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February 2015
A LEADING TECH COMPANY
This presentation has been produced by Indra for the sole purpose expressed therein. It should not in any event be constructed as an offer or invitation to purchase shares of the Company. 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 disclaimer should be taken into consideration by all the individuals or entities to whom this documents is targeted and by those who consider that they have to make decisions or issue opinions related to securities issued by Indra. A LEADING TECH COMPANY
| 2
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 3
WHO WE ARE
INDRA: GLOBAL FOOTPRINT A technology company providing real time, smart, efficient solutions and services to clients all around the world
€2.9bn
revenues in 2013
Local presence in
45
countries
65% Services 35%
38,000
78
Projects in
Solutions
Excellence Centers & Software Labs
employees
138
countries
A LEADING TECH COMPANY
| 4
WHO WE ARE
IN A BROAD RANGE OF VERTICALS
Transport & Traffic Security & Defense Energy & Industry
as % of Sales
Key Solutions
Services
21%
17%
17%
Public istrations Financial Services Telecom & Media & Healthcare
17%
16%
12%
Air Traffic
Air Defense
Customer Management
Taxes & Justice
Core Banking
Railways, Mass Rapid Transit & Buses
Border Control
Network Management (Smart Grid)
Voting
Core insurance
Social Media
Intelligent Traffic Systems & Smart Mobility
Simulation
Plant Management & Energy Markets
ePayments
Digital Platforms
Application Management
Healthcare
BPO
Networks & Communications
IT Outsourcing
as % of Solutions
A LEADING TECH COMPANY
| 5
WHO WE ARE
AN INTERNATIONAL DIVERSIFIED COMPANY Latam Spain
28% 39%
13% 20%
Asia, Middle East & Africa
Europe & USA
>40% of total revenues in emerging markets
>45% of workforce in 45 international subsidiaries
Figures as of 2013 A LEADING TECH COMPANY
| 6
WHO WE ARE
CONSOLIDATING GLOBAL PRESENCE 68%
66%
64%
61%
61% 57%
Spanish revenues as % of total Indra
Revenues outside of Spain as % of total Indra 32%
2007
34%
2008
36%
2009
57%
43%
43%
39%
2010
39%
2011
2012
2013
17% CAGR since beginning of the crisis
Revenues outside of Spain
A LEADING TECH COMPANY
| 7
WHO WE ARE
WITH STRONG GROWTH IN LATAM Latam revenues growth since 2007
% of total Latam
Figures in €M
Mexico 19%
831
Brazil 35%
Colombia 10%
4.2x
197 2007
2013
+22% growth in Latam (local currency) in 2013
Others 19%
Chile 6% Peru 6% Argentina 5%
39% of total employees (~15,000) located in Latam
A LEADING TECH COMPANY
| 8
WHO WE ARE
WITH STRONG GROWTH IN AMEA AS WELL AMEA revenues growth since 2007
% of total AMEA
Figures in €M
Africa 28%
381 Asia 46%
4.4x
Middle East 26%
86 2007
2013
Revenue growth of 28% CAGR since 2007
3% of total employees (~1,300) located in AMEA
A LEADING TECH COMPANY
| 9
WHO WE ARE
SPANISH REVENUES ED BY THE CORPORATES THROUGH THE CRISIS 7%
3%
7%
-3%
-3%
-10%
Corporate clients
-1%
-9%
-11%
-18%
-23%
-26%
2008
2009
2010
2011
2012
Spanish market growth rate
Public clients
2013
2013 vs 2007 1,468 -23% 1,125
Public
Corporates
Public Spain as % of Indra’s Total Revenues
864
604
-50%
+15%
433
38%
692
62%
2007
2013
40%
15% A LEADING TECH COMPANY
| 10
WHO WE ARE
BUILDING NEARSHORE AND OFFSHORE PRODUCTION AND DELIVERY CAPABILITIES Latam Spain
Nearshore Factories
39%
A significant part dedicated to export business
