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GBP/USD - Prices, Charts, and Analysis

  • A 50bp hike would be the largest increase since 1995.
  • S&P Global/CIPS Services PMI missed first estimates.
  • The US Dollar grabs a small bid.

The Bank of England is expected to hike interest rates for the sixth consecutive meeting on Thursday as the central bank continues to grapple with soaring inflation. The UK central bank is seen hiking the Bank Rate by 50 basis points, the largest increase since 1995. A 50bp hike would take the UK borrowing rate to 1.75%, the highest level in over 14 years. The Bank of England has said that they expect UK inflation to hit double-figures at the end of Q3/start of Q4. A recent report by the National Institute of Economic and Social Research (NIESR) forecast that UK inflation would hit 11% and that the UK central bank would have to lift the Bank Rate to 3% to bring price pressures under control.

British Pound (GBP/USD) Forecast – Will the BoE Go Hard This Thursday?

The latest S&P Global/CIPS services PMI missed original expectations and warned that UK services sector activity eased to its slowest rate in 17 months as ‘inflationary pressures and the cost-of-living squeeze resulted in heightened economic uncertainty’. Tim Moore, economics director at S&P Global Market Intelligence wrote, Any slowdown in inflationary pressures can't come soon enough for service providers, with many firms reporting growing customer resistance to price hikes and a subsequent downturn in demand as higher energy, fuel and staff costs are passed on to customers."

British Pound Update – GBP/USD Stuck in a Rut Ahead of The BoE

For all market-moving economic data and events, refer to the DailyFX calendar

The US dollar picked up a small bid on Tuesday as US House Representative Nancy Pelosi landed in Taiwan, sparking anger and threats of retaliation from China. Ms. Pelosi, the highest elected official to visit Taiwan in more than 25 years, said that America’s determination to preserve democracy in Taiwan, ‘remain iron clad’. In response to Ms. Pelosi’s visit, China has retaliated with a range of economic sanctions and has begun military drills in the region. The US dollar basket currently trades around 105.85, having traded as low as 104.75 on Monday.

GBP/USD is currently in limbo ahead of Thursday’s policy decision. A combination of a marginally stronger USD and a flat GBP has pushed GBPUSD back below 1.2200, although the move lacks any real conviction. Tomorrow’s decision, and MPC commentary post-decision, will decide Sterling’s short-term fate.

British Pound Update – GBP/USD Stuck in a Rut Ahead of The BoE

Retail trader data show 68.77% of traders are net-long with the ratio of traders long to short at 2.20 to 1. The number of traders net-long is 6.18% higher than yesterday and 8.35% lower from last week, while the number of traders net-short is 12.59% lower than yesterday and 0.25% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/USD trading bias.

What is your view on the British Pound – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

Tue, 02 Aug 2022 22:18:00 -0500 en text/html https://www.dailyfx.com/forex/market_alert/2022/08/03/British-Pound-Update-GBPUSD-Stuck-in-a-Rut-Ahead-of-The-BoE-.html
Killexams : Switch to five substitutes has saved football – Liverpool assistant Pep Lijnders

Liverpool assistant manager Pep Lijnders believes the introduction of five substitutes in the Premier League this season has “saved football”.

The number of substitutions was temporarily increased from three when football resumed amid the coronavirus pandemic in the summer of 2020.

The International Football Association Board agreed to permanently keep that rule in place last October but the Premier League reverted back to three changes per game for the past two seasons.

However, top-flight clubs agreed earlier this year to allow five substitutes from the start of the 2022-23 campaign – news welcomed by Liverpool assistant Lijnders.

“The big thing this season and I think the most decisive aspect of this season will be how teams use the five subs because that will change massively the Premier League,” he told the PA news agency.

“We’re really happy with that because it means that we can play intense from minute one until minute 95 – (then it is) how to use the squad, how to deal that we play every three days.

“I think the rule saved football, in my opinion, because if you want to play every three days, this was one of the musts to have.

“I’m really happy that the Premier League saw that, that the clubs saw it but I think as well it is a weapon.”

Liverpool boss Jurgen Klopp and Manchester City manager Pep Guardiola were both critics of not adopting the changes for the last domestic league campaign when it was allowed in European competitions as well as for England’s domestic cup fixtures.

The changes come into place for a season unlike any other, with the World Cup slotted midway through the campaign in Qatar.

Liverpool assistant Lijnders has released a book (LFC handout)

It is a challenging dynamic that Lijnders wrote about in his new book ‘Intensity’ – the inside story of how Liverpool’s 2021-22 campaign unfolded.

