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Amadeus announces 2011 full year results

02/27/2012| 2:08:28 PM| 中文

Amadeus IT Holding, S.A. (Amadeus: “AMS.MC”) has announced year-on-year financial and operating results for the full year of 2011 (twelve months ended December 31, 2011).

Strong results as both Distribution and IT Solutions businesses continue to grow

Year-on-year 2011 highlights (year ended December 31, 2011)

• Adjusted profit increased 20.7%3 to €487.2 million

• Like-for-like Revenue grew 5.8% to €2,712.0 million

• EBITDA rose 6.4% to €1,039.0 million

• Total billable travel transactions processed increased 11.5% to 947.6 million

• Total dividend for the year of €0.37 per share or €165.6 million , representing a pay-out of 36% of the 2011 profit

• Net debt decreased by €719.5 million to 1.75x last twelve months’ EBITDA

• Global market share of travel agency air bookings increased by 1.0 percentage point to 37.7%

Madrid, Spain, February 24, 2012 - 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 full year of 2011 (twelve months ended December 31, 2011).

Adjusted profit for the full year increased 20.7% to reach €487.2 million. This was backed by growth in like-for-like revenue of 5.8% to €2,712.0 million and a 6.4% improvement in EBITDA to €1,039.0 million.

The total billable travel transactions processed increased by 11.5% to reach 947.6 million in 2011, rising from 849.9 million in 2011.

During the year our financial structure was further strengthened through €719.5 million of debt reduction vs. December 31, 2011. In addition, we refinanced our debt through a new senior unsecured credit facility, bringing more flexibility through extended maturity periods and improved terms and conditions. We further diversified our funding sources through the issue of a €750 million 5 year Euro Bond. As a result, we have significantly decreased the cost of servicing our debt. Amadeus was also assigned an investment grade rating by both Standard and Poor’s and Moody’s. Consolidated net financial debt on December 31, 2011 was €1,851.8m (based on covenants’ definition) or 1.75x last twelve months’ EBITDA.

For 2011 the total dividend will amount to €165.6 million (equal to €0.37 per share). An interim dividend of €0.175 per share was paid on 30 January 2012, and the balance will be paid in July 2012. The total dividend represents a pay-out of 36% of the reported 2011 profit for the year from continuing operations, excluding extraordinary items related to the IPO.

Both the Distribution and IT Solutions businesses were significant contributors to the company’s performance during 2011. Like-for-like Revenue in the Distribution area increased by 5.2%2, rising to €2,079.4 million. Total bookings, including both air travel agency and non air bookings, increased by 5.0%, up from 441.6 million to 463.8 million. Amadeus also increased its global market share of travel agency air bookings by 1.0 percentage point, maintaining its leadership position with 37.7%. IT Solutions continued its growth record with an increase in like-for-like Revenue of 7.8%2 during the full year to €628.0 million. Passengers Boarded (PB) increased by 17.9% in the year, rising from 372.3 million to 439.1 million - which was backed by the number of migrated Altéa customers increasing to 100.

Year-on-year results for the fourth quarter were also strong: adjusted profit increased by 27.0%, up from €68.2 million to €86.6 million, like-for-like revenues were up by 6.6% from €607.5 million to €647.6 million, and EBITDA rose by 8.0% from €188.3 million to €203.4 million.

Luis Maroto, President & CEO of Amadeus, commented:

“Amadeus continued to deliver further strong growth during 2011 with an increase in adjusted profit of 20.7% to total €487.2 million. This was backed by like-for-like revenue growth of 5.8% to total €2,712.0 million and an increase in EBITDA of 6.4% to total €1,039.0 million – whilst our total billable travel transactions processed rose by 11.5% to total 948 million.

“Amadeus’ success is jointly attributable to growth in both businesses: in Distribution our global market share of travel agency air bookings increased by 1.0 percentage point and overall total bookings increased 5%; and in IT Solutions the Passengers Boarded total grew by 17.9% and further key airline contract signings for Altéa lifted our projected Passengers Boarded figure for 2014 to 735 million .

“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.”

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