Page 60 - hisdeSAT annual report 2012

INCOME STATEMENT 2012 (MM OF EUR)

Income and expenditure

The increased commercial presence of the company
within the international market with the provision of Net income rose to 62.5
new secure communications solutions, has led to an
increase in income totalling 62,5 million euros, rep- million euros. This represents
resenting growth of 2,8% over income generated in
2011. Income from the provision of services amounts an increase of 28%
to 59,9 million euros against 58,1 million euros in
2011, while the remaining 2,6 million euros corre-
sponds to other operating income and work undertak-
en on fixed assets, the same amount recorded in 2011.

In relation to expenditure, during the 2012 financial
year and in accordance with the current cost control
policy inspired by principles of efficient and sustain- EVOlUTION OF INCOME 2010 - 2012 (MM OF EUR)
able management in the activities undertaken by the
company, operating costs have been reduced by
some 4% in relation to the figure recorded in 2011,
amounting to 15,9 million euros. In addition, an ex-
traordinary provision of 5,5 million euros has been
made in relation to balances due from Xtar LLC to
Hisdesat, fixing the EBITDA at 41,0 million euros at
close of year.

Income, having incorporated the non-recurring ad-
justment previously indicated by Hisnorsat and Xtar,
stands at 5,0 million euros.

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