Amadeus It Group Sa Class A · BME:AMS
Amadeus It Group Sa Class A — H1 2011 Earnings Presentation
22 slides from Amadeus It Group Sa Class A's earnings presentation, Aug 3, 2011
Slide 1: Amadeus H1 2011 Results
Amadeus H1 2011 Results August 3, 2011 © 2011 Amadeus IT Group SA
Slide 2: Disclaimer
Disclaimer This presentation may contain certain statements which are not purely historical facts, including statements about anticipated or expected future revenue and earnings growth. Any forward looking statements in this presentation are based upon information available to Amadeus on the date of
Slide 3: Recent Industry Performance
Recent Industry Performance Air Traffic (1,2) (% Change, year-on-year) GDS bookings (% Change, year-on-year) 9.6% 9.5% YTD(2): 6.5% 8.6% 8.7% 7.7% 7.7% 7.6% 7.1% 5.4% 4.4% YTD: 1.8% 1.9% 1.6% Q1'10 Q2' 10 Q3' 10 Q4' 10 Q1' 11 Q2' 11 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q2 2011 total air traffic
Slide 4: Distribution H1 2011 Highlights: Sustained growth in booking volumes
Distribution H1 2011 Highlights: Sustained growth in booking volumes Amadeus TA Bookings (m) H1 2011 Amadeus air TA bookings by region 4.3% % Volume 242 Growth NA, 9.6% 232.1 240 WE, 47.9% 2.9% 32.0 LatAm, 6.5% WE 220 31.1 200 180 CESE 5.9% APAC, 160 13.9% 140 +4.5% 2.7% MEA 120 100 201.0 210.0 80 A
Slide 5: IT Solutions H1 2011 Highlights: Altéa supporting continued growth
IT Solutions H1 2011 Highlights: Altéa supporting a year of continued growth and visibility Contracted and Migrated airlines (1) Passengers Boarded (2) (m) +32.5% 203.9 112 200 96 175 153.9 58.2 95 150 20.3 80 125 100 +9.1% 75 145.8 133.6 50 25 0 June 30, 2010 June 30, 2011 June YTD 2010 June YTD 20
Slide 6: IT Solutions: Contracted Airlines will Drive Future Growth
IT Solutions: Contracted Airlines will Drive Future Growth Passengers Boarded (including organic growth) (m) Selected Upcoming Migrations >700 +1.9x Air Berlin: H1 2012 Cathay Pacific: H1 2012 Singapore Airlines: H1 2012 Total Full Year PB 372 SAS: H1 2012 >150 million Thai Airlines: H2 2013 (as of
Slide 7: Q2 2011: Selected Operating Highlights
Q2 2011: Selected Operating Highlights Distribution IT Solutions Long-term content agreements with Turkish Airlines and 10 Airline IT additional carriers. Amadeus also signed new global distribution Altéa: continued track record of growth and delivery in the period agreements with Canada’s third lar
Slide 8: H1 2011 Financial Review
H1 2011 Financial Review: Sustained revenue growth, profitability levels in line with expectations Revenue by Business Line (€ mm) Contribution by Business Line (2) (€ mm) +4.1% 73.5% 68.7% 1,079.6 48.4% 48.2% 1,037.0 +3.5% 520.1 Distribution +3.2% 502.4 IT Solutions +10.5% 309.4 299.9 Contribution
Slide 9: Group Net Indirect Fixed Costs
Group Net Indirect Fixed Costs Net Indirect fixed costs (1) (€ mm) +4.0% 175.4 168.7 June YTD 2010 June YTD 2011 © 2011 Amadeus IT Group SA Indirect costs growth driven by increased efforts in cross-area R&D (mainly TPF decommissioning), indirect impact of overall group expansion (e.g. building need
Slide 10: Research & Development and Capital expenditure
Research & Development and Capital expenditure Total Group R&D spend (€ mm) Total Group Capex (€ mm) 171.6 +36.8 % +17.5% 20.9 125.4 22.0 Includes YTD impact of signing 180.8 170.4 150.7 bonus and 145.0 103.4 increased level of contract wins June YTD 2010 H2 2010 June YTD 2011 (1) June YTD 2010 June
