Page 61 - hisdeSAT annual report 2013

61

CHANGE IN NET DEBT 2011/2013

NET DEBT/EBITDA (TIMES X)
million.
cash and equivalents in the financial year to €95.2
2012
2013
2011
is a positive €23.1 million, increasing the balance for
for the operating, investment and financing activities
As a whole, the net change in cash in the financial year

for the SpainSat and Xtar-Eur programmes.
€21.0 million, as a result of the repayment of the debt
negative cashflow has been generated for the sum of
stood at €3.6 million. In the area of financing, a
0.9
operating activities, while payments for investments
2.0
company generated €48.8 million in cashflows from the
Concerning cashflows for the financial year, the
2.5
repayment is expected to take place during 2015.
the communications programmes, and their full
2013 it has repaid €21.0 million of the debt for
In accordance with the established calendar, during
CHANGE IN BORROWING 2011/2013
million corresponding to SpainSat and Xtar-Eur.
programme, with a figure of €94.2 million, with €41.1
COMMUNICATIONS
OBSERVATION
this amount, the majority corresponds to the PAZ
2012
2011
2013
compared to €156.3 million in the previous year. Of
earth observation (PAZ) stood at €135.3 million,
communications programmes, along with that for
41.1
associated with the SpainSat and Xtar-Eur
62.1
At the close of the financial year, the debt balance
82.6
implicit in its Strategic Plan.
favourably for the development of the investment plan
94.2
long-term borrowing capacity, positioning Hisdesat
94.2
135.3
intended to optimise the resources available and the
156.3
87.6
financial year. Similarly, the financing strategy is
reaching a figure of €213 million at the close of the
170.2
strengthen its financial structure and own resources,
and expenditure has allowed the company to
The repeated achievement of the targets for income
Financial structure and cashflows