A LEADING TECH COMPANY. March 2013

Transcription

1 A LEADING TECH COMPANY March 2013

2 This document contains statements including forward looking statements regarding future performance of the Company. Analyst and investors must be aware that such statements do not constitute any guarantee about the future performance of the Company and involve risks and uncertainties, therefore actual performance may differ materially from that contained in said forward looking statement. 2 2

3 INDEX Who we are What we achieved in 2012 Outlook 2013 Annexes 3 3

4 WHO WE ARE INDRA HIGHLIGHTS A technology company providing real time, smart, efficient solutions and services to clients all around the world A technology company that provides business solutions, IT services and integrated systems to customers all around the world 2.9bn revenues in 2012 Public Administrations & Healthcare Transport & Traffic >38,000 employees Energy & Industry Strong track record Security & Defense Financial Services Subsidiaries in 45 countries and projects in 118 Telecom & Media 4 4

5 WHO WE ARE DIFFERENTIAL OFFERING BASED ON SOLUTIONS Border control Smart grid Simulation ATM Air Defense Systems Railway Systems Application Management Core insurance ITS 36% IT Outsourcing Aerospace Voting 64% Satellite Communications Cyber security BPO Cloud computing Analytics Solutions Services Healthcare Higher margins with strong differentiation Lower margins, but higher recurrence 5 5

6 WHO WE ARE INNOVATIVE AND LEADING CLIENTS IN ALL INDUSTRIES Saudi Railways Security & Defense Energy & Industry Telecom & Media 16% 16% 13% 16% 23% 18% Transport & Traffic DFS Public Administrations & Healthcare Kingdom of Bahrain Ministry of health Financial Services 6 6

7 WHO WE ARE ALMOST 40% OF REVENUES IN EMERGING MARKETS 18% Europe & USA Emerging markets 39% 43% Spain c.45% of workforce in 45 international subsidiaries More than 15,000 professionals in emerging markets (1) (1) Latam, Asia, Middle East & Others 7 7

8 WHO WE ARE BECOMING A GLOBAL PLAYER 70% 67% 65% 65% Spanish revenues as % of total Indra 67% 68% 66% 64% 61% 57% 53% 47% International revenues as % of total Indra 35% 35% 33% 33% 30% 32% 34% 36% 39% 43% International revenues 8 8

9 WHO WE ARE WITH STRONG GROWTH IN LATAM 25% 745 Latam revenues as % of total Indra 15% 18% Others 9% 10% 11% % % Mexico % % % Brazil Growth YoY Latam revenues ( M) 9 9

10 50% 40% 30% 20% 10% 0% - 10% - 20% - 30% A LEADING TECH COMPANY WHO WE ARE A GROWTH COMPANY (EVEN THROUGH THE DOWNTURN) +5% +2% +6% +10% +9% International Spain 45% 16% 7% 11% 10% 3% 17% 11% (1) 25% (1) -3% -3% -9% Corporate clients % -26% Public clients % Annual sales growth Spain sales growth International sales growth (1) Excluding the acquisitions in Italy, Brazil and Norway. Approximate figures

11 WHO WE ARE SPANISH REVENUES SUPPORTED BY THE CORPORATES THROUGH THE CRISIS 2012 vs % Public % 565 Corporates % Public Spain as % of Total Revenues 37% 19% Figures in M 11 11

12 WHO WE ARE SOLUTIONS AND SERVICES CARRY OUT DIFFERENT CONTRIBUTION MARGINS 7,4% 17,6% 12,8% 15,9% 8,5% Solutions Services Total Overheads Indra EBIT Margin 2012 (recurrent) Contribution Margin 12 12

13 WHO WE ARE PERSONNEL: BUILDING LOCAL RESOURCES BASE IN INTERNATIONAL MARKETS A significant part of Spanish resources dedicated to export business Nearshore Factories 56% 37% Large local presence all through Latam 5% 3% Europe & USA Asia, Middle East & Others > 38,000 professionals running the business with overall utilization capacity above 94% + c.4,000 subcontractors providing operational flexibility worldwide 13 13

14 WHO WE ARE FOCUSED INVESTMENTS TO TAKE ADVANTAGE OF THE EMERGING DEMAND FOR SOLUTIONS Net Intangible (R&D) CAPEX evolution (1) Main areas of investment in , 0% , 0% Commercial Solution for Utilities 8, 0% , 0% 50 6, 0% ,0% 30 1,2% 2,1% 2,6% 1,7% (*) 5, 0% 4, 0% 3, 0% 2, 0% 1, 0% Financial & Insurance Core Air Simulation Systems Unmanned Aerial Vehicle (UAV) 0 0, 0% Net Intangible Capex ( M) Net Intangible Capex / Sales Radar & Satellite Communications (1) Intangible Capex net of subsidies ( M) Average of net intangible Capex/ Sales: 1,7% 14 14