“In the book, it will explain really well how busy we were three quarters of a year ago, how we were already planning this season in terms of where do we go, what do we want,” the Reds assistant said.

“We decided to go to Dubai. It’s close (to Qatar) so players can come quickly back, so they can prepare quick with the team again, and it gives us real time to prepare for the second sprint of the season.”

Wed, 03 Aug 2022 20:43:00 -0500 en-US text/html https://www.yahoo.com/now/switch-five-substitutes-saved-football-083959054.html
Killexams : S&P 500 Slides to Support, Dollar Rises to Resistance After Powell Testimony

Talking Points:

  • US equity indices suffered a setback in their February recovery effort, but is it a genuine change in risk trends?
  • A jump for the US Dollar this past session leaves EUR/USD, GBP/USD and other Dollar majors on the cusp of technical breaks
  • The juxtaposition of currency and indices suggests Powell was the source of the drive, but was a 'flash' or start of a trend?

What makes for a 'great' trader? Strategy is important but there are many ways we can analyze to good trades. The most important limitations and advances are found in our own psychology. Download the DailyFX Building Confidence in Trading and Traits of Successful Traders guides to learn how to set your course from the beginning.

Jerome Powell Speaks, Equities Sink

The new Federal Reserve Chairman, Jerome Powell, conducted his first congressional testimony in Washington as the head of the central bank Tuesday; and the markets seemed to be unsettled by what was said. The Topics were wide ranging between his prepared statement and the questions posed by the Congressmen and women, but certain discussion points generated more interest than others. On economic growth and financial stability, his outlook was the boilerplate optimism that the Fed has served for some time. Personally, I find their confidence either misplaced or dishonest given the leverage in risk and dependency on financial assets build into cycle, but complacent markets are unlikely to bother themselves too much with this particular concern. Monetary policy on the other hand maintained the hawkish lean, which perhaps is starting to force investors to recognize the connections between speculative positioning and central bank support. Interestingly, there was a range of disappointing US data before Powell spoke, but the slide didn't truly take until after he was behind the mic. The question now is whether this discreet event has enough sway to jump start self-sustaining risk aversion in other markets and sessions.

S&P 500 Slides to Support, Dollar Rises to Resistance After Powell Testimony

Do Rate Forecasts Matter Again for the Dollar?

As the S&P 500 and Dow dropped back to short-term support, the Dollar jumped ot its own proximate resistance. Here too, the presumption is that this is in response to interest rate expectations. The probability of a hike by March according to swaps is at 100 percent, the chance of two moves by June is north of 70 percent and now speculation of four hikes by year's end is starting to gain discernable traction. This is substantial, but it is truly market moving for the Greenback? These hawkish forecasts are not at all new. In fact, we have seen the implied rate for the Fed Funds rate through futures charge remarkably higher these past six months as the Dollar Index slid to three year lows. Why now? Or, perhaps there is a greater sensitivity to risk trends, whereby the currency is reflecting a more sensitive response to the risk aversion that followed on the day. The source matters, because pairs like EUR/USD, GBP/USD, USD/JPY and others are staged at near-term Dollar resistance. To break and follow through on the move, we need genuine motivation, and simple rate speculation may not hold enough clout.

S&P 500 Slides to Support, Dollar Rises to Resistance After Powell TestimonyS&P 500 Slides to Support, Dollar Rises to Resistance After Powell Testimony

Euro Listing Heavily Towards a Bearish Break

Another factor that we should keep in mind for the Dollar is that much of its losses come on the behalf of its major counterparts' strength. The Euro and Pound in particular have bestowed significant losses on their larger counterpart. Looking to the Euro, we have seen the three primary boosters to the currency - favorable growth forecasts, relative political stability, strong rate speculaiton - struggle recently. we are still awaiting the Italian election this coming weekend, so now the focus is the (over)extended speculation fro ECB normalization. Adding to the group's efforts to squash speculation of near-term hikes and indirect attempts to talk their currency down by claiming manipulative policies by the US, the German inflation statistics this past session came in soft. If the Eurozone figures ahead add to that, it may capsize speculation of impending hikes. If it picks up economy wide though, it could also furhter fuel it. With pairs like EUR/USD, EUR/GBP, EUR/JPY and more at nearby support, we are at a critical point for a fundamental push one way or the other.

