Page 58 - hisdeSAT Annual Report 2017

4.4. CASH FLOW

A System for the

Internal Control

of Financial
Information and a
Code of Ethics have

been put into place

H Hisdesat generated €15.52 mi-
llion in cash flow from operating
activities, once the accounting result
has been corrected for items that do
not suppose cash outflows. Among
the most relevant of these are provi-
sions, amortisations and changes in
current capital.

There have been no changes with res-
pect to financing. The outstanding ba-
lance of €102.6 million related to the
PAZ programme has been maintained
© SPACE X
unchanged from last year.

The company has generated
an EBITDA

of €35.67 million

58
HISDE S AT ANNU AL REPOR T 2 017