Sustained growth record in both Distribution and IT Solutions businesses
Year-on-year first quarter highlights (three months ended March 31, 2012)
• Adjusted profit increased 22.1% to €167.9 million
• Revenue grew 8.5% to €764.1 million
• EBITDA rose 5.4% to €307.2 million
• Net debt reduced further to 1.65x last twelve months’ EBITDA
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 2012 (three months ended March 31, 2012).
Adjusted profit for the quarter increased 22.1% to reach €167.9 million. This was backed by growth in revenue of 8.5% to €764.1 million and a 5.4% rise in EBITDA to €307.2 million.
Consolidated net financial debt on March 31, 2012 was €1760.1 million (based on covenants’ definition). This represented 1.65x last twelve months’ EBITDA and was down by €91.7 million vs. December 31, 2011.
The Distribution and IT Solutions businesses both played equally important roles in the growth of the company during the quarter by delivering improved performances. Revenue in the Distribution business increased by 8.0%, rising to €597.6 million. Total bookings, including both air travel agency and non air bookings, increased by 6.1%, up from 124.7 million to 132.3 million. Amadeus also expanded its global market share of travel agency air bookings by 0.9 of a percentage point, maintaining its leadership position with 38.2%. Whilst in the IT Solutions business revenue increased by 10.4%, rising to €166.6 million, and the Passengers Boarded (PB) figure was lifted by 23.3%, rising from 94.0 million PB to 115.9 million PB. Currently we calculate over 750 million PB for 2014, based on existing contracts.
Luis Maroto, President & CEO of Amadeus, commented:
“Following on from our strong outcome in 2011, the results from the first quarter of this year continue to be very encouraging. Year-on-year we have grown revenues by 8.5% and adjusted profit by 22.1% to €167.9 million in the quarter. We have also further reduced our consolidated net debt by €91.7 million to reach 1.65x last twelve month’s EBITDA.
“Once again this pleasing performance was underpinned by growth across both our businesses. Distribution’s revenue increased 8.0%, backed by 0.9 p.p. expansion of global market share; whilst IT Solutions’ revenue increased 10.4%, driven by successful migrations to our platform and the strong performance of our different solutions.
“Such consistent growth in revenues as well as new clients is a direct result of our long-term commitment to developing innovative customer-focused solutions and consolidating our global presence. This strategy was again proven successful by two milestone contracts recently signed, the Altéa contract with Southwest Airlines and the Expedia contract for content and technology in North America. Although both deals were announced during the second quarter, they deserve special mention for their great significance in such a key market – and their long-term potential fills us with great enthusiasm.
“Despite the uncertain economic environment, we look forward to the remainder of the year with confidence.”