Page 8 - hisdeSAT annual report 2012
P. 8
Dear shareholders:
As President of the Board is it once again an honour
to present the company’s report for a year plagued
with important events. The summary of activities re-
flects a period of transition between a situation of in-
creasing uncertainty and the recovery of the markets
that we are all convinced will arrive soon. In order to
continue its business growth, the company’s strat-
egy has consisted of the application of the necessary
measures to ensure stabilization of risks in the area
of telecommunications, whilst taking the first steps
towards the enhancement of existing investments and
the entry into service of new capabilities.
In line with the general situation, the most important
Letter to initiative has been the proposition of the institutional
client in order to open up a period of reflection for the
purposes of gaining more time and thereby better de-
shareholders fine the status of the telecommunications market. To
this effect, when it is decided to commit resources to
the renovation of capabilities, it is more likely that the
range of services coincides with the foreseeable re-
covery in the demand from traditional clients and the
Within this environment opening up of new markets as a consequence of the
company’s strategic lines of action. Simultaneously,
characterised by the complex the implementation process of the Earth observation
systems from the PNOTS programme and AIS mari-
international strategic and time traffic information have continued as planned.
economic situation, the Within this environment characterised by the complex
company' s results have been international strategic and economic situation, the
company’s results have been reasonably satisfactory:
reasonably satisfactory income from the provision of services has exceeded
62 million euros; the pre-tax year end results, once
the necessary adjustments have been deducted in
order to take into account a more realistic valuation
of investments and expectation of payment from com-
mitments, will have increased some 12,1% on the
previous year, and investments made have gone up
to 8 million euros wholly pertaining to Paz. The EBIT-
DA reached 41 million euros and the operating profit
amounts to 25 million euros. In summary, all financial
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