Investors Presentation · 2021. 6. 14. · Investors Presentation June 2021. 2 ... Only 18 Spanish...

Investors Presentation

June 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.

Disclaimer

IndexWhat is Indra?

Transport & Defence (T&D)

Minsait (IT)

Annex 1: Last quarterly results

1

2

3

4

What is Indra?

5

Indra at the core

Transport & Defence (T&D)

Leading worldwide provider of proprietary solutions

in niche areas

Minsait (IT)

Leading Digital company in Spain and LatAm

€ 3.0Bn Revenues 2020

>135Countries

>48.000Employees

Indra: A global Consulting and Technology company

€ 265m In R&D

6

1,924

521

323

276

Transport

9%

€3,043m

Defence &Security

11%

ATM

2020

Transport

Defence & Security

ATM

We deliver core business operations technology in various industries

Minsait

Minsait

17%

Digital 26%

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

Revenues and Ebit by division

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)

8

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)

With a strong presence in international markets

9

(*) Board of Directors representation

CNMV data. Identified shareholders with a position in excess of 3%

Main Shareholders

Figures updated as of 14/06/2021

18,7%

10,0%

9,8%

3,2%

3,1%3,0%

52,2%

Sociedad Estatal de Participaciones

Industriales S.E.P.I (*)

Corporación Financiera

Alba (*)Others

T. Rowe Price

Fidelity

Management Research

Santander Asset Management

Norges Bank

10

5,229

3,858

3,043

230(2)

120(2)

4.0%(2)

-65

39

83

481

(1) Before non-recurrent items of €687M

Main figures 2015-2020

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%

Backlog evolution

Indra backlog (€m) Backlog/revs LTM

Transport & Defence

Minsait0.55x 0.64x 0.70x 0.74x 0.83x


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


+15%

+13%+11%

+16%

+3%

+15%+11%

+21%

+52%+8% +11%

+6%

1.88x 2.00x 2.29x 2.54x3.25x


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%

Significant achievements in our ESG strategy

Committed with the Science Based Targets initiative (SBT)

* Figures not audited

- Member since 2006 –

Within Top 1%

Emissions target**

** Baseline year 2019

Transport & Defence

(T&D)

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 (%)

Positive market outlook in every business in 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

Indra is a significant European player with a renewed and complete offer

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)

Defence & Security order intake and pipeline

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

Indra has a proven track record with an already relevant international

business

18Indra General.

NGWS/FCAS structure and Indra’s participation

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.

Estimated Planning and Investment

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Until 2040

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

ATM is a growing market with very strong fundamentals

Expected stable ~4% growth in the ATM market

21

Indra provides its clients with a complete technological roadmap of

critical ATM systems

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

Indra is one of the leading ATM systems providers in the world,

having a large footprint of references globally...

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

... and also a leading player in the Single European Sky

with the iTEC system

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)

We are evolving and expanding our offering

into new segments

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

Very attractive technology Transport market, entering into a phase

of expansion

26

Indra has now a complete portfolio of end-to-end services and a

new brand…

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

27

Note: ASFA-Digital (Safety & Signalling System)

... with strong references in the most innovative projects globally

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

Minsait (IT)

29

We have strengthened the fundamentals of our business, setting

up a solid starting point for the next growth cycle

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

30

€409

€249

€680

€587

2020

30%

35%

13%

21%

(

(

(

)

)

)

)(

Minsait Revenues breakdown

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

Technological

and Process

Outsourcing

Implementation of

third party solutions &

Others

Proprietary

Solutions

Digital26%

9%

16%

50%

31

Minsait Services provide value propositions via strong expertise and

knowledge of our clients' needs

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

32

Minsait Products under the brand

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

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

Minsait counts with strong references in all Industries (1/2)

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

34

Minsait counts with strong references in all Industries (2/2)

Business Analytics··Big Data··Robotics··Automation··Artificial Intelligence

Annex I: Last quarterly results

36

Main 1Q21 headlines

• Net Profit reached €22m in 1Q21 vs €6m in 1Q20 (+255%) and €18m in 1Q19 (+22%)

