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March 2021
2
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 if 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.
What is Indra?
Transport & Defence (T&D)
Minsait (IT)
Annex 1: Last quarterly results
1
2
3
4
51 What is Indra?
Indra at the core
Leading worldwide provider of proprietary solutions
in niche areasLeading Digital company in Spain and LatAm
€ 3.0Bn Revenues 2020
>140Countries
>48.000Employees
€ 265m In R&D
6
1,924
521
323
276
Transport
9%
€3,043m
Defence &Security
11%
ATM
2020
Transport
Defence & Security
ATM
Minsait
Minsait
17%
Digital 26%
1 What is Indra?
63%
Revenue Collection Control & Enforcement Safety & Signalling
Security & Border Surveillance
Electronic Warfare & Logistics
SimulationSpace & Satellite Communications
ATM systems Communications Navigation Surveillance
Operational systems & Communications
Energy & Industry Financial Services Telecom & MediaPublic Administrations &
Healthcare
%
7
€587
19%
€680
22%
€249
8%
€409
14%
€521
17%
€599
20%
Telecom &
Media
Financial Services
Public Admin &
Healthcare
Energy & Industry
Sales 2020
1 What is Indra?
EBIT 2020(1)
Transport &
Traffic
Defence &
Security 82
68%
39
32%
T&D
€ m
mm
€ m
€ m
7.3% EBIT margin
2.0% EBIT margin
T&D
m
m m
Minsait37%
63%
(1) Before non-recurrent items of €153m (o/w €27m in T&D and o/w €127m in Minsait)
81 What is Indra?
27.476
16.094
2.336 2.074
0
5.000
10.000
15.000
20.000
25.000
30.000
52%
20%
18%
10%
Sales 2020 Employees 2020
Spain America Europe Asia, Middle East & Africa (AMEA)
9
(*) Board of Directors representation
CNMV data. Identified shareholders with a position in excess of 3%
1 What is Indra?
Figures updated as of 16/11/2020
18,7%
10,5%
9,8%
3,2%
3,2%3,1%3,0%
48,5%
Sociedad Estatal de Participaciones
Industriales S.E.P.I (*)
Corporación
Financiera Alba (*)Others
T. Rowe Price
Fidelity
Management Research
State Street Corporation
Norges BankSantander Asset
Management
10
5,229
3,858
3,043
230(2)
120(2)
4.0%(2)
-65
39
83
481
1 What is Indra?
(1) Before non-recurrent items of €687M
FY16FY15
Backlog (€M)
Revenues (€M)
EBITDA (€M)
EBIT margin
Net profit Reported (€M)
CAPEX (€M)
FCF (€M)
Net Debt (€M)
FY17 FY18
EBIT (€M)
FY19
3,193
2,651
2,850
131
45(1)
1.6%(1)
-641
37
-50
700
3,129
2,744
2,709
229
162
6.0%
70
28
184
523
3,612
3,248
3,011
266
196
6.5%
127
40
186
588
4,065
3,437
3,104
293
199
6.4%
120
79
168
483
4,511
3,686
3,204
343
221
6.9%
121
76
8
552
Order Intake (€M)
FY20
(2) Before non-recurrent items of €153M
11
1.15x 1.15x 1.31x 1.41x1.72x
FY16 FY17 FY18 FY19 FY20
Total Indra
0% +14% +8%+22%
Indra backlog (€m) Backlog/revs LTM
Transport & Defence
Minsait0.55x 0.64x 0.70x 0.74x 0.83x
FY16 FY17 FY18 FY19 FY20
Minsait
+15% +10% +6%+11%
8241,248 1,345 1,498 1,591
2,305
2,3642,719
3,014
3,6393,1293,612
4,0654,511
5,229
FY16 FY17 FY18 FY19 FY20
+15%
+13%+11%
+16%
+3%
+15%+11%
+21%
+52%+8% +11%
+6%
1.88x 2.00x 2.29x 2.54x3.25x
FY16 FY17 FY18 FY19 FY20
Transport & Defence
+6%+15% +11% +28%
12
AA
Relevant presence in the main ESG indexes Supporting gender equality
Only 18 Spanish
companies listed
Leading its industry in
managing the most
significant ESG risks and
opportunities
Top 15%
Best score of the sector in
Social practices
- Member since 2015 –
Top 16%
84 4,1 Prime
ESG performance above
the sector fulfilling
ambitious absolute
performance
Committed to talent
Acting on Climate Change
Score B
Key ESG figures 2020*
Scope 1+2 -50% in 2030
and carbon neutral in 2040
Scope 3 -14% in 2030
and -50% in 2040
2050 net zero emissions
34% Women on staff
80% Local providers38% Women on the Board of Directors
Professionals trained on Code of
Ethics and Legal Compliance in the
last 3 years
89%
Committed with the Science Based Targets initiative (SBT)