EU Readies Its Brexit Draft

Looking to another major currency that finds itself at the threshold of a wide break among its crosses, the Sterling is conspiculously held aloft by overly enthusiastic views of a crucial fundamental theme: an orderly transition in the Brexit. We have seen the rhetoric around the divorce deteriorate progressively over the past month and a half, yet the Pound has held back the tide. Ignoring the headlines to suggest in-fighting with the UK government on its approach to the negotiations has proven remarkably consistent, but bulls may not be able to depend on that much longer if reports that the European Union is ready to release its draft bill on its terms for the proceedings with rejection of some key requests from the UK are true. Supposedly this report will be released Wednesday, so keep an eye on this quickly closing wedge for GBP/USD. We discuss these events and markets and more in today's Trading Video.

S&P 500 Slides to Support, Dollar Rises to Resistance After Powell Testimony

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

Tue, 27 Feb 2018 12:02:00 -0600 en text/html https://www.dailyfx.com/forex/video/daily_news_report/2018/02/28/SP-500-Slides-to-Support-Dollar-Rises-to-Resistance-After-Powell-Testimony.html
Killexams : SES H1 2022 Results

"Solid execution against full year targets and strategic value creation initiatives"

LUXEMBOURG, August 04, 2022--(BUSINESS WIRE)--SES S.A. announces financial results for the six months ended 30 June 2022.

Solid First Half financial performance

  • Revenue of €899 million (+2.8% YOY as reported) and Adjusted EBITDA(1) of €545 million (flat YOY as reported)

  • Important renewals in Video (-5.1% YOY including periodic(2)) underpin Full Year outlook

  • Revenue expansion in Q2 2022 driving Networks growth (+2.1% YOY(2)) and supporting Full Year growth expectation

  • Adjusted Net Profit improved by 11% YOY to €168 million, while leverage reduced to 3.0 times(3)

On track to deliver robust 2022 Revenue and EBITDA and drive long-term value from differentiated growth investments

  • Over 90% of 2022 Group Revenue outlook (€1,750-1,810 million(4)) under contract; 2022 Adjusted EBITDA outlook also on track

  • $930 million(5) of gross backlog for SES-17 (now in service) & O3b mPOWER (progressing towards service introduction in Q2 2023)

  • $450 million DRS GES acquisition completed expanding revenue base in profitable and growing Government segment

Important milestones achieved in US C-band clearing

  • First satellite (SES-22) successfully launched and now in service; Phase 2 clearing on track

  • Over $520 million of cost reimbursements received to date via the clearinghouse process

  • Additional clearing for Verizon over 50% complete; expect to complete in H2 2022 to earn up to $170 million (gross) payments

Steve Collar, CEO of SES, commented: "I am pleased with our H1 2022 results reflecting solid execution across the business and affirming that we are fully on track to deliver on our full year revenue and EBITDA outlook.

Our Networks business delivered growth of 2% year-on-year and this trajectory will be further strengthened by important wins with ARSAT and AXESS Networks, agreements signed with Explora Journeys and another leading cruise provider reinforcing our leading position in cruise, and the entry into service of SES-17 which is now operational and delivering commercial services to customers.

We have closed the acquisition of DRS GES, allowing us to combine the best-in-class Government solutions provider together with our state-of-the-art multi-orbit satellite networking capabilities at SES Government Solutions and expanding our value proposition towards US Government end users. The combination is compelling in view of our leadership in Medium Earth Orbit and the highly differentiated capabilities of the O3b mPOWER constellation, launching in Q4 with service introduction during the second quarter of 2023.

We secured several important renewals at our core video neighbourhoods in the first half and, with limited contract maturities in the second half, have clear line of sight to our full year revenue outlook, with first half performance complemented by growth in our HD+ and Sports & Events businesses.

Finally, our C-band clearing is proceeding well with the successful launch of SES-22, the first significant reimbursement payment received, and we are well on track to capture the $170 million of gross cash proceeds from our additional C-band agreement with Verizon."

Key business and financial highlights (at constant FX unless explained otherwise)

SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.

€million

H1 2022

H1 2021

∆ as reported

∆ at constant FX

Average €/$ FX rate

1.10

1.21

Revenue

899

875

+2.8%

-2.1%

Adjusted EBITDA

545

544

+0.1%

-3.8%

Adjusted Net Profit

168

152

+10.6%

n/a

Adjusted Net Debt / Adjusted EBITDA

3.0 times

3.3 times

n/a

n/a

  • Video underlying revenue of €501 million represents a reduction of 7.0% year-on-year including the planned impact of lower US wholesale revenue. Excluding US wholesale, Video was 4.8% lower than H1 2021 as lower volumes in mature markets were partially offset by growth in HD+ and Sports & Events. Including periodic revenue of €10 million in Q1 2022, overall Video revenue was 5.1% lower compared with H1 2021.

