Page 67 - hisdeSAT annual report 2011

OUR FIGURES

DEbT (In mIllIonS of EuroS)

64 satellite on the basis of an estimated useful of Industry, Tourism and Trade (MITYC). The 65 MICINN currently the Ministry of Economy
life of fifteen years. loans, associated with R+D programmes, and Trade MINECO) for 152 million euros, to
rose to a total of 190 million euros, to- be made available in the year 2012.
From the evolution described above there gether with a loan granted by a financial
is a resulting EBITDA of 44.17 million eu- entity for a total of 12.8 million euros. To- HISDESAT obtained from its operating activi-
ros (with growth of 3% in relation to 2010) date, the company has repaid the amount ties a cash flow of 37.7 million euros, with
and operating profits of 29.17 million euros of 146.4 million euros of these loans since substantial increase in
(with growth of 5% in relation to 2009). the year 2005 (start of the communications The net debt of relation to previous years,
programme). due above all to the con-
The financial year’s results include the posi- HISDESAT has solidation of the flow of
tive financial impact of the appreciation of In relation to the National Satellite Earth payments from the in-
the dollar in relation to the euro, which rose Observation Programme, in 2008 HISDESAT diminished by some vestee company Xtar in debt over EBITDA has gone from 3.1 in the
to 2.7 million euros during signed a loan with CDTI for a total of 110 the United States. year 2010, to 2.5 in 2011. The percentage of
To-date, the company the year in question. million euros (also associated with R+D in- 17% in relation to This cash flow has al- indebtedness over liabilities has also gone
vestments) for the development and man-
from 47.9% in the year 2010 to 45.5% in
has repaid the Financial position ufacture of the Paz radar satellite. In 2009 2010, standing at lowed us to meet this 2011.
the MITyC subrogated its role as creditor for
year’s investments and
amount of 146.4 The financing of the in- this loan, of which to 31st of December 2011 110.5 million euros loan repayments.
vestments associated with HISDESAT had received 87 million euros, in
million euros of these the national communica- accordance with the completion of different Despite the company be-
tions programme, made phases or milestones in the manufacturing ing in full investor mode, the net debt of
loans since the year up of the SpainSat and process. HISDESAT has diminished by some 17% in

Xtar-Eur satellites, was relation to 2010, standing at 110.5 million
2005 undertaken using loans Lastly, and in relation to the HisNorSat pro- euros. In addition, and thanks to the pro-
granted by the Ministry gramme, the Company signed a loan with gression of the net income, the ratio of net