INMARSAT CONFIDENTIAL 2014 PDF

Inmarsat confidential. IsatHub (Q3 ). Real-time IP data /kbps; Compact and lightweight; Easy to use; Android/Apple control & voice apps; Multiple. Inmarsat confidential. Inmarsat – The Mobile Satellite Company. Powering Global Connectivity. Inmarsat and global aviation safety. May By Christian. Inmarsat confidential. • Broadband, Voice and M2M. • I-4 satellites in service. • $ billion investment. • AlphaSat extension in • % network availability .

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Lthe leading provider of global mobile satellite communications services, today provided the following unaudited information for the half year ended 30 June The return to flight of the Proton launch vehicle after a three-month suspension is welcome news.

A successful launch of I-5 F3 in late August will enable us to introduce inmqrsat GX commercial services by the end of this year, providing a major catalyst for a step-change in revenue and EBITDA growth in Our wholesale MSS revenue grew by 4.

Total revenue performance confidenntial the quarter across the Group was mixed. Aviation again grew strongly, driven by both higher connections and higher ARPU across confidentlal product range.

Our government business in the US was more resilient than expected, but this was offset by a tougher market in confidnetial non-US countries, mainly due to lower levels of operational activity. This changing revenue mix, towards higher margin next generation services, was reflected in the higher EBITDA margin reported by Maritime in the quarter. Development of our aircraft cabin connectivity opportunities, both in Europe with our European Aviation Network, and globally with GX, is moving forward rapidly, and we are close to finalising several major airline contracts, as well as development agreements for rolling out the S-band satellite and complementary ground networks in Europe and delivering the cabin connectivity service.

We have declared an interim dividend of No material change in the trading environment or in the Group’s performance is expected in the second half ofand we continue to expect underlying growth in Maritime, Enterprise and Aviation, with continued weakness in Government.

The Group’s longer-term revenue guidance for GX is unchanged: Further medium-term revenue cofidential will be published later in the year, after I-5 F3 is launched successfully. In respect of the capital structure of the Confidentil, the company expects normally to maintain net debt at less than 3.

As outlined in the Annual report, the company has been considering succession planning for the longer serving Non-Executive Directors of the Board, and today announces the following changes, to take effect from 6 November These forward-looking statements involve risks, uncertainties inmasrat other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those projected in the forward-looking statements.

You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. We onmarsat no obligation to update or revise any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances.

While Inmarsat plc is the ultimate parent company of our group, our subsidiary Inmarsat Group Limited is required by inmrsat terms of our Senior Notes to report consolidated financial results on a quarterly basis.

A copy of the resulting financial report for Inmarsat Group Limited will be available via the Investor Relations section of our website. The conference id for the call is injarsat The call will also be web-cast at www. The call will be recorded and available on our website after the event.

A copy of this inmarsxt can also be found on our website at www. The following is a discussion confidwntial the unaudited consolidated results of operations and financial condition of Inmarsat plc the “Company” or together with its subsidiaries, the “Group” for the half year ended 30 June You should read the following discussion together with the whole of this document including the historical consolidated financial results and the notes. In addition to IFRS measures, we inmarsag a number of non-IFRS measures in order to provide readers with a better understanding of the underlying performance of our business, and to improve comparability of our results for the periods concerned.

All discussion of results relates to the half year ended 30 Juneand all comparisons are with the half year ended 30 Juneunless specifically stated otherwise. In a number of countries we also see local currency weakness putting downward pressure on the market for satellite services. In the commercial maritime sector, data connectivity is a major driver of operational efficiency and crew retention, both of which are key elements in the competitiveness of 20114 operators.

Inmarsat plc – Interim Results – RNS – London Stock Exchange

This is reflected in continuing growth in ship-to-shore data traffic, and demand for reliable, global connectivity. Governments continue to experience pressure on defence budgets, and along with lower levels of operational activity this is reducing spending on commercial satellite services.