15 WHO WE ARE SUSTAINED DIVIDEND POLICY % 55% 55% 55% 59% 5.3% 62% 6.9% 60% 50% % 2.7% 3.7% 4.0% 40% 30% Dividends paid on % 10% % Ordinary Dividend Extraordinary Dividend Pay-Out Dividend Yield Dividend yield calculated on Dec 31 st of previous year; Pay-out calculated on previous FY results 15 15

16 INDEX Who we are What we achieved in 2012 Outlook 2013 Annexes 16 16

17 WHAT WE ACHIEVED IN 2012 MANAGING THROUGH A DIFFICULT ENVIRONMENT WITH A DUAL SCENARIO Spanish Market International Markets Deteriorating macro conditions throughout the year Solid growth rate: 45% in 2012 and 25% organic Sales declined double than expected at the beginning of 2012, impacting profitability Accelerated organic growth rate throughout the year Acceleration of public expenditure reductions Order intake grew by 45% Increasing price pressure Successful integration of acquisitions 2012 GUIDANCE 100% ACHIEVED 17 17

18 WHAT WE ACHIEVED IN 2012 MEETING ALL 2012 TARGETS 2012 Variation vs Guidance 2012 Order Intake ( M) 3,193 +7% Book-to-Bill >1x Revenues ( M) 2,941 +9% +8% / +9% EBIT margin Recurrent 8.5% -1.5 pp 8% - 9% Extraordinaries ( M) Net profit ( M) % --- Net Capex ( M) 74-33% NWC (DoS) Net Debt ( M)

19 INDEX Who we are What we achieved in 2012 Outlook 2013 Annexes 19 19

20 OUTLOOK 2013 FOCUS ON INTERNATIONAL MARKETS WHILE SETTING THE BASE FOR SPANISH MARKET RECOVERY Spanish Market International Markets Challenging macro environment remains at the beginning of the year Double digit decline (lower than last year) impacting profitability Well prepared to leverage on the recovery of the Spanish market Efficiency improvement initiatives (extraordinary expenses 20 M) Trough in Public Budgets Emerging markets remain to be the growth driver 60% of sales will be international by 2013 Sustained relevant growth Margin improvement Increase of % of Solutions, especially in emerging markets POSITIVE SALES AND CASH GROWTH 20 20

21 OUTLOOK 2013 FOCUS ON MANAGING THE BALANCE SHEET Balance Sheet optimization is a key priority, not only for 2013 but going forward: Contained evolution of net working capital Selective divestment opportunities Maintaining a reasonable dividend policy without increasing company leverage 21 21

22 OUTLOOK 2013 COMMITTED TO GROW WITH HIGH PROFITABILITY AND SOUND BALANCE SHEET 2013 Guidance Revenues Order Intake Recurrent EBIT margin Net Working Capital CAPEX (net of subsidies) Positive Growth Book-to-Bill around 1x Around 8% DoS 70 M 22 22

23 OUTLOOK 2013 PERSPECTIVES GOING FORWARD Relevant international growth with focus on Solutions offering Margin recovery envisaged as international expansion consolidates Market improvement in Spain and efficiency programs materialization INDRA S GROWTH PROFILE AND HIGH MARGINS 23 23

24 INDEX Who we are What we achieved in 2012 Outlook 2013 Annexes 24 24

25 ANNEXES 2012 REVENUES GROWTH BY VERTICAL 2012 Reported sales vs Spain Int. Healthcare & PPAA +32% Financial Services +20% = Energy & Industry +13% Transport & Traffic +12% Telecom & Media -7% Security & Defense -9% Total +9% 25 25

26 ANNEXES 2012 SPAIN & INTERNATIONAL Sales 2012 (% weight) 2012 Sales vs Book to Bill 2012 Spain 43% -18% 0.94x Europe & USA 18% +9% --- Latam 25% +54% --- Asia, Middle East & Others Total International 14% +111% % +45% 1.19x 26 26

27 ANNEXES 2012 SOLUTIONS & SERVICES EVOLUTION Sales 2012 (% weight) 2012 Sales vs Book to Bill 2012 Sales 2011 (% weight) Solutions 64% +4% 1.10x 67% Services 36% +21% 1.06x 33% 27 27

28 ANNEXES GOOD DIVERSIFICATION BY VERTICAL Transport & Traffic Security & Defence PPAA & Healthcare Telecom & Media Energy & Industry Financial Services Group revenue s break down by geography 2012 Total Spain 43% 31% 33% 40% 47% 51% 61% 69% 67% International 57% 60% 53% 49% 39% Telecom & Media Energy & Industry Telecom & Media Security & Defence 14% Security & Defense Energy & Industry Spain revenues break down by market % 12% 18% 13% 12% 16% 18% Transport & Traffic 16% PPAA & Healthcare 27% 23% by market 2012 Transport & Traffic 11% PPAA & Healthcare Financial Services International revenues break down Financial Services 28 28

29 3 Avda. de Bruselas Alcobendas, Madrid España T F