* Figures not audited
- Member since 2006 –
Within Top 1%
Emissions target**
** Baseline year 2019
1 What is Indra?
14
All our clients are facing the digital transformation of their operations
Satellite
Communications>10%
Simulation 4%
Electronic Warfare 4%
Border Surveillance 6%
Air Defence 3%
Safety &
Signalling>10%
Operational Systems >10%
Control &
Enforcement6%
Revenue Collection 8%
Sources: Markets and markets, Indra Analysis
TransportAir Traffic ManagementDefence & Security
Communications,
Navigation,
Surveillance
5%
Air Traffic
Management 3%
The smart
segment
of all
these
solutions
is growing
over 20%
Expected CAGR 17-22 (%)Expected CAGR 17-22 (%) Expected CAGR 17-22 (%)
3 Transport & Defence (T&D)
15
1. Defence Simulations
2. Simulation Solutions
for Training
PlatformsDefence
SystemsSecurity Cyberdefence Space
Training
Solutions &
Services
1. Airborne Systems
2. Naval Platforms
3. Eurofigther and
A400M participation
1. Electronic Defence
2. Countermeasures
3. Military Air Bases
4. Integrated
Command and
Control Systems
5. Airspace
surveillance and
control
1. Border surveillance
and protection
2. Safe Cities
3. Smart Borders
4. Safe Communication
1. Cyberdefence
Systems
2. Simulation and
Training
1. Communications
Solutions
2. Navigation and
positioning
3. European Space
Surveillance and
Tracking Service
1. Aeronautical MRO
Services
2. Technical support
3. Full Maintenance
Logistics &
Maintenance
3 Transport & Defence (T&D)
16
Tactical Radio Systems
SCRT-MC3,Tactical
Comms and C2
New programs already signed entering into production
Aeronautical Programs
SIRTAP, MRTT, Maritime
Patrol, Trainer
EDF
2017-2027
Tiger
1988-…
Eurofighter
1986-…
FCAS
2020-…
Existing and new long-term high volume programs
New aircrafts for Germany
(Quadriga) and Spain (Halcon)
Sustainment, sales and export
opportunities
Systems for MKIII (e.g. Electronic
Warfare, AMPS: Automatic
Mission Planning System)
and aftermarket
European R&D Programs:
Command and Control,
Cyberdefence, Airborne
Systems, Space Systems, etc.
Spanish National Coordinator
and Sensor Pillar global leader
of the Future Combat Air
System
Integrated frigate mast
F110 (2020-2027)
348 Vehicle systems
8x8 (2020-2027)
Additional big programs in the pipeline
ChinookNH90 Air Defence
Radars
SPAIN INTERNATIONAL
Naval Platform
Middle East
2019-…
Systems for naval platforms
(e.g. Electronic Warfare, IFF:
Identification Friend or Foe)
17
Airborne
Platforms
•BPE
•BAC
•BAM
•FFG
•F122
•K130
•Eurofighter
•A400M
•C-295
•F/A-18
•F1
•NH90
•P3
•B707
Naval
Platforms
•Chinook
•CH53
•Tigre
•Cougar
•U212/214
•T-209
•OPV
•F100
•F105
•S70
Land based
Air Defence Electronic Warfare
Border Surveillance
Naval
Land
based
•BPE
•BAC
•BAM
•F100
•F105
•FFG
•S70
•S80
•F122
•K130
•U212
•U214
•T-204
•AWD
•ASW
•OPV
Satellite Communications
• Eurofighter
• A400M
• A330 MRTT
• F-18
• AV-8B
• Tiger
• Seahawk
• NH90
• Wildcat
•Chinook
•Cougar
•H135
•H225
•H175
•H145
•A320
•B737…
Military Simulation
3 Transport & Defence (T&D)
18Indra General.
