INDRApresFRACTAL azul

March 2021

2

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 recommendation with respect to such securities.

Its content is purely for information purposes and the statement it contains may reflect certain forward-looking statements,

expectations and forecasts about the Company at the time of its elaboration. These expectations and forecasts are not in

themselves guarantees of future performance as they are subject to risks, uncertainties and other important factors beyond

the control of the Company that could result in final results materially differing from those contained in these statements. The

Company does not assume any obligation or liability in connection with the accuracy if the mentioned estimations and is not

obliged to update or revise them.

This document contains information that has not been audited. In this sense, this information is subject to, and must be read in

conjunction with, all other publicly available information.

This disclaimer should be taken into consideration by all the individuals or entities to whom this document is targeted and by

those who consider that they have to make decisions or issue opinions related to securities issued by Indra.

What is Indra?

Transport & Defence (T&D)

Minsait (IT)

Annex 1: Last quarterly results

1

2

3

4

51 What is Indra?

Indra at the core

Leading worldwide provider of proprietary solutions

in niche areasLeading Digital company in Spain and LatAm

€ 3.0Bn Revenues 2020

>140Countries

>48.000Employees

€ 265m In R&D

6

1,924

521

323

276

Transport

9%

€3,043m

Defence &Security

11%

ATM

2020

Transport

Defence & Security

ATM

Minsait

Minsait

17%

Digital 26%

1 What is Indra?

63%

Revenue Collection Control & Enforcement Safety & Signalling

Security & Border Surveillance

Electronic Warfare & Logistics

SimulationSpace & Satellite Communications

ATM systems Communications Navigation Surveillance

Operational systems & Communications

Energy & Industry Financial Services Telecom & MediaPublic Administrations &

Healthcare

%

7

€587

19%

€680

22%

€249

8%

€409

14%

€521

17%

€599

20%

Telecom &

Media

Financial Services

Public Admin &

Healthcare

Energy & Industry

Sales 2020

1 What is Indra?

EBIT 2020(1)

Transport &

Traffic

Defence &

Security 82

68%

39

32%

T&D

€ m

mm

€ m

€ m

7.3% EBIT margin

2.0% EBIT margin

T&D

m

m m

Minsait37%

63%

(1) Before non-recurrent items of €153m (o/w €27m in T&D and o/w €127m in Minsait)

81 What is Indra?

27.476

16.094

2.336 2.074

0

5.000

10.000

15.000

20.000

25.000

30.000

52%

20%

18%

10%

Sales 2020 Employees 2020

Spain America Europe Asia, Middle East & Africa (AMEA)

9

(*) Board of Directors representation

CNMV data. Identified shareholders with a position in excess of 3%

1 What is Indra?

Figures updated as of 16/11/2020

18,7%

10,5%

9,8%

3,2%

3,2%3,1%3,0%

48,5%

Sociedad Estatal de Participaciones

Industriales S.E.P.I (*)

Corporación

Financiera Alba (*)Others

T. Rowe Price

Fidelity

Management Research

State Street Corporation

Norges BankSantander Asset

Management

10

5,229

3,858

3,043

230(2)

120(2)

4.0%(2)

-65

39

83

481

1 What is Indra?

(1) Before non-recurrent items of €687M

FY16FY15

Backlog (€M)

Revenues (€M)

EBITDA (€M)

EBIT margin

Net profit Reported (€M)

CAPEX (€M)

FCF (€M)

Net Debt (€M)

FY17 FY18

EBIT (€M)

FY19

3,193

2,651

2,850

131

45(1)

1.6%(1)

-641

37

-50

700

3,129

2,744

2,709

229

162

6.0%

70

28

184

523

3,612

3,248

3,011

266

196

6.5%

127

40

186

588

4,065

3,437

3,104

293

199

6.4%

120

79

168

483

4,511

3,686

3,204

343

221

6.9%

121

76

8

552

Order Intake (€M)

