Execution against 2023 targets and
strengthened financial position with C-band.
SES S.A. announces financial results for the twelve months ended
31 December 2023.
- Revenue of €2,030 million above Full Year 2023 financial
outlook
- Networks (+6.1% YOY(1)) driving group revenue growth
(+0.8%YOY(1)) with Video (-4.4% YOY(1))
- Adjusted EBITDA(2) of €1,025 million impacted by unplanned
expense in Q4 2023
- $3 billion U.S. C-band Accelerated Relocation Payment received,
lowering net leverage ratio from 3.5 times to 1.5 times(3)
- €1 billion of debt repayments planned, including €550 million
already repaid in January 2024
- Solid Adjusted Free Cash Flow of €431 million during 2023
- FY 2023 dividend of €0.50 per A-share(4) to be paid in April
2024, complemented by ongoing €150 million share buyback
- From FY 2024 onwards SES will move to semi-annual dividend
payments, aligning to operational cash flows
- Rewarding shareholders with additional interim dividend of
€0.25 per A-share in October 2024 and, starting in 2025, payment of
at least €0.25 per A-share in both April(4) and October
- First 6 O3b mPOWER satellites launched with start of commercial
services on track for early Q2 2024
- Discussions initiated with insurers on claim for O3b mPOWER
(satellites 1-4) of $472 million
- Full Year 2024 financial outlook(5) expects revenue of
€1,940-€2,000 million and Adjusted EBITDA(1) of €950-€1,000
million
Adel Al-Saleh, CEO of SES, commented: “It’s an exciting
time to be joining SES and an honour to lead this established,
world-class operator on the next phase of the journey. The 2023
results demonstrate the strong fundamentals of our business and
attraction of our multi-orbit offering to a customer base of
world-leading organisations, governments, and institutions.
We delivered on all the financial objectives for 2023 including
exceeding revenue expectations, secured €1.5 billion of new
business and renewals across Networks and Video, and launched the
first 6 O3b mPOWER satellites which will bring high-performance
connectivity services to committed and prospective customers from
early Q2 2024.
With the hard work of C-band clearing in the U.S. behind us and
cash proceeds received, we have strengthened our industry-leading
investment grade balance sheet and unlocked important financial
flexibility which creates the opportunity to expand our
capabilities, enhance commercial offering, drive free cash flow,
and deliver returns to our shareholders.
While the competitive landscape in which we operate is evolving
rapidly, SES is well positioned to succeed and grow as we continue
to deliver differentiated and compelling solutions to our
customers, underpinned by next-level execution and rigorous
financial discipline.”
________________________ 1) At constant FX (comparative figures
restated to neutralise currency variations) and like for like
(assumes full contribution from the acquisition of DRS Global
Enterprise Solutions from 1 January 2022, instead of actual
acquisition date of 1 August 2022, see page 7). 2) Excluding
operating expenses/income recognised in relation to U.S. C-band
repurposing and other significant special items (disclosed
separately). 3) Adjusted Net Debt (including €550 million hybrid
bond as 100% debt and €625 million hybrid bond treated as 50% debt
and 50% equity) to Adjusted EBITDA. In January 2024, the €550
million hybrid bond was called and repaid from existing cash and
financial resources. 4) Subject to shareholders’ approval. 5)
Financial outlook assumes a €/$ FX rate of €1 = $1.09, nominal
satellite health, and nominal launch schedule.
Key business and financial highlights (at constant FX unless
explained otherwise)
SES regularly uses Alternative Performance Measures (APM) to
present the performance of the group and believes that these APMs
are relevant to enhance understanding of the financial performance
and financial position.
€ million
2023
2022
∆ as reported
∆ at constant FX and like for
like(1)
Average €/$ FX rate
1.08
1.06
Revenue
2,030
1,944
+4.4%
+0.8%
Adjusted EBITDA
1,025
1,105
-7.3%
-6.3%
Adjusted Net Profit
215
300(2)
-28.3%
n/m
Adjusted Net Debt / Adjusted
EBITDA
1.5x
3.5x
n/m
n/m
“At constant FX” refers to comparative
figures restated at the current period FX, to neutralise currency
variations. 1) “Like for like” assumes full contribution from the
acquisition of DRS Global Enterprise Solutions from 1 January 2022,
instead of actual acquisition date of 1 August 2022. 2) Prior year
comparative restated to correspond to current year definition
Networks revenue of €1,062 million increased 6.1% year-on-year
driven by growth in Mobility (+11.5%), notably from expansion of
services to cruise lines, and Government (+6.1%) which delivered
higher revenue from both U.S. Government and Global Government
customers. Fixed Data revenue (+0.8% year-on-year) included
periodic revenue of €7 million in Q1 2023, compared with €4 million
in Q4 2022.
