SES disclosed the company’s YTD financial performance, which reflects solid execution across the business, complemented by the value-accretive DRS Global Enterprise Solutions (GES) acquisition.
SES YTD 2022 Financial Highlights
Commenting on the financial results, Steve Collar, CEO of SES, said: “Our year-to-date performance reflects solid ongoing execution across the business and we remain fully on track to deliver on our 2022 outlook, to capture significant value from US C-band, and to position SES for profitable long-term growth through the deployment of our state-of-the-art multi-orbit assets and architecture.”
Total revenue of €1.4 billion reported a YoY change of 6.1%, while the adjusted net profit made a double-digit growth of 23.2%, amounting to €277 million, including a net foreign exchange gain of €87 million and a higher income tax expense of €52 million.
Looking at the business segments, Video revenues of €763 million represent a reduction of 5.6% year-on-year. As of September 30, 2022, SES delivers around 8,000 total TV channels to 366 million TV homes around the world.
“Our Networks business is up 2.7% year-on-year, primarily driven by ongoing success in Cruise and Aviation,” added the CEO. The Networks revenue reached €636 million, including the first contribution from DRS GES of €32 million. This segment also involves Mobility and Fixed Data, which had a YoY growth of 17.7% and 2.2%, respectively.
“In Government, we have completed the acquisition of DRS GES more quickly than expected, and integration with our existing US Government business is well underway,” explained Collar. “The combined SES Government Solutions business now boasts scale and an expanded value proposition to our Government end-users just as we launch significant new assets in SES-17 and O3b mPOWER.”
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In terms of satellite launches, the first O3b mPOWER launch is scheduled for December 15, 2022, with the constellation entering service in Q3 2023.
Moreover, SES-20, SES-21, and SES-22 were all successfully in orbit. “With the successful launches of our first three C-Band satellites, the second phase of clearing is de-risked, and therefore we have [a] clear line of sight to $3 billion in accelerated clearing payments due at the end of 2023,” concluded Collar.
