Inmarsat plc
LSE : ISAT

Inmarsat plc

August 23, 2005 02:02 ET

Inmarsat plc Reports 2005 Interim Results

LONDON, UNITED KINGDOM--(CCNMatthews - Aug. 23, 2005) - Inmarsat plc, (LSE:ISAT) the leading provider of global mobile satellite communications services, today reported consolidated financial results for the 6 months ended 30 June 2005.

Half Year 2005 Highlights

- Total revenue up 4% to $253.6 million (H1 2004: $243.5 million)

- EBITDA up 11% to $171.8 million (H1 2004: $155.4 million)

- Inmarsat-4 programme on track and on budget

- Successful IPO completed in June

- Lower leverage through significant debt reductions

- First interim dividend expected at 5.47 cents (US$) per share

Andrew Sukawaty, Inmarsat's Chairman and Chief Executive Officer said, "We are pleased at our successful IPO and listing and welcome aboard our new shareholders. We remain excited about our business and growth prospects."



---------------------------------------------------------------------
---------------------------------------------------------------------

Half Year Growth
---------------------------
US$m (except per share data) 2005 2004 %
---------------------------------------------------------------------
Revenue 253.6 243.5 4%
EBITDA 171.8 155.4 11%
----------------------------------------
Operating profit 122.1 85.2 43%
Profit before tax 65.5 29.3 124%
----------------------------------------
----------------------------------------
EPS (diluted) 0.13
---------------------------------------------------------------------
---------------------------------------------------------------------


Mobile Satellite Services

The maritime sector was the main driver of our revenue performance in the first half. While our range of maritime Fleet services continued to provide strong growth in revenue, traffic and terminals, our growth in maritime was also supported by solid results from increased use of our mini-M and Inmarsat-B maritime services. Although growth in maritime data revenues was partially offset by lower maritime voice revenues, the rate of decline in our maritime voice business continues to slow as the impact of analogue to digital migration reduces and the success of off-peak promotions generates new traffic.

Our land sector has made a solid start to 2005 and is overall in line with expectations. While we experienced increased usage in the early weeks of the year following the Tsunami in Asia, we have more recently seen some reduced activity from government and military users in the Middle East. In addition, we introduced some reduced zonal pricing for our Regional BGAN service to encourage usage in areas where penetration has not met our expectations. These factors combined with continued competition for voice revenues from handheld operators contributed to a lower year over year revenue performance.

Our aeronautical sector revenue continued to expand as a result of increased use of our Swift64 service, which targets government aircraft and business jets. Installations of Swift64 were strong during the first half and revenue from these installations will only be fully realised in the second half of 2005. Our leasing business performed well and benefited from a new 5-year agreement with the Japanese Civil Aviation Authority, including a licence fee payment which contributed further to leasing revenue in the first half.

Successful IPO

In June we successfully completed an initial public offering of ordinary shares on the London Stock Exchange. We raised over $645 million of net primary proceeds and used these funds, together with cash on hand, to make substantial debt repayments. At the end of the first half we had either repaid or initiated debt repayments of $654 million. These debt reductions and the terms of a new senior credit facility will significantly reduce our interest expense in future periods. At the end of the first half our total net external debt stood at $813.2 million, including $250.0 million of bank debt and overdraft, $320.1 million of Senior Discount Notes and $477.5 million of Senior Notes, offset by $234.4 million of cash and short-term investments. At the end of the first half we still expect to pay approximately $16.4 million of cash costs related to our IPO.

Inmarsat-4 Programme

In March we successfully launched the first of our next generation Inmarsat-4 satellites. Following a deployment period this satellite commenced commercial operations in May. During July we successfully completed the migration of Regional BGAN end users onto our new Inmarsat-4 satellite and ceased lease payments to Thuraya at the end of July. We remain on track to launch Broadband Global Area Network (BGAN) services before the end of the year. The second of our Inmarsat-4 satellites is expected to be available to support a launch in either the fourth quarter of 2005 or early 2006. The Inmarsat-4 programme remains on budget at a total expected cost of $1.5 billion.

Rick Medlock, Chief Financial Officer, commented "Our business continues to perform well and we are pleased with our financial results for the first half."

Outlook

The volume discounts we offer to our distributors have an increasing impact on our margins as the year progresses. As our distributors reach certain volume targets we reduce our wholesale rates and this process reduces margins until the end of the calendar year when our rates are then reset to their pre-discount level. Furthermore, certain incremental costs, including marketing expenses, are expected to be incurred in the second half of 2005 in connection with the launch of BGAN services. Taking into account these factors, our core business continues to perform well and in line with our expectations.

Second Quarter 2005 Financial Results for Inmarsat Holdings Limited and Inmarsat Group Limited

Inmarsat Holdings Limited, through its subsidiary Inmarsat Finance II plc, is the issuer of $450 million of 10.375% Senior Discount Notes due 2012. Inmarsat Group Limited, through its subsidiary Inmarsat Finance plc, is the issuer of $477.5 million of 7.625% Senior Notes due 2012. Inmarsat Holdings Limited and Inmarsat Group Limited today reported financial results for the second quarter ended 30 June 2005. Holders of our notes are referred to the financial reports for the second quarter 2005 which can be accessed via our website and which will be filed with the SEC later today.

Other Information

A webcast recording of the analyst presentation to be held on 23 August will be posted to our website after the event.

To accommodate Inmarsat's debt and equity investors and analysts in the US and Canada, Inmarsat management will also host a conference call on Tuesday, 23 August at 3:00pm London time (United States 10:00am EST). To access the call please dial +44 20 8609 0238 and enter the access code 569780#. A recording of the call will be available for one week. To access the recording please dial +44 20 8609 0289 and enter the conference code 128895.

Forward-looking Statements

Certain statements in this announcement 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 or achievements, or industry results, to be materially different from those projected in the forward-looking statements. These factors include: general economic and business conditions; changes in technology; timing or delay in signing, commencement, implementation and performance of programmes, or the delivery of products or services under them; structural change in the satellite industry; relationships with customers; competition; and ability to attract personnel. You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. We undertake 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.