However the rate of decline is slowing and in some areas, such as surveillance, reconnaissance and tactical communications, spending is more resilient. We continue to see significant growth opportunities in the provision of M2M services by satellite to diverse commercial and government segments, as well as demand for satellite voice and data services across the resources, transportation, security, e-commerce, media and aid segments.

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Connections and data traffic in the business aviation market are still growing strongly, and aviation safety services continue to be in the industry spotlight, with a range of new services being trialled in a number of jurisdictions.

FCC INTERNATIONAL BUREAU

However the airline industry’s primary focus currently is expanding and enhancing passenger connectivity on commercial aircraft outside North America, and there is intense competition between confidwntial range of providers to develop and deliver these new services. The planned launch in the second quarter of our third GX satellite, I-5 F3, was delayed due to the failure of the preceding Proton launch from the Baikonur Cosmodrome on 18 May.

The investigation by the Russian State Commission into the causes of that failure has now been completed, and the parallel enquiry by the Failure Review Oversight Board set up by ILS in line with Russian and US government export control regulations has now also reported.

Following these reviews the Proton vehicle is now scheduled to return to flight in late August, carrying our I-5 F3 satellite. Launch preparations will recommence this week. Our first two GX satellites, I-5 F1 and I-5 F2, are both now in geostationary orbit, with F1 already operating commercially and F2 due to arrive shortly in its operational orbital slot. confdiential

A successful launch of F3 in late August will enable global commercial GX services introduction by the end ofwhich is expected to catalyse material growth in GlobalXpress revenue through the course of The satellite build remains on schedule, but 214 light of the recent SpaceX Falcon-9 launch failure there is some uncertainty around the timing of the launch of I-5 F4 on the Falcon Heavy vehicle, currently scheduled for the second half of Until the successful launch of F3, F4’s primary role is as a launch spare.

Development of the GX equipment range continues, with new terminals from Honeywell, Cobham and Paradigm approved during the second quarter. Further successful trials of GX aviation equipment and network capabilities were conducted, including streaming videos and live radio, online conference calls, and downloading files.

Successful helicopter tests were also conducted by Boeing. These have all validated the ability of GX to deliver high-speed broadband connectivity while over land and water. We remain in advanced stages of negotiation with a number of major airlines to provide connectivity solutions for their passengers, and we expect to sign the first of a number of significant contracts during the second half of the year.

Confidentiql of our S-band satellite remains on schedule. Major development agreements for the construction of the S-band complementary ground network across the European Union and the delivery of On Board Equipment are also close to completion. No formal new approvals for MSS or ground licenses confidenttial been received since May, but this is consistent with the regulatory processes in place in a number of countries, in some of which the formal approvals are simply awaiting finalisation of certain administrative and financial details.

We remain confident confidenhial the approvals process is on track and that the regulatory risk around the S-band investment will be substantially retired by the confisential of this year. A contract was signed between Inmarsat and KVH, appointing both companies to be reciprocal distribution partners for jnmarsat offerings in maritime satellite communications markets. This revenue was not recognised in the second quarter.

The exit from bankruptcy is subject, among other things, to FCC approval of change of control, and payments from LightSquared therefore continue to be subject to material uncertainty.

Although the cash has been received, the timing of the recognition of this deferred income, together with any related future costs and taxes, remains uncertain. The Group aims to deliver dividend growth which reflects the expected sustainable long-term growth trajectory of the business.

In line with this inmasrat, the Board intends to declare and pay an interim dividend for the financial year of Dividend payments will be made in Pounds Sterling based on the exchange rate prevailing in the London market four business days prior to payment. The interim dividend is not recorded as a liability in the financial statements at 30 June This was due to lower revenues and the changing revenue mix, including lower hardware sales, and the sale of our retail energy-related assets by Enterprise, partially offset by higher operating and business development costs, particularly in Aviation.

An interim dividend of Wholesale MSS revenue grew by 4. This is due to a combination of the changing revenue mix, the impact of the disposal, partially offset by higher confidebtial development costs. FB installations in the quarter were strong, and grew quarter-on-quarter, and ARPU remains on an upward trend, as customers migrate to higher inmasrat packages. FB year-on-year revenue growth slowed slightly in the second quarter, reflecting the surge last year in the migration of customers from our legacy services onto FB, stimulated by price increases.

