Page 4 - MEMORIA HISDESAT 2018

Dear Shareholders,
As in previous years I open my comments with a summary of management and situation, and again I have to write
a “Bravo Zulú”. This “well done” has been carried out in a general uncertain international situation, and national 2
uncertain and provisional, although the latter has not led to uncertainties in the decision making in very important
areas for Hisdesat, which has had positive consequences on results and objectives. In short, a year of good character,
with temporary easing forward to our course, to try to guarantee adequate satellite capabilities, mainly to the Spanish Misión Mission
Ministry of Defence and other governmental agencies.

Operador de servicios gubernamentales Providing governmental and other strategic
Thus, in the SATCOM area, national government and international security and defence communications satellite y otros de carácter estratégico para España y services to Spain and alied and “friendly
services have continued to be provided appropriately for users, and new lines of work have been opened, some very otros países aliados y amigos. countries”.
noteworthy, aimed at improving quality of life of our soldiers and sailors outside Spain. The design of satellites of the
New Generation were stated in a practical way, after working hard and well with the Spanish Ministry of Defence. Then Dispone de satélites de comunicaciones seguras Operator of secure communications satellites
the Program of that New Generation was closed within an agreement with the aforementioned Ministry. The needed y constelaciones de Observación de la Tierra y de and of Earth Observation and satellite maritime
funding was also obtained through the Ministry of Industry and we also worked to obtain funds of the European Space información del tráfico marítimo por satélite (AIS). traffic information (AIS) constellations.
Agency (ESA).

In the area of Earth Observation, the efforts of the
company were oriented in the launching, commissioning,
calibration and exploitation of the PAZ satellite, which
was carried out very effectively. The Falcon 9 launcher
from Space X was very precise, leaving PAZ very
close to its orbit with the consequent fuel savings, its Sólida posición
commissioning was very short, seven months, and its
3 financiera Solid financial situation
exploitation increases adequately.
The consolidation of maritime vessel positioning and
information services has also been continued through
exactEarth. Cifra de ingresos: 56,61M€. Total income: 56,61M€.
Resultado neto: 3,3M€. Net profit: 3,3M€.
In the field of NATO, the effort continued to include Tesorería: 154,5M€. Available cash: 154,5M€.
Spain in the second phase of the SATCOM CP-130 Patrimonio neto: 217,4M€. Net worth: 217,4M€.
capacity package, supporting the action of the General
Directorate of Armament and Material. We worked with Cash Flow: 23,71M€. Cash flow: 23,71M€.
DGAM on the initiatives related to the GOVSATCOM
Program of the European Union, led by Spain.

Finally, as Chairman of the Board of Directors, I reiterate
that well done “BRAVO ZULÚ” to all those who are
part of Hisdesat, and I take advantage of these letters
to make myself available again to all shareholders and
once again point out the honor and satisfaction that the
position and its trust produce to me.

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