CONFERENCE CALL DETAILS
LIVE EVENT:
The Company will host a conference call for investors and analysts today at 18:30 (Spanish time). Please find below conference call telephone numbers:
Spain: +34 911140101
France: +33 170710159
UK: +44 2071943759
US: +1 6467224916
Access Code: 50914643# Access to the live event:
https://onlinexperiences.com/Launch/QReg/ShowUUID=E754D847-847A-454C-97FC-BED58835C8D4
WEBCAST REPLAY:
A recording of the conference call will be available for 30 days on the following telephone numbers:
Replay dial number:
Spain: +34 910387491
France: +33 (0)172727402
UK: +44 2033645147
US: +1 (646) 722-4969
Access code: 418962793# Access to the Webcast Replay:
https://onlinexperiences.com/Launch/QReg/ShowUUID=E754D847-847A-454C-97FC-BED58835C8D4
This presentation has been produced by Indra for the sole purpose expressed therein. Therefore, neither this presentation nor any of the information contained herein constitutes an offer sale or exchange of securities, invitation to purchase or sale shares of the Company or any advice or recommendation with respect to such securities.
Its content is purely for information purposes and the statement it contains may reflect certain forward-looking statements, expectations and forecasts about the Company at the time of its elaboration. These expectations and forecasts are not in themselves guarantees of future performance as they are subject to risks, uncertainties and other important factors beyond the control of the Company that could result in final results materially differing from those contained in these statements. The Company does not assume any obligation or liability in connection with the accuracy of the mentioned estimations and is not obliged to update or revise them.
This document contains information that has not been audited. In this sense, this information is subject to, and must be read in conjunction with, all other publicly available information.
This disclaimer should be taken into consideration by all the individuals or entities to whom this document is targeted and by those who consider that they have to make decisions or issue opinions related to securities issued by Indra.
1 • Backlog up +16%, new historic high for Indra (€5,229m). Backlog/Revenues LTM reached 1.72x in 2020.
2 3
• 2020 Order Intake went up +8.4% in local currency, driven by Transport & Defence.
• 2020 Revenues down -1.6% in local currency (-5.0% in reported terms), while 4Q20 sales grew +1.0% in local currency (-2.9% in reported terms) vs 4Q19.
4 5
• Strong negative FX impact in 2020 (€-108m in Revenues and €-7.3m in EBIT).
• Operating Margin stood at €168m in 2020 vs €257m in 2019 (margin of 5.5% vs 8.0% in 2019), affected by delays and lower activity. 4Q20 Operating Margin was 9.0%, helped by the first measures of the action plan.
• Reported EBIT reached €-33m in 2020 vs €221m in 2019, affected by the delays and lower activity, the impacts of the action plan (€-189m) and the Metrocall capital gain (€+36m).
7 8 9
• Net profit of the group stood at €-65m vs €121m in 2019.
• Cash generation in 2020 was €83m (includes €-38m of the workforce transformation plan).
• Net debt (€481m) reached its lowest level since 2010. Net Debt / EBITDA LTM ratio (excluding the impact of IFRS 16, the costs related to the action plan and the Metrocall capital gain) stood at 2.5x in 2020 vs 1.8x in 2019.