INMARSAT PLC

CONSOLIDATED INTERIM FINANCIAL RESULTS

For the half year ended 30 June 2005

(unaudited)

Forward-Looking Statements

This document contains forward-looking statements. These forward-looking statements include all matters that are not historical facts. Statements containing the words "believe", "expect", "intend", "may", "estimate" or, in each case, their negative and words of similar meaning are forward-looking.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual financial condition, results of operations and cash flows, and the development of the industry in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this document. In addition, even if our financial condition, results of operations and cash flows, and the development of the industry in which we operate, are consistent with the forward-looking statements in this document, those results or developments may not be indicative of results or developments in subsequent periods. Important facts that could cause our actual results of operations, financial condition or cash flows, or the development of the industry in which we operate, to differ from our current expectations include those risk factors disclosed in our Initial Public Offering Prospectus as filed with the London Stock Exchange on 22 June 2005.

As a consequence, our current plans, anticipated actions and future financial condition, results of operations and cash flows, as well as the anticipated development of the industry in which we operate, may differ from those expressed in any forward-looking statements made by us or on our behalf.

Operating and Financial Review

The following is a discussion of the 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 2005. You should read the following discussion together with the whole of this document including the historical consolidated financial results and the notes. The consolidated interim financial results were prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations issued and effective at the time of this report.

Overview

Inmarsat is the leading provider of global mobile satellite communications services, providing data and voice connectivity to end-users worldwide. Headquartered in London, Inmarsat has more than twenty five years of experience in designing, launching and operating its satellite-based network. With a fleet of ten owned and operated geostationary satellites, we provide a wide range of data and voice services, including telephony, fax, video, email and high-speed intranet and internet access. The Group's revenues, operating profit and EBITDA under IFRS for the half year ended 30 June 2005 were US$253.6 million, US$122.1 million and US$171.8 million, respectively.

We report our results of operations in US dollars as the majority of our revenues and our borrowings are denominated in US dollars. Our results have been affected by the higher exchange rates for sterling/dollar. Approximately 60% of our net operating costs are in sterling.

Initial Public Offering (IPO) and Admission to the London Stock Exchange

The Company successfully listed as a public company on the London Stock Exchange on 22 June 2005 raising approximately $670 million of gross primary proceeds on admission with the issue of 150 million shares at a nominal value of EUR 0.0005 and a price of Pounds Sterling 2.45 per share. The company incurred approximately $33 million of underwriting and other associated costs. The ticker symbol for Inmarsat on London Stock Exchange is ISAT (LSE:ISAT).

Use of Proceeds and Debt Refinancing

The net proceeds raised in the Initial Public Offering were used to repay in full EUR 272.7 million Subordinated Preference Certificates in June 2005. The remaining proceeds, in conjunction with surplus cash on the balance sheet at 22 June 2005 and a $250 million term loan under the New Senior Credit Facility, have been used to repay borrowings under the Previous Senior Credit Facility of $728.0 million. On 22 July 2005 we redeemed 35% of the 7 5/8 Senior Notes 2012 including accrued interest and redemption premium totalling $184.9 million. See 'Liquidity and capital resources'.

Successful transition of services to the new Inmarsat-4 satellite

The first of our Inmarsat-4 satellites, which was launched on 11 March 2005, is now supporting digital communications traffic in the Indian Ocean Region.

The Inmarsat-4 satellite was built by EADS Astrium, and is one of the largest and most sophisticated commercial communication satellites ever launched. Following its launch on an Atlas V rocket from Cape Canaveral, Florida, the satellite went through several weeks of complex manoeuvres and tests, including round-the-clock testing of the communications payload, propulsion, altitude control, and electrical, thermal and command systems. All tests were completed successfully, and the satellite was moved to its operational geostationary position at 64 degrees East, over the Indian Ocean.

Revenues

Revenues for the half year 2005 were $253.6 million, an increase of $10.1 million, or 4%, compared with the half year 2004.

The table below sets out the components of our total revenue for each of the periods under review.



Half year
----------------------------
2005 2004
----------------------------
Revenues (US$ in millions)
Maritime sector:
voice services 52.0 53.8
data services 82.1 71.2
----------------------------
Total maritime sector 134.1 125.0
Land sector:
voice services 12.4 14.7
data services 53.4 58.3
----------------------------
Total land sector 65.8 73.0
Aeronautical sector 10.6 8.0
Leasing (incl. navigation) 31.0 27.8
----------------------------
Total mobile satellite communications
services 241.5 233.8
Subsidiary revenues 8.8 6.5
Other income 3.3 3.2
----------------------------
Total revenue 253.6 243.5
----------------------------
----------------------------

Half year
----------------------------
2005 2004
----------------------------
Active terminals (1) (000's)
Maritime 118.3 105.4
Land 71.9 73.0
Aeronautical 6.4 5.9
----------------------------
Total active terminals 196.6 184.3
----------------------------
----------------------------



(1) Active terminals are terminals registered with us as at 30 June that have been used to access our services at any time during the preceding twelve-month period.

During the half year 2005, revenues from mobile satellite communication services were $241.5 million, an increase of $7.7 million, or 3%, compared with the half year 2004. The maritime, land, aeronautical and leasing sectors accounted for 56%, 27%, 4% and 13% of total revenues from mobile satellite communication services respectively during the half year 2005. Our revenues are impacted by volume discounts that increase over the course of the financial year. Lower discount levels in early quarters represent the minimum annual discount and in later quarters, as distribution partners meet specific volume thresholds and earn higher discounts, average prices for traffic are lower.

Maritime Sector. During the half year 2005, revenues from the maritime sector were $134.1 million, an increase of $9.1 million, or 7%, compared with the half year 2004. This principally reflects an increase in data revenue with a marginal decrease in voice. Revenues from data services in the maritime sector during the half year 2005 were $82.1 million, an increase of $10.9 million, or 15%, compared with the half year 2004. The increase in revenues from data services reflects greater demand, as a result of the take-up and utilisation of our Fleet services in the new-build market, and increased interest for our smaller terminals with low-speed data capabilities such as mini-M. Revenues from voice services in the maritime sector during the half year 2005 were $52.0 million, a decrease of $1.8 million, or 3%, compared with the half year 2004. Historically our voice revenues for Maritime have been affected by the migration of users from our higher-priced analogue service to our lower priced digital services and in some cases competition. This has been offset by growth in both our newer Fleet service and various promotions we have initiated to respond to increased competition in certain of our established services.

