with the H1 2018 results announcement
following the internal review by the incoming CEO and CFO
Change (%)
EUR million Q1 2018 Q1 2017
Reported Constant FX(1) Revenue
477.6 540.6 -11.7% -4.9%
EBITDA 304.4 357.6
-14.9% -8.7%
Operating profit 138.8 186.7 -25.7%
-21.4%
Net profit attributable to SES shareholders
98.2 128.4 -23.5% n/a
Earnings per share
EUR 0.19 EUR 0.26 -26.9% n/a
1) Comparative figures are restated at constant FX to neutralise
currency variations2) Excluding periodic and other revenue
(disclosed separately) that are not directly related to or would
distort the underlying business trends
Steve Collar, President and CEO, commented: “We have made
a solid start to 2018 with our Q1 results in line with our
expectations. I am particularly pleased to see the underlying
growth that we anticipated in our SES Networks business coming
through, fuelled by strong performance in our aeronautical Mobility
and Government business segments. More than 351 million
households now rely on SES Video for their content while the number
of channels carried across the SES system increased by more than
150 year-on-year to stand at nearly 7,800.”
“Our strong focus on execution across the business continues, as
evidenced by three successful launches in the quarter and the entry
into service of SES-15 early in Q1. This satellite has already
become a prime satellite for the North American aeronautical
market, with GoGo transferring more than 200 aircraft to the
satellite within the first month of service launch and Global Eagle
Entertainment taking significant incremental capacity to serve its
airline customers. SES-16/GovSat-1 is on station and has begun to
serve Government customers across Europe, Middle East and Africa.
SES-14 will further expand our aeronautical capabilities in the
Americas when it enters service later this year, while the four
recently launched O3b satellites will also bring much needed
capacity and capability to our low latency broadband network
towards the end of Q2.”
“We signed important business during the course of the quarter,
with long-term renewals at our core video neighbourhoods contracted
at like-for-like pricing. We have also secured important customer
commitments across all Networks’ verticals with Fixed Data business
in Africa (CETel) and Asia (mu Space), aeronautical (STECCOM),
Maritime (Carnival) and Government where we have signed multiple
agreements with the U.S. Government to deliver service across our
MEO and GEO fleet, as well as extending and growing our commitment
to serve humanitarian and peace keeping operations.”
Key business highlights
- Group revenue of EUR 477.6 million (Q1
2017: EUR 540.6 million) and EBITDA of 304.4 million (Q1 2017: EUR
357.6 million) was in line with the company’s expectations. Q1 2018
underlying revenue (excluding periodic and other) was EUR 474.5
million, representing a stable development compared with Q1 2017 at
constant FX.
- SES Video’s underlying revenue of EUR
321.5 million was EUR 12.2 million (or 3.6%) lower than Q1 2017 at
constant FX including a reduction of EUR 9.2 million from the
combined impact of IFRS 15 accounting changes and satellite health.
Excluding these temporary factors, underlying revenue was 0.9%
below Q1 2017.
- SES Networks’ underlying revenue of EUR
153.0 million was EUR 12.0 million (or 8.5%) higher than Q1 2017 at
constant FX. This reflected strong positive contributions from
Mobility (+30.4%) and Government (+13.0%), while Fixed Data revenue
(-6.0%) was affected by the lost revenues as a result of the
satellite health issues that occurred in H2 2017.
- Periodic and other revenue in Q1 2018
was EUR 3.1 million compared with EUR 27.7 million in Q1 2017 at
constant FX which included an important up-front contribution from
the sale of capacity to Global Eagle Entertainment.
- EBITDA margin of 63.7% (Q1 2017: 66.2%)
included a restructuring provision of EUR 5.0 million associated
with SES’s on-going optimisation programme. Excluding this item,
the EBITDA margin was 64.8%. A further provision of EUR 5-7 million
is expected to be taken in Q2 2018, bringing the total amount to
EUR 10-12 million.
- Net profit attributable to SES
shareholders of EUR 98.2 million (Q1 2017: EUR 128.4 million)
included a positive tax contribution related to the recognition of
a deferred tax asset following the entry into service of
SES-16/GovSat-1 which is not expected to repeat.
- Net debt to EBITDA ratio (per the
rating agency methodology) was 3.41 times (Q1 2017: 3.05 times).
This increased from 3.27 times at Q4 2017 due mainly to the
decrease in 12-month rolling EBITDA caused by FX, lower periodic
and other revenue, IFRS 15 accounting change and the restructuring
provision, as well as the higher proportion of capital expenditure
and interest payments in Q1 2018. Net debt to EBITDA is expected to
be below 3.3 times at the end of 2018.
