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Amadeus 2012 first half results

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Posted by Stuart Brocklehurst (Group Communications Director, Amadeus IT Group)

Today we have published our financial results for the first half of 2012 (January 1 until June 30).

Comparing these results with the first half of 2011:

Global market share of travel agency air bookings increased by 1.0 percentage point to 38.3%.
  • Passengers Boarded (PB) grew by 27.0% to 259.0 million[1]
  • Revenue grew 8.6% to €1,508.9 million
  • EBITDA rose 6.1% to €606.9 million[2]
  • Adjusted profit increased 26.1% to €332.5 million[3]
  • Net debt reduced further to 1.53x last twelve month’s EBITDA

This growth record is supported by significant year-on-year growth from both our business lines - Distribution and IT Solutions .

Revenue in the Distribution business increased by 7.2%, to €1,157.4 million whilst the number of total bookings, including both air travel agency and non air bookings, improved by 4.2%, to 252.2 million.

In the IT Solutions business revenue increased by 13.6%, to €351.4 million, and the Passengers Boarded (PB) figure was lifted by 27.0%, rising to 259.0 million. Currently Amadeus projects over 750 million PB for 2014, based upon existing contracts

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Luis Maroto, our President & CEO, commenting on the results said:

“Despite the ongoing challenges of the global economic environment, this has been a successful first half of the year and we have continued our growth record. At the financial level, year-on-year during the first half we have grown revenues by 8.6% and adjusted profit by 26.1% to €332.5 million. "At an operational level, our long-term commitment to developing innovative customer-focused solutions and consolidating our global presence, has again proven successful with two landmark contracts in North America:  the Altéa contract with Southwest Airlines and the Expedia contract for content and technology in North America. “The global economic outlook remains uncertain, and air traffic and GDS volumes have shown weakness in recent months, driven by the economic environment. Nonetheless, we believe that our business model will continue to prove resilient and support good results for the second half of this year.”

As usual, our financial results were filed with the CNMV (the Spanish stock market regulator) in both Spanish and English.

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.

In November we will publish our results for the third quarter – and will update you again then.

[1]

Passengers Boarded (PB): actual passengers boarded onto flights operated by airlines using at least the Amadeus Altéa Reservation and Inventory modules. A PB is the key metric for charging in the Amadeus IT transactional revenue business line

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[2]

EBITDA adjusted to exclude extraordinary items related to the IPO. In addition, for purposes of comparability, the revenue associated to the IT contract resolution with United Airlines in Q2 2011, as well as certain costs of migration that were incurred in relation to this contract, have been reclassified from the Revenue and Other operating expenses captions, respectively, to the Other income (expense) caption in the 2011 figures. The growth rates shown above take into account this reclassification

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[3]

Excluding after-tax impact of the following items from continuing operations: (i) amortisation of the purchase price allocation (PPA) and impairment losses, (ii) changes in fair value and cancellation costs 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, the United Airlines contract resolution and the IPO.

[4]

2014 estimated annual PB calculated by applying IATA’s regional air traffic growth projections to the latest available annual PB figures, based on public sources or internal information (if already on our platform)

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Tags

Financial Results, Investor Relations