• 1Q21 Revenues went up +5.5% in local currency (+2.2% in reported terms) vs 1Q20 recovering 1Q19 levels, driven by

Defence and Minsait

• Reported EBITDA and EBIT grew +25% and +104% respectively vs 1Q20

• 1Q21 Revenues in Minsait increased by +4.2% in constant currency, boosting its EBIT margin above 4% in the period

(1.5% in 1Q20)

• T&D revenues went up +7.3% and EBIT increased +58% in 1Q21 vs 1Q20. Sales in Defence grew by +21%, mainly

pushed by its International Business

• Cash generation in 1Q21 was €-17m (includes €-11m of the workforce transformation plan) vs €-59m in 1Q20

• Net debt reached €505m vs €633m in March 2020. Net Debt / EBITDA LTM ratio stood at 2.4x in March 2021 vs 2.2x in

March 2020

• Backlog reached again new historic high for Indra (€5,322m). Backlog/Revenues LTM stood at 1.74x in 1Q21

1

6

5

4

3

2

7

8

37

Guidance 2021

Revenues(in constant currency)

EBIT guidance

FCF before cash

out workforce

transformation plan

FY20 results

€3,043m*

€120m**

€121m

* Revenues in reported terms ** EBIT before impact of the efficiency plan (189 M€) and Metrocall capital gain (36 M€)

Guidance 2021

>€200m

>€120m

>€3,200m

38

472 490 489

264 245 263

736 735 751

1Q19 1Q20 1Q21

+6% / +2%+2% / 0%

+8% / +2%

Revenues evolution

1. Excluding the impact of the SmartPaper acquisition which started to consolidate on January 1st, 2021 and the FX impact

Organic1 +4.3%

Reported +2.2%

Local Currency +5.5%

€m

1Q21 Revenues Evolution

Minsait

T&D

Local Currency / Reported

€m

39

3,0573,595

1Q20 1Q21

4,8005,322

1Q20 1Q21

1,743 1,727

1Q20 1Q21

2.613.16

1Q20 1Q21

1.501.74

1Q20 1Q21

0.86 0.90

1Q20 1Q21

+11% +18% -1%

+16% +21% +5%

Backlog +11% reaching again a new historic high

Minsait backlog (€m)Indra backlog (€m) T&D backlog (€m)

Indra backlog/revs LTM T&D backlog/revs LTM Minsait backlog/revs LTM

40

Operating Margin and EBIT evolution

1Q21 EBIT and Margin1Q21 Operating Margin1

1. EBIT before Other Operating Income & Expenses, including: staff reorganization, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions)

and equity based compensation.

31

52

1Q20 Op.Margin (€m) 1Q21 Op.Margin (€m)

68%

2.7pp

4.2%

6.9%

19

39

1Q20 EBIT (€m) 1Q21 EBIT (€m)

104%

2.6pp

2.6%

5.2%

41

40,664 40,024

7,6847,516

1,6501,439

20,000

25,000

30,000

35,000

40,000

45,000

50,000

ene-00 ene-00

-211

-168

-640

March 20 March 21

49,998 -1,01948,979¹

637 162

38,977 40,024

7,5407,516

1,4631,439

20,000

25,000

30,000

35,000

40,000

45,000

50,000

ene-00 ene-00

-24

-24

1,047

Workforce evolution

Minsait

T&D

Overheads & Others

Total workforce

Dec 20 March 21

47,980

1. SmartPaper workforce included (1,047 employees as of 31/12/2020)

999 48,979¹

Workforce unassigned to

projects256 162

¹ ¹

42

138 134

107 129

1Q20 1Q21

245

263

+21% / +21%

-2% / -3%

+8% / +7%

T&D order intake and revenuesT&D

1Q21 Order Intake (€m)

Transport & Traffic

Defence & Security


1Q21 Revenues (€m)


