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    IDR   ES0118594417

INDRA SISTEMAS, S.A.

(IDR)
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Indra Sistemas S A : Presentaciˇn de resultados 2020 (24/02/2021)

02/24/2021 | 12:01pm EST

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 Relations irindra@indra.es

Avenida de Bruselas, 35 28108 Alcobendas Madrid Spain

T +34 91 480 98 00 www.indracompany.com

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 24 February 2021 17:00:01 UTC.


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Net income 2021 151 M 172 M 172 M
Net Debt 2021 407 M 464 M 464 M
P/E ratio 2021 11,2x
Yield 2021 1,71%
Capitalization 1 654 M 1 889 M 1 887 M
EV / Sales 2021 0,62x
EV / Sales 2022 0,59x
Nbr of Employees 51 310
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Number of Analysts 18
Last Close Price 9,39 €
Average target price 13,56 €
Spread / Average Target 44,4%
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Managers and Directors
Cristina Ruiz Ortega Co-Chief Executive Officer & Director
Ignacio Mataix Entero Co-Chief Executive Officer & Executive Director
Javier Lßzaro Rodriguez Chief Financial Officer
Marc Murtra Non-Executive Chairman
Alberto Miguel Terol Esteban Vice Chairman
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