SES Reports Continued Growth Boosted by New Markets

  SES Reports Continued Growth Boosted by New Markets

Business Wire

LUXEMBOURG -- July 27, 2012

SES S.A. (Paris:SESG) (LuxX:SESG) reports financial results for the six months
ended 30 June 2012.

FINANCIAL HIGHLIGHTS

  *Revenue of EUR 891.9 million

       *An increase of 4.8% over the prior year, +1.4% at constant exchange
         rates (“constant FX”)

  *EBITDA of EUR 665.1 million

       *An increase of 5.3% over the prior year, +2.1% at constant FX
       *EBITDA margin of 74.6% (H1 2011: 74.2%)

  *Operating profit rose 2.4% to EUR 411.5 million (H1 2011: EUR 402.0
    million)
  *Profit of the group EUR 298.7 million (H1 2011: EUR 292.1 million)
  *Earnings per A-share of EUR 0.74 (H1 2011: EUR 0.74)
  *Closing net debt / EBITDA multiple of 3.07
  *Contract backlog maintained at the first quarter level of EUR 6.8 billion

Romain Bausch, President and CEO, commented:

“SES continues on its growth track and is well positioned to develop its
business in the world’s emerging markets.

SES is reporting solid half year results in line with our expectations. The
switch-off of analogue satellite TV broadcasts in Germany took place, as
scheduled, at the end of April. The remarketing of the newly available
capacity is on track, and HD channel growth is, as projected, an important
driver of demand for this capacity.

The SES-4 satellite, launched in February, completed in-orbit testing and
entered commercial service in mid-April. SES-4 carries replacement and new
capacity for Europe and Africa and provides full coverage of the Americas,
plus a global beam to support mobile and maritime customers. High-power,
regional beams provide service to Europe, the Middle East, and West Africa, as
well as North and South America.

The SES-5 satellite was launched on 9 July and is presently undergoing
in-orbit testing before entering commercial service, which is foreseen to be
in the third quarter. SES-5 will serve markets in Africa and in Europe.”

Financial Review

Reported revenue in the six months increased by 4.8% to EUR 891.9 million,
while reported EBITDA grew by 5.3% to EUR 665.1 million. On a constant FX
basis, revenue rose 1.4%, contributing to an increase in EBITDA of 2.1%.
Operating expenses increased EUR 6.9 million (a reduction of EUR 1.2 million
on a constant FX basis) over the prior year, driven by the increased cost of
sales resulting from the strong performance from services activities.
Excluding this impact, operating costs were flat, year-on-year. The group’s
EBITDA margin for the first six months was 74.6%, derived from an
infrastructure margin of 83.6% and a services margin of 15.0%.

Depreciation rose year-on-year, driven mainly by fleet additions and the
stronger U.S. dollar as well as by an impairment charge in the first quarter
of EUR 3 million. Reported operating profit rose 2.4% to EUR 411.5 million.
Net financing costs were EUR 19.2 million higher than the prior year period,
reflecting lower foreign exchange gains in the current period. This has been
offset by a lower tax charge and elimination of discontinued operations. As a
result, the profit of the group increased 2.3% from EUR 292.1 million to EUR
298.7 million.

Net operating cash flow, at EUR 593.2 million, was 20.3% above the prior year
level, resulting from changes in operating assets and liabilities, and lower
outflows from investing activities also contributed to the strong growth in
free cash flow before financing activities.

SES’ contract backlog remained stable at the first quarter 2012 level of EUR
6.8 billion.

At 30 June, the net debt/EBITDA ratio stood at 3.07 times, compared to 3.12
times at 31 December 2011.

Operations Review

The principal events in the period were the successful launch and entry into
service of the SES-4 satellite and the scheduled switch-off of analogue
satellite TV in Germany at the end of April which occurred as scheduled.
Follow-on digital services, many in High Definition, began on eight of the 29
‘analogue’ transponders.

Europe

European revenues, on a constant FX basis, were flat compared to the prior
year period. Available satellite capacity increased by 32 transponders
compared to H1 2011, driven by ASTRA 1F (+16) at 55°E and ASTRA 1N (+16) at
28.2°E. Utilisation decreased by 9 transponders. This net figure is the result
of the end of analogue transmissions in Germany (-32) and the end of cable
contracts at 23.5°E (-12), largely compensated by new transponder contracts
for DTH and other applications (+35). The overall utilisation rate in the
region stood at 81.4% at the end of June. Average revenue per utilised
transponder remains strong, with a modest dilution impact resulting from the
mix of new incremental capacity and the termination of analogue transmissions.

