Amadeus It Group Sa Class A · BME:AMS
Amadeus It Group Sa Class A — Q1 2010 Earnings Presentation
19 slides from Amadeus It Group Sa Class A's earnings presentation, May 13, 2010
Slide 1: Amadeus 1st Quarter 2010 Results Presentation
Amadeus 1st Quarter 2010 Results Presentation 13 May 2010 1
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: What do we do? The largest transaction processor in travel
What do we do? The largest transaction processor in travel Travel Travel Travel providers buyers agencies Airlines Common / DISTRIBUTION overlapping platforms & Hotels Provision of indirect applications distribution services Online and Consumers/ offline travel General Railway operators Common data
Slide 4: Airline Industry: Solid Recovery in International Traffic
Airline Industry: Solid Recovery in International Traffic, Strong Rebound from the Second Half of 2009 International Air Traffic (1) (% Change, year-on year) 7.8% 8.6% 7.6% 7.9% 6.4% 5.4% 4.3% 2.4% 0.1% (1.2%) (3.5%) (6.5%) (8.9%) Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09
Slide 5: GDS Industry: Growing at an Even Faster Pace
GDS Industry: Growing at an Even Faster Pace GDS bookings (% Change, year-on-year) 9.6% 8.8% 6.1% 4.7% 3.7% 3.6% 0.1% 0.1% (2.8)% (6.6)% (12.2)% (13.4)% (13.2)% Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Source: Amadeus internal estimates GDS industry grew by 9.6%
Slide 6: Distribution 1Q Highlights: Well Positioned to Benefit from Cyclical Recovery
Distribution 1Q Highlights: Amadeus is Well Positioned to Benefit from Cyclical Recovery in Travel Volumes Amadeus TA Bookings (m) Amadeus air TA bookings by region +7.9% % Volume NA Growth 13.5% 119.5 WE 5.4% 110.8 LatAm 15.7 16.0 6.3% WE CESE 14.3% +9.6% APAC 50.4% 9.3% MEA 18.4% 103.9 94.8 MEA AP
Slide 7: IT Solutions 1Q Highlights: Significant Growth from Organic Growth and Migration
IT Solutions 1Q Highlights: Significant Growth derived from Organic Growth in PBs and Migration of Airlines Migrated airlines (1) Passengers Boarded (2) (m) 67 70 +41.4% 54 67.7 47.9 18.7 0.8 +4.1% 47.1 49.0 1Q 2009 1Q 2010 1Q 2009 Dec 31, 2009 1Q 2010 Like for Like 2009 and 2010 migrations Contract
Slide 8: IT Solutions: Contracted Airlines will Drive Future Growth
IT Solutions: Contracted Airlines will Drive Future Growth, 2010 Migrations Achieved as Planned Passengers Boarded (m) 2010 Scheduled Migrations 575 Migrations scheduled for 2010 +2.4x Date Aegean Q1 2010 √ TAP Q1 2010 √ Total Mauritania Q1 2010 √ Full Year PBs > 100 million 238 Saudi Arabia Q2 2010
Slide 9: 1Q 2010: Continued Business Evolution
1Q 2010: Continued Business Evolution Distribution IT Solutions New long-term contracts with key airlines 3 new airlines migrated to Altéa(1) (c.15 million of customers: more than 80% of all airline bookings additional Full Year PBs) in the period made by Amadeus travel agencies worldwide are 3 exis
Slide 10: 1Q Financial Review: All Business Lines Show Significant Revenue and Margin Growth
1Q Financial Review: All Business Lines Show Significant Revenue and Margin Growth Distribution (€ mm) IT Solutions (€ mm) Opodo (€ mm) +70.0% +46.6% +47.1% +63.3% +28.1% +20.3% +17.9% 146.8 +12.4% 538.2 124.5 478.7 +30.4% +8.0% 26.7 24.7 +13.5% 146.8 102.8 538.2 478.7 124.5 78.8 28.1 +49.5% 20.3 22
Slide 11: Group Net Indirect Fixed Costs
Group Net Indirect Fixed Costs Net Indirect fixed costs (1) (€ mm) -1.6% 84.7 83.3 1Q 2009* 1Q 2010 Indirect costs growth driven by inflation and increased efforts in information systems Growth in capitalized expenses, given the increased R&D efforts during the period * Q1 2009 figures calculated as
Slide 12: Research & Development and Capital expenditure
Research & Development and Capital expenditure Total Group R&D spend (€ mm) Total Group Capex (€ mm) 64.3 +23.8% 52.0 11.1 +22.7% 68.7 15.1 56.0 53.3 36.9 1Q 2009* 1Q 2010 1Q 2009* 1Q 2010 Intangible Assets Tangible Assets % revenue 8.9% 9.7% % revenue 8.4% 9.1% Consistent commitment to Research & C
Slide 13: Group EBITDA
Group EBITDA Contribution to EBITDA growth in 1Q 2010 (€ mm) +26.1% 2.5 1.4 24.0 30.2 280.3 222.2 Q1 2009* Adjus ted Contri buti on Ma rgi n Contri buti on Ma rgi n IT EBITDA Opodo Indi rect cos ts a nd Q1 2010 Adjus ted EBITDA Di s tri buti on Sol uti ons ca pi tal i za ti ons & RTC* EBITDA % reven
Slide 14: Free cash flow generation and Leverage
Free cash flow generation and Leverage Adjusted (1) pre-tax free cash flow (€ mm) Covenant Net debt / EBITDA(2) 82.6 3.6x 298.6 50.2 3.3x 220.4 3.0x 280.3 222.2 Dec-09 Mar-10 Mar-10 IPO Proforma (52.0) (64.3) Net Debt (in € mm) Adjusted EBITDA Capex 3,289 3,168 2,894 Change in WC Total 1Q 2009* 1Q 2
Slide 15: Support Materials
Support Materials aMaDEUS Your technology partner 15
Slide 16: Reconciliation of segmental reporting with Consolidated Group accounts
Reconciliation of segmental reporting with Consolidated Group accounts Reconciliation of contribution margin and EBITDA (€mm) 1Q 2010 1Q 2009 1Q 2009* % Change* Contribution margin 356.1 305.6 301.9 18.0% of which, Distribution 253.4 223.1 223.1 13.5% of which, IT Solutions 102.8 82.5 78.8 30.4% Ind
Slide 17: Key Performance Indicators
Key Performance Indicators 1Q 2010 1Q 2009* % Growth* Volumes Total Air Traffic 8.6% (8.9%) Growth (%) Total GDS Industry 9.6% (13.2%) Growth (%) Total Amadeus Air TA 103.9 94.8 9.6% Bookings (m) Passengers Boarded 67.7 47.9 41.4% (PBs) (m) Financial Results Total Revenue 705.3 622.0 13.4% Total Adj
Slide 18: Q&A
18 Q&A aMaDEUS Your technology partner
Slide 19: Amadeus
AMADEUS Your technology partner