Indra obtained a net profit of 206 million euros in 2023, which represents an increase of 19.8% compared to the 172 million euros recorded the previous year, and will distribute a dividend of 0.25 euros per share charged to the 2023 profits, the same shareholder remuneration as the previous year, according to the results presented by the company this Wednesday before the National Securities Market Commission (CNMV).
Likewise, the company earned 4,343 million euros in 2023, which represents an increase of 12.8% compared to the 3,851 million euros in 2022.
Specifically, the turnover of the Transport and Defense division stood at 1,576 million euros, which represents an increase of 18.1% in relation to the 1,335 million euros in 2022, while Minsait, the technology subsidiary of the group, earned 2,767 million euros (9.9% year-on-year).
Indra has explained that the income of the Transport and Defense division increased “due to the strong growth” of Defense and Security, which grew by 24% due to the greater contribution of the FCAS and Eurofighter projects, as well as the Air Traffic department. with a 25% increase due to “good performance” in India, Belgium and Senegal, as well as the inorganic contribution of the Selex division of ATM in the United States and Park Air.
By markets, Spain represented 50% of the company’s turnover, while America accounted for 21%, Europe 19%, and the Asia, Middle East and Africa region 10%.
“During 2023 the areas of Defense and Technology have continued to grow and we have made a significant effort to continuously improve the work we do for our clients. We believe that we have a great starting point for our new ‘Strategic Plan’ (which will be presented next March 6)”, highlighted the president of Indra, Marc Murtra.
Likewise, the technology and defense firm recorded a gross operating profit (Ebitda) of 446 million euros, 11.5% more than the 400 million euros of the previous year, while the operating profit (Ebit) stood at 347 million euros, 15.6% more in year-on-year terms. In this way, Indra’s Ebitda margin stood at 10.27% in 2023, compared to the 10.39% obtained in 2022.
On the other hand, Indra’s free cash flow stood at 312 million euros, 23.3% higher than the 253 million euros in 2022.
“The growth is mainly explained by the higher operating profitability, the improvement in the variation of working capital and the higher collection of subsidies,” the technology and defense firm has argued.
Indra’s net debt stood at 107 million at the end of 2023, which represents an increase of more than double (148.8%) compared to the 43 million euros in 2022.
This is due, according to the company, to the financial investments item (284 million related to payments for acquisitions), the payment of the dividend in July 2023 (44 million euros) and the acquisition of own shares (33 million euros) to cover the “future delivery of shares of the 2021-2023 medium-term remuneration system”.
Regarding the dividend, Indra’s board of directors agreed to propose to the next general meeting of shareholders the distribution of a cash dividend of 0.25 euros gross per share charged to the profits for fiscal year 2023 and to be paid on July 11, 2024.
FORECASTS FOR 2024
Indra’s forecasts for 2024 point to a revenue target of around 4,650 million euros – in local currency -, which is 7% more than the 4,343 million euros of the last year.
Likewise, it plans to close this year with an Ebit of around 400 million euros, that is, 15.3% more than the 347 million euros in 2023.
However, the company’s estimates for this year include a reduction in free cash flow to 250 million euros, which would be 19.9% ??less than the 312 million euros in 2023.
In this context, the company will present its strategic plan for the coming years on March 6.
