- Solid sales growth of 14% in Latin America, and 32% in Asia, the Middle East and Africa. Sales in Spain are down by 12%
- Order intake stood at €1,671m, surpassing sales by 12%, and backlog reached €3,608m
- Recurrent EBIT margin remains around 8%, in line with the target for the full year
Indra's business has been positive, in line with the targets established for 2013. Net profit at the end of the first half of the year amounted to €47.6m, while sales stood at €1,490m, up by 1%. Sales outside Spain, which now account for 58% of the total, continue to climb - by 14% in Latin America, and 32% in Asia, the Middle East and Africa. The Spanish market is still declining, showing a 12% decrease against the same period of the previous year, also in line with company expectations..
|
Geography |
% of total sales |
Change against same period 2012 |
|
Spain |
42% |
(12%) |
|
Latin America |
27% |
+14% |
|
Europe & North America |
19% |
+5% |
|
Asia, Middle East and Africa |
12% |
+32% |
Order intake stood at €1,671m, surpassing sales by 12%. Backlog reached €3,608m, down by 3% with respect to the same period in 2012, and represents 1.22 times last 12 months sales.
Recurrent EBIT margin (before extraordinary costs) remains at 7.9%, consistent with the target announced for 2013 and showing a decrease of 4% in comparison to the same period in 2012. During the period the pace of the resource streamlining and rationalisation programme for Spain was stepped up, incurring a total of €21m in extraordinary costs.
The company's net profit for the half-year period stood at €47.6m, down by 22% against the same period in 2012. Recurrent net profit (before extraordinary costs) totalled €63.5m. Free cash flow came out slightly positive, while net debt was €649m
The company sold its advanced digital documentation management business in Spain. This transaction responds to the already announced goal to perform selective divestments in order to make a more efficient use of the balance sheet, focusing activity in the company’s strategic areas.
Reiteration of guidance for 2013.
Taking into account the company’s performance in the first semester, its current backlog (with a coverage ratio of targeted sales of 90%), and the expected evolution of business in the geographic areas and markets in which Indra operates, the Company confirms its 2013 targets announced In February:
- Revenue growth slightly positive (adjusted for the impact of divestments)
- Order intake in line with or greater than revenue
- Recurrent EBIT margin (before extraordinary expenses) of approximately 8%
- Net working capital in the range of 100 - 110 days of sales
- Net capital expenditure around €70m
Dividend per share of €0.34
On July 9th, a gross ordinary dividend of 0.34€ per share was paid against 2012 profit, implying a 42% pay-out and a 3.4% dividend yield considering the closing share price at the end of 2012.
KEY FIGURES
The following table shows the key financial metrics for the period:
|
INDRA |
1H13 (€M) |
1H12 (€M) |
Variation (%) |
|
Order Intake |
1,671.5 |
1,939.2 |
(14) |
|
Revenues |
1,490.3 |
1,468.7 |
1 |
|
Backlog |
3,607.3 |
3,715.7 |
(3) |
|
Recurrent Operating Profit (1) |
117.7 |
122.9 |
(4) |
|
Recurrent EBIT margin(1) |
7.9% |
8.4% |
(0,5) pp |
|
Recurrent Attributable Profit(1) |
63.5 |
77.3 |
(18) |
|
Extraordinary cost |
(20.8) |
(20.1) |
3 |
|
Net Operating Profit (EBIT) |
96.9 |
102.8 |
(6) |
|
EBIT Margin |
6.5% |
7.0% |
(0.5)PP |
|
Attributable Profit |
47.6 |
61.4 |
(22) |
|
Net Debt Position |
648.6 |
587.4 |
10 |
(1) Before extraordinary costs
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