FY20

(2) Before non-recurrent items of €153M

11

1.15x 1.15x 1.31x 1.41x1.72x

FY16 FY17 FY18 FY19 FY20

Total Indra

0% +14% +8%+22%

Indra backlog (€m) Backlog/revs LTM

Transport & Defence

Minsait0.55x 0.64x 0.70x 0.74x 0.83x


Minsait

+15% +10% +6%+11%

8241,248 1,345 1,498 1,591

2,305

2,3642,719

3,014

3,6393,1293,612

4,0654,511

5,229


+15%

+13%+11%

+16%

+3%

+15%+11%

+21%

+52%+8% +11%

+6%

1.88x 2.00x 2.29x 2.54x3.25x


Transport & Defence

+6%+15% +11% +28%

12

AA

Relevant presence in the main ESG indexes Supporting gender equality

Only 18 Spanish

companies listed

Leading its industry in

managing the most

significant ESG risks and

opportunities

Top 15%

Best score of the sector in

Social practices

- Member since 2015 –

Top 16%

84 4,1 Prime

ESG performance above

the sector fulfilling

ambitious absolute

performance

Committed to talent

Acting on Climate Change

Score B

Key ESG figures 2020*

Scope 1+2 -50% in 2030

and carbon neutral in 2040

Scope 3 -14% in 2030

and -50% in 2040

2050 net zero emissions

34% Women on staff

80% Local providers38% Women on the Board of Directors

Professionals trained on Code of

Ethics and Legal Compliance in the

last 3 years

89%

Committed with the Science Based Targets initiative (SBT)

* Figures not audited

- Member since 2006 –

Within Top 1%

Emissions target**

** Baseline year 2019

1 What is Indra?

14

All our clients are facing the digital transformation of their operations

Satellite

Communications>10%

Simulation 4%

Electronic Warfare 4%

Border Surveillance 6%

Air Defence 3%

Safety &

Signalling>10%

Operational Systems >10%

Control &

Enforcement6%

Revenue Collection 8%

Sources: Markets and markets, Indra Analysis

TransportAir Traffic ManagementDefence & Security

Communications,

Navigation,

Surveillance

5%

Air Traffic

Management 3%

The smart

segment

of all

these

solutions

is growing

over 20%

Expected CAGR 17-22 (%)Expected CAGR 17-22 (%) Expected CAGR 17-22 (%)

3 Transport & Defence (T&D)

15

1. Defence Simulations

2. Simulation Solutions

for Training

PlatformsDefence

SystemsSecurity Cyberdefence Space

Training

Solutions &

Services

1. Airborne Systems

2. Naval Platforms

3. Eurofigther and

A400M participation

1. Electronic Defence

2. Countermeasures

3. Military Air Bases

4. Integrated

Command and

Control Systems

5. Airspace

surveillance and

control

1. Border surveillance

and protection

2. Safe Cities

3. Smart Borders

4. Safe Communication

1. Cyberdefence

Systems

2. Simulation and

Training

1. Communications

Solutions

2. Navigation and

positioning

3. European Space

Surveillance and

Tracking Service

1. Aeronautical MRO

Services

2. Technical support

3. Full Maintenance

Logistics &

Maintenance


16

Tactical Radio Systems

SCRT-MC3,Tactical

Comms and C2

New programs already signed entering into production

Aeronautical Programs

SIRTAP, MRTT, Maritime

Patrol, Trainer

EDF

2017-2027

Tiger

1988-…

Eurofighter

1986-…

FCAS

2020-…

Existing and new long-term high volume programs

New aircrafts for Germany

(Quadriga) and Spain (Halcon)

Sustainment, sales and export

opportunities

Systems for MKIII (e.g. Electronic

Warfare, AMPS: Automatic

Mission Planning System)

and aftermarket

European R&D Programs:

Command and Control,

Cyberdefence, Airborne

Systems, Space Systems, etc.

Spanish National Coordinator

and Sensor Pillar global leader

of the Future Combat Air

System

Integrated frigate mast

F110 (2020-2027)

348 Vehicle systems

8x8 (2020-2027)

Additional big programs in the pipeline

ChinookNH90 Air Defence

Radars

SPAIN INTERNATIONAL

Naval Platform

Middle East

2019-…

Systems for naval platforms

(e.g. Electronic Warfare, IFF:

Identification Friend or Foe)

17

Airborne

Platforms

•BPE

•BAC

•BAM

•FFG

•F122

•K130

•Eurofighter

•A400M

•C-295

•F/A-18

•F1

•NH90

•P3

•B707

Naval

Platforms

•Chinook

•CH53

•Tigre

•Cougar

•U212/214

•T-209

•OPV

•F100

•F105

•S70

Land based

Air Defence Electronic Warfare

Border Surveillance

Naval

Land

based

•BPE

•BAC

•BAM

•F100

•F105

•FFG

•S70

•S80

•F122

•K130

•U212

•U214

•T-204

•AWD

•ASW

•OPV

Satellite Communications

• Eurofighter

• A400M

• A330 MRTT

• F-18

• AV-8B

• Tiger

• Seahawk

• NH90

• Wildcat

•Chinook

•Cougar

•H135

•H225

•H175

•H145

•A320

•B737…

Military Simulation


18Indra General.