  • At 30 June 2022, SES delivers 8,028 total TV channels to 366 million TV homes around the world, including 3,092 High Definition TV channels. 72% of total TV channels are broadcast in MPEG-4 with an additional 6% broadcast in HEVC.

  • Networks underlying revenue of €387 million represented a growth of 2.1% year-on-year compared with H1 2021 with growth in Mobility (of +16.0%) and Fixed Data (of +2.8%), while the rapid US withdrawal from Afghanistan in Q3 2021 contributed to lower Government (-7.5%) albeit with new business wins in Global Government supporting positive quarter-on-quarter performance.

  • Adjusted EBITDA of €545 million represented an Adjusted EBITDA margin of 60.6% (H1 2021: 62.2%) including recurring operating expenses of €354 million. Adjusted EBITDA excludes US C-band operating expenses (net of reimbursement income) of €13 million (H1 2021: €12 million) and other significant special items of €3 million (H1 2021: €6 million).

  • Adjusted Net Profit (as reported) improved to €168 million including a 12.4% reduction in net interest expense, net foreign exchange gain of €26 million (H1 2021: €20 million gain), and income tax expense of €27 million (H1 2021: €20 million expense).

  • At 30 June 2022, Adjusted Net Debt (including 50% of the €1,175 million of hybrid bonds as debt) was €3,310 million (down 9.5% compared with 30 June 2021) and represented an Adjusted Net Debt to Adjusted EBITDA ratio of 3.0 times. In June 2022, SES launched and priced a bond offering of €750 million senior unsecured fixed rate notes due in 2029 with a coupon of 3.5% and, because of the transaction, SES now has no senior debt maturities to be refinanced until 2024.

  • 2022 group revenue and Adjusted EBITDA outlook (assuming an FX rate of €1=$1.13, nominal satellite health, and nominal launch schedule) is unchanged and expected to be between €1,750-1,810 million and between €1,030-1,070 million respectively.

  • On 1 August 2022, SES completed the acquisition of DRS Global Enterprise Solutions (GES) for $450 million, having obtained the necessary regulatory approvals.

  • Capital expenditure (net cash absorbed by investing activities excluding acquisitions, financial investments, and US C-band repurposing) outlook is also unchanged and expected to be €950 million in 2022 with an average of €460 million for 2023-2026.

  • In March 2022, SES secured an agreement to expand access for Verizon Communications to the 3700-3800 MHz C-band block in certain US markets beyond those cleared in Phase I and earlier than the deadline for Phase II clearing. SES will earn additional payments of up to $170 million (pre-costs), subject to delivering the clearing on the agreed timeline. During Q2 2022, SES completed the first part of this clearing and expects to receive a portion of the total payment during H2 2022.

Operational performance

REVENUE BY BUSINESS UNIT

Revenue (€ million) as reported

Change (YOY) at constant FX

Q1 2022

Q2 2022

H1 2022

Q1 2022

Q2 2022

H1 2022

Average €/$ FX rate

1.12

1.08

1.10

Video (total)

261

250

511

-2.6%

-7.7%

-5.1%

- Video (underlying)

251

250

501

-6.4%

-7.7%

-7.0%

- Periodic

10

-

10

n/m

n/m

n/m

Government (underlying)

71

75

146

-5.7%

-9.2%

-7.5%

Fixed Data (underlying)

58

64

122

-2.4%

+7.9%

+2.8%

Mobility (underlying)

57

62

119

+9.9%

+22.2%

+16.0%

Networks (total)

186

201

387

-0.3%

+4.4%

+2.1%

- Networks (underlying)

186

201

387

-0.3%

+4.4%

+2.1%

Sub-total

447

451

898

-1.7%

-2.7%

-2.2%

- Underlying

437

451

888

-3.9%

-2.7%

-3.3%

Other

1

-

1

n/m

n/m

n/m

Group Total

448

451

899

-1.6%

-2.7%

-2.1%

"At constant FX" refers to comparative figures restated at the current period FX to neutralise currency variations. "Underlying" revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. "Periodic" revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions, and other such items when material. "Other" includes revenue not directly applicable to Video or Networks

Future satellite launches

Satellite

Region

Application

Launch Date

SES-22

North America

Video (US C-band accelerated clearing)

Launched

SES-20 & SES-21

North America

Video (US C-band accelerated clearing)

Q3 2022

O3b mPOWER (satellites 1-2)

Global

Fixed Data, Mobility, Government

Q4 2022

O3b mPOWER (satellites 3-4)

Global

Fixed Data, Mobility, Government

Q4 2022

O3b mPOWER (satellites 5-6)

