Consolidated Financial Results for the Six Months to 30 June 2006; SES GLOBAL Reports Net Profit Increase of 28.6% on Revenue Growth of 16.6%; Organic Growth and Acquisition of New Skies Drive Strong First Half Results.BETZDORF, Luxembourg Betzdorf (Luxembourgish: Betzder) is a commune and village in eastern Luxembourg. It is part of the canton of Grevenmacher, which is part of the district of Grevenmacher. The commune's administrative centre is Berg. -- SES GLOBAL, (Paris:SESG SESG Systems Engineering Steering Group SESG Software Engineering Support Group SESG System Engineering Sub-Group ) (LuxX LuxX Luxembourg Stock Exchange Index :SESG):
HIGHLIGHTS
-- Revenues rose 16.6% to EUR 710.5 million (2005: EUR 609.2
million)
-- Increasing 8.1 % to EUR 657.0 million (2005: EUR 608.1
million) on a recurring, same scope (excluding SES NEW
SKIES) and constant exchange rate basis
-- EBITDA rose 14.1% to EUR 499.5 million (2005: EUR 437.6
million)
-- Net profit rose 28.6% to EUR 215.6 million (2005: EUR 167.7
million)
-- Earnings per share rose 34.5% to EUR 0.39 (2005 : EUR 0.29)
-- New Skies acquisition completed 30 March, strengthening global
coverage
-- Industry-leading backlog of EUR 6,781.7 million (December
2005: EUR 6,489.9 million)
-- Share buybacks to July 31 totalled EUR 213.3 million -
primarily earmarked for cancellation as part of the share
buy-back programme - with EUR 148.9 million having been spent
by June 30th.
-- Net debt/EBITDA stood at 3.01 - in line with the Group's
stated target - compared to 2.39 on December 31, 2005
Romain Romain may refer to:
"The first six months of 2006 were significant for the development of the SES group. We concluded the acquisition of New Skies Satellites in order to expand our connectivity offerings as well as to strengthen substantially our positioning in emerging markets. SES NEW SKIES' performance is ahead of plan and progress in the integration makes us confident that we should achieve the synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. target. In addition, we further increased our shareholding in ND Satcom to 100%, strengthening our services capabilities in particular in the government segment. We also continued to grow organically our core satellite infrastructure business, as well as our services activities, at a high single-digit rate. This growth came from increased demand for satellite capacity and services in the media, enterprise and government segments in our main markets of Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In order to expand and
renew our global satellite fleet, we successfully launched one satellite
(ASTRA 1KR Astra 1KR is a geostationary satellite owned by SES Astra. It was launched in April 2006 as a replacement for the failed Astra 1K launch attempt in 2000, and was the first successful SES Astra launch since 2002.The craft launched to 3.4E for testing, before moving to 19. ) in April this year, started the procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. of three others (AMC-21, CIEL-2 and AsiaSat Asia Satellite Telecommunications Co. Ltd. (commonly AsiaSat) is a commercial operator of communication spacecraft. AsiaSat is based in Hong Kong with two major shareholders, CITIC Group and GE. 5), and will initiate two further programmes (ASTRA ASTRA Ancient Instruments Sound/Timbre Reconstruction Application ASTRA Australian Strategic Air Traffic Management Group ASTRA Arab Supply and Trading Corporation ASTRA Automatic System for Transport Analysis ASTRA Automatic Satellite Tracking Research Antenna 3B and NSS-9) in the second half of 2006. These new satellites will allow us to continue to drive organic growth into the future. We also launched a digital infrastructure project in the German market which should facilitate the smooth transition from analogue (electronics) analogue - (US: "analog") A description of a continuously variable signal or a circuit or device designed to handle such signals. The opposite is "discrete" or "digital". to digital broadcast technology with all its attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. benefits for the consumer. For SES, this represents an exciting opportunity to develop a new, profitable revenue stream. In addition to these value-creating growth initiatives, we continued to deliver on our share buy-back programme, with EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 213.3 million being spent by the end of July July: see month. , thereby optimising our capital structure. In sum, the first half has been a busy and productive time for SES and our solid performance throughout supports our efforts as we focus on achieving our objectives for the balance of the year." For further information please contact: Mark Roberts Yves Feltes Investor Relations Press Relations Tel. +352 710 725 490 Tel. +352 710 725 311 Mark.Roberts@ses-global.com Yves.Feltes@ses-global.com Additional information is available on our website www.ses-global.com PRESS / ANALYST TELECONFERENCES A press call will be hosted at 11.00 Betzdorf time today, 7 August 2006. Journalists are invited to call: +44 (0) 20 8515 2304 five minutes prior to this time. A call for investors and analysts will be hosted at 14.00 Betzdorf time today, 7 August 2006. Participants are invited to call: +44 (0) 20 8515 2303 five minutes prior to this time. Journalists may join the call in listen-only mode. A presentation, which will be referred to in each call, will be available for download from the Investor Relations section of our website www.ses-global.com OPERATIONS REVIEW During the first half of the year SES GLOBAL Group ("SES" or "the Group") delivered on all four pillars Four Pillars may refer to:
Growth was fuelled by dynamic demand for satellite capacity in the main world markets and growth in services. At constant exchange rates and same scope, our recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues increased by 8.1% to EUR 657.0 million. Growth was particularly strong in EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. with revenues advancing 10.7% for the first half of the year from EUR 370.5 million to EUR 410.1 million, firmly establishing SES as the number one satellite operator in this region both in terms of growth and revenue. We completed the acquisition of New Skies Satellites ("New Skies") on March 30, 2006 and the results of that company are consolidated from that date. In Q2 2006 SES NEW SKIES SES NEW SKIES, formerly New Skies Satellites (NSS), is a Dutch operator of communications spacecraft, owned by SES. On November 30, 1998, the Intelsat 703 spacecraft was transferred to New Skies’ control. New Skies operates this and four other spacecraft. contributed incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenues and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of EUR 49.3 million and EUR 35.3 million respectively, ahead of plan. We have concluded our integration review of SES NEW SKIES and incorporate specific guidance in the Outlook section of this document. On June June: see month. 