FCAS

Scope: Define NGWS capabilities and common architectures

Define and update technology development roadmaps

Establish program framework for all the phases

Indra’s Role: SP´s nominated Co-Contractor, together with Dassault in FR and Airbus D&S in GE.

Scope: Ensure timely results for various demonstration projects during NGWS Design Phase

Activities to be supported by SIMLAB to allow consistency amongst main stakeholders

Indra’s Role: SP’s nominated Co-Contractor, together with Dassault in FR and Airbus D&S in GE.

Scope: Development of technical breakthroughs in Sensors, Defensive Aids and EM effectors.

Next generation of smart distributed systems to be more sensitive, flexible and robust

Incorporating Big Data, Artificial Intelligence and advanced communications.

Indra’s Role: International Prime contractor and Program leader in this pillar in all three countries.

Scope: Information and Intelligence gathering, sharing and exploitation, operating in cloud

Rely on advanced architectures, cybersecurity, distributed computing and communications.

Indra´s Role Prominent role at international level and Pillar leader/Main contractor in Spain.

1) Joint Concept Study (JCS)

2) JCS Inter-Pillars Consistency / SIMLAB

Ne

xt

Ge

ne

rati

on

Fig

hte

r

En

gin

e

Re

mo

te C

arr

iers

4)S

oS

/Co

mb

at

Clo

ud

3)

Se

nso

rs

En

ha

nce

d L

ow

Ob

serv

ab

ilit

y T

ech

.National

Coordinator

NationalCoordinator

Pillar Leader

3-Nation

Pillar Leader Spain

NGWS

The NGWS is a System of Systems (SoS) that includes a New Generation Fighter (NGF)and a set of unmanned vehicles (Remote Carriers - RC) to expand the capabilities of the fighter, with all those assets interconnected and operated through a Combat Cloud

MAIN AREAS OF PARTICIPATION FOR INDRA

1) Joint Concept Study:

2) JCS Inter-Pillars Consistency / SIMLAB:

4) Systems of Systems/Combat Cloud:

3) Sensors:

19Indra General.

IA1: Joint Concept Study

IA2: Phase 1APrototypes

and Concepts

Phase 1BArchitectures, technology

maturation and demonstrators

Phase 2Phase 1A continuation and

individual flight demonstrations

Phase 3NGWS capabilities demonstrations and initial phase of Development

NGWSPreliminary

Design

Review

IOC

Framework Agreement signed by the Ministries of Defence of France, Germany and Spain in Le Bourget’19

System Concept

Phase

(incl. launching of

R&T and

demonstrators)

Demonstration

Phase

(incl. R&T

maturation and

ground and flying

demonstrators)

Development and Industrialization

Program

Demonstrators 1st flights

Development,

production…

Initial

Operational

Capability

NGWSLaunching

Design

Review

>€6bn

€8-10bn total investment

IDR under contract

IDR under contract

IDR participation (proposals submitted)

IDR participation

IDR

20

10

20

30

0

7

17

2016

Passenger traffic (RPKs Bn)

4.7%

2036

Note: RPKs (Revenue per kilometre). Source: Boeing Market Outlook 2017-2036; Markets and markets; Global airport construction review, CAPA

Maintenance and replacement

of legacy systems

Very long development cycles,

high client loyalty

Potential new ATM systems operators

Already ~400 airports under

construction or planned for

Innovative technology to solve

aerospace congestion (e.g. Europe)

Increase of air passenger traffic worldwide

Increase of flying aircrafts worldwide

3 drivers of sustained demand for ATM systems

80

0

20

60

40

23

Aircrafts in service worldwide (k)

