Inmarsat — Investor Day (September 2014)
95 slides from Inmarsat's investor day presentation, Sep 24, 2014
Slide 1: Inmarsat plc Investor Day
Inmarsat plc Investor Day 24 September 2014
Slide 2: Disclaimer
Disclaimer ! Certain statements in this presentation constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results, performance
Slide 3: Chairman's Overview
Chairman’s Overview Andrew Sukawaty Executive Chairman
Slide 4: Confidence in our ongoing ability to deliver
Confidence in our ongoing ability to deliver ! 35 years market leadership in Global Mobile Satellite Services (MSS) ! 3 generations of L-band satellites flown ! On verge of new Ka-band global satellite constellation ! 9 years as a public company ! 9 years of dividend growth ! Fully-funded investment
Slide 5: Track record of delivering shareholder returns
Track record of delivering shareholder returns TSR since IPO (June 2005) TSR last 2 years Dividends +321% +39% Capital growth +36% +179% FTSE 250 Inmarsat FTSE 250 Inmarsat 5
Slide 6: The Global Xpress investment – disruptive innovation
The Global Xpress investment – disruptive innovation ! Market driven • Understanding the trends in the markets we serve ! Leverage Inmarsat strengths: Global coverage • Technical excellence • Sector knowledge Inmarsat Inmarsat • Access to capital L-band GX • Global distribution • Synergies • Reputat
Slide 7: Top level Board objectives
Top level Board objectives Inmarsat plc Board of Directors ! Disciplined investment for growth as core adjacent opportunities identified ! Strategy which builds on core market position strengths – global, mobile/portable, high reliability ! Close monitoring of company’s risk management ! Commitment
Slide 8: Delivering Profitable Growth
Delivering Profitable Growth Rupert Pearce CEO
Slide 9: We operate in a growth sector
We operate in a growth sector Global mobile broadband showing explosive growth Explosive growth in solutions Increasing device and sensor penetration Cloud-based Cloud-based services services Solutions and Devices & content Functionalities Internet of Things Apps Source: Cisco VNI Mobile 2014 Connec
Slide 10: Sector trends are extending to satcoms
Sector trends are extending to satcoms Understanding the business implications is key What our end users want Implications for satcoms ! Capacity & capability step-change High Throughput Satellites, cost/bit Rich On the To any Anywhere solutions move device ! Increasing importance of mobility Cuttin
Slide 11: Playing to our strengths
Playing to our strengths We are well-placed to take advantage of these trends Implications for satcoms ! Capacity & capability step-change • Unique L-band capabilities of Inmarsat-4, Alphasat & Inmarsat-6 • Revolutionary capacity & capabilities of Inmarsat-5/Global Xpress • Unique hybrid S-band netw
Slide 12: Our strategic roadmap
Our strategic roadmap Our plan to deliver sustained, profitable growth ! More growth & diversity via GX/S-band ! Continued L-band growth • New super-broadband MSS services • Grow value of our core markets • Diversification into new VSAT markets • Expand our markets through innovation • Aviation Pass
Slide 13: Deliver the plan via an agile organisation
Deliver the plan via an agile organisation The power of the Business Units Marketplace & Customers US Global Maritime Enterprise Aviation Government Government 51%1 14%1 8%1 17%1 10%1 Business Units Customer intimacy, tailored offerings, agility, reach, innovation Capabilities Investment Operations
Slide 14: Maritime
Maritime Frank Coles President
Slide 15: Maritime business at a glance
Maritime business at a glance Mission: To serve the world’s Maritime markets ! Inmarsat Maritime is a $600m business that enables solutions for safety, efficiency and crew welfare ! Primarily indirect channel to market, with focused direct channel to drive GX adoption and new market access ! Well po
Slide 16: Maritime business at a glance
Maritime business at a glance Building strategic partnerships with the Maritime industry ! Strategy: Provide and enable solutions that help our customers • Comply with regulatory requirements • Realise savings through efficiency in operations ! Implementation: • Safety Solutions • IMO Mandated GMDSS
Slide 17: Market trends
Market trends “Smart Shipping” will drive need for high speed, reliable communications ! More data is coming ashore today ! Industry is automating data gathering, to power real-time decision making from shore ! Concept testing of fully automated drone ships underway 2010 2013 2016 2020 Traditional s
Slide 18: Growth opportunities
Growth opportunities Increase ARPU and expand into new markets ! Commercial Maritime • Strong, well established customer base • Primary objective to grow ARPU from existing base • New product introduction (i.e. Fleet Media, iFUSION, GSM) • Plan upgrades to support additional functionality and servic
