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SES Reports Strong Results, Raises Guidance

Luxembourg-based satellite operator SES reported strong operating results in its main segments and raised its guidance for the full year 2007.

SES revenues jumped 11% in the first six months of the year to EUR789.1 million from EUR710.5 million over the same period in 2006, led by a 16% rise in the company’s core European operation, Astra.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10% to EUR548.2 million from EUR499.5 million last year while operating income in 2007 is up 7% to EUR298.8 million from EUR278.5 million.

Net income for the first six months of 2007 was EUR207.8 million from EUR215.6 million in the first half of 2006. The 2006 period includes a one-time gain of EUR15.4 million related to the divesture of the company’s interest in SES Re S.A., a reinsurance subsidiary.

SES, which reports a EUR6.2 billion backlog, also raised its revenue and EBITDA guidance for the full year 2007. Revenues are expected to be in a range of EUR1.58 billion to EUR1.61 billion, representing a 1.7% increase from previous guidance, while EBITDA is expected in the EUR1.06 billion to EUR1.08 billion, a 2.1% increase.