29, SES ASTRA SES Astra SA, is a corporate subsidiary of SES, based in Betzdorf, in eastern Luxembourg, that owns and operates the Astra series of geostationary satellites, which transmit approximately 1100 analogue and digital television and radio channels via 176 transponders to 91 ("ASTRA") acquired the outstanding 74.9% interest in ND Satcom, a leading global supplier of satellite-based broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). network solutions for government customers, broadcasters and enterprises, taking its ownership to 100% and giving us a significant presence in the government services market, in particular in Europe. Infrastructure activities Infrastructure activities generated EUR 636.2 million of revenue in the period, delivering an EBITDA margin of 78.9%. During the first half year, the number of commercially utilised transponders, excluding SES NEW SKIES, rose from 549 to 582, and utilisation was maintained at 74% despite the addition of new capacity. Including SES NEW SKIES, utilisation was 72% (798 of 1,110 commercially available transponders). In EMEA, additional capacity on ASTRA satellites was signed with a number of broadcasters, strongly driven by both Standard Definition TV ("SDTV (Standard Definition TV) A set of digital television (DTV) standards with 480 lines of resolution. All SDTV formats are interlaced, and SDTV pictures are not as sharp as progressive scan EDTV or HDTV (Enhanced Definition or High Definition). SDTV Vs. ") and High Definition TV ("HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates "). CanalSat CanalSat is a French digital satellite and DSL pay television service owned by Canal+ Group (66%) and Lagardere Active (34%), a subsidiary of Lagardère. CanalSat was founded in 1992 as CanalSatellite. , BSkyB BSkyB British Sky Broadcasting , Premiere, ProSiebenSat.1, Anixe TV, the BBC BBC in full British Broadcasting Corp. Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. , Euro 1080 are all now delivering HDTV services. In Poland, ASTRA won a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contract with the public broadcaster TVP TVP abbr. textured vegetable protein for direct-to-home ("DTH (Direct-To-Home) Typically refers to satellite TV broadcasting directly to a dish antenna on the roof of a house. See DBS. ") services, building on ASTRA's extensive European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. and growing penetration of the Polish market. In Belgium, ASTRA signed capacity contracts to support the launch of Belgium's first DTH bouquet bouquet a structure resembling a cluster of flowers. , TV Vlaanderen. In Germany, Arena, the new owner of the first soccer league (Bundesliga) live rights, signed a long-term capacity agreement with ASTRA. ASTRA 4A also recorded a very positive revenue and utilisation development. At the end of the period, the total number of all commercially utilised transponders in the EMEA region therefore had increased to 239, delivering a utilisation rate of 84% (239 of 286 commercially available transponders). On 20 April, ASTRA 1KR was successfully launched from Cape Canaveral Cape Canaveral (kənăv`ərəl), low, sandy promontory extending E into the Atlantic Ocean from a barrier island, E Fla., separated from Merritt Island by the Banana River, a lagoon; named (1963) Cape Kennedy in memory of President John , entering service on June 16th, 2006 at the prime pan-European orbital orbital Mathematical expression, called a wave function, that describes properties characteristic of no more than two electrons near an atomic nucleus or molecule. An orbital can be considered a three-dimensional region in which there is a 95% probability of finding an position of 19.2 degrees E. Amongst other missions, this satellite replaces ASTRA 1B Astra 1B was the second satellite launched and operated by Société Européenne des Satellites (SES), now SES Astra. It was bought during its construction from GE Americom, and was launched to add extra capacity to the satellite television services from 19. , which was retired in July after 15 years of successful operation. The launch and subsequent entry into service of ASTRA 1L at 19.2 degrees E in the first quarter of 2007 will enable the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. in 2007 of ASTRA 2C from 19.2 degrees E to 28.2 degrees E. From this orbital location ASTRA 2C will provide between 10 and 16 additional transponders for the strong UK and Irish markets. In the first half, ASTRA also reported a significant increase in its reach to a total of 107 million households in 35 countries in Europe and North Africa, of which 45 million is via satellite DTH and 62 million via cable. Over 65% of all satellite-equipped households were digital at the end of 2005, compared to 58% at the end of 2004. In the Americas, with the successful entry into service of AMC-23 over the Pacific Ocean, the number of commercially available transponders in the AMERICOM fleet rose by 38 to 500, delivering a utilisation rate of 69% (343 utilised of 500 available transponders). The major users of AMC-23 are Connexion by Boeing Connexion by Boeing (CBB) was an in-flight online connectivity service from Boeing. This service allowed travellers to access a high-speed internet connection while on board a plane in flight through a wired Ethernet or a wireless 802.11 Wi-Fi connection. and agencies of the U.S. government. The balance of the growth in AMERICOM's fleet transponder A receiver/transmitter on a communications satellite. It receives a microwave signal from earth (uplink), amplifies it and retransmits it back to earth at a different frequency (downlink). A satellite has several transponders. utilisation was driven by new services for Comsat Mexico on AMC-4, new data network services for Echosat on AMC-9, and new network services in Africa for LCN LCN La Cosa Nostra LCN London Cycle Network (UK) LCN Logical Channel Number LCN Low Copy Number (DNA or RNA quantity) LCN Local Computer Network LCN Logical Cluster Number LCN Load Classification Number on AMC-12. Additionally, by agreement with our affiliate Star One, the sale of transponders on AMC-12 is to be accelerated, such that the nine remaining transponder sales will be executed in the second half of this year. As previously announced, the AMC-14 programme has been delayed due to spacecraft spacecraft Vehicle designed