Slide 19: Safety – key part of our strategy
Safety – key part of our strategy Capitalise and expand safety services ! Mariner safety is central to Inmarsat’s position in Commercial Maritime • Mandated by the IMO as the provider of GMDSS (Global Maritime Distress and Safety Service) ! New opportunities in Safety • “Safety as a Service” • Migra
Slide 20: Overview of route to market
Overview of route to market Expanding traditional channel to add “Smart Shipping” enablers Inmarsat Maritime Traditional Channel “Smart Shipping” Channel Direct Indirect Integrators ! Support indirect channel ! Maritime Service ! Engine manufacturers ! Meet competitive threats Providers ! Vessel equ
Slide 21: Core market growth
Core market growth Continued subscriber and ARPU growth ! User base growth • Continued growth in FB user base (45,000+ users), despite highly competitive saturated market ! ARPU growth through value • Base ARPU continues to grow across customer base (c.$600+ pm) • Increased usage out-weighing techno
Slide 22: New market growth
New market growth Rapid adoption of services in new target markets ! Fleet One • New product launched in Q2 to drive growth in adjacent markets of fisheries and leisure • Good subscriber uptake in first 3 months of service ! Leisure Users • Growth driven by Safety and Crew Welfare/Entertainment • Sa
Slide 23: Future markets/pathway to GX
Future markets/pathway to GX Steady growth of high volume data users in XpressLink leads to GX ! User base growth • Leading market share in VSAT installations in deep sea ships (now 1,900+ users) • Average 2% growth month-on-month ! Future foundations • Solid customer base committed to future migrat
Slide 24: Maritime growth strategy
Maritime growth strategy Drive high-end user development and market expansion ! GX is the solution for high volume users • Expanded bandwidth and capacity • Global coverage • Advanced platform for billing and service enablement ! XL is upgrade pathway to GX • Assures continued revenue growth and cus
Slide 25: Global Government
Global Government Andy Start President
Slide 26: Global Government business at a glance
Global Government business at a glance Mission: We Connect Those Who Protect ! Global Government is a $126m business serving needs of a wide range of governments in over 100 nations outside the USA ! EU & Coalition Nations traditionally largest customers but progressively diversifying ! Business is
Slide 27: Market opportunity
Market opportunity A large and growing market, despite drawdown from Afghanistan ! Overall market (outside US) $2.7bn; CAGR ! Revenues generated in Asia and Latin America expected of 11% expected over next 10 years to grow faster than in North America and Europe ! Budget issues remain front and cent
Slide 28: Competitive landscape
Competitive landscape Well positioned to take market share in merging MSS/FSS Government market ! Number 11 in Government MSS market Worldwide mobile satellite services operations Government/Military market share (%) ! MSS/FSS market converging • Number 3 to 51 in converged market (depending on meas
Slide 29: Overview of route to market
Overview of route to market Primarily indirect reflecting government’s desire for local support ! Majority of Governments prefer local service providers ! Business is Indirect in all but 4 countries (Aus, Can, NL, NZ) • Direct business in markets that expressed firm wish to continue to operate direc
Slide 30: Split of current revenue
Split of current revenue Well balanced revenue between Land, Sea & Air 2014 H1 revenue by region ! Europe represents largest proportion of historic revenue 13% 3% • Broadly spread across Western Europe 28% Americas (non US) • European market declining, but revenue held Africa/CAMENA flat through inn
Slide 31: Global Government strategy
Global Government strategy 2012 ! Strategy is to protect the core revenues through new products: • Dominate small terminal ‘Comms on the Move’ and ‘Comms-on-the Pause’ with L-band • Aggressively promote L/Ka as superior solution for medium & large terminals • Host 3rd party Government applications t
Slide 32: Government specific products
Government specific products Enhancing the capabilities of standard products & delivering integrated solutions Government specific products L-TAC Ruggedised BGAN Military Ka GX Government specific solutions 32
Slide 33: Countries and regions of interest
Countries and regions of interest Substantial opportunity for market expansion Countries with Group wide initiatives Countries with new Countries of significant existing sales teams established significant interest revenue 33