2016

47

3.5%

2036

Expected stable ~4% growth in the ATM market



1. Aeronautical

Information

Management

2. Message Handling

Systems

3. System Wide

Information

Management

4. Air Traffic

Management

5. Operational

Meteorological

Information

Indra Air

Automation

Indra Air

CommunicationIndra Air

NavigationIndra Air

SurveillanceIndra Air

DronesIndra Air

Information

1. Air Traffic Control

Automation Systems

2. Air Traffic

Management

Solutions

3. Advanced Controller

Working Position

1. Automated

Communications

Functionalities

2. Digital Voice

Communications

Control Systems

1. Navigational

Products (ILS, DME,

DVOR, GBAS)

1. Surveillance

Solutions1. Connect drones

safely

2. Manage unmanned

traffic

3. Neutralize drones

22

~200 Control Centres

~1,700 Instrument

Landing Systems (ILS)

~400 Secondary Radars

(MSSR)

Note: Most significant countries with Indra's presence highlighted

Indra ATM businessis present in

176 countries


Developing long lasting relationships with international reference clients

Enaire in Spain >35 years

DFS in Germany >20 years

iNATS n the UK >10 years

23

Europe has a challenge in air traffic management due to air

traffic congestion and the fragmentation of aerospace

Note: SESAR (Single European Sky ATM Research)

iTEC by Indra

Coflight

Coopans

Other potential

iTEC partners

In 2004 Eurocontrol, the European Commission and a

selection of industrial partners took the lead to solve this

issue and increase interoperability

Indra is one of the key industrial partners of SESAR

7 European countries have already joined the iTEC Alliance along

with Indra to fulfil present and future SESAR requirements, and

+20 countries still pending to adopt a decision


24

Further develop remote

towers to be a reference supplier, leveraging SESAR

Indra already has leading technology installed (e.g. Norway)

Grow on aftermarket

leveraging our significant asset base of ~200 control centres, ~1700 ILS and ~400 radars

installed

Develop leading

Cybersecurity technology, fulfilling latent demand

Successfully evolve iTEC

with the future requirements of the Single European Sky, leading the SESARinteroperability

Evolve CNS products

and service model (e.g. GBAS) to maintain the technological and commercial leading

position

Expanding into new segments to complement Indra's offering

Keep evolving leading products in current segments with technological updates

Note: ILS (Instrument Landing System). GBAS (Ground Based Augmentation Systems). ADS–B (Automatic dependent surveillance – broadcast). SESAR (Single European Sky ATM Research)


25

Change in infrastructure operating models are generating additional opportunities

Increased demand for intelligent systems adapting to

the coming trend of Smart Transport

Requiring mobility, interconnectivity and real time

steering

More flexible asset management demand is requiring

new systems

More efficient and scalable

New opportunities for private players, as public

administrations are externalising their operations and

sharing risks (PPPs)

Change of cycle in infrastructure investment and therefore increased technology demand

+5% growth in global

investment for Transportinfrastructure

expected until 2025

Changed trend in

Spanish infrastructureinvestment

• -4% growth 2010-2014

• +2% growth 2015-2025

Indra has the perfect mix: transport business

know-how, proprietary products and digital capabilities

+10% expected growth

(+20% for Smart Transport)

Transport infrastructure technology demand increased by

• New investment cycle

• Need for maintenance and upgrade of already existing

infrastructure

+

Source: Oxford Economics, Assessing the global transport infrastructure market


26

Mova

Consulting

Mova

Collect

Mova

Traffic

Mova

Protect

Mova

Experience

Mova

Comms

Mova

Care

1.Ticketing

2.Toll

3.Back Office

1.Safety

2.Enforcement

3.Video surveillance

4.Cybersecurity

5.On-board systems

1.Information and Publicity for passengers

2.Entertainment

3.Digital User Experience

1.Communications

2.IoT Platforms

3.IT Transport Infrastructure

1.Infrastructure O&M

2.Technology O&M

3.Transportation Services O&M

4.New operation models

1.Planning & Optimization Systems

2.Bus Control Systems

3.Rail Control Systems

4.ITS Control Systems

5.Tunnels Control Systems

6.Airports Control Systems

7.Ports Control Systems

8.Design and Building of Control Centers

9.Transport Control Terminals

1.Consulting and Planning for Transport and Infrastructures

2.Design Engineering for Transport Infrastructure.