FCAS
Scope: Define NGWS capabilities and common architectures
Define and update technology development roadmaps
Establish program framework for all the phases
Indra’s Role: SP´s nominated Co-Contractor, together with Dassault in FR and Airbus D&S in GE.
Scope: Ensure timely results for various demonstration projects during NGWS Design Phase
Activities to be supported by SIMLAB to allow consistency amongst main stakeholders
Indra’s Role: SP’s nominated Co-Contractor, together with Dassault in FR and Airbus D&S in GE.
Scope: Development of technical breakthroughs in Sensors, Defensive Aids and EM effectors.
Next generation of smart distributed systems to be more sensitive, flexible and robust
Incorporating Big Data, Artificial Intelligence and advanced communications.
Indra’s Role: International Prime contractor and Program leader in this pillar in all three countries.
Scope: Information and Intelligence gathering, sharing and exploitation, operating in cloud
Rely on advanced architectures, cybersecurity, distributed computing and communications.
Indra´s Role Prominent role at international level and Pillar leader/Main contractor in Spain.
1) Joint Concept Study (JCS)
2) JCS Inter-Pillars Consistency / SIMLAB
Ne
xt
Ge
ne
rati
on
Fig
hte
r
En
gin
e
Re
mo
te C
arr
iers
4)S
oS
/Co
mb
at
Clo
ud
3)
Se
nso
rs
En
ha
nce
d L
ow
Ob
serv
ab
ilit
y T
ech
.National
Coordinator
NationalCoordinator
Pillar Leader
3-Nation
Pillar Leader Spain
NGWS
The NGWS is a System of Systems (SoS) that includes a New Generation Fighter (NGF)and a set of unmanned vehicles (Remote Carriers - RC) to expand the capabilities of the fighter, with all those assets interconnected and operated through a Combat Cloud
MAIN AREAS OF PARTICIPATION FOR INDRA
1) Joint Concept Study:
2) JCS Inter-Pillars Consistency / SIMLAB:
4) Systems of Systems/Combat Cloud:
3) Sensors:
19Indra General.
IA1: Joint Concept Study
IA2: Phase 1APrototypes
and Concepts
Phase 1BArchitectures, technology
maturation and demonstrators
Phase 2Phase 1A continuation and
individual flight demonstrations
Phase 3NGWS capabilities demonstrations and initial phase of Development
NGWSPreliminary
Design
Review
IOC
Framework Agreement signed by the Ministries of Defence of France, Germany and Spain in Le Bourget’19
System Concept
Phase
(incl. launching of
R&T and
demonstrators)
Demonstration
Phase
(incl. R&T
maturation and
ground and flying
demonstrators)
Development and Industrialization
Program
Demonstrators 1st flights
Development,
production…
Initial
Operational
Capability
NGWSLaunching
Design
Review
>€6bn
€8-10bn total investment
IDR under contract
IDR under contract
IDR participation (proposals submitted)
IDR participation
IDR
20
10
20
30
0
7
17
2016
Passenger traffic (RPKs Bn)
4.7%
2036
Note: RPKs (Revenue per kilometre). Source: Boeing Market Outlook 2017-2036; Markets and markets; Global airport construction review, CAPA
Maintenance and replacement
of legacy systems
Very long development cycles,
high client loyalty
Potential new ATM systems operators
Already ~400 airports under
construction or planned for
Innovative technology to solve
aerospace congestion (e.g. Europe)
Increase of air passenger traffic worldwide
Increase of flying aircrafts worldwide
3 drivers of sustained demand for ATM systems
80
0
20
60
40
23
Aircrafts in service worldwide (k)
2016
47
3.5%
2036
Expected stable ~4% growth in the ATM market
3 Transport & Defence (T&D)
213 Transport & Defence (T&D)
1. Aeronautical
Information
Management
2. Message Handling
Systems
3. System Wide
Information
Management
4. Air Traffic
Management
5. Operational
Meteorological
Information
Indra Air
Automation
Indra Air
CommunicationIndra Air
NavigationIndra Air
SurveillanceIndra Air
DronesIndra Air
Information
1. Air Traffic Control
Automation Systems
2. Air Traffic
Management
Solutions
3. Advanced Controller
Working Position
1. Automated
Communications
Functionalities
2. Digital Voice
Communications
Control Systems
1. Navigational