FY20 Sales Growth
4Q20 Sales Growth
Reported
-5.0%
Reported
-2.9%
Local Currency
-1.6%
Local Currency
+1.0%
Organic1
-3.5%
Organic1
-1.2%
1. Excluding the impact of the SIA acquisition which started to consolidate on January 1st, 2020 and the FX impact
€m
€m
Order Intake FY20 (€m)
Local Currency / Reported
Revenues FY20 (€m)
Local Currency / Reported
Spain
1,591 | 1,581 |
America
623 | 722 |
Europe
453 | 336 |
AMEA
665 | 593 |
+3% +3%
549 | 565 |
399
303
Revenues 4Q20 (€m)
Local Currency / Reported
443 | 449 |
Spain |
+18% +17%
+7% -11%
+1%
-3%
181 | 160 |
America
159 | 187 |
Europe
-28% -29%
133
95
AMEA
2019
2020
Growth in Local Currency
Growth in Reported Terms
Indra backlog (€m)
T&D backlog (€m)
Minsait backlog (€m)
4,511
5,229
3,014
3,639
1,498
1,591
FY19
FY20
FY19
FY20
FY19
FY20
Indra backlog/revs LTM
T&D backlog/revs LTM
Minsait backlog/revs LTM
1.41
FY19
FY20
1.72
FY19
FY20
0.74
FY19
0.83
FY20
Indra backlog (€m)
Backlog/revs LTM
5,229
FY16
FY17
FY18
Minsait
FY19
Transport & Defence
FY16
FY17
FY16
FY17
FY20
FY16
FY17
FY18
FY19
FY20
FY18
FY19
FY20
FY18
FY19
FY20
FY20 Operating Margin1
257 | -2.5pp 5.5% -35% 168 |
FY19 Op.Margin (€m)
FY20 Op.Margin (€m)
4Q19 Op.Margin (€m)
4Q20 Op.Margin (€m)
2 2
4Q20 EBIT and Margin
1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity based compensation.
2.
2020 EBIT before impact of the efficiency plan (€189 M) and Metrocall capital gain (€36 M). 4Q20 EBIT before impact of the efficiency plan (€94 M).
Actions
EBIT impact M€
Cash impact M€
One-off costs 2020
Ongoing savings
2021
2022 and beyond
2020
2021
>2024
* EBIT before impact of the efficiency plan (189 M€) and Metrocall capital gain (36 M€)
Relevant presence in the main ESG indexes
Supporting gender equality
- Member since 2006 -
Best score of the sector in
Social practices
- Member since 2015 -
Leading its industry in managing the most significant ESG risks and opportunitiesESG performance above the sector fulfilling ambitious absolute performance
Only 18 Spanish companies listed
Committed to talent
Within Top 1%
Top 16%
Top 15%
Key ESG figures 2020*
Emissions target**
Acting on Climate Change
34% Women on staff
38% Women on the Board of Directors
89% Professionals trained on Code of
Ethics and Legal Compliance 80% Local providers
* Figures not audited
Scope 1+2 -50% in 2030
and carbon neutral in 2040
Scope 3 -14% in 2030
and -50% in 2040 2050 net zero emissions
** Baseline year 2019
Committed with the Science Based Targets initiative (SBT)
Score B
FY20 Order Intake (€m)
FY20 Revenues (€m)
4Q20 Revenues (€m)
Local Currency / Reported
Local Currency / Reported
FY19
FY19
FY20
FY20
Defence & SecurityTransport & Traffic
Local Currency / Reported
374
378
177 | 169 |
197 | 209 |
4Q19
4Q20
FY20 Operating Margin1
4Q20 Operating Margin1
160
64
99
42
FY19 Op.Margin (€m)
FY20 Op.Margin (€m)
4Q19 Op.Margin (€m)
4Q20 Op.Margin (€m)
FY20 EBIT and Margin
1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity based compensation.
2.
2020 EBIT before impact of the efficiency plan (€62 M) and Metrocall capital gain (€36 M). 4Q20 EBIT before impact of the efficiency plan (€23 M).
MINSAIT
FY20 Order Intake (€m)
FY20 Revenues (€m)
4Q20 Revenues (€m)
Local Currency / Reported
Local Currency / Reported
Local Currency / Reported
FY19
FY19
FY20
FY20
Financial ServicesEnergy & IndustryPPAA & HealthcareTelecom & Media
4Q19
4Q20
4Q20 Operating Margin (€m)
FY19 Operating Margin (€m)
FY20 Operating Margin (€m)
4Q19 Operating Margin (€m)
FY20 EBIT and Margin
4Q20 EBIT and Margin
2 2
1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity based compensation.