to operate, with or without a crew, in a controlled flight pattern above Earth's lower atmosphere. Since streamlining is not needed in the high vacuum of this environment, a spacecraft's shape is designed according to its mission (see manufacturing issues and launch vehicle availability. At the request of its customer, SES AMERICOM SES Americom is a major commercial satellite operator based in the United States. Formerly RCA Americom and GE Americom the company is now (with SES Astra and SES New Skies) one of the principal parts of SES S.A.. agreed early in August 2006 to make further modifications to optimise optimise - To perform optimisation. the commercial payload (1) Refers to the "actual data" in a packet or file minus all headers attached for transport and minus all descriptive meta-data. In a network packet, headers are appended to the payload for transport and then discarded at their destination. . Consequently, we expect the satellite to be launched in late 2007. Commercial revenues are expected to flow in early 2008, with overall programme returns unchanged and remaining in line with our standard investment hurdle rates Hurdle Rate The minimum amount of return that a person requires before they will make an investment in something. Notes: This is the rate of return that will get someone "over the hurdle" and invest their money. . The all C-band AMC-18 spacecraft is on schedule to be launched before the end of this year. During the first half-year, two new satellite procurements were confirmed for the Americas. --In March the SES affiliate Ciel Satellite Group announced the procurement contract for Ciel-2 to operate from 129 degrees W. The all Ku-band satellite will feature high frequency re-use configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: into both regional and spot beams A spot beam, in telecommunications parlance, is a satellite signal that is specially concentrated in power (i.e. send by a high-gain antenna) so that it will cover only a limited geographic area on earth. , and is scheduled to launch in late 2008. --In April, AMC-21, an all Ku-band satellite to be operated by AMERICOM from 125 degrees W, was contracted for launch and operation in 2008. The new satellite will deliver educational broadcasting for PBS PBS in full Public Broadcasting Service Private, nonprofit U.S. corporation of public television stations. PBS provides its member stations, which are supported by public funds and private contributions rather than by commercials, with educational, cultural, and its affiliated state networks and introduce IP-based services for the enterprise markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the Caribbean. In Asia demand remains subdued sub·due tr.v. sub·dued, sub·du·ing, sub·dues 1. To conquer and subjugate; vanquish. See Synonyms at defeat. 2. To quiet or bring under control by physical force or persuasion; make tractable. 3. , although there are some signs that the satellite sector is now responding to the strengthening of regional economies, resulting in increased demand for capacity for VSAT (Very Small Aperture satellite Terminal) A small earth station for satellite transmission that handles up to 56 Kbits/sec of digital transmission. VSATs that handle the T1 data rate (up to 1.544 Mbits/sec) are called "TSATs. and internet traffic Internet traffic is the flow of data around the Internet. It includes web traffic, which is the amount of that data that is related to the World Wide Web, along with the traffic from other major uses of the Internet, such as electronic mail and peer-to-peer networks. . AsiaSat (SES GLOBAL shareholding: 34.1%) confirmed the procurement of AsiaSat 5, a replacement for AsiaSat 2 at 100.5 degrees E, with an extended payload and broader footprint, as well as having the flexibility of a steerable steer 1 v. steered, steer·ing, steers v.tr. 1. To guide by means of a device such as a rudder, paddle, or wheel. 2. a. To direct the course of. beam. This satellite is scheduled for launch in the second quarter of 2008. SES NEW SKIES has achieved strong performance for the first half of the year, delivering favourable results relative to plan in both revenues and costs as it makes an excellent start to its membership of the SES family. Transponder utilisation grew from 65% to 67%, being 216 of 324 commercially available transponders. New business signed included Optus Networks Pty, Intelsat General, Telekom PNG (Portable Network Graphics) A bitmapped graphics file format endorsed by the World Wide Web Consortium. It is expected to eventually replace the GIF format, because there are lingering legal problems with GIFs. and the Department of Space of the Indian Government for the expansion of DTH services in India. The NSS-8 satellite now under construction is presently expected to be launched late in the fourth quarter of this year, ultimately replacing NSS-703 at 57 degrees E, which satellite we intend to relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to 340 degrees E. NSS-8 will support future growth by adding 92 transponders to the fleet, and has enhanced power, flexibility and coverage from its desirable orbital position over the Indian Ocean Indian Ocean, third largest ocean, c.28,350,000 sq mi (73,427,000 sq km), extending from S Asia to Antarctica and from E Africa to SE Australia; it is c.4,000 mi (6,400 km) wide at the equator. It constitutes about 20% of the world's total ocean area. Region. Services Activities Services activities generated revenues of EUR 106.1 million in the first six months. These were delivered by the three broad groups of activities: Media Services, Government Services, and Managed Services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality . Media services, the bulk of which were delivered by ASTRA Platform Services (APS) in Europe, continued to grow. APS achieved a strong 15% increase in revenues in the first half of the year, driven by the growth of HD channels, further acquisitions of TV and radio customers, and the success of the interactive service Blucom. APS is maintaining its position as one of the leading European service providers in the HD sector and currently broadcasts 7 different HD channels, including 3 HD channels from Premiere, 2 from ProSiebenSat.1, the newly acquired Anixe HD channel, and the ASTRA HD demo demo - /de'moh/ 1. A demonstration of a product, often of an early version or prototype. A demo is a far more effective way of inducing bugs to manifest themselves than any number of test runs, especially when important people are watching. 2. demo version. 