Land Sector. During the half year 2005, revenues from the land sector were $65.8 million, a decrease of $7.2 million, or 10%, compared with the half year 2004. Revenues from data services in the land sector during the half year 2005 were $53.4 million, a decrease of $4.9 million, or 8%, compared to the half year 2004. The decrease is a result of the introduction of zonal pricing for our Regional Broadband Global Area Network (R-BGAN) service in addition to a decline in high speed data traffic following a reduction in traffic in the Middle East and competition from VSAT. Revenues from voice services in the land sector during the half year 2005 were $12.4 million, a decrease of $2.3 million, or 15.6%, compared to the half year 2004 as we continue to be affected by competition from handheld operators.

Aeronautical Sector. During the half year 2005, revenues from the aeronautical sector were $10.6 million, an increase of $2.6 million, or 33%, compared with the half year 2004. The increase continues to be attributed primarily to our popular Swift64 high-speed data service, which targets the government aircraft and business jet markets as well as being used by commercial airlines.

Leasing. During the half year 2005, revenues from leasing were $31.0 million, an increase of $3.2 million, or 12%, compared with the half year 2004. The increase principally resulted from a new 5-year interoperability agreement with the Japanese Civil Aviation Authority in May 2005 and primarily represents a license fee.

Subsidiary revenues. Subsidiary revenues represent revenues from Invsat Limited and Rydex Corporation Limited. Invsat Limited provides integrated communications networks and systems using VSATs (transportable terminals that access broadband services provided over satellite systems operating in the C-band and Ku-band radio frequencies), principally to end users in the oil and gas sector. Rydex Corporation Limited develops e-mail and data communications software tailored for use in the maritime sector. During the half year 2005, subsidiary revenues were $8.8 million, an increase of $2.3 million, or 35%, compared with the half year 2004. Invsat Limited has had more success in 2005 securing various systems integration contracts that were expected in 2004. The company is currently in discussion with potential buyers with a view to disposing of these subsidiaries in the near future.

Other income. Other income of $3.3 million for the half year 2005 consists primarily of income from the provision of conference facilities and leasing certain floors at our head office to external organisations, fees for satellite tracking services and in-orbit support services supplied to third parties and revenue from sales of R-BGAN end user terminals and is largely unchanged from the half year 2004.

Employee benefits costs

Employee benefits costs during the half year 2005 were $42.5 million, a decrease of $1.3 million, or 3% compared to the half year 2004. In April 2004, management conducted a review of business operations which led to a reduction in headcount of 64 staff positions across several of the Group's business activities. The amount charged for the half year 2004 was US$6.9 million. The underlying increase in staff costs in 2005 relates to an adverse movement in our hedged rate of exchange which has increased from $1.49/Pounds Sterling 1.00 in 2004 to $1.77/Pounds Sterling 1.00 in 2005 (staff costs are in sterling and we report our results in US dollars). In addition the group has recognised $1.1 million of stock option costs relating to the all staff option scheme implemented in November 2004. The options vest over a period of approximately 18 months from July 2005 to December 2006.

Network and satellite operations costs

Network and satellite operations costs during the half year 2005 were $22.9 million compared to $24.7 million during the half year 2004. Included in this category are costs for leasing satellite capacity from Thuraya for our R-BGAN service. In 2005 we only incurred four months of costs as two months were offset by way of amounts received from third parties in recognition of the delay in delivery of the first of our Inmarsat-4 satellites. The decrease in Thuraya lease costs of $2.6 million was offset in part by the commencement of warranties and additional costs for site service contracts on our Inmarsat-4 ground infrastructure that were not incurred in 2004.

Effective from 31 July 2005 the Group terminated its agreement to lease capacity on the Thuraya satellite.

Other operating costs

During the half year 2005, other operating costs were $30.4 million, a decrease of $0.9 million, or 3%, compared with the half year 2004. In 2005 rental costs increased by $4.0 million (2004: $Nil) following the sale and leaseback of our 99 City Road, London headquarters. Offsetting this increase was a reduction in sponsorship costs associated with the FIA World Rally Championship ($3.4 million) and savings across a number of other cost categories following cost reduction programme implemented in April 2004.

Operating costs during the half year 2005 reflect phasing of operating expenses, and management expect operating costs in the remainder of 2005 for marketing, professional fees and other office activities to increase, particulary as a result of the launch of BGAN.

Work performed by the Group and capitalised

The increase in own work capitalised of $2.3 million relates principally to increased activity surrounding our Inmarsat-4 satellites, one of which was successfully launched in March 2005.

EBITDA

As a result of the factors discussed above, EBITDA for the half year 2005 was $171.8 million, an increase of $16.4 million, or 11%, compared with the half year 2004. EBITDA margin has increased to 68% for the half year 2005 compared to 64% for the half year 2004.

Depreciation and amortisation

During the half year 2005, depreciation and amortisation was $49.7 million, a decrease of $20.5 million, or 29%, compared to the half year 2004. This decrease is a result of the change in useful economic lives of our Inmarsat-3 satellites from 10 years to 13 years, which came into effect from 1 October 2004.

In June 2005 we commenced depreciation on the first Inmarsat-4 satellite now in service. The satellite is being depreciated over 13 years. The remaining Inmarsat-4 satellites are yet to be placed in service therefore are currently not being depreciated. The depreciation cost for June 2005 for the first Inmarsat-4 satellite and other associated assets was approximately $2.9 million.

Operating profit

As a result of the factors discussed above, operating profit during the half year 2005 was $122.1 million, an increase of $36.9 million, or 43%, compared with the half year 2004 primarily as a result of an increase in revenues and a decrease in depreciation and amortization.

Net interest payable

Interest payable for the half year 2005 was $104.4 million, an increase of $21.3 million compared to half year 2004. This increase is attributable to the write-off of $19.9 million of deferred financing costs following the refinancing of the Previous Senior Credit Facility, the expensing of facility fees on the New Senior Credit Facility of $2.9 million and accreted interest on the November 2004 issued Senior Discount Notes of $15.8 million. Offsetting the increase in part was a $20.1 million decrease in interest on the Subordinated Preference Certificates following the redemption of approximately 50% of these certificates during 2004.

Interest receivable for the half year 2005 was $47.8 million, an increase of $20.6 million compared with the half year 2004. The increase relates to a $3.4 million realised gain on an interest rate swap contract on the Previous Senior Credit Facility and a realised foreign exchange gain on the repayment of euro Subordinated Preference Certificates of $39.3 million. See "Use of proceeds" and "Liquidity and capital resources".

