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Annual Report 2007

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Annual Report 2007 SES L-6815 Château de Betzdorf Luxembourg Telephone (352) 710 7251 Facsimile (352) 710 725 227 Your Satellite Connection to the World www.ses.com SES0408 01E SES Annual report 2007 Annual report 2007 Highlights 2007 Recurring1 revenue +8.5% Reported revenue _ GE split-off transaction ¤1,597.1m ¤1,610.7m streamlined our asset portfolio 2006: ¤1,615.2m and removed major share Recurring1 EBITDA +12.2% Reported EBITDA overhang ¤1,125.5m ¤1,090.3 _ Canal+ agreement secured 2006: ¤1,080.4m future development of French Industry-leading Net operating cash flow direct-to-home market on infrastructure EBITDA margin improved to ASTRA 81.5% ¤1,192.7m _ Strong new business growth 2006: 78.8% 2006: ¤1,060.1m Return on average equity Average weighted earnings in SES NEW SKIES further improved to per share +11% _ Fleet utilisation of 77% 17.4% ¤0.91 (802 of 1,048 commercially 2006: 13.5% 2006: ¤0.82 available transponders) Proposed dividend _ increased by 36% Fully protected contract ¤0.60 backlog of EUR 5,846.4 million 2006: ¤0.44 1,617.2 1,610.7 1,080.4 1,090.3 0.91 199.7 0.82 881.1 1,258.0 0.67 95.3 60.5 05 06 07 05 06 07 05 06 07 05 06 07 Revenue (in EUR million) EBITDA (in EUR million) Average weighted Net debt to equity (in %) earnings per share (in euro) 1 ‘Recurring’ is a measure designed to represent underlying revenue and EBITDA performance by removing currency exchange effects, eliminating one-time items, considering changes in consolidation scope and excluding revenue and EBITDA from new business initiatives that are still in the start-up phase. Every day SES satellites broadcast close to 100,000 hours of television programming that are received by hundreds of millions of people all over the world. Overall, our satellite fleet transmits more than 13,000 different services every day – from television and radio channels to internet content and data and voice communication. SES satellites can reach 99% of the world’s population and provide an essential and incredibly efficient way of communicating in many of life’s situations. Contents 33 Corporate governance 46 Financial review by management 33 SES shareholders 1 Demonstrating leadership 34 Chairman’s report on corporate 50 Consolidated financial statements 10 SES at a glance governance and internal control 50 Report of the independent auditor 12 Network overview procedures 51 Consolidated income statement 14 Chairman’s statement 34 Objective 52 Consolidated balance sheet 16 President and CEO’s statement 34 Organisation principles 53 Consolidated statement of cash flow 34 The annual general meeting of 54 Consolidated statement of changes 18 Operations review shareholders in shareholders’ equity 18 Market developments 35 The Board of Directors and its 55 Notes to the consolidated 20 Key corporate developments committees financial statements 22 SES ASTRA segment 39 The Executive Committee 27 SES AMERICOM segment 40 Remuneration 91 SES S.A. annual accounts 29 SES NEW SKIES segment 40 External Auditor 91 Report of the independent auditor 41 Internal control procedures 92 Balance sheet 42 Human resources 93 Profit and loss account 44 Investor relations 93 Statement of changes in 44 Our corporate social responsibility policy shareholders’ equity 94 Notes to the SES S.A. accounts 104 Other information 104 Shareholder information 104 Companies of the group 1 SES Annual report 2007 We don’t just talk about leadership, we demonstrate it. Here’s how . SES is the world leader in providing highest We reach further quality satellite capacity for video broadcasting 2 At January 31, 2008 Our fleet of 38 spacecraft 2 distribute more video and radio channels of the world’s leading broadcasters than any other satellite system, offering unparalleled coverage of 99% of the entire population of this planet. We also provide outstanding communication services to businesses and government agencies to relay mission-critical data and information all over the world. We act faster Satellite is faster When disaster strikes, satellite communication networks support the vital action of the first responders, when the landlines are down. Satellite communication can also reach the most remote areas where terrestrial networks do not go. As a first mover in the satellite industry, SES has often played a key role in shaping the media and broadcasting landscape over the last decades – from the launch of the first direct-to-home reception system in Europe to the roll-out of high definition TV. We want the best SES has a passion for satellite operations We want the best networks. We have invested and will continue to invest in satellite technology that delivers outstanding network reliability and global reach. We have ten satellites under construction, to be launched between 2008 and 2010 – the largest satellite investment programme in the industry. 