Video revenue of €967 million represented a reduction of 4.4%,
compared with 2022. Excluding €10 million of periodic revenue
recognised in Q1 2022, Video was 3.5% lower year-on-year comprising
lower revenue in mature European and North American markets,
stability in international revenue, and continued expansion of the
Sports & Events business.
Adjusted EBITDA of €1,025 million represented an Adjusted EBITDA
margin of 50% (2022: 54% on a like for like basis). Q4 2023
Adjusted EBITDA included an expense which was unplanned in the 2023
financial outlook.
Adjusted EBITDA excludes significant special items of €2,657
million (2022: €137 million), comprising net U.S. C-band income of
€2,697 million (2022: net income of €154 million) less other
significant special items of €40 million (2022: €17 million
expense) primarily related to restructuring expenses.
Higher tax expense and lower net foreign exchange (FX) gains
contributed to Adjusted Net Profit of €215 million. Excluding tax
and FX, profitability was stable year-on-year with lower
depreciation and net interest expense (including interest
capitalised) offsetting lower Adjusted EBITDA compared with
2022.
Adjusted Net Profit excludes the significant special items
highlighted above, non-cash impairment charges of €3,676 million,
and related net tax of €101 million associated with all significant
special items (including U.S. C-band). A non-cash impairment of
€1,553 million of intangible assets was triggered by the
recognition of the income from the Phase II U.S. C-band Accelerated
Relocation Payment (ARP) and reported in Q3 2023. An additional
non-cash impairment of €2,123 million has been recorded during Q4
2023 primarily impacting intangible assets and the initial O3b
mPOWER satellites from the impact of lower life and capacity (as
noted in the Q3 2023 results).
Adjusted Free Cash Flow (FCF) (see page 6) was a net inflow of
€431 million (2022: €181 million net outflow) including lower
year-on-year investing activities and interest paid (net of
interest received), compared with 2022.
Adjusted Net Debt (including 100% of €550 million and 50% of
€625 million of hybrid bonds as debt) on 31 December 2023 was
€1,565 million and represented an Adjusted Net Debt to Adjusted
EBITDA ratio of 1.5 times, compared with 3.5 times on 31 December
2022, including U.S. C-band ARP received in October 2023.
Additionally, the total amount of remaining U.S. C-band clearing
cost reimbursements expected to be received in future is now
approximately $450 million.
In January 2024, the €550 million hybrid bond was called and
repaid from existing cash resources. Additionally, upcoming debt
maturities of around €450 million are expected to be repaid using
existing cash resources, further reducing gross debt, and
delivering annual cash savings of more than €40 million (including
the coupon on the €550 million hybrid bond).
Contract backlog on 31 December 2023 was €4.3 billion (€5.2
billion gross backlog including backlog with contractual break
clauses). This included over $850 million of fully protected
contract backlog ($1 billion gross backlog) for SES-17 and O3b
mPOWER combined.
The Board of Directors is proposing a Full Year 2023 dividend of
€0.50 per A-share (€0.20 per B-share), consistent with the stable
to progressive dividend policy, to be paid on 18 April 2024 subject
to shareholders’ approval at the Annual General Meeting on 4 April
2024.
For the Full Year 2024 dividend, SES intends to move to a
semi-annual distribution with an interim dividend of €0.25 per
A-share (€0.10 per B-share) to be paid in October 2024 and final
dividend, subject to shareholder approval, of at least €0.25 per
A-share (€0.10 per B-share) to be paid in April 2025.
The share buyback programme of up to €150 million was started in
November 2023 and is being executed under the authorisation given
by the Annual General Meeting of shareholders held on 6 April 2023.
At 31 December 2023, 4 million A-shares had been purchased at an
average price of approximately €5.50 per A-share. Under the
authorisation, SES can purchase up to 20 million A-shares and up to
10 million B-shares in equal proportion to maintain the ratio of
two A-shares to one B-share, as required by the Articles of
Association. The aggregate value of the programme shall not exceed
€150 million, and the shares acquired are intended to be cancelled,
reducing the total number of voting and economic shares in
issue.