Local presence in 14 countries
54%
Personnel breakdown
3% 4%
Asia, Middle East & Africa Europe & North America
>38,000 professionals running the business with overall utilization capacity of 94%
+
c.4,000 subcontractors providing operational flexibility worldwide
A LEADING TECH COMPANY
| 11
WHO WE ARE
SOLUTIONS AND SERVICES CARRY OUT DIFFERENT CONTRIBUTION MARGINS
7.2% 16.6%
15.0% 11.9% 7.8%
Solutions
Services
Total
Overheads & Others
Indra EBIT Margin 2013 (recurrent)
Contribution Margin 2013 Figures
A LEADING TECH COMPANY
| 12
WHO WE ARE
FOCUSED INVESTMENTS TO TAKE ADVANTAGE OF THE DEMAND FOR SOLUTIONS Main areas of investment
Net Intangible (R&D) CAPEX evolution (1) 80
10,0%
69
9,0%
70
Smart Grid & Customer Management Solutions for Utilities
8,0%
60
51
53
51
50
7,0%
47 6,0%
40
38
5,0%
Surveillance
Healthcare
4,0%
30
2.0%
2.1%
2.6% 3,0%
1.7%
20
1.6%
1.6%
2,0%
10
1,0%
0
Core Banking & Insurance Systems
0,0%
2008
2009
2010
2011
2012
Net Intangible Capex (€M) Net Intangible Capex / Sales
2013
Railway Solutions
Airlines Revenue ing
(1) Intangible Capex net of subsidies (€M)
A LEADING TECH COMPANY
| 13
WHO WE ARE
DIVIDEND TRACK RECORD
1,2
55%
55%
55%
55%
1
0.35 €
2.3%
3.7%
0.43 €
0.61 €
0.50 €
48%
42%
4.0%
0.66 €
60%
6.9%
3.4%
2.7%
0,4
Dividends 0,2 paid on
62%
5.3%
0,8 0,6
59%
0.68 €
50% 40%
2.8%
30% 20%
0.68 € 0.34 €
10%
0.34 €
0
0%
2007
2008
2009
Ordinary Dividend
2010
2011
Extraordinary Dividend
2012
2013
Pay-Out
2014 Dividend Yield
Dividend accommodated to free cash flow generation, setting a floor in 2013
Dividend yield calculated on Dec 31st of previous year; Pay-out calculated on previous FY results
A LEADING TECH COMPANY
| 14
WHO WE ARE
SHAREHOLDERS (January 2015) % as of Estatal de Sociedad Share Capital Participaciones Industriales S.E.P.I (*)
20.1%
Others
12.5%
53.5%
Corporación Financiera Alba (*)
10.7% 3.2%
Fidelity Group
Telefónica, S.A. (*) Board of Directors representation
CNMV data. Identified shareholders with a position in excess of 3% A LEADING TECH COMPANY
| 15
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 16
BRIEF LOOK AT 9M14
9M14 MAIN MESSAGES Revenues +3% in local currency; Solutions +3%, Services +3% Spain back to positive growth in 3Q14 based on a gradual macroeconomic improvement in the Spanish market Latam + 9% in local currency with expected acceleration by year end. AMEA sustaining double digit growth rate in local currency (+13%) Recurrent EBIT margin (7.5%) Restructuring of €16m represents bulk of 2014 plan NWC up, as anticipated, to 114 DoS. The improvement will be concentrated at the end of the year FCF of €100m reiterated, based on achieving some milestones
A LEADING TECH COMPANY
| 17
BRIEF LOOK AT 9M14
9M14 RESULTS: MAIN HEADLINES 9M14
Variation Local currency / reported
9M13
Order Intake (€M)
2,126
+3% / -2%
2,177
Revenues (€M)
2,086
+3% / -2%
2,123
EBIT margin Recurrent (1)
7.5%
-0.4 pp
7.9%
Net profit Recurrent (1) (€M)
91
+4%
87
Net Capex (€M)
42
+17%
36
NWC (DoS)
114
+7
107
Free Cash Flow
-5
---
-24(2)
Net Debt (€M)
726
+3%
707
(1) Before extraordinary costs of €16m (2) Flat after the impact of the disposal of the business of advanced management of digital documentation in Spain and Mexico A LEADING TECH COMPANY
| 18
BRIEF LOOK AT 9M14
PPAA & HEALTHCARE AND TRANSPORT & TRAFFIC OUTPERFORM % Variation
9M14 (€M)
Spain
Int.
