Page 10 - hisdeSAT annual report 2012

The principal objective, since my arrival at the com-
pany a year ago, has consisted in guaranteeing the
sustainability and future of same, in a period of gen-
eral difficulty, at both national and international level.
Hisdesat, which has a solid base in corporate, finan-
cial and business terms, faces the future with confi-
dence, for which it must adapt to new ways of doing
business and redefine its organisation model.

The company must strengthen its position through
the international development of its market, taking on
an active role in the management of its joint ventures
and the quest for new partners in order to invest in
future projects.

In this context, Hisdesat has closed the financial
Presentation year with income that amounts to 62,5 million euros,
representing an increase of 2,8% on the previous

of the financial year. During 2012 entries of an extraordinary nature
increased, both in relation to operating costs and the
financial result, which led to the EBITDA and the pre-
year tax result standing at 40,99 million euros and 9,78
million euros, respectively. This represents a signifi-
cant descent in relation to 2011, but cannot mask the
improvement in ordinary activity, which, without the
effect of the rectification practised this year, would
Hisdesat has closed the improve by 3,6 million euros.

financial year with income
The company has maintained its commitment to the
that amounts to 62,5 M€ improvement of governmental satellite communication
services. The operation and exploitation of the Spain-
Sat and Xtar-Eur satellites constitutes an established
business and in the long term the communications
business will continue to be a catalyst for growth.

Deserving of a special mention is the satellite com-
munications programme (HisNorSat), led by the Min-
istries of Defence of Norway and Spain. Both parties
agreed, following a review of their priorities, to delay
the decision regarding potential launch until the year
2014. Consequently, a period of two years begins in
which the operating requisites will be reviewed togeth-
er with new requirements, as well as an analysis of

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