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Hisdesat closes fiscal year 2012 with revenues of 62.5 million euros
Madrid (Spain), May 30th, 2013— The Spanish government services satellite company, Hisdesat, reaffirms once again the strength of its business model, generating recurring revenue based on the provision of government services and strategic nature, which have reached a new high of 62.5 million euros in 2012, 2.8% more than the previous year, despite the difficult context in which the firm operates.
Revenue from services amounted to 59.9 million euros compared with 58.1 million euros in 2011, while the remaining 2.6 million euros related to other operating income and work done for the immobilized same amount recorded in 2011.
In relation to expenses during the year 2012 and according to the policy of current expenditure control based on the principles of efficient and sustainable management activities undertaken by the company, is down 4% over that recorded in 2011 putting them at 15.9 million euros. Additionally, it has provided an extraordinary provision of EUR 5.5 million related to amounts owed by Xtar LLC Hisdesat, placing EBITDA of EUR 41.0 million at year-end.
Hisdesat increased commercial presence in the area of secure communications via its satellites XTAR-Eur and SpainSat, and identifying new customers and offering new solutions to current. Meanwhile, in the area of earth observation PAZ program has continued its construction process constitutes one of the cornerstones of the company´s development in the medium term. Finally, it has strengthened its commitment to Canadian society exactEarth owned as to 27% and provider of satellite AIS service, by granting a corporate loan according to the business plan of the company. The income earned by the overall monitoring system tracking vessels through exactEarth company, joint-venture of Hisdesat with COMDEV, doubled to reach $ 9.7 million, with contracts totaling 13.6 million. The company now offers nearly 100 million AIS messages per day to your list of clients that have also doubled to reach 50, from the five continents.
However, in 2012 Hisdesat has not been immune to the complexity of the overall economic situation, assuming the delay in the decision for the eventual implementation of the program and reviewing HisNorSat future demand expectations in the area of satellite telecommunications American society Xtar-LLC, owned by 44%. In economic terms, this has resulted in the current accrued income in the first case, and the correction value of the share at the Company, in the second, focusing on EBITDA and net income recorded for the year. Currently, international revenues constitute 37% of total turnover.
The solid financial structure with a net debt / EBITDA of 2.0 times (2.5 times in 2011), coupled with the ability to generate recurring cash flows and long-term predictable, positions the company to continue developing favorably the observation area of the land and explore new opportunities that could potentially arise.
At year end, the balance of the debt associated with communications programs XTAR-Eur and Spainsat along with the observation of the earth PAZ, amounted to 156.3 million euros, compared to 170.2 last year. Of these, the most corresponds to PAZ with a figure of 94.2 million euros and 62.1 to Spainsat and XTAR-Eur.
During 2012 have been amortized according to schedule, 20.5 million euros of debt communications programs while are arranged additional € 6.6 million by the observation program.
According to the Hisdesat Strategic Plan, the area of Earth Observation is the main engine of growth and diversification in the medium and long term. Radar technology with satellite AIS and eventually optical technology, will complement and enrich the portfolio of services offered by the company.
During 2012, we continued to develop the investment program PAZ satellite, having reached by year-end, the amount of 107.7 million euros. The PAZ satellite is part of PNOTS (National Earth Observation Satellite) and is a differentiator when boarding technology with high resolution radar, Automatic Identification System AIS satellite on a single platform.
Hisdesat was founded in 2001 as operator of government services by satellite to act primarily in the areas of defense, security, intelligence and foreign affairs. Since 2005, the company provides secure satellite communications to government agencies of different countries and is currently developing new satellites in two areas: Earth Observation and Information of the worldwide maritime traffic by satellite (AIS). More information: www.hisdesat.es
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