- In March 2018, SES secured an
eight-year EUR 500 million Euro Bond at a low annual coupon of
1.625% which allows SES to refinance an upcoming debt maturity at
more favourable terms.
- SES’s fully protected contract backlog
at the end of Q1 2018 stood at EUR 7.2 billion (Q1 2017: EUR 7.2
billion at constant FX). Over 85% of the 2018 expected group
revenue is already contractually committed.
- The current financial outlook, as
presented in February 2018, remains unchanged and an update will be
provided with the H1 2018 results announcement, following the
internal review by the incoming CEO and CFO.
FINANCIAL OUTLOOK
FY 2017 as reported FY 2017
FY 2018 FY 2020 Average EUR/USD FX
rate 1.1249 1.15 1.15 1.15
SES Video revenue EUR 1,383.0
million EUR 1,373.7 million EUR 1,300 - 1,320 million Over EUR
1,350 million
SES Networks revenue EUR 646.1 million EUR
632.0 million EUR 660 - 690 million Over EUR 875 million
Group
EBITDA margin 65.1% 65.1% 64.0% to 64.5%
Over 65.0%
Financial outlook assumes EUR/USD exchange rate of 1.15; nominal
launch schedule and satellite health status and includes the impact
of IFRS accounting changes. Group margin includes EUR 10-12 million
restructuring provision expected in H1 2018
OPERATIONAL REVIEW
REVENUE BY BUSINESS UNIT
Change (%)
EUR million Q1 2018 Q1 2017
Reported Constant FX SES Video
324.4 353.4 -8.2% -3.8%
321.5 349.9 -8.1% -3.6%
2.9 3.5 n/m n/m
SES Networks 153.0 181.7
-15.7% -4.5%
153.0 159.5 -4.0% +8.5%
-- 22.2 n/m n/m
Sub-total 477.4 535.1 -10.8%
-4.0%
474.5 509.4 -6.8% 0.0%
2.9 25.7 n/m n/m Other(1)
0.2 5.5 n/m n/m
Group
Total 477.6 540.6 -11.7%
-4.9%
1) Other includes revenue not directly applicable to SES Video
or SES Networks
“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
capacity; accelerated revenue from hosted payloads during the
course of construction; termination fees; insurance proceeds;
certain interim satellite missions and other such items when
material.
SES Video: 68% of group revenue (Q1 2017: 65%)
SES Video’s underlying revenue in Q1 2018 was EUR 12.2 million
(or 3.6%) lower than Q1 2017 at constant FX including the combined
impact of the implementation of IFRS 15 accounting changes and
satellite health (totalling EUR 9.2 million). Excluding these
temporary factors, underlying revenue was 0.9% lower than Q1 2017.
Q1 2018 included EUR 2.9 million of periodic revenue in Video
Distribution, compared with EUR 3.5 million in Q1 2017.
SES VIDEO REVENUE BY VERTICAL
Change (%)
EUR million Q1 2018 Q1 2017
Reported Constant FX Video Distribution
247.2 271.7 -9.0% -4.3%
244.3 268.2 -8.9% -4.2%
2.9 3.5 n/m n/m
Video Services 77.2 81.7 -5.6%
-2.0%
77.2 81.7 -5.6% -2.0%
-- -- n/m n/m
SES Video 324.4 353.4 -8.2%
-3.8% - Underlying
321.5 349.9 -8.1% -3.6% - Periodic
2.9 3.5 n/m n/m
At Q1 2018, SES distributed 7,773 total TV channels globally, up
2% compared with Q1 2017. This positive development reflected
growth across European and International markets, while North
America was stable. 65.4% of total TV channels are now broadcast in
MPEG-4 (Q1 2017: 63.1%).
Acceleration of High Definition (HD) and Ultra HD (UHD) TV
channels in Europe was a key driver of a 7% (YOY) growth in the
global number of HDTV channels, now totalling 2,665, while the
total number of commercial UHD channels increased from 22 to 32
compared with Q1 2017.
Video Distribution underlying revenue in Q1 2018 was 4.2%
lower than Q1 2017.
European distribution revenue was stable compared with Q1 2017
and SES Video signed important capacity extension agreements with
Viacom and M7 Group, as well as launching a new UHD channel for
Canal+ in France.
North America decreased as anticipated due to the lower volume
from the switch-off of SD TV channels that had already been
replaced with HD, as well as lower revenue from the occasional use
business which was affected by the loss of AMC-9. During Q1 2018,
SES Video enabled NBC Sports Group to provide 4K High Dynamic Range
satellite distribution of the 2018 Winter Olympics to their
affiliates throughout the U.S.