In Europe, steady progress was made as the transponder capacity formerly used
for analogue transmissions to the German language market became available for
new customers. A majority of this recommercialised capacity is being
contracted to serve this market, with HD offerings continuing to represent a
major demand driver.

HD+, the platform for HD Free-To-Air broadcasts in Germany, has continued to
develop strongly. With the addition of Super RTL HD and DMAX, there are now 14
HD channels available on the platform. As of the end of June, there were over
2.6 million active HD+ households. Of these, over 634,000 are paying customers
of HD+. The balance are HD+ users in the initial 12 month free trial period.
The company expects the number of households paying the annual EUR 50
technical access fee to exceed one million by the end of the year.

BSkyB and FreeSat announced their plans to broadcast 48 dedicated channels, in
Standard and in High Definition, covering the London Olympics in July and
August. Separately, Eurosport announced that it will be broadcasting the
London Olympics in 3D, using capacity at 19.2°E for Europe.

The new French sports channels, BeIN Sport 1 and BeIN Sport 2, are now
broadcast throughout France from 19.2°E as part of the CanalSat and the Orange
TV offerings.

SES unveiled the Sat>IP application. Sat>IP is an open source platform which
converts the digital satellite signal received at the home into an IP stream
which, when distributed via WiFi, can be received on any suitably configured
WiFi-enabled device. With the increasing use of portable devices, this simple
application, which enables users to receive satellite TV programmes on mobile
devices, brings vastly enhanced flexibility and fixes satellite at the centre
of the home entertainment experience. Sat>IP is expected to become an integral
feature of future set-top boxes.

North America

North American revenues, on a constant FX basis, decreased by 2.4% compared to
the prior year period. Apart from the AMC-15 and AMC-16 satellite
health-related impact, North American revenues were relatively flat compared
to H1 2011. Available satellite capacity reduced by 28 transponders compared
to H1 2011, resulting from AMC-15 (-10), AMC-16 (-4) and AMC-6 (-12) C-band
capacity changes. In addition, two AMC-6 transponders were switched to serve
the Latin American region. Utilised capacity reduced by 5 transponders
compared to the prior year period as new business (+9) offset the reduction
(-14) of capacity on the AMC-15 and AMC-16 spacecraft, resulting in a
utilisation rate of 77.6%. Average revenue per utilised transponder remains
stable.

In March, ITC Global signed a renewal agreement, securing its oil & gas and
maritime markets in the Gulf of Mexico, utilising capacity on the AMC-9
satellite.

In April, Encompass Digital Media, a leading digital media service provider,
signed a capacity deal making NASA TV channels available to satellite TV
providers and cable outlets throughout the United States. As part of the
multi-year agreement, Encompass is utilising a full transponder of C-band
capacity on SES’ AMC-18 satellite to uplink three full-time NASA TV channels
(two in High Definition and one in Standard Definition) to cable systems in
all 50 states.

International

International revenues increased by 8.0% over H1 2011 on a constant FX basis.
Available satellite capacity increased by 101 transponders compared to H1
2011. The capacity growth was driven by the YahLive payload on YahSat 1A
(+23), QuetzSat-1 (+32), SES-4 (+27), AMC-3 relocation to 67°W (+16), the
shift of AMC-6 (+2) capacity into Latin America, and a satellite payload
reconfiguration (+1). Utilisation increased by 48 transponders compared to H1
2011, resulting in an overall utilisation rate of 74.2%. Average revenue per
utilised transponder remains stable.

In Africa and the Middle East, a major capacity deal was signed with ICCES.
The agreement includes 116 MHz of Ku-band capacity on the SES-4 satellite, to
support the extension of VSAT services to serve new markets across the region.

In Africa, new contracts were signed with the African telecommunications
carrier, Gateway Communications Africa, for capacity on the NSS-703 satellite
at 313°E and the NSS-5 and NSS-7 satellites positioned at 340°E, to start in
H2 2012. The additional capacity will allow Gateway Communications to expand
its business with mobile network operators and internet service providers on
the African continent.

