Inmarsat
reports strong 2002 results
Posted: 19 March 2003
London — Inmarsat Ventures plc, the Total
Communications Network, and the world’s leading provider of
global mobile communications via satellite to enterprises, today
announced impressive full-year results for the year ended 31 December
2002. EBITDA, prior to impairments, increased by 11 per cent to
US$313.6 million, versus US$282.3 million in 2001. Group operating
profit, increased by 46 per cent to US$184.7 million, versus US$126.8
million in 2001, prior to impairments and operating loss of joint
venture. Net operating costs declined from US$154.8 million in 2001
to US$149.5 million in 2002.
Total group revenues for the year were up 5 per cent to US$463.1
million, from US$441.8 million in 2001. Basic earnings per share
were boosted by 165 per cent to US$1.64 per share, compared to US$0.62
per share in 2001.
The improved EBITDA performance was largely attributable to increased
revenues from high-speed data land based satellite communication
solutions
and leased satellite services, supported by strong take-up of new
product
introductions, lower operating costs and an element of global security
revenues.
Commenting on the results, Michael Storey, Inmarsat Ventures plc
President and CEO said: “Inmarsat Ventures has achieved a
very strong set of results in the face of what has been a difficult
year for the satellite and telecommunications industry generally.
The fruits of our data strategy are now being realised with a 25
per cent increase in data revenues. Specifically looking at our
‘on demand’ services, for the first time data now accounts
for more than half of total revenues.
“A major component of this strategy was the successful launch
of our
Regional Broadband Global Area Network (Regional BGAN) service in
November
2002, which provides 144 kbit/s secure, shared IP Internet connectivity
from
a small terminal to around a third of the world today. Offering
at least
double the through-put of terrestrial GPRS and with far greater
coverage,
Regional BGAN enables us to serve the continuously growing enterprise
demand
for higher bandwidth, increase customer usage, and leverage opportunities
to
access new markets, such as finance and manufacturing.
“Through Regional BGAN we are building important market relationships
in
preparation for the launch of our next generation of BGAN services
over the
Inmarsat-4 satellites, currently planned for 2005. The Inmarsat-4
construction programme has remained a key focal point. When they
are
launched, the satellites will provide broadband data services at
speeds of
up to 432 kbit/s. We are committed to achieving significant Regional
BGAN
market penetration by then, which puts us at the forefront of the
wireless
data revolution.
“Other important introductions in 2002 included the Inmarsat
Fleet F77 and
the Swift64 ISDN services in April, both of which support the provision
of
higher-speed access to our other two core markets of maritime and
aeronautical,” added Michael Storey.
Ramin Khadem, Inmarsat Ventures plc Chief Financial Officer, stated:
“We are
very pleased with these results. The Company continues to generate
sizable
cash flow, underpinned by our successful data services.”
Net cash inflow from operating activities increased to US$318.1
million from
US$262.0 million for 2001.
“We have utilised our cash and a small portion of our debt
facility to
continue our investment programme. Of the US$382.8 million of capital
expenditure in 2002, the majority went into the Inmarsat-4 construction
programme as well as Regional BGAN infrastructure development,”
added Ramin
Khadem.
For further information see www.inmarsatventures.com.
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com
|
