Indra reports net profit of euro 108M in 1H09
Revenues grew by 7% and order backlog increased by 6%
EBIT margin stood at 11.4% in line with 1H08 figure
Matías Amat and Juan March de la Lastra joined the Board of Directors
Indra ended 1H09 with net profit of euro 108m, an increase of 7% yoy matching the growth in revenues, which rose to euro 1,333m. Order intake increased by 4% to euro 1,542 m.
EBIT grew 7% to €152m, leaving the EBIT margin (EBIT/revenues) at 11.4%, same level of 1H08.
The order backlog amounted to €2,607m, representing 6% growth and more than 1x revenues for the last twelve months.
Growing international market
Revenues grew by 4% in Spain in 1H09 yoy, and rose by 13% yoy in the international market. By region, revenues grew by 7% in Europe, 15% in Latin America and 46% elsewhere. By segment, revenues from the Solutions business were up 6% while the Services business unit generated 8% more.
It is worth highlighting the positive performance of all vertical markets, particularly Transport & Traffic, Telecom & Media and Financial Services which turned in double-digit growth.
General business performance and objectives in 2009
Despite the adverse economic and sector-wide outlook, Indra is delivering sustained growth and returns.
The effort made over recent years in the process of internationalising the company, coupled with our improved penetration in large Spanish accounts, allows Indra to continue posting growth while outperforming the rest of its sector.
If we combine these factors, we can be fully confident of meeting our 2009 objectives as set at the start of the year, and which we narrow now as follows:
- Revenue growth in the mid-range of our forecast of between 5% and 7%, with more pronounced growth in the international markets.
- Order intake between €2,650m and €2,750m, representing growth of between 3% and 7% and thereby meeting our order intake objective by posting orders not only above levels reported in 2008 but also above revenues for 2009, meaning our order backlog is set to increase for a further year.
- EBIT margin of 11.4%, similar to the figure reported in 2008 and right in the middle of our forecast range for the year underway (11.3%-11.5%).
Board of Directors
Matías Amat has joined the Board to represent Caja Madrid, replacing Mariano Pérez Claver. In addition, the Board agreed to appoint Juan March de la Lastra, representing Corporación Financiera Alba which is taking the seat of Rafael Villaseca following his resignation.
Matías Amat is currently the Business General Director of Caja Madrid and CEO of Corporación Financiera de Caja Madrid while Juan March de la Lastra is serving as assistant to the Chairman of Corporación Financiera Alba. The CVs of both new directors and the existing Board members can be accessed online (www.indra.es).
The Board has also approved amendments to its members' responsibilities and its commissions on which members now serve as follows:
Chairman: Javier Monzón.
Deputy Chairmen: Matías Amat (Caja Madrid) and Manuel Soto.
Delegated Committee: Javier Monzón (Chairman), Isabel Aguilera, Matías Amat, Luis Lada, Juan March, Regino Moranchel, Joaquín Moya-Angeler and Rosa Sugrañes.
Audit and Compliance Committee: Manuel Soto (Chairman), Isabel Aguilera, Mónica de Oriol, Estanislao Rodríguez-Ponga and Eusebio Vidal-Ribas.
Appointments, Remuneration and Corporate Governance Committee: Joaquín Moya-Angeler (Chairman), Matías Amat, Salvador Gabarró, Daniel García-Pita and Mónica de Oriol.