- Revenues in 1H17 totaled €1,379m, growing by +4% vs. 1H16. Tecnocom’s integration has an impact in sales of €81m. Excluding Tecnocom, revenues would have declined by -4% in 1H17.
- We expect a much better relative performance of our sales in the second semester backed by a significant speed up of our Elections business in 2H17 and greater dynamism of certain areas of T&D.
- EBITDA increased by +7% year-on-year to €108m, and EBITDA margin reached 7.8% in 1H17, which compares to 7.5% in 1H16.
- EBIT margin reached 5.6% in 1H17 (versus 5.3% in 1H16) backed by the positive evolution of the EBIT margin in the T&D segment, that reached 12.6% in 1H17 (vs. 11.0% in 1H16).
- Operating Free Cash Flow prior to changes in Working Capital stands at €96m, which compares to €83m in 1H16 (+16%) backed by the improvement in operating activity.
- Free Cash Flow consolidates its positive performance in 1H17 reaching -€31m in 1H17, despite the traditional poor seasonality of the second quarter and the early collection of previous months.
- Net Debt up to €745m, versus €523m registered at the end of last year, as a result of the cash outflow associated to Tecnocom’s acquisition. Net Debt would have totaled €554m excluding the impact from Tecnocom’s integration.
- EPS also increased by +20% in the same period.
- Indra confirms the previously communicated indications (which not include Tecnocom) surrounding the expected evolution for 2017 of revenues, EBIT margin and Free Cash Flow pre-Working Capital.
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