- Growth was spearheaded by international markets, where revenue jumped by 42%; excluding the impact of the acquisitions positive performance in international markets is maintained
- Backlog climbed 14% to €3,716m
- Recurring net profit stood at €77m, down 27% on 1H11
In light of the company’s first-half earnings Indra reiterates its guidance for the full year. Revenue rose 9% to €1,469m. International markets contribution continues to grow with revenues increasing a 42% and now accounting for 51% of total Group sales. Excluding acquisitions, international revenues posted positive growth in line with the company’s expectations. Domestic market continued to contract, shaping a 13% year-on-year decline in revenue, also in line with Indra’s expectations and exacerbated by the prevailing economic climate.
Order intake rose 11% to €1,939m. Once again, the international market took the lead, registering growth of 52% and accounting for 60% of the total. Excluding the impact of acquisitions, the order intake would have increased by 1% year-on-year. Backlog was 14% higher than the year-before figure at €3,712m, equivalent to 1.33 times last twelve month revenues.
Recurrent EBIT margin (before extraordinary costs) stood at 8.4%, in line with the mid-point of the full-year guidance range (8%-9%). The company incurred in €20m of non-recurring costs and expects to account for an additional €10m in the second half. Recurrent net profit was €77m, down 27% on the first half of 2011.
Topline growth of 78% in Latam
The Energy & Industry (24%), Financial Services (15%), Public Administrations and Healthcare (11%) vertical markets all registered double-digit growth. Growth in the Transport & Traffic and Telecom & Media vertical markets was more moderate, at 5% and 2%, respectively. Security and Defence was flat.
By geography, Latin America remains very strong, registering revenue growth of 78%; growth in Asia Pacific, the Middle East and Africa accelerated to 38% in the first-half while growth in Europe was 11%.
On track to deliver 2012 guidance
In light of the first-half earnings performance, with a targeted revenue coverage of 93% considering the mid-point of the revenue guidance range, and taking into account prevailing forecasts and prospects for the rest of the year, Indra is in a position to reiterate the guidance provided at the beginning of the year:
- Revenue growth of between 8% and 9%
- Book-to-bill (order intake/revenue) ratio above 1x
- A recurrent EBIT margin (before extraordinary costs) of between 8% and 9%
- Working capital requirements and capital expenditure at the upper end of the ranges of 110-100 days of annualised sales and €65-65m, respectively.
Dividend payment
At the General Meeting held in June, the company’s shareholders agreed to pay an ordinary dividend of €0.68 per share, as proposed by the Board of Directors. This dividend was paid out on July 4th. The dividend yield stands at 6.9% on 2011 year-end share price.
KEY FIGURES
The following table shows the main highlights for the period including the impact of the acquisitions of Galyleo (consolidated since 1 July 2011), Politec (consolidated since 1 October 2011) and Indra Navia (consolidated since 1 May 2012):
|
INDRA |
1H12 (€ m) |
1H11 (€ m) |
Variation (%) |
|
Order intake |
1,939.1 |
1,739.8 |
11 |
|
Revenue |
1,468.7 |
1,353.6 |
9 |
|
Backlog |
3,715.7 |
3,272.5 |
14 |
|
Recurrent operating profit (1) |
122.9 |
141.7 |
(13) |
|
Recurrent EBIT margin (1) |
8.4% |
10.5% |
(2.1) pp |
|
Extraordinary costs |
(20.1) |
0.0 |
N/A |
|
EBIT |
102.8 |
141.7 |
(27) |
|
EBIT margin |
7.0% |
10.5% |
(3.5) pp |
|
Attributable profit |
61.4 |
105.3 |
(42) |
|
Recurrent attributable profit (1) |
77.3 |
105.3 |
(27) |
|
Net debt |
587.4 |
343.8 |
71 |
(1) Before extraordinary costs
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