Amadeus IT Holding - 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 full year 2010.
For the 12 months ended December 31st 2010 adjusted profit increased 24.3 per cent to reach €427.4 million. This was backed by a growth in revenue of 10.6 per cent to €2,683.3 million and an improvement in EBITDA of 14.2 per cent to €1,014.9 million.
Consolidated net financial debt on December 31 2010 was €2,571.3m (based on covenants’ definition). This represented 2.5x last twelve months’ EBITDA, and was down by €717.2m vs. December 2009.
The total billable travel transactions processed increased by 25.6 per cent to reach 849.9 million in 2010, rising from 676.6 million.
In 2011 Amadeus will pay a total dividend of €134.3 million, which represents a pay-out of 35 per cent of the Reported profit for the year of 2010, excluding extraordinary items related to the IPO.
Both the Distribution and IT Solutions businesses contributed to the company’s positive performance during the full year.
Revenue in the Distribution area increased by 8.5 per cent, rising from €1,836.3 million to €1,992.2 million. Total bookings increased by 6.9 per cent, up from 413.2 million to 441.6 million.
Amadeus also maintained its leadership position with 36.7 per cent of the global market share of travel agency air bookings during 2010.
The IT Solutions business continued its growth record by increasing revenue 17.7 per cent during the year, from €511.1 million to €601.4 million.
Passengers Boarded (PB) increased by 56.8 per cent in the same period, rising from 237.5 million to 372.3 million as the total number of airlines migrated to AltÃ©a reached 94.
As of December 31st 2010, the total number of airlines contracted to AltÃ©a was 109, up from 90 in December 2009.
During the fourth quarter of 2010, compared with the same period in 2009, Amadeus’ results saw an improvement in total revenue of six per cent from €593.8 million to €629.7 million, a rise in total EBITDA of 4.2 per cent from €190.2 million to €198.2 million and an increase in adjusted net profit of 2.1 per cent, up from €71.3 million to €72.8 million.
Amadeus president, Luis Maroto, said: “We delivered strong growth during 2010 and further strengthened our financial position by substantially reducing our financial debt.
“Our year-on-year total revenue grew by 10.6 per cent to €2,683.3 million, along with an increase in our total EBITDA of 14.2 per cent to €1,014.9 million.
“Our adjusted profit for the year grew by 24.3 per cent to total €427.4 million.
“Our transaction-based model has again proven adaptable and profitable, allowing us to benefit from the significant improvement in the global travel industry during 2010.
“During 2011, we aim to reinforce our leading position worldwide, both in our Distribution and IT Solutions businesses.
“We look forward to 2011 with confidence.”