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SES H1 2021 Results

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SES S.A. announces half year financial results for the six months ended 30 June 2021.

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SES H1 2021 Results (Photo: Business Wire)

Solid H1 performance delivering revenue of €875 million and Adjusted EBITDA(1) of €544 million

  • Improving trajectory in Video to -3.9% YOY(2,3) in H1 2021 from -8.0% YOY(2,3) in FY 2020
  • Resilient Networks performance, flat YOY(2,3), in a COVID impacted environment with strong prospects for future growth
  • 5% YOY(3) reduction in recurring Operating Expenses supporting higher YOY Adjusted EBITDA margin (of 62%)
  • 19% YOY net interest expense reduction contributing to 35% YOY growth in Adjusted Net Profit of €152 million
  • Solid cash flow generation and financial discipline supporting leverage ratio(4) of 3.3 times at 30 June 2021

2021 Revenue and improved EBITDA outlook on track

  • Over 90% of 2021 revenue outlook (€1,760-1,820 million(5)) already under contract
  • Adjusted EBITDA outlook for full year 2021 improved to €1,080-1,100 million (from €1,060-1,100 million)(5)

Growth investments and C-band proceeds supporting future growth and value creation

  • SES-17 and O3b mPOWER (on track to launch in Q4 2021) backlog now $770 million(6);up $210 million in YTD 2021
  • US C-band clearing on track to meet end-2021 and end-2023 milestones, triggering $1 billion and $3 billion payments respectively

€275 million of shareholder returns delivered since the start of 2021

  • 2020 dividend (€181 million) paid in April 2021, consistent with commitment to maintain minimum base dividend of €0.40 per A-share
  • Completed €94 million share buyback programme reflecting confidence in the long-term fundamentals of the business 

Steve Collar, CEO of SES, commented: “Our strong start to 2021 continued into the second quarter providing confidence to improve the low end of our Adjusted EBITDA outlook on the back of solid execution and laser focus on reducing cost.

The lasting value of our Video business is reflected in the improved trajectory, the important long-term renewals at our core neighbourhoods, increased penetration of HD TV channels, and new paying subscribers for HD+ in Germany. Excitingly, in H2 2021, we will be expanding and enhancing our HD+ portfolio with the extension onto mobile devices and IP-enabled non-satellite homes.

Networks continues to perform well notwithstanding the COVID-impacted environment, notably in Government, reflecting the strong demand for our unique multi-orbit resilient solutions. With O3b mPOWER still over a year away from commercial launch, we have secured over $300 million in backlog from major cruise brands which underscores the compelling combination of high throughput and high flexibility of the constellation.

C-band clearance remains fully on track. The recent issuing of C-band licences by the FCC is a notable milestone towards initiation of the reimbursement process. Meanwhile, we have returned €275 million of cash to shareholders this year underscoring our commitment to delivering sustained and attractive returns for our shareholders.”


1 Excluding restructuring charge and operating expenses recognised in relation to US C-band repurposing (disclosed separately)
2Underlying revenue, excluding periodic and other revenue (disclosed separately) that are not directly related to or otherwise distort the underlying business trends
3At constant FX which refers to comparative figures restated at the current period FX to neutralise currency variations
4 Ratio of Adjusted Net Debt (which includes 50% of hybrid bonds as debt, per the rating agency methodology) to Adjusted EBITDA
5 Financial outlook assumes a €/$ FX rate of €1 = $1.20, nominal satellite health and launch schedule
6 Gross backlog $770 million (fully protected: $610 million)

Key business and financial highlights

SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.