2.
2020 EBIT before impact of the efficiency plan (€127 M). 4Q20 EBIT before impact of the efficiency plan (€71 M).
1Q16
1H16
9M16
FY16
1Q17
1H17
9M17
FY17
1Q18
1H18
9M18
FY18
1Q19
1S19
9M19
FY19
1Q20
1S20
9M20
FY20
FY15-FY17
FY18-FY20
2014
2015
2016
2017
2018
2019
(1) Delta Working Capital Variation of 82 DoS, equivalent to €654m o/w €220m are write-offs and €105m reclasiffications from short to long term.
(2) Delta Working Capital Variation of 8 DoS, equivalent to €67m o/w €75m are reclasiffications due to IFRS15 and IFRS9.
2020
Capital Employed(1)
Minsait FY2020 (€m)
908
Capital Employed(1) Indra Group FY2014 - FY2020 (€m)
(1) Capital employed includes fixed assets (material, goodwill, inmaterial and financial), net working capital and all the other assets and liabilities as recorded in the balance sheet except for net debt and equity
(2) Minsait peers include Sopra Steria, Atos, Tieto and Capgemini. Figures based on internal analysis of FY2019 reported results
(3) T&D peers include Thales, Leonardo, SAAB, Ultra Electronics, Chemring Group and Hensoldt. Figures based on internal analysis of FY2019 reported results
Capital Employed 2020
Capital Employed(1) Transport & Defence FY2020 (€m)
257
Capital Employed 2020
Revenues over Capital
Employed FY2020
2,1x
1,3x
Minsait
Peers (2)
Revenues over Capital
Employed FY2020
4,4x
1,4x
T&D
Peers
(3)
FCF €83m
Net Debt 2019 Operating Cash Flow | Net Working Capital |
Inventory
Accounts Receivable
Accounts payable
6
Net Working Capital (DoS)
13
Dec 19
Sep 20
Dec 20
(187)
700
1.8x
(Factoring)1
Net Debt
Net Debt / EBITDA LTM 2
1.6x
4Q15
4Q16
4Q17
4Q18
4Q19
4Q20
1. Non-recourse factoring; 2.EBITDA LTM excluding IFRS 16 (€37M), costs of the efficiency plan (€189M) and Metrocall capital gain (€36M)
1,373 293 1,666
82% 18% 100%
1,380 27 1,406
98% 2% 100%
€1,666m
€1,185
350
Cost of Gross Debt
Corporate Bonds 393
Cash & Others
1.9% 1,185
1.8% €842m
n.m.
855
n.m.
300
Convertible Bonds 247
998
R+D Loans 75
250
Net Debt Cost of Net Debt
€734m 481
n.m.
552
n.m.
3.0%
2.7%
Bank Loans 871
187
€481m
200
Fa4ct8or1ing
EIB(1) Loans 80
Gross Debt
Cash & Cash Equivalents
Net Debt
Gross Debt Maturity Profile €734m
€842m
100
50
€40m
€50m
FY20
FY19
0
2021
(3)
2022
2023
(2),(3)
2024 and… beyond
2024 and
(2)
1. European Investment Bank. 2. Including €247m Convertible Bond with 2023 maturity and €296m Corporate Bond with 2024 maturity. 3. The 2023 convertible bond has a put option in October 2021 which has not been considered as part of 2021 maturities
Gross and Net Debt Structure
Other available credit facilities: €186m
Average life (years) | 3.2 | 3.7 |
L/T Debt S/T Debt Gross Debt
481
150
FY20
% totalFY19
% total
Investor Relationsirindra@indra.es
Avenida de Bruselas, 35 28108 Alcobendas Madrid Spain
T +34 91 480 98 00www.indracompany.com
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Disclaimer
Indra Sistemas SA published this content on 24 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2021 09:01:01 UTC.