Page 54 - hisdeSAT annual report 2016

4.2 FINANCIAL

RESULTS

ANNU AL REPOR T 2 016 Icommensurate with the level of activity

ncome for the period was € 60.9 million,

registered by the company, and in line with
the figure recorded the previous year.

to € 14.1 million, the level estimated by the
• Recurrent operating expenses amounted
budget and slightly higher than the € 12.9
million recorded in 2015.
HISDE S AT On the other hand, Hisdesat is a company

strongly committed to the Ministry of De-
fence and with an unequivocal mission to
provide the technical and programmatic
solutions required by this Ministry. This led
54 to the company deciding in the course of
2016 to bring the launch of the PAZ satelli-
te back on track by hiring a new, reputable
and reliable launch provider in the form of
Space X, and thus put an end the uncer-
tainties that the dispute with Kosmotras,
the original launch contractor, had impo-
sed on the program. This has led to addi-
tional outlay that the company has provi-
sioned, while simultaneously initiating an
arbitration process with the objective of re-
covering the amounts previously paid over.

Hisdesat has thus answered to the Fra-
mework Agreement signed with MINIS-
DEF for the development of PNOTS. The
unique composition of the company, be-
ing 30% owned by the Ministry itself and
with the purpose of meeting government
security and defence requirements, place
Hisdesat within a Public-Private partner-
ship context, and grant the company the
role of governmental operator of strate-
gic defence services.