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A year in review: 2011 - an update on Amadeus’ financial performance

Stuart Brocklehurst

Group Communications Director, Amadeus IT Group

This morning we published our financial results for the full year 2011 (January 1 to  December 31).

As Amadeus is listed on the Spanish stock market, these financial results are filed with the CNMV (which is the Spanish stock market regulator) and the information is made available in both Spanish and English.

Technically, the results are published in the name of ‘Amadeus IT Holding, S.A.’, which is the entity listed on the Spanish stock market and the parent company of Amadeus IT Group. Our stock market ticker symbol (the code that a stock exchange gives to a company) is “AMS.MC”.

In order to help those following our financial performance, we compare our figures with previous years by presenting them in a ‘year-on-year’ format. On this basis, some of our key highlights for the full financial year of 2011 that might be of interest to you are the following:

  • Like-for-like Revenue grew 5.8% to €2,712.0 million[1]
  • EBITDA rose 6.4%[2]

    to €1,039.0 million

  • Adjusted profit[3]

    increased 20.7% to €487.2 million

  • Total dividend for the year of €0.37 per share or €165.6 million[4], representing a pay-out of 36% of 2011 profit[5]
  • Net debt decreased by €719.5 million to 1.75x last twelve months’ EBITDA

These positive financial results are backed by a successful 2011 from the operational standpoint. Despite the recent challenging environment for the travel industry – including the global financial and macroeconomic situation, natural disasters and political instability – Amadeus has achieved many significant successes:

  • Total billable travel transactions processed[6]

    increased 11.5% to 947.6 million

  • Global market share[7]

    of travel agency air bookings increased by 1.0 percentage point to 37.7%

  • 11 new clients contracted to the Altéa platform (Reservations + Inventory modules), plus  21 clients contracted to the Departure Control System
  • Amadeus has secured the first customer to implement the full Amadeus Hotel Platform
  • Significant progress in the implementation of some of our most innovative solutions, including Amadeus Airline Ancillary Services and our latest inspirational shopping tool, Extreme Search
  • Continued contracts securing relevant content for our travel agency subscribers, including low-cost carriers
  • Successfully extended relevant distribution contracts for renewal, most importantly in the US

Our President & CEO, Luis Maroto, has commented: “I would like to take this opportunity to extend my sincere thanks to our customers for their continued loyalty and partnership, along with our investors for their support of our financial evolution and growth. Throughout this year we will be working hard to further consolidate our position as a global leader and to continue to deliver despite the economic uncertainties we are facing. We have a proven business model and we look forward to 2012 with cautious optimism. Revenue in both our business lines will continue to grow, and we will further deleverage our balance sheet, based on our cashflow generation.”

If you would like to know more about our financial performance, you can find further information in the press release  we issued this morning, which can be found in our Investor Relations centre. You will also find there other documents that we filed this morning with the CNMV, such as our Financial Review (which is a more in-depth report) and our Results Presentation (used for presenting the financial results to analysts and investors) – along with a whole range of other relevant information such as previous accounts and facts about Amadeus shares.

In May we will be announcing our financial results for the first quarter of 2012  and in late May we will be publishing our Annual Report for 2011 ahead of our Annual General Meeting (AGM) in June. We will keep you updated.

 
[1]

In 2010 we sold our equity stakes in Vacation.com and Hospitality Group. 2011 figures therefore do not include any revenue from these subsidiaries. Also, revenue comparability in Q1 2011 was affected by a change in the treatment of certain bookings within IT Solutions (direct distribution) as explained in the Q1 financial report, based on which the related revenue is recognised net of certain costs. Finally, in Q2 2011 we received a one-time payment from United Airlines in relation to the IT contract resolution which was recognised as revenue, but reclassified as Other income for comparability purposes. Like-for-like revenue growth figures are adjusted for the above.

[2]

Adjusted to exclude extraordinary items related to the IPO and the revenue from the United Airlines IT contract resolution

[3]

Excluding after-tax impact of: (i) amortisation of PPA and impairment losses, (ii) changes in fair value of financial instruments and non-operating exchange gains / (losses) and (iii) extraordinary items related to the sale of assets and equity investments, the debt refinancing and the United Airlines IT contract resolution

[4]

Included within this sum is the interim dividend of €0.175 per share announced on November 30, 2011

[5]

Reported profit for the year from continuing operations excluding extraordinary items related to the IPO

[6]

Billable travel transactions include air and non-air travel agency bookings, passengers boarded (PB) & e-Commerce passenger name records (PNR)

[7]

Market share figures are based on GDS-processed air bookings and therefore exclude air bookings processed by the single country operators (primarily in China, Japan, South Korea and Russia) and GDS-processed bookings of other types of travel products, such as hotel rooms, car rentals and train tickets


Tags

Financial Results, Investor Relations