€million

H1 2021

H1 2020

∆ as Reported

∆ at constant FX

Average €/$ FX rate

1.21

1.10

Revenue

875

948

-7.7%

-3.3%

Adjusted EBITDA

544

582

-6.5%

-2.5%

Adjusted Net Profit

152

113

34.5%

n/a

Adjusted Net Debt / Adjusted EBITDA

3.28 times

3.31 times

n/a

n/a

  • Underlying revenue (excluding periodic and other) was lower by 2.5% year-on-year (at constant FX) at €875 million. There was no periodic revenue in H1 2021 (H1 2020: EUR 8 million in Networks).
  • Video underlying revenue of €526 million represents a reduction of 3.9% year-on-year (at constant FX), compared with -8.0% year-on-year in FY 2020, where lower revenue from mature markets was partially offset by higher revenues generated across International markets, growth in the number of paying consumers subscribing to HD+ in Germany, and a recovery in Sports & Events. Q2 2021 underlying revenue of €263 million was 3.2% lower year-on-year (at constant FX) and flat compared with Q1 2021.
  • Networks underlying revenue of €349 million was flat compared with H1 2020 (-0.2% at constant FX) with strong ongoing growth in Government (+11.3%) offsetting COVID-related impacts on Mobility (-10.7%) and near-term declines in Fixed Data (-3.9%). Q2 2021 underlying revenue of €176 million was consistent with the prior period (-0.5% YOY at constant FX) and 1.1% higher than Q1 2021.
  • Adjusted EBITDA of €544 million represented a higher Adjusted EBITDA margin of 62.2% (H1 2020: 61.4%) and benefitted from a 4.6% year-on-year reduction (at constant FX) in operating expenses.
  • Adjusted EBITDA excludes restructuring expenses of €6 million in H1 2021 (H1 2020: €22 million) and net operating expenses associated with the accelerated repurposing of US C-band spectrum which totalled €12 million in H1 2021 (H1 2020: €13 million).
  • Adjusted Net Profit improved by 34.5% year-on-year to €152 million including the positive combination of the lower recurring operating expenses highlighted above, lower depreciation and amortisation expenses (down 8.5% year-on-year), and an 18.5% reduction in net interest expense. Adjusted Net Profit also included a net foreign exchange gain of €20 million (H1 2020: loss of €12 million).
  • At 30 June 2021, Adjusted Net Debt (including 50% of the now €1.175 billion of hybrid bonds as debt, per the rating agency methodology) of €3,656 million was €391 million (or 9.7%) lower than H1 2020 and represented an Adjusted Net Debt to Adjusted EBITDA ratio of 3.28 times (30 June 2020: 3.31 times).
  • The contract backlog at 30 June 2021 was €5.3 billion (gross backlog of €5.9 billion including backlog with contractual break clauses).
  • The 2020 dividend of €0.40 per A-share and €0.16 per B-share was paid to shareholders on 22 April 2021, consistent with the prior year and the Board’s commitment to maintain a base dividend of €0.40 per A-share and €0.16 per B-share.
  • In July 2021, SES completed a share buyback programme (announced in May 2021) totalling €94 million. 12 million A-shares were purchased at a weighted average price of EUR 6.56 and 6 million B-shares at a weighted average price of EUR 2.62, maintaining the ratio of two A-shares to one B-share, as required by the Articles of Association. The shares acquired under the programme are intended to be cancelled, reducing the total number of voting and economic shares.
  • FY 2021 revenue outlook (assuming a €/$ FX rate of €1 = $1.20, nominal satellite health and launch schedule) is unchanged and expected to be between €1,760-1,820 million (including €1,000-1,030 million for Video and €750-780 million for Networks) while the FY 2021 Adjusted EBITDA outlook (excluding restructuring and US C-band expenses) is improved to between €1,080-1,100 million (from €1,060-1,100 million).
  • Capital expenditure (representing net cash absorbed by investing activities excluding acquisitions, financial investments, and US C-band repurposing) is unchanged and expected to be €660 million in 2021 and €880 million in 2022 reflecting the growth investment in SES-17 and O3b mPOWER. Thereafter, capital expenditure is expected to reduce significantly to €220 million in 2023, €570 million in 2024, and €340 million in 2025, representing an average annual capital expenditure of €375 million (2023-2025).