Global

Fixed Data, Mobility, Government

Q4 2022

SES-18 & SES-19

North America

Video (US C-band accelerated clearing)

Q4 2022

O3b mPOWER (satellites 7-8)

Global

Fixed Data, Mobility, Government

2023

O3b mPOWER (satellites 9-11)

Global

Fixed Data, Mobility, Government

2024

ASTRA 1P

Europe

Video

2024

ASTRA 1Q

Europe

Video, Fixed Data, Mobility, Government

2024

SES-26

Africa, Asia, Europe, Middle East

Video, Fixed Data, Mobility, Government

2024

CONSOLIDATED INCOME STATEMENT

€ million

H1 2022

H1 2021

Average €/$ FX rate

1.10

1.21

Revenue

899

875

US C-band repurposing income

4

47

Operating expenses

(374

)

(396

)

EBITDA

529

526

Depreciation expense

(296

)

(283

)

Impairment expense

(24

)

-

Amortisation expense

(24

)

(48

)

Operating profit

185

195

Net financing costs

(30

)

(44

)

Profit before tax

155

151

Income tax expense

(54

)

(16

)

Non-controlling interests

-

2

Net profit attributable to owners of the parent

101

137

Basic and diluted earnings per A-share (in €)(1)

0.19

0.25

Basic and diluted earnings per B-share (in €)(1)

0.08

0.10

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds.

€ million

H1 2022

H1 2021

Adjusted EBITDA

545

544

US C-band reimbursement income

4

47

US C-band operating expenses

(17

)

(59

)

Other significant special items

(3

)

(6

)

EBITDA

529

526

€ million

H1 2022

H1 2021

Adjusted Net Profit

168

152

US C-band reimbursement income

4

47

US C-band operating expenses

(17

)

(59

)

Impairment expense

(24

)

-

Other significant special items

(3

)

(6

)

Tax on significant special items

(27

)

3

Net profit attributable to owners of the parent

101

137

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ million

30 June 2022

31 December 2021

Property, plant, and equipment

4,140

3,773

Assets in the course of construction

1,592

1,788

Intangible assets

4,110

3,790

Other financial assets

30

26

Trade and other receivables(1)

217

245

Deferred customer contract costs

7

9

Deferred tax assets

536

568

Total non-current assets

10,632

10,199

Inventories

30

23

Trade and other receivables(1)

1,020

1,746

Deferred customer contract costs

4

3

Prepayments

55

48

Income tax receivable

21

13

Cash and cash equivalents (A)

1,669

1,049

Total current assets

2,799

2,882

Total assets

13,431

13,081

Equity attributable to the owners of the parent

5,908

5,670

Non-controlling interests

65

63

Total equity

5,973

5,733

Borrowings (B)

3,653

3,524

Provisions

7

6

Deferred income

311

314

Deferred tax liabilities

420

399

Other long-term liabilities

106

83

Lease liabilities

22

22

Fixed assets suppliers(2)

557

472

Total non-current liabilities

5,076

4,820

Borrowings (C)

738

57

Provisions

63

56

Deferred income

344

404

Trade and other payables

253

292

Lease liabilities

13

11

Fixed assets suppliers(2)

943

1,554

Income tax liabilities

28

154

Total current liabilities

2,382

2,528

Total liabilities

7,458

7,348

Total equity and liabilities

13,431

13,081

Reported Net Debt (B + C – A)

2,722

2,532

1) Trade and other receivables (current and non-current) include €534 million related to US C-band repurposing (31 December 2021: €1,273 million). 2) Fixed Asset Suppliers (current and non-current) includes €7 million (31 December 2021: €655 million) related to US C-band repurposing

CONSOLIDATED STATEMENT OF CASH FLOWS

€ million

H1 2022

H1 2021

Profit/(loss) before tax

155

151

Taxes paid during the year

(169

)

(14

)

Adjustment for non-cash items

371

356

Changes in working capital

423

(95

)

Net cash generated by operating activities

780

398

Payments for purchases of intangible assets

(25

)

(10

)

Payments for purchases of tangible assets(1)

(555

)

(83

)

Other investing activities

(1

)

(2

)

Net cash absorbed by investing activities

(581

)

(95

)

Proceeds from borrowings

745

285

Repayment of borrowings

(49

)

(585

)

Proceeds from perpetual bond, net of transaction costs

-

619

Redemption of perpetual bond, net of transaction costs

-

(768

)

Coupon paid on perpetual bond

(31

)

(80

)

Dividends paid on ordinary shares(2)

(219

)

(181

)

Interest paid on borrowings

(48

)

(71

)