In International, there is an encouraging commercial pipeline
for SES-9 and SES-10 which will support the gradual ramp up of
these new assets. This will offset the impact of market conditions
which remain challenging in the near term, contributing to lower
(year-on-year) underlying revenue. For example, SES Video recently
signed an agreement to support Kiwisat in launching a new
direct-to-home offering of 130 TV channels (including 90 in HD) in
the Caribbean using SES-10.
SES served a total of 351 million TV households in 2017
(compared with 325 million households in 2016) across its video
neighbourhoods.
Video Services underlying revenue was 2.0% lower in Q1
2018 versus Q1 2017 due to the impact of IFRS 15 accounting changes
which led to a year-on-year reduction of EUR 8.2 million in HD+,
with no cash impact. Excluding the accounting change, video
services grew by 8.4% (or EUR 6.6 million) year-on-year.
The HD+ business grew as a result of the increase in the annual
subscription fee (from EUR 60 per annum to EUR 70 per annum) that
was introduced at the start of Q2 2017. The increase in the fee
will allow HD+ to expand and enhance the customer experience, as
evidenced by the agreement with RTL, announced this week, for HD+
to broadcast live Formula OneTM Grand Prix races in UHD.
This was complemented by stability in MX1 revenue as new
business in Europe, bundling capacity and services, offset
non-renewal of certain legacy contracts. The global media services
provider is now delivering content aggregation solutions for
1&1, Germany’s first fully cloud-based TV service. TVGE
International has contracted MX1 to distribute its video content on
linear platforms using satellite, as well as via video-on-demand
services and web applications. Agence France-Presse is now using
MX1’s cloud-based service (MX1 360) to transmit news feeds to
broadcasters around the world.
SES Networks: 32% of group revenue (Q1 2017: 34%)
Q1 2018 underlying revenue was EUR 12.0 million (or 8.5%) higher
than Q1 2017 at constant FX reflecting new revenue in aeronautical
mobility from the entry into service of SES-15, further adoption of
Medium Earth Orbit (MEO) services by the U.S. Government and
additional growth in Global Government. There was no periodic
revenue in Q1 2018, where Q1 2017 included the second of two
significant up-front revenue contributions from the sale of
capacity to Global Eagle Entertainment.
SES NETWORKS REVENUE BY VERTICAL
Change (%)
EUR million Q1 2018 Q1 2017
Reported Constant FX Fixed Data
56.2 71.6 -21.6% -11.1%
56.2 67.6 -17.0% -6.0%
-- 4.0 n/m n/m
Mobility 37.4 50.6 -25.9%
-14.8%
37.4 33.0 +13.6% +30.4%
-- 17.6 n/m n/m
Government 59.4 59.5 -0.1%
+12.0%
59.4 58.9 +1.0% +13.0%
-- 0.6 n/m n/m
SES Networks 153.0 181.7 -15.7%
-4.5% - Underlying
153.0 159.5 -4.0% +8.5% - Periodic
-- 22.2 n/m n/m
Fixed Data underlying revenue in Q1 2018 was down 6.0%
year-on-year, primarily due to the ongoing impact from the loss of
AMC-9 in June 2017. This offset a positive contribution from new
managed services supporting telecommunications companies and mobile
network operators, notably utilising O3b which will benefit from
the additional four MEO satellites that will join the constellation
during Q2 2018.
Revenue in the Americas remained stable as the satellite health
issues related to the failure of AMC-9 offset revenue growth from
new business, notably in Latin America. Fixed Data revenues in
Europe, the Middle East and Africa were impacted by lower wholesale
capacity revenue offset by positive momentum on the O3b fleet where
new projects and customer upgrades continue to grow, including with
CETel for big data applications in the exploration and mining
production industry in Africa. In Asia-Pacific, SES Networks signed
and implemented an important new network with mu Space, delivering
reliable and affordable connectivity for a significant increase in
mobile and WiFi coverage in Thailand, where only a small proportion
of the population currently has broadband access, as well as
extending and substantially expanding business with Palau Telecom
on the O3b fleet as part of its 4G implementation plans.
Mobility underlying revenue grew by 30.4%, versus Q1
2017, driven by strong demand from aeronautical service providers
in North America following the entry into service of SES-15 in
January 2018. SES-15 is now one of the leading satellites for
delivering inflight connectivity and entertainment services in
partnership with major global service providers such as GEE, Gogo
and Panasonic Avionics. Gogo is already utilising the satellite to
provide a ‘home-equivalent’ broadband experience and added more
than 200 aircraft within the first operational month. In April
2018, Sputnik Telecommunications Entertainment Company (STECCOM)
signed an agreement to utilise SES capacity and associated services
to serve commercial passenger across the Commonwealth of
Independent States region and Europe.
