The Indra company yesterday presented a series of announcements that mark three major milestones in the recent history of the Spanish technology company: it returns to profits, improves its business forecasts and recovers the distribution of the dividend. Specifically, the company has announced a profit of 115 million euros in the first nine months of the year, compared to losses of 31 million in the comparable period of 2020.
The same result also shows an increase of 77% compared to the profit of 65 million in the same period of 2019. At the same time, revenues grew by 10% until September compared to the same period of 2020. EBIT stood at 188 million euros in the first nine months of 2021 (171 million excluding the capital gain of 17 million from the sale of the San Fernando de Henares facilities) compared to the negative figure of 9 million in the first nine months of 2020 and the positive figure of 127 million of the same period of 2019.
The cash generated in the first nine months of 2021 was 5 million euros (15 million excluding the cost of the workforce transformation plan of 32 million and extraordinary income of 22 million, corresponding to the first payment for the sale of the facilities ) compared to the negative level of 75 million in the first nine months of 2020.
Likewise, net debt decreased to 503 million euros compared to 626 million in September 2020. In addition, the net debt / ebitda ratio of the last twelve months was 1.7 times in September 2021 compared to 2.8 times in September 2020. Indra also indicates that its portfolio grew 5.3% in local currency during the first nine months of the year and stood at 5,362 million euros, with a portfolio over sales ratio of the last twelve months of 1.65 times.
Given the aforementioned figures, the company increases its objectives for fiscal year 2021 and announces the return of the dividend. For now, Indra’s Board of Directors has agreed to resume the payment of remuneration and submit to the consideration of the next Ordinary General Shareholders’ Meeting the distribution of a cash dividend of 0.15 euros per share, payable in July 2022 , according to Indra through a statement.
Lines of activity
By business, the Minsait technology unit increased its sales by 12% in local currency compared to the same period in 2020 and by 12% compared to the first nine months of 2019. EBIT Margin stood at 5.4% excluding capital gains from the sale of the facilities (compared to the negative level of 3.7% in the same period of 2020 and the positive margin of 3.1% in the first nine months of 2019).
Transportation and Defense revenues increased 12% in local currency compared to the first nine months of 2020 and 3% compared to the same period of 2019. In addition, the EBIT margin reached double-digit levels (10.8%) excluding the capital gain from the sale of the facilities, compared to 5.8% in the first nine months of 2020 and 10.0% in the same period of 2019.