Payments for acquisition of treasury shares

-

(76

)

Proceeds from treasury shares sold and exercise of stock options

4

-

Lease payments

(9

)

(7

)

Net cash absorbed by financing activities

393

(864

)

Net foreign exchange movements

28

3

Net increase in cash and cash equivalents

620

(558

)

Cash and cash equivalents at beginning of the year

1,049

1,162

Cash and cash equivalents at end of the year

1,669

604

1) Including €351 million related to US C-band repurposing (2021: €21 million). 2) Net of dividends received on treasury shares of €4 million (2021: €3 million)

€ million

H1 2022

H1 2021

Net cash generated by operating activities

780

398

Net cash absorbed by investing activities

(581)

(95)

Free cash flow before financing activities

199

303

Interest paid on borrowings

(48)

(71)

Lease payments

(9)

(7)

Free cash flow before equity distributions and treasury activities

142

225

SUPPLEMENTARY INFORMATION

QUARTERLY INCOME STATEMENT (AS REPORTED)

€ million

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Average €/$ FX rate

1.22

1.20

1.19

1.15

1.12

1.08

Revenue

436

439

444

463

448

451

US C-band repurposing income

27

20

10

844

2

2

Operating expenses

(203

)

(193

)

(182

)

(243

)

(184

)

(190

)

EBITDA

260

266

272

1,064

266

263

Depreciation expense

(140

)

(143

)

(143

)

(149

)

(147

)

(149

)

Amortisation expense

(19

)

(29

)

(24

)

(23

)

(12

)

(12

)

Impairment expense

-

-

-

(724

)

-

(24

)

Operating profit

101

94

105

168

107

78

Net financing costs

(26

)

(18

)

(23

)

(4

)

(16

)

(14

)

Profit before tax

75

76

82

164

91

64

Income tax benefit/(expense)

(8

)

(8

)

(14

)

79

(9

)

(45

)

Non-controlling interests

2

-

-

5

-

-

Net Profit

69

68

68

248

82

19

Basic earnings per share (in €)(1)

Class A shares

0.13

0.12

0.14

0.53

0.17

0.02

Class B shares

0.05

0.05

0.05

0.22

0.07

0.01

Adjusted EBITDA

268

276

279

268

274

271

Adjusted EBITDA margin

61

%

63

%

63

%

58

%

61

%

60

%

US C-band repurposing income

27

20

10

844

2

2

US C-band operating expenses

(34

)

(25

)

(16

)

(47

)

(9

)

(8

)

Other significant special items

(1

)

(5

)

(1

)

(1

)

(1

)

(2

)

EBITDA

260

266

272

1,064

266

263

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.

QUARTERLY OPERATING PROFIT (AT CONSTANT €/$ FX RATE OF €1: $1.13)

€ million

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Average €/$ FX rate

1.13

1.13

1.13

1.13

1.13

1.13

Revenue

454

452

455

468

446

440

US C-band repurposing income

29

21

11

861

2

2

Operating expenses

(213

)

(199

)

(187

)

(246

)

(182

)

(183

)

EBITDA

270

274

279

1,083

266

259

Depreciation expense

(149

)

(150

)

(149

)

(154

)

(147

)

(148

)

Amortisation expense

(19

)

(30

)

(23

)

(23

)

(12

)

(12

)

Impairment expense

-

-

-

(739

)

-

(24

)

Operating profit

102

94

107

167

107

75

Adjusted EBITDA

278

285

286

271

274

267

Adjusted EBITDA margin

61

%

63

%

63

%

58

%

61

%

60

%

US C-band repurposing income

29

21

11

861

2

2

US C-band operating expenses

(36

)

(27

)

(17

)

(48

)

(9

)

(8

)

Other significant special items

(1

)

(5

)

(1

)

(1

)

(1

)

(2

)

EBITDA

270

274

279

1,083

266

259

ALTERNATIVE PERFORMANCE MEASURES

SES regularly uses Alternative Performance Measures (‘APM’) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements.

Alternative Performance Measure

Definition

Reported EBITDA and EBITDA margin

EBITDA is profit for the period before depreciation, amortisation, net financing cost and income tax. EBITDA margin is EBITDA divided by revenue.

Adjusted EBITDA and Adjusted EBITDA margin

EBITDA adjusted to exclude significant special items. In 2021 and 2022, the primary exceptional items are the net impact of the repurposing of US C-band spectrum, restructuring charges, and costs associated with the acquisition and integration of new subsidiaries. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.