169148

97 124

1Q20 1Q21

266272

+28% / +28%

-10% / -12%

+3% / +2%

43

T&D Operating Margin and EBIT evolutionT&D




1524

1Q20 Op.Margin (€m) 1Q21 Op.Margin (€m)

57%

2.9pp

6.2%

9.1%

12

19


58%

2.3pp

4.9%

7.2%

44

175 169

159 152

91 107

65 61

1Q20 1Q21

490 489

-1% / -7%

+21% / +18%

+1% / -4%

+1% / -4%

+4% / 0%

231 191

225242

163141

135

91

1Q20 1Q21

754

665-30% / -33%

-13% / -13%

+15% / +8%

-14% / -18%

-8% / -12%

Minsait order intake and revenues

Financial Services

Energy & Industry

Telecom & Media

PPAA & Healthcare

MINSAIT

1Q21 Order Intake (€m)

Local Currency / Reported Local Currency / Reported

1Q21 Revenues (€m)

45

MINSAIT




Minsait Operating Margin and EBIT evolution

16

28

1Q20 Operating Margin (€m) 1Q21 Operating Margin (€m)

78%

2.6pp

3.2%

5.8%

7

20


180%

2.6pp

1.5%

4.1%

46

132104

184 186 185157

96

168

66

-9 -258

57

157 171

83125

Marc

h 1

7

June 1

7

Sept 17

Dec 1

7

Marc

h 1

8

June 1

8

Sept 18

Dec 1

8

Marc

h 1

9

June 1

9

Sept 19

Dec 1

9

Marc

h 2

0

June 2

0

Sept 20

Dec 2

0

Marc

h 2

1

-5-26

75

142

-6

-55

15

213

-108-129

-1

246

-59

-29

14

158

-17

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

Cumulative FCF LTM (€m)

FCF GenerationFY19 €8mFY17 €186m

Quarterly FCF

(€m)

FY18 €168m FY20 €83m 1Q21 €-17m

* Includes €-38m of the workforce transformation plan

** Includes €-11m of the workforce transformation plan

11,2

1 2

47

Net Debt 2020 Operating

Cash Flow

Net Working

Capital

Capex Taxes Other Financial

Liabilities Variation

Net interest Net Debt 1Q21

Financial

Investments,

FX Impact,

Non-CF

Items and

Others

Net Debt Bridge

(€m)

FCF €-17m

48

279 13

-64 -67 -67

53

4954

0-9

15

-4

-18

-2

+5

+5

0

Net Working Capital Evolution

Net Working Capital (DoS)

Inventory

Accounts

Receivable

Accounts

payable

March 20 Dec 20 March 21

49

700

659

532

602 592

633

505

5.4x

4.7x

2.3x 2.3x1.9x 2.2x

2.4x

4Q

15

1Q

16

1Q

17

1Q

18

1Q

19

1Q

20

1Q

21

Net Debt Evolution

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).

(187)

50

2023

€735m

0

50

100

150

200

250

300

350

2021 2022 2023 2024 and…

€33m€50m

€735m

€844m

2024 andbeyond

€844m

75

870

72

505

248

187

505

396

970

Gross Debt Cash & Cash Equivalents Net Debt

€1,662m €1,157m

€505m

Diversified debt structure

Gross Debt Maturity Profile

Bank Loans

Convertible Bonds

R+D Loans

Factoring

Other available credit facilities: €162m

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) 3.0 3.2

FY20

Gross and Net Debt Structure

1Q21

(2)(2),(3)(3)

1Q21 % total 2020 % total

L/T Debt 1,355 82% 1,373 82%

S/T Debt 307 18% 293 18%

Gross Debt 1,662 100% 1,666 100%

Cost of Gross Debt 1.9% 1.9%

Cash & Others 1,157 n.m. 1,185 n.m.

Net Debt 505 n.m. 481 n.m.

Cost of Net Debt 4.8% 3.0%

Investor [email protected]

Avenida de Bruselas, 3528108 AlcobendasMadrid Spain

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

Investors Presentation · 2021. 6. 14. · Investors Presentation June 2021. 2 ... Only 18 Spanish...

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