Page 61 - hisdeSAT annual report 2012

HISDESAT IN FIGURES

EVOlUTION OF NET DEBT / EBITDA 2010 - 2012 (MM OF EUR) INDEBTEDNESS EVOlUTION 2010 - 2012 (MM OF EUR)

Financial structure and cash flow

The solid financial structure, with a Net Debt / EBIT-
DA ratio of 2,0 times (2,5 times in 2011), together During 2012, 20.5
with the capacity to generate recurring and predict-
able cash flows in the long term, favourably position million euros from the
the company to continue developing the area of earth
observation and exploring new opportunities that may communication programme
potentially arise.
debt was amortized in
At year end, the balance of the debt associated accordance with the
with the SpainSat and Xtar-Eur communications
programmes together with the earth observation established schedule
programme, Paz, amounts to 156,3 million euros,
against 170,2 the previous year. Of this figure, the
majority corresponds to Paz with a figure of 94,2 mil-
lion euros and 62,1 to SpainSat and Xtar-Eur. of financing activities, a negative flow was generated
in the amount of 14,4 million euros, resulting on the
During 2012 20,5 million euros from the communica- one hand from the amortization of the debt from the
tion programmes debt was amortized in accordance SpainSat and Xtar-Eur programmes and on the oth-
with the established schedule, while an additional er, from provisions associated with the Paz satellite.
6,6 million euros were decreed for the observation
programme. As a whole, the net cash flow variation throughout
the year from operating activities, investment and fi-
In relation to the financial year’s cash flow, the nancing stands at 12,8 million euros positive, increas-
company generated 36,1 million euros of cash flow ing the cash balance or equivalent during the year of
from operating activities, while payment for invest- up to 72,2 million euros, against 59,5 million euros at
ments amounted to 8,9 million euros. In the section 2011 year end.

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