For the second half of the year the Group expects interest costs to reduce substantially following the restructuring of debt facilities. See "Liquidity and capital resources".

Profit before income tax

During the half year 2005, profit before income tax was $65.5 million, an increase of $36.2 million compared with the half year 2004.

Income tax expense

The tax charge for the half year 2005 was $22.7 million, compared to $10.0 million for the half year 2004 and is based on management's best estimates of the weighted average annual income tax rate expected for the full financial year. The increase in the tax charge is largely driven by an increase in profit. The increase in the effective tax charge between half year 2004 (34%) and 2005 (35%) is largely driven by permanent differences resulting from disallowable expenditures.

The Group's tax profile is such that material cash tax payments are not expected in the foreseeable future as available capital allowances and deductions for interest charges are anticipated to be in excess of the accounting profits.

Liquidity and capital resources

Historically, our principal uses of cash have been for capital expenditure, to fund the development, marketing and distribution of new services and to fund our working capital requirements. Those requirements were met by cash flows from our operating activities as well as from borrowings under bank facilities and issuance of debt. Following the IPO on 22 June 2005 and the related transactions, our indebtedness and debt service obligations have decreased significantly.

The Group had net borrowings at June 30, 2005 of $840.8 million primarily comprising drawings on the New Senior Credit Facility of $250.0 million, Senior Notes of $477.5 million, Senior Discount Notes of $315.9 million, offset by cash and cash equivalents and short-term deposits of $234.7 million. See Note 6 to the Interim Consolidated Financial Results.

On 24 May, 2005 the Group's subsidiary Inmarsat Investments Limited signed a new $550 million Senior Credit Facility led by Barclays Capital, ING Bank N.V. and The Royal Bank of Scotland plc. The facility is for general corporate purposes including refinancing existing debt, and was arranged in connection with the IPO.

The $550 million five-year Senior Credit Facility consists of a $250 million amortising term loan and a $300 million revolving credit facility. The term loan and drawings under the revolving credit facility are initially priced at 120bp above LIBOR and thereafter tied to a leverage grid. The $300 million revolving credit facility is undrawn at 30 June 2005.

The New Senior Credit Facility, in combination with existing surplus cash and the proceeds of the IPO, was used to repay the Previous Senior Credit Facility of $728.0 million, the outstanding balance of the euro-denominated Subordinated Preference Certificates (EUR 272.7 million). In addition on 22 July, 2005 we redeemed 35% of the 7 5/8 Senior Notes 2012 including interest and redemption premium totalling $184.9 million.

Net cash from operating activities during the half year 2005 was $155.8 million compared to $123.5 million during the half year 2004. The increase relates to an increase in operating profit of $36.9 million, an increase of $8.3 million in interest income offset by changes in working capital. The Group held approximately $380.0 million on deposit during the period prior to the IPO resulting in cash income of $4.0 million in addition to a realised cash gain of $3.4 million on an interest rate swap contract which fixed interest on a portion of the drawn Previous Senior Credit Facility.

Net cash from investing activities during the half year 2005 was $63.4 million compared with net cash used in investing activities of $181.4 million for the half year 2004. During the half year 2005 the Group had an inflow from maturing short-term deposits of $151.0 million compared to an outflow of $74.6 million for the half year 2004. Offsetting the inflow in short-term deposits in 2005 was continued capital expenditure for the construction of our Inmarsat-4 satellites and associated ground infrastructure. In 2004 the group incurred $35.2 million of costs relating to the private equity transaction in 2003 in addition to $70.8 million in capital expenditure for Inmarsat-4 satellites and associated ground infrastructure.

Net cash used in financing activities during the half year 2005 was $217.3 million compared to $25.2 million during the half year 2004. On 22 June, 2005 the Company raised $652.3 million in net proceeds on its IPO. A combination of the IPO proceeds, surplus cash and the New Senior Credit Facility (as described above) were utilized to repay borrowings. A principal repayment of the Previous Senior Credit Facility was also made during the half year 2005 in the amount of $9.5 million. During the half year 2004 we repaid our bridge borrowings of $365.0 million and $98.1 million of the Subordinated Preference Certificates with proceeds from the Senior Notes issued of $480.1 million.

Seasonality

Our revenues for the first and last months of each year are impacted by changes in demand from end-users during the holiday season. In particular, revenues from data services tend to decline during the holiday season, reflecting reduced business activity. Historically, the impact of this seasonal decline in data services on our results of operations has been limited, as the decline has been substantially offset by increased voice traffic. However, as data revenues increase as a percentage of our total revenues, we expect the seasonal decline in the volumes may have a more pronounced effect on our first and fourth quarter results. The impact of volume discounts increases over the course of each financial year with lower discount levels in early quarters and higher discounts in later quarters. The effect of these volume discounts will be most pronounced in the fourth quarter.

Recent Events

On 31 May 2005 Graham Wrigley, Richard Wilson and David Preiss resigned as non-executive directors from the board of Inmarsat plc. On 22 June 2005 following admission of Inmarsat plc's shares to listing on the London Stock Exchange Admiral (ret) James Ellis, Stephen Davidson and Sir Bryan Carsberg were appointed as non-executive directors. Admiral (ret) Ellis is also a member of the Remuneration and Nomination Committees, Sir Bryan is a member of the Audit and Remuneration Committees and Mr Davidson is the chairman of the Remuneration Committee and a member of the Audit Committee.

Sir Bryan is currently Chairman of the Pensions Compensation Board and Chairman of the Council of Loughborough University. He is an independent, non-executive director of RM plc, SVB Holdings PLC and Philip Allan Publishers Ltd. He was the first Director General of Telecommunications (head of Oftel, the telecommunications regulator that preceded Ofcom) from 1984 to 1992, Director General of Fair Trading from 1992 to 1995 and Secretary General of the International Accounting Standards Committee (predecessor of the International Accounting Standards Board) from 1995 to 2001. He was an independent, non-executive director of Cable and Wireless Communications plc from 1997 to 2000 and non-executive Chairman of MLL Telecom Ltd from 1999 to 2002. Sir Bryan is a Fellow of the Institute of Chartered Accountants in England and Wales and an Honorary Fellow of the Institute of Actuaries; he was knighted in January 1989. He holds a M.Sc. (Econ) from the University of London (London School of Economics).

