RESULTS February 27 th, 2018

Transcription

1 RESULTS 2017 February 27 th, 2018

2 CONFERENCE CALL DETAILS LIVE EVENT: The Company will host a conference call for investors and analysts today at 18:30 (CET). Please find below conference call telephone numbers: Spain: France: UK: US: Access code: # Access to the live event: 8AD WEBCAST REPLAY: A recording of the conference call will be available for 30 days on the following telephone numbers: Replay dial number: Spain: UK: US: Conference Number: # Access to the Webcast Replay: 8AD 2

3 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. 3

4 MAIN HEADLINES Order Intake up +18%, Revenues +11% and EBIT +21% due to Tecnocom s consolidation and the acceleration of organic growth in 2H17 2 Organic revenues (Ex-Tecnocom) +1.8% in 2017 and +8,3% in 4Q17. 3 EBIT margin of 6.5% in 2017 vs 6.0% in EBIT margin Ex-Tecnocom of 7.2% in Solid 2017 FCF generation ( 186m) backed by the operating improvement. 5 Net Debt/EBITDA LTM down to 2.2x. Ex-acquisitions, it would have decreased to 1.2x Net Income up by +82% totaling 127 m and 2017 EPS up by +73% 7 Fast execution of Tecnocom cost synergies with lower than expected restructuring costs. In summary, 2017 has shown double digit growth in all P&L items, guidance fully achieved and Tecnocom successfully integrated 4 4

5 WE HAVE FULFILLED ALL OUR GUIDANCE METRICS FOR 2017 INDRA Ex-Tecnocom FY17 GUIDANCE RESULTS FY17 Revenues Low Single Digit in local currency +1,8% EBIT Margin > 2016 EBIT Margin (6,0%) 7,2% Free Cash Flow > 2016 FCF before Working Capital (118 M ) 202M 5 5

6 REVENUES UP +11% (+2% IN ORGANIC TERMS) FY17 Sales Growth Reported +11% 4Q17 Sales Growth Reported +18% Local Currency +11% Local Currency +20% Organic Terms (Ex-Tecnocom) (1) +2% Organic Terms (Ex-Tecnocom) (1) +8% M M FX Impact Tecnocom Underlying growth 4Q16 FX Impact Tecnocom Underlying growth 4Q17* (1) Sales excluding Tecnocom and in local currency (*) Displayed data includes Tecnocom, consolidated since April 18th,

7 REVENUES AND ORDER INTAKE BY REGION Order Intake ( M) Local Currency / Reported Revenues ( M) Local Currency / Reported 44% % / +18% +3% / +3% % Spain 43% % / +11% +19% / +19% % 21% 20% 15% % / +24% % / +53% % / +11% 443 America 22% 24% Europe 26% 19% AMEA 14% 14% % / +0% -6% / -6% +31% / +30% % 16% 16% (*) Displayed data includes Tecnocom, consolidated since April 18th,

8 EBIT MARGIN EVOLUTION FY17 EBIT Margin Evolution FY17 EBIT Margin Evolution Ex-Tecnocom Including 49m 6,5% of write-offs +0,5pp (1.8% of sales) 6,0% Including 47m of write-offs (1.6% of sales) 6,0% +1,2pp 7,2% ,1% ,1% 199 FY17 4Q EBIT Margin Evolution 4Q EBIT Margin Evolution Ex-Tecnocom 7,6% +0,4pp 8,0% 7,6% +2,3pp 9,9% 57 25,7% ,4% 80 4Q16 4Q17* 4Q16 4Q17 (*) Displayed data includes Tecnocom, consolidated since April 18th,

9 T&D ORDER INTAKE AND REVENUES T&D Revenues FY17 ( M) Local Currency / Reported FY17 Order Intake ( M) Local Currency / Reported % / -3% % / +1% % 599-1% / -1% % 46% % / +6% % 625-6% / -6% % 50% FY17 54% % / -4% 52% Revenues 4Q17 ( M) Local Currency / Reported 377-1% / -2% 372 Defence & Security Transport & Traffic FY17 52% 198-5% / -5% % / +2% 184 4Q16 4Q17 51% 48% 49% 9 9