Slide 34: Global Government - Summary
Global Government - Summary ! The G2 team’s mission is to “Connect those who Protect”. ! Strong underlying market demand and unmet need ! Competitively very well positioned to take market share ! Business is robust and diversified across different regions of the world ! Strategy to deliver growth th
Slide 35: US Government
US Government Peter Hadinger President
Slide 36: US Government business at a glance
US Government business at a glance ! Inmarsat has always been USG’s largest mobile SATCOM supplier with >60% market share • First in, last out – Inmarsat is their most portable bandwidth • Reliable – Inmarsat is always on and everywhere • Universal – Inmarsat products in every USG service and agency
Slide 37: Tight budgets clash with geopolitics
Tight budgets clash with geopolitics Hagel: Iraq crisis may require DoD To rethink Headlines of just one day (21 August ) 2015 budget Hagel: “You’re constantly shaping a Sequester fears return budget to assure that resources Jacoby: “virtually impossible right match the mission - and the mission now
Slide 38: Global uncertainty plays to our strengths
Global uncertainty plays to our strengths No large force deployments, but: Domestic Civil SATCOM Worldwide Naval Active Areas of and Border Security and Air Transport conflicts concern ! Current events in places without established USG infrastructure – demands global mobility ! Tactical profile well
Slide 39: Top-line USG budget remains the biggest limiter
Top-line USG budget remains the biggest limiter ! Deficit reduction drives “Sequestration” which aims to remove $1tn spending by 2023 ! SATCOM funded out of discretionary budgets – mostly defence “Supplementals” • Squeezed between “Debt Ceiling” and mandatory spending • Supplementals phasing out wit
Slide 40: Key trends to watch
Key trends to watch ! USG shifting users to its own satellites to reduce spending in short-term • Especially hard on incumbent Ku-band operators • Shift to military Ka-band actually facilitates use of Inmarsat GX ! Growing bifurcation of commercial market – legacy vs. new programmes • Older drones,
Slide 41: Sweet spot for Inmarsat - augmentation
Sweet spot for Inmarsat - augmentation ! We believe USG will adopt a commercial augmentation model1 • Well established model in air transport, fiber – emerging in aerial refueling, SATCOM • This model is highly aligned with Inmarsat attributes Omega Air • Global access and mobility ideal for special
Slide 42: Three steps to improve route to market
Three steps to improve route to market Percentage of USG SATCOM service revenues (2012) Strong Partner Footprint: >50% share ! Achieve Wholesale/Retail Goals 5 9 Inmarsat Boeing Astrium L3 GCS 16 • Increase top partner footprint 15 Globecomm Artel TCS DRS • Broaden contract vehicles/skills 16 6 • Im
Slide 43: Layered Growth Strategy
Layered Growth Strategy ! Now – leverage infrastructure: ours & USGs L-3 Panther • I-5 military Ka leases augment wideband WGS 1000s deployed • L-TAC leases augment narrowband MUOS PRC-117 • Durable growth markets – Special Ops/Intel/Civil 10,000s deployed Sealift/Army ! Mid-term – expand to managed
Slide 44: Aviation
Aviation Leo Mondale President
Slide 45: Inmarsat Aviation business at a glance
Inmarsat Aviation business at a glance Powering Aviation Connectivity ! Aviation is a $100m business focused on the mobile satellite communication needs of the Cockpit & Airline Cabin commercial aviation industry; from safety & operations services to passenger connectivity Cockpit Inmarsat Internet
Slide 46: Commercial Air Transport (CAT) market is thriving
Commercial Air Transport (CAT) market is thriving Every region holds opportunity ! The commercial aviation satellite-based connectivity market at ~$0.6bn (retail) has significant growth potential: • 55% of all wide-body aircraft will be connected by 2023 • Single-aisle aircraft numbers double betwee
Slide 47: Demand for connectivity is growing strongly
Demand for connectivity is growing strongly Passengers demand Wi-Fi in flight as on the ground Business & rs Flye g Consumers in crav i Wi-F Flyer s get emot io abou nal t it High ing perform ill sw system h unleas p pent-u d deman Source: Honeywell Aerospace Wi-Fi Survey July 2014 47
Slide 48: Market dynamics
Market dynamics Vigorous Competition in a Growing Market ! Gogo leads the overall cabin connectivity market with its US ATG system, but is facing strong ATG competition in the US, and for satellite services worldwide Satcom & ATG ! OnAir: Owned by SITA. Early CAT market entrant with significant inst
Slide 49: L-band and GX distribution channels