For Full Year 2024, group revenue and Adjusted EBITDA (assuming
an FX rate of €1=$1.09, nominal satellite health, and nominal
launch schedule) are expected to be in the range of €1,940-2,000
million and €950-1,000 million respectively, with growth in
Networks revenue expected to mostly offset lower year-on-year Video
revenue.
Capital expenditure (net cash absorbed by investing activities
excluding acquisitions, financial investments, U.S. C-band
repurposing, and assuming an FX rate of €1=$1.09) is expected to be
in the range of €500-550 million in 2024 with an average annual
capital expenditure of approximately €350 million for the period
2025-2028.
Operational performance
REVENUE BY BUSINESS UNIT
2023
Revenue (€ million) as
reported
Like for like change (YOY) at
constant FX(1)
Q1
Q2
Q3
Q4
FY 2023
Q1
Q2
Q3
Q4
FY 2023
Average €/$ FX rate
1.07
1.08
1.09
1.07
1.08
Video
242
244
241
240
967
-8.3%
-2.0%
-2.5%
-4.5%
-4.4%(2)
Networks
248
252
267
295
1,062
+2.9%
+3.4%
+8.8%
+8.8%
+6.1%(3)
Government
120
117
129
151
517
-0.6%
-0.9%
+14.7%
+10.8%
+6.1%
Fixed Data
60(3)
65
69
69
263
-1.6%
+1.9%
+6.3%
-3.0%
+0.8%(3)
Mobility
68
70
69
75
282
+14.4%
+13.1%
+1.5%
17.7%
+11.5%
Other
-
1
-
-
1
n/m
n/m
n/m
n/m
n/m
Group Total
490
497
507
536
2,030
-3.0%
+0.7%
+3.1%
+2.4%
+0.8%(4)
1) Assuming full contribution from the
acquisition of DRS Global Enterprise Solutions from 1 January 2022
(acquired on 1 August 2022) – see page 7. “At constant FX” refers
to comparative figures restated at the current period FX, to
neutralise currency variations. 2) Including periodic revenue of
nil (FY 2022: €10 million in Q1 2022). Excluding periodic revenue
Video was -3.5% YOY. 3) Including periodic revenue of €7 million in
Q1 2023 (FY 2022: nil). Excluding periodic revenue, Networks was
+5.8% YOY. 4) Excluding periodic revenue, group total was +1.1%
YOY.
Recent and future satellite launches
Satellite
Region
Application
Launch Date
SES-18 & SES-19
North America
Video (U.S. C-band accelerated
clearing)
Launched
O3b mPOWER (satellites 3-4)
Global
Fixed Data, Mobility, Government
Launched
O3b mPOWER (satellites 5-6)
Global
Fixed Data, Mobility, Government
Launched
ASTRA 1P
Europe
Video
Summer 2024
O3b mPOWER (satellites 7-8)
Global
Fixed Data, Mobility, Government
Late 2024
O3b mPOWER (satellites 9-11)
Global
Fixed Data, Mobility, Government
2025
ASTRA 1Q
Europe
Video, Fixed Data, Mobility,
Government
2026
SES-26
Africa, Asia, Europe, Middle East
Video, Fixed Data, Mobility,
Government
2026
EAGLE-1
Europe
Government
2026
O3b mPOWER (satellites 12-13)
Global
Fixed Data, Mobility, Government
2026
Final launch dates are subject to
confirmation by launch providers.
CONSOLIDATED INCOME STATEMENT
€ million
2023
2022
Average €/$ FX rate
1.08
1.06
Revenue
2,030
1,944
U.S. C-band repurposing
income
2,744
184
Other income
5
-
Operating expenses
(1,097)
(886)
EBITDA
3,682
1,242
Depreciation expense
(603)
(642)
Amortisation expense
(89)
(63)
Non-cash impairment
(3,676)
(397)
Operating (loss) /
profit
(686)
140
Net financing costs
(42)
(88)
(Loss)/profit before
tax
(728)
52
Income tax expense
(176)
(87)
Non-controlling interests
(1)
1
Net loss attributable to
owners of the parent
(905)
(34)
Basic and diluted loss per
A-share (in €)(1)
(2.14)
(0.16)
Basic and diluted loss per
B-share (in €)(1)
(0.86)
(0.06)
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.
