Page 12 - hisdeSAT annual report 2015

HISDE S AT ANNU AL REPOR T 2 015

of Iridium (called Iridium-NEXT) to incorporate the AIS system in its satellite
constellation, which will ensure that we will be world leaders in providing this
type of service.

As already mentioned, the 2015 income statement shows positive results abo-
ve expectations, underwriting the corporate and financial stability of the com-
pany. Revenues reached €62.4 million, 6.6% higher than the previous year,
with EBITDA of €40.9 million, resulting in a net profit of €21.4 million.

An important point is that this year there was a change in the chairmanship of
the Board of Directors of the company, with Admiral Santiago Bolíbar Pineiro
taking over the office from Air Force Lieutenant General Juan Antonio del Cas-
tillo Masete after four years as chairman. I would like to take this opportunity
to thank Lieutenant General del Castillo for the magnificently professional work
done by him during his time with us, and welcome the Admiral to this new era
of the company. I would also like to thank the other members of the Board for
their continued and unconditional support.

The year 2016 is full of uncertainty and challenges. Our mission is to meet these
challenges courageously, pursue our endeavours and keep believing in what
we do. To this aim, Hisdesat is made up of an excellent group of professionals,
whom I congratulate for their dedication and commitment and whom I urge to
persevere in their efforts.

MIGUEL ÁNGEL PANDURO PANADERO
CEO

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