Page 60 - hisdeSAT annual report 2015

HISDE S AT ANNU AL REPOR T 2 015

5.1

THE FINANCIAL YEAR

IN PERSPECTIVE

Currently, communications are activities are per-
formed through the SpainSAT satellite in cons- change rate risks and expo-
tellation with Xtar-Eur, with the aim of providing sure to the USD, has helped
satellite communications of a strategic nature increase income and gene-
to government, and in particular to the areas of rate positive exchange rate
Security and Defence. In addition to this, HISDES- differences.
AT, as the entity responsible for the launch and
operation of PNOTS (the National Plan for Ear- At year-end, and in line with
th Observation by Satellite), is developing Earth the turnover expectations
Observation as a new business area, via the PAZ of our American subsidiary
and INGENIO satellites . The launch of PAZ, the Xtar Llc, some adjustments
first PNOTS satellite, is scheduled for 2016. were made to EBITDA and
the financial results. Conse-
The range of Hisdesat’s activities, currently com- quently, EBITDA generated
prising secure satellite telecommunications and was €40.9M with a net profit
soon to be complemented with radar and optical of €21.4M.
imagery, also includes an AIS service for tracking
ships by satellite, thus forming an innovative,
comprehensive and differentiated portfolio of
services in the areas of Security and Defence.
During 2015, the company generated turnover of
€62.4M, representing a level 6.6% higher than
during 2014. Noteworthy at a management level
is the resizing of the company in line with the
planned observation programmes. In addition,
the general policy of controlling current expen-
diture has allowed us to generate cost savings,
with amounts in virtually all line items lower than
expected. Finally, effective management of ex-
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