L-band and GX distribution channels Strong partnerships are enabling Inmarsat’s market penetration Commercial Air Transport Business Aviation CABIN COCKPIT CABIN & COCKPIT Airlines Airlines Bus Jet Operators Our vision is to build an airline-centric eco-system that delivers value to all in the distr
Slide 50: CAT growth strategy
CAT growth strategy Position Inmarsat as the global leader in passenger and cockpit connectivity Capture global, international long-haul Dominate regional, Own the Safety and Expand product portfolio to passenger services market short-haul with Operations market offer solutions for any size with GX;
Slide 51: Business Aviation growth strategy
Business Aviation growth strategy Extend our market leader position Extend very successful New product and service Maintain leadership in partner relationships with Enter general aviation offerings to all segments of safety and operations Satcom Direct, Arinc Direct, market with right business aviat
Slide 52: Product portfolio approach
Product portfolio approach Meeting needs of all aircraft, anywhere Existing product Planned product S-band/ACGC Opportunity GX + GX (Ka-band) bandwidth Hybrid services SwiftBroadband (L-band) range General Light Jets Business Business Business Bizliner Narrow Wide Body Aviation Aviation Aviation Avi
Slide 53: Question & Answer session
>») inmarsat The mobile satellite company” art eae Sr hn ® Question & Answer session
Slide 54: S-band and ACGC: Powering Aviation Connectivity
S-band and ACGC: Powering Aviation Connectivity Leo Mondale President, Aviation
Slide 55: Worldwide passenger connectivity expected to grow into $1bn business
Worldwide passenger connectivity expected to grow into $1bn business within the next 5 years Addressable aviation connectivity market ! Connectivity is the fastest growing segment in the “Passenger Experience” marketplace • Projected to grow to ~$1.7bn by 2023 from a base of ~ $0.4bn (retail value)
Slide 56: Strength of passenger demand now proven
Strength of passenger demand now proven US ATG is setting expectations in Aviation Connectivity ! Gogo’s rapid growth since the roll out of their Strong Commercial Aircraft revenue growth ATG network in North America has illustrated significant demand for in-flight connectivity: • 30% YoY revenue gr
Slide 57: Opportunity to replicate US ATG success in European market
Opportunity to replicate US ATG success in European market Growth through conversion and expansion of the short-haul fleet ! European aircraft fleet projected to almost double by 2032 with 7,450 new European fleet growth aircraft • Single aisle fleet make up larger share of the total, growing to ~ 7
Slide 58: Inmarsat can deliver a connectivity solution for any aircraft
Inmarsat can deliver a connectivity solution to suit any aircraft in any region GX: The reference solution for long haul aircraft with global Cabin Connectivity requirements S-band: L-band: Broadband Cabin Worldwide Cabin Connectivity over EU Connectivity, Safety & Operations Services ACGC: Compleme
Slide 59: S-band meets demand over EU's high traffic routes
S-band meets demand over EU’s high traffic routes Complements GX and L-band global solutions Source: Company estimate Perfect complement to Very high capacity Superior performance and economics GX for airlines with mixed over EU for for aircraft operating in high traffic fleets or where enhanced reg
Slide 60: 4 key deliverables to secure S-band / ACGC opportunity
4 key deliverables to secure S-band / ACGC opportunity 1. Regulatory approval required to confirm use of S-band spectrum for MSS services and aviation complementary ground component • MSS applications filed in 22 member states – secured in 13 • Engagement with regulatory authorities in all EU member
Slide 61: 4 key deliverables to secure S-band / ACGC opportunity
4 key deliverables to secure S-band / ACGC opportunity 3. Deliver lightweight, low cost Satellite and ACGC OnBoard Equipment (OBE) • Specification for S-band OBE underway with avionics providers and airlines to ensure the right technical and functional specifications from the outset • Will work with
Slide 62: Programme timeline
Programme timeline Y/E Y/E Y/E Y/E 2014 2015 2016 2017+ Regulatory MSS Licences filed and Significant proportion of CGC principles agreed for CGC licences secured on satisfactory Continued negotiation to achieve full list of MS licences with Member terms States Satellite build Design Spacecraft manu
Slide 63: Securing the leadership position
Securing the leadership position Growing demand across an expanding product and service portfolio complement Inmarsat’s leading position in the Aviation connectivity market ! Inmarsat is the industry standard for satellite-based Safety and Operations Services and for business aviation connectivity !