Maritime revenue was broadly flat year-on-year but SES Networks
continues to make good progress in cruise. In February 2018, SES
Networks demonstrated that passengers at sea can now access the
internet at speeds better than typical land-based hotel
connectivity by delivering more than two gigabits per second of
bandwidth to Carnival Corporation and Princess Cruises’ Regal
Princess as part of a special event. SES Networks has now been
contracted to deliver connectivity services for four major cruise
companies, enhancing its leading position in this part of the
market.
Government underlying revenue grew by 13.0% in Q1 2018,
compared with Q1 2017, driven by strong growth in both the U.S. and
Global Government business. Significant incremental adoption of SES
Networks’ O3b based services by the U.S. Department of Defense was
the main driver of growth in U.S. Government revenue with more than
20 sites in operation and more than five gigabits per second now
under contract, most recently with U.S. Africa Command.
This was complemented by strong growth in Global Government
where SES Networks recently extended and expanded its commitment to
serve humanitarian and peace keeping operations. In March 2018,
SES-16/GovSat-1 entered operational service to provide secure
government and institutional communications over Europe, the Middle
East and Africa.
Other Revenue
Other includes revenue not directly applicable to SES Video or
SES Networks and was EUR 0.2 million in Q1 2018, compared with EUR
5.5 million (EUR 4.8 million at constant FX) in Q1 2017.
Future satellite capacity and fleet update
COMMITTED LAUNCH SCHEDULE
Satellite
Region Application Launch
Date SES-12(1) Asia-Pacific Video, Fixed Data,
Mobility Q2 2018
SES-14(1) Latin America Video, Fixed
Data, Mobility Launched (January 2018)
SES-16/GovSat-1(2) Europe/MENA Government Launched
(January 2018)
O3b (satellites 13-16) Global Fixed Data,
Mobility, Government Launched (March 2018)
O3b (satellites
17-20) Global Fixed Data, Mobility, Government H1 2019
SES-17 Americas Fixed Data, Mobility, Government H1 2021
O3b mPOWER (satellites 1-7) Global Fixed Data,
Mobility, Government H1 2021
1) To be positioned using electric orbit raising (entry into
service typically around six months after launch)2) Procured by
GovSat
Q1 2018 was an important and successful period, as SES-14,
SES-16/GovSat-1 and four additional O3b satellites (satellites 13
to 16) were launched, adding important future growth capabilities.
SES-16/GovSat-1 entered into service in March 2018, while SES-14 is
expected to enter into service in late 2018. The next four O3b
satellites (satellites 13 to 16) are expected to enter into service
by the end of Q2 2018 and will augment the existing constellation
of 12 MEO satellites.
FINANCIAL REVIEW
Income Statement
Reported revenue of EUR 477.6 million was EUR 63.0
million lower than the prior period, including a reduction of EUR
38.4 million as a result of the weaker U.S. dollar. At constant FX,
revenue decreased by EUR 24.6 million reflecting the higher level
of periodic and other revenue in the prior period. On an underlying
basis, SES generated revenue of EUR 474.5 million in Q1 2018, which
was in line with Q1 2017 at constant FX and up 2.3% excluding the
impact of EUR 10.9 million resulting from the changes in IFRS 15
accounting and satellite health on both SES Video and SES
Networks.
Operating expenses of EUR 173.2 million (Q1 2017: EUR
183.0 million) were EUR 9.8 million lower as reported and
EUR 4.3 million higher at constant FX in Q1 2018 which
included a restructuring provision of EUR 5.0 million as part of
the roll-out of a company-wide optimisation programme. Operating
expenses were in line with Q1 2017 at constant FX excluding this
provision.
Group EBITDA was EUR 304.4 million, down EUR 53.2 million
as reported (EUR 28.9 million at constant FX) compared with Q1
2017. This represented an EBITDA margin of 63.7% (Q1 2017: 66.2%)
including the restructuring provision. A further provision of EUR
5-7 million is expected to be taken in Q2 2018.
Reported depreciation and amortisation expense reduced by
EUR 5.3 million to EUR 165.6 million. This reflected the impact of
the weaker U.S. dollar which more than offset an increase of EUR
8.9 million at constant FX from the entry into service of new
satellites.
Group operating profit of EUR 138.8 million (Q1 2017: EUR
186.7 million) represented an operating profit margin of 29.1% (Q1
2017: 34.5%) including the restructuring provision of EUR 5.0
million.