3.Construction Engineering for Transport Infrastructure

4.Project Management Services

5.Operations Consulting


27

Note: ASFA-Digital (Safety & Signalling System)

Mova

Consulting

Mova

Collect

Mova

Traffic

Mova

Protect

Mova

Experience

Mova

Comms

Mova

Care

Riyadhticketing

AFC system for

public transport in

Riyadh

T-Mobilitat

Greater

integration of

collection and

Contactless

Urban Tunnels Control Centre

Tunnel control

centre in London

ASFA-D

High-end solution

for rail safety in

Spain

High SpeedMecca-Medina

Most complex

project in the

Middle East

Panama Canal

Expansion of the

canal, a reference

in technology and

security systems

Electronic Toll Management in Texas

Integrated tolling

operation

Sidney Trains

Intelligent video

surveillance

technology

ITS ColombiaSystems for control

and radio-

communications for

the Bogotá-

Villavicencio highway

Port CommunitySystem

National Port

Network

High SpeedControl Centre

Rail Traffic Control

Systems

Renfe High Speed Systems

On-board systems

and equipment

Algiers Airport

Project and

supervision of the

construction of

the new terminal

of the Int. Airport

Kenia AirportOperations

Integration of all the

land operations


29

Minsait commercial

brand for Indra

Launched in 2016, focused on digital transformation

Transformation trigger of our move to high value

Now becomes the brand for our whole IT division

Rationalisation and standardisation of our product portfolio easing implementation

Creation of a new set of value propositions tackling all challenges derived from required

business transformations of our clients

Migration of our products to Cloud

New product delivery model with specialised centres of excellence

Portfolio enhancement

Consolidated leadership in Spain and LaTam with high

complementarity

Payment Processing solution to enhance our product portfolio

Operating synergies delivered as expected. Restructuring

process is over

Reinforced control and

delivery model

Increased control in tender offering process

Closer monitoring of less profitable projects

Sharp reduction in the number of unprofitable projects

Selective Acquisitions

Reinforcement of Digital and Proprietary Products

Improves our time-to-market

Completes our end-to-end offering

4 Minsait (IT)

30

€409

€249

€680

€587

2020

30%

35%

13%

21%

(

(

(

)

)

)

)(

A set of value proposition in 4 main domains…

New products, services and business models

Advanced customer relationship delivery models

Advanced technologies, processes and operations

Business protection solutions

… to all the different industries

Oil & Gas Utilities Airlines Industry ...

Banking Insurance

Media Telecom

Energy & Industry

Financial Services

Telecom & Media

Public Administrations

& Health

Elections Health Public Sector

€ 1,924 m

4 Minsait (IT)

31

Digital division

Digital Consulting and Technology

ERP Consulting Cybersecurity Operations

We optimize and evolve key processes through leading business management solutions

We preserve our clients’ assets and digital identity creating secure client experiences

We manage our clients’ operations through a differential approach

We open up new paths in the strategic definition and transformation of our clients’ businesses

We create differential experiences and state-of-the-art generation solutions that drive our clients’ businesses

Business Consulting

4 Minsait (IT)

32

Energy & Industry

Telecom & Media

PublicAdministrations & Health

Airlines

Revenue accounting

Multi-channel reservation

Payments

Banking

Digital bank

B2B relations

Opening accounts

Oil & Gas

Refining

Transportation

Safety & Environment

Elections

Electoral solutions

Digital Democrazy

Protection

Public Sector

Taxes

Justice

E-goverment

Health

Management system

B2B processes

Network

Financial Services

Utilities

Generation

Distribution

Commercialization

Insurance

Complete platform

Integral solution for the sales forces

Multi-channel tools

Telecom

Advanced analytics

Customer´s

experience

Media

Corporate Services

Customers & channels

Operations

Industry

Manufacturing

Assets

Workforce

4 Minsait (IT)

33

We are helping the

Regional Government of

Andalusia in its digital

transformation

We drive the

implementation of the

new home medical

assistance concept

We are experts in

technology solutions

used to manage electoral

processes

We help private banks

during their transition with

our platform

We create the first fully

digital bank in Argentina

Financial ServicesEnergy & Industry Telecom & Media Public Administrations & Health

Transforming the core

insurance industry from

customer’s perspective

We improve the

competitiveness of the

nº1 airline in Brazil

We reduce costs through a

new billing model for

Telefonica

We are leaders in energy

industry solutions for the

transmission and

distribution grid

We developed, together

with Repsol, a solution for

early detection of

hydrocarbon spill

We build the new online

sales channel for a leading

retailer in optical services

(eCommerce)