10 T&D MARGIN AND EBIT EVOLUTION T&D FY17 EBIT Margin (%) 4Q17 EBIT Margin (%) 13,0% -1,4pp 11,6% 15,4% -6,9pp 8,6% FY17 4Q16 4Q FY17 EBIT ( M) 4Q17 EBIT ( M) FY17 4Q16 4Q

11 IT ORDER INTAKE AND REVENUES IT 28% 34% 27% 11% FY17 Order Intake ( M) Local Currency / Reported % / +33% % / +22% % / +23% % / +57% % / +33% 220 Energy & Industry Financial Services 26% 32% 31% 11% 27% 32% 27% 14% 28% FY17 Revenues ( M) Local Currency / Reported % / +23% % / +20% +27% / +27% % / +27% % / +12% Q Revenues ( M) Local Currency / Reported +40% / +37% +34% / +31% Revenues Ex- Tecnocom up by 6% in both local and reported terms 26% 33% 28% 13% Revenues Ex- Tecnocom up by 17% in local currency (14% in reported terms 27% 32% PPAA & Healthcare 32% % / +36% Telecom & Media 26% % / +50% % (*) Displayed data includes Tecnocom, consolidated since April 18th, % +32% / +28% % 4Q16 4Q17* 11 11

12 IT MARGIN AND EBIT EVOLUTION IT FY17 EBIT Margin (%) 4Q17 EBIT Margin (%) 3,2% 7,7% +3,1pp +7,9pp 0,1% -0,2% 4Q16 4Q17* FY17 EBIT ( M) 4Q17 EBIT ( M) (*) Displayed data includes Tecnocom, consolidated since April 18th, Q16 4Q17* 12 12

13 BRAZIL IT (local currency) FY15* FY17 Order Intake Revenues EBIT (*) EBIT Margin (*) -19,5% -1,9% -3,9% All onerous projects already closed/finished Order intake increased by 47% from 2015 to 2017 (*) FY15 EBIT Data: excluding write-offs and provisions (*) EBIT includes contingencies 13 13

14 STRONG OPERATING FCF GENERATION DUE TO OPERATING IMPROVEMENTS AND 4Q17 NWC Quarterly FCF ( M) FY15: -50 M : 184 M FY17: 186 M* Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Accumulated FCF LTM ( M)* OPERATING FCF BEFORE WC ( M)* % H15 9M15 FY15 1Q16 1H16 9M16 1Q17 1H17* 9M17* (*) Displayed data includes Tecnocom, consolidated since April 18th,

15 NET DEBT BRIDGE Net Debt Bridge Tecnocom s split( M) Net Debt Free Cash Flow Acquisitions payment* Net Debt Acquisitions & Others Net Debt Net Debt Bridge Cash Flow ( M) FCF = 186M Net Debt Operating Cash Flow (*) Acquisitions including Tecnocom, Paradigma and GTA Net Working Capital Other Operating Changes Capex Taxes Net interest & Subsidies Financial Investments & Non- CF items & Others Net Debt 15 15

16 NET WORKING CAPITAL EVOLUTION Net Working Capital (DoS) M17* Accounts Receivable Accounts Payable Inventory (*) Displayed data includes Tecnocom, consolidated since April 18th,

17 NET DEBT EVOLUTION 837 (173) 700 Net Debt ( M) (187) 523 (187) (187) 588 Net Debt (Factoring) (1) 309 Indra Stand-alone Net Debt (2) 3Q15 4Q15 4Q16 4Q17 6,6x Net Debt/EBITDA LTM (Times) 5,4x 2,3x 2,2x ND/ EBITDA LTM 1,2x Indra Stand-alone ND/ EBITDA LTM (2) 3Q15 4Q15 4Q16 4Q17 (1) Non-recourse factoring (2) Excluding 2017 M&A 17 17

18 DEBT STRUCTURE FY2016 ( M) Total % of total Total % of total L/T Debt % % S/T Debt % 61 5% Gross Debt % % Cost of Gross Debt 2,2% 2,8% Cash & Others 699 n.m. 674 n.m. Net Debt 588 n.m. 523 n.m. Cost of Net Debt 3,0% 3,3% Gross Debt Maturity Profile Available Credit Facilities ( M) ( M) Available Facilities Cash Beyond 2021 Net Debt (*) Displayed data includes Tecnocom, consolidated since April 18th, 2017 Credit Facilities Beyond

19 Investor Relations Avda. de Bruselas Alcobendas, Madrid Spain T