- Revenues amounted to €2,121m, while order intake grew by 12%
- Revenues generated outside Spain jumped by 48% and account for 55% of the total
- Recurrent net profit declined by 21%, in line with expectations
Indra posted healthy earnings during the first nine months of the year, powered by solid and sustained organic growth in the company’s international markets, and by the contribution of the companies acquired in recent quarters, all of which offset the slump in business in Spain.
Revenues generated outside Spain rose by 48% to account for 55% of total 9M12 revenue (compared to 41% in 9M11), spurred by double-digit growth in Latam (68%) and, most notably, Asia Pacific, the Middle East and Africa (92%). This excellent international performance more than offset the slowdown in Spain, where revenue narrowed by 16%.
Overall, revenue rose 10% year-on-year to €2,121m in the nine-month period and order intake grew by 12%.
By vertical market, the growth posted in Public Administrations & Healthcare (36%), Energy & Industry (17%) and Financial Services (16%) stands out. Revenues in the Security & Defence and Telecom & Media segments declined by 2% and 6%, respectively.
Backlog rose by 13% to €3,542m, equivalent to 1.23 times last-twelve-month revenue.
As was anticipated at the start of the year and in line with the company’s expectations, profits have narrowed year to date: EBIT declined by 25% on 9M11 to €152m; recurrent EBIT margin was 8.5%, in the middle of the target range for the full year (8%-9%); and attributable profit was €93.3m, down 36% year on year, shaped by non-recurring expenses of €27m (these charges are expected to total around €30m this year).
On track to meet 2012 targets
In light of the performance in the first nine months of the year, Indra is in a position to hit each of its targets for 2012:
- Revenue will rise between 8% and 9%, with rapid growth in the international markets more than offsetting greater weakness in the home market
- Book-to-bill (order intake/revenue) ratio higher than 1x
- Recurrent EBIT margin will range between 8% and 9%
- Working capital will be equivalent to around 110 days of annualised sales, while capital expenditure will total €75m, in line with the announced targets of the company
KEY FIGURES
The following table shows the key financial metrics for the period:
|
INDRA |
9M12 (M€) |
9M11 (M€) |
Incremento (%) |
|
Order Intake |
2,429.7 |
2,168.9 |
12 |
|
Revenues |
2,120.8 |
1,929.6 |
10 |
|
Backlog |
3,542.5 |
3,140.9 |
13 |
|
Recurrent Operating profit (1)) |
179.3 |
202.5 |
(11) |
|
Recurrent EBIT margin (1) |
8.5% |
10.5% |
(2,0) pp |
|
Extraordinary costs |
(27.2) |
0.0 |
na |
|
Net Operating Profit (EBIT) |
152.1 |
202.5 |
(25) |
|
EBIT Margin |
7.2% |
10.5% |
(3,3) pp |
|
Attributable Profit |
93.3 |
144.8 |
(36) |
|
Adjusted Attributable Profit |
114.8 |
144.8 |
(21) |
|
Net debt position |
661.0 |
484.3 |
36 |
(1) Before extraordinary costs
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