Investor Presentaiton
Reducing CapEx through Innovation and Fleet Optimisation
A
2018 CapEx was 30% lower than original forecast reflecting strong focus on cash flow and leverage, underpinned by disciplined spending
CapEx reduction of ~30% during the period 2010 to projected 2023 (5-year rolling average)
CapEx to sales ratio from 35%-40% to 20%-25% from beginning of the period to current outlook
A Strong focus on cash flow and leverage underpinned by disciplined spending
Capital Expenditure (total investing activities excluding acquisitions)
EUR million (growth and replacement)
1,400
1,200
1,000
854(1)
800
600
400
588(1)
Trend
200
2010
2011
2012 2013 2014 2015
2016 2017 2018
2019
2020
2021
2022
2023
0
Actual CapEx
Committed satellite
Estimated uncommitted satellite
Ground/non-satellite
5-year rolling-average (at constant FX)
1) EUR 854 million CapEx average on the period 2007-2011 and EUR 588 million expected CapEx average on the period 2019-2023
Investor presentation | May 2019
SES
2021 CapEx reflects SES-17 and
O3b mPOWER
▲ Targeting further CapEx efficiencies
and increasing flexibility with new
approach to satellite procurement
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