Local Currency
Reported
Energy & Industry
335
-0%
-6%
Financial Services
363
+6%
+0%
Telecom & Media
232
-9%
-19%
PPAA & Healthcare
385
+12%
+9%
Transport & Traffic
431
+9%
+5%
Security & Defence
339
-3%
-4%
Total
2,086
+3%
-2%
35 A LEADING TECH COMPANY
| 19
BRIEF LOOK AT 9M14
SPAIN IMPROVES, LATAM SIGNIFICANTLY TO IMPROVE IN 4Q14 9M14
% Variation
9M13
(€M)
(€M)
Local Currency
Reported
Spain
797
852
-6%
-6%
Latam
578
611
+9%
-5%
EU/USA
440
415
+7%
+6%
AMEA
272
246
+13%
+11%
Total
2,086
2,123
+3%
-2%
A LEADING TECH COMPANY
| 20
BRIEF LOOK AT 9M14
9M14 SOLUTIONS: SOLID ORDER INTAKE SOLUTIONS
9M14
Variation Local currency / reported
Order Intake (€M)
1,354
+9% / +3%
1,311
Revenues (€M)
1,319
+3% / -1%
1,333
Weight (% total revenues)
63%
+0 pp
63%
Book to Bill
1.03x
+4%
0.98x
Backlog / LTM Revenues
1.33x
+5%
1.27x
Contribution Margin
17.3%
-0.6 pp
17.9%
9M13
33 A LEADING TECH COMPANY
| 21
BRIEF LOOK AT 9M14
9M14 SERVICES: DOUBLE DIGIT GROWTH IN 3Q SERVICES
9M14
Variation Local currency / reported
Order Intake (€M)
771
-5% / -11%
866
Revenues (€M)
768
+3% / -3%
790
Weight (% total revenues)
37%
-0 pp
37%
Book to Bill
1.00x
-8%
1.10x
Backlog / LTM Revenues
0.94x
-5%
0.99x
Contribution Margin
10.8%
-0.3 pp
11.1%
9M13
34 A LEADING TECH COMPANY
| 22
BRIEF LOOK AT 9M14
9M14 DIVERSIFICATION BY VERTICAL Spanish revenues break down by market 9M14 Security & Defence
Transport & Traffic 8%
Telecom & Media
12%
16%
Financial Services
27% 19%
Energy & Industry
18%
PPAA & Healthcare
Revenues outside of Spain break down by market 9M14 Security & Defence
Transport & Traffic
21%
Telecom & Media
26%
9% 11%
Financial Services
14%
Energy & Industry
19%
PPAA & Healthcare A LEADING TECH COMPANY
| 23
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 24
OUTLOOK 2014
GUIDANCE FOR 2014: FREE CASH FLOW
Main considerations and perspectives:
FCF of €100m (assumes the billing and collection of certain projects in Latam and collections from contracts recently awarded and to be formalized)
Positive revenue growth in local currency • Low/mid single digit decline in Spain • Double digit growth in local currency in Latam & AMEA • Flat performance in Europe
Recurrent EBIT margin similar to 2013
NWC & Capex below 2013 levels
Net debt reduction and adequate shareholders’ remuneration
A LEADING TECH COMPANY
| 25
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 26
2013 PERFORMANCE
2013: MAIN MESSAGES 2013 targets achieved Positive revenue growth in local currency (+2% YoY) Strong performance in Latam (+22% in local currency) Spain: Public clients down by 23%, but bottoming out Operating margin at 7.8% NWC and Capex stable Positive FCF evolution
A LEADING TECH COMPANY
| 27
2013 PERFORMANCE
MAIN 2013 FIGURES 2013
Variation vs. 2012
Objectives 2013
Order Intake (€M)
3,029
B-t-B 1.04x
Book-to-Bill >1x
Revenues (€M)
2,914
+2% (1)
Slightly positive (3)
EBIT margin Recurrent
7.8% (2)
-0.7pp
Around 8%
Net profit (€M)
116
-9%
---
Net Capex (€M)
64 (3)
-14%
65 - 75
NWC (DoS)
109
+5
100 – 110
Free Cash Flow
52 (3)
+35%
---
Net Debt (€M)
622
-11
---
(1) In local currency; -0.9% in reported (2) Before extraordinary costs of €28m (3) Adjusted for the impact of the disposal of the business of advanced management of digital documentation in Spain and Mexico. Revenues in 2013 of this activity reached €19m and were €49m in 2012. Order Intake totals €19m in 2013 and €28m in 2012. Includes positive impact (€25m) in FCF from divestment A LEADING TECH COMPANY