Operational performance and commentary

REVENUE BY BUSINESS UNIT

Revenue (€ million) as reported

Change (YOY) at constant FX

Q1 2021

Q2 2021

H1 2021

Q1 2021

Q2 2021

H1 2021

Average €/$ FX rate

1.22

1.20

1.21

Video (total)

263

263

526

-4.6%

-3.2%

-3.9%

- Video underlying

263

263

526

-4.6%

-3.2%

-3.9%

Government (underlying)

71

76

147

+8.5%

+14.0%

+11.3%

Fixed Data (underlying)

55

53

108

-1.0%

-6.7%

-3.9%

Mobility (underlying)

47

47

94

-9.1%

-12.3%

-10.7%

Periodic

-

-

-

n/m

n/m

n/m

Networks (total)(1)

173

176

349

-3.8%

-0.7%

-2.3%

- Networks underlying

173

176

349

+0.1%

-0.5%

-0.2%

Sub-total

436

439

875

-4.3%

-2.2%

-3.3%

- Underlying

436

439

875

-2.8%

-2.2%

-2.5%

- Periodic

-

-

-

n/m

n/m

n/m

Other revenue

-

-

-

n/m

n/m

n/m

Group Total(1)

436

439

875

-4.3%

-2.3%

-3.3%

“At constant FX” refers to comparative figures restated at the current period FX to neutralise currency variations. “Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions and other such items when material. “Other” includes revenue not directly applicable to Video or Networks
1) H1 2021 periodic revenue nil (H1 2020: EUR 8 million)

Video: 60% of group revenue

At 30 June 2021, SES delivers over 8,650 total TV channels to 361 million TV homes around the world. This includes more than 3,120 TV channels in High Definition which has grown by 8% compared with 30 June 2020. At 30 June 2021, 69% of total TV channels are broadcast in MPEG-4 with an additional 4% broadcast in HEVC.

The impact from customers ‘right-sizing’ volumes in mature markets (Western Europe and the US), lower US wholesale revenue, and the decision to reduce exposure to low margin services activities led to an overall year-on-year revenue reduction, albeit at a much slower pace of decline as compared with the trend in 2020.

International market revenue was higher year-on-year, while continued growth in the number of paying subscribers led to year-on-year growth in HD+ where the combination of an increase in the cost to renew a 12-month subscription from March 2021 and introduction of new Internet Protocol-based solutions into the market are expected to support the future development of the business.

In addition, revenue from Sports & Events is continuing to recover with improved performance compared with H1 2020 which was significantly impacted by cancellations and delays caused by the COVID pandemic.

Networks: 40% of group revenue

Government

Strong contribution from new MEO- and GEO-enabled network solutions for the US Government led to overall strong year-on-year growth in revenue compared with H1 2020 with additional new business wins secured at the end of the quarter expected to contribute to future revenue development. This was complemented by strong year-on-year revenue growth in Global Government from new capacity contracts and institutional wins.

Fixed Data

Underlying revenue decreased compared with the prior period as lower year-on-year revenue in the Pacific region was not yet being balanced with the ongoing growth in new business from tier one mobile network operators, notably in the Americas, and the additional revenue ramp up in the global cloud segment which is expected in the second half of 2021.

Mobility

The effects of the COVID pandemic on customers in the commercial aviation and cruise segments resulted in lower revenue compared with H1 2020 which had yet to see a material impact from the pandemic at that point in time. This was partly offset by a positive year-on-year performance in commercial shipping revenues. While the vast majority of commercial contracts across the entire SES business, including in Mobility, are fixed, it is expected that the impact of the COVID environment will continue to present a short-term headwind to the development of Mobility revenue. However, the long-term growth fundamentals remain in place to drive the pace of new business as demand recovers.