Products (ILS, DME,
DVOR, GBAS)
1. Surveillance
Solutions1. Connect drones
safely
2. Manage unmanned
traffic
3. Neutralize drones
22
~200 Control Centres
~1,700 Instrument
Landing Systems (ILS)
~400 Secondary Radars
(MSSR)
Note: Most significant countries with Indra's presence highlighted
Indra ATM businessis present in
176 countries
3 Transport & Defence (T&D)
Developing long lasting relationships with international reference clients
Enaire in Spain >35 years
DFS in Germany >20 years
iNATS n the UK >10 years
23
Europe has a challenge in air traffic management due to air
traffic congestion and the fragmentation of aerospace
Note: SESAR (Single European Sky ATM Research)
iTEC by Indra
Coflight
Coopans
Other potential
iTEC partners
In 2004 Eurocontrol, the European Commission and a
selection of industrial partners took the lead to solve this
issue and increase interoperability
Indra is one of the key industrial partners of SESAR
7 European countries have already joined the iTEC Alliance along
with Indra to fulfil present and future SESAR requirements, and
+20 countries still pending to adopt a decision
3 Transport & Defence (T&D)
24
Further develop remote
towers to be a reference supplier, leveraging SESAR
Indra already has leading technology installed (e.g. Norway)
Grow on aftermarket
leveraging our significant asset base of ~200 control centres, ~1700 ILS and ~400 radars
installed
Develop leading
Cybersecurity technology, fulfilling latent demand
Successfully evolve iTEC
with the future requirements of the Single European Sky, leading the SESARinteroperability
Evolve CNS products
and service model (e.g. GBAS) to maintain the technological and commercial leading
position
Expanding into new segments to complement Indra's offering
Keep evolving leading products in current segments with technological updates
Note: ILS (Instrument Landing System). GBAS (Ground Based Augmentation Systems). ADS–B (Automatic dependent surveillance – broadcast). SESAR (Single European Sky ATM Research)
3 Transport & Defence (T&D)
25
Change in infrastructure operating models are generating additional opportunities
Increased demand for intelligent systems adapting to
the coming trend of Smart Transport
Requiring mobility, interconnectivity and real time
steering
More flexible asset management demand is requiring
new systems
More efficient and scalable
New opportunities for private players, as public
administrations are externalising their operations and
sharing risks (PPPs)
Change of cycle in infrastructure investment and therefore increased technology demand
+5% growth in global
investment for Transportinfrastructure
expected until 2025
Changed trend in
Spanish infrastructureinvestment
• -4% growth 2010-2014
• +2% growth 2015-2025
Indra has the perfect mix: transport business
know-how, proprietary products and digital capabilities
+10% expected growth
(+20% for Smart Transport)
Transport infrastructure technology demand increased by
• New investment cycle
• Need for maintenance and upgrade of already existing
infrastructure
+
Source: Oxford Economics, Assessing the global transport infrastructure market
3 Transport & Defence (T&D)
26
Mova
Consulting
Mova
Collect
Mova
Traffic
Mova
Protect
Mova
Experience
Mova
Comms
Mova
Care
1.Ticketing
2.Toll
3.Back Office
1.Safety
2.Enforcement
3.Video surveillance
4.Cybersecurity
5.On-board systems
1.Information and Publicity for passengers
2.Entertainment
3.Digital User Experience
1.Communications
2.IoT Platforms
3.IT Transport Infrastructure
1.Infrastructure O&M
2.Technology O&M
3.Transportation Services O&M
4.New operation models
1.Planning & Optimization Systems
2.Bus Control Systems
3.Rail Control Systems
4.ITS Control Systems
5.Tunnels Control Systems
6.Airports Control Systems
7.Ports Control Systems
8.Design and Building of Control Centers
9.Transport Control Terminals
1.Consulting and Planning for Transport and Infrastructures
2.Design Engineering for Transport Infrastructure.
