Fernando Abril-Martorell, Chairman and Chief Executive Officer of Indra:

“1Q19 results are in line with our growth and profitability expectations for the year (guidance 2019). Revenues and backlog continued to show the path of growth already seen in 2018 as a result of the new organizations developed both in Minsait and in T&D, and thanks particularly to the transformation of the commercial offer and the commercial processes and incentives. Backlog surpassed the €4,200m threshold, resulting in the best-ever figure of backlog”.

“Both Minsait and T&D showed revenue expansion. Within T&D, Transport and Traffic stood out, with both segments showing high growth in the quarter. For its part, Minsait sales also went up, in both local currency and reported figures, with the Energy & Industry vertical posting a remarkable performance”.

“Furthermore, it is worth highlighting the good dynamics in Latin America, with the main countries posting robust growth, in both local currency and reported figures, and with a lesser FX impact vs 2018”.

“Cash generation was affected by the seasonality of the working capital, as we flagged in the conference call of the 2018 results, by the collections that took place at the end of 2018 which were expected for the first half of 2019, and by higher investments in inventories”.

“To conclude, 1Q19 results are in consonance with our prospects. Our management effort is fully focused on achieving all the targets for the year, with special attention to the profitability (EBIT) of our operations”.