Future satellite launches

Satellite

Region

Application

Launch Date

SES-17

Americas

Fixed Data, Mobility, Government

Q4 2021

O3b mPOWER (satellites 1-3)

Global

Fixed Data, Mobility, Government

Q4 2021

O3b mPOWER (satellites 4-6)

Global

Fixed Data, Mobility, Government

Q1 2022

O3b mPOWER (satellites 7-9)

Global

Fixed Data, Mobility, Government

H2 2022

SES-18 & SES-19

North America

Video (US C-band accelerated clearing)

H2 2022

SES-20 & SES-21

North America

Video (US C-band accelerated clearing)

H2 2022

O3b mPOWER (satellites 10-11)

Global

Fixed Data, Mobility, Government

H2 2024

CONSOLIDATED INCOME STATEMENT

€ million

H1 2021

H1 2020

Average €/$ FX rate

1.21

1.10

Revenue

875

948

US C-band repurposing income

47

-

Operating expenses

(396)

(401)

EBITDA

526

547

Depreciation expense

(283)

(319)

Amortisation expense

(48)

(44)

Operating profit

195

184

Net financing costs

(44)

(91)

Profit before tax

151

93

Income tax expense

(16)

(11)

Non-controlling interests

2

4

Net profit attributable to owners of the parent

137

86

Basic and diluted earnings per share (in €)(1)

Class A shares

0.25

0.14

Class B shares

0.10

0.05

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share

€ million

H1 2021

H1 2020

Adjusted EBITDA

544

582

US C-band repurposing income

47

-

US C-band operating expenses

(59)

(13)

Restructuring expenses

(6)

(22)

EBITDA

526

547

€ million

H1 2021

H1 2020

Adjusted Net Profit

152

113

US C-band repurposing income

47

-

US C-band operating expenses

(59)

(13)

Restructuring expenses

(6)

(22)

Tax on material exceptional items

3

8

Net profit attributable to owners of the parent

137

86

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ million

30 June 2021

31 December 2020

Property, plant and equipment

4,008

4,170

Assets in the course of construction

2,035

1,651

Intangible assets

4,286

4,192

Other financial assets

13

14

Trade and other receivables

261

268

Deferred customer contract costs

8

9

Deferred tax assets

323

313

Total non-current assets

10,934

10,617

Inventories

27

27

Trade and other receivables

523

488

Deferred customer contract costs

7

10

Prepayments

55

72

Income tax receivable

12

11

Cash and cash equivalents (A)

604

1,162

Total current assets

1,228

1,770

Total assets

12,162

12,387

Equity attributable to the owners of the parent

5,135

5,366

Non-controlling interests

69

72

Total equity

5,204

5,438

Borrowings (B)

3,490

3,317

Provisions

9

12

Deferred income

275

296

Deferred tax liabilities

347

333

Other long-term liabilities

95

127

Lease liabilities

26

25

Fixed assets suppliers

1,560

1,310

Total non-current liabilities

5,802

5,420

Borrowings (C)

182

613

Provisions

56

60

Deferred income

382

454

Trade and other payables

314

300

Lease liabilities

11

12

Fixed assets suppliers

188

67

Income tax liabilities

23

23

Total current liabilities

1,156

1,529

Total liabilities

6,958

6,949

Total equity and liabilities

12,162

12,387

Reported Net Debt (B + C – A)

3,068

2,768

CONSOLIDATED STATEMENT OF CASH FLOWS

€ million

H1 2021

H1 2020

Profit before tax

151

93

Taxes paid during the year

(14)

(13)

Adjustment for non-cash items

356

448

Changes in working capital

(95)

(116)

Net cash generated by operating activities

398

412

Payments for purchases of intangible assets

(10)

(22)

Payments for purchases of tangible assets(1)

(83)

(130)

Other investing activities

(2)

(1)

Net cash absorbed by investing activities

(95)

(153)

Proceeds from borrowings

285

-

Repayment of borrowings

(585)

(671)

Proceeds from perpetual bond, net of transaction costs

619

-

Redemption of perpetual bond, net of transaction costs

(768)

-

Coupon paid on perpetual bond

(80)

(65)

Dividends paid on ordinary shares(2)

(181)

(182)

Interest paid on borrowings

(71)

(109)

Payments for acquisition of treasury shares

(76)

(9)

Proceeds from treasury shares sold and exercise of stock options

-

5

Lease payments

(7)

(6)

Payments related to changes in ownership interest in subsidiaries

-

(7)

Net cash absorbed by financing activities

(864)

(1,044)

Net foreign exchange movements

3

(3)

