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  "documentTitle": "SES | SPAC Presentation Deck | 36 slides",
  "authorId": "ses",
  "authorName": "SES",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-06-01 00:00:00",
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  "pageNumber": 30,
  "pageCount": 36,
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  "slideType": "traction",
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  "nDataPoints": 18,
  "notes": "The chart uses a stacked bar format to distinguish between replacement and growth CapEx, with annotations for historical and future averages.",
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      "text": "Expected Capital Expenditure (€M, excluding US C-band)",
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      "kind": "disclaimer",
      "text": "1) CapEx represents the net cash absorbed by the group's investing activities excluding acquisitions and financial investments. CapEx outlook assumes €/$ FX rate of €1 = $1.20 and excludes repurposing of US C-band",
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      "text": "Replacement CapEx (€0.8B or 30% of total CapEx) | Growth CapEx (€1.9B or 70% of total CapEx)",
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      "kind": "list",
      "text": "Important growth investment (SES-17 and O3b mPOWER) on track and supporting profitable growth from 2023. Substantially lower growth investment expected after 2022. Significant reduction in average total annual CapEx to €375M (2023-2025). Low average annual replacement CapEx of €165m over the forecast period (2021-2025). CapEx forecast (2021-2025) includes completion of major growth investment and substantial proportion of fleet replacement needs, leading to strong FCF growth and sustained period of lower CapEx.",
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      "kind": "paragraph",
      "text": "Growth investment peaks in 2022 followed by meaningfully lower CapEx profile, combined with expanding revenue and EBITDA driven by SES-17 & O3b mPOWER",
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      "kind": "title",
      "text": "STRONG FCF BEYOND 2022 DRIVEN BY EXPANDING EBITDA AND LOWER CAPEX",
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