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Travelport Performance and Innovation

02/28/2014| 8:53:25 AM| 中文

ATLANTA, Feb. 27, 2014 /PRNewswire/ -- Travelport Limited, a leading distribution services and e-commerce provider for the global travel industry, today announces its financial results for the fourth quarter and full year ended December 31, 2013.

Commenting on developments, Gordon Wilson, President and CEO of Travelport, said:

"I am delighted to report a successful growth year for Travelport, with key financial performance metrics up 5% with positive innovation and traction across all aspects of the business.  We maintain forward momentum in transforming our core air business and growing our Beyond Air initiatives of payments, hospitality and advertising.  I am also pleased to note that this momentum has continued into the early part of the current year."

Highlights

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* Excluding the loss of the Master Services Agreement ("MSA") with United Airlines

Financial Highlights

Fourth Quarter 2013

Travelport's Net Revenue of $480 million for the fourth quarter of 2013 was $23 million (5%) higher than the fourth quarter of 2012, and Adjusted EBITDA of $109 million was $6 million (4%) higher than the fourth quarter of 2012.

TravelportRevPas increased 2% to $5.58.

Full Year 2013

Travelport's Net Revenue of $2,076 million for the full year 2013 was $74 million (4%) higher than 2012 and Adjusted EBITDA of $517 million was flat compared to the full year 2012.

The MSA with United Airlines contributed approximately $27 million to Net Revenue, $21 million to each of Operating Income and EBITDA and $23 million to Adjusted EBITDA on a year to date basis for 2012. Excluding the impact of the MSA, Net Revenue increased $101 million (5%), and Adjusted EBITDA increased $23 million (5%) compared to 2012.  The MSA only impacted the comparison of the results of operations for six months of the year in 2013 compared to 2012.

TravelportRevPas increased 4% to $5.49.

Interest costs of $342 million for the full year 2013 were $52 million higher than 2012 due to higher interest rates on our debt as a result of the debt refinancings we completed in April and June 2013.

Travelport's net debt was $3,340 million as of December 31, 2013, which comprised debt of $3,573 million less $154 million in cash and cash equivalents and less $79 million of cash held as collateral.

Travelport generated $100 million in net cash from operating activities for the full year 2013 compared to $181 millionfor 2012. The decrease is primarily a result of increased interest payments, increased customer loyalty payments and changes in operating working capital.

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