Growth in Distribution, IT Solutions boosts profit at Amadeus

Growth in its Distribution and IT Solutions businesses boosted Amadeus’ adjusted profit for 2011 by 20.7% to total €487 million for its full financial year ended December 31.

This was backed by like-for-like revenue growth of 5.8% to total €2,712 million and an increase in EBITDA (Earnings before Interest, Tax, Depreciation &Amortization) of 6.4% to total €1,039million.

The total billable travel transactions processed increased by 11.5% to reach 947.6 million in 2011, rising from 849.9 million in 2010 (see full results issued by Amadeus below).

Luis Maroto, Amadeus President & CEO (pictured right) said, ”In Distribution our global market share of travel agency air bookings increased by one 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.”

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

• Adjusted profit: Excluding after-tax impact of: (i) amortisation of PPA and impairment losses, (ii) changes in fair value 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 and the United Airlines IT contract resolutionincreased 20.7%3 to €487.2 million.

• Like-for-like Revenue grew 5.8% to €2,712.0 million: In 2010 we sold our equity stakes in Vacation.com and Hospitality Group. 2011 figures therefore do not include any revenue from these subsidiaries. Also, revenue comparability in Q1 2011 was affected by a change in the treatment of certain bookings within IT Solutions (direct distribution) as explained in the Q1 financial report, based on which the related revenue is recognised net of certain costs. Finally, in Q2 2011 we received a one-time payment from United Airlines in relation to the IT contract resolution, which was recognised as revenue, but reclassified as other income for comparability purposes. Like-for-like revenue growth figures are adjusted for the above.

• EBITDA rose 6.4%: Adjusted to exclude extraordinary items related to the IPO and the revenue from the United Airlines IT contract resolutionto €1,039.0 million

• Total billable travel transactions processed: Billable travel transactions include air and non-air travel agency bookings, passengers boarded (PB) & e-Commerce passenger name records (PNR) increased 11.5% to 947.6 million.

• Total dividend for the year of €0.37 per share or €165.6 million: Included within this sum is the interim dividend of €0.175 per share announced on November 30, 2011, representing a pay-out of 36% of the 2011 profitReported profit for the year from continuing operations excluding extraordinary items related to the IPO.

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

• Global market share: Market share figures are based on GDS-processed air bookings and therefore exclude air bookings processed by the single country operators (primarily in China, Japan, South Korea and Russia) and GDS-processed bookings of other types of travel products, such as hotel rooms, car rentals and train ticketsof travel agency air bookings increased by one percentage point to 37.7%.