Slide 64: Enterprise
Enterprise Ronald HW Spithout President
Slide 65: Enterprise business at a glance
Enterprise business at a glance Oil and Gas ! Primary focus on optimising, supporting and expanding global network of channel partners Mining ! Identifying sustainable growth opportunities across a broad and diverse Utilities range of sectors, in both well-served and under-served geographies ! Flexi
Slide 66: Medium-term vision
Medium-term vision > % of the world’s drilling rigs and Oil & Gas platforms using Inmarsat 25% technology as primary method of communication > Inmarsat handsets (GSPS) in use in over 200 countries 300,000 > Mobile broadband units deployed (BGAN + evolved services) 150,000 > M2M devices active on Inm
Slide 67: Market opportunity – Media
Market opportunity Media ! Dynamics • Increasing demand for higher streaming driven by HDTV and 4KTV • Driven by ‘the internet’ the number of ‘news gathering agents’ is growing beyond traditional broadcasters • Increased competition from very low cost Ku/Ka mainly at Local and Regional level, althou
Slide 68: Market opportunity – Resources & Energy
Market opportunity Resources & Energy ! Dynamics • Including shale and on-land exploration, market for wholesale bandwidth in the Oil & Gas (“O&G”) sector expected to grow rapidly to 2020 • Operational efficiency, real-time data, safety, and security requirements driving demand for uptime and reliab
Slide 69: Market opportunity – NGOs & Sustainable Development
Market opportunity NGOs & Sustainable Development ! Dynamics • Increased field worker safety concerns driving demand for personal communication and M2M services for vehicle and personnel tracking • Communication market emphasis is shifting to the affected community, digital aid, mobile money and Int
Slide 70: Market opportunity – Growth segments
Market opportunity Growth segments ! Dynamics • M2M growth sectors will include Transport & Logistics, large corporations and financial services, and environmental protection • There is demand in the currently mainly cellular M2M segment for a one-SIM solution to fill coverage gaps and enable global
Slide 71: Growth strategy summary
Growth strategy summary Portfolio development Recent introductions ! GX introduction • Isat Gateway driving vertical tailored solutions • TelcoXchange enabling efficient network IsatHub connectivity ! Evolution and diversification • Next generation handsets IsatPhone 2 • BGAN evolution and diversifi
Slide 72: Growth strategy summary
Growth strategy summary Expanding channel Recent additions ! Roaming partners M2M, OEM, Roaming: • New roaming capabilities for voice and data opens the door for new set of roaming partners from the Telco and MNO environment (M2M, IsatHub and IsatPhone) ! OEM partners • RFIC and Radio module develop
Slide 73: Enterprise well positioned with a solid base
Enterprise well positioned with a solid base Market growth underpinned by innovation * * ! Portfolio of services, technology, market vertical focus and channel partners underpinned by continuous innovation, provides a solid base for growth ! Addition of high bandwidth services based on GX enables fu
Slide 74: Operations Overview
Operations Overview Ruy Pinto Chief Operations Officer
Slide 75: Mission of Operations
Mission of Operations Maintain the market leading quality of service Inmarsat delivers to customers Maximise the operational efficiency of Inmarsat’s ground infrastructure, satellite fleet and spectrum resources Ensure continuing cost effectiveness across Inmarsat’s operations 75
Slide 76: A history of excellence
A history of excellence ! 35 years heritage of providing maritime distress and safety calling and messaging; only approved SatCom provider for Global Maritime Distress and Safety Services (GMDSS) ! International Civil Aviation Organisation (ICAO) compliant aviation safety services ! Inmarsat-C servi
Slide 77: High quality satellite architecture
High quality satellite architecture ! High quality design and build • All satellites have exceeded design life for all generations • 200+ years of satellites in-orbit • World class record of successful launch and in-orbit operations ! Space Segment redundancy • I-3 and I-4 fleets have in-orbit redun
Slide 78: Robust ground network
Robust ground network ! Highly secure ground network designed for full redundancy across all services ! Hot back-up Satellite and Network Operations Centres ! Fully redundant high speed BGAN and GX Data Communications Network (DCN). Operated end-to-end by Inmarsat - ensuring quality Inmarsat Data Co
Slide 79: Highly responsive operations functions
