Connecting what matters
(in millions of euros)
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| 2021 | 2020 | % | |
|---|---|---|---|
| Revenue(1) | 181.0 | 157.5 | 15.0% |
| EBITDA(2) | 136.2 | 119.3 | 14.2% |
| Net profit attributed to the parent company | 55.8 | -75.6 | n.a. |
| Operating Cash Flow | 161.9 | 161.4 | 0.3% |
| Dividend of exercise | 44.6 | 0.0 | |
| Equity | 718.8 | 684.8 | 5.1% |
| Net financial debt | 112.5 | 173.2 | -35.0% |
| Investments | 73.4 | 58.5 | 44.8% |
| Total assets | 1066.0 | 1044.2 | 2.3% |
| Leverage (3) | 13.5% | 20.2% | 33.2% |
| Debt coverage ratio (Net Debt/EBITDA) Covenant (4) | 1.0 | 1.5 | -39.7% |
| Solvency ratio (Capital and Reserves without Valuation Adjustments/Net Debt) Covenant (5) | 6.1 | 3.6 | 68.7% |
(1) Includes turnover, other income and work carried out by the company for fixed assets. Including the contribution of the result of the companies consolidated by the equity method, revenues would amount to 191.9 million euros.
(2) Calculated as the operating result in the Income Statement less depreciation, impairment and the result of investments accounted for using the equity method.
(3) Calculated as Net Financial Debt on the balance sheet (including derivatives and guarantees) divided by Net Equity plus Net Financial Debt.
(4) AND (5) Calculated as defined in the financing contracts
Total revenue in 2021 reached 191.9 million euros, including the contribution of the result from the consolidated companies by the equity method (181.0 excluding this line item). This amount, which represents an 19.6% increase compared to 2020 (15.0% discounting the effect of the consolidated investees due to the equity method), is driven by the net contribution to the revenue from the video signal transportation management business in Latin America, as well as due to the improved demand for satellite capacity and services in 2021. Excluding the contribution of this business line item, incorporated as of May into the scope of consolidation of the group, that is, at a constant scope, the revenue would be 178.6 million euros, 11.2% higher than the previous year’s revenue. (167.7 and 6.5% excluding Hisdesat).
The revenue from the leasing and provision of space capacity services reached 177.3 million euros, of which 59.4 million euros were generated by the satellites located in orbital positions commercialised by the parent company: 30º W, 36º W and 55º W and 117.9 million euros for the orbital positions in Brazil, 61º W, 70º W and 74º W.
(in millions of euros)
In 2021 operating costs reached 55.7 million euros. Excluding the costs linked to the video signal transportation management business line in Latin America acquired in May, the amount of the operating cost would be 50 million euros. This amount includes specific concepts of an extraordinary and exceptional nature for the amount of 7.2 million euros, related both with the execution of the Transformation plan as well as with the costs incurred in specific inorganic growth initiatives.
Consequently, in comparable terms, the operating cost would have grown by 3.7%, in large part due to the provisioning for regulatory concepts.
Based on what is described in the previous sections, at the end of 2021 the consolidated EBITDA was 136.2 million euros, 14.2% higher than in 2020, which represents a 71.0% operating margin on revenue. (75.2% if we do not take the result of the consolidated companies into account using the equity method).
For the purposes of calculating the financial covenants set forth in its bank financing, the Group established for 2021 an adjusted EBITDA of 125.4 million euros, excluding the result of the investments accounted for by applying the equity method from the revenue calculation.
(1) Calculated as the operating result of the Income Statement, adjusting the depreciation costs and amounts due to impairment
The Group’s results evolve favorably compared to 2021 as a result of the good performance of the business, the expansion of the scope of consolidation and the tax contribution of its R&D activities.
The proposal to distribute the earnings from 2021 contained in the drafting of the Annual Accounts of the fiscal year ending on 31 December 2021 sets out the payment of a dividend to shareholders for the amount of 44.6 million euros, which represents 80% of the pay-out of the consolidated net profit.
The operating cash flow generated by the HISPASAT Group in 2021 reached 161.9 million euros, a figure very similar to the previous year, as a consequence both of the growth of the EBITDA as well as the positive change in circulating capital and other tax effects.
From this cash flow, 85.4 million euros were applied to investment activities for acquisitions of property (tangible and intangible), mostly corresponding to the execution of the Amazonas Nexus project and the acquisition of the previously cited video signal transportation management business in Latin America. It is important to highlight the nearly 45% increase in this section compared to the figures from 2020.
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| Cash Flow (millions of €, % vs. 2020) | FY21 | Vs. FY20 |
|---|---|---|
| EBITDA | 136.2 | 14.2% |
| Taxes | 22.0 | |
| Effect of exchange rate variations | 1.1 | |
| Equivalent Result | -10.9 | |
| Funds from Operations | 115.3 | 0.0% |
| Change in circulating capital | 13.5 | |
| Operating Cash Flow | 161.9 | 0.3% |
| Cash Flow from Investments | -85.4 | |
| Free Cash Flow | 76.5 | -25.3% |
The Group continues to rely on a solid liquidity position, guaranteeing the operating cash flow needs and the debt maturities in upcoming years, as well as opportunities for investment. On 31 December 2021, the liquidity position reached 337.9 million euros (91.8 million euros available in cash and 246.1 million euros of loans and available credit policies), to which another 73 million US dollars is expected to be added, approximately, corresponding to the financing granted by EXIM Bank, the documentation of which is currently being finalised.
The investments made by the Group during fiscal year 2021 reached 73.4 million euros, a 25.5% increase with regard to the 58.5 million euros from the previous fiscal year.
The investments in the Amazonas Nexus programme represent 81.5% of the investment effort during the fiscal year.
Furthermore, on 1 May 2021, a series of assets for the management of the video signal transport business in Latin America was made for the amount of 6.5 million euros, which made up 9.5% of the total investments from the fiscal year.
The rest of the investment concepts which, in aggregate form, make up the remaining 9.0%, were dedicated principally to sales support services for managed services projects and a variety of improvement or expansion activities, both of the systems as well as the infrastructure that make up the ground segment.
Anabel Segura, 11
28108 Alcobendas / Madrid
Spain / +34 91 710 25 40
© HISPASAT
Anabel Segura, 11 / 28108 Alcobendas / Madrid / Spain / +34 91 710 25 40
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