Net increase in cash and cash equivalents

(558)

(788)

Cash and cash equivalents at beginning of the year

1,162

1,155

Cash and cash equivalents at end of the year

604

367

1) Including €21 million related to US C-band repurposing (H1 2020: nil). 2) Net of dividends received on treasury shares of €3 million (H1 2020: €2 million)

€ million

H1 2021

H1 2020

Net cash generated by operating activities

398

412

Net cash absorbed by investing activities

(95)

(153)

Free cash flow before financing activities

303

259

Interest paid on borrowings

(71)

(109)

Lease payments

(7)

(6)

Free cash flow before equity distributions and treasury activities

225

144

SUPPLEMENTARY INFORMATION

QUARTERLY INCOME STATEMENT (AS REPORTED)

€ million

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Average €/$ FX rate

1.11

1.10

1.17

1.18

1.22

1.20

Revenue

479

469

462

466

436

439

US C-band repurposing income

--

--

--

10

27

20

Operating expenses

(194)

(207)

(175)

(231)

(203)

(193)

EBITDA

285

262

287

245

260

266

Depreciation expense

(158)

(161)

(153)

(153)

(140)

(143)

Amortisation expense

(23)

(21)

(21)

(30)

(19)

(29)

Impairment expense

-

-

-

(277)

-

-

Operating profit/(loss)

104

80

113

(215)

101

94

Net financing costs

(46)

(45)

(44)

(49)

(26)

(18)

Profit/(loss) before tax

58

35

69

(264)

75

76

Income tax benefit/(expense)

(9)

(2)

(3)

21

(8)

(8)

Non-controlling interests

2

2

2

3

2

-

Net Profit/(Loss)

51

35

68

(240)

69

68

Earnings/(loss) per share (in €)(1)

Class A shares

0.09

0.05

0.12

(0.56)

0.13

0.12

Class B shares

0.03

0.02

0.05

(0.22)

0.05

0.05

Adjusted EBITDA

288

294

301

269

268

276

Adjusted EBITDA margin

60%

63%

65%

58%

61%

63%

US C-band repurposing income

--

--

--

10

27

20

US C-band operating expenses

--

(13)

(8)

(22)

(34)

(25)

Restructuring expenses

(3)

(19)

(6)

(12)

(1)

(5)

EBITDA

285

262

287

245

260

266

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.

QUARTERLY OPERATING PROFIT (AT CONSTANT €/$ FX RATE OF €1:$1.20)

€ million

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Average €/$ FX rate

1.20

1.20

1.20

1.20

1.20

1.20

Revenue

459

449

456

463

440

439

US C-band repurposing income

-

-

-

10

28

20

Operating expenses

(184)

(194)

(172)

(230)

(206)

(193)

EBITDA

275

255

284

243

262

266

Depreciation expense

(150)

(152)

(150)

(148)

(142)

(144)

Amortisation expense

(22)

(21)

(21)

(28)

(19)

(29)

Impairment expense

-

-

-

(277)

-

-

Operating profit/(loss)

103

82

113

(210)

101

93

Adjusted EBITDA

278

285

297

267

270

276

US C-band repurposing income

-

-

-

10

28

20

US C-band operating expenses

-

(12)

(7)

(22)

(35)

(25)

Restructuring expenses

(3)

(18)

(6)

(12)

(1)

(5)

EBITDA

275

255

284

243

262

266

ALTERNATIVE PERFORMANCE MEASURES

SES regularly uses Alternative Performance Measures (‘APM’) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements.

Alternative Performance Measure

Definition

Reported EBITDA and EBITDA margin

EBITDA is profit for the period before depreciation, amortisation, net financing cost and income tax. EBITDA margin is EBITDA divided by revenue.

Adjusted EBITDA and Adjusted EBITDA margin

EBITDA adjusted to exclude material exceptional items. In 2020 and 2021, the primary exceptional items are restructuring charges and the net impact of the repurposing of US C-band spectrum. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.