3. channel. APS also acquired 8 new SDTV and radio channels in the first six months and has extended its services to existing customers, mainly Premiere, in the value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. and platform services sectors. With Blucom, APS also added 5 TV channels and one radio channel to its customer list, while further Blucom contracts are currently being negotiated. AMERICOM's IP-PRIME offering is ready to deliver over 200 channels, including HDTV. IP-PRIME has been delivering programming under a trial arrangement to BellSouth since November 2005 and is in active trials with several National Rural Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. Cooperative (NRTC NRTC National Rural Telecommunications Cooperative NRTC National Road Transport Commission (Australia) NRTC National Respiratory Training Centre (UK) NRTC National Research and Training Center ) member operators. IP-PRIME has completed agreements with vendors for conditional access Conditional Access (acronymized CA) is the protection of content by requiring certain criteria to be met before granting access to this content. The term is commonly used in relation to digital television systems, most notably satellite television. , middleware Software that functions as a conversion or translation layer. It is also a consolidator and integrator. Custom-programmed middleware solutions have been developed for decades to enable one application to communicate with another that either runs on a different platform or comes from a and set-top boxes The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. . IP-PRIME expects commercial launches beginning in late 2006. Government services. With the acquisition of ND Satcom, SES has acquired a flagship presence in the European government services market. ND Satcom has been chosen to provide, as a prime contractor, the complete ground segment for monitoring and controlling a new satellite communications programme "BW2", which was recently approved by the German parliament. The contract is worth around EUR 180 million in revenues to ND Satcom over a ten year period. AMERICOM Government Services ("AGS AGS American Geriatrics Society. "), which accounts for a significant percentage of the Group's total Government services revenues, partnered with the Harris Corporation Harris Corporation NYSE: HRS is an international communications equipment company that produces wireless equipment, electronic systems, and both terrestrial and spaceborne antennas for use in the government, defense, and commercial sectors. to provide an end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. backup telecommunications system for radar, weather and cockpit This article is about the flight deck of an aircraft. For other uses, see Cockpit (disambiguation). A cockpit is the area usually nearer the front of a piloted aircraft from which a pilot controls the aircraft. communications to air traffic controllers for the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control . Using bandwidth on both AMC-9 and AMC-6, the network hub See hub and hub vs. switch. was established at AMERICOM's Woodbine, Maryland Woodbine is located in Howard and Carroll counties, in the Baltimore, Maryland, metropolitan area. teleport Verb 1. teleport - transport by dematerializing at one point and assembling at another science fiction - literary fantasy involving the imagined impact of science on society transport - move something or somebody around; usually over long distances . AGS also made substantial progress in the development of two new service offerings in the first half of 2006: Command and Control-on-the-Move (C2oTM) and the REDiSat Network. --C2oTM employs emerging low profile, agile Ku-band antenna technology created by San Diego-based ViaSat in combination with IP systems installed on a vehicle, such as a Humvee, to provide up to 10 Mbps receive and up to 512 Kbps transmit To send data over a communications line. See transfer. capability while the vehicle is moving up to 60 miles per hour. C2oTM passed rigorous qualification tests conducted in the U.S. and Europe. --REDiSat Network was developed to provide satellite-based multi-application connectivity to first responders first responder First response personnel Emergency medicine A person employed in the public sector–EMT, fire fighter, police, volunteer EMS–whose duties include provision of immediate medical care in the event of an emergency; FRs have basic emergency , emergency management professionals, and private enterprises as they recover from terrestrial Dealing with the earth. See terrestrial link. communication service outages after natural disasters. Deployed in advance, REDiSat Network users will have voice and data receive and transmit functionality available within minutes of an event. Managed services - SES's prime managed services operation SATLYNX announced in April the acquisition of Spaceline, the satellite communications division of Hewlett-Packard, increasing the focus of SATLYNX on the Single Channel Per Carrier business, and reinforcing the company's presence in the emerging markets of Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. , the Middle East and Africa. OUTLOOK and modelling guidance Our performance to date reinforces our confidence that Group revenues will continue to grow faster than those of our peers. The acceleration of the Star One contract and the reconfiguration of the AMC-14 satellite mean that, on a same scope basis, our revenue growth in 2006 will be approaching 10% while fiscal year 2007 will show a temporarily reduced growth rate. Notwithstanding this, we anticipate that the strong performance of our other businesses will allow us to achieve a high single-digit compound annual growth rate for the period 2005-2007. On top of this strong organic growth, the acquisition of New Skies and the full consolidation of ND Satcom increase revenue and EBITDA both in 2006 and thereafter. As a result, we expect total revenues will grow by more than 20% in 2006 relative to 2005. Our strong performance, in particular in our core infrastructure business, allows us to increase our EBITDA guidance for 2006 at same scope by EUR 23 million to EUR 918-938 million. Including SES NEW SKIES and ND Satcom and after start-up Start-up The earliest stage of a new business venture. and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs we expect EBITDA to be in the range of EUR 980-1,000 million. Detailed guidance is available on our website under the Investor Relations Investor relations The process by which the corporation communicates with its investors. section, along with a presentation providing modelling guidance for project Dolphin dolphin, fish dolphin, large, swift game fish, Coryphaena hipparus, also called dorado. It is of nearly