Page 64 - hisdeSAT annual report 2015

HISDE S AT ANNU AL REPOR T 2 015

5.3

BALANCE SHEET

The most significant movements on the balance sheet relate to investments in
the Earth Observation satellite PAZ, deductions generated for R & D, reorganisa-
tion of assets of our subsidiary Xtar Llc, and finally the strengthening of our own
resources and an improvement in our net financial position.

The fixed assets section reflects investments made in PNOTS as well as the ac-
counting amortisation of the SpainSAT satellite.
The amount for deferred tax assets has been reduced from €19.4M to €12.1M,
mainly due to the reduction in the balance of the tax credit available for R & D
investment in the PAZ satellite.

Equally noteworthy is the liquidity growth in the company, a result of the gene-
ration of operating cash flow amounting to €45.2M.

DEBT TRENDS

(MILLION EUR)

64
64