Page 62 - hisdeSAT annual report 2015

HISDE S AT ANNU AL REPOR T 2 015

5.2

FINANCIAL RESULTS

Revenues from services amounted to €61.3M, hig-
her than the amount registered in 2014, which is a
consequence of both the risk management of the
EUR / USD exchange rate, and the generation of such as insurance, outsour-
new revenue streams via strategic customers. cing, leases, travel and other
expenses.
Other Income also grew, to €1.1M in comparison
with €0.8M registered the previous year, mainly as The financial result is a pro-
a result of the acquisition of the ground control sta- fit of €8.8M and is based on
tion owned by Xtar and an increase in the provision positive financial returns ge-
of operational and maintenance services. nerated in the management
of surplus cash and the ex-
Regarding operating expenses, the upcoming change gains resulting from
launch of the PAZ satellite has required the com- exposure of assets in USD,
pany to adapt its capacities to this additional busi- USD cash, and receivables
ness by incorporating new staff.
against Xtar in USD.
At the same time, the general policy of contain- In conclusion, after logging
ment of operating expenses has resulted in the a corporate tax expense of
effective reduction of most expenditure items €13.2M, the net profit achie-

ved in 2015 is €21.4M.

FINANCIAL RESULTS 2015

(MILLION EUR)

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