Page 8 - hisdeSAT annual report 2016

LETTER

TO

2 016 SHAREHOLDERS

ANNU AL REPOR T Lour situation – busy with a new expan- and communications satellites, and mone-

tising those capacities as much as possible
in order to reduce costs and generate pro-
ast year I began this letter laying out
fits. We are a strategic company covering
strategic needs and this is more important
sion phase that was being rolled out smoo-
we have been doing, and correctly so, al-
environment internationally, while the na-
• thly, but also caught up in an unpredictable than any short-term concerns. That is what
tional outlook was showing improvement though this year’s financial results have
HISDE S AT be loaded with questions. I also noted that Thus, our primary goal has been to conti-
been negative.
on the economic front but continued to
these initial stages were fraught with risk
nue to provide government security and de-
and uncertainty. In spite of all this, the com-
pany has generated turnover figures and a fence services via our Spainsat and Xtar-Eur
satellites, to the satisfaction of our users.
net result better than expected.
8 The SATCOM area has also shown a high
The international situation has not impro- level of activity, aimed at guaranteeing the
ved in 2016, and if nationally things have continuity of these services and meeting
stabilised somewhat, in has been only in the needs of Defence and National Secu-
the last quarter of the year. Both these cir- rity from 2020-2021 onwards, which will
cumstances have affected our valuations be the end of the useful lifespan of our
and programmes, and delayed important current satellites. Our efforts were initially
decisions - with negative consequences directed at urgently starting up, and assig-
for our results and the achievement of our ning resources to, this programme – which
objectives. To use maritime terms, the year is already on a tight timeframe. Work was
began and has continued less than opti- done on establishing the needs of National
mal, with uncertain horizons internationa- Defence and the requirements of the Ge-
lly, and overcast skies due to the difficulty neral Staff, looking at NATO and European
of making decisions on a national level – in Union requirements for the next fifteen
short, unfavourable winds for Hisdesat. It years and considering Spain as a supplier
was necessary to take cover and reduce of these capacities. We are now working on
speed to ensure our safe arrival at our des- resolving this question in a viable manner.
tination port.
The Earth Observation division has focu-
But it is stormy weather that is the true test sed much of its efforts on the planned 2017
not only of a ship’s strength, but also of the launch and putting into orbit of the PAZ
skill of its crew, and Hisdesat’s excellent satellite. Because of the Russian-Ukrainian
team has proven the solidity of the com- conflict, which had already delayed the
pany, expertly riding out the storm and sa- planned launch in 2015, there was no gua-
feguarding the viability of our programmes rantee that the Russian government would
and thus ensuring our safe arrival at our authorise the company KOSMOTRAS to
goal - which is to meet the strategic Natio- do the launch within a reasonable timefra-
nal Defence requirements for intelligence me. We therefore had to look for alterna-