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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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Pencil Lab Inks Debut in ADIHEX 202125.9.2021 12:04:00 CEST | Press release

The 18th edition of the Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) on September 27 - October 3 marks an opportune platform for Pencil Lab Design Studio’s first major participation in the massive event, the largest of its kind in the Middle East and Africa. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210925005016/en/ Pencil Lab Inks Debut in ADIHEX 2021 (Photo: AETOSWire) Featuring more than 800 brands and companies, the event is held under the theme of ‘Sustainability and Heritage… A Reborn Aspiration’, highlighting heritage, culture and authentic sports and their strong relation with Arab history. As part of its inaugural participation in a major exhibition as a company, Pencil Lab, a UAE initiative, will showcase their artworks with three large oil paintings by Pencil Lab’s citizen artist, to highlight the strong connection of arts, like painting and photography, to Arab history and civilization.

DXC Technology Completes Refinancing Actions24.9.2021 22:30:00 CEST | Press release

DXC Technology Company (NYSE: DXC) (“DXC”) today announced the completion of its refinancing. DXC previously completed the offering of €1.35 billion Senior Notes priced on September 2, 2021 and $1.35 billion Senior Notes priced on September 7, 2021. DXC completed redemption of $2.5 billion principal of (i) EUR term loan in the amount of €400 million due FY23 and FY24, (ii) $500 million 4.25% Senior notes due FY25, (iii) £250 million 2.75% Senior notes due FY25, (iv) $467 million 4.125% Senior notes due FY26, (v) $500 million 4.75% Senior notes due FY28, and (vi) $234 million Senior notes due FY30. The applicable make whole premium for these redemptions was $300 million and accrued and unpaid interest was $40 million. Ken Sharp, Chief Financial Officer, DXC commented: “Our opportunistic debt refinancing of $2.5 billion of our high coupon debt further solidifies our financial foundation by extending our debt maturities, lowering our maturity towers and reducing our ongoing interest expen

Schlumberger Announces Third-Quarter 2021 Results Conference Call24.9.2021 16:00:00 CEST | Press release

Schlumberger Limited (NYSE:SLB) will hold a conference call on October 22, 2021 to discuss the results for the third quarter ending September 30, 2021. The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until November 22, 2021, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402

Tradeweb Successfully Completes its First Southbound Bond Connect Transactions24.9.2021 14:07:00 CEST | Press release

Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it has completed its first Southbound Bond Connect transactions via the trading link between Tradeweb and China Foreign Exchange Trade System (CFETS). “Southbound Bond Connect is the latest evolutionary step for China’s financial market, providing domestic investors with more flexibility and choice when trading offshore bonds,” said Lee Olesky, CEO of Tradeweb Markets. “Together with CFETS, our goal is to better meet onshore investors’ demand for streamlined access to global investment. We will continue to focus on further enhancing the trading link by deploying new innovative trading functionality, just as we did with the Northbound leg of Bond Connect.” Southbound Bond Connect facilitates fixed income portfolio diversification for institutional investors in China. Tradeweb collaborates closely with CFETS to create a uniform trading ex

H.I.G. Capital Acquires Aspire Pharma24.9.2021 14:05:00 CEST | Press release

H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with $45 billion of equity capital under management, is pleased to announce that one of its affiliates has acquired Aspire Pharma Limited (“Aspire” or the “Company”), a leading UK provider of niche generic and branded specialty pharmaceuticals, alongside its founder Graham Fraser-Pye. The financial terms of the transaction have not been disclosed. Aspire licenses and develops niche generic and specialty pharmaceutical products that offer innovative formulations, value for money for payors, and reliable supply arrangements in markets that are often underserved. The business holds leadership positions in urology, ophthalmology, CNS and dermatology, with a highly diversified portfolio of more than 250 products across multiple categories, including branded specialty products and unbranded niche generics. H.I.G., together with the management team, aims to continue Aspire’s strong track record of organic growth and

Swappable Announces Partnership with Esports T1's Dota 2 Team24.9.2021 13:34:00 CEST | Press release

Swappable, an NFT (Non-Fungible Token) interface for high-profile and exclusive digital collectibles, has announced its partnership with T1's Dota 2 team, the popular esports team for the upcoming International 10 - Dota 2 World Championship in Bucharest, Romania. T1 is not just an esports team but a pop culture phenomenon with millions of fans worldwide. The team embodies a blend of lifestyle, creativity and attitude, fresh from the source of Seoul & LA. As part of the collaboration, T1 will auction their first-ever NFTs (digital collectibles) on Swappable for T1’s Genesis Collection. With the first auction starting Friday September 24th, T1 will release a series of NFTs each possessing utility features such as special access to T1's Dota 2 team players and more. Visit Swappable for more information. “We are excited to partner with a leading organization in the esports industry. It is also a chance for T1 fans to pick the very first digital collectibles ever created by this legendary

SAB Biotherapeutics Announces SAB-185 Receives Positive DSMB Review and Advances to Phase 3 in NIH-Sponsored ACTIV-2 Trial for Treatment of COVID-1924.9.2021 13:00:00 CEST | Press release

SAB Biotherapeutics (SAB), a clinical-stage biopharmaceutical company with a novel immunotherapy platform that produces specifically targeted, high-potency, fully-human polyclonal antibodies without the need for human donors, today announced that an independent Data Safety Monitoring Board (DSMB) has completed its prespecified interim analysis data review of the safety and efficacy of SAB-185 in the Phase 2 portion of the ACTIV-2 trial and has recommended advancement to Phase 3. SAB-185 is a fully-human, specifically-targeted, broadly-neutralizing polyclonal antibody therapeutic candidate for the treatment of non-hospitalized patients with mild to moderate COVID-19. It is being assessed in the ACTIV-2 trial funded and conducted by the National Institute of Allergy and Infectious Diseases (NIAID), part of the US National Institutes of Health (NIH) in collaboration with the AIDS Clinical Trials Group. SAB-185 is advancing to the Phase 3 trial based on meeting pre-defined graduation crite