In the Americas, the 67°W orbital position was reinforced as the AMC-3
satellite was relocated from 87°W to join AMC-4. Together, the two spacecraft
can offer up to 28 Ku-band transponders at 67°W to support multiple
applications across the region. Media Networks Latin America, a division of
Telefonica, subsequently signed a long term capacity agreement at 67°W to
expand its Pay-TV service across Central America and the Caribbean.

Brazil’s Rede Novo Tempo de Comunicação renewed and expanded its long-term
capacity agreement for video and radio broadcasting to audiences throughout
Latin America, the Caribbean, North America and Western Europe. The
programming will initially continue on NSS 806, transferring to SES-6
following its launch in early 2013.

In Kazakhstan, 2Day Telecom contracted an incremental 18 MHz on the NSS-12
satellite for backhaul services on its GSM network across the country.

In the Philippines, Mediascape signed an agreement to enable expansion of its
Standard and High Definition programming line-up. The company has added
capacity on both SES-7 and NSS-11 for the growing DTH neighbourhood at
108.2°E, to ramp up Cignal TV's Direct-to-Home (DTH) offering to 15 High
Definition (HD) channels and 51 Standard Definition (SD) channels, up from 9
HD channels and 37 SD channels in 2011.

Telikom PNG renewed its contract for satellite capacity on NSS-9 at 183°E and
on NSS-6 at 95°E for GSM network support across Papua New Guinea. In total,
Telikom PNG currently contracts more than 100 MHz in capacity with SES.

The SES-4 satellite was launched in February and entered service in mid-April.
With a payload of 124 transponders across the C- and Ku-bands, this large
satellite replaces NSS-7 and adds 27 transponders at the valuable 338°E
orbital position. The satellite features several dedicated regional beams
offering substantially expanded Ku-band coverage of EMEA, Western Africa and
South America. Some of the new capacity has already been contracted, while
other agreements are in the process of being finalised.

The total Group transponder utilisation at the end of June was 77.0%,
representing 1,042 of the 1,354 transponders commercially available.

Other Developments

O3b Networks

O3b Networks is on schedule to launch its first 8 satellites in the first half
of 2013, with service due to start shortly thereafter. As the project moves
closer to start of service, interest among potential customers is building. In
July, O3b Networks announced that it is collaborating with Harris Caprock
Communications to implement and maintain O3b Maritime for Royal Caribbean
Cruises to supply broadband connectivity to its flagship cruiser, Oasis of the
Seas, in the Caribbean.

Satellite Health

SES operates a number of spacecraft which are susceptible to solar array
circuit failures. No additional circuit failures have occurred since the early
April event, details of which were announced with the first quarter trading
statement.

Forthcoming Launches in 2012

One further satellite is scheduled for launch this year. The ASTRA 2F
satellite is scheduled to be launched in September from the European Spaceport
in French Guiana, carrying replacement capacity for the 28.2°E orbital
position, a Ka-band payload for Europe/Middle East, and 12 high power Ku-band
transponders to serve sub-Saharan Africa.

Recent Developments

SES’ 51^st satellite, SES-5, was successfully launched on board a Proton
rocket on 9 July and is presently undergoing in-orbit testing. The satellite
will provide 64 transponders of new capacity – 12 in Ku-band for Europe and 52
(24 Ku-Band and 28 C-band) for Africa. Commercial service start date is
expected to be in September.

Outlook and Guidance

The business outlook is for continued growth, in particular in Western
European TV markets and for a range of applications in the emerging markets
that are the focus of SES’ new capacity that will be launched. SES is well
positioned to serve the demand in these regions. SES reiterates guidance (at
constant exchange rates) for revenue and EBITDA growth of approximately 2% and
2.5%, respectively, in 2012 and for a 3 year revenue and EBITDA CAGR of
approximately 4.5% in the 2012-2014 period.

SES’ trading update for the three months to 30^th September 2012 will be
published on Friday, 9^th November 2012.

