- Order intake and revenue rose 3%, while the international business grew around 10%
- Order backlog up 11% to €3,141M
- Net profit reached €145M, rising 1% compared to the same period last year
Indra posted a positive performance in the first nine months of the year. Order intake grew 3% to €2,169M and outpaced revenues by 12% over the period. The international business maintained its positive performance, growing 9%. The domestic market registered a slight decrease of 2%, in line with forecasts. Order intake in the Services segment rose 9% compared to the same period of the previous year, and fell by 1% in the Solutions segment.
Revenues reached €1,929M, up 3% compared to the first nine months of last year. The international growth rate was 10%, led by double digit increases in both Latin America and the Asia Pacific region. The domestic business fell 2% compared to a year ago, affected by the weak macroeconomic situation. The Services segment grew strongly at 16%, while Solutions revenue fell by 3%. By vertical market, highlights include the 33% increase in Telecom & Media and the 10% rise in Energy & Industry.
Order backlog grew 11% to €3,141M, equivalent to 1.2x the last twelve months’ sales, higher than the 1.12x ratio reported at the end of the third quarter of 2010. The order backlog as of September 30th, included €1,200M of revenues related to projects to be executed in 2012, accounting for more than 45% of the last 12 months’ revenue.
Operating Profit (EBIT) totalled €203m, 6% ahead of the figure reported for the first nine months of 2010, setting the EBIT margin at 10.5%.
Attributable profit totalled €145M, an increase of 1% from the same period in 2010.
The first nine months figures include the full consolidation of Galyleo (Italy) in the third quarter. Politec, the Brazilian company, will be consolidated as of October 1st, 2011.
2011 Targets
Accumulated revenue over the first nine months, together with the order backlog as of September 30th to be executed in the last quarter of the year, amounts to revenue coverage of 96% for 2011 (excluding Galyleo and Politec), a similar figure to last year.
The company is confident that it will meet its guidance for the year, without taking into account the aforementioned acquisitions, namely:
- Revenue growth of 2%, with significantly higher growth in the international markets, offset by a slightly negative performance by the Spanish market.
- Order intake will exceed last year’s and outpace 2011 revenues.
- EBIT margin of 10.5%.
Taking into account the consolidation of Galyleo (since July, 1st) and Politec (since October, 1st), the best estimate for full-year 2011 is as follows: revenues around €2,675M (5% increase compared to 2010) and an EBIT margin of 10%, (which decreases due to the lower operating margins of the acquired companies and the incurred transaction and integration costs).
MAIN HIGHLIGHTS
The following table lists the key figures for the period:
|
INDRA
|
9M11 (€M)
|
9M10 (€M)
|
Change (%)
|
|
Order intake
|
2,168.9
|
2,112.2
|
3
|
|
Revenues
|
1,929.6
|
1,878.6
|
3
|
|
Order book
|
3,140.9
|
2,817.8
|
11
|
|
Net operating profit (EBIT)
|
202.5
|
190.8
|
6
|
|
EBIT margin
|
10.5%
|
10.2%
|
0.3 pp
|
|
EBIT margin (before non-recurrent extraordinary costs)
|
10.5%
|
11.0%
|
(0.5) pp
|
|
Attributable profit
|
144.8
|
143.4
|
1
|
|
Net debt
|
484.3
|
310.9
|
56
|
|
|
|
|
|
Galyleo’s contribution was: order intake of €11.2M, order backlog of €45M and revenue of €9.7M, with an EBIT margin of 9%.
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