€ million
2023
2022
Adjusted EBITDA
1,025
1,105
U.S. C-band income
2,744
184
U.S. C-band operating
expenses
(47)
(30)
Other income
5
-
Other significant special
items
(45)
(17)
EBITDA
3,682
1,242
€ million
2023
2022
Adjusted Net Profit
215
300
U.S. C-band income
2,744
184
U.S. C-band operating
expenses
(47)
(30)
Other income
5
-
Non-cash impairment
(3,676)
(397)
Other significant special
items
(45)
(17)
Tax on C-band net income
(484)
(28)
Tax on significant special
items
383
(46)
Net loss attributable to
owners of the parent
(905)
(34)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ million
31 December 2023
31 December 2022
Closing €/$ FX rate
1.11
1.07
Property, plant, and
equipment
3,042
3,630
Assets in the course of
construction
1,550
1,859
Intangible assets
920
4,291
Other financial assets
21
20
Trade and other
receivables(1)
87
111
Deferred customer contract
costs
3
7
Deferred tax assets
671
499
Total non-current
assets
6,294
10,417
Inventories
55
34
Trade and other
receivables(1)
860
1,033
Deferred customer contract
costs
2
4
Prepayments
47
47
Income tax receivable
19
25
Cash and cash equivalents (A)
2,907
1,047
Total current assets
3,890
2,190
Total assets
10,184
12,607
Equity attributable to the owners of the
parent
3,701
5,596
Non-controlling interests
57
62
Total equity
3,758
5,658
Borrowings (B)
3,443
3,629
Provisions
3
7
Deferred income
337
359
Deferred tax liabilities
205
434
Other long-term liabilities
83
107
Lease liabilities
23
30
Fixed assets suppliers
313
740
Total non-current
liabilities
4,407
5,306
Borrowings (C)
716
719
Provisions
88
67
Deferred income
224
189
Trade and other payables
390
367
Lease liabilities
16
15
Fixed assets suppliers
455
264
Income tax liabilities
130
22
Total current
liabilities
2,019
1,643
Total liabilities
6,426
6,949
Total equity and liabilities
10,184
12,607
Reported Net Debt (B + C – A)
1,252
3,301
1) Trade and other receivables (current
and non-current) include €350 million related to U.S. C-band
repurposing (31 December 2022: €480 million).
CONSOLIDATED STATEMENT OF CASH FLOWS
€ million
2023
2022
(Loss)/profit before
tax
(728)
52
Taxes paid during the year
(442)
(186)
Adjustment for non-cash items
4,531
1,156
Changes in working capital
118
449
Net cash generated by
operating activities
3,479
1,471
Payments for acquisition of subsidiary
-
(435)
Payments for purchases of intangible
assets
(22)
(42)
Payments for purchases of
tangible assets(1)
(383)
(1,312)
Interest received
45
5
Other investing activities
(10)
(9)
Net cash absorbed by investing
activities
(370)
(1,793)
Proceeds from borrowings
-
744
Repayment of borrowings
(706)
(57)
Coupon paid on perpetual bond
(49)
(49)
Dividends paid on ordinary shares(2)
(220)
(219)
Interest paid on borrowings
(109)
(103)
Payments for acquisition of treasury
shares
(22)
-
Proceeds from treasury shares sold and
exercise of stock options
1
4
Lease payments
(22)
(17)
Payment in respect of changes in ownership
interest in subsidiaries
1
2
Net cash generated/(absorbed) by
financing activities
(1,126)
305
Net foreign exchange movements
(123)
15
Net increase/(decrease) in cash
and cash equivalents
1,860
(2)
Cash and cash equivalents at
beginning of the year
1,047
1,049
Cash and cash equivalents at end of the
year
2,907
1,047
1) Including reimbursements of €129
million related to U.S. C-band repurposing (2022: reimbursements of
€682 million). 2) Net of dividends received on treasury shares of
€3 million (2022: €11 million)
€ million
2023
2022
Net cash generated by operating
activities
3,479
1,471
Net cash absorbed by investing
activities
(370)
(1,793)
Coupon paid on perpetual bond
(49)
(49)
Interest paid on borrowings
(109)
(103)
Lease payments
(22)
(17)
Free Cash Flow before equity
distributions and treasury activities
2,929
(491)
Payments for acquisition of subsidiary,
net of cash acquired
-
435
U.S. C-band cash flows
(2,516)
(138)
Payments in respect of other significant
special items
18
13
Adjusted Free Cash Flow
431
(181)
SUPPLEMENTARY INFORMATION
QUARTERLY INCOME STATEMENT (AS REPORTED)
€ million
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Average €/$ FX rate
1.12
1.08
1.02
1.00
1.07
1.08
1.08
1.07
Revenue
448
451
501
544
490
497
507
536
U.S. C-band income
2
2
2
178
2
1
2,715
26
Other income
-
-
-
-
-
-
-
5
Operating expenses
