The President of Turkmenistan takes part in the event dedicated to coming New Year

Published in World
Thursday, 27 December 2018 18:20

President Gurbanguly Berdimuhamedov took part in the event dedicated to New Year organized in Mizan Centre.

Deputy Chairmen of the Cabinet of Ministers, leaders of the Mejlis, military and law enforcement structures, ministries and departments, public organizations, heads of diplomatic missions accredited in Turkmenistan, ambassadors of our country, cultural personnel and art masters have gathered there.

The Head of the State extended warm congratulations on coming celebration to the participants, having noted that 2018 became another important milestone in modern history. This year, which is held under slogan “Turkmenistan – the Heart of the Great Silk Road”, has been marked with numerous events indicating great success and achievements of our country and its high authority in the world arena.

The Head of the State continued that big plans and objectives aimed at further strengthening of national economy, steadfast development of science, education, health protection and social sphere are planned for the next year of 2019, which would be held under slogan “Turkmenistan – the Home of Prosperity”. Having highlighted that all of these is to improve the wellbeing of Turkmen people, President Gurbanguly Berdimuhamedov wished happiness, family prosperity and great success in work to all participants.

In their turn, the participants wished the Head of the State strong health, longevity, unexhausted power and energy and success in all noble beginnings congratulating the President on the celebration.

Integrated programmes aimed at efficient use of colossal natural reserves, implementation of huge economic potential of the state, spiritual and cultural prosperity of the nation are implemented under the leadership of the President in Turkmenistan. This is visually indicated by numerus social, cultural, production, transport and communication facilities, which have been put into operation in the capital and regions this year.

It includes Turkmenbashy International Seaport, carbamide plant in Garabogaz, petrochemical facility for production of polypropylene and polyethylene in Kiyanly, sanatorium and aqua park with entertainment centre in Avaza national tourist zone, Turkmenabat International Airport, combined power station in Mary, glass production facility Türkmenaýnaönümleri in Ahal Velayat, Serhetabat – Turgundy railroad as well as schools, medical facilities, comfortable residential buildings.

Construction of new phase of Turkmenistan – Afghanistan – Pakistan – India gas line, power and fibre optic lines on the same route, which according to President Gurbanguly Berdimuhamedov would serve to economic growth of the countries and wealth of the nations in the region, are among the projects that have been launched this year.

Potential of agrarian sphere is steadily growing. New livestock and poultry complexes, hothouse farms have been opened under implementation of the State import substitutive and export increment programmes. Due to important decisions taken at the first session of the People’s Council, actual impulse has been given to the reforms in agriculture, which would bring national agricultural complex to new levels.

Foundations of new modern villages have been laid in Ak Bugday, Gyoktepe and Kaahka etraps of Ahal Velayat according to the National Programme of improvement of social and living conditions of rural population until 2020.

In general, all of these makes conditions for dynamic economic growth of Turkmenistan in 2019, which is indicated by the forecasts of the world financial structures including International Monetary Fund.

Foreign course based on the principles of positive neutrality, peace, goodwill and beneficial cooperation pursued by the Head of the State brings actual results. Constructive initiatives of Turkmen leader aimed at the development of balanced solution of current issues and problems of time, intensification of fruitful partnership in regional and global scale, which were made at the United Nations General Assembly and other important forums, have received wide recognition and support of the world community.

Mass cycling ride and International rally Amul – Hazar 2018, which were organized on occasion of the World Bicycle Day instituted by the UN by proposal of Turkmenistan, the World Weightlifting Championship are among remarkable events of 2018. These sport events have improved the world image of our country and gave new impulse to physical training and sport movement.

Bright New Year performance with the participation of the art masters has been expanded in Mizan centre during the event. New song “Arzuw”, which lyrics has been written by President Gurbanguly Berdimuhamedov and music by his grandson Kerimguly Berdimuhamedov, raised special enthusiasm of the participants. Distinguished by modern style and arrangement, the song was performed in Turkmen, English and German. The song penetrated the soul of all audience with its beautiful tunes and heartfelt lyrics, having left enthusiastic impressions indicated by the storm of applauses.

The state news agency of Turkmenistan

Half Year 2017 Results: Solid Performance on Execution of SES’s Differentiated Strategy

Published in World
Friday, 28 July 2017 13:10

LUXEMBOURG, 28 July 2017 -- SES S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG) announced financial results for the six months ended 30 June 2017.

