Page 8 - hisdeSAT Annual Report 2017

LETTER

TO SHAREHOLDERS

SANTIAGO sea conditions, and without reducing
speed, in order to try to ensure our
BOLÍBAR safe and timely arrival at the port of

CHAIRMAN our objectives: to provide and gua-
rantee the satellite communications
OF THE BOARD and intelligence capacities that the
Ministry of Defence, the Army and the
Navy require, and thereby ensuring
good results and profits for Hisdesat.
All of this while taking into account
Dear that we are a strategic company co-
shareholders, vering strategic needs, and therefore,
strategic time frames need to take
As in previous years, I will start these precedence over short term consi-
lines outlining our current situation – derations. This is what has been done
an expansion phase – and say that for and done well, and that is why – despi-
2017, it could be summarised with “well te the difficulties – we have seen po-
done” (or, in naval terms, “Bravo Zulu”). sitive results, meeting our objectives
This has occurred within a context that and generating income.
is uncertain internationally, while na-
Thus - very importantly and there-
tionally we have seen some economic fore mentioned first - at SATCOM
improvement but little stability. All of we have continued providing gover-
this has led to a number of unknowns
© HISDESAT nment Security and Defence servi-
that have hindered decision making in
ces with our satellites, to the total
areas very important for Hisdesat, and satisfaction for our main users, the
which has had a negative impact on Ministry of Defence and other State
our results and objectives.
agencies. The same can be said for
Reverting to sailing terminology, the the other users of our services, both
year did not begin very favourably Spanish and foreign. Also, work has
– overcast and with uncertain hori- continued on covering the needs of
zons internationally – although it then Defence and National Security from
began to clear up very slowly on the the years 2020/2021 onwards, with
national front, easing our company’s our second generation of satellites:
passage for somewhat. Even so, we a subject of vital importance given
had to continue to ride out the wea- that the useful lifespan of the first
ther, working hard despite the difficult generation is now just about exhaus-

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