worldwide distribution in warm waters. . Based on the favourable development of our revenues and EBITDA, we expect to deliver strong growth in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . At same scope earnings per share ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ") will be above prior year levels, reflecting also the share buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may and cancellation programme. Both ND Satcom and SES NEW SKIES (before restructuring costs) will be accretive to EPS in 2006. SES NEW SKIES As previously communicated, SES NEW SKIES will operate as the third pillar pillar, freestanding columnar supporting member. It is a general term, little used as an exact architectural definition except as applied to an upright support in the medieval styles, consisting of an assemblage of juxtaposed shafts and moldings; unlike the column, of the infrastructure part of the SES Group, and therefore will maintain its market facing activities which will be reinforced by the customer relationships coming from the other entities of the SES Group. We are actively engaged at present in the integration of SES NEW SKIES' activities and operations into the larger SES Group. A rigorous review of business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets resulted in our assessment of recurring savings in operational costs in the enlarged Group of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 30 million per annum Per annum Yearly. . One example of the measures being taken is the planned transfer of SES NEW SKIES' satellite operations activities to existing facilities within the Group. The USD 30 million savings will be fully achieved from 2008 onwards on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. Adv. 1. , with USD 20 million already being expected in 2007. We expect to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. around USD 38 million in restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in the course of the next 12 months associated with the overall integration process. The bulk of this charge will be taken in the second half of 2006 with the completion of the most significant integration activities. Share buyback and cancellation programme We continue to execute our share buyback and cancellation programme at current share price levels, which provide an excellent opportunity to create shareholder value. At July 31 we had bought some 16.9 million FDRs, mainly for cancellation under the share buy-back programme with the balance being held in connection with employee share option schemes, at an average price of around EUR 11.50. As of July 31, we have applied EUR 213.3 million to this programme, as well as to the acquisition of 3.5 million Class B Shares. Our strong operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. allows us to do so without restricting the Group's ability to enter into important investment projects or otherwise limiting our financial flexibility. We look back over the first half of 2006 with a strong sense of achievement and satisfaction. As confirmed in the modelling guidance, we expect the business to continue performing strongly into the second half of 2006 and beyond.
Romain Bausch,
President & CEO, SES GLOBAL
KEY FINANCIAL HIGHLIGHTS
Q1 Q2 Q3 Q4 Q1 Q2
Quarterly development 2005 2005 2005 2005 2006 2006
------------------------- ------ ------ ------ ------- ------- -------
Revenue 289.6 319.6 313.0 335.8 329.3 381.2
------------------------- ------ ------ ------ ------- ------- -------
Operating expenses (83.1) (88.5) (96.0) (109.3) (102.1) (108.9)
------------------------- ------ ------ ------ ------- ------- -------
EBITDA 206.5 231.1 217.0 226.5 227.2 272.3
------------------------- ------ ------ ------ ------- ------- -------
Depreciation (81.4) (93.3) (90.0) (98.3) (92.9) (112.4)
------------------------- ------ ------ ------ ------- ------- -------
Amortisation (8.1) (13.5) (8.0) (12.7) (7.9) (7.8)
------------------------- ------ ------ ------ ------- ------- -------
Operating profit 117.0 124.3 119.0 115.5 126.4 152.1
------------------------- ------ ------ ------ ------- ------- -------
FINANCIAL REVIEW
Revenue
Six months to Six months to
June 30, 2006 June 30, 2005 Variance %
------------ ------------- ------------- ----------- -----------
Revenue 710.5 609.2 +101.3 +16.6%
------------ ------------- ------------- ----------- -----------
The favourable revenue development reflects both organic growth in
the Group's primary operating companies, ASTRA and AMERICOM, and the
first-time contribution by SES NEW SKIES to Group revenues. The
components of the strong overall growth in revenues are illustrated
below.
The organic growth of EUR 49 million in the first half of the year
mainly reflects continued growth in the UK and German markets, as well
as strong growth in the Eastern European and African markets. In the
US, contracts with Connexion by Boeing, Hughes Network Systems and
EchoStar also contributed to this favourable development.
SES NEW SKIES, consolidated from March 30, contributed an
incremental EUR 49.3 million to Group revenues after the elimination
of intra-Group sales.
Operating expenses and EBITDA
Six months to Six months to
June 30, 2006 June 30, 2005 Variance %
------------ ------------- -------------- ---- ----------- -----------
Operating
expenses (211.0) (171.6) -39.4 - 23.0%
------------ ------------- -------------- ---- ----------- -----------
EBITDA 499.5 437.6 + 61.9 +14.1%
------------ ------------- -------------- ---- ----------- -----------
The increase in Earnings Before Interest, Tax, Depreciation and
Amortisation ("EBITDA") reflects a first-time contribution by SES NEW
SKIES of EUR 35.3 million, and the flow-through impact of higher
revenues.
Both the infrastructure and services business contributed
positively to the EBITDA in the period - the operating performance of
the two primary business segments can be analysed as follows:
Elimination/
Infrastructure Services Unallocated Total
------------------------- -------------- -------- ------------ -------
------------------------- -------------- -------- ------------ -------
Revenue 636.2 106.1 (31.8) 710.5
------------------------- -------------- -------- ------------ -------
Operating expenses (134.5) (101.2) 24.7 (211.0)
------------------------- -------------- -------- ------------ -------
EBITDA 501.7 4.9 (7.1) 499.5
------------------------- -------------- -------- ------------ -------
EBITDA margin % 78.9% 4.6% -- 70.3%
------------------------- -------------- -------- ------------ -------
Services EBITDA is after charging EUR 5.7 million relating to
start-up and project costs - excluding these items the Services margin
was 9.9%.