Quarterly development of key operational metrics

Transponder utilisation by Regional Coverage

                          Q2      Q3      Q4      Q1      Q2
In 36 MHz-equivalent                                
                          2011    2011    2011    2012    2012
                                                
Europe Utilised          280    282    300    298    271
Europe Available         301    301    333    333    333
Europe %                 93.0%  93.7%  90.1%  89.5%  81.4%
                                                
North America Utilised   306    307    302    296    301
North America Available  416    415    392    390    388
North America %          73.6%  74.0%  77.0%  75.9%  77.6%
                                                
International Utilised   422    423    466    464    470
International Available  532    534    590    614    633
International %          79.3%  79.2%  79.0%  75.6%  74.2%
                                                
GROUP Utilised           1,008  1,012  1,068  1,058  1,042
GROUP Available          1,249  1,250  1,315  1,337  1,354
GROUP %                  80.7%  81.0%  81.2%  79.1%  77.0%
                                                    

Operating Result

                               Q2        Q3        Q4        Q1        Q2
In millions of euros                                             
                               2011      2011      2011      2012      2012
Average U.S. dollar exchange  1.4484   1.4388   1.3641   1.3185   1.2991
rate
                                                             
Revenue                       423.0    430.1    451.6    450.2    441.7
Operating expenses            (113.0)  (110.2)  (128.4)  (112.9)  (113.9)
EBITDA                        310.0    319.9    323.2    337.3    327.8
                                                             
Depreciation expense          (105.7)  (103.4)  (116.1)  (118.1)  (118.3)
Amortisation expense          (8.6)    (8.6)    (8.8)    (8.7)    (8.5)
Operating profit              195.7    207.9    198.3    210.5    201.0
                                                                 

Financial Review

Revenue

In millions of euros      H1 2012  H1 2011  Change  Change (%)
                                                
Revenue as reported       891.9    851.4    +40.5   +4.8%
Revenue at constant FX^1  891.9    879.4    +12.5   +1.4%
                                                   

^1 Constant exchange rate basis (‘constant FX’) compares figures using the
same exchange rates for the U.S. dollar and all other applicable currencies,
to remove distortions caused by currency movements.

At constant exchange rates, revenue grew by 1.4% compared to the prior year
period despite the significant impact of the switch-off of analogue
transmissions in Germany on 30 April. The loss of two months’ revenue from
this application was more than offset by the contribution to revenue of the
QuetzSat-1 satellite which entered service in November 2011, additional
infrastructure revenue, and growth in the revenues of the European services
businesses, principally HD+. Removing the adverse impact of the analogue
switch-off in Germany, underlying revenue growth was 5.7%.

For chart, please see www.ses.com

As reported, the revenue allocated to the relevant downlink region developed
as follows:

In millions of euros  H1 2012  H1 2011  Change  Change (%)
                                            
Europe                467.4    467.4    --      --
North America         192.3    183.6    +8.7    +4.7%
International         232.2    200.4    +31.8   +15.9%
Total                 891.9    851.4    +40.5   +4.8%
                                               

At constant FX, the revenue allocated to the relevant downlink region
developed as follows:

In millions of euros  H1 2012  H1 2011  Change  Change (%)
                                            
Europe                467.4    467.4    --      --
North America         192.3    197.0    -4.7    -2.4%
International         232.2    215.0    +17.2   +8.0%
Total                 891.9    879.4    +12.5   +1.4%
                                               

Revenue in the Europe region remained flat, as new capacity contracts and the
growing contribution from services activities, in particular HD+, balanced the
revenue loss from the analogue switch-off in Germany.

Revenue in the North America region slightly decreased as satellite health
issues reduced the commercial capacity on the AMC-15 and AMC-16 satellites.

Revenue growth in the International region was mainly contributed by the
QuetzSat-1 satellite.

EBITDA

In millions of euros               H1 2012  H1 2011  Change   Change (%)
                                                          
Operating expenses as reported     (226.8)  (219.9)  -6.9     -3.1%
EBITDA as reported                 665.1    631.5    +33.6    +5.3%
EBITDA % margin                    74.6%    74.2%    +0.4 pp  --
                                                          
Operating expenses at constant FX  (226.8)  (228.0)  +1.2     +0.5%
EBITDA at constant FX              665.1    651.4    +13.7    +2.1%
EBITDA % margin at constant FX     74.6%    74.1%    +0.5 pp  --
                                                             

Operating expenses in the first half of 2012 were marginally below the level
seen in 2011 at constant FX. The same period in 2011 included charges related
to the group’s internal restructuring – no similar charges were recorded in
2012 for the same programme.

There was a higher level of cost of sales in 2012, as a result of the higher
services revenue generated in Europe. Excluding these incremental costs, the
underlying cost base was held flat to 2011.

