Page 57 - hisdeSAT Annual Report 2017

4.3. BALANCE

SHEET AND

INVESTMENTS

T he most significant changes in
the Balance Sheet are due, in
the first place, to the investments
made in the course of the year, as well
as provisions on certain assets and
growth of available cash amounts.

Tangible fixed assets have been re-
duced by €9.98 million through the
amortisation of assets in operation
amounting to €15.22 million, and also
by investments in fixed assets to the
amount of €5.02 million, related prin-
cipally to the last contractual commit-
ments to the manufacturer, and ship-
ment of the satellite to its launch base
in December.

Available cash (cash + short-term in-
vestments) has increased by €12.05
million to €133.35 million. This is a due
to the positive EBITDA and shows His-
desat’s healthy financial position, with
a negative net debt balance (more
cash than debt).

After incorporating the profits ge-
nerated in the year, net worth now
stands at €216.51 million, as opposed
to €208.18 million in 2016.

PLÉIADES SATELLITE IMAGE - PILGRIMAGE IN KARBALA, IRAQ © CNES 2017, DISTRIBUTION AIRBUS DS

57
HISDE S AT 57 IN A SOLID FINANCIAL POSITION