Operating profit
Six months to Six months to
June 30, 2006 June 30, 2005 Variance %
------------ ------------- ------------- ----------- -----------
Depreciation (205.3) (174.7) - 30.6 - 17.5%
------------ ------------- ------------- ----------- -----------
Amortisation (15.7) (21.6) + 5.9 +27.3%
------------ ------------- ------------- ----------- -----------
Operating
profit 278.5 241.3 +37.2 +15.4%
------------ ------------- ------------- ----------- -----------
The rise in the Group's depreciation charge was driven by the
first-time consolidation of SES NEW SKIES (contributing EUR 18.9
million to the charge), but also reflected the changes in the
satellite fleet between the two periods. In particular the taking into
service of AMC-16 (February 2005), AMC-12 (April 2005), AMC-23
(February 2006) and ASTRA 1KR (June 2006).
The increase in operating profit reflects both the first-time
contribution of EUR 16.4 million of SES NEW SKIES and the favourable
developments in the existing business outlined above.
Net financing charges
The charges can be analysed as follows:
Six months to Six months to
June 30, 2006 June 30, 2005 Variance %
-------------- --------------- ------------- ---------- --------
Net interest
expense (56.0) (36.7) - 19.3 - 52.6%
-------------- --------------- ------------- ---------- --------
Capitalised
interest 8.8 8.6 + 0.2 + 2.3%
-------------- --------------- ------------- ---------- --------
Net foreign
exchange
gains 18.3 11.7 + 6.6 + 56.4%
-------------- --------------- ------------- ---------- --------
Subtotal (28.9) (16.4) - 12.5 - 76.2%
-------------- --------------- ------------- ---------- --------
Gain on
changes in
shareholdings 15.4 4.6 +10.8 + 234.8%
-------------- --------------- ------------- ---------- --------
Net financing
charges (13.5) (11.8) - 1.7 - 14.4%
-------------- --------------- ------------- ---------- --------
The higher net interest expense for the period reflects three main
factors. Firstly the increase in market interest rates, with LIBOR
rising around 90 basis points. Secondly, the increase in net debt
driven by the acquisition of New Skies and the share buy-back
programme. Finally, the Group acquired certain high-yielding financing
instruments issued by New Skies which also raised the Group's weighted
average financing cost. These instruments are being withdrawn in the
third quarter of 2006.
The favourable value adjustments in 2006 relate mainly to the sale
in the first quarter of a Group subsidiary involved in re-insurance
activities.
Income tax expense
Six months to Six months to
June 30, 2006 June 30, 2005 Variance %
------------ ------------- ------------- ----------- -----------
Income tax
expense (47.3) (66.4) + 19.1 + 28.8%
------------ ------------- ------------- ----------- -----------
The tax charge for the period fell to EUR 47.3 million
representing a reported tax rate of 17.9% compared to 21.1% for the
whole of 2005.
Net profit
Six months to Six months to
June 30, 2006 June 30, 2005 Variance %
------------ ------------- ------------- ----------- -----------
Net profit
of the
Group 215.6 167.7 + 47.9 + 28.6%
------------ ------------- ------------- ----------- -----------
The strong growth in net profit reflects the favourable operating
performance of the Group and the lower overall non-operating charges.
Cash flow
Six months to Six months to
June 30, 2006 June 30, 2005 Variance %
------------ ------------- ------------- ----------- -----------
Net
operating
cash flow 544.2 451.2 + 93.0 + 20.6%
------------ ------------- ------------- ----------- -----------
Free cash
flow (242.3) 313.8 - 556.1 --
------------ ------------- ------------- ----------- -----------
After the decline in net operating cash flow in the second half of
2005, caused by substantial tax payments, net operating cash flow
rebounded strongly in the first half of 2006 - up 20.6% on the
corresponding prior year period. This reflects the higher operating
profit of the period compared to comparative period in 2005, the
contribution of SES NEW SKIES to Group operating profit in the 2nd
Quarter, and the effective management of working capital.
Free cash flow is negative reflecting primarily the acquisition of
New Skies and ND Satcom for EUR 606.2 million.
Net debt
June 30, December
2006 31, 2005 Variance %
----------------------------- --------- ---------- ----------- -------
Cash (excluding cash
equivalents) (275.2) (196.8) - 78.4 - 39.8%
----------------------------- --------- ---------- ----------- -------
Loans and borrowings 3,346.3 2,303.9 + 1,042.4 + 45.2%
----------------------------- --------- ---------- ----------- -------
Net debt 3,071.1 2,107.1 +964.0 + 45.8%
----------------------------- --------- ---------- ----------- -------
Net debt / EBITDA 3.01 2.39 +0.62 +25.9%
----------------------------- --------- ---------- ----------- -------
Net debt rose in the period primarily due to the acquisition of
New Skies Satellites and the continuing share-buy back and
cancellation programme. Net debt / EBITDA, at 3.01, is within the
target range established by the Group. For these purposes, EBITDA is
calculated on a proforma basis with a 12 month contribution from SES
NEW SKIES.
Contract backlog
June 30, December 31,
2006 2005 Variance %
------------------ -------- ------------ ----------- -----------
Fully protected
contract backlog 6,781.7 6,489.9 + 291.8 + 4.5 %
------------------ -------- ------------ ----------- -----------
Fully protected contract backlog in the period rose to EUR 6,781.7
million, due both to organic growth and the first time consolidation
of the backlog of both SES NEW SKIES and ND Satcom.
SES GLOBAL S.A.
