Dear shareholders
As President of HISPASAT, it is my pleasure to present you the annual report for the 2016 business year in which I would like to highlight the great effort made to promote the strategic transformation of the company.
A year ago, we were talking about the turbulence that the satellite sector was undergoing in light of the changes resulting from new disruptive technologies and new competitors. These are the dynamics of our times, in which digitalisation causes the disintermediation of the traditional value chains. This compels us to perceive our role with a different, more innovative, perspective capable of generating new proposals for the end user in which our offer continues to make sense.
This was our approach at last year’s Shareholders Meeting, where the need for a new strategy that would provide new areas of growth was revealed. In fact, we laid the groundwork for the transformation of our business model. This is quite a challenge and it requires support from everyone.
First of all, we can count on the commitment of the team. In 2016, we have moved forward with determination in the new company culture, which is based on more flexible and innovative professionals capable of responding to the new demands of the market while effectively managing the challenges inherent to it.
Secondly, this requires the impulse and supervision of the Board of Directors. In 2016, we have continued to build strong corporate governance to meet the highest standards. The work agenda has been filled with strategic content in addition to the timely monitoring of the main risks and corporate policies that are discussed in detail within the Committees. During this business year, we have implemented the ethical and penal compliance system and we have incorporated regular monitoring of the Corporate Social Responsibility that we started in the previous business year.
We are going through times of constant and accelerated change, with elevated levels of uncertainty and volatility, as well as strong and diverse competition. It is not our original natural and, until just recently, current environment. We are aware that we are on the brink of a relevant structural change but we are facing it as a solid company that is adapting thanks to the commitment of an excellent team of professionals: Innovation, flexibility and rigour in management.
In the next few years we will have to transform ourselves and take on more risks if we are to continue building a successful project like HISPASAT in such a demanding context, and thus demonstrate to our shareholders that we continue to be worthy of their trust and support.