Inmarsat PLC Annual Financial Report (4211J)
March 29 2018 - 6:41AM
UK Regulatory
TIDMISAT
RNS Number : 4211J
Inmarsat PLC
29 March 2018
Inmarsat Plc ("Inmarsat" or the "Company")
Publication of the 2017 Annual Report and 2018 Annual General
Meeting Notice
Inmarsat will today publish and post to shareholders its Annual
Report for the year ended 31 December 2017 (the 'Annual Report'),
together with its 2018 Annual General Meeting Notice (the 'Notice')
with related explanatory circular (the 'Circular') (together the
'AGM Notice and Circular').
In addition to the regular AGM business, the AGM Notice and
Circular contains a proposed resolution which will be put to
shareholders at the AGM to rectify a procedural issue of which the
Board of Inmarsat have become aware regarding the omission of
filing interim accounts to support the payment of a number of
historical dividends by the Company (the 'Relevant
Distributions').
In order to remedy this, the proposed resolution will, if
passed, ratify the Relevant Distributions and give the Board
authority to enter into deeds of release for shareholders and
directors and restore all parties to the position they were
intended to be in had filings been made for the Relevant
Distributions in accordance with the procedural requirements of the
Companies Act 2006. This is in line with the remedies taken by
other listed companies that have encountered similar procedural
issues in the past. The issue is of a historical nature and there
is no change to the financial outlook of the Company and no past
accounts will need to be restated. No fines or other penalties have
been incurred by the Company. There is no impact on the final
dividend proposed for approval by shareholders at the AGM.
The Circular, which was approved today by the UK Listing
Authority, contains further details of the Relevant Distributions.
The Notice, which accompanies the Circular, convenes the Annual
General Meeting of the Company for 10.00am on 2 May 2018 at 99 City
Road, London, EC1Y 1AX.
The Annual Report and the AGM Notice and Circular is available
at investors.inmarsat.com .
In accordance with Listing Rule 9.6.1, an electronic copy of the
Annual Report, the AGM Notice and Circular and form of proxy will
be submitted to the National Storage Mechanism and should be
available shortly for inspection at
www.morningstar.co.uk/uk/NSM
The information set out in the Appendix, which is extracted from
the Annual Report, should be read in conjunction with the Final
Results Announcement released on 9 March 2018, which includes a
condensed set of consolidated financial statements for the year
ended 31 December 2017, an indication of the important events that
have occurred in the reporting period and a description of
Inmarsat's principal risks and uncertainties. That information,
together with the information set out in the Appendix, constitutes
the material required by Disclosure Guidance and Transparency Rule
6.3.5 which is required to be communicated to the media in full
unedited text through a Regulatory Information Service. This
announcement is not a substitute for reading the full Annual
Report. Page and note references in the Appendix are page and note
numbers in the Annual Report and Notes to the Financial
Statements.
Alison Horrocks
Company Secretary
+44 20 7728 1626
Appendix
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare such financial
statements for each financial year. Under that law the Directors
are required to prepare the Group financial statements in
accordance with International Financial Reporting Standards
('IFRS') as adopted by the European Union and Article 4 of the IAS
Regulation and have also chosen to prepare the Parent Company
financial statements in accordance with Financial Reporting
Standard 101 Reduced Disclosure Framework. Under company law the
Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss of the Company for
that period.
In preparing the Parent Company financial statements, the
Directors are required to:
-- select suitable accounting policies and then apply them
consistently
-- make judgements and accounting estimates that are reasonable
and prudent
-- state whether Financial Reporting Standard 101 Reduced
Disclosure Framework has been followed, subject to any material
departures disclosed and explained in the financial statements
and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business
RELATED PARTY TRANSACTIONS
In the normal course of operations the Group engages in
transactions with its equity-owned investees Navarino UK and JSAT
Mobile Communications Inc. These transactions represent sales of
airtime and equipment and are measured at the amounts exchanged.
Group revenue from the related parties for the 2017 financial year
was $38.1m and $16.9m, respectively (2016: $33.1m and $18.2m,
respectively). The amount receivable from the related parties at 31
December 2017 was $12.6m and $1.7m, respectively (2016: $9.3m and
$1.8m, respectively).
Amounts owing to the Executive as at 31 December 2017 and 2016
were $1.2m and relate to remuneration earned in the normal course
of operations (see note 8 of the Annual Report).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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