"We are pleased to report that 2009 was another year of robust performance by the SES group, with continued strong demand for satellite capacity driving revenue growth.  SES also built significantly on its profitable base, through acquisition and investments, to further develop the foundation for future growth. During the year, SES contracted five additional satellites, so that there are currently 12 satellites under construction.  Our intensive satellite investment programme is projected to deliver over EUR 400 million of new annual revenues in the 2015 time horizon.  Further growth will come from SES' minority investment in O3b Networks, a satellite constellation that will bring high-speed, low latency internet trunking to markets which have little or no broadband connectivity. We have, therefore, excellent growth prospects, as also reflected in the increase of the contract backlog, and we look forward to continuing to deliver value to shareholders."

	2009	2008
Revenues	1,701.6	1,630.3		+71.3	+4.4%
EBITDA	1,189.5	1,100.0		+89.5	+8.1%
EBITDA margin	69.9%	67.5%		+2.4%	--
Operating profit	700.4	625.1		+75.3	+12.0%
Profit before tax	565.7	476.5		+89.2	+18.7%
Net profit	476.5	387.5		+89.0	+23.0%
Earnings per Class A share (euro)	1.22	0.98		+0.24	+24.5%
Net operating cash flow	1,076.2	1,037.1		+39.1	+3.8%
Net debt / EBITDA	2.99	3.16		-0.17	-5.4%

SES confirmed its industry-leading profitability with good operational and financial performance in 2009, demonstrating continued progress in all key markets.  Revenue grew by 4.4% to EUR 1,701.6 million, (+1.7% on a recurring basis) with an EBITDA margin of 69.9% (72.5% on a recurring basis) resulting in a strong net operating cash flow of EUR 1,076.2 million - representing an EBITDA conversion rate of 90%. The health of the business was further demonstrated by the additional 50 transponders commercially utilised in the year, in particular reflecting the strong demand for the group's capacity in key emerging markets.  Overall transponder utilisation grew to 82.1% (2008: 79.0%).  2009 was another year of intensive investment, and capital expenditure was substantial at EUR 761.2 million. Even in this period of high capital expenditure, SES continued to fund its investment in new growth opportunities, its satellite replacement programme, and its progressive dividend per share (increased by 10.6% to EUR 0.73) entirely from its strong operating cash flow, ending the year with indebtedness, at 2.99 times Net Debt/EBITDA, down from 3.16 times in the prior year.
 
This solid progress resulted from the commercialisation of new and existing capacity across the group.  New capacity was delivered by Ciel-2, which entered service at the end of January 2009. The launch of NSS-9 replacing NSS-5 over the Pacific region, as well as that of NSS-12 in the Indian Ocean Region, have enabled SES  to significantly increase the capacity available within SES' Asian satellite coverage.
 
SES added to its strategic assets in this fast growing region with our successful bid to acquire the Protostar 2 satellite at auction in December 2009, for USD 185 million.  Following receipt of regulatory approval, SES will add a healthy young satellite carrying 22 Ku-band transponders with excellent coverage of key Asian markets to its fleet, enabling the further development of its business in India and other important markets.  

New business signed included a significant amount of capacity for video broadcasting customers in emerging markets, building on SES' strong traditional business of serving video broadcasters. The total proportion of group revenue from this high added value business activity grew to 67% (2008: 65%).  A major renewal was agreed with BSkyB in respect of 24 transponders serving its Pay-TV operations in the UK.  As a consequence, the contract backlog increased by 15.4% and represents some four times SES' 2009 revenues.  Additionally, The European Commission contracted two payloads for EGNOS (European Geostationary Navigation Overlay Service), to be hosted on the SIRIUS 5 and the ASTRA 5B spacecraft to be launched in 2011 and 2013 respectively.

The group's financing was significantly strengthened through a series of transactions.  These were secured on attractive terms and maturities which smoothed and extended the group's financing profile. The average cost of debt during the year was 4.5%, reflecting the group's attributes of long term commercial visibility and stability.
 
SES AMERICOM - NEW SKIES was rebranded as SES WORLD SKIES. The streamlined management structure and unified approach to the markets served contributed to the achievement of the targeted USD 30 million of cost savings.  

In the second half of the year, a contract was signed with EADS ASTRIUM for the construction of four satellites (three replacement satellites for the ASTRA 28.2E orbital position and a new satellite, ASTRA 5B, which will be positioned at 31.5E).  These satellites mark the completion of the current phase of replacements for SES ASTRA's prime orbital positions.  The satellites to be positioned at 28.2E will also carry growth capacity, including Ku-band transponders for SES WORLD SKIES targeting the African and Middle East markets, as well as Ka-band transponders for broadband services. These flexible Ka-band payloads allow coverage of some of the largest European markets, offering upside potential which is balanced by limited financial risk. This capacity will further supplement SES' already successful ASTRA2Connect product which has continued its growth in 2009 and now serves some 60,000 users.

In November, SES announced its participation in O3b Networks, a Medium Earth Orbit ("MEO") satellite company.  SES has made a cash investment of USD 75 million and will also contribute technical and marketing expertise in exchange for an eventual total interest of up to 30% of the equity.  O3b is a start-up company which will deliver, through an initial constellation of eight MEO satellites due to be launched in 2012 and associated ground infrastructure, fiber-like connectivity solutions to telecom customers in emerging markets. There is already significant demand for its flexible, low-cost, low-latency, high-speed internet trunking and backhaul infrastructure.

Services activities in general maintained their solid performance, contributing EUR 42.5 million or 3.5% of EBITDA (normalised for one-time items). A temporary delay to revenue recognition at ND SatCom resulted in revenues from this unit being lower than had been expected.  However, active measures taken by the new management team to reduce the cost base mitigated the impact of the revenue reduction.