As a result of the favourable revenue development and flat cost base, EBITDA
rose by EUR 13.7 million, or 2.1%, to EUR 665.1 million.

For chart, please see www.ses.com

H1 2012                                            Elimination /
                      Infrastructure  Services  Unallocated^1  Total
In millions of euros
                                                           
Revenue               783.2           183.4     -74.7          891.9
EBITDA                655.0           27.6      -17.5          665.1
                                                           
H1 2012 % margin      83.6%           15.0%     --             74.6%
                                                              

H1 2011                                            Elimination /
                      Infrastructure  Services  Unallocated^1  Total
In millions of euros
                                                           
Revenue               745.2           166.9     -60.7          851.4
EBITDA                623.2           28.3      -20.0          631.5
                                                           
H1 2011 % margin      83.6%           16.9%     --             74.2%
                                                              

^1 Revenue elimination refers to cross-charged capacity and other services;
EBITDA impact represents unallocated corporate expenses

The Infrastructure EBITDA margin of 83.6% was stable compared to the prior
period since the adverse impact of the analogue switch-off in Germany is being
offset at the EBITDA level by the non-recurrence of SES reorganisation charges
taken in the first half of 2011. The Services margin of 15.0% shows a small
increase to the full-year 2011 margin of 14.8%, although it is lower than the
margin reported for H1 2011 of 16.9% due to a different mix of Services in the
two periods. The Group EBITDA margin rose from 74.2% last year to 74.6% as a
result of the higher level of eliminations of infrastructure cross charges
recorded by the Services companies, and the operational efficiencies achieved
in H1 2012.

Operating profit

In millions of euros                 H1 2012  H1 2011  Change  Change (%)
                                                           
Depreciation expense as reported     (236.4)  (212.2)  -24.2   -11.4%
Amortisation expense as reported     (17.2)   (17.3)   +0.1    +0.6%
Operating profit as reported         411.5    402.0    +9.5    +2.4%
                                                           
Depreciation expense at constant FX  (236.4)  (221.0)  -15.4   -7.0%
Amortisation expense at constant FX  (17.2)   (17.4)   +0.2    +1.1%
Operating profit at constant FX      411.5    413.0    -1.5    -0.4%
                                                              

The increase of EUR 15.4 million in the depreciation charge at constant FX was
due to an increase in the number of satellites compared to the prior year
period. In H1 2012, SES-2, SES-3, QuetzSat-1, ASTRA 1N, the Yahlive payload,
and SES-4 contributed to the depreciation charge, while AMC-1 and AMC-2 were
fully depreciated in 2011. ASTRA 2D is fully depreciated as of the end of
January 2012.

On a constant FX basis, the increase in the depreciation charge offsets the
favourable EBITDA development, such that operating profit remained essentially
flat compared to the prior year period.

Profit from continuing operations before tax

In millions of euros / As reported          H1 2012  H1 2011  Change
                                                           
Net interest expense                        (112.5)  (112.3)  -0.2
Capitalised interest                        30.1     33.8     -3.7
Net foreign exchange gain                   3.0      17.7     -14.7
Value adjustment on financial assets        (0.6)    --       -0.6
Net financing charges                       (80.0)   (60.8)   -19.2
                                                           
Profit on continuing operations before tax  331.5    341.2    -9.7
                                                             

Net financing charges in the period, at EUR 80.0 million, were higher than in
the prior year period, principally due to lower foreign exchange gains
compared to H1 2011.

Profit attributable to equity holders of the parent

In millions of euros / As reported           H1 2012  H1 2011  Change
                                                            
Income tax expense                           (27.9)   (36.9)   +9.0
Share of associates’ result                  (5.1)    (3.6)    -1.5
Loss after tax from discontinued operations  --       (7.3)    +7.3
Non-controlling interests                    0.2      (1.3)    +1.5
Profit attributable to SES equity holders    298.7    292.1    +6.6
                                                              

The effective tax rate on continuing operations of 8.4% reflects a positive
movement in tax provisions of EUR 8.1 million. Profit attributable to the
equity holders rose by 2.3% over the prior year period to EUR 298.7 million.

