Financials

Find all the Annual and Quarterly Financial published since 2013. The documentation corresponding to previous years (since the IPO in 2010) is available upon request.

On this webpage, Amadeus makes available all Annual and Quarterly Financial Information. The documentation from the current year is posted on the corresponding section and the previous years’ documentation down to 2013 is available through the download centre. The documentation corresponding to the 2010-2012 period will be available upon request through our IR inbox .

The Quarterly Information includes the following financial documents issued on a quarterly basis and reported to the CNMV:

  • Management Review
  • Results Presentation
  • Results Press Release
  • Any other related official documentation.

The Annual Reports contain the annual financial statements and management reports of Amadeus IT Holding, S.A., both individual and consolidated with its subsidiaries, as well as the respective audit reports.

Presentations regarding specific events of interest such as acquisitions or Capital Market Days can be found under the Presentation section where you can also find our introductory presentation.




Debt and rating

Financial strategy

The Group's long term financial strategy followed after the IPO (especially in the turbulent period 2010-2014) pursued the following objectives:

  • Reduce cost of financing by reducing the credit spreads
  • Diversify funding sources as much as possible to compensate for banks deleverage process and the consequent potential unwillingness to lend money to corporates in crises periods
  • Increase flexibility
  • Extend the maturity profile of our debt

To pursue Amadeus’ long term financing strategy and the company has performed several refinancing transactions during the period of 2010-2013, the most relevant being the following:

€ 750 million - 5 year Eurobond - Coupon 4.875% - issued in July 2011
€ 200 million - European Investment Bank Loan - 9 year - fixed coupon - signed in May 2012
€ 150 million - European Investment Bank Loan - 9 year - fixed coupon - signed in April 2013
€ 200 million - RCF - signed in April 2012 - with 2.5 year maturity tenor
€ 300 million - RCF - signed in November 2013 - with a 5 maturity tenor

In February 2014, we completed the acquisition of Newmarket Inc for an amount of USD 500 million. This acquisition was financed through a 5 years Amortising Term Loan of USD 500 million. In December 2014, the Company refinanced this USD Term Loan with a Euro Bond of €400 million with the same duration but with a lower margin (coupon 0.625%).

Following the strategy of diversifying its sources of financing Amadeus set up in December 2014 a European Commercial Paper Program amounting to €500 million, this program has been increased in accordance with the relevant fact issued on 10 August of 2016 to €750 million.

In March 2015, Amadeus signed a new €1,000 million Revolving Credit Facility (RCF) with a group of 12 banks.

In July 2015, Amadeus signed a new facility agreement amounting to €500 million with the same group of 12 banks to partially finance the Navitaire acquisition.

In order to complete the financing of Navitaire’s acquisition the Company issued in November 2015 a €500 million Eurobond with maturity Nov 2021.

On April 26, 2016 we agreed a new €500 million Single Currency Revolving Loan Facility, with a five-year term. This facility will be used for working capital requirements and general corporate purposes, including the refinancing of the €750 million notes (part of the Euro Medium Term Note Programme) which matured in July 2016. The €500 million Facility B of the €1,000 million Revolving Loan Facility executed in March 2015 was canceled simultaneously.

In October 2016 Amadeus refinanced the €500 million facility used to pay Navitaire acquisition with a €500 million Euro Bond with longer duration than the facility (maturity October 2020) and a lower coupon of 0.125%.

In May 2017, Amadeus agreed on a new €500 million Euro Bond, used for working capital requirements and general corporate purposes, with maturity May  2019 and a 0% coupon (which is the lowest coupon reached by a Spanish corporate ever).

Overview of Amadeus' debt structure

 
  Description Amount Maturity Comments
Capital markets financing Euro Bond

€500m

€500m

€500m

May 2019

Oct 2020

Nov 2021

May 2019

October 2020

November 2021

EIB Loans Development Loan

€122.5m

 

May 2021

 

First loan:

Senior loan to finance R&D investment in IT. Amortising: bi-annual payments from Nov 2015 (first tranche of €150m) and Nov 2016 (second tranche of €50m), last payment in May 2021

 

€135m May 2022

Second loan:

Senior loan to finance R&D investment in Distribution. Amortising: bi-annual payments from Nov 2017, last payment in May 2022

ECP European Commercial Paper €350m Max 364 days Short term financing facility
Revolving Credit Facilities Revolving(1)

€500m

€500m

Mar 2020

Jul 2021

Available liquidity to cover working capital needs and other
         
  • (1) As of March 31 2018, the revolving credit facilities remained undrawn

Debt maturity profile as of March 31, 2018 (€m)

Euro Bonds

EIB loans

ECP

300 65 500 65 500 65 500 47.5 15 2018 2019 2020 2021 2022

Eurobond issuances

Amadeus has currently one program (Euro Medium Term Note Programme) for a maximum amount of 2,400 Million guaranteed by Amadeus IT Group S.A.

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Eurobond issuances

ECP issuance

Amadeus set ip in December 2014 an European Commercial Paper Program amounting € 500M, this program has been increased in accordance with the relevant fact issued on 10 August of 2016 to € 750M

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ECP issuance

Credit rating

On June 14, 2011 Amadeus IT Holding S.A. (currently Amadeus IT Group S.A.) obtained an "investment grade" credit rating from Standard & Poor's and Moody's. The corporate credit ratings obtained are as follows, in both cases with a "stable" perspective.

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Credit rating

Trade accounts payable information

Pursuant to the Spanish legislation in force, the disclosures related to the Directive on trade payables as of December 31, 2017 for the Spanish subsidