SES Global Gross Revenues, EBITDA Fall
Luxembourg-based SES Global, the world’s largest satellite-operating company, today showed that the fixed satellite services (FSS) sector still is facing overcapacity issues by reporting reduced 2003 revenues and earnings before interest, taxes, depreciation and amortization (EBITDA), compared to 2002.
The company notched 2003 revenues of 1.2 billion euros (US$1.48 billion), down 10.5 percent from 2002, and EBITDA of 943 million euros (US$1.16 billion), dipping 14.8 percent from the prior year. The drop-off in performance was exacerbated by a weakened U.S. dollar that, if held constant, would have been limited year-over-year to 3 percent for revenues and 7.9 percent for EBITDA. Challenging market conditions throughout 2003 led to the slight decline, on a constant exchange-rate basis, SES officials said.
On the plus side, company officials said the past year also marked “significant operational and financial successes” that included progress with its AMERICOM2Home concept through the signing of a satellite capacity agreement with EchoStar Communications [DISH], a U.S. satellite TV service. At SES ASTRA, more than 1 billion euros of new and renewed contracts were signed last year.
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