Cash flow

In millions of euros / As reported    H1 2012  H1 2011  Change  Change (%)
                                                            
Net operating cash flow               593.2    493.3    +99.9   +20.3%
Investing activities                  (282.7)  (352.2)  +69.5   +19.7%
Free cash flow before financing       310.5    141.1    +169.4  +120.1%
activities
                                                               

Net operating cash flow of EUR 593.2 million was EUR 99.9 million higher than
the corresponding amount for 2011, reflecting changes in operating assets and
liabilities, and lower outflows from investing activities.

Net debt

In millions of euros / As         H1 2012  31 December  Change  Change (%)
reported                                     2011
                                                            
Cash and cash equivalents         (239.0)  (218.0)      -21.0   -9.6%
Loans and borrowings              4,253.1  4,196.6      +56.5   +1.3%
Net debt                          4,014.1  3,978.6      +35.5   +0.9%
                                                            
Net debt / EBITDA                 3.07     3.12         -0.05   -1.6%
                                                               

Closing net debt of EUR 4,014.1  million for the period was 0.9% ahead of the
31 December 2011 position, delivering a net debt to EBITDA ratio of 3.07 at
the end of June.

Exchange Rates

The EUR/USD exchange rates applying to the reported figures were as follows:
average rate January to June: 1.3088 (2011: 1.4056); closing rate 1.2590
(December 2011: 1.2939, June 2011: 1.4453).

Interim condensed consolidated income statement

For the six month period ended June 30

In millions of euros                                        2012 ^1  2011 ^1
                                                                   
Continuing operations                                               
Revenue                                                     891.9    851.4
                                                                   
Operating expenses                                          (226.8)  (219.9)
Earnings before interest, tax, depreciation & amortisation  665.1    631.5
                                                                   
Depreciation expense                                        (236.4)  (212.2)
Amortisation expense                                        (17.2)   (17.3)
Operating profit                                            411.5    402.0
                                                                   
Finance revenues                                            3.0      18.1
Finance costs                                               (83.0)   (78.9)
Net financing charges                                       (80.0)   (60.8)
                                                                   
Profit on continuing operations before tax                  331.5    341.2
                                                                   
Income tax expense                                          (27.9)   (36.9)
Share of associates’ result                                 (5.1)    (3.6)
Profit from continuing operations after tax                 298.5    300.7
                                                                   
Discontinued operations                                             
Loss after tax from discontinued operations                 --       (7.3)
Net profit for the period                                   298.5    293.4
                                                                   
Attributable to equity holders of the parent                298.7    292.1
Attributable to non-controlling interests                   (0.2)    1.3
                                                                    

Weighted basic and diluted earnings per share

For the six month period ended June 30

In euros       2012 ^1  2011 ^1
                      
A – shares ^3  0.74     0.74
B – shares ^4  0.30     0.30
                       

^1 Has been subject to a review by the company’s auditors in accordance with
ISRE 2410.

^2 Earnings per share is calculated by dividing the net profit attributable to
ordinary shareholders for the period by the weighted average number of shares
outstanding during the year as adjusted to reflect the economic rights of each
class of share. Fully diluted earnings per share are insignificantly different
from basic earnings per share.

^3 Of which on ‘Continuing operations’: 2011 0.76

^4 Of which on ‘Continuing operations’: 2011 0.31

Interim condensed consolidated statement of financial position

In millions of euros                  June 30, 2012 ^ 1  December 31, 2011^2
Non-current assets                                      
Property, plant and equipment         3,809.0            3,708.9
Assets in the course of construction  1,293.9            1,300.4
Intangible assets                     2,965.6            2,913.4
Financial and other non-current       302.2              262.2
assets
Total non-current assets              8,370.7            8,184.9
                                                       
Current assets                                          
Inventories                           12.2               9.3
Trade and other receivables           428.8              428.1
Prepayments                           39.0               29.5
Valuation of financial derivatives    5.2                --
Cash and cash equivalents             239.0              218.0
Total current assets                  724.2              684.9
                                                       
Total assets                          9,094.9            8,869.8
                                                       
Equity                                                  
Attributable to equity holders of     2,614.9            2,534.2
the parent
Non-controlling interests             84.0               83.1
Total equity                          2,698.9            2,617.3
                                                       
Non-current liabilities                                 
Interest-bearing loans and            3,668.4            3,579.8
borrowings
Provisions and deferred income        346.9              271.7
Valuation of financial derivatives    --                 1.3
Deferred tax liabilities              709.5              694.0
Other long term liabilities           41.2               18.2
Total non-current liabilities         4,766.0            4,565.0
                                                       
Current liabilities                                     
Interest-bearing loans and            584.7              616.8
borrowings
Trade and other payables              469.0              444.5
Valuation of financial derivatives    72.6               56.9
Income tax liabilities                209.3              201.3
Deferred income                       294.4              368.0
Total current liabilities             1,630.0            1,687.5
                                                       
Total liabilities                     6,396.0            6,252.5
                                                       
Total equity and liabilities          9,094.9            8,869.8
                                                        

^1 Reviewed by the company’s auditors in accordance with ISRE 2410.