Adjusted Net Debt to Adjusted EBITDA

Adjusted Net Debt to Adjusted EBITDA, represents the ratio of Net Debt plus 50% of the group’s hybrid bonds (per the rating agency methodology) divided by the last 12 months’ (rolling) Adjusted EBITDA.

Adjusted Net Profit

Net profit attributable to owners of the parent adjusted to exclude material exceptional items. In 2020 and 2021, the primary exceptional items are restructuring charges, the net impact of the repurposing of US C-band spectrum, and the net impact of impairment expenses.

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Presentation of Results:

A presentation of the results for investors and analysts will be hosted at 9.30 CEST on 4 August 2021 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:

U.K. (Standard International Access): +44 (0) 33 0551 0200
France: +33 (0) 1 7037 7166
Germany: +49 (0) 30 3001 90612
U.S.A.: +1 212 999 6659

Confirmation code: SES

Webcast registration: https://channel.royalcast.com/landingpage/ses/20210804_1/

The presentation is available for download from https://www.ses.com/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.

About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,650 channels and has an unparalleled reach of 361 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

Disclaimer

This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, 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, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.​

This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES 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 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 and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES 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 presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do 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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Contact information

Richard Whiteing
Investor Relations
Tel: +352 710 725 261
richard.whiteing@ses.com

Suzanne Ong
External Communications
Tel: +352 710 725 500
suzanne.ong@ses.com

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Celltrion Awarded up to $626 Million From the Department of Defense to Supply COVID-19 Point-of-Care (POC) Rapid Antigen Test Kits23.9.2021 09:00:00 CEST | Press release

Celltrion (KRX:068270) announced today that the Defense Logistics Agency (DLA) under the Department of Defense has awarded Celltrion USA, Inc., a subsidiary company of Celltrion, a procurement contract for its DiaTrustTM COVID-19 Ag Rapid Test. Celltrion USA will make deliveries to approximately 25,000 U.S. CONUS locations to support military bases, long-term care facilities, community testing sites, critical infrastructure, and other designated places on a weekly basis. The DLA estimates its order volume to be as much as $626 million considering the change in demand by the COVID-19 community transmission rate in the U.S. Celltrion believes that this procurement contract underscores Celltrion's quality, production and supply capabilities as the deal has been awarded after the Department of Defense’s rigorous verification. Celltrion has already proven the quality and safety of DiaTrustTM earlier this year as the product obtained Emergency Use Authorization (EUA) from the US Food and Dru

Temenos, Vodeno and Aion Bank Announce Strategic Collaboration to Accelerate the Adoption of Banking as a Service in Europe23.9.2021 08:30:00 CEST | Press release

Temenos (SIX: TEMN), the banking software company, Vodeno, a fully cloud-native BaaS provider and Aion Bank, a European licensed digital bank and credit institution, today announced a strategic collaboration to accelerate Banking as a Service (BaaS) deployment in Europe. The first banking services to be launched combine The Temenos Banking Cloud with Vodeno's card management and payment processing services. This will enable banks and businesses across industries to broaden their portfolio of products offered to their customers by automating and embedding new payments and card services seamlessly in their customer journey. The collaboration across all three parties removes the complexities and regulatory overheads of deploying embedded financial services in Europe. Clients will benefit from faster time to market and the business agility to develop new customer propositions. Temenos and Vodeno are already engaged in several proof of concepts with banks and fintechs across Europe. The Tem

The Guide to Unlocking E-Commerce Growth in Markets Across Africa, Asia, Latin America, and the Middle East23.9.2021 07:00:00 CEST | Press release

dLocal, a technology-first payments platform that enables global enterprise merchants to connect with billions of consumers in emerging markets, in partnership with Americas Market Intelligence (AMI), released today an exclusive industry report to fix the lack of trustworthy data about eCommerce in core and high-potential emerging markets. The countries covered are Egypt, Morocco, Nigeria, and South Africa in Africa; India in Asia; Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, Peru, and Uruguay in Latin America; and Turkey in the Middle East. Here are some of the report highlights: In 2020, the 14 core emerging markets added up to US$350 billion in processed payments The total pay-outs made from merchants to individuals in 2020 was equivalent to US$812 billion Local payment methods represent 83% of total eCommerce expenditure in the 14 core markets Although the global economy contracted by 3.5% in 2020, eCommerce growth remained positive, averaging 27% YoY among the 14 core mar

