July 2013 A LEADING TECH COMPANY

Transcription

1 July 2013 A LEADING TECH COMPANY

2 This presentation may contain 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 that could result in final results differing from those contained in these statements. This should be taken into account by all individuals or institutions to whom this presentation is addressed and that might have to take decisions or form or transmit opinions relating to securities issued by the Company, and in particular, by the analysts and investors who consult this document. A LEADING TECH COMPANY 2

3 INDEX Who we are 2012 Performance Outlook 2013 Brief look at 1H13 Backup 2012 A LEADING TECH COMPANY 3

4 WHO WE ARE INDRA HIGHLIGHTS A technology A technology company company that provides providing business real time, solutions, smart, efficient IT services and integrated solutions systems and to services customers clients all around all around the world 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 128 Telecom & Media A LEADING TECH COMPANY 4

5 WHO WE ARE DIFFERENTIAL OFFERING BASED ON SOLUTIONS BPO Application Management Services 36% World leader in Air Traffic Management Global presence in ground Transport & Traffic IT Outsourcing Solutions for more than 140 utility companies in 40 countries Systems for 240 million mobile operator customers in 20 countries Cloud computing Cyber Security Own Solutions Solutions 64% Latest generation products offered to the entire value chain of financial institutions and insurance companies More than 35 million digital medical records: egovernment and health solutions Analytics Consulting System Integration 2012 Over 300 electoral processes involving 2,000 million voters Security & National Defence in 5 continents A LEADING TECH COMPANY 5

6 WHO WE ARE IN A BROAD RANGE OF VERTICALS Border Control Satellite Communications Air Defense Simulation Water Management UAV Media Solutions Security & Defense Networks and Communications Energy & Industry Telecom & Media 16% 16% 13% 16% Financial Services 23% Transport & Traffic 18% Railway Systmes Air Traffic Ticketing Public Administrations & Healthcare Inteligent Traffic Systems Voting Smart cities Taxes & Justice Airlines Commercial Solutions Smart Grid Core insurance Core Banking Healthcare A LEADING TECH COMPANY 6

7 WHO WE ARE INNOVATIVE AND LEADING CLIENTS IN ALL GEOGRAPHIES Spain Latam Europe & North America Asia, Middle East & Africa Kingdom of Bahrain Ministry of Health DFS Saudi Railways PPAA Brazil Colombia Voting US Navy Italian Navy Britain Army Oman ATM Metro Bombay Metro Kuala Lumpur Indonesian Navy Indian Navy 6 ASA Chile Healthcare Metro Shangai China ATM 30 largest clients account for 42% of total revenues 50 largest clients account for 57% of total revenues A LEADING TECH COMPANY 7

8 WHO WE ARE ALMOST 40% OF REVENUES IN EMERGING MARKETS Europe & North America 1.3x 18% 4.1x Emerging markets 39% 43% Spain 0.9x Revenues 2012/Revenues 2007 c.45% of workforce in 45 international subsidiaries Almost 16,000 professionals in emerging markets (1) (1) Latam, Asia, Middle East & Africa Figures as of 2012 A LEADING TECH COMPANY 8

9 WHO WE ARE BECOMING A GLOBAL PLAYER 68% 66% 64% Spanish revenues as % of total Indra 61% 53% 57% International revenues as % of total Indra 36% 34% 32% 39% 47% 43% International revenues A LEADING TECH COMPANY 9

10 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) A LEADING TECH COMPANY 10

11 50% 40% 30% 20% 10% 0% - 10% - 20% - 30% WHO WE ARE A GROWTH COMPANY (EVEN THROUGH THE DOWNTURN) Sales in M 2,168 2,380 2,513 2,557 2,688 2, % (2) -3.1% CAGR % 45% 16% 7% International sales growth 17% 11% 10% 11% 3% 7% (1) 25% (1) -3% -3% -10% -9% Corporate clients Spain sales growth -18% (1) Excluding the acquisitions in Italy, Brazil and Norway. Approximate figures. (2) Organic growth of 13.1% -26% Public clients A LEADING TECH COMPANY 11

12 WHO WE ARE SPANISH REVENUES SUPPORTED BY THE CORPORATES THROUGH THE CRISIS 2012 vs ,468-14% 1,258 Public % % Corporates % % Public Spain as % of Total Revenues 40% 19% Figures in M A LEADING TECH COMPANY 12

