Inmarsat — FY2021 Earnings Presentation
14 slides from Inmarsat's earnings presentation, Mar 28, 2022
Slide 1: FY 2021 Results
INMARSAT FY 2021 28.03.2022 RESULTS PUBLIC | © INMARSAT
Slide 2: Continuing Revenue and EBITDA Growth
CONTINUING REVENUE AND EBITDA GROWTH REVENUE EBITDA FREE CASH FLOW 1,360 760 250 1,340 740 200 720 1,320 150 700 1,300 100 680 +$281m 1,280 50 660 2% 1,260 5% 0 640 1,240 (50) 620 1,220 600 (100) 1,200 580 (150) 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Capex 614 591
Slide 3: Positive Momentum in All Business Units
POSITIVE MOMENTUM IN ALL BUSINESS UNITS MARITIME Stabilising as FX growth GOVERNMENT Sixth consecutive outpaces FB decline year of growth (5%) +3% 600 600 550 550 500 500 +8% 450 450 400 400 350 350 300 300 250 250 200 200 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 AVIATION Returning to growt
Slide 4: Additional Solid Foundations for Growth Laid in 2021
ADDITIONAL SOLID FOUNDATIONS FOR GROWTH LAID IN 2021 Renewed Technology Leadership Deepened Installed Base • ORCHESTRA: GEO augmented with LEO and 5G • Underlying growth continues with further installations, • ELERA: L-band renewal; competitive IoT foundation contract wins, successful renewals, no m
Slide 5: Viasat Transaction Update
VIASAT TRANSACTION UPDATE • On 8 November, Viasat Inc and Inmarsat announced a definitive agreement under which Viasat will acquire Inmarsat in a transaction valued on announcement at ~$7.3bn. • The rationale for the transaction is compelling: ‒ Creation of new global communications innovator: ~$4.1
Slide 6: Group Financial Performance
GROUP FINANCIAL PERFORMANCE1 STRONG REVENUE, EBITDA AND FREE CASH FLOW GROWTH $m FY 2021 FY 2020 Change $m Change % Q4 2021 Q4 2020 Change $m Change % Revenue 1,352.4 1,238.8 113.6 9.2% 341.6 330.3 11.2 3.4% o/w Maritime 506.1 490.6 15.5 3.2% 125.7 123.9 1.8 1.5% o/w Government 490.7 442.8 47.9 10.8
Slide 7: Maritime FY Results
MARITIME FY RESULTS REVENUES CONTINUE TO STABILISE • Revenue increased by 3% ($16m) FY 2021 Revenue & EBITDA ($m) – VSAT growth exceeds FleetBroadband decline – Includes $12m from acquired Speedcast customers 506.1 • VSAT revenue up 26% ($54m) to $262m 490.6 – 11,800 FX vessels installed (FY 2020: 9
Slide 8: Government FY Results
GOVERNMENT FY RESULTS 6TH CONSECUTIVE YEAR OF REVENUE AND EBITDA GROWTH • Total Government revenue up 11% ($48m) FY 2021 Revenue & EBITDA ($m) – Underpinned by strong operational tempo, GX services and new business wins • US revenues up 13% 490.7 – Strong underlying performance across the board 442.
Slide 9: Aviation FY Results
AVIATION FY RESULTS STRONG RECOVERY IN CORE BUSINESS, IFC STEADILY IMPROVING • Revenue up 27% ($49m) FY 2021 Revenue & EBITDA ($m) – Core business continues its strong recovery – IFC activity and revenue steadily improving 226.9 • Core revenues up 35% at $178m 188.9 – BGA up 38% due to Covid recover
Slide 10: Enterprise FY Results
ENTERPRISE FY RESULTS YEAR-ON-YEAR GROWTH FROM A HIGHLY DIVERSIFIED PORTFOLIO • Revenue up 2% ($2m) FY 2021 Revenue & EBITDA ($m) • Satellite phone revenues up $6m (16%) at $40m – Higher handset sales and stable usage 113.5 115.5 • Legacy product revenues down $5m at $38m – Small declines in legacy
Slide 11: Liquidity and Leverage
LIQUIDITY AND LEVERAGE SIGNIFICANT LIQUIDITY AND COVENANT HEADROOM $m FY 2021 Q3 2021 Total cash, cash equivalents and short-term deposits 394.0 462.1 Undrawn RCF 700.0 700.0 Total available liquidity 1,094.0 1,162.1 Gross debt 3,636.6 3,633.9 Cash and cash equivalents and short term deposits (394.0
Slide 12: Q&A
Q&A PUBLIC | © INMARSAT 12
Slide 13: Basis of Preparation
BASIS OF PREPARATION Inmarsat’s FY 2021 Results Presentation should be read alongside the Management Discussion and Analysis which is provided in accordance with the reporting requirements set out in our debt agreements. The financial information has not been prepared in accordance with the requirem
Slide 14: PUBLIC | © INMARSAT
PUBLIC | © INMARSAT 14