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Inmarsat Group Limited Annual Report 2014

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Inmarsat Group Limited Annual Report 2014 INMARSAT GROUP LIMITED ANNUAL FINANCIAL INFORMATION DISCLOSURE FOR THE YEAR ENDED 31 DECEMBER 2014 CONTENTS Page CHAIRMAN’S REVIEW .............................................................................................................................. 1 CHIEF EXECUTIVE’S REVIEW ................................................................................................................. 3 2014 FINANCIAL REVIEW ........................................................................................................................ 18 BOARD OF DIRECTORS .......................................................................................................................... 26 GLOSSARY OF TERMS ............................................................................................................................ 29 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ............................... 32 APPENDIX A – 2014 CONSOLIDATED FINANCIAL STATEMENTS OF INMARSAT GROUP LIMITED CHAIRMAN’S REVIEW OVERVIEW Inmarsat continues to build on our strengths as a trusted provider of mobile satellite services to customers who have ‘mission critical’ connectivity needs, where terrestrial wireless networks are not present, or are challenged. The niche, which we have served now for 35 years, continues to grow as connections in our world become more and more essential for our business and personal lives. Despite the challenges presented by government spending cutbacks by some of our biggest governmental customers, we have been able to grow in other sectors, such as aviation and maritime. This clearly demonstrates the strength of our diverse business as individual market trends shift. We strongly believe in the continued growth in global connectivity, particularly in remote environments. Therefore we have focused our investment in new products, services and platforms that address this trend. As a result, we are on the verge of entering a new era with the launch of our new Inmarsat-5 global satellite constellation, a $1.6 billion, five-year investment programme which will support our revolutionary high-throughput mobile broadband service, Global Xpress (GX). With the launch of the third satellite in the programme just around the corner to deliver seamless global coverage, we will offer our customers truly revolutionary broadband connectivity on land, sea and air across the globe. For our customers, this takes their mobile satellite connectivity to the next generation and offers capabilities in these untethered environments to a place which was unimaginable only a decade ago. On the back of these investments, we’ve evolved a business structure to better align ourselves with our distribution partners. As part of a broad partnership arrangement to serve oil and gas customers, we divested our interests in the oil and gas sector to our new partner, RigNet, a rapidly growing major player in this market. At the start of 2014 we purchased Globe Wireless, one of the major communications applications providers to the maritime world. We did this to enhance our capability to seamlessly work with our distribution partners and customers as they migrate to new, more advanced maritime broadband platforms. In addition, we announced a new programme to develop Europe’s first hybrid satellite air to ground network using the S-band authorisation we were awarded by the European Union a few years ago. We also sold our shareholding in SkyWave to ORBCOMM and have as a consequence enhanced our relationship with them for machine-to-machine (M2M) opportunities. More details on our strategy are contained in Rupert Pearce’s CEO section. BOARD ACTIVITIES The Inmarsat plc Board continues to add value to the Group by bringing diverse experience, views and expertise to the boardroom. Many of our Board members joined at the time of the IPO in 2005 and therefore know our complex business well, yet they remain clearly independent. We have though started the process of bringing in new members to the Board, maintaining the strength of thinking and strategic contribution at the Board table. In 2014 we added (Ret.) General C. Robert Kehler to the Board, who brings a global perspective on our government customer needs. In addition, we’ve announced the addition of Rob Ruijter as a Non- Executive Director, who brings a wealth of global financial management experience, and more recently, we announced that Dr Hamadoun Touré would be joining our Board. Dr Touré has spent the last eight years as the Secretary General of the International Telecommunications Union and is also deeply experienced in the global satellite and space industries. Simon Bax, who joined our Board in 2013, will take on the chairmanship of our Remuneration Committee in May. Stephen Davidson, the current chairman, will remain on the Committee and continue as a Director and we thank him for his many years of diligent service in this vital role for us. As this evolution of the Board membership occurs, we are focused on maintaining continuity in understanding the business of the Board, while at the same time bringing in new and diverse points of view. In addition, we are maintaining the highest standards of independent governance. It is a Board that contributes greatly to the business and it is a privilege to work with them all. We conducted an internal evaluation of the Board during 2014 and can report, while there are always areas to improve, the Board is functioning effectively. Our Executive Management team continues to evolve and perform well. Rupert Pearce, our CEO, leads the Company, as he has for three years now, while I have stepped back into a Non-Executive role as Chairman. We are pleased that Tony Bates joined us as CFO and an Executive Director during the year. Tony has already made a significant contribution to the running of the Company and we are benefiting from his wealth of sector experience, both in finance and operations. PUBLIC RESPONSIBILITY This year was marked by a tragic event, in which Inmarsat played a quite visible role: the loss of Malaysian Airlines Flight MH370. First, our deepest condolences go out to the families and friends of those who lost loved ones. Due to the highly unusual set of events, that have yet to be fully explained, Inmarsat was put in the role of providing data, to help locate the aircraft, to the government authorities in charge of the investigation and now search. Inmarsat was created 35 years ago by the UN to provide safety services at sea, which evolved to safety services in the air as well. We take this global public service seriously and we are dedicated to providing it. We are proud of the work our teams have done to support the efforts to locate the missing aircraft and we hope it will, in some way, contribute to determining its location, helping bring closure to the families involved. Looking forward, Inmarsat is working hard with the global, regional and national aviation authorities, to improve the capabilities and standards for aviation safety. This involves not only flight tracking, but also real-time flight diagnostics, black box over the air transmissions (black box in the cloud) and many other potential enhancements. Most of these capabilities can be enabled using the existing communications systems on aircraft, particularly on long haul commercial aircraft, in which the vast majority already have installed Inmarsat satellite services. Let us hope that this tragedy is a catalyst to taking flight safety, which is already at a high level, to an even higher level of capability for the future. 1 Our commitment to safety in these remote environments remains strong as we invest in new safety services. As the only certified GMDSS (Global Maritime Distress Safety Service) provider, we are moving forward with plans for how we receive safety certification for the next generation of Inmarsat services. This will assure the mariner that we have invested in maritime safety services capabilities for many years to come. In addition, Inmarsat continues to contribute to emergency service responders globally. We support, financially, and with the provision of terminals, Télécoms Sans Frontières and the International Telecommunications Union (ITU) programmes, which provide telecoms connectivity for aid agencies and stricken people in times of both human and natural disasters. Our work with national and local governments globally also continues to expand, as the importance of having mobile satellite connectivity in situations where the terrestrial networks are either taken out of service, or congested, becomes seen as an essential element of local disaster planning and response. SUMMARY In summary, 2014 was another successful year for Inmarsat. With the commencement of regional Global Xpress services, and a host of new service offerings on our existing L-band satellite constellations, we are better positioned than ever to continue as a leader in providing mobile and portable connectivity on land, at sea and in the air. We are positioned to grow further as we leverage future opportunities resulting from the significant investments we have made. We would also like to thank our staff globally for their dedication and hard work that has allowed us to deliver another year of market-leading quality services for our partners and customers. We also value the continued support from our shareholders and look forward to continuing to deliver value to them over the coming years. 2 CHIEF EXECUTIVE’S REVIEW BUSINESS OVERVIEW I am pleased with the overall performance of
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