Page 8 - hisdeSAT annual report 2015

HISDE S AT ANNU AL REPOR T 2 015

LETTER TO SHAREHOLDERS

DEAR SHAREHOLDERS

We are now well into a new phase, marked by
the expansion plans initiated by previous mana-
gement teams and brought to fruition by the cu-
rrent one, whose actions during 2015 – the main
motivation for this letter – could be summarised
in two words: “Well done!” All this was achieved in
an uncertain environment, both nationally and in-
ternationally, which although it has shown signs of
economic improvement, leaves many questions
unanswered, negatively affecting the market and
our options for obtaining resources. This forces us
optimise ours and become ever more imaginative
in the search for new opportunities.

Initial stages are never without risks and uncer-
tainties. Despite this, in 2015 the Company has
generated better-than-budgeted turnover and
net results. The favourable evolution of the USD,
as well as prudent risk management of the ex-
change rate, have allowed us to show a significant
increase in income. All this, together with the con-
tainment and resizing of the company and reduc-
tions in operating expenses, have enabled us to
embark on new write-downs and repay debts.

The second generation of satellites will equip the company with the capacity to
provide the relevant information that is necessary for supporting decision-ma-
king at a national level. This will enable us to more effectively address the risks
and threats of current and future strategic scenarios. Additionally, with national
needs covered, and in light of the fact that the new generation of satellites will
be able to match even the most demanding NATO and international operational
requirements, these new capabilities will allow us to continue attracting business

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