Indra increased its backlog by +12% and its order intake by +8% in 1Q20, in an environment marked by COVID-19

Indra’s priorities through this new and challenging environment are to ensure that its employees are safe, to offer full service to its clients and to preserve Indra´s financial sustainability and competiveness in the future

COVID-19 is starting to have a major impact in the global economy and thus Indra expects an impact on its results in the coming quarters, although it is still very difficult to estimate. Therefore, Indra’s 2020 guidance is withdrawn and the decision to resume dividend payments is postponed

The impact of COVID-19 on 1Q20 results has been still limited and mainly concentrated in the T&D division (delays in specific projects)

Backlog up +12%, reaching again a new record for Indra (€4.8bn)

Despite COVID-19 in 1Q20, the positive commercial inertia of previous quarters continues, with order intake growing +8% in 1Q20 vs 1Q19. Both Minsait and T&D showed solid growth.

Revenues remained stable in 1Q20 vs 1Q19. Minsait sales stood out and grew +4%

1Q20 EBIT decreased €-19m compared to 1Q19, mainly due to the timing and delays in Eurofighter and, to a lesser extent, delays in some other significant T&D projects due to Covid-19. Minsait’s EBIT remained stable

Improved cash generation in 1Q20 (€+49m) compared to 1Q19. Net Debt / EBITDA LTM ratio up to 2.2x (excluding the impact of IFRS 16) vs 1.9x in 1Q19

The solid liquidity that Indra already had in December 2019 has been significantly strengthened. Indra has more than € 940 million between cash and credit lines available as of March 31st.