| 28
Investor Relations [email protected] Avda. de Bruselas 35 28108 Alcobendas, Madrid Spain T +34 91 480 98 00 F +34 91 480 98 47 www.indracompany.com
A LEADING TECH COMPANY
This presentation has been produced by Indra for the sole purpose expressed therein. It should not in any event be constructed as an offer or invitation to purchase shares of the Company. 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 disclaimer should be taken into consideration by all the individuals or entities to whom this documents is targeted and by those who consider that they have to make decisions or issue opinions related to securities issued by Indra. A LEADING TECH COMPANY
| 2
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 3
WHO WE ARE
INDRA: GLOBAL FOOTPRINT A technology company providing real time, smart, efficient solutions and services to clients all around the world
€2.9bn
revenues in 2013
Local presence in
45
countries
65% Services 35%
38,000
78
Projects in
Solutions
Excellence Centers & Software Labs
employees
138
countries
A LEADING TECH COMPANY
| 4
WHO WE ARE
IN A BROAD RANGE OF VERTICALS
Transport & Traffic Security & Defense Energy & Industry
as % of Sales
Key Solutions
Services
21%
17%
17%
Public istrations Financial Services Telecom & Media & Healthcare
17%
16%
12%
Air Traffic
Air Defense
Customer Management
Taxes & Justice
Core Banking
Railways, Mass Rapid Transit & Buses
Border Control
Network Management (Smart Grid)
Voting
Core insurance
Social Media
Intelligent Traffic Systems & Smart Mobility
Simulation
Plant Management & Energy Markets
ePayments
Digital Platforms
Application Management
Healthcare
BPO
Networks & Communications
IT Outsourcing
as % of Solutions
A LEADING TECH COMPANY
| 5
WHO WE ARE
AN INTERNATIONAL DIVERSIFIED COMPANY Latam Spain
28% 39%
13% 20%
Asia, Middle East & Africa
Europe & USA
>40% of total revenues in emerging markets
>45% of workforce in 45 international subsidiaries
Figures as of 2013 A LEADING TECH COMPANY
| 6
WHO WE ARE
CONSOLIDATING GLOBAL PRESENCE 68%
66%
64%
61%
61% 57%
Spanish revenues as % of total Indra
Revenues outside of Spain as % of total Indra 32%
2007
34%
2008
36%
2009
57%
43%
43%
39%
2010
39%
2011
2012
2013
17% CAGR since beginning of the crisis
Revenues outside of Spain
A LEADING TECH COMPANY
| 7
WHO WE ARE
WITH STRONG GROWTH IN LATAM Latam revenues growth since 2007
% of total Latam
Figures in €M
Mexico 19%
831
Brazil 35%
Colombia 10%
4.2x
197 2007
2013
+22% growth in Latam (local currency) in 2013
Others 19%
Chile 6% Peru 6% Argentina 5%
39% of total employees (~15,000) located in Latam
A LEADING TECH COMPANY
| 8
WHO WE ARE
WITH STRONG GROWTH IN AMEA AS WELL AMEA revenues growth since 2007
% of total AMEA
Figures in €M
Africa 28%
381 Asia 46%
4.4x
Middle East 26%
86 2007
2013
Revenue growth of 28% CAGR since 2007
3% of total employees (~1,300) located in AMEA
A LEADING TECH COMPANY
| 9
WHO WE ARE
SPANISH REVENUES ED BY THE CORPORATES THROUGH THE CRISIS 7%
3%
7%
-3%
-3%
-10%
Corporate clients
-1%
-9%
-11%
-18%
-23%
-26%
2008
2009
2010
2011
2012
Spanish market growth rate
Public clients
2013
2013 vs 2007 1,468 -23% 1,125
Public
Corporates
Public Spain as % of Indra’s Total Revenues
864
604
-50%
+15%
433
38%
692
62%
2007
2013
40%
15% A LEADING TECH COMPANY
| 10
WHO WE ARE
BUILDING NEARSHORE AND OFFSHORE PRODUCTION AND DELIVERY CAPABILITIES Latam Spain
