Hisdesat grows in fiscal year 2013


Hisdesat grows in fiscal year 2013

Hisdesat grows in fiscal year 2013


Madrid (Spain) – July 10th, 2014– The Spanish government services satellite provider, Hisdesat, informs has closed in 2013 a positive year in a complex and demanding environment in the markets in which it operates, showing its strength and quality in the provision of satellite services character strategic.

In 2013 it reached the milestone revenue provision of 60.3 million euros, which remained attached to policies in the operational efficiency of the company has allowed to increase to 47.1 million EBITDA euros, an increase of 15% over 2012.

Meanwhile, operating income grew to 32.4 million euros, an increase of 28% as a result of the foregoing, net income stood at 22.5 million euros. In terms of cash flows, the favorable exercise that has been closed with the optimal capital management, has led to a 35% growth in operating cash flow of the company compared to the previous year.

Income and expenditure
In the area of satellite telecommunications, the company has continued to accompany their clients in meeting needs of secure communication providing new solutions and expanding its customer base, reaching a figure of 60.3 million euros, bringing the number of total revenues to 61.9 million.

In relation to business area of earth observation in 2013 has continued to advance in the PAZ program, which will expand the services offered by radar high-resolution images in the area of Earth observation supplemented with positioning system automatic satellite AIS, providing a differential and innovative solution in the field of security solutions, defense and intelligence.

In relation to the operating expenses of the company, including the staff are recorded, insurance, outside services or supplies, stood at 14.8 million euros compared with 15.9 the previous year, representing a reduction of 6.8%. Due to the improvement in income from the provision of services and reduced operational expenditure, EBITDA has grown from EUR 41.0 million in 2012 to 47.1 million in 2013, the highest figure recorded by the company.

Finally, the net profit achieved in 2013 is 22.5 million€, which far exceeds that recorded in 2012 amounting to 5.0 million after the completion of a sanitation accounts owned Xtar Llc American in 2012.

Financial structure and cash flows
The achievement of the objectives in terms of revenue and recurrent expenditure has strengthened the financial structure and resources of the company reaching a figure of 213 million at year-end. Also, the funding strategy aims at optimizing the available resources and borrowing capacity in the long term, favorably positioning HISDESAT development plan investments implicit in its Strategic Plan.

At year end, the balance of the debt associated with communications programs and XTAR-Eur Spainsat together with the observation of the earth; PAZ, amounting to 135.3 million euros, compared to 156.3 last year. Of these, most PEACE program corresponds to a figure of 94.2 million euros and 41.1 to Spainsat and Xtar-Eur. During 2013 have been amortized according to schedule established, 21.0 million of debt programs communications, is expected to be fully amortized during 2015.

Regarding cash flows for the year, the company generated 48.8 million euros of cash flows from operating activities, while payments from investments amounted to 3.6 million euros. In the chapter on financing activities, has generated a negative cash flow of EUR 21.0 million resulting from the repayment of debt and XTAR-Eur Spainsat programs.

Overall, the net change in cash during the year for operating activities, investing and financing is 23.1 million euro positive, increasing the balance of cash and cash equivalents position in the year to 95.2 million euros.  

Investment activity
During 2013, we continued to develop the investment program PAZ satellite, having reached by year-end, the amount of 116.8 million euros. The PAZ satellite is part of PNOTS (National Plan for Earth Observation Satellite) and is a differentiator when boarding the radar with high resolution technology, the Automatic Identification System AIS in the same satellite platform.

Net investment is EUR 3.6 million primarily related to the PEACE program, satellite radar technology in high resolution, which is scheduled for late 2014 and will complement the range of services in the field of defense, security and intelligence.

It has also strengthened its position in the business of AIS satellite developed by the investee exactEarth, involving the loan of 17 million Canadian dollars that the company has signed with its shareholders. The company goal is to lead the market by deploying a constellation of micro-satellites for the provision of security services in the field of maritime traffic.

About Hisdesat

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

For further information:

Araceli Serrano

PR Communications Manager

Tel: +34 91 4490149