- The amendment of Article 21 of the Company’s Bylaws has been approved following a 96% vote in favor of increasing the maximum number of members of the Board of Directors to sixteen.
- María Ángeles Santamaría Martín and Elena García Armada have been appointed as independent directors with almost 100% of votes in favor and Pablo Jiménez de Parga Maseda as proprietary director representing Amber Capital UK, LLP and Amber Capital Italia, SGR, SpA, with 88.5% of votes in favor.
- The shareholders have approved the Annual Financial Statements with almost 100% of votes in favor, the Management Report for Indra Sistemas, S.A. and its Consolidated Group and the management of the Board of Directors.
Madrid. 30 June 2023. Indra’s General Shareholders’ Meeting, held today, ratified José Vicente de los Mozos as CEO of the company by an overwhelming majority of 89% of votes in favor. It has also agreed to pay a dividend out of 2022 profits of twenty-five euro cents (€0.25) gross per share.
The shareholders approved the Financial Statements and the Board of Directors’ Management Report with almost 100% of votes in favor, as well as the Sustainability Report, and passed all the resolutions proposed by the Board by a large majority. Among other points, this approval entails amending Article 21 of the Company’s Bylaws with a view to increasing the maximum number of members of the Board of Directors to sixteen with 96% of votes in favor and appointing María Ángeles Santamaría Martín and Elena García Armada as independent directors with almost 100% of votes in favor and Pablo Jiménez de Parga Maseda as proprietary director representing Amber Capital UK, LLP and Amber Capital Italia, SGR, SpA with 88.5% of votes in favor.
Chairman’s speech
In his speech at the Shareholders’ Meeting, Indra’s Chairman, Marc Murtra, highlighted that “we are entering into a new stage on very solid foundations that calls for optimism: excellent results, a solid and renewed corporate governance model, a healthy and solvent balance sheet and a great team of professionals.
This is a truly transformational time for many of Indra’s key businesses. In particular, the markets in which we operate are undergoing rapid and accelerated change”.
“The evolution of technology and the geostrategic context point towards a future with enormous opportunities for a company such as Indra that we are ready to take advantage of. In view of the foregoing, it is of the utmost importance to adapt to larger and more complex programs, promoting economies of scale and fostering collaboration and cooperation with European companies, being able to effectively integrate disruptive technologies as diverse as new materials, additive manufacturing, autonomous platforms, cognitive algorithms, hyperconnectivity, artificial intelligence, optical communications, quantum, distributed processing, among others. Our vision is for Indra to become the global technology and defence leader that builds an ecosystem of collaboration with all types of companies in order to project the Spanish technology industry into the future,” he said.
He concluded his speech by providing an update on the most relevant aspects of the company’s Corporate Governance and the changes made since the last General Shareholders’ Meeting.
Intervention by the CEO
For his part, the CEO, José Vicente de los Mozos, took the opportunity to thank the Chairman and all the members of the Board of Directors for their support in his appointment as the company’s Chief Executive Officer. He then went on to evaluate the state of the company, after a complete immersion over the last six weeks, and then shared the challenges and priorities of this new phase, as well as his roadmap for the coming weeks.
“We must act on what I consider to be Indra’s four priorities: the four T’s, that is, traction, transformation, talent and technology,” said De los Mozos. “We have the capabilities to drive the national defence and technology ecosystem as prime, from a country project perspective and by collaborating with the entire value chain,” added Indra’s CEO.
De los Mozos, who assumed senior executive responsibility for the FCAS program shortly after his appointment, announced a number of specific actions for the coming weeks:
- Launch a Management Committee structured around the businesses, with end-to-end responsibility for the income statement – where Minsait will preserve its management autonomy as a subsidiary – and support areas geared towards the company’s medium term and long term future.
- Draw up the new Strategic Plan 2024-26, with vision 2030, which should set out and align the company’s new roadmap.
- Commence the Indra 4.0 project with the objective of repositioning Indra as the benchmark digital company in all operational and business processes.
- Sign the first agreements with companies in the industry that will contribute to redefining the current outlook around this new country project.
- Share the company’s planning for the coming months at the presentation of first-half results.
Achievement of the targets set for 2022
In their speeches, the Chairman and the CEO alike highlighted the excellent results obtained in 2022 and the extraordinary prospects for the current year. Indra’s historical portfolio closed last year with 1.6 times greater sales, which is reassuring with a view to carrying out transformational changes in the company. The 7.8% return was also excellent, being one of the best in the market in industries such as Aerospace and Defence with 14.7%. Furthermore, Indra’s net debt has been reduced to €43 million, in other words, 0.1 times the Net Debt-to-EBITDA Ratio, allowing it to comfortably deal with possible inorganic growth actions.