Admiral (ret) Ellis was formerly Commander, United States Strategic Command, headquartered at Offutt Air Force Base, Nebraska. He was responsible for the global command and control of US strategic forces while overseeing the employment and supporting the modernisation of the satellite communication network of the US Department of Defence. A graduate of the US Naval Academy in 1969, he was designated a naval aviator in 1971. He has held a variety of sea and shore assignments since then, including command of a Navy Strike fighter squadron, a nuclear aircraft carrier and a carrier battle group. Admiral (ret) Ellis also served as a test pilot, within the Navy \Office of Legislative Affairs and as programme co-ordinator of the F/A-18 Hornet Aircraft. He served as Deputy Chief of Naval Operations, Plans, Policy and Operations from 1996 to 1998, prior to assignment as both Commander-in-Chief US Naval Forces, Europe and Commander-in-Chief, Allied Forces, Southern Europe, during a period of Balkan crisis. Admiral (ret) Ellis is currently the president and chief executive officer of the Institute of Nuclear Power Operations. He holds Masters Degrees in Aerospace Engineering from the Georgia Institute of Technology and Aeronautical Systems from the University of West Florida. He is a graduate of the Senior Officer Programme in National Security Strategy at Harvard University. Admiral (ret) Ellis also serves on the Board of Directors of Lockheed Martin Corporation, Level 3 Communications Inc. and America First Companies, LLC.

Mr Davidson is Chairman of SPG Media plc and is a non-executive director of The Wireless Group plc, Enteraction TV Ltd. and Williams Lea Group Ltd. He has held various positions in investment banking, most recently at West LB Panmure where he was Global Head of Media and Telecoms Investment Banking then Vice Chairman of Investment Banking. From 1992 to 1998 he was Finance Director then Chief Executive Officer of Telewest Communications plc. He was Chairman of the Cable Communications Association from 1996 to 1998. He holds an MA (first class) in Mathematics and Statistics from the University of Aberdeen.

John Rennocks who joined the board in January 2005 has subsequently been appointed as deputy chairman and senior non-executive director with effect from the IPO.

In July 2005 the Group successfully transferred R-BGAN customers to its Indian Ocean Region Inmarsat-4 satellite. As a result, effective from 31 July 2005, the Company has terminated its agreement to lease capacity on the Thuraya satellite.

On 22 July 2005 the Group redeemed 35% of its 7 5/8 Senior Notes 2012 reducing the Notes from $477.5 million to $310.4 million. Associated with the redemption we wrote off $6.1 million of deferred financing costs and paid a redemption premium of $12.7 million. These amounts will be reflected in interest costs in the income statement for the year ended 31 December 2005.

The Board intends to declare and pay an interim dividend of 5.47 cents (US dollars) per ordinary share on 28 October 2005 to ordinary shareholders on the Register at the close of business on 30 September 2005. Dividend payments will be made in Pounds Sterling based on the exchange rate prevailing in the London market four business days prior to payment. This dividend has not been recognised as a liability for the half year 2005.

Subsequent to 30 June 2005 other than the events discussed above there have been no other material events, which would affect the information reflected in the consolidated financial Results of the Group.



CONSOLIDATED INTERIM INCOME STATEMENT
For half year ended 30 June 2005
(unaudited)

2005 2004
Half year Half year
(unaudited) (unaudited)
-----------------------------
(US$ in millions)

Revenue 253.6 243.5
Employee benefits costs (42.5) (43.8)
Network and satellite operations costs (22.9) (24.7)
Other operating costs (30.4) (31.3)
Work performed by the Group and
capitalised 14.0 11.7
-----------------------------
EBITDA 171.8 155.4
Depreciation and amortisation (49.7) (70.2)
-----------------------------
Operating profit 122.1 85.2
Interest receivable 47.8 27.2
Interest payable and similar charges (104.4) (83.1)
-----------------------------
Net interest payable (56.6) (55.9)
-----------------------------
Profit before income tax 65.5 29.3
Income tax expense (22.7) (10.0)
-----------------------------
Profit for the period 42.8 19.3
-----------------------------
-----------------------------

Earnings per share for profit
attributable to the equity holders
of the Company during the period
(expressed in US$ per share)

- Basic 0.14 0.06
-----------------------------
-----------------------------
- Diluted 0.13 0.06
-----------------------------
-----------------------------

All of the above results relate to continuing operations.


CONSOLIDATED INTERIM STATEMENT OF RECOGNISED INCOME AND EXPENSE
For half year ended 30 June 2005 (unaudited)

2005 2004
Half year Half year
(unaudited) (unaudited)
-----------------------------
(US$ in millions)

Profit for the period 42.8 19.3
Movement in cumulative translation
reserve (0.3) 0.7
Movement in cash flow hedge reserve (10.0) -
Actuarial losses from pension and post
retirement healthcare benefits (0.6) (1.1)
Income tax credit on actuarial losses 0.2 0.3
-----------------------------
Total recognised income for the period 32.1 19.2
-----------------------------
-----------------------------


CONSOLIDATED INTERIM BALANCE SHEET
At 30 June 2005
(unaudited)


2005 2004
Half year 2004 Half year
(unaudited) Full year (unaudited)
----------------------------------------
(US$ in millions)

ASSETS
Non-current assets
Property, plant and
equipment 1,225.2 1,147.9 1,242.5
Intangible assets 509.2 508.1 504.7
Derivative financial
instruments 3.0 - -
----------------------------------------
1,737.4 1,656.0 1,747.2
----------------------------------------

Current assets
Cash and cash equivalents 234.0 233.0 150.8
Short-term deposits 0.7 151.7 127.4
Trade and other receivables 159.5 156.7 147.9
Inventories 1.2 1.2 1.2
Derivative financial
instruments 1.4 - -
----------------------------------------
396.8 542.6 427.3
----------------------------------------
Total assets 2,134.2 2,198.6 2,174.5
----------------------------------------
----------------------------------------

LIABILITIES
Current liabilities
Trade and other payables 158.9 113.2 99.5
Borrowings 169.2 37.2 9.4
Provisions 0.5 1.1 3.0
Current income tax
liabilities 7.4 16.0 9.2
Derivative financial
instruments 0.5 - -
----------------------------------------
336.5 167.5 121.1
----------------------------------------

