Indra's Net Profit increased by +77% in 1Q17, to reach 21 Million Euros

By vertical, it is worth noting the positive contribution of revenues from Defense & Security (+11%) and Financial Services (+9%). By region, Europe (+16%) and Spain (+5%) are the geographies with the highest revenue expansion.

EBITDA increased by +10% year-on-year to ?48m. EBITDA margin stands at 7.5% in 1Q17, which compares to 6.9% in 1Q16.

EBIT margin reached 5.2% (versus 4.6% in 1Q16) backed by the positive evolution of the profitability in the IT segment. IT EBIT margin increased to 0.2%, which compares to -1.2% in 1Q16. T&D EBIT margin remained unchanged at 12.3% in 1Q17 (vs 12.4% in 1Q16).

Despite the early collection in 4Q16 of certain payments expected to cash in throughout the first months of 2017 (of around ?80m), Free Cash Flow consolidates its positive performance in the quarter reaching ?-5m.

Net Debt is slightly up to ?532m, versus ?523m registered at the end of last year. Net Debt/EBITDA LTM remained unchanged to 2.3x, same level as the end of last year, and Average cost of gross debt down to 2.4% vs 2.8% in 1Q16

Indra confirms the previously communicated indications (which not include Tecnocom) surrounding the expected evolution for 2017 of revenues, EBIT margin and Free Cash Flow pre-Working Capital.

Tecnocom?s offer reached an acceptance of 97.2%. The transaction was closed on April 27th and Indra executed its forced sale for the remaining capital share. Indra has already started the integration process.