We are leaders in card

processing in Spain and

America

We help customers port their

number, with processes

adapted to the customer and

country

We improve the

customer’s experience

optimizing the back office

We guarantee optimized

communications for Vivo,

using more than 33,000

km of fiber optic

We make a difference in

the management of

more than 400 electoral

processes

4 Minsait (IT)

34

Business Analytics··Big Data··Robotics··Automation··Artificial Intelligence

4 Minsait (IT)

36

• Backlog up +16%, new historic high for Indra (€5,229m). Backlog/Revenues LTM reached 1.72x in 2020.

• 2020 Order Intake went up +8.4% in local currency, driven by Transport & Defence.

• 2020 Revenues down -1.6% in local currency (-5.0% in reported terms), while 4Q20 sales grew +1.0% in local currency (-

2.9% in reported terms) vs 4Q19.

• Strong negative FX impact in 2020 (€-108m in Revenues and €-7.3m in EBIT).

• Operating Margin stood at €168m in 2020 vs €257m in 2019 (margin of 5.5% vs 8.0% in 2019), affected by delays and

lower activity. 4Q20 Operating Margin was 9.0%, helped by the first measures of the action plan.

• Reported EBIT reached €-33m in 2020 vs €221m in 2019, affected by the delays and lower activity, the impacts of the

action plan (€-189m) and the Metrocall capital gain (€+36m).

• Net profit of the group stood at €-65m vs €121m in 2019.

• Cash generation in 2020 was €83m (includes €-38m of the workforce transformation plan).

• Net debt (€481m) reached its lowest level since 2010. Net Debt / EBITDA LTM ratio (excluding the impact of IFRS 16, the

costs related to the action plan and the Metrocall capital gain) stood at 2.5x in 2020 vs 1.8x in 2019.

1

6

5

4

3

2

7

8

9

37

1. Excluding the impact of the SIA acquisition which started to consolidate on January 1st, 2020 and the FX impact

€m

Reported -5.0%

FY20 Sales Growth

Local Currency -1.6%

Organic1 -3.5% Organic1 -1.2%

Reported -2.9%

4Q20 Sales Growth

Local Currency +1.0%

€m

38

443 449

181 160 159 187 133 95

+1%

+17% -29%

+18%

-11%

+7% -28%

1,591 1,581

665 593 549 565 399 303

-1%

+3%-24%

+3%

-11%

+5%-23%

1,828 2,118

782 681 623 722 453 336

+16%

-13% +16%-26%

+4% +17%-25%

Local Currency / Reported

Order Intake FY20 (€m)

+8% +5%


-2% -5%

Revenues FY20 (€m)

2019

2020

%

%

Growth in Local Currency

Growth in Reported Terms


+1% -3%

Revenues 4Q20 (€m)

Spain America Europe AMEA

Spain America Europe AMEA

39

3,0143,639

FY19 FY20

4,5115,229

FY19 FY20

1,498 1,591

FY19 FY20

2.543.25

FY19 FY20

1.411.72

FY19 FY20

0.740.83

FY19 FY20

+16% +21% +6%

+22% +28% +11%

Minsait backlog (€m)Indra backlog (€m) T&D backlog (€m)

Indra backlog/revs LTM T&D backlog/revs LTM Minsait backlog/revs LTM

40

7.9%

FY20 Operating Margin1 4Q20 Operating Margin1

FY20 EBIT and Margin 4Q20 EBIT and Margin

1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible

assets (PPA from acquisitions) and equity based compensation.

2. 2020 EBIT before impact of the efficiency plan (€189 M) and Metrocall capital gain (€36 M). 4Q20 EBIT before impact of the efficiency plan (€94 M).

