Indra Board of Directors ratifies new company structure with Marc Murtra as non-executive chairman and Ignacio Mataix and Cristina Ruiz – Eurasia Review


Indra’s general shareholders’ meeting, held on Wednesday, overwhelmingly ratified the company’s new governance structure, dividing the roles of chairman and chief executive officer and appointing Marc Murtra as non-executive chairman and Cristina Ruiz and Ignacio Mataix as co-chairman and several general managers.

The shareholders approved the accounts and the management report of the board of directors as well as the sustainable development report and adopted by a large majority all the resolutions proposed by the board. Among other things, this approval entails the ratification and re-election of Marc Murtra as an external director and Ana María de Pro as an independent director, as well as the re-election of Enrique de Leyva and Ignacio. Martín as independent directors. and Ignacio Mataix and Cristina Ruiz as executive directors.

In his address to the General Assembly, Mr. Murtra stressed that “there are many reasons to look to the future with confidence and hope. Indra has a solid strategic, commercial and commercial positioning and an extraordinary team of professionals with whom we can aspire to be a leading player in a very dynamic global industry with great potential that can generate a lot of value for Spain, during a period of recovery when European aid stimulates projects and investments in many of our areas of technological strength and expertise ”.

“My goal as chairman is to bring my background, my knowledge and my experience to strengthen Indra’s strengths and support executive managers through my board management and the missions entrusted to me”, a- he declared.

Murtra also thanked Fernando Abril-Martorell for his tenure as president, praising the value of his management and the transformation of the company since taking office in 2015. “This transformation allows us today to launch a new era on solid foundations and should encourage us to capitalize on new opportunities for all who are part of Indra ”.

Ignacio Mataix and Cristina Ruiz, CEO of Indra, reviewed the trends and strategies of the two divisions of the company (Transport and Defense and Minsait, the latter devoted to Information Technologies and Digital Transformation).

In 2020, Indra was able to react appropriately to mitigate the worst effects of the COVID-19 health crisis, while successfully maintaining business continuity, acted decisively to minimize the negative impact of the slowdown in the activity and continued to strengthen its commercial and strategic capacities. positioning.

The Directors General stressed that, since the start of the pandemic, many activities critical and essential to ensure the proper functioning of Spain have been supported by the work of Indra professionals, sometimes under very difficult conditions, such as the new service support for the health systems of several autonomous regions, ICO lines of credit for Spanish banks and the development of new digital applications to enable the provision of an online service for Indra customers.

They showed great motivation and commitment to Indra’s future and said that the two activities of the company are entering a new phase, with a solid foundation for it to continue and deepen. its strategy of growth and profitability and excellent prospects for success to strengthen its leadership in the technological fields in which it competes.

In this regard, they indicated that Indra’s initial challenge is to comply with the guidelines for 2021 announced to its investors. More specifically, Indra expects to:

  • Obtain more than 3,200 million euros in revenue at constant exchange rates.
  • Obtain an EBIT of more than 200 million euros.
  • And to achieve Free Cash Flow of more than 120 million euros in 2021, before the outflow resulting from workforce transformation plans.

Achievement of targets set for 2020

The CEOs recalled that, despite the worsening of the pandemic during the second half of the year, Indra achieved the 2020 targets that it had promised to its investors and shareholders in July of the same year and stressed that Indra succeeded. to increase the value of its portfolio to a record level, with an increase of 15.9% to 5,229 million euros, while the net order book increased by 8.4% to 3,850 million euros.

That year, Indra achieved Free Cash Flow of 83 million euros (121 million euros if we exclude the 38 million euros cash outflows resulting from the workforce transformation plan. work COVID-19), a positive figure that contrasts sharply with the 8- million euros of Free Cash Flow in 2019. In addition, the Net Debt fell to 481 million euros at the end of the year, against 552 million euros in 2019, placing it at its lowest level since 2010.

Transport and Defense: Excellent strategic prospects

“Today we have a very stable Transport and Defense activity with excellent strategic prospects”, declared Ignacio Mataix, who recalled that the ambition of the T&D activity is to “get back on track as quickly as possible. ‘profitable growth, based on technological innovation in the Transport, Aeronautics and Defense sectors, for which we are an industrial and technological leader ”.

This positive vision is based on elements such as the successes achieved in the evolution and transformation of the transport segment’s product and service offering and, in particular, the strategic reorientation of the Defense division towards large-scale programs. . At this time, it is necessary to underline the strategic role that Indra acquires in the European FCAS (Future Combat Air System) and its leadership and its first-rate participation in European defense industrial development programs, ensuring its presence in the European Union. technological evolution expected to mark the next decades in this field.

Mataix underlined that “our priorities are focused on perseverance and the pursuit of our transformation measures, the constant improvement of efficiency and the decisive promotion of the evolution and digitization of our products and services with programs to large scale as engines of our leadership in R&D ”.

Regarding T & D’s strategic axes, Mataix indicated that the company will focus on:

  • Develop the technologies of the future to guarantee Indra’s competitiveness on the global market by relying on the position it has acquired in the large-scale programs assigned to it.
  • Intensify the technological differentiation of the product range by digitizing products and supporting customers in their digital transformation processes.
  • Maintain focus on improving growth-based project execution as a means of improving internal and supply chain competitiveness.
  • Prioritize the product and solution portfolio and focus on key geographies for the business.

Minsait: Respond to and anticipate the acceleration of digitization

Cristina Ruiz declared that “thanks to the deep transformation of recent years, Minsait is ready to continue the evolution of its product range towards digital and high added value activities. With our undeniable strengths, we will be able to grow profitably, generate quality jobs and capitalize on the opportunities created by the technological environment and the recovery and resilience plans, in which we hope to play a leading role ”.

The chief executive said that the recovery of the economy and the acceleration of the technological needs of its customers provide Minsait with business opportunities, mainly digital, which the company is able to take advantage of, noting the existence of sectors and geographies showing signs of recovery, and that the company can already see the positive results of the actions taken during the most difficult times of the crisis. “Minsait has the best digital capabilities and a solid model that will undoubtedly allow us to continue on the path of growth and improving profitability.”

The company’s range and development strategy responds to and seeks to anticipate this trend of accelerating digitization in all sectors. Minsait is based on three key pillars that should help it recover while consolidating its growth trajectory and improving its profitability. These are:

  • Accelerate revenue growth through the high growth product line strategy and focus on higher value regions, prioritizing sales efforts in what he calls acceleration vectors, such as cybersecurity, phygital (the digitalization of the physical world), the cloud, data analysis and payment methods.
  • Continue to develop the operating model, consolidate and deepen productivity improvement plans and work on a new delivery and production model that takes full advantage of the potential for cross-cooperation in the use of resources and standardization of the range of products.
  • All this while continuing to identify inorganic growth opportunities to complement digital capabilities or related to the optimization of Minsait’s business and regional portfolio.

Corporate governance

Indra shareholders were informed of the most relevant aspects of the Company’s Corporate Governance and of the changes that have taken place since the last General Meeting of Shareholders, the most notable being, in addition to the new governance structure:

  • The adaptation of the Company’s internal regulations to the modifications of the Code of good governance of listed companies approved by the CNMV in June 2020 and to the modifications of the revised text of the law on companies.
  • The development and systematization of the standards of the Internal Code of Conduct on the securities markets.
  • The incorporation of predetermined and quantifiable objectives linked to sustainability for the variable remuneration of the directors of the company.
  • Intensifying dialogue with stakeholders and approving a general policy for reporting economic-financial, non-financial and corporate information through the media, social networks and other channels.

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