3 SES Annual report 2007 4 SES Annual report 2007 We reach further 99% Worldwide coverage by our fleet In a second to the The largest audience Positioned strategically in orbital positions newsroom In Europe, the ASTRA and with optimal look-angles towards the SES satellites offer flexible SIRIUS satellites are received inhabited landmasses, SES satellites and easily deployable by 117.2 million homes, cover an area that is home to 99% of the resources capable of of which 66.9 million via world’s population. supporting quickly changing cable and 50.3 million directly. capacity demands such This is the largest direct- as news crew contributions to-home reception from the field. neighbourhood in the world. The SES satellites are the world’s largest video broadcasting platform. Broadcasting via satellite is the most efficient and most reliable way to distribute media programming across wide geographical areas. With their extended global reach, SES satellites are an increasingly vital component of mission-critical communication networks. 6 SES Annual report 2007 We act faster 58% 58% digital satellite homes First responders 390 channels in IP format SES is a firm believer in market-driven ND SatCom, an SES With the development of innovation. We have consistently supported company, supported the IP-PRIME, we have taken our market partners and customers in communication network IPTV via satellite to a new the roll-out of new products and services. for first responders of the level. Thanks to the services Satellite is the preferred provider of digital German Federal Agency offered by this IPTV platform, television programmes and today reaches for Technical Relief at the telecommunication 58% of European homes. G8 Summit in Heiligendamm. companies in North America can now make available a large choice of programming to their subscribers – at a minimal investment cost. Every time that time matters, satellite is a vital link in the communications chain supporting efforts to save lives, or to mitigate the effects of disasters. Satellite communication networks can be deployed at short notice, and reach remote areas or areas temporarily without terrestrial coverage. 8 SES Annual report 2007 We want the best 99.999% Network availability Continuously improving Four satellite launches SES regularly achieves an industry-leading skills SES plans to launch four network availability rate of 99.999% per SES is a learning organisation, satellites in 2008, providing year. With the most elaborate redundancy continuously improving its replacement and additional and back-up systems in orbit – such as the skills to serve its customers transmission capacity. unparalleled satellite co-location strategy – even better. SES invests A record launch tempo in we ensure uninterrupted service. in training and development the history of SES. programmes that include management and technical training. SES operates the most reliable satellite platform in the world. Utmost care goes into the design, construction and operation of our spacecraft, which must function flawlessly in space, 36,000 kilometres above the Equator. Therefore, we select only the best to build and to operate our satellites. SES at a glance SES ASTRA is the leading direct-to-home SES is the world’s (DTH) satellite system in Europe, delivering services to more than 117.2 million DTH pre-eminent satellite operator. and cable households. 13 ASTRA satellites currently transmit 1,961 analogue and digital television and radio channels. With 28 high definition channels available We provide unrivalled satellite transmission capacity for the distribution of via its satellites today, ASTRA is the the world’s leading television channels, of corporate and government data and most important high definition TV (HDTV) communications. And we provide satellite-related application and platform broadcasting platform in Europe. services to media, enterprise and government customers worldwide SES ASTRA also provides satellite-based multimedia, internet and telecommunication We provide communications with outstanding reach – whether on a regional services to enterprises, governments or a global scale – through our market-leading companies: SES ASTRA in and their agencies. Europe, SES AMERICOM in North America, and SES NEW SKIES in South America, Africa, the Middle East and Asia. We also hold strategic investments in the satellite operators SES SIRIUS operating in Northern and Eastern Europe, QuetzSat in Mexico and Ciel in Canada. SES ASTRA is based in Betzdorf, Luxembourg, and has subsidiaries in Germany, the U.K., France, Spain, Poland, The Netherlands, and South Africa. The SES ASTRA business segment includes satellite operator SES SIRIUS as well as satellite services businesses ND SatCom, ASTRA Platform Services (APS) and SES ASTRA TechCom. The SES structure As at January 31, 2008 Group management For more information go to: Fully-owned operating 100% www.ses-astra.com companies 100% 100% Participations in 70%3 satellite operators 49% 90% 3 Equity ownership Participations in 100% satellite services companies 100% 100% 100% Suporting telemedicine centres are connected 100% ND SatCom’s interactive via satellite to medical satellite terminals support expertise only available a telemedicine project in in urban areas.
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