Amadeus delivers first quarter financial results
Amadeus IT Holding, S.A.has announced year-on-year financial and operating results for the first quarter of 2011 (three months ended March 31, 2011).
Madrid, Spain, May 9,2011-Amadeus IT Holding, S.A.(Amadeus:“AMS.MC”), parent company of the Amadeus Group, a leading transaction processor and provider of advanced technology solutions for the global travel and tourism industry, has announced year-on-year financial and operating results for the first quarter of 2011 (three months ended March 31, 2011).
Adjusted profit for the quarter increased 11.7% to reach €144.0 million. This was backed by a growth in revenue from continuing operations of 2.8% to €704.3 million and an improvement in
EBITDA of 6.8% to €291.4 million. Excluding the impact of the sales of equity stakes in Vacation.com and Hospitality Group in 2010 and the impact of a change in treatment of certain bookings within IT Solutions, revenue grew by 4.8% .
Consolidated net financial debt on March 31, 2011 was €2,439.9 million (based on covenants’ definition). This represented 2.35x last twelve months’ EBITDA, and was down by €131.4 million vs. December 2010.
Both the Distribution and IT Solutions businesses contributed to the company's positive performance during the quarter. Revenue in the Distribution area increased by 2.8% (3.4% excluding the impact of the sale of Vacation.com), rising to €553.5 million. Total bookings increased by 4.3%, up from 119.5 million to 124.7 million. Amadeus also maintained its leadership position with 37.4% of the global market share of travel agency air bookings during
the first quarter of 2011.
The IT Solutions business continued its growth record by increasing revenue 2.8% during the quarter(10.0% excluding the impact of the sale of Hospitality Group and the change in treatment of certain bookings)to €150.9 million. Passengers Boarded (PB) increased by 38.8% in the same period, rising from 67.7 million to 94.0 million as the total number of airlines migrated to Amadeus Altéa reached 97. As of March 31, 2011,the total number of airlines contracted to Amadeus Altéa was 110, up from 109 in December 2010.
Luis Maroto, President & CEO of Amadeus, said:
“We have made a good start to the year with both of Amadeus' business lines continuing to show healthy growth during the quarter. In Distribution our global market share of air bookings through travel agents rose by 0.8 p.p. year on year to a record 37.4%, further widening our leadership position worldwide. In Airline IT we processed 94 million 'Passengers Boarded' during the quarter, 38.8% more than a year ago, with 97 airlines now using the Amadeus Altéa suite of solutions to drive their mission-critical business processes.”
“We further improved our financial position by reducing debt, down by more than €130 million
since December, and now at 2.35x EBITDA. Year-on-year our EBITDA grew by 6.8% to €291 million, and our adjusted profit for the quarter was up by 11.7% to €144 million.