KEY DATA
HISPASAT (M€) | 2015 | 2016 | 2017 |
---|---|---|---|
Operating revenue | 219,6 | 228,9 | 235,1 |
EBITDA | 178,9 | 175,6 | 192,1 |
Pre-tax profit | 79,3 | 50,8 | 97,1 |
Net profit | 62,6 | 25,1 | 80,5 |
Total assets | 1.236,8 | 1.270,1 | 1.302,9 |
Equity | 730,2 | 742,8 | 818,4 |
EBITDA Margin | 81,5% | 76,7% | 81,7% |
% Net debt/EBITDA | 1,8 | 2,1 | 1,9 |
ECONOMIC-FINANCIAL RESULTS
ECONOMIC-FINANCIAL RESULTS
Revenue reached the sum of €235.1 million in 2017. A figure that reflects a rise of 2.7% with respect to 2016 revenue. As far as the total of the aforementioned consolidated revenue is concerned, €218.8 million correspond to income from leasing and the provision of space capacity services, €77.6 million of which have been generated by the 30º West orbital position. Orbital position 61º West posted revenue of 124.2 million, while the other orbital positions account for the rest.
REVENUE FROM SPACE CAPACITY
BREAKDOWN PER SERVICE TYPE
(in millions of euros)
During the 2017 business year, permanent space capacity revenue was 200.7 million euros. The broadband business line generated 16.7 million euros. For occasional use, revenue reached 1.4 million euros.
.
BREAKDOWN BY GEOGRAPHICAL AREA
(in millions of euros)
Europe accounts for 36.4% of total revenue from leasing space capacity, the North and South American market for 62.7%, while other regions account for the remaining 0.98%.
PERMANENT
EUROPE
BROADBAND
NORTH AMERICA
OCCASIONAL USE
REST OF AMERICA
OTHER
CONSOLIDATED OPERATING COSTS AND EBITDA
Operating expenses for 2017 came to 42.9 million euros.
In 2017, the company continued to drive actions aimed at improving its operating efficiency, adapting its operational structure and their costs to the needs of new satellite projects. The aforementioned policies aim to improve HISPASAT competitiveness in Europe, America and other regions considered to be strategic objectives in the near future.
Of the evolution described in the previous sections, at the end of 2017 the EBITDA were 192.1 million euros, which represents an operating margin of 81.7%.
EVOLUTION OF RESULTS
By the end of 2017, HISPASAT had obtained a consolidated operating profit of €110.8 million, marking a 9.1% improvement on the previous year.
Taking into account the result given by the equity method for the company’s share in HISDESAT, the consolidated negative financial result was (13.6) million euros.
Its consolidated result before tax amounted to €97.1 million.
Moreover, in the 2017, HISPASAT posted a net profit at the parent company of €80.5 million, considerably above the €25.1 million for 2016.
DIVIDEND
On 25 April 2018, the Board of Directors formulated the consolidated annual accounts for the Group, and the individual accounts for HISPASAT, S.A. They include a proposal for dividend distribution of 16.1 million euros, awaiting approval at the Annual General Shareholders’ Meeting.
FINANCIAL STRUCTURE AND CASH FLOW
As of 31 December 2018, bank debt had increased to 383 million euros.
Operating cash flow generated by HISPASAT in 2017 reached 142.5 million euros, mainly used to finance the company’s investment activities.
Cash flow from fixed asset investments (tangible and intangible) increased to 122.2 million euros, mainly from payments from investments associated with the Amazonas 5, Hispasat 30W-6 and Hispasat 36W-1 projects.
In the area of cash flow from financial activities, it is worth mentioning that 141.9 million euros of bank debt reached maturity, while 135.8 million euros were made available for new financing, without taking into account for these amounts the provisions of the revolving loan granted to the dominant firm, paid off in the same year, an amount reaching 30 million euros.
Likewise, dividend payments of 5 million euros were made.
INVESTMENT
Investments in tangible and intangible fixed assets amounted to €115.1 million as opposed to the €167.8 million in 2016, attesting to a gradual slowdown in the investment rate of previous years.
The Hispasat 36W-1 satellite was launched in 2017 and came into commercial operation in June. The Amazonas 5 program was also completed in the course of the year, culminating in its successful launch from Baikonur. It came into operation in November. Moreover, investments continued into the Hispasat 30W-6 program which began back in 2015, the launch of which is scheduled for 2018.