SES Annual Report 2018

13 SES Annual Report 2018 € 2,010.3 M Reported revenue up 1.7% 1 2017 € 2,035.0 million € 1,292.1 M Video underlying revenue 2 4.0% lower 1 2017 € 1,373.2 million € 1,255.5 M EBITDA 2.6% lower 1 2017 € 1.324.2 million € 870.5 M Free cash flow before financing up 14.4% 2017 € 760.8 million 3.29 times Net debt to EBITDA 5 in line with SES’s commitment to investment grade credit status 2017 3.27 times € 0.80 Dividend per Class A share stable compared with 2017 2017 € 0.80 € 6.8 B Fully protected contract backlog 2017 € 7.5 billion € 292.4 M 3 Net profit attributable to SES shareholders 2017 € 596.1 million 4 € 671.1 M Networks underlying revenue 2 up 15.8% 1 2017 € 606.6 million € 1,963.2 M Underlying revenue 2 up 1.9% 1 2017 € 1,979.8 million 1 Comparative figures are restated at constant FX to neutralise currency variations 2 Excluding periodic and other revenue (disclosed separately) that are not directly related to or would distort the underlying business trends 3 Including impairment expenses of EUR 156.4 million and income tax benefit of EUR 41.9 million 4 Including impairment expenses of EUR 40.3 million and income tax benefit of EUR 130.6 million 5 Rating agency methodology treats the hybrid bonds as 50% debt and 50% equity. Net debt to EBITDA represents the ratio of net debt plus 50% of the group’s EUR 1.3 billion of hybrid bonds, divided by the last 12 months’ EBITDA. FINANCIAL HIGHLIGHTS

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