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months ended June 30, 2006
(in EURO millions)
Six months to Six months to 12 months to
June 30, June 30, December 31,
2006(1) 2005(1) 2005(2)
--------------------------- ------------- ------------- --------------
Revenue 710.5 609.2 1,258.0
--------------------------- ------------- ------------- --------------
Operating expenses (211.0) (171.6) (376.9)
--------------------------- ------------- ------------- --------------
Depreciation (205.3) (174.7) (363.0)
--------------------------- ------------- ------------- --------------
Amortisation (15.7) (21.6) (42.3)
--------------------------- ------------- ------------- --------------
Operating profit 278.5 241.3 475.8
--------------------------- ------------- ------------- --------------
Net finance charges (13.5) (11.8) (4.7)
--------------------------- ------------- ------------- --------------
Profit for the period
before tax 265.0 229.5 471.1
--------------------------- ------------- ------------- --------------
Income tax expense (47.3) (66.4) (99.3)
--------------------------- ------------- ------------- --------------
Profit for the period
after tax 217.7 163.1 371.8
--------------------------- ------------- ------------- --------------
Share of associates'
result (2.1) 4.6 9.0
--------------------------- ------------- ------------- --------------
Profit for the period 215.6 167.7 380.8
--------------------------- ------------- ------------- --------------
Attributable to:
--------------------------- ------------- ------------- --------------
Equity holders of parent 215.8 168.5 381.9
--------------------------- ------------- ------------- --------------
Minority interest (0.2) (0.8) (1.1)
--------------------------- ------------- ------------- --------------
Net profit of the Group 215.6 167.7 380.8
--------------------------- ------------- ------------- --------------
Weighted basic and diluted earnings per share
A - shares (Euro) 0.39 0.29 0.67
--------------------------- ------------- ------------- --------------
B - shares (Euro) 0.16 0.12 0.27
--------------------------- ------------- ------------- --------------
C - shares (Euro) 0.39 0.29 0.67
--------------------------- ------------- ------------- --------------
* Earnings per share is calculated by dividing the net profit
attributable to ordinary shareholders for the period by the weighted
average number of shares outstanding during the year as adjusted to
reflect the economic rights of each class of share. Fully diluted
earnings are insignificantly different from basic earnings per share.
SES GLOBAL S.A.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
at June 30, 2006
(in EURO millions)
June 30, June 30, December 31,
2006(1) 2005(1) 2005(2)
--------------------------- ------------- ------------- --------------
NON-CURRENT ASSETS
--------------------------- ------------- ------------- --------------
Property, plant and
equipment 3,335.9 2,940.2 2,820.4
--------------------------- ------------- ------------- --------------
Assets in the course of
construction 494.7 500.4 694.3
--------------------------- ------------- ------------- --------------
Total property, plant and
equipment 3,830.6 3,440.6 3,514.7
--------------------------- ------------- ------------- --------------
Intangible assets 3,511.9 2,960.2 3,019.1
--------------------------- ------------- ------------- --------------
Financial and other non-
current assets 169.8 194.7 127.5
--------------------------- ------------- ------------- --------------
Total non-current assets 7,512.3 6,595.5 6,661.3
--------------------------- ------------- ------------- --------------
CURRENT ASSETS
--------------------------- ------------- ------------- --------------
Inventories 21.4 4.3 4.6
--------------------------- ------------- ------------- --------------
Trade and other receivables 233.8 186.8 191.8
--------------------------- ------------- ------------- --------------
Prepayments 46.2 45.1 54.5
--------------------------- ------------- ------------- --------------
Valuation of financial
instruments 12.8 29.7 54.0
--------------------------- ------------- ------------- --------------
Cash and cash equivalents 275.9 181.2 196.8
--------------------------- ------------- ------------- --------------
Total current assets 590.1 447.1 501.7
--------------------------- ------------- ------------- --------------
TOTAL ASSETS 8,102.4 7,042.6 7,163.0
--------------------------- ------------- ------------- --------------
EQUITY
--------------------------- ------------- ------------- --------------
Attributable to equity
holders of the parent 3,001.7 3,588.7 3,449.0
--------------------------- ------------- ------------- --------------
Minority interest 33.4 34.3 34.5
--------------------------- ------------- ------------- --------------
Total equity 3,035.1 3,623.0 3,483.5
--------------------------- ------------- ------------- --------------
NON-CURRENT LIABILITIES
--------------------------- ------------- ------------- --------------
Interest-bearing loans and
borrowings 2,766.8 1,897.5 2,145.1
--------------------------- ------------- ------------- --------------
Provisions and deferred
income 85.6 148.6 140.2
--------------------------- ------------- ------------- --------------
Deferred tax liabilities 807.6 703.5 737.2
--------------------------- ------------- ------------- --------------
Total non-current
liabilities 3,660.0 2,749.6 3,022.5
--------------------------- ------------- ------------- --------------
CURRENT LIABILITIES
--------------------------- ------------- ------------- --------------
Interest-bearing loans and
borrowings 579.5 - 158.8
--------------------------- ------------- ------------- --------------
Trade and other payables 287.5 181.3 207.9
--------------------------- ------------- ------------- --------------
Valuation of financial
instruments 21.4 13.3 9.5
--------------------------- ------------- ------------- --------------
Income tax payable 166.4 251.2 117.2
--------------------------- ------------- ------------- --------------
Deferred income 352.5 224.2 163.6
--------------------------- ------------- ------------- --------------
Total current liabilities 1,407.3 670.0 657.0
--------------------------- ------------- ------------- --------------
TOTAL LIABILITIES 5,067.3 3,419.6 3,679.5
--------------------------- ------------- ------------- --------------
TOTAL LIABILITIES AND
EQUITY 8,102.4 7,042.6 7,163.0
--------------------------- ------------- ------------- --------------
SES GLOBAL S.A.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
for the six months ended June 30, 2006