Non-current liabilities
Other payables 7.1 35.2 57.3
Borrowings 906.3 1,824.5 1,818.5
Provisions 24.4 29.5 20.2
Deferred income tax
liabilities 173.9 139.2 162.9
Derivative financial
instruments 0.2 - -
----------------------------------------
1,111.9 2,028.4 2,058.9
----------------------------------------
Total liabilities 1,448.4 2,195.9 2,180.0
----------------------------------------
----------------------------------------
Net assets 685.8 2.7 (5.5)
----------------------------------------
----------------------------------------

SHAREHOLDERS' EQUITY
Ordinary shares 0.4 0.3 0.3
Share premium 670.6 34.8 34.8
Other reserves 12.2 7.4 -
Retained earnings/
(Accumulated losses) 2.6 (39.8) (40.6)
----------------------------------------
Total shareholders' equity 685.8 2.7 (5.5)
----------------------------------------
----------------------------------------


INMARSAT PLC

CONSOLIDATED INTERIM CASH FLOW STATEMENT
For half year ended 30 June 2005
(unaudited)

2005 2004
Half year Half year
(unaudited) (unaudited)
-----------------------------
(US$ in millions)

Cash flow from operating activities:
Cash generated from operations 147.0 121.6
Interest received 8.9 0.6
Income taxes (paid)/received (0.1) 1.3
-----------------------------
Net cash inflow from operating
activities 155.8 123.5
-----------------------------

Cash flow from investing activities:
Origination of short-term deposits 151.0 (74.6)
Purchase of property, plant and
equipment (87.6) (70.8)
Investment in parent company shares - (0.8)
Transaction costs on acquisitions
made in 2003 - (35.2)
-----------------------------
Net cash from/(used) in investing
activities 63.4 (181.4)
-----------------------------

Cash flow from financing activities:
Net proceeds from issue of ordinary
shares 652.3 0.6
Net proceeds of New Senior Credit
Facility 244.8 -
Repayments of Previous Senior Credit
Facilities (737.5) (365.0)
Net proceeds from issuance of Senior
Notes (0.8) 461.3
Repayment of Subordinated Preference
Certificates (334.6) (98.1)
Finance lease interest paid (0.2) (0.2)
Interest paid on Senior Notes and
Facilities (41.3) (23.8)
-----------------------------
Net cash used in financing activities (217.3) (25.2)
-----------------------------
Foreign exchange adjustment 0.2 0.3
-----------------------------
Net increase/(decrease) in cash
and cash equivalents 2.1 (82.8)
-----------------------------
-----------------------------

Movement in cash and cash equivalents:
At beginning of year 231.6 231.9
Net increase/(decrease) in cash and
cash equivalents 2.1 (82.8)
-----------------------------
As reported on balance sheet
(net of bank overdrafts) 233.7 149.1
-----------------------------
-----------------------------

At end of period, comprising:
Cash and cash equivalents per the
balance sheet 234.0 150.8
Bank overdrafts (0.3) (1.7)

-----------------------------
233.7 149.1
-----------------------------
-----------------------------


NOTES TO THE INTERIM CONSOLIDATED FINANCIAL RESULTS

1. General Information

The Company was incorporated on 3 September 2003 as Duchessgrove Limited and changed its name to Inmarsat Group Holdings Limited on 10 February 2004. The Company was reregistered as a public limited company and changed its name to Inmarsat plc on 27 May 2005. The Company is incorporated and domiciled in England and Wales.

The address of its registered office is 99 City Road, London, United Kingdom.

The Company listed on the London Stock Exchange on 22 June, 2005.

These unaudited consolidated interim financial results have been approved for issue by the Board of Directors on 19 August 2005.

2. Principal accounting policies

Basis of preparation

Prior to 2005, the Group prepared its audited annual financial statements and unaudited quarterly results under UK Generally Accepted Accounting Principles (UK GAAP). From 1 January 2005, the Group is required to prepare its annual consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and implemented in the UK. The IFRS standards and IFRIC interpretations that will be applicable at 31 December 2005 are not known with certainty at the time of preparing these interim consolidated financial results.

These interim financial results have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities (including derivative financial instruments) at fair value through profit and loss.

The unaudited Group results for the half year 2005 have been prepared on a basis consistent with the IFRS accounting policies as set out on pages 6 to 13 of the Consolidated Financial Statements for the year to 31 December 2004 as available on our website www.inmarsat.com/about us/investor relations/financial reports/2004 Inmarsat plc (IFRS). The applied IFRS accounting policies were selected by management considering all applicable IFRS's issued by the International Accounting Standards Board (IASB). The policies comply with the amendment to IAS 19 'Employee Benefits - Actuarial Gain and Losses, Group Plans and Disclosures' that was published in December 2004 which the Group expects to adopt in its financials statements for the year to 31 December 2005. The applied accounting policies are also based on the Group's expectation of adopting IFRS 5 'Non current Assets Held for Sale and Discontinued Operations' from 1 January 2005. Under IFRS 5 Non-current assets are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use. We have assessed the impact of IFRS 5 in light of the fact that we are in discussion with potential buyers with a view to disposing of our subsidiaries Invsat Limited and Rydex Corporation Limited in the near future. As these are both immaterial to the overall Group results we have not presented the results of these separately. IAS 39 'Financial Instruments: Recognition and Measurement' and IAS 32 'Financial Instruments: Disclosure and Presentation' have not been applied to the six months ended 30 June 2004 or the year ended 31 December 2004 because the Group has taken a transitional exemption and adopted those standards prospectively from 1 January 2005. See Note 7 for impact of IAS 39 on transitional balance sheet for 1 January 2005. It should be noted that these policies may be subject to revision to reflect further IFRS standards, interpretations and pronouncements.

The preparation of the consolidated financial statements in conformity with IFRS requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reported period. Although these estimates are based on management's best knowledge of the amount, event or actions, these results ultimately may differ from those estimates.

The functional currency of the Company and most of the Group's subsidiaries and the presentation currency is the US dollar, as the majority of operational transactions are denominated in US dollars.

3. Segment information

The Group operates in one business segment the supply of mobile satellite communications services (MSS). Other mainly comprises the results of subsidiaries, Invsat and Rydex.