4.0%

22

257

168

FY19 Op.Margin (€m) FY20 Op.Margin (€m)

-35%

-2.5pp

8.0%

5.5%

9580

4Q19 Op.Margin (€m) 4Q20 Op.Margin (€m)

-16%

-1.4pp

10.4%

9.0%

41

41,10738,977

7,379

7,540

1,863

1,463

20,000

25,000

30,000

35,000

40,000

45,000

50,000

ene-00 ene-00 ene-00

-400161

-2,130

-400

Minsait

T&D

Overheads & Others

Total workforce

Dec 19 Dec 20

50,349*

* SIA employees included

-2,36947,980*

42

Reduction of non-personnel expenses

Internal processes improvement and new workplace

model

Capex investment reorientation and Balance Sheet

adjustments

0

-6

-95

-88

Actions Cash impact M€

20

18

25

44

0

0

6

-38

EBIT impact M€

2020 2021 2020

Workforce transformation plan

-189 107 -32Total

2022

and beyond

47

112

2021

-35 -16

-35 -16

>2024

20

20

25

1

4

3

2

Δ Savings 2021 vs

2020 of €90m

One-off costs Ongoing savings

43

Revenues(in constant currency)

EBIT guidance *

FCF before cash

out workforce

transformation plan

FY20 results

€3,152m

€120m

€121m

Guidance

2020

€3,150m –

€3,200m

€120m - €135m

>€0 m

* EBIT before impact of the efficiency plan (189 M€) and Metrocall capital gain (36 M€)

Guidance

2021

>€200m

>€120m

>€3,200mRevenues

(in constant currency)

EBIT guidance

FCF before cash out

workforce

transformation plans

44

T&D

FY20 Order Intake (€m)

Transport & Traffic

Defence & Security


FY20 Revenues (€m)


4Q20 Revenues (€m)


644 656

832

1,143

FY19 FY20

1,476

1,800

+37% / +37%

+5% / +2%

+23% / +22%

623 599

566521

FY19 FY20

1,1891,120

-8% / -8%

-2% / -4%

-5% / -6%

197 209

177 169

4Q19 4Q20

374 378

-4% / -4%

+9% / +6%

+3% / +1%

45

9.4%7.3%

T&D


4Q20 Operating Margin1FY20 Operating Margin1



2. 2020 EBIT before impact of the efficiency plan (€62 M) and Metrocall capital gain (€36 M). 4Q20 EBIT before impact of the efficiency plan (€23 M).

2 2

160

99

FY19 Op.Margin (€m) FY20 Op.Margin (€m)

-38%

-4.6pp

13.4%

8.8%

6442

4Q19 Op.Margin (€m) 4Q20 Op.Margin (€m)

-35%

-6.0pp

17.0%

11.0%

46

791 710

635587

522479

262282

FY19 FY20

2,2102,058

+17% / +8%

-5% / -8%

-2% / -8%

-5% / -10%

-1% / -7%

Financial Services

Energy & Industry

Telecom & Media

PPAA & Healthcare

MINSAIT

FY20 Order Intake (€m)

Local Currency / Reported Local Currency / Reported

4Q20 Revenues (€m)


FY20 Revenues (€m)

187 174

171144

119133

6561

4Q19 4Q20

542512

+0% / -7%

+15% / +12%

-10% / -16%

-1% / -7%

-0% / -6%

697 680

635 587

432409

251249

FY19 FY20

2,0151,924

+5% / -1%

-3% / -5%

-3% / -8%

+3% / -3%

+0% / -5%

47

6.8%

2.0%

MINSAIT


4Q20 Operating Margin1FY20 Operating Margin1



2. 2020 EBIT before impact of the efficiency plan (€127 M). 4Q20 EBIT before impact of the efficiency plan (€71 M).

2

2

9769

FY19 Operating Margin (€m) FY20 Operating Margin (€m)

-29%

-1.2pp4.8%

3.6%

3138

4Q19 Operating Margin (€m) 4Q20 Operating Margin (€m)

23%

1.7pp5.8%

7.5%

48

47

2

-5

140

-5-26

75

142

-6

-55

15

213

-108-129

-1

246

-59

-29

14

158

1Q162Q163Q164Q16 1Q172Q173Q174Q17 1Q182Q183Q184Q18 1Q192Q193Q194Q19 1Q202Q203Q204Q20

Accumulated FCF LTM (€m)

FY19 €8mFY17 €186mFY16 €184m

Quarterly FCF

(€m)

FY18 €168m FY20 €83m

76

163181 184

132104

184 186 185157

96

168

66

-9 -258

57

157 171

83

1Q

16

1H

16

9M

16

FY

16

1Q

17

1H

17

9M

17

FY

17

1Q

18

1H

18

9M

18

FY

18

1Q

19

1S

19

9M

19

FY

19

1Q

20

1S

20

9M

20

FY

20

€121m excluding

€-38m of the

workforce

transformation plan

49

81

30

5-1 -10

6-9

2014 2015 2016 2017 2018 2019 2020

FCF €258m

o/w Commercial WC €-7m

Commercial WC

Days of Sales

(DoS)

FY15-FY17 FY18-FY20

(1) Delta Working Capital Variation of 82 DoS, equivalent to €654m o/w €220m are write-offs and €105m reclasiffications from short to long term.