3.Construction Engineering for Transport Infrastructure
4.Project Management Services
5.Operations Consulting
3 Transport & Defence (T&D)
27
Note: ASFA-Digital (Safety & Signalling System)
Mova
Consulting
Mova
Collect
Mova
Traffic
Mova
Protect
Mova
Experience
Mova
Comms
Mova
Care
Riyadhticketing
AFC system for
public transport in
Riyadh
T-Mobilitat
Greater
integration of
collection and
Contactless
Urban Tunnels Control Centre
Tunnel control
centre in London
ASFA-D
High-end solution
for rail safety in
Spain
High SpeedMecca-Medina
Most complex
project in the
Middle East
Panama Canal
Expansion of the
canal, a reference
in technology and
security systems
Electronic Toll Management in Texas
Integrated tolling
operation
Sidney Trains
Intelligent video
surveillance
technology
ITS ColombiaSystems for control
and radio-
communications for
the Bogotá-
Villavicencio highway
Port CommunitySystem
National Port
Network
High SpeedControl Centre
Rail Traffic Control
Systems
Renfe High Speed Systems
On-board systems
and equipment
Algiers Airport
Project and
supervision of the
construction of
the new terminal
of the Int. Airport
Kenia AirportOperations
Integration of all the
land operations
3 Transport & Defence (T&D)
29
Minsait commercial
brand for Indra
Launched in 2016, focused on digital transformation
Transformation trigger of our move to high value
Now becomes the brand for our whole IT division
Rationalisation and standardisation of our product portfolio easing implementation
Creation of a new set of value propositions tackling all challenges derived from required
business transformations of our clients
Migration of our products to Cloud
New product delivery model with specialised centres of excellence
Portfolio enhancement
Consolidated leadership in Spain and LaTam with high
complementarity
Payment Processing solution to enhance our product portfolio
Operating synergies delivered as expected. Restructuring
process is over
Reinforced control and
delivery model
Increased control in tender offering process
Closer monitoring of less profitable projects
Sharp reduction in the number of unprofitable projects
Selective Acquisitions
Reinforcement of Digital and Proprietary Products
Improves our time-to-market
Completes our end-to-end offering
4 Minsait (IT)
30
€409
€249
€680
€587
2020
30%
35%
13%
21%
(
(
(
)
)
)
)(
A set of value proposition in 4 main domains…
New products, services and business models
Advanced customer relationship delivery models
Advanced technologies, processes and operations
Business protection solutions
… to all the different industries
Oil & Gas Utilities Airlines Industry ...