Primary reporting format-Business segments

2005
----
Half year
(unaudited)

MSS Other Unallocated Elimination Total
----------------------------------------------------
(US$ in millions)

Revenue 241.5 12.1 - - 253.6
----------------------------------------------------

Segment result
(operating
profit)
120.9 1.2 - - 122.1
Net interest
charged to the
income statement - - (56.6) - (56.6)
--------

Profit before
income tax 65.5

Income tax
expense (22.7)
--------

Profit for the
year 42.8
--------

Segment assets 1,889.1 15.4 234.0 (4.3) 2,134.2

Segment
liabilities (193.5) (4.5) (1,250.4) - (1,448.4)
Capital
expenditure 140.8 - - - 140.8
Depreciation 37.1 0.5 - - 37.6
Amortisation
of intangible
assets 12.1 - - - 12.1


2004
----
Half year
(unaudited)

MSS Other Unallocated Elimination Total
----------------------------------------------------
(US$ in millions)

Revenue 233.8 9.7 - - 243.5
----------------------------------------------------

Segment result
(operating
profit)
84.9 0.3 - - 85.2
Net interest
charged to the
income statement - - (55.9) - (55.9)
--------

Profit before
income tax 29.3

Income tax
expense (10.0)
--------
Profit for the
year 19.3
--------
Segment assets 2,013.8 15.6 150.8 (5.7) 2,174.5

Segment
liabilities (184.5) (3.6) (1,991.9) - (2,180.0)
Capital
expenditure 95.7 - - - 95.7
Depreciation 56.9 0.5 - - 57.4
Amortisation of
intangible
assets 12.8 - - - 12.8


4. Net interest payable

2005 2004
Half year Half year
(unaudited) (unaudited)
-----------------------------
(US$ in millions)

Interest and facility fees payable
on bank loans and overdrafts (0.6) (0.1)
Interest on Senior Notes and Senior
Credit Facilities (39.3) (33.5)
Accretion of discount on the Senior
Discount Notes (15.8) -
Interest rate swap (1.4) (5.5)
Other interest payable (0.2) (0.2)
Accretion of discount on the principal
of Subordinated Preference Certificates (19.6) (39.7)
Amortisation of debt issue costs (6.5) (2.8)
Unwinding of discount on deferred
satellite liabilities (1.1) (1.3)
Previous Senior Credit Facility
deferred debt issue costs written off (19.9) -
-----------------------------
Total interest payable and similar
charges (104.4) (83.1)
-----------------------------
Bank interest receivable and other
interest 5.1 1.2
Currency gain on repayment of
Subordinated Preference Certificates 39.3 26.0
Realised gain on amendment to
interest rate swap 3.4 -
-----------------------------
Total interest receivable and
similar income 47.8 27.2
-----------------------------
Net interest payable (56.6) (55.9)
-----------------------------
-----------------------------


5. Reconciliation of movements in shareholders equity

Retained
Ordinary Share profits
share premium Other (Accumulated
capital account reserves losses) Total
-----------------------------------------------------
(US$ in millions)

Balance at 1
January 2004 0.3 34.2 - (59.1) (24.6)
-----------------------------------------------------
-----------------------------------------------------
Issue of share
capital - 0.6 - - 0.6
Profit for the
period - - - 19.3 19.3
Shares issued
to the
employee
benefit trust - - (0.7) - (0.7)
Movement in
cumulative
translation
reserve - - 0.7 - 0.7
Actuarial losses
from pension
and post-
retirement
healthcare
benefit (net
of tax) - - - (0.8) (0.8)
-----------------------------------------------------

Balance at 30
June 2004 0.3 34.8 - (40.6) (5.5)
Profit for the
period - - - 4.0 4.0
Issue of stock
options - - 0.1 - 0.1
Movement in
cumulative
translation
reserve - - 7.3 - 7.3
Actuarial losses
from pension and
post-
retirement
healthcare
benefit
(net of tax) - - - (3.2) (3.2)
-----------------------------------------------------
Balance of 31
December 2004
(as reported) 0.3 34.8 7.4 (39.8) 2.7
Adoption of
IAS 39 - - 14.0 - 14.0
Balance of 1
January 2005
(as restated) 0.3 34.8 21.4 (39.8) 16.7
-----------------------------------------------------

Fair value
gains/(losses),
net of tax:
- cash flow
hedges - - (10.0) - (10.0)
Issue of
ordinary share
capital 0.1 - - - 0.1
Issue of
share premium - 635.8 - - 635.8
Issue of
stock options - - 1.1 - 1.1
Profit for
the period - - - 42.8 42.8
Actuarial
losses from
pension and
post-
retirement
healthcare
benefit
(net of tax) - - - (0.4) (0.4)
Movement in
cumulative
translation
reserve - - (0.3) - (0.3)
-----------------------------------------------------
Balance at 30
June 2005 0.4 670.6 12.2 2.6 685.8
-----------------------------------------------------


6. Net borrowings

These balances are shown net of un-amortised deferred finance costs, which have been allocated as follows:



As at 30 June 2005 (unaudited)
-------------------------------------------
Deferred
finance Net
Amount cost balance
-------------------------------------------
(US$ in millions)
Current:
Bank overdraft 0.3 - 0.3
Obligations under finance
leases - - -
Deferred satellite payments 7.9 - 7.9
Current portion - Senior
Notes 167.1 (6.1) 161.0
Current portion - Previous
Senior Credit Facility - - -
-------------------------------------------
Total current borrowings 175.3 (6.1) 169.2

Non-current:

Previous Senior Credit
Facility - - -
New Senior Credit Facility 250.0 (2.7) 247.3
Senior Discount Notes,
10.375% 315.9 (9.2) 306.7
-Accretion of discount
on the principal 4.2 - 4.2
Senior Notes 310.4 (11.5) 298.9
Premium on Senior Notes 2.2 - 2.2
Subordinated Preference
Certificates - - -
Deferred satellite payments 47.0 - 47.0
-------------------------------------------
Total non-current
borrowings 929.7 (23.4) 906.3
-------------------------------------------
Total Borrowings 1,105.0 (29.5) 1,075.5
-------------------------------------------
-------------------------------------------

Cash and cash equivalents (234.0) - (234.0)

Short-term deposits (0.7) - (0.7)
-------------------------------------------
Net Borrowings 870.3 (29.5) 840.8
-------------------------------------------
-------------------------------------------


