Dear shareholders,

It is my pleasure to present to you the 2021 annual report.

As you know, 2021 was a year of intense work where the professionals that form part of HISPASAT put in an intense effort. We continued moving forward with our activity in a complex environment not only due to the situation in our sector, but also due to the economic and healthcare impacts caused by the COVID-19 pandemic which are still with us today.

In 2021 we faced highly ambitious challenges, but we also overcame them, and this is reflected in our economic results, with total revenue that reached 181 million euro in 2021. This amount represents a 14.9% increase compared to the results from 2020, principally driven by the net contribution of revenue from the video signal transportation management business in Latin America, as well as the improved sales of satellite capacity and services in 2021. Therefore, the consolidated EBITDA at the close of 2021 was 136.2 million euro, 14.2% higher than in 2020. This represents an operating margin on revenue of 75.2%, without considering the result of the consolidated company by the equity method.

In 2021 we continued working on the lines defined in our Strategic Plan. We were highly effective at driving HISPASAT towards the goal of providing advanced satellite services and solutions and reinforcing its strategic position in the Iberian Peninsula and the Americas. Along these lines, I should highlight the acquisition of the assets and onboarding of personnel of Media Networks Latin America, a company dedicated to the multimedia signal transportation and management business, as well as the creation of HISPASAT Peru. The advances in the development of the Amazonas Nexus satellite project merits specific mention. We are still aiming to meet the project’s critical calendar in spite of the highly complex scenario that is developing.

We are aware that HISPASAT should be the benchmark for the space sector in Spain and we keep striving to make this so. We’re also working hard on advancing the company as a satellite solutions and services provider. Therefore, we are committed to bridging the digital divide in Spain with a new wholesale broadband service at 100 Mbps aimed at the country’s rural areas, in which we have also rolled out a variety of pilot connectivity and digitalization projects.

In parallel to these initiatives, in 2021 we managed to implement a transformation process in the company not only from the organizational point of view, but also in terms of our processes, systems and governance. Among other new aspects, this has involved the creation of a new Solutions and Services Department, which is in charge of conveying this greater presence in the value chain that we are creating.

Once again this year, I would like to reiterate my appreciation for our shareholders, customers and suppliers for their support and trust, as well as all the professionals within our company: they are the ones who made it possible for us to reap all the success sown in 2021 thanks to their continued commitment to this demanding project: creating the new HISPASAT.

Miguel Ángel Panduro
CEO of HISPASAT