13 WHO WE ARE BUILDING NEARSHORE AND OFFSHORE PRODUCTION AND DELIVERY CAPABILITIES Latam Spain A significant part dedicated to export business Nearshore Factories 37% Local presence in 13 countries 56% 3% 5% Asia, Middle East & Africa Europe & North America >38,000 professionals running the business with overall utilization capacity above 94% + c.4,000 subcontractors providing operational flexibility worldwide A LEADING TECH COMPANY 13

14 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 & Others Contribution Margin Indra EBIT Margin 2012 (recurrent) A LEADING TECH COMPANY 14

15 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% 8, 0% Smart Grid & Customer Management Solutions for Utilities , 0% ,0% 30 1,2% 2,1% 2,6% 1,7% (*) 6, 0% 5, 0% 4, 0% 3, 0% 2, 0% 1, 0% Homeland Security Core Insurance System Unmanned Aerial Vehicle Systems 0 0, 0% Net Intangible Capex ( M) Net Intangible Capex / Sales Railway Signalling (ERTMS-2) Airlines Revenue Accounting (1) Intangible Capex net of subsidies ( M) Average of net intangible Capex/ Sales: 1.7% A LEADING TECH COMPANY 15

16 WHO WE ARE DIVIDEND TRACK RECORD 1,2 1 0,8 0,6 55% 55% 55% 55% 3.7% 4.0% % 2.3% 59% 5.3% 6.9% 62% 42% 3.4% 60% 50% 40% 30% 0,4 0,2 Dividends paid on % 10% 0% Ordinary Dividend Extraordinary Dividend Pay-Out Dividend Yield Dividend to accommodate to free cash flow generation, setting a floor in 2013 Dividend yield calculated on Dec 31 st of previous year; Pay-out calculated on previous FY results A LEADING TECH COMPANY 16

17 WHO WE ARE MAIN SHAREHOLDERS % as of Share Capital Banco Financiero y de Ahorros (1) 20.1% Corporación Financiera Alba (1) 11.3% Fidelity 10.0% Liberbank (1) 5.0% Casa Grande Cartagena (1) 5.0% Invesco 3.1% CNMV data (1) Board of Directors representation A LEADING TECH COMPANY 17

18 INDEX Who we are 2012 Performance Outlook 2013 Brief look at 1H13 Backup 2012 A LEADING TECH COMPANY 18

19 2012 PERFORMANCE MAIN 2012 FIGURES 2012 Variation vs Guidance 2012 Order Intake ( M) 3,193 +7% / B-t-B 1.1x Book-to-Bill >1x Revenues ( M) 2,941 +9% +8% / +9% EBIT margin Recurrent 8.5% -1.5 pp 8% - 9% Extraord. Cost ( M) Net profit ( M) % --- Net Capex ( M) 74-33% NWC (DoS) Net Debt ( M) A LEADING TECH COMPANY 19

20 INDEX Who we are 2012 Performance Outlook 2013 Brief look at 1H13 Backup 2012 A LEADING TECH COMPANY 20

21 OUTLOOK 2013 COMMITTED TO GROW WITH HIGH PROFITABILITY AND SOUND BALANCE SHEET 2013 Guidance Revenues Positive Growth (adjusted for the impact of divestments (1) ) Order Intake Recurrent EBIT margin Net Working Capital CAPEX (net of subsidies) Book-to-Bill around 1x Around 8% DoS 70 M (1) Sale of advanced management of digital documentation business in Spain A LEADING TECH COMPANY 21

22 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 and Capex Exploring selective divestment opportunities Maintaining a reasonable dividend without increasing company leverage A LEADING TECH COMPANY 22

23 OUTLOOK 2013 PERSPECTIVES GOING FORWARD Relevant international growth with focus on Solutions offering Margin recovery envisaged as overall efficiency increases, international expansion consolidates and Spain recovers Cash Flow generation capacity improvement INDRA S GROWTH PROFILE A LEADING TECH COMPANY 23

24 INDEX Who we are 2012 Performance Outlook 2013 Brief look at 1H13 Backup 2012 A LEADING TECH COMPANY 24

25 BRIEF LOOK AT 1H13 1H13: MAIN MESSAGES Growth continues to be positive (+1% YoY) Both services and solutions show positive growth Latam and AMEA remain solid Spain: difficult environment Book to bill remains above 1.0x EBIT in line with 1Q13 and FY guidance Restructuring accelerated; divestments ongoing NWC under control A LEADING TECH COMPANY 25

