Evolution of the Board of Directors of SES-imagotag – 11/29/2022 at 6:31 pm

(AOF) – SES-imagotag, a global player in digital solutions for physical commerce, announces a change in its governance and in the composition of the Board of Directors, after the sale by BOE of 1.5 million shares of the Group. In this context, Peter Brabeck-Letmathe joins the Board as an independent director (ratification at the next General Meeting).

Peter Brabeck-Letmathe is Honorary President of Nestlé, Vice-Chairman of the Founding Council of the World Economic Forum and President of GESDA (Geneva Science & Diplomatic Anticipator). He has served on the boards of several major corporations including Roche, L’Oréal, Credit Suisse and Exxon Mobil.

He also remains Chairman of the SES-imagotag International Advisory Board, a position he has held since 2019.

Following the co-option of Peter Brabeck-Letmathe, and the resignations of Xiangjun Yao and Feng Bai, the composition of the Board of Directors is now as follows, in accordance with AFEP-MEDEP rules relating to companies without controlling shareholders whose proportion of independent directors must be half of the members of the Board: Thierry Gadou – President and CEO; Peter Brabeck-Letmathe – Independent Director; Candace Johnson – Independent Director; Franck Moison – Independent Director; Hélène Ploix – Independent Director; Fangqi Ye – BOE Administrator; Rengui Chen – Administrator of BOE; Cenhui He – Administrator of BOE; Johnson Lee – Censor

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key points

– First world operator of telecommunications satellites, created in 1985 covering the entire world population with 74 satellites;

– Revenues of 1.88 billion euros from video –distribution and related services- for 59% and networks –governments, mobility and data- for 41%;

– Two-point economic model: video: generate high self-financing and increase service quality, mainly in HD and OTT/networks: focus growth on 3 segments – data for telecoms and cloud, mobility and secure connectivity for governments;

– Capital held at 11.58% of voting rights by Luxembourg and 10.88% by BCEE and SNCI, not being able to accommodate another shareholder with more than 20.1%, with Frank Esser chairing the 12-member board of directors, with Steve Collar as managing director;

– Strong financial position – €5.7 billion in shareholders’ equity and free cash flow of €876 million against €2.5 billion in debt, ie a leverage effect of 3 at the end of June.

challenges

– In a market that should double in 10 years, strategy focused on revenue growth, superior to the operating result and financial balance;

– Innovation strategy: oriented towards 2 reservoirs of future growth: connected mobility applications in the air, maritime and automotive sectors, and data and cloud related solutions, combining terrestrial and space applications / co-creation with incubation solutions with customers;

– Environmental strategy: after CO2 emissions remained at 40 Mt for 10 years despite increased activity, a reduction began since 2018 / reduction of waste in space through the reuse of launchers and sending them to an orbital cemetery;

– After an increase to 950M€ in 2022, sharp drop in industrial investments -450M€ in 2023, 570M€ in 2024, 280M€ in 2025, 360M€ in 2026;

– Strategic acquisition of DRS Global, provider of SATCOM solutions to the US government – $250 million in additional annual revenues, $25 million in annual synergies;

– Launch in 2022 of SES-17 (€930m of orders) and, at the end of the year, of 03bmPOWER which will guarantee turnover and operating profit from 2023.

challenges

– Stock market volatility in relation to the statements of competitors Eutelsat and Inmarsat, mergers in the sector and progress of megaprojects from Amazon, Google/Qualcomm or Starlink/SpaceX;

– Reinforcement of the balance sheet thanks to the compensation by the American FFC, Federal Communications Commission, for making the “C band” available, with an estimated value of 4 billion euros paid in 2 installments (after 1 billion euros in 2021, € 3 billion at the end of 2023);

– Rumors of merger with the American Intelsat, judged negatively by investors;

– After a 32.6% increase in revenues and 11% in net income in 1

er

2022 half-year targets confirmed: €1.75-€1.81 billion in revenue, of which 90% guaranteed and at least €1.1 billion in operating profit;

– Share buyback program.

French market growth in value

According to the Gfk institute, the sector generated sales of 4.8 billion euros in 2021, an increase of 2% compared to 2020. The product families that benefited from the best performances are namely helmets and accessories, as well as televisions. However, while the French electronics market grew in value last year, it fell in terms of volume (-2% with 51 million units sold). This trend can be explained by a change in the product market: Bluetooth speakers are more powerful or even televisions use more innovative technologies. Thus, the development of technologies that improve the image resolution (Oled, Qled, miniled) and the size of the screens caused an increase of more than 20% in the average price. Consumers are also looking for more sustainable products.

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