Delivering return to growth in revenue and profitability  

  • Revenue EUR 1,048.7 million, up 9.6% over prior period (down 1.5% like-for-like[1])
  • EBITDA margin 65.5% and operating profit margin 29.2%[2] (H1 20161: 66.4% and 31.3% respectively)
  • Net profit attributable to SES shareholders of EUR 275.5 million, up 21.2% over prior period
  • Net debt to EBITDA ratio[3] 3.24 times (H1 2016: 2.03 times), in line with SES’s financial framework
  • Substantial contract backlog of EUR 7.5 billion (H1 2016: EUR 7.3 billion)

Improving trend in SES Video and strong growth in SES Networks delivers stable verticals development

  • Improving trend in SES Video with Q2 2017 at -1.9% (YOY), compared with Q1 2017 at -4.2% (YOY)
  • Stable outlook for SES Video, excluding short-term impact of launch schedule and satellite health changes
  • Improved business mix and differentiated solutions driving 7.5% (YOY) growth in SES Networks
  • Development agreement signed with Boeing to deliver next generation technology innovation  

Karim Michel Sabbagh, President and CEO, commented: “SES continues to make a positive start to 2017 and is well positioned to generate sustained growth and improving returns.

SES Video continues to deliver differentiated services and enhance the viewing experience, with the proportion of integrated solutions nearly doubling versus last year. The improving trend in Q2 2017 underpins our stable outlook for 2017 before the temporary impact of changes due to launch schedule and satellite health, which are expected to result in a slight decline.

SES Networks’ distributed network capabilities are driving strong growth across our data-centric verticals, expanding with global fixed data, aeronautical, maritime and government clients. The development agreement, signed today, with Boeing is the latest milestone in delivering next generation technology that will form the basis for SES’s future network and will expand the future addressable market.”

OPERATIONAL REVIEWS

At 30 June 2017, SES’s fully protected contract backlog was EUR 7.5 billion (30 June 2016: EUR 7.3 billion). The substantial backlog is the result of the successful commercial activity across SES’s two natural business units – SES Video and SES Networks.

 

SES Video: 67% of group revenue (H1 2016: 70%)

  • Reported revenue up 5.4% to EUR 699.7 million (-3.1% like-for-like)
  • Improving trend with Q2 2017 at -1.9% (YOY) versus -4.2% (YOY) for Q1 2017 
  • Nearly doubling reported revenue from integrated media solutions 

 

As expected, a significant improvement in the year-on-year (like-for-like) development between Q1 2017 (-4.2%) and Q2 2017 (-1.9%) led to an overall reduction of 3.1% for H1 2017, compared with the prior period. This resulted from the impact of higher periodic revenue, predominantly in Q1 2016, beginning to progressively normalise over the course of 2017. Q2 2017 benefited from the signing of new agreements covering the existing fleet and recently launched capacity.

 

 [1] Comparative figures are restated at constant FX to neutralise currency variations and assuming (on a pro forma basis) that RR Media and O3b had been consolidated from 1 January 2016

[2] Includes one-off impairment charge against AMC-9 of EUR 38.4 million. Excluding this item, H1 2017 operating profit margin was 32.8%

[3] Based on rating agency methodology (treats hybrid bonds as 50% debt and 50% equity). Under IFRS (treats hybrid bonds as 100% equity), net debt to EBITDA ratio was 2.79 times at 30 June 2017 (30 June 2016: 1.77 times)   

Full Year 2016 Results: a year of acceleration and building differentiated capabilities

Published in World
Friday, 24 February 2017 13:15

2.7% growth in reported revenue and 10% growth in contract backlog, reaching EUR 8.1 billion

LUXEMBOURG, 24 February 2017 -- SES S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG) announced financial results for the year ended 31 December 2016.

Strong business fundamentals delivering solid financial performance
• Reported revenue of EUR 2,068.8 million, up 2.7% over prior year (+2.4% at constant FX )
• Revenue 2.7% lower at same scope2 and constant FX
• Group EBITDA margin of 70.2% (2015: 74.2%); same scope EBITDA margin of 73.7%
• EUR 495.2 million gain related to O3b consolidation recognised in Q3 2016
• Net profit attributable to SES shareholders of EUR 962.7 million (2015: EUR 544.9 million)
• Net debt to EBITDA ratio 3.09x (2015: 2.54x); O3b refinanced with EUR 60 million annual synergies
• Commitment to progressive dividend re-affirmed with a proposed dividend per A-share of EUR 1.34

Building differentiated, future-proof capabilities to deliver sustained profitable growth and returns
• Substantial contract backlog increased to EUR 8.1 billion (2015: EUR 7.4 billion)
• HDTV grew 7.2% (YOY) to 2,495 channels; now signed 21 commercial UHD channels
• O3b annual revenue up by over 90% (YOY), improving business mix and growth profile in Enterprise
• Expanding leading aero position with Global Eagle Entertainment, Gogo, Panasonic Avionics and Thales
• 9% growth (YOY) in number of global government customers, including new SES GS contracts

Karim Michel Sabbagh, President and CEO, commented: “2016 was a year of acceleration for SES. We continued to execute our strategy of building differentiated capabilities in the four market verticals. This contributed to delivering 2.7% growth in reported revenue and SES’s highest ever contract backlog.