(in EURO millions)
Six months to Six months to
June 30, 2006(1) June 30, 2005(1)
----------------------------------- ---------------- -----------------
Consolidated net income before
taxes 265.0 229.5
----------------------------------- ---------------- -----------------
Adjustment for non-cash items 165.0 166.5
----------------------------------- ---------------- -----------------
Consolidated operating profit
before working capital changes 430.0 396.0
----------------------------------- ---------------- -----------------
Changes in operating assets and
liabilities 114.2 55.2
----------------------------------- ---------------- -----------------
Net operating cash flow 544.2 451.2
----------------------------------- ---------------- -----------------
Cash flow from investing activities
----------------------------------- ---------------- -----------------
Purchase of property, plant and
equipment (196.0) (262.9)
----------------------------------- ---------------- -----------------
Acquisition of subsidiary, net of
cash acquired (621.2) -
----------------------------------- ---------------- -----------------
Realised proceeds on the settlement
of swaps 33.2 142.2
----------------------------------- ---------------- -----------------
Other flows from investing
activities (2.5) (16.7)
----------------------------------- ---------------- -----------------
Total cash flows from investing
activities (786.5) (137.4)
----------------------------------- ---------------- -----------------
Cash flow from financing activities
----------------------------------- ---------------- -----------------
Movements on borrowings 736.7 (317.0)
----------------------------------- ---------------- -----------------
Dividends paid to equity holders of
the parent (215.2) (175.5)
----------------------------------- ---------------- -----------------
Treasury shares acquired (154.3) (41.4)
----------------------------------- ---------------- -----------------
Other cash flows from financing
activities 35.4 (8.0)
----------------------------------- ---------------- -----------------
Total cash flows from financing
activities 402.6 (541.9)
----------------------------------- ---------------- -----------------
Movements in exchange (81.9) 27.4
----------------------------------- ---------------- -----------------
(Decrease) / Increase in cash 78.4 (200.7)
----------------------------------- ---------------- -----------------
Cash at beginning of the period 196.8 381.9
----------------------------------- ---------------- -----------------
Net cash at end of the period 275.2 181.2
----------------------------------- ---------------- -----------------
(1) The results have been the subject of a limited review by the
Group's auditors Ernst & Young
(2) Extracted from the 2005 Annual Report of SES GLOBAL
SES GLOBAL S.A.
SEGMENTAL ANALYSIS OF RESULT FROM OPERATIONS
for the six months ended June 30, 2006
(in EURO millions)
Other seg-
For the six months ended NEW ments and
June 30, 2006 EMEA AMERICAS SKIES eliminations Total
------------------------- ------ -------- ------ ------------- -------
Total revenue 410.1 236.9 51.0 12.5 710.5
------------------------- ------ -------- ------ ------------- -------
Operating expenses (88.8) (98.0) (15.7) (8.5) (211.0)
------------------------- ------ -------- ------ ------------- -------
EBITDA 321.3 138.9 35.3 4.0 499.5
------------------------- ------ -------- ------ ------------- -------
Depreciation (91.4) (86.7) (18.9) (8.3) (205.3)
------------------------- ------ -------- ------ ------------- -------
Amortisation (13.9) (1.6) -- (0.2) (15.7)
------------------------- ------ -------- ------ ------------- -------
Operating profit 216.0 50.6 16.4 (4.5) 278.5
------------------------- ------ -------- ------ ------------- -------
Other seg-
For the six months ended NEW ments and
June 30, 2005 EMEA AMERICAS SKIES eliminations Total
------------------------- ------ -------- ------ ------------- -------
Total revenue 370.5 220.3 -- 18.4 609.2
------------------------- ------ -------- ------ ------------- -------
Operating expenses (74.4) (78.2) -- (19.0) (171.6)
------------------------- ------ -------- ------ ------------- -------
EBITDA 296.1 142.1 -- (0.6) (437.6)
------------------------- ------ -------- ------ ------------- -------
Depreciation (89.5) (72.7) -- (12.5) (174.7)
------------------------- ------ -------- ------ ------------- -------
Amortisation (14.1) (1.6) -- (5.9) (21.6)
------------------------- ------ -------- ------ ------------- -------
Operating profit 192.5 67.8 -- (19.0) 241.3
------------------------- ------ -------- ------ ------------- -------
In the table above, the column "Other segments and eliminations" includes the results of the segments Asia and Other, as well as the impact of the elimination of intra-Group transactions. --This announcement does not constitute or form part of, and should not be construed as, any offer for sale of, or solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of any offer to buy, any securities of SES GLOBAL S.A. ("SES GLOBAL") 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 GLOBAL, or its advisors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement, and any reliance you place on them will be at your sole risk. Without prejudice Without any loss or waiver of rights or privileges. When a lawsuit is dismissed, the court may enter a judgment against the plaintiff with or without prejudice. When a lawsuit is dismissed without prejudice to the foregoing, none of SES GLOBAL or its advisors accepts any liability whatsoever for any loss howsoever how·so·ev·er adv. 1. To whatever degree or extent. 2. By whatever means. arising, directly or indirectly, from use of this announcement or its contents or otherwise arising in connection therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. . --This announcement includes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". All statements other than statements of historical fact included in this announcement, including, without limitation, those regarding SES GLOBAL's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc SES GLOBAL's 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 GLOBAL 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 GLOBAL's present and future business strategies and the environment in which SES GLOBAL 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 announcement. Forward-looking statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. SES GLOBAL does 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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