SES hit by impact of German analogue switchover

Satellite operator SES’s first quarter financials were hit by the impact of last year’s analogue switch-off for comparison purposes, with revenue of €440.8 million 2.1% down on the same period in 2012.

SES said that, excluding the impact of German analogue switchover in April last year, revenue was 5.7% higher than the comparable period. Revenue from Europe fell by 6.2% at constant exchange rates, but grew by 8.2% if analogue switchover was excluded.

EBITDA for the tree months to March was €321.2 million, down 4.8%. EBITDA at constant exchange rates grew by 5.5% excluding the impact of Germany’s analogue switchover. Analogue switch-off also had a negative impact on SES’s EBITDA margin, which fell from 74.9% to 72.9% due to the loss of €32 million in analogue revenues.

SES said its HD+ platform in Germany, which now has over 1.1 million subscribers, was on track to reach 1.25 million paying households by the end of this year.

SES maintained its guidance for the rest of this year, with revenue and EBITDA growth expected to be in 4-5% range, weighted towards the second half of the year.