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HomeLatest NewsDe los Mozos debuts at Indra with improvements in objectives and profit

De los Mozos debuts at Indra with improvements in objectives and profit

Date: May 27, 2024 Time: 19:21:41

Indra boosted its net profit by 35% during the first half of the year, to €90 million, compared to €66 million in the same period last year. The rebound is in line with that recorded by revenues, which also grew at double digits (+11.5%), to stand slightly above 2,000 million and lead the team led by José Vicente de los Mozos to update upwards the objectives for this 2023.

In the document sent to the National Securities Market Commission (CNMV) they expect turnover in local currency to reach 4,150 million, 150 million more than the previous estimate, while raising by 10 million more the reported EBIT (325 million) and the reported free cash flow (210 million). At the end of the first half of the year, its cash volume amounted to €54 million, more than doubling the €24 million recorded during the first six months of 2022.

In this context, net debt amounts to €47 million, five million more than at the end of 2022, although there is a sharp reduction in indebtedness compared to June last year, when it amounted to €210 million. The slight increase in recent months is mainly due to the payment of the acquisition of Selex’s Air Traffic division in the US. These acquisitions have contributed $44.7 million to sales in the first half of 2023 and just $0.3 million in the first half of 2022.

The estimates for this year rest on a historical order book, which amounts to 6,819 million after contracting has increased by 12.8% in the first half of 2023, driven by air traffic, transport and Minsait. On the other hand, hiring also grew by 8%, as did EBITDA, which climbed to 189 million.

Specifically, Transport and Defense amounted to 4,769 million and increased by 17%, highlighting Defense & Security with an accumulated volume of 3,075 million. Minsait’s portfolio stood at €2,051 million, up +4%. In parallel, the ratio of portfolio to sales of the last twelve months stood at 1.68 times, slightly below the 1.69 times recorded between January and June 2022.

By geographical area, Indra’s turnover rebounded in all the markets in which it operates except in Asia, the Middle East and Africa, where it fell by 18.4% to €196 million. Europe stands out, where it entered 21.3% more, to 384 million, while in Spain it shot up 10.7%, to 1,007 million, while in America the increase was 25.4%, to 425 million. In this regard, they highlight that the exchange rate had a negative impact on their turnover and subtracted nine million from the group’s revenues, mainly due to the depreciation of currencies in the EMEA region and in the Americas.

The company has advanced that they finalize the implementation of a strategic plan 2024-2026, which will be presented in the first part of 2024 and will be called ‘LedinINg The Future’. “This plan will be based on growth through different vectors such as the optimization of the international footprint, the simplification and creation of the portfolio, and the commitment to value in any of the activities in which Indra is present,” says De los Mozos. The group leads the rises of the Ibex 35 with a rebound of more than 3.7% and already touches 13 euros per share.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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