It is evaluated on the first import of the module. At the next import, intrpreter detects that the module is already loaded and simply returns a link to it. No need to re-execute the code.
Quoting Import System :
In caching modules:
, , - sys.modules. , . , foo.bar.baz , sys.modules foo, foo.bar foo.bar.baz. .
sys.modules, , , , . , None, ImportError. , Python .
__init__ :
Python , . - , Python 3.2 . , init.py. , __init__.py , . __init__.py Python, , Python .