In Video, SES continued to enhance the viewing experience, adding nearly 170 HDTV channels and grew in UHD to 21 commercial channels. SES accelerated the scale-up of capabilities across the value chain through the creation of MX1, which now provides value-added ancillary capabilities to over 2,750 global TV channels and more than 120 Video on Demand platforms.

Acquiring the remaining shares in O3b allowed SES to bring it fully into the group, which is now uniquely placed to deliver ubiquitous managed network solutions for our data customers. The efficient integration of GEO-MEO capabilities enabled SES to increase the number of prime global and regional enterprise customers and provides a strong growth engine for 2017 and beyond.

Mobility revenue grew 67% at same scope and constant FX and almost doubled in 2016 as reported. SES is now the partner of choice for the four major global providers of inflight connectivity and entertainment.

SES’s Government business continued to recover in the U.S. as we are increasingly able to deliver services across the value chain. This includes customised end-to-end solutions, such as TROJAN. 2016 also marked the first joint award for SES and O3b by the U.S. Department of Defense. Equally important is SES’s growth in international Government clients in 2016, including an important end-to-end service agreement for NATO’s AGS.

In RR Media and O3b, SES acquired two important growth accelerators and realised EUR 60 million of annual financing synergies from fully refinancing the O3b debt, commencing in 2017. These were supported by EUR 2.2 billion of new financing completed within SES’s financial framework.

SES is committed to building the business with strategic clarity, value accretive investments and strong execution. These fundamentals support our objective of delivering sustained and profitable growth in all four market verticals, and will enable SES to continue to generate attractive long-term returns for shareholders.”

 

SES HALF YEAR 2016 RESULTS

Published in World
Friday, 29 July 2016 16:36

BUILDING GLOBAL CAPABILITIES TO ACCELERATE RETURN TO GROWTH

Luxembourg, 29 July 2016 – SES S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG) reports financial results for the six months ended 30 June 2016.

H1 2016 HIGHLIGHTS

Strong business foundations excluding non-comparables in H1 2015
• Revenue of EUR 956.8 million, down 4.2% as reported (-4.8% at constant FX )
• EBITDA of EUR 699.8 million, down 5.4% as reported (-5.8% at constant FX1 and same scope )
• EBITDA margin 73.1% (H1 2015: 74.1%) and 73.5% at same scope2
• Net profit attributable to shareholders of EUR 227.3 million (H1 2015: EUR 275.4 million)
• Net operating cash flow of EUR 566.8 million (H1 2015: EUR 784.4 million)
• Substantial contract backlog of EUR 7.3 billion (H1 2015: EUR 7.4 billion)

Executing on SES’s differentiated strategy to deliver return to top-line growth
• Growing Video with HD penetration at 32.7%, 16 UHD channels and International channels +11.1% (YOY)
• Securing the largest ever capacity commitments in aeronautical connectivity with Gogo and Panasonic
• Winning new U.S. Government business and renewals and expanding global government customers
• Reshaping Enterprise business with benefit of focus on managed services and tier one customers
• Accelerating top line growth as of Q3 2016 and expanding global capabilities with O3b Networks and MX1
• EUR 1.65 billion secured to fund move to 100% ownership of O3b and accelerate important synergies
• Generating EUR 750 million of annualised incremental revenue from GEO/MEO investments by 2021

Karim Michel Sabbagh, President and CEO, commented: “SES’s first half results were in line with management’s expectations, while the appeal of SES’s differentiated and holistic solutions to major customers has continued to deliver substantial contract backlog and validates SES’s capability-driven strategy.

SES is well positioned with strong foundations to generate sustainable and long-term growth. SES is globalising the business and developing the strongest, most scalable and flexible solutions across the four market verticals. SES has continued to build market-leading positions in global video and aeronautical connectivity. In Government, SES is delivering robust performance with the benefit of new contracts and renewals with the U.S. Government, as well as expanding with new global government customers.

In Enterprise, SES is growing the proportion of revenue from tier one global/regional customers and the provision of value-add managed services and network platforms. Although changing market dynamics result in short-term headwinds for the balance of SES’s Enterprise business, these will be more than offset in the medium to longer term, as SES continues to scale up and complement its global network and capabilities with additional products and solutions. This global network will seamlessly combine our GEO and MEO systems.

O3b expands SES’s global reach and satellite-enabled solutions, augments SES’s differentiated capabilities in data-centric verticals and enhances SES’s growth profile, including Enterprise. The transaction to move to 100% exceeds SES’s investment hurdle rates and accelerates over EUR 100 million of synergies by 2021. The completion of the equity raising and hybrid bond issue will allow SES to execute this important transaction, while retaining SES’s investment grade credit status (BBB/Baa2) and commitment to a progressive dividend policy.”

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