Adjusted Net Debt to Adjusted EBITDA

Adjusted Net Debt to Adjusted EBITDA, represents the ratio of Net Debt plus 50% of the group’s hybrid bonds (per the rating agency methodology) divided by the last 12 months’ (rolling) Adjusted EBITDA.

Adjusted Net Profit

Net profit attributable to owners of the parent adjusted to exclude the

After tax impact of significant special items.

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Presentation of Results:

A presentation of the results for investors and analysts will be hosted at 9.30 CEST on 4 August 2022 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:

The presentation is available for get from https://www.ses.com/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.

About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,000 channels and has an unparalleled reach of 366 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

Disclaimer

This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.​

No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.​

This presentation includes "forward-looking statements". All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the real results, performance, or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

_____________________________________________________
1
Excluding operating expenses/income recognised in relation to US C-band repurposing and other significant special items (disclosed separately)
2 At constant FX which refers to comparative figures restated to neutralise currency variations
3 Ratio of Adjusted Net Debt (including 50% of the €1.175 billion of hybrid bonds as debt) to Adjusted EBITDA
4 Financial outlook assumes a /$ FX rate of €1 = $1.13, nominal satellite health, and nominal launch schedule
5 Gross backlog $930 million (fully protected: $685 million)

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005925/en/

Contacts

Richard Whiteing
Investor Relations
Tel: +352 710 725 261
richard.whiteing@ses.com

Suzanne Ong
External Communications
Tel: +352 710 725 500
suzanne.ong@ses.com

Wed, 03 Aug 2022 17:30:00 -0500 en-GB text/html https://uk.news.yahoo.com/ses-h1-2022-results-053000556.html
Killexams : U.S. Sports League Management Software Market Research Report 2022-2027 With Key Players, Drivers and Trends

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Dublin, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The "Sports League Management Software Market Research Report by Deployment (On Cloud and On-Premises), Application, State - United States Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The United States Sports League Management Software Market size was estimated at USD 100.41 million in 2021, USD 111.78 million in 2022, and is projected to grow at a CAGR 13.26% to reach USD 212.03 million by 2027.

Market Segmentation & Coverage:
This research report categorizes the Sports League Management Software to forecast the revenues and analyze the trends in each of the following sub-markets:

  • Based on Deployment, the market was studied across On Cloud and On-Premises.

  • Based on Application, the market was studied across Sports Leagues and Sports Teams.

  • Based on State, the market was studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas.

Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Sports League Management Software Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

Key Topics Covered:

1. Preface

2. Research Methodology

3. Executive Summary

4. Market Overview

5. Market Insights

6. Sports League Management Software Market, by Deployment

7. Sports League Management Software Market, by Application

8. California Sports League Management Software Market

9. Florida Sports League Management Software Market

10. Illinois Sports League Management Software Market

11. New York Sports League Management Software Market

12. Ohio Sports League Management Software Market

13. Pennsylvania Sports League Management Software Market

14. Texas Sports League Management Software Market

15. Competitive Landscape

16. Company Usability Profiles

17. Appendix

Companies Mentioned

  • Active Network LLC

  • ClubManager

  • CourtReserve.com

  • Engage Sports

  • EZFacility

  • FiXi

  • Fusion Sport

  • Jersey Watch

  • Jonas Club Software

  • JoomSport

  • LeagueApps

  • Omnify Inc.

  • Payscape

  • PlayyOn

  • RosterBot

  • SAP SE

  • SportLoMo

  • Sports Engine Inc.

  • Sports Illustrated Play

  • SquadFusion Inc.

  • Stack Sports

  • Teamer

  • TeamSideline

  • TeamSnap

  • TeamTracky

For more information about this report visit https://www.researchandmarkets.com/r/wjsn97

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Wed, 03 Aug 2022 20:46:00 -0500 en-US text/html https://www.yahoo.com/now/u-sports-league-management-software-084300103.html
Killexams : Impressed Current Cathodic Protection (ICCP) Systems Market SWOT Analysis By 2028 | Size, Scope, Top Companies, Growth Drivers By VMR

The MarketWatch News Department was not involved in the creation of this content.

Jul 26, 2022 (Heraldkeepers) -- New Jersey, United States,- The Global Impressed Current Cathodic Protection (ICCP) Systems Market research includes an in-depth analysis of key geographical trends, market dynamics, and global size estimates for the market industry. Product description, product classification, industry structure, and numerous participants in the Global Impressed Current Cathodic Protection (ICCP) Systems market. For each segment and geographic market, the market research contains figures from the previous period, as well as the future term and percent CAGR measured.