Slide 11: Group EBITDA
Group EBITDA(1) Contribution to EBITDA growth in H1 2011 (€ mm) 6.0% 21.5 17.7 (6.7) 572.1 539.5 (1) (1) H1 2010 EBITDA Contri bution Margi n Contribution Margi n IT Indi rect cos ts and H1 2011 EBITDA Di s tri buti on Sol uti ons capi tal i za tions & RTC % Revenue (1) 40.4% 41.2% © 2011 Amadeus IT
Slide 12: Free cash flow generation and Leverage
Free cash flow generation and Leverage Pre-tax free cash flow(1) (€ mm) Covenant Net debt / LTM EBITDA(2) (9.3)% 416.8 459.7 28.4 2.9x 2.7x 2.5x 636.2 2.4x 556.7 1.8x (125.4) (171.6) June. 2010 Sept. 2010 Dec. 2010 Mar. 2011 Jun. 2011 (47.8) Net debt (in € mm) EBITDA incl Opodo Capex Change in WC To
Slide 13: Update on Hedging Policy and FX Impact
Update on Hedging Policy and FX Impact © 2011 Amadeus IT Group SA 13
Slide 14: Sensitivity to USD / EUR FX rate. Hedging policy
Sensitivity to USD / EUR FX rate. Hedging policy Exposure to USD – Translational Impact Sensitivity 10% USD depreciation = Total Group Booking revenue and IT transactional revenue c.1.5% Revenue 15%-20% charged either in EUR or USD - Decrease Cost base in the US: commercial and Operating development
Slide 15: Update on Refinancing Process and Capital Structure
Update on Refinancing Process and Capital Structure © 2011 Amadeus IT Group SA 15
Slide 16: Refinancing Process Update
Refinancing Process Update In May 2011, Amadeus signed an agreement with a group of international banks to refinance its existing debt through a new senior unsecured credit facility In addition to a €900 MM bank financing facility, two bridge loans were put in place to achieve maximum flexibility Tr
Slide 17: Overview of Amadeus' Debt Structure
Overview of Amadeus’ Debt Structure Debt Maturity Profile Post Refinancing Signed in May 2011 (€mm)(1) Bridge Loan Euro Bond Bank Financing 456 750 300 250 200 150 2011 2012 2013 2014 2015 2016 2017 2018 Summary terms of the facilities Description Amount Tenor Comment Amortizing Amortizing 4.5 yr: N
Slide 18: Support materials
Support materials © 2011 Amadeus IT Group SA
Slide 19: Reconciliation of segment reporting
Reconciliation of segment reporting Reconciliation of Contribution and EBIT (€mm) Figures in € million H1 2010(1) H1 2011(1) % Change Contribution margin 708.3 747.5 5.5% of which, Distribution 502.4 520.1 3.5% of which, IT Solutions 205.9 227.4 10.5% Indirect fixed costs (197.5) (209.9) 6.3% (2) In
Slide 20: Key Performance Indicators
Key Performance Indicators June YTD 2010(1) June YTD 2011(1) % Growth Volumes Total GDS Industry Growth (%) 9.6% 1.8% Total Amadeus Air TA 201.0 210.0 4.5% Bookings (m) Passengers Boarded 153.9 203.9 32.5% (PB) (m) Financial Results (2) Revenue from 1336.9 1389.0 3.9% continuing operations EBITDA fr
Slide 21: Extraordinary Costs Related to the IPO
Extraordinary Costs Related to the IPO H1 2010 H1 2011 Personnel and related expenses (1) (300.8) (9.9) Other operating expenses (2) (11.5) 1.2 Interest expense (3) (29.2) (0.0) Total Impact on Profit before Taxes (341.5) (8.7) Income taxes 105.9 2.7 Total impact on Profit for the period (235.7) (6.
Slide 22: Your technology partner
AMdaDEUS Your technology partner