^2 Extracted from the 2011 SES S.A. annual report.

Interim condensed consolidated statement of cash flow

For the six month period ended June 30

In millions of euros                                        2012 ^1  2011 ^1
                                                                   
Profit on continuing operations before tax                  331.5    337.6
Loss on discontinued operations before tax                  --       (2.6)
                                                                   
Adjustment for non-cash items                               292.5    239.0
Consolidated operating profit before working capital        624.0    574.0
changes
                                                                   
Changes in operating assets and liabilities                 (30.8)   (80.7)
                                                                   
Net operating cash flow                                     593.2    493.3
                                                                   
Cash flow from investing activities                                 
Purchase, net of disposals, of intangible assets            (0.1)    (0.3)
Purchase, net of disposals, of property, plant and          (255.9)  (342.6)
equipment
Disposal of controlling interests in ND Satcom, net of      --       (9.3)
cash disposed
Net investment in equity-accounted investment               (30.5)   --
Repayment of loan to associate                              3.8      --
Total cash flow from investing activities                   (282.7)  (352.2)
                                                                   
Free cash flow before financing activities                  310.5    141.1
                                                                   
Cash flow from financing activities                                 
Proceeds from borrowings                                    257.5    823.5
Repayment of borrowings                                     (228.4)  (687.7)
Interest paid                                               (94.3)   (81.3)
Dividends paid to the equity holders of the parent ^2       (320.9)  (317.0)
Dividends paid to non-controlling interests                 (2.7)    --
Issue of shares                                             86.7     --
Acquisition of treasury shares                              (16.0)   --
Net proceeds of other treasury shares sold                  27.8     22.3
Other financing activities                                  0.3      0.4
Total cash flows from financing activities                  (290.0)  (239.8)
                                                                   
Free cash flow after financing activities                   20.5     (98.7)
                                                                   
Net foreign exchange movements                              0.5      (8.3)
                                                                   
Net increase / (decrease) in cash                           21.0     (107.0)
                                                                   
Net cash at beginning of the period                         218.0    323.7
Net cash at end of the period                               239.0    216.7
                                                                    

^1 Reviewed by the company’s auditors in accordance with ISRE 2410.

^2 Dividends are shown net of dividends received on treasury shares.

Additional information is available on our website www.ses.com


TELECONFERENCES

A call for members of the press will be hosted at 11.00 CEST today, 27 July
2012. Participants are invited to call the following numbers five minutes
prior to this time.

Belgium                                       +32 (0)2 620 0137
France                                         +33 (0)1 70 48 01 63
Germany                                        +49 (0)69 2222 34066
Luxembourg                                     +352 2088 1424
UK                                             +44 (0)20 3106 7162

Confirmation Code:                             5853784

A call for investors and analysts will be hosted at 14.00 CEST today, 27 July
2012. Participants are invited to call the following numbers five minutes
prior to this time.

Belgium                                        +32 (0)2 789 2126
France                                         +33 (0)1 70 99 43 00
Germany                                        +49 (0)89 1214 00699
Luxembourg                                     +352 342 080 8570
UK                                             +44 (0)20 7136 2051
USA                                            +1 646 254 3360

Confirmation Code:                             4966421

A presentation, which will be referred to during the calls, will be available
for download from the Investor Relations section of our website www.ses.com

A replay will be available for one week on our website: www.ses.com


Disclaimer / “Safe Harbor” Statement

This presentation does not, in any jurisdiction, and in particular not 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’ 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 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.

Contact:

SES
Mark Roberts, +352 710 725 490
Investor Relations
Mark.Roberts@ses.com
or
Yves Feltes, +352 710 725 311
Media Relations
Yves.Feltes@ses.com
 
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