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Travelport Driving Forward Momentum

03/13/2013| 4:30:38 PM| 中文

Travelport Limited announces its financial results for the fourth quarter and full year ended December 31, 2012.

ATLANTA, March 12, 2013 /PRNewswire/ -- Travelport Limited, a leading provider of critical transaction processing for the global travel industry, today announces its financial results for the fourth quarter and full year ended December 31, 2012.

Commenting on the company's performance, Gordon Wilson, President and CEO of Travelport, said:

"Travelport's strategic growth plans continue to gain momentum. We broadened our travel content, improved our point of sale platform delivery, grew our payments business and developed greater distribution capabilities for ancillary products and services. Our key underlying business performance indicators of RevPas and Gross Margin have improved every quarter of this year compared to 2011."

These results are being released following a Travelport announcement of a proposed comprehensive refinancing plan.

2012 Highlights:

• Increased hotel content to over 375,000 bookable properties and more than 950,000 room offers;

• Signed 35 new airline and merchandizing content agreements, including:
  • Air Canada, Air China, China Southern, Delta Airlines, KLM, Lufthansa, Qantas and South African Airways
  • Low cost airlines such as easyJet, Kulula, RAK Airways and Transavia;

• Won customers in all regions and key countries, including Canada, Russia, the UK and the USA;

• Grew eNett business settling transactions in 2012 with 18x increase over 2011;

• Executed strategic partnerships in Asia:
• Secured long-term agreement to run the Japan Airlines AXESS GDS

• Extended co-operation with Chinese GDS, TravelSky, to include hotels;

• Recognised by both the travel and technology industries with awards in all regions, including 'Best GDS'(Asia Pacific) and 'IT Team of the Year' in the American Business Awards.

Financial Highlights for Fourth Quarter 2012

(in $ millions)

 

Q4 2012

Q4 2011

 Change

% Change

Net Revenue

457

465

(8)

(2)

Operating (Loss) Income

(17)

4

(21)

*

EBITDA

41

62

(21)

(34)

Adjusted EBITDA

89

106

(17)

(16)


* Not meaningful

Travelport RevPas increased 5% to $5.47 for the fourth quarter of 2012. The loss of the Master Services Agreement ("MSA") with United Airlines contributed approximately $26 million to the decline in net revenue and $19 million to the decline in each of operating income, EBITDA and Adjusted EBITDA for the fourth quarter of 2012 compared to 2011. Excluding the impact of this loss, net revenue for the fourth quarter of 2012 increased $18 million from the fourth quarter of 2011, both operating income and EBITDA declined by $2 million, compared to 2011, and Adjusted EBITDA increased by $2 million compared to 2011. The average rate of agency commissions increased 1% for the fourth quarter of 2012.

Financial Highlights for the Full Year 2012

(in $ millions)

 

2012

2011

 Change

% Change

Net Revenue

2,002

2,035

(33)

(2)

Operating Income

138

200

(62)

(31)

EBITDA

371

427

(56)

(13)

Adjusted EBITDA

455

507

(52)

(10)


Travelport RevPas increased 3% to $5.28 for the full year 2012. The loss of the MSA with United Airlines contributed approximately $69 million to the decline in net revenue and $50 million to the decline in each of operating income, EBITDA and Adjusted EBITDA in 2012 compared to 2011. Excluding the impact of this loss, net revenue for 2012 increased $36 million from 2011, and operating income, EBITDA and Adjusted EBITDA declined by $12 million, $6 million and $2 million respectively, compared to 2011. The average rate of agency commissions increased 1% for the full year 2012.

Interest costs of $290 million for the full year 2012 were $3 million higher due to higher effective interest rates.

Travelport generated $181 million in net cash from operating activities of continuing operations for the full year 2012, a $57 million increase from 2011, due to improved operating working capital and lower interest payments, partially offset by a decline in Adjusted EBITDA. For the full year 2012 free cash flow was $73 million, unlevered free cash flow was $305 million and including other financing and investing activities net cash and cash equivalents decreased by $14 million.

Travelport's net debt was $3,183 million as of December 31, 2012, which comprised debt of $3,430 million less $110 million in cash and cash equivalents and less $137 million of cash held as collateral.

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