Banking Insurance
Media Telecom
Energy & Industry
Financial Services
Telecom & Media
Public Administrations
& Health
Elections Health Public Sector
€ 1,924 m
4 Minsait (IT)
31
Digital division
Digital Consulting and Technology
ERP Consulting Cybersecurity Operations
We optimize and evolve key processes through leading business management solutions
We preserve our clients’ assets and digital identity creating secure client experiences
We manage our clients’ operations through a differential approach
We open up new paths in the strategic definition and transformation of our clients’ businesses
We create differential experiences and state-of-the-art generation solutions that drive our clients’ businesses
Business Consulting
4 Minsait (IT)
32
Energy & Industry
Telecom & Media
PublicAdministrations & Health
Airlines
Revenue accounting
Multi-channel reservation
Payments
Banking
Digital bank
B2B relations
Opening accounts
Oil & Gas
Refining
Transportation
Safety & Environment
Elections
Electoral solutions
Digital Democrazy
Protection
Public Sector
Taxes
Justice
E-goverment
Health
Management system
B2B processes
Network
Financial Services
Utilities
Generation
Distribution
Commercialization
Insurance
Complete platform
Integral solution for the sales forces
Multi-channel tools
Telecom
Advanced analytics
Customer´s
experience
Media
Corporate Services
Customers & channels
Operations
Industry
Manufacturing
Assets
Workforce
4 Minsait (IT)
33
We are helping the
Regional Government of
Andalusia in its digital
transformation
We drive the
implementation of the
new home medical
assistance concept
We are experts in
technology solutions
used to manage electoral
processes
We help private banks
during their transition with
our platform
We create the first fully
digital bank in Argentina
Financial ServicesEnergy & Industry Telecom & Media Public Administrations & Health
Transforming the core
insurance industry from
customer’s perspective
We improve the
competitiveness of the
nº1 airline in Brazil
We reduce costs through a
new billing model for
Telefonica
We are leaders in energy
industry solutions for the
transmission and
distribution grid
We developed, together
with Repsol, a solution for
early detection of
hydrocarbon spill
We build the new online
sales channel for a leading
retailer in optical services
(eCommerce)
We are leaders in card
processing in Spain and
America
We help customers port their
number, with processes
adapted to the customer and
country
We improve the
customer’s experience
optimizing the back office
We guarantee optimized
communications for Vivo,
using more than 33,000
km of fiber optic
We make a difference in
the management of
more than 400 electoral
processes
4 Minsait (IT)
34
Business Analytics··Big Data··Robotics··Automation··Artificial Intelligence
4 Minsait (IT)
36
• Backlog up +16%, new historic high for Indra (€5,229m). Backlog/Revenues LTM reached 1.72x in 2020.
• 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.
• 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).
• 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.
1
6
5
4
3
2
7
8
9
37
1. Excluding the impact of the SIA acquisition which started to consolidate on January 1st, 2020 and the FX impact
€m
Reported -5.0%
FY20 Sales Growth
Local Currency -1.6%
Organic1 -3.5% Organic1 -1.2%
Reported -2.9%
4Q20 Sales Growth
Local Currency +1.0%
€m
38
443 449
181 160 159 187 133 95
+1%
+17% -29%
+18%
-11%
+7% -28%
1,591 1,581
665 593 549 565 399 303
-1%
+3%-24%
+3%
-11%
+5%-23%
1,828 2,118
782 681 623 722 453 336
+16%
-13% +16%-26%
+4% +17%-25%
Local Currency / Reported
Order Intake FY20 (€m)
+8% +5%
Local Currency / Reported
-2% -5%
Revenues FY20 (€m)
2019
2020
%
%
Growth in Local Currency
Growth in Reported Terms
Local Currency / Reported
+1% -3%
Revenues 4Q20 (€m)
Spain America Europe AMEA
Spain America Europe AMEA
39
3,0143,639
FY19 FY20
4,5115,229
FY19 FY20
1,498 1,591
FY19 FY20
2.543.25
FY19 FY20
1.411.72
FY19 FY20
0.740.83
FY19 FY20
+16% +21% +6%
+22% +28% +11%
Minsait backlog (€m)Indra backlog (€m) T&D backlog (€m)
Indra backlog/revs LTM T&D backlog/revs LTM Minsait backlog/revs LTM
40
7.9%
FY20 Operating Margin1 4Q20 Operating Margin1
FY20 EBIT and Margin 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).