(184)
(190)
(232)
(280)
(240)
(251)
(251)
(355)
EBITDA
266
263
271
442
252
247
2,971
212
Depreciation expense
(147)
(149)
(158)
(188)
(148)
(146)
(153)
(156)
Amortisation expense
(12)
(12)
(16)
(23)
(17)
(29)
(21)
(22)
Non-cash impairment
-
(24)
-
(373)
-
-
(1,553)
(2,123)
Operating profit/
(loss)
107
78
97
(142)
87
72
1,244
(2,089)
Net financing costs
(16)
(14)
24
(82)
(29)
(18)
(2)
7
Profit/ (loss) before
tax
91
64
121
(224)
58
54
1,242
(2,082)
Income tax expense
(9)
(45)
(24)
(9)
(3)
(17)
(472)
316
Non-controlling interests
-
-
-
1
-
-
-
(1)
Net profit/ (loss)
82
19
97
(232)
55
37
770
(1,767)
Basic earnings/(loss) per
share (in €) (1)
Class A shares
0.17
0.02
0.20
(0.55)
0.10
0.07
1.73
(4.04)
Class B shares
0.07
0.01
0.08
(0.22)
0.04
0.03
0.69
(1.62)
Adjusted EBITDA
274
271
284
276
265
265
262
233
Adjusted EBITDA margin
61%
60%
57%
51%
54%
53%
52%
44%
U.S. C-band income
2
2
2
178
2
1
2,715
26
Other income
-
-
-
-
-
-
-
5
U.S. C-band operating
expenses
(9)
(8)
(7)
(6)
(6)
(7)
(4)
(30)
Other significant special
items
(1)
(2)
(8)
(6)
(9)
(12)
(2)
(22)
EBITDA
266
263
271
442
252
247
2,971
212
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.
LIKE-FOR-LIKE REVENUE BY BUSINESS UNIT
(Pro forma assuming full contribution from the acquisition of
DRS Global Enterprise Solutions from 1 January 2022)
€ million
Q1 2022
Q2 2022
Q3 2022
Q4 2022
FY 2022
Average €/$ FX rate
1.12
1.08
1.02
1.00
1.06
Video
261
250
252
257
1,020
Networks
231
245
261
287
1,024
Government
116
119
119
144
498
Fixed Data
58
64
69
75
266
Mobility
57
62
73
68
260
Group Total
493
495
513
544
2,045
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
significant special items of a non-recurring nature. In 2022 and
2023, the primary exceptional items are the net impact of the
repurposing of U.S. C-band spectrum, restructuring charges, costs
associated with the development and/or implementation of merger and
acquisition activities, specific business taxes, one-off regulatory
charges arising outside ongoing operations. Adjusted EBITDA margin
is Adjusted EBITDA divided by revenue.
Adjusted Free Cash Flow
Net cash generated by operating
activities less net cash absorbed by investing activities, interest
paid on borrowings, coupon paid on perpetual bond and lease
payments, and adjusted to exclude the effect of cash flows
generated by significant special items of a non-recurring nature.
In 2022 and 2023, the primary exceptional items are the net impact
of the repurposing of U.S. C-band spectrum, restructuring charges,
costs associated with the development and/or implementation of
merger and acquisition activities, specific business taxes, one-off
regulatory charges arising outside ongoing operations.
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 the after-tax impact of
significant special items.
Presentation of Results:
A presentation of the results for investors and analysts will be
hosted at 9.30 CET on 29 February 2024 and will be broadcast via
webcast and conference call. The details for the conference call
and webcast are as follows:
U.K.
+44 (0) 33 0551 0200
France
+33 (0) 1 70 37 71 66
Germany
+49 (0) 30 3001 90612
U.S.A.
+1 786 697 3501
Confirmation code
SES
Webcast registration
https://channel.royalcast.com/landingpage/ses/20240229_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.
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About SES
SES has a bold vision to deliver amazing experiences everywhere
on earth by distributing the highest quality video content and
providing seamless data connectivity services around the world. As
a leader in global content connectivity solutions, SES owns and
operates the world’s only geosynchronous orbit and medium earth
orbit (GEO-MEO) constellation of satellites with the unique
combination of global coverage and high performance. By leveraging
its vast and intelligent, cloud-enabled network, SES delivers
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 6,400 channels, reaching 363 million
households, delivering managed media services for both linear and
non-linear content. The company is headquartered in Luxembourg and
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228788178/en/
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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