Indra's revenues, EBIT and net profit exceed pre-crisis volumes in 2019

Indra's net profit reached €115m in the first nine months of 2021 compared to a loss of €31m in the first nine months of 2020 and a profit of €65m in the same period of 2019, an increase of 77%.

Revenues grew by 12% in the first nine months of 2021 in local currency vs. the same period of 2020 (10% in reported) and by 9% in local currency vs. the first nine months of 2019 (up 3% in reported).

EBIT stood at €188 million in the first nine months of 2021 (€171 million excluding the €17 million capital gain on the sale of the San Fernando de Henares facility) compared to negative €9 million in the first nine months of 2020 and positive €127 million in the same period of 2019.

Minsait increased its sales in the first nine months of 2021 by 12% in local currency compared to the same period of 2020 and by 12% compared to the first nine months of 2019. EBIT margin for the first nine months of 2021 was 5.4% excluding the capital gain on the sale of the facilities (compared to a negative 3.7% in the same period of 2020 and a positive margin of 3.1% in the first nine months of 2019).

Transport & Defence revenues in the first nine months of 2021 grew by 12% in local currency compared to the first nine months of 2020 and by 3% compared to the same period of 2019. EBIT margin reached double-digit levels in the first nine months of 2021 at 10.8% excluding the capital gain on the sale of facilities, compared to 5.8% in the first nine months of 2020 and 10.0% in the same period of 2019.

Cash generated in the first nine months of 2021 was €5 million (€15 million excluding the workforce transformation plan cash outflow of €32 million and the cash inflow of €22 million, corresponding to the first payment for the sale of the facilities) compared to a negative level of €75 million in the first nine months of 2020.

Net Debt decreased to EUR 503 million compared to EUR 626 million in September 2020. The Net Debt/EBITDA ratio for the last twelve months was 1.7x in September 2021 compared to 2.8x in September 2020.

The backlog grew by 5.3% in local currency to EUR 5,362 million, with a ratio of backlog to sales for the last twelve months of 1.65 times.

The company raises its targets for 2021 and announces the return of the dividend. Indra's Board of Directors has agreed to resume dividend payments and to submit for consideration at the next Annual General Shareholders' Meeting the distribution of a cash dividend of 0.15 euros per share, payable in July 2022.

Cristina Ruiz and Ignacio Mataix, CEOs of Indra, referred to this current good situation: "The results for the first nine months of 2021 demonstrate a significant acceleration in the growth and operating profitability of Minsait and Transport & Defence (T&D), which also clearly exceed the thresholds of the first nine months of 2019, prior to the pandemic".