4.0%
22
257
168
FY19 Op.Margin (€m) FY20 Op.Margin (€m)
-35%
-2.5pp
8.0%
5.5%
9580
4Q19 Op.Margin (€m) 4Q20 Op.Margin (€m)
-16%
-1.4pp
10.4%
9.0%
41
41,10738,977
7,379
7,540
1,863
1,463
20,000
25,000
30,000
35,000
40,000
45,000
50,000
ene-00 ene-00 ene-00
-400161
-2,130
-400
Minsait
T&D
Overheads & Others
Total workforce
Dec 19 Dec 20
50,349*
* SIA employees included
-2,36947,980*
42
Reduction of non-personnel expenses
Internal processes improvement and new workplace
model
Capex investment reorientation and Balance Sheet
adjustments
0
-6
-95
-88
Actions Cash impact M€
20
18
25
44
0
0
6
-38
EBIT impact M€
2020 2021 2020
Workforce transformation plan
-189 107 -32Total
2022
and beyond
47
112
2021
-35 -16
-35 -16
>2024
20
20
25
1
4
3
2
Δ Savings 2021 vs
2020 of €90m
One-off costs Ongoing savings
43
Revenues(in constant currency)
EBIT guidance *
FCF before cash
out workforce
transformation plan
FY20 results
€3,152m
€120m
€121m
Guidance
2020
€3,150m –
€3,200m
€120m - €135m
>€0 m
* EBIT before impact of the efficiency plan (189 M€) and Metrocall capital gain (36 M€)
Guidance
2021
>€200m
>€120m
>€3,200mRevenues
(in constant currency)
EBIT guidance
FCF before cash out
workforce
transformation plans
44
T&D
FY20 Order Intake (€m)
Transport & Traffic
Defence & Security
Local Currency / Reported
FY20 Revenues (€m)
Local Currency / Reported
4Q20 Revenues (€m)
Local Currency / Reported
644 656
832
1,143
FY19 FY20
1,476
1,800
+37% / +37%
+5% / +2%
+23% / +22%
623 599
566521
FY19 FY20
1,1891,120
-8% / -8%
-2% / -4%
-5% / -6%
197 209
177 169
4Q19 4Q20
374 378
-4% / -4%
+9% / +6%
+3% / +1%
45
9.4%7.3%
T&D
FY20 EBIT and Margin 4Q20 EBIT and Margin
4Q20 Operating Margin1FY20 Operating Margin1
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).
2 2
160
99
FY19 Op.Margin (€m) FY20 Op.Margin (€m)
-38%
-4.6pp
13.4%
8.8%
6442
4Q19 Op.Margin (€m) 4Q20 Op.Margin (€m)
-35%
-6.0pp
17.0%
11.0%
46
791 710
635587
522479
262282
FY19 FY20
2,2102,058
+17% / +8%
-5% / -8%
-2% / -8%
-5% / -10%
-1% / -7%
Financial Services
Energy & Industry
Telecom & Media
PPAA & Healthcare
MINSAIT
FY20 Order Intake (€m)
Local Currency / Reported Local Currency / Reported
4Q20 Revenues (€m)
Local Currency / Reported
FY20 Revenues (€m)
187 174
171144
119133
6561
4Q19 4Q20
542512
+0% / -7%
+15% / +12%
-10% / -16%
-1% / -7%
-0% / -6%
697 680
635 587
432409
251249
FY19 FY20
2,0151,924
+5% / -1%
-3% / -5%
-3% / -8%
+3% / -3%
+0% / -5%
47
6.8%
2.0%
MINSAIT
FY20 EBIT and Margin 4Q20 EBIT and Margin
4Q20 Operating Margin1FY20 Operating Margin1
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).