Highly responsive operations functions ! Continuous real time monitoring of global traffic across all services ! Space capacity (spectrum and power) swiftly reallocated in response to global events ! Efficient spectrum operations maximising frequency re-use with prime orbital locations available ! E
Slide 80: Effective Cyber Security Operations
Effective Cyber Security Operations ! Round the clock Security Operations Team aligned with national Cyber Intelligence bodies ! Inmarsat Security Operations Centre (SOC) integrated with Cisco SOC – delivering Inmarsat Enterprise and new Applications Platform (Inmarsat Gateway) portal security ! Con
Slide 81: Summary
Summary World class operation driven by experienced global teams Satellite, ground and spectrum operations designed and managed for mobile communications Continuous drive to improve efficiency and support new services and applications 81
Slide 82: Development and Engineering
Development and Engineering Michele Franci Chief Technology Officer
Slide 83: Mission Statement
Mission Statement Maintain a centre of excellence for innovation and development, translating market needs into core expansion programmes - engineering and delivering the infrastructure, products and services necessary to support growth Product and Service Innovation Development of networks and spac
Slide 84: Inmarsat-5 Space Segment update
Inmarsat-5 Space Segment update ! Construction of first three I-5 satellites complete (providing global service) • F1 launched Dec. 2013 • F2 and F3 satellites in storage ! Proton return to flight anticipated late September 2014 • F2 and F3 launches expected to support global CSI end H1 2015 ! F4 sa
Slide 85: Global Xpress launch
Global Xpress launch ! Commercial service introduction for US Maritime Government services achieved 1st July 2014 ! Integration and testing of radio access network and core access platform under way ! Global CSI expected end H1 2015 with full global launch of commercial services anticipated during H
Slide 86: Inmarsat S-band/Satellite
Inmarsat S-band/Satellite ! Inmarsat and Hellas-sat1 jointly contracted TAS to build an S/Ku/Ka-band satellite ! Inmarsat will pay approximately 50% of the satellite and launch cost - significantly reduced investment compared to a stand-alone satellite, with no schedule or performance impact ! Inmar
Slide 87: S-band Payload Capability
S-band Payload Capability ! S-band payload provides coverage over mainland Europe and Cyprus using 3 Spot Beams over the 2 X 15 MHz spectrum awarded by the European Commission to Inmarsat ! Satellite scheduled to launch in Q4 2016 on Falcon Heavy and currently on track for system Preliminary Design
Slide 88: Space X launch service contracts
Space X launch service contracts ! Inmarsat purchased 3 launch service contracts with Space X on Falcon 9 and Falcon Heavy rockets ! Provides competitive prices per launch ! These launches can be used across the following: • Inmarsat-5 F4 • Inmarsat-S • Inmarsat-6 F1 • Back up for Inmarsat-5 F2 and
Slide 89: Innovation
Innovation Grasping market opportunities and improving cost efficiency ! Products (current examples) • BGAN radio module • Smart antenna technology ! Space infrastructure • Improving effectiveness (cost per useful mb per second) • Expand into new markets and invest in advanced communications technol
Slide 90: New Reporting Format
New Reporting Format Tony Bates Group CFO
Slide 91: Segmental reporting changes
Segmental reporting changes ! From Q3 2014 New – H1 2014 Rev $m Maritime 301 • Segmental analysis will be aligned to internal Business Unit structure Government 160 Enterprise 84 • PLC will report full financial statements each quarter Aviation 46 Central Services 61 ! For investors Group 652 • Simp
Slide 92: Segmental commentary
Segmental commentary Revenue by BU ($m) ! Underlying revenue growth in 180 160 Maritime & Aviation broadly off-set 140 lower Government revenue; 120 Maritime Government Enterprise stable 100 80 Enterprise 60 Aviation ! RigNet and Globe Wireless 40 transactions impact trend in reported 20 results 0 Q
Slide 93: Conclusion
Conclusion Rupert Pearce CEO
Slide 94: Conclusion: Profitable growth delivered
Conclusion ! We have a clear pathway to future growth • L-band, GX, Inmarsat Gateway, EU Aviation Network… ! We have the capabilities to secure our goals • Power of the Business Units & our unique global distribution network • Leverage of Development & Engineering and Operations • Well-funded & prof
Slide 95: Question & Answer session
>») inmarsat The mobile satellite company” art eae Sr hn ® Question & Answer session