In a year-to-date financial performance that the satellite operator says reflects solid execution across the business, SES has reported a positive third quarter of 2022 but one which its video business has shown continued revenue decline.
The company ended the three months ended 30 September 2022 with overall revenue of €1.4 billion, up 6.1% year-on-year on as reported basis with adjusted EBITDA of €829 million, up 0.7% annually, and adjusted net profit of €277 million, an increase of 23.2% compreae2d with the same time a year ago on as reported basis. These figures included contribution from the DRS GES business that was acquired on 1 August 2022 and a stronger US dollar.
Looking at key drivers in the quarter, SES highlighted a 2.7% annual revenue growth in its Networks business line and what it called important renewals secured in the Video line that would underpin the Full Year.
Yet Video revenue of €763 million at the end of the quarter represented a reduction of 5.6% year-on-year including the planned impact of lower US wholesale revenue and periodic revenue of €10 million in Q1 2022. Excluding these two items, Video was 3.3% lower than year-to-date 2021 as lower volumes in mature markets were partially offset by growth in the HD+ organisation and Sports & Events business line.
By 30 September 2022, SES was delivering around 8,000 total TV channels to 366 million TV homes around the world, including around 3,100 high definition TV channels. 73% of total TV channels are broadcast in MPEG-4 with an additional 6% broadcast in HEVC.
Commenting on the third quarter results, SES CEO Steve Collar 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.”
Looking at key drivers in the quarter, SES highlighted a 2.7% annual revenue growth in its Networks business line and what it called important renewals secured in the Video line that would underpin the Full Year.
Yet Video revenue of €763 million at the end of the quarter represented a reduction of 5.6% year-on-year including the planned impact of lower US wholesale revenue and periodic revenue of €10 million in Q1 2022. Excluding these two items, Video was 3.3% lower than year-to-date 2021 as lower volumes in mature markets were partially offset by growth in the HD+ organisation and Sports & Events business line.
By 30 September 2022, SES was delivering around 8,000 total TV channels to 366 million TV homes around the world, including around 3,100 high definition TV channels. 73% of total TV channels are broadcast in MPEG-4 with an additional 6% broadcast in HEVC.
Commenting on the third quarter results, SES CEO Steve Collar 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.”