(2) Delta Working Capital Variation of 8 DoS, equivalent to €67m o/w €75m are reclasiffications due to IFRS15 and IFRS9.

FCF €320m

o/w Commercial WC €329m(1) (2)

50

Capital Employed(1) Indra

Group FY2014 – FY2020 (€m)

Capital Employed(1)

Minsait FY2020 (€m)

Capital Employed(1) Transport

& Defence FY2020 (€m)

Revenues over Capital

Employed FY2020

Revenues over Capital

Employed FY2020

2,1x

1,3x

Minsait Peers

4,4x

1,4x

T&D Peers(1) Capital employed includes fixed assets (material, goodwill, inmaterial and financial), net working capital and all the other assets

and liabilities as recorded in the balance sheet except for net debt and equity(2) Minsait peers include Sopra Steria, Atos, Tieto and Capgemini. Figures based on internal analysis of FY2019 reported results(3) T&D peers include Thales, Leonardo, SAAB, Ultra Electronics, Chemring Group and Hensoldt. Figures based on internal

analysis of FY2019 reported results

(2)

1.616

1.165

Capital Employed 2014 Capital Employed 2020

(3)

908

Capital Employed 2020

257

Capital Employed 2020

(451)

51

Net Debt 2019 Operating

Cash Flow

Net Working

Capital

Capex Taxes Other Financial

Liabilities Variation

Net interest Net Debt 2020

Financial

Investments,

FX Impact,

Non-CF

ítems and

Others

€m

FCF €83m

52

3517 9

-75-63 -67

4659

49

-9

136

+14

-18

+12

-10

-8

-4

Net Working Capital (DoS)

Inventory

Accounts

Receivable

Accounts

payable

Dec 19 Sep 20 Dec 20

53

700

523

588

483

552

481

4Q15 4Q16 4Q17 4Q18 4Q19 4Q20

Net Debt (€m)

Net Debt

Net Debt / EBITDA LTM2

(Factoring)1

(187)

(187)

(187)

(187)

(187)

(187)

1. Non-recourse factoring; 2.EBITDA LTM excluding IFRS 16 (€37M), costs of the efficiency plan (€189M) and Metrocall capital gain (€36M)

5.4x

2.3x 2.2x1.6x 1.8x

2.5x

54

2024 andbeyond

€842m

2023

€734m

0

50

100

150

200

250

300

350

2021 2022 2023 2024 and…

€40m€50m

€734m

€842m

80

871

75

481

247

187

481

393

998

Gross Debt Cash & Cash Equivalents Net Debt

€1,666m €1,185

€481m

Gross Debt Maturity Profile

Bank Loans

Convertible Bonds

R+D Loans

Factoring

Other available credit facilities: €186m

Corporate Bonds

EIB(1) Loans

1. European Investment Bank. 2. Including €247m Convertible Bond with 2023 maturity and €296m Corporate Bond with 2024 maturity. 3. The 2023 convertible bond has a put option in October 2021 which has not been considered as part of 2021 maturities

Average life (years) 3.2 3.7

FY19

Gross and Net Debt Structure

FY20

(2)

FY20 % total FY19 % total

L/T Debt 1,373 82% 1,380 98%

S/T Debt 293 18% 27 2%

Gross Debt 1,666 100% 1,406 100%

Cost of Gross Debt 1.9% 1.8%

Cash & Others 1,185 n.m. 855 n.m.

Net Debt 481 n.m. 552 n.m.

Cost of Net Debt 3.0% 2.7%

(2),(3)(3)

Investor [email protected]

Avenida de Bruselas, 3528108 AlcobendasMadrid Spain

T +34 91 480 98 00www.indracompany.com

INDRApresFRACTAL azul

Documents

Transcript of INDRApresFRACTAL azul