2
2
9769
FY19 Operating Margin (€m) FY20 Operating Margin (€m)
-29%
-1.2pp4.8%
3.6%
3138
4Q19 Operating Margin (€m) 4Q20 Operating Margin (€m)
23%
1.7pp5.8%
7.5%
48
47
2
-5
140
-5-26
75
142
-6
-55
15
213
-108-129
-1
246
-59
-29
14
158
1Q162Q163Q164Q16 1Q172Q173Q174Q17 1Q182Q183Q184Q18 1Q192Q193Q194Q19 1Q202Q203Q204Q20
Accumulated FCF LTM (€m)
FY19 €8mFY17 €186mFY16 €184m
Quarterly FCF
(€m)
FY18 €168m FY20 €83m
76
163181 184
132104
184 186 185157
96
168
66
-9 -258
57
157 171
83
1Q
16
1H
16
9M
16
FY
16
1Q
17
1H
17
9M
17
FY
17
1Q
18
1H
18
9M
18
FY
18
1Q
19
1S
19
9M
19
FY
19
1Q
20
1S
20
9M
20
FY
20
€121m excluding
€-38m of the
workforce
transformation plan
49
81
30
5-1 -10
6-9
2014 2015 2016 2017 2018 2019 2020
FCF €258m
o/w Commercial WC €-7m
Commercial WC
Days of Sales
(DoS)
FY15-FY17 FY18-FY20
(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.
FCF €320m
o/w Commercial WC €329m(1) (2)
50
Capital Employed(1) Indra
Group FY2014 – FY2020 (€m)
Capital Employed(1)
Minsait FY2020 (€m)
Capital Employed(1) Transport
& Defence FY2020 (€m)
Revenues over Capital
Employed FY2020
Revenues over Capital
Employed FY2020
2,1x
1,3x
Minsait Peers
4,4x
1,4x
T&D Peers(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
(2)
1.616
1.165
Capital Employed 2014 Capital Employed 2020
(3)
908
Capital Employed 2020
257
Capital Employed 2020
(451)
51
Net Debt 2019 Operating
Cash Flow
Net Working
Capital
Capex Taxes Other Financial
Liabilities Variation
Net interest Net Debt 2020
Financial
Investments,
FX Impact,
Non-CF
ítems and
Others
€m
FCF €83m
52
3517 9
-75-63 -67
4659
49
-9
136
+14
-18
+12
-10
-8
-4
Net Working Capital (DoS)
Inventory
Accounts
Receivable
Accounts
payable
Dec 19 Sep 20 Dec 20
53
700
523
588
483
552
481
4Q15 4Q16 4Q17 4Q18 4Q19 4Q20
Net Debt (€m)
Net Debt
Net Debt / EBITDA LTM2
(Factoring)1
(187)
(187)
(187)
(187)
(187)
(187)
1. Non-recourse factoring; 2.EBITDA LTM excluding IFRS 16 (€37M), costs of the efficiency plan (€189M) and Metrocall capital gain (€36M)
5.4x
2.3x 2.2x1.6x 1.8x
2.5x
54
2024 andbeyond
€842m
2023
€734m
0
50
100
150
200
250
300
350
2021 2022 2023 2024 and…
€40m€50m
€734m
€842m
80
871
75
481
247
187
481
393
998
Gross Debt Cash & Cash Equivalents Net Debt
€1,666m €1,185
€481m
Gross Debt Maturity Profile
Bank Loans
Convertible Bonds
R+D Loans
Factoring
Other available credit facilities: €186m
Corporate Bonds
EIB(1) Loans
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
Average life (years) 3.2 3.7
FY19
Gross and Net Debt Structure
FY20
(2)
FY20 % total FY19 % total
L/T Debt 1,373 82% 1,380 98%
S/T Debt 293 18% 27 2%
Gross Debt 1,666 100% 1,406 100%
Cost of Gross Debt 1.9% 1.8%
Cash & Others 1,185 n.m. 855 n.m.
Net Debt 481 n.m. 552 n.m.
Cost of Net Debt 3.0% 2.7%
(2),(3)(3)
Investor Relationsirindra@indra.es
Avenida de Bruselas, 3528108 AlcobendasMadrid Spain
T +34 91 480 98 00www.indracompany.com
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