Net financing costs of EUR 35.9 million were EUR 6.2
million higher than Q1 2017 which included a net foreign exchange
gain of EUR 7.1 million. Excluding this gain, net financing costs
were in line with the prior period as lower capitalised interest
was offset by lower net interest expense.
The recognition of a one-time deferred tax asset relating to
SES-16/GovSat-1, which entered into service in March 2018, was the
principal reason for the positive income tax contribution of
EUR 10.1 million (Q1 2017: EUR 27.7 million expense), as well as
the increase in non-controlling interests to EUR 14.8
million (Q1 2017: EUR 0.9 million). The group’s normalised
effective tax rate was 21.9% in Q1 2018 (Q1 2017:
17.7%).
Consequently, net profit attributable to SES shareholders
was EUR 98.2 million (Q1 2017: EUR 128.4 million) and earnings
per share was EUR 0.19 (Q1 2017: EUR 0.26) after deducting the
coupon (net of tax) for the group’s hybrid (perpetual) bonds.
Financing
The group net debt to EBITDA ratio (as per the rating
agency methodology which treats the hybrid bonds as 50% debt and
50% equity) was 3.41 times (Q1 2017: 3.05 times). The ratio
increased from 3.27 times at Q4 2017 due to the decrease in
twelve-month rolling EBITDA caused by the lower revenue (mainly FX
impact, periodic and Other revenue), the IFRS 15 accounting change
and the restructuring provision. The net debt to EBITDA ratio is
expected to be below 3.3 times at the end of 2018.
In March 2018, SES secured an eight-year EUR 500 million Euro
Bond, achieving a low annual coupon of 1.625%. This financing
allows SES to refinance an upcoming debt maturity at more
favourable terms.
CONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTHS ENDED 31 MARCH
EUR million Q1
2018 Q1 2017 Average EUR/USD exchange rate
1.2221 1.0631
Revenue
477.6 540.6 Operating expenses
(173.2) (183.0)
EBITDA(1) 304.4 357.6
EBITDA margin 63.7% 66.2%
Depreciation expense
(147.0) (151.5) Amortisation expense
(18.6) (19.4)
Operating profit 138.8 186.7
Operating profit margin 29.1% 34.5%
Net financing costs
(35.9) (29.7)
Profit before
tax 102.9 157.0 Income tax
benefit/(expense)
10.1(3) (27.7)
Profit after
tax 113.0 129.3 Non-controlling
interests
(14.8)(3) (0.9)
Profit attributable to
owners of the parent 98.2 128.4
Earnings per share (in EUR)(2) Class A
shares
0.19 0.26 Class B shares
0.08
0.10
1) Earnings before interest, tax, depreciation, amortisation and
share of associates’ result (net of tax)2) 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 share3) Includes recognition of one-time
deferred tax asset in Q1 2018, following the entry into service of
SES-16/GovSat-1 (owned by GovSat, a 50/50 public private
partnership between SES and the Government of Luxembourg),
resulting in a corresponding increase in non-controlling
interests
Presentation of Results:
A presentation of the results for investors and analysts will be
hosted at 9.30 CEST on 27 April 2018, and will be broadcast via
webcast and conference call. The details for the conference call
and webcast are as follows:
Belgium +32 (0)2 404 0659 / 0800 58228 France +33 (0)1 76 77
22 74 / 0805 101 219 Germany +49 (0)69 2222 13420 / 0800 589 4609
Luxembourg +352 2786 1336 / +352 2786 1336 U.K. +44 (0)330 336 9105
/ 0800 358 6377 U.S.A. +1 323-794-2551 / 800-239-9838
Confirmation code: 9332601 Webcast registration:
https://edge.media-server.com/m6/go/SES_18Q1
The presentation will be available for download from the
Investors section of the SES website (www.ses.com), and a replay will be available for
two weeks from the Investors section of the SES website.
About SES
SES is the world-leading satellite operator and the first to
deliver a differentiated and scalable GEO-MEO offering worldwide,
with more than 50 satellites in Geostationary Earth Orbit (GEO) and
16 in Medium Earth Orbit (MEO). SES focuses on value-added,
end-to-end solutions in two key business units: SES Video and SES
Networks. The company provides satellite communications services to
broadcasters, content and internet service providers, mobile and
fixed network operators, governments and institutions. SES’s
portfolio includes ASTRA, O3b and MX1, a leading media service
provider that offers a full suite of innovative digital video and
media services. SES is listed on the Euronext Paris and Luxembourg
Stock Exchange (ticker: SESG). Further information available at:
www.ses.com
Disclaimer
This presentation does not, in any jurisdiction, and in
particular not 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 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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For further information please contact:SES S.A.Richard
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