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SES full year 2021 results ; Net Profit up 69%

SES S.A. announces financial results for the year ended 31 December 2021.

Solid performance delivering revenue of €1,782 million and Adjusted EBITDA(1) of €1,091 million at top end of financial outlook

  • Improving Video trajectory (-4.6% YOY(2,3) in 2021 vs. -8.0% YOY(2,3) in 2020) ahead of our financial outlook
  • Resilient Networks performance, +0.5% YOY(2,3) in a COVID-impacted environment
  • Adjusted Net Profit up 69% to €323 million including benefit of lower recurring operating, depreciation, and interest expenses
  • $1 billion received from first C-band clearing milestone, strengthening the balance sheet, with second phase on track for end-2023
  • Proposed 2021 dividend (paid in 2022) of €0.50 per A-share, representing a 25% YOY increase

On track to deliver robust 2022 Revenue and EBITDA and drive long-term value from differentiated growth investments

  • Around 85% of 2022 Group Revenue outlook (€1,750-1,810 million(4)) already under contract
  • 2022 Adjusted EBITDA outlook (€1,030-1,070 million(4)) reflects robust profitability despite added spend to drive Networks growth
  • Over $900 million(5) of backlog for SES-17 (in service mid-2022) & O3b mPOWER (service introduction end-2022)

Steve Collar, CEO of SES, commented: “2021 was a strong year for SES with revenue and Adjusted EBITDA in line with our objectives, over €1.2 billion of commercial renewals and new business wins secured, an increase in our Adjusted Net Profit reflecting our focus on all cost lines, and our net debt to EBITDA reaching a 6-year low.

Our Video business delivered an improved trajectory on the back of important renewals with our long-term broadcast partners, growing number of HD TV channels, and the expansion of the HD+ offering in Germany. Our Networks business performed well against the backdrop of an extended COVID environment, with a recovery in Mobility contributing to positive year-on-year growth in H2 2021, which we expect to accelerate over 2022.

2021 was also a pivotal year for our C-band initiative in the US as we completed phase one clearing ahead of the FCC deadline and received $977 million (pre-tax) in accelerated relocation payments. Phase two is fully on track with a busy year of satellite launches in 2022, paving the way to triggering an additional incentive of $3 billion in late 2023.

Looking forward and in 2022 we will bring our network of the future to the market with SES-17 entering commercial service in July and the first services on O3b mPOWER delivered before the end of the year. Customer engagement is growing well with almost a billion dollars of backlog now signed, including five of the top six major cruise lines, Microsoft, Marlink, and our landmark joint venture partnership with Reliance Jio. We also welcome the progress being made by the European Commission in the definition of a secure and sovereign multi-orbit European space architecture which aligns well with both our infrastructure and our vision.

Finally, we returned €275 million of cash to shareholders in 2021, underscoring our commitment to sustained and attractive shareholder returns. Increasing the base dividend for 2021 by 25% reflects our confidence in the long-term growth fundamentals and value creation of SES.” Business Wire

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