As at 31 December 2004
-------------------------------------------
Deferred
finance Net
Amount cost balance
-------------------------------------------
(US$ in millions)
Current:
Bank overdraft 1.4 - 1.4
Obligations under finance
leases 0.1 - 0.1
Deferred satellite payments 8.0 - 8.0
Current portion - Senior
Notes - - -
Current portion - Previous
Senior Credit Facility 27.7 - 27.7
-------------------------------------------
Total current borrowings 37.2 - 37.2

Non-current:

Previous Senior Credit
Facility 709.9 (21.7) 688.2
New Senior Credit Facility - - -
Senior Discount Notes,
10.375% 301.0 (9.7) 291.3
-Accretion of discount
on the principal 3.2 - 3.2
Senior Notes 477.5 (18.9) 458.6
Premium on Senior Notes 2.4 - 2.4
Subordinated Preference
Certificates 348.5 - 348.5
Deferred satellite payments 32.3 - 32.3
-------------------------------------------
Total non-current
borrowings 1,874.8 (50.3) 1,824.5
-------------------------------------------
Total Borrowings 1,912.0 (50.3) 1,861.7
-------------------------------------------
-------------------------------------------

Cash and cash equivalents (233.0) - (233.0)

Short-term deposits (151.7) - (151.7)
-------------------------------------------
Net Borrowings 1,527.3 ( 50.3) 1,477.0
-------------------------------------------
-------------------------------------------


As at 30 June 2004 (unaudited)
-------------------------------------------
Deferred
finance Net
Amount cost balance
-------------------------------------------
(US$ in millions)
Current:
Bank overdraft 1.7 - 1.7
Obligations under finance
leases 0.1 - 0.1
Deferred satellite payments 7.6 - 7.6
Current portion - Senior
Notes - - -
Current portion - Previous
Senior Credit Facility - - -
-------------------------------------------
Total current borrowings 9.4 - 9.4

Non-current:

Previous Senior Credit
Facility 800.0 (24.5) 775.5
New Senior Credit Facility - - -
Senior Discount Notes,
10.375% - - -
-Accretion of discount
on the principal - - -
Senior Notes 477.5 (18.8) 458.7
Premium on Senior Notes 2.6 - 2.6
Subordinated Preference
Certificates 547.4 - 547.4
Deferred satellite payments 34.3 - 34.3
-------------------------------------------
Total non-current
borrowings 1,861.8 (43.3) 1,818.5
-------------------------------------------
Total Borrowings 1,871.2 (43.3) 1,827.9
-------------------------------------------
-------------------------------------------

Cash and cash equivalents (150.8) - (150.8)

Short-term deposits (127.4) - (127.4)
-------------------------------------------
Net Borrowings 1,593.0 (43.3) 1,549.7
-------------------------------------------
-------------------------------------------


7. IAS 32 and IAS 39 transition balance sheet

The Group adopted IAS 32 'Financial Instruments: presentation and disclosure' and IAS 39 'Financial Instruments: recognition and measurement' from 1 January 2005. In the preparation of its financial statements in accordance with IFRS for the year ended 31 December 2004, the Group continued to apply the hedge accounting rules of UK GAAP, taking advantage of the exemption available within IFRS 1 'First time adoption of IFRS'.

The Group is required to recognise transitional adjustments in accounting for its financial instruments in accordance with the measurement requirements of IAS 39 at 1 January 2005.

The Group qualifies to hedge account for a number of its hedging arrangements. IFRS 1 requires the Group to recognise various transitional adjustments to account for those hedging relationships at 1 January 2005. The accounting for those hedging relationships at transition depends on the nature of the hedged item and the hedged risk. Detailed below is a reconciliation between the IFRS restated balance sheet as at 31 December 2004 applying prior GAAP hedge accounting and the balance sheet after the adoption of both IAS 32 and IAS 39

The Group's interest rate swap and forward exchange contracts were previously not accounted for as cash flow hedges of forecasted transactions under UK GAAP and as such were not previously measured at fair value. On transition, the derivative's fair value's have been recognised on the balance sheet and directly in reserves. Any deferred gains or losses will be recognised in future earnings at the time at which the hedged forecasted transaction is recognised.

All derivative instruments will continue to be recognised on balance sheet at fair value with future gains and losses being recognised immediately in earnings, except when the hedging requirements of IAS 39 are met.



January 1, IAS 39 January 1,
2005 Transition 2005
Adjustments (as restated)
--------------------------------------------
(US$ in millions)

ASSETS
Non-current assets
Property, plant and
equipment 1,147.9 - 1,147.9
Intangible assets 508.1 - 508.1
Derivative financial
Instruments - 6.4 6.4
--------------------------------------------
1,656.0 6.4 1,662.4
--------------------------------------------
Current assets
Cash and cash equivalents 233.0 - 233.0
Short-term deposits 151.7 - 151.7
Trade and other receivables 156.7 - 156.7
Inventories 1.2 - 1.2
Derivative financial
Instruments - 7.6 7.6
--------------------------------------------
542.6 7.6 550.2
--------------------------------------------
Total assets 2,198.6 14.0 2,212.6
--------------------------------------------
--------------------------------------------
LIABILITIES
Current liabilities
Trade and other payables 113.2 - 113.2
Borrowings 37.2 - 37.2
Provisions 1.1 - 1.1
Current income tax
liabilities 16.0 - 16.0
--------------------------------------------
167.5 - 167.5
--------------------------------------------
Non-current liabilities
Other payables 35.2 - 35.2
Borrowings 1,824.5 - 1,824.5
Provisions 29.5 - 29.5
Deferred income tax
liabilities 139.2 - 139.2
--------------------------------------------
2,028.4 - 2,028.4
--------------------------------------------
Total liabilities 2,195.9 - 2,195.9
--------------------------------------------
--------------------------------------------
Net assets 2.7 14.0 16.7
--------------------------------------------
--------------------------------------------
SHAREHOLDERS' EQUITY
Ordinary shares 0.3 - 0.3
Share premium 34.8 - 34.8
Other reserves 7.4 14.0 21.4
Accumulated losses (39.8) - (39.8)
--------------------------------------------
Total equity shareholders'
equity 2.7 14.0 16.7
--------------------------------------------
--------------------------------------------



Contact Information