26 BRIEF LOOK AT 1H13 1H13 RESULTS: MAIN HEADLINES 1H13 Variation 1H12 Order Intake ( M) 1,672-14% / -4% (2) 1,939 Revenues ( M) % 1469 Order Backlog ( M) 3,608-3% 3,716 EBIT margin Recurrent (1) 7.9% -0.5pp 8.4% Net Profit ( M) 48-22% 61 NWC (DoS) Net Debt ( M) % 587 (1) After extraordinary expenses of 21M EBIT margin was 6.5% (2) Comparable basis 30 A LEADING TECH COMPANY 26

27 BRIEF LOOK AT 1H13 LATAM AND AMEA, KEY GROWTH DRIVERS Revenues Order intake 1H13 ( M) Var. (%) 1H11 Var. 1H12 ( M) (%) ( M) Book to Bill (1) Spain % -15% 1.0x Latam % +23% 1.4x Europe & North America Asia, Middle East & Africa % +4% 1.0x % -25% (2) 1.1x Total 1,490 +1% -4% (2) 1.1x (1) Book to Bill ratio: Order Intake/Revenues. Data for 1H13. (2) Comparable basis. Total reported Order Intake -14% 32 A LEADING TECH COMPANY 27

28 BRIEF LOOK AT 1H13 STRONG PERFORMANCE BY VERTICALS OUT OF SPAIN 1H13 ( M) Spain Int. Variation Energy & Industry % Financial Services % Telecom & Media 210-2% Healthcare & PPAA % Transport & Traffic % Security & Defence % Total 1,490 +1% 35 A LEADING TECH COMPANY 28

29 BRIEF LOOK AT 1H13 1H13 SOLUTIONS: POSTING POSITIVE GROWTH SOLUTIONS 1H13 Variation 1H12 Order Intake ( M) 1,004-19% 1,235 Revenues ( M) % 906 Weight (% total revenues) 62% = 62% Book to Bill 1.09x -20% 1.36x Backlog / LTM Revenues 1.33x -7% 1.44x Contribution Margin 17.5% -0.5pp 18% 33 A LEADING TECH COMPANY 29

30 BRIEF LOOK AT 1H13 1H13 SERVICES: CYCLICAL GROWTH => 38% OF TOTAL SERVICES 1H13 Variation 1H12 Order Intake ( M) 667-5% 704 Revenues ( M) % 563 Weight (% total revenues) 38% = 38% Book to Bill 1.17x -7% 1.25x Backlog / LTM Revenues 1.01x -9% 1.12x Contribution Margin 12.2% -0.1pp 12.3% 34 A LEADING TECH COMPANY 30

31 BRIEF LOOK AT 1H13 PERSONNEL BASICALLY FLAT AT GROUP LEVEL, DOWN IN SPAIN, EUROPE & NORTH AMERICA 1H13 1H13 vs Dec % of Total Spain 20,698-4% 54% Latam 14,956 +5% 39% Europe & North America 1,676-3% 4% Asia, Middle East & Africa 1, % 3% Total 38,542 = 100% 36 A LEADING TECH COMPANY 31

32 INDEX Who we are 2012 Performance Outlook 2013 Brief look at 1H13 Backup 2012 A LEADING TECH COMPANY 32

33 BACKUP REVENUES GROWTH BY VERTICAL 2012 Reported sales vs Energy & Industry +13% Spain Int. Financial Services +20% = Telecom & Media -7% Healthcare & PPAA +32% Transport & Traffic +12% Security & Defense -9% Total +9% A LEADING TECH COMPANY 33

34 BACKUP GEOGRAPHICAL BREAKDOWN Sales 2012 (% weight) 2012 Sales vs Book to Bill 2012 Spain 43% -18% Europe & North America 18% +9% Latam 25% +54% Asia, Middle East & Africa 14% +111% A LEADING TECH COMPANY 34

35 BACKUP 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% A LEADING TECH COMPANY 35

36 BACKUP DIVERSIFICATION BY VERTICAL Group revenue s break down by geography 2012 Telecom & Media Spain revenues break down by market 2012 Security & Defence 14% 12% Transport & Traffic 16% 16% PPAA & Healthcare Energy & Industry 19% 23% Financial Services Telecom & Media Other geographies revenues break down by market 2012 Security & Defense 12% 18% 27% Transport & Traffic Spain Other geographies Energy & Industry 14% 11% 18% PPAA & Healthcare Financial Services A LEADING TECH COMPANY 36

37 Investor Relations Avda. de Bruselas Alcobendas, Madrid España T F