Publishing its annual results on Friday morning, SES announced revenues fell by 1.6% to €2.035 billion (-5.2% on a like-for-like basis). The SES Video division fell by -3.6% and SES Networks by 1.9%. Ebitda’s margin was 65.1%, compared to 70.2% in 2016 (66.7% on a like-for-like basis), as the group had warned in the third quarter results.

Net income decreased to €596.1 million (€ 962.7 million in 2016, including a capital gain of €495.2 million recognised in the consolidation of O3b). The board of directors proposes a 2017 dividend per Class A share of €0.80 compared with €1.34 in 2016, the firm stated.

“As we continue to adapt to the new business and financial model and invest in our future growth, we have decided to ‘rebase’ the dividend to support growth in the coming years as our business grows,” chairman Karim Michel Sabbagh said in a statement.

Sabbagh, who will be stepping down as chairman of the executive committee in April to be succeeded by Steve Collar, said:

“2017 has been a year of crucial transformation for SES. We have created two new market-focused business units: SES Video and SES Networks. We are now well-positioned to generate growth in the future.”

He admitted that operational performance had been lower than expected “due to persistent market difficulties throughout 2017, coupled with some issues related to the health status of the fleet.”

For 2018, SES forecasts a decline in Ebitda margin of between 64.0% and 64.5%, before returning to 65% in 2020.