Indra Sistemas, S.a. Class A · BME:IDR
Indra Sistemas, S.a. Class A — Indra — FY2015 Earnings Presentation
17 slides from Indra Sistemas, S.a. Class A's earnings presentation, Feb 29, 2016
Slide 1: Results FY15
RESULTS FY15 February 29th, 2016
Slide 2: Conference Call Details
CONFERENCE CALL DETAILS The Company will host a conference call for investors and analysts today at 18:30 (CET). Please find below conference call telephone numbers: Spain: +34 917900863 UK: +44 (0) 2031474607 USA: +1 8663881927 A recording of the conference call will be available for 30 days on the
Slide 3: Disclaimer
This presentation has been produced by Indra for the sole purpose expressed therein. Therefore, neither this presentation nor any of the information contained herein constitutes an offer sale or exchange of securities, invitation to purchase or sale shares of the Company or any advice or recommendat
Slide 4: Main Headlines
RESULTS FY15 MAIN HEADLINES 1 • Recurrent EBIT margin in 4Q15 of 6.0%, above 3Q15 (3.5%) and 4Q14 (5.7%), partly due to efficiency plans 2 • Strong 4Q15 FCF generation (€+137M) because of margin expansion and pro active NWC management 3 • NWC reduced to 30 DoS vs 81 DoS as a results of write offs (3
Slide 5: 2015 Revenues Flat (ex-elections); 4Q15 Down 6% in Local Currency
RESULTS FY15 2015 REVENUES FLAT (EX-ELECTIONS); 4Q15 DOWN -6% IN LOCAL CURRENCY FY15 4Q15 Sales in Local Currency -2% Sales in Local Currency -6% Sales Reported Growth -3% Sales Reported Growth -8% Sales Growth (ex. elections) -1% Sales Growth (ex. elections) -10% €M €M 16 47 41 87 2.938 2.850 852 o
Slide 6: Revenues by Region
RESULTS FY15 REVENUES BY REGION Revenues (€M) Local Currency / Reported -2% / -3% 2.938 2.850 • +7% annual growth, while 4Q15 -2% +7% / +7% Spain 39% 1.147 1.223 43% • +23% growth in Public Sector Spain and -4% in Private Sector in FY15 -3% / -9% • 4Q15 (-19% in local currency) Latam 27% 804 734 26%
Slide 7: Revenues by Vertical
RESULTS FY15 REVENUES BY VERTICAL Local Currency / Reported Spain Int. (LC) +4% / +4% 1.129 1.175 Defence & +7% / +7% Security 17% 509 542 19% T&D Transport & 620 +7% / +2% +1% +7% 633 Traffic 21% 22% -5% / -7% 1.809 1.675 Energy & Industry 16% 473 -7% / -8% 15% 437 Financial 17% 485 +6% / +2% Servi
Slide 8: Order Intake Down 11% in 2015
RESULTS FY15 ORDER INTAKE DOWN -11% IN 2015 Order Intake by Region Order Intake by Vertical Local Currency / Reported Local Currency / Reported -11% / -12% €M €M 3.013 -11% / -12% 3.013 18% 2.651 541 +11% / +11% 2.651 Defence & 601 23% Security 1.037 Spain 34% +26% / +26% 24% 738 -16% / -17% T&D Tra
Slide 9: Good Progress on Our Personnel Cost Optimization Plan
RESULTS FY15 GOOD PROGRESS ON OUR PERSONNEL COST OPTIMIZATION PLAN % Of completion SPAIN – up to 1.750 - Sep-Dec 15: ~ 60% - 2016: ~ 40% 1.033* Number of Employees LATAM – 1.700 1.721 as of 31/12/2015 1.721* Provision of €160M accounted in 2015 2016 2017 2018 3Q15 as non-recurrent cost for Spain
Slide 10: Headcount Decreasing
RESULTS FY15 HEADCOUNT DECREASING Total 40.870 39.130 39.155 38.995 Headcount 37.931 37.060 21.461 21.746 21.893 21.496 20.969 20.251 Spain 16.710 Latam 14.388 14.081 13.723 13.453 13.084 1.776 1.788 1.818 1.814 1.775 1.720 EU/USA AMEA 1.493 1.510 1.565 1.636 1.415 1.576 3Q14 4Q14 1Q15 2Q15 3Q15 4Q1
Slide 11: Quarterly Recurrent EBIT Margin Improves Again
RESULTS FY15 QUARTERLY RECURRENT EBIT MARGIN IMPROVES AGAIN Recurrent EBIT Margin FY15 Recurrent EBIT Margin 4Q15 7,2% 7,6% 9,2% 13,2% 1,6% 6,0% Contribution Margin Overheads Recurrent EBIT Margin Contribution Margin Overheads Recurrent EBIT Margin FY15 FY15 4Q15 4Q15 Quarterly Recurrent EBIT margin
Slide 12: Strong FCF Generation and Debt Decrease in 4Q15
RESULTS FY15 STRONG FCF GENERATION AND DEBT DECREASE IN 4Q15 €M 837 825 819 741 726 700 Net Debt 663 Net Debt (Ex-Personnel 622 Cash Cost) 197 FCF (Ex-Personnel Cash Cost; €60M) 137 FCF 52 -1 -23 -79 -85 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 12 Conference Call – Results FY15 | 12
Slide 13: Net Debt Bridge
RESULTS FY15 NET DEBT BRIDGE Provisions - 103 Inventories Operating 151 Cash flow ex- adjustments: +€30M 78 Headcount plans cash outflow FCF ex-personnel cash cost: €+28M FCF = €-50M 151 37 0 37 7 13 182 663 700 Net Debt 2014 Operating Cash Net Working Other Operating Capex Taxes Net interest Financ
Slide 14: Debt Structure
RESULTS FY15 DEBT STRUCTURE 2015 2014 (€M) Total % of total Total % of total L/T Debt 962 92% 826 86% S/T Debt 79 8% 131 14% Gross Debt 1.041 100% 957 100% Cash & Others 342 n.m. 294 n.m. Net Debt 700 n.m. 663 n.m. Cost of Net Debt 4,2% 4,5% Gross Debt Maturity Profile Available Credit Facilities (€
Slide 15: NWC Improving Because of Adjustments and Proactive Management
RESULTS FY15 NWC IMPROVING BECAUSE OF ADJUSTMENTS AND PROACTIVE MANAGEMENT o/w o/w M€ 2014 2015 Variation Adjustments Underlying Inventories 231 70 (161) (103) (58) Accounts Receivable 996 750 (246) (117) (129) Accounts Payable (579) (589) (10) (67) 57 Working Capital 648 232 (417) (287) (130) Net W
Slide 16: Adjustments 2015 & 4Q15
RESULTS FY15 ADJUSTMENTS 2015 & 4Q15 2015 Concept (€M) o/w Brazil Provisions, impairments and over-runs (371) (183) Impairment of Goodwill (104) (83) Impairment of Tangible Assets (9) (9) Impairment of Intangible Assets (7) (7) Efficiency improvement costs (36) (8) Redundancy Plan (160) 0 Non-recurr
Slide 17: Investor Relations
Investor Relations irindra@indra.es Avda. de Bruselas 35 28108 Alcobendas, Madrid Spain T +34 91 480 98 00 www.indracompany.com