Page 60 - hisdeSAT annual report 2014

Hisdesat in figures

5.3 Balance Sheet

The most significant movements Declaring Paz as an R & D pro-
on the balance sheet relate to in- gramme has freed up a tax credit
vestments in the Earth Observation amounting to 18.6 million € for de-
satellite Paz, deductions for R & D ductions generated in 2014.
generated, reorganisation of assets
of our investee Xtar Llc, and finally Moreover as already indicated, in
the strengthening of our own re- 2014 the company cleaned up as-
sources by registering a profit of sets of dubious value associated
24 million € for 2014. with its investee Xtar-Llc according
to current expectations of market
The fixed assets section reflects behaviour, totalling € 25.1 million
investments made in the Paz sa- €. This amount includes both 4.5
tellite during the final stages of million € worth of non-collectible
construction and the process of invoices and a loan of 20.6 million
environmental testing. Finance
€ granted previously.
available for the development of
the Paz program has been increa- Finally, it is worth noting that sha-
sed to 102.6 million €. reholders’ equity has increased to

Net Debt Trend / EBITDA
(ratio)

2,0 0,9 0,5

2012 2013 2014

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