VSAT revenue growth almost all XpressLink was ocnfidential by new users, with almost 40 new installations per month in the quarter taking the total installed base to almost 2, ships at the end of the period.

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There were a number of factors behind this, such as crews using social media to communicate, rather than the pre-paid voice call Chatcard, and broadband usage generally replacing other traditional services such as telex.

Revenue in the US and other traditional customer countries continued to decline due to the combined impact of continued spending controls and reduced operational requirements. Revenue from the group of newer countries served, outside our traditional customer base, continued to grow. Operating costs in both our US and non-US government businesses declined, mainly due to the lower revenue base, and as the expansion into new countries slowed, following the major investments in Revenue in the US was more resilient, with a slower rate of decline than in recent quarters across a range of product areas, including some aviation-based services, capacity leases, network services and some terminal equipment.

There remains significant downward pressure on defence budgets and spending on commercial satellite services. Our Government business revenue outside the US saw another quarter of decline, with lower spending by several large traditional customers, due to ongoing budgetary pressures and significantly reduced operational activity.

There was continuing revenue growth in a number of the newer countries we serve, with equipment sales particularly strong here, which will drive higher MSS growth in the future.

The disposals comprised various retail energy-related assets sold in February and in June However GSPS sales slowed significantly at the end of the period, owing to a manufacturing issue which temporarily halted production of IsatPhone 2 devices which are made by a third party. This will lead to lower GSPS revenue in the second half, as we return manufacturing to normal levels and restock the channel.

Legacy MSS and other non-MSS revenues, including equipment, declined slightly in the quarter, in line with recent trends across the whole of our business.

Operating costs in the quarter fell by If the effects of the above adjustments are removed, the effective tax rate for the half year ended 30 June was This difference largely arises as, in the half year ended 30 Junethe Group has both tax due in jurisdictions where the statutory tax rate is higher than the UK as well as non-UK losses arising in other jurisdictions for which no benefit is recognised.

For the half year ended 30 Junethe Group was able to offset losses previously unrecognised against tax due in non UK jurisdictions which reduced the effective tax rate. Basic and diluted earnings per share for profit attributable to the equity holders of the Company were 29 cents and 29 cents respectively, compared with 30 cents and 30 cents respectively, in the same period of Basic and diluted earnings per share adjusted to exclude the after-tax effect of the LightSquared contribution and impairment losses were 23 cents and 23 cents, respectively for the half year ended 30 Junecompared with 22 cents and 22 cents, respectively for the same period of The Group maintains tax provisions in respect of ongoing enquiries with tax authorities.

Any material cash outflow would be unlikely to be incurred until The enquiries remain ongoing at this time. The table below shows the condensed consolidated Group Balance Sheet: The bonds were classified as current liabilities at the end of June because the holders had the right to require the Company to redeem all of the bonds at their accreted principal amount on 16 November and that was considered the most likely redemption date.

The Group faces a number of risks and uncertainties that may adversely affect our business, operations, liquidity, financial position or future performance, not all of which are wholly within our control. Although many of the risks and uncertainties influencing our performance are macroeconomic and likely to affect the performance of businesses generally, others are particular to our operations in mobile satellite services.

Our principal risks and uncertainties are discussed below; however this summary is not intended to be an exhaustive analysis of all risks and uncertainties affecting our business.

Some risks and uncertainties may be unknown to us and other risks and uncertainties, currently regarded as immaterial, could turn out to be material. All of them have the potential to impact our business, operations, liquidity, financial position or future performance adversely.

Our satellites are subject to significant operational risks at launch or while in orbit which, if they were to occur, could adversely affect our revenues, profitability and liquidity. Although we expect to maintain commercially prudent levels of launch and in-orbit insurance, this may be insufficient to cover all losses if we had a satellite failure.

Even if our insurance cover was sufficient, delays in building and launching a replacement satellite could adversely affect our revenues, profitability and liquidity.