Nearshore Factories
39%
A significant part dedicated to export business
Local presence in 14 countries
54%
Personnel breakdown
3% 4%
Asia, Middle East & Africa Europe & North America
>38,000 professionals running the business with overall utilization capacity of 94%
+
c.4,000 subcontractors providing operational flexibility worldwide
A LEADING TECH COMPANY
| 11
WHO WE ARE
SOLUTIONS AND SERVICES CARRY OUT DIFFERENT CONTRIBUTION MARGINS
7.2% 16.6%
15.0% 11.9% 7.8%
Solutions
Services
Total
Overheads & Others
Indra EBIT Margin 2013 (recurrent)
Contribution Margin 2013 Figures
A LEADING TECH COMPANY
| 12
WHO WE ARE
FOCUSED INVESTMENTS TO TAKE ADVANTAGE OF THE DEMAND FOR SOLUTIONS Main areas of investment
Net Intangible (R&D) CAPEX evolution (1) 80
10,0%
69
9,0%
70
Smart Grid & Customer Management Solutions for Utilities
8,0%
60
51
53
51
50
7,0%
47 6,0%
40
38
5,0%
Surveillance
Healthcare
4,0%
30
2.0%
2.1%
2.6% 3,0%
1.7%
20
1.6%
1.6%
2,0%
10
1,0%
0
Core Banking & Insurance Systems
0,0%
2008
2009
2010
2011
2012
Net Intangible Capex (€M) Net Intangible Capex / Sales
2013
Railway Solutions
Airlines Revenue ing
(1) Intangible Capex net of subsidies (€M)
A LEADING TECH COMPANY
| 13
WHO WE ARE
DIVIDEND TRACK RECORD
1,2
55%
55%
55%
55%
1
0.35 €
2.3%
3.7%
0.43 €
0.61 €
0.50 €
48%
42%
4.0%
0.66 €
60%
6.9%
3.4%
2.7%
0,4
Dividends 0,2 paid on
62%
5.3%
0,8 0,6
59%
0.68 €
50% 40%
2.8%
30% 20%
0.68 € 0.34 €
10%
0.34 €
0
0%
2007
2008
2009
Ordinary Dividend
2010
2011
Extraordinary Dividend
2012
2013
Pay-Out
2014 Dividend Yield
Dividend accommodated to free cash flow generation, setting a floor in 2013
Dividend yield calculated on Dec 31st of previous year; Pay-out calculated on previous FY results
A LEADING TECH COMPANY
| 14
WHO WE ARE
SHAREHOLDERS (January 2015) % as of Estatal de Sociedad Share Capital Participaciones Industriales S.E.P.I (*)
20.1%
Others
12.5%
53.5%
Corporación Financiera Alba (*)
10.7% 3.2%
Fidelity Group
Telefónica, S.A. (*) Board of Directors representation
CNMV data. Identified shareholders with a position in excess of 3% A LEADING TECH COMPANY
| 15
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 16
BRIEF LOOK AT 9M14
9M14 MAIN MESSAGES Revenues +3% in local currency; Solutions +3%, Services +3% Spain back to positive growth in 3Q14 based on a gradual macroeconomic improvement in the Spanish market Latam + 9% in local currency with expected acceleration by year end. AMEA sustaining double digit growth rate in local currency (+13%) Recurrent EBIT margin (7.5%) Restructuring of €16m represents bulk of 2014 plan NWC up, as anticipated, to 114 DoS. The improvement will be concentrated at the end of the year FCF of €100m reiterated, based on achieving some milestones
A LEADING TECH COMPANY
| 17
BRIEF LOOK AT 9M14
9M14 RESULTS: MAIN HEADLINES 9M14
Variation Local currency / reported
9M13
Order Intake (€M)
2,126
+3% / -2%
2,177
Revenues (€M)
2,086
+3% / -2%
2,123
EBIT margin Recurrent (1)
7.5%
-0.4 pp
7.9%
Net profit Recurrent (1) (€M)
91
+4%
87
Net Capex (€M)
42
+17%
36
NWC (DoS)
114
+7
107
Free Cash Flow
-5
---
-24(2)
Net Debt (€M)
726
+3%
707
(1) Before extraordinary costs of €16m (2) Flat after the impact of the disposal of the business of advanced management of digital documentation in Spain and Mexico A LEADING TECH COMPANY
| 18
BRIEF LOOK AT 9M14
PPAA & HEALTHCARE AND TRANSPORT & TRAFFIC OUTPERFORM % Variation
9M14 (€M)
Spain
Int.
