Indra Sistemas SA Q1 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Manuel Lorente - Mirabaud Securities Limited, Research Division - Analyst : My first question is regarding the revenue phasing throughout Q1 and trying to figure out what might be the trends on the coming quarters, especially on Security & Defence that has dropped 18%. This has been something back-end loaded on March. So this has been a normal trend -- an underlying trend throughout the entire quarter. My second question will be regarding the Eurofighter contribution. It has been perfectly clear that 2/3 of the shortfall in profitability has come from Eurofighter at the CMD level. That figure more or less is applied also at the top line level. And my third question is on the different moving parts throughout the year. Obviously, you have dropped the guidance because the visibility nowadays is very limited. But what is -- you can give us some indication on the different moving parts of the profitability throughout the rest of the year. And my final question is I think it was Fernando talking that you might have some -- for the news regarding the temporary layoffs in coming weeks. Can you give us some more indication of what should trigger to reopen again that from?

Question: Manuel Lorente - Mirabaud Securities Limited, Research Division - Analyst : Can you reach an agreement only for Minsait or only for T&D? Or it has to be at the group level?

Question: Manuel Lorente - Mirabaud Securities Limited, Research Division - Analyst : Yes. But for example, in terms of security and defense, the drop was 18% in Q1. Let's say that -- what has been the trend? January and February has been flattish and March has been down 40%, but it has been roughly 18% down across the board, the entire quarter.

Question: Manuel Lorente - Mirabaud Securities Limited, Research Division - Analyst : So in that sense, it is reasonable to assume that the T&D in Q2, the situation will be deteriorate further? My point here is basically that your previous statement saying that Q2 trends was similar than in Q1, which makes difficult to reconciliate by the fact that the vast majority of the drop has been at the end of the quarter. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. MAY 11, 2020 / 4:30PM, IDR.MC - Q1 2020 Indra Sistemas SA Earnings Call