The study focuses on global companies that operate in the Global Impressed Current Cathodic Protection (ICCP) Systems Market and includes information such as company profiles, product samples and descriptions, capacity, production, value, and income. This study includes crucial facts on the industry’s current situation and serves as a valuable source of guidance for businesses and individuals working in the market.

Request PDF demo Copy of Report: (Including Full TOC, List of Tables & Figures, Chart) @https://www.verifiedmarketreports.com/download-sample/?rid=94560

The research study includes profiles of leading companies operating in the Impressed Current Cathodic Protection (ICCP) Systems Market:

Evac Group (Cathelco), CORROSION Office, Lordco, Vector Corrosion Technologies, Venteville, Cathodic Protection Co Limited, Ampak, Duvine, MPE Cathodic, Stork, BAC Corrosion Control Ltd (BAC), MATCOR

Other parameters such as year-over-year market growth, qualitative and quantitative data are offered in addition to the CAGR forecast. The size, value, and volume of the market, as well as the product portfolio, market explanation, and classification, are all displayed. Current trends and technological breakthroughs in the Global Impressed Current Cathodic Protection (ICCP) Systems industry are also discussed.

This report also covers Analysis based on SWOT Analysis, providing the Strengths, Weaknesses, Opportunities, and Threats for a better understanding of the market. Also, the Porter Five Forces Model for the Global Impressed Current Cathodic Protection (ICCP) Systems Market will be provided.

Impressed Current Cathodic Protection (ICCP) Systems Market, By Type:

– Offshore Impressed Current Cathodic Protection (ICCP) Systems
– Onshore Impressed Current Cathodic Protection (ICCP) Systems

Impressed Current Cathodic Protection (ICCP) Systems Market, By Application:

– Construction
– Marine Engineering
– Seawater Pipework System
– Others

Get Discount On The Purchase Of This Report @ https://www.verifiedmarketreports.com/ask-for-discount/?rid=94560

Regional Analysis Covered in this report:

– North America (USA and Canada)
– Europe (UK, Germany, France and the rest of Europe)
– Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
– Latin America (Brazil, Mexico, and the rest of Latin America)
– Middle East and Africa (GCC and rest of the Middle East and Africa)

Reasons Why You Should Buy This Report:

– To gain an in-depth understanding of the Impressed Current Cathodic Protection (ICCP) Systems Market
– To obtain research-based business decisions and add weight to presentations and marketing strategies
– To gain competitive knowledge of leading market players
– It gives a pinpoint investigation of changing rivalry elements and keeps you in front of contenders.
– It helps in settling on educated business choices by having total bits of knowledge of the market and by making inside and out an investigation of market sections.

Table of Contents:

1. Introduction of the Global Impressed Current Cathodic Protection (ICCP) Systems Market
– Overview of the Market
– Scope of Report
– Assumptions

2. Executive Summary

3. Research Methodology of Checked Market Reports
– Data Mining
– Validation
– Primary Interviews
– List of Data Sources

4. Global Impressed Current Cathodic Protection (ICCP) Systems Market Outlook
– Overview
– Market Dynamics
– Drivers
– Restraints
– Opportunities
– Porters Five Force Model
– Value Chain Analysis

5. Global Impressed Current Cathodic Protection (ICCP) Systems Market, By Product

6. Global Impressed Current Cathodic Protection (ICCP) Systems Market, By Application

7. Global Impressed Current Cathodic Protection (ICCP) Systems Market, By Geography
– North America
– Europe
– Asia Pacific
– Rest of the World

8. Global Impressed Current Cathodic Protection (ICCP) Systems Market Competitive Landscape
– Overview
– Company Market Ranking
– Key Development Strategies

9. Company Profiles

10. Appendix

For More Information or Query, Visit @ https://www.verifiedmarketreports.com/product/global-impressed-current-cathodic-protection-iccp-systems-market-growth-2019-2024/

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Mon, 25 Jul 2022 18:01:00 -0500 en-US text/html https://www.marketwatch.com/press-release/impressed-current-cathodic-protection-iccp-systems-market-swot-analysis-by-2028-size-scope-top-companies-growth-drivers-by-vmr-2022-07-26
Killexams : UK manufacturing slowdown; eurozone inflation hits 8.6%; petrol at new record – business live No result found, try new keyword!Orders at UK factories fall for first time in 17 months, as prices accelerate at a record pace across the eurozone ... Fri, 01 Jul 2022 01:10:00 -0500 en-gb text/html https://www.msn.com/en-gb/money/other/factory-slowdown-fuels-global-recession-fears-as-markets-reel-from-2413tn-tumble-e2-80-93-business-live/ar-AAZ3s7F?fromMaestro=true
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