Galderma Announces Exclusive Agreement With Sofregen to Develop the Next Generation of Biostimulator Fillers Using Silk-Based Technology23.9.2021 07:00:00 CEST | Press release

Galderma, the world’s largest independent dermatology company, and Sofregen Medical, Inc., a medical device company pioneering the use of silk protein for tissue building and regeneration, announced today they have signed a co-development and option-to-acquire agreement. This collaboration will further expand Galderma’s capabilities built on decades of science-based aesthetics innovation and a unique heritage in biostimulator and hyaluronic acid (HA) fillers. The novel platform harnesses the unique power of silk protein to enable immediate volume restoration and provide structure that facilitates new tissue generation. “At Galderma, we’re committed to advancing dermatology through constant innovation and joining forces with other industry pioneers. Combining Galderma’s capabilities and scale with Sofregen’s novel silk platform represents a watershed moment for the aesthetics market through the development of a new category of biostimulator fillers designed to make an impact for healthc

EngageSmart Announces Pricing of Initial Public Offering23.9.2021 02:48:00 CEST | Press release

EngageSmart, Inc., a leading provider of vertically-tailored customer engagement software and integrated payments solutions, today announced the pricing of its initial public offering of 14,550,000 shares of its common stock at a price of $26.00 per share. Of the offered shares, 13,000,000 shares are being offered by EngageSmart and 1,550,000 shares are being offered by certain of EngageSmart’s existing stockholders. In addition, the underwriters will have a 30-day option to purchase from EngageSmart and the selling stockholders up to an additional 2,182,500 shares of their common stock at the initial public offering price, less underwriting discounts and commissions. EngageSmart will not receive any proceeds from the sale of shares of common stock by the selling stockholders. The shares are expected to begin trading on the New York Stock Exchange on Thursday, September 23, 2021, under the ticker symbol “ESMT.” The offering is expected to close on September 27, 2021, subject to customa

InvestaX Gets Closer to Tokenizing the World with MAS Fintech Sandbox23.9.2021 02:00:00 CEST | Press release

InvestaX (IC SG Pte Ltd) launches exchange in the Monetary Authority of Singapore (MAS) sandbox, providing key infrastructure for bringing liquidity to digital securities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210922005600/en/ Next Generation Digital Assets (Photo: Business Wire) InvestaX is a Singapore-headquartered, MAS-licensed* online investment and trading platform for Digital Securities (DSO) and Security Tokens (STO) of global private markets deals, focusing on exciting growth industries including crypto, gaming, blockchain, digital assets, venture, private equity and real estate. InvestaX, announces entry in the sandbox for its exchange, and now provides a one-stop shop solution for the issuance and trading of digital securities, for global products and global investors. Targeting the $8T USD tokenization of the private markets, InvestaX is built with open infrastructure for scalability and interoperability,

AWS to Open Data Centers in New Zealand23.9.2021 00:52:00 CEST | Press release

Today, Amazon Web Services (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), announced plans to open an infrastructure region in Aotearoa New Zealand in 2024. The new AWS Asia Pacific (Auckland) Region will consist of three Availability Zones (AZs) and join the existing 81 Availability Zones across 25 geographic AWS Regions at launch. The Region will be owned and operated by a local AWS entity in New Zealand. Globally, AWS has announced plans for 24 more Availability Zones and eight more AWS Regions in Australia, India, Indonesia, Israel, Spain, Switzerland, the United Arab Emirates, and the new AWS Region in New Zealand. The new AWS Asia Pacific (Auckland) Region will enable even more developers, startups, and enterprises as well as government, education, and nonprofit organizations to run their applications and serve end users from data centers located in New Zealand, ensuring that customers who want to keep their data in New Zealand are able to do so. AWS also released an economic

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