Local Currency
Reported
Energy & Industry
335
-0%
-6%
Financial Services
363
+6%
+0%
Telecom & Media
232
-9%
-19%
PPAA & Healthcare
385
+12%
+9%
Transport & Traffic
431
+9%
+5%
Security & Defence
339
-3%
-4%
Total
2,086
+3%
-2%
35 A LEADING TECH COMPANY
| 19
BRIEF LOOK AT 9M14
SPAIN IMPROVES, LATAM SIGNIFICANTLY TO IMPROVE IN 4Q14 9M14
% Variation
9M13
(€M)
(€M)
Local Currency
Reported
Spain
797
852
-6%
-6%
Latam
578
611
+9%
-5%
EU/USA
440
415
+7%
+6%
AMEA
272
246
+13%
+11%
Total
2,086
2,123
+3%
-2%
A LEADING TECH COMPANY
| 20
BRIEF LOOK AT 9M14
9M14 SOLUTIONS: SOLID ORDER INTAKE SOLUTIONS
9M14
Variation Local currency / reported
Order Intake (€M)
1,354
+9% / +3%
1,311
Revenues (€M)
1,319
+3% / -1%
1,333
Weight (% total revenues)
63%
+0 pp
63%
Book to Bill
1.03x
+4%
0.98x
Backlog / LTM Revenues
1.33x
+5%
1.27x
Contribution Margin
17.3%
-0.6 pp
17.9%
9M13
33 A LEADING TECH COMPANY
| 21
BRIEF LOOK AT 9M14
9M14 SERVICES: DOUBLE DIGIT GROWTH IN 3Q SERVICES
9M14
Variation Local currency / reported
Order Intake (€M)
771
-5% / -11%
866
Revenues (€M)
768
+3% / -3%
790
Weight (% total revenues)
37%
-0 pp
37%
Book to Bill
1.00x
-8%
1.10x
Backlog / LTM Revenues
0.94x
-5%
0.99x
Contribution Margin
10.8%
-0.3 pp
11.1%
9M13
34 A LEADING TECH COMPANY
| 22
BRIEF LOOK AT 9M14
9M14 DIVERSIFICATION BY VERTICAL Spanish revenues break down by market 9M14 Security & Defence
Transport & Traffic 8%
Telecom & Media
12%
16%
Financial Services
27% 19%
Energy & Industry
18%
PPAA & Healthcare
Revenues outside of Spain break down by market 9M14 Security & Defence
Transport & Traffic
21%
Telecom & Media
26%
9% 11%
Financial Services
14%
Energy & Industry
19%
PPAA & Healthcare A LEADING TECH COMPANY
| 23
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 24
OUTLOOK 2014
GUIDANCE FOR 2014: FREE CASH FLOW
Main considerations and perspectives:
FCF of €100m (assumes the billing and collection of certain projects in Latam and collections from contracts recently awarded and to be formalized)
Positive revenue growth in local currency • Low/mid single digit decline in Spain • Double digit growth in local currency in Latam & AMEA • Flat performance in Europe
Recurrent EBIT margin similar to 2013
NWC & Capex below 2013 levels
Net debt reduction and adequate shareholders’ remuneration
A LEADING TECH COMPANY
| 25
INDEX
Who we are Brief look at 9M14 Outlook 2014 2013 Performance A LEADING TECH COMPANY
| 26
2013 PERFORMANCE
2013: MAIN MESSAGES 2013 targets achieved Positive revenue growth in local currency (+2% YoY) Strong performance in Latam (+22% in local currency) Spain: Public clients down by 23%, but bottoming out Operating margin at 7.8% NWC and Capex stable Positive FCF evolution
A LEADING TECH COMPANY
| 27
2013 PERFORMANCE
MAIN 2013 FIGURES 2013
Variation vs. 2012
Objectives 2013
Order Intake (€M)
3,029
B-t-B 1.04x
Book-to-Bill >1x
Revenues (€M)
2,914
+2% (1)
Slightly positive (3)
EBIT margin Recurrent
7.8% (2)
-0.7pp
Around 8%
Net profit (€M)
116
-9%
---
Net Capex (€M)
64 (3)
-14%
65 - 75
NWC (DoS)
109
+5
100 – 110
Free Cash Flow
52 (3)
+35%
---
Net Debt (€M)
622
-11
---
(1) In local currency; -0.9% in reported (2) Before extraordinary costs of €28m (3) Adjusted for the impact of the disposal of the business of advanced management of digital documentation in Spain and Mexico. Revenues in 2013 of this activity reached €19m and were €49m in 2012. Order Intake totals €19m in 2013 and €28m in 2012. Includes positive impact (€25m) in FCF from divestment A LEADING TECH COMPANY
| 28
Investor Relations [email protected] Avda. de Bruselas 35 28108 Alcobendas, Madrid Spain T +34 91 480 98 00 F +34 91 480 98 47 www.indracompany.com
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