Page 63 - hisdeSAT annual report 2011

OUR FIGURES

6.1 Financial results

The 2011 financial year has once again delivered for

HISDESAT some very significant financial results, with

positive evolution of all significant indicators and
magnitudes. The majority of the results come from

consolidation on a national level and international

expansion of the secure communications service via the

system of satellites configured by SpainSat and Xtar-Eur.

61 Maintaining the revenue figure from our in- as part of the National Satellite Earth Ob-
vestee company in the United States Xtar servation Programme, with an investment
LLC has also permitted the consolidation of of 22 million euros in the development and
said company within a technological market manufacture of the Paz satellite and its
as demanding as that of the USA. With all launcher, having completed 82% of the to-
this, together with effective management in tal programme to-date.
terms of costs, HISDESAT obtained a pre-tax
profit of 32.1 million Also in this financial year an investment
of 3 million Canadian dollars was made (to
Profit before euros, with a growth reach the 15 million committed in 2010), by
of 4% in relation to the
tax rose previous year and 64% way of participation in the AIS satellite pro-
over the last two years. gramme, which will serve to improve mari-
by 4% time traffic safety.
In 2011 a collaboration
agreement was signed Thanks to the significant capacity of the
with the Norwegian Ministry of Defence Company to generate cash flow, said invest-
which saw the start of the HisNorSat pro- ments have been financed without penalis-
gramme. Similarly, a loan was signed for the ing the financial stability of same.
amount of 152 million euros with MICINN
(currently, Ministry of Economy and Com- With all this, the current financial and as-
petition MINECO) for the financing of said set-related structure allows not only guar-
project. anteed fulfilment of all future commit-
ments, but also provides the opportunity to
During this year, HISDESAT fulfilled the tech- embark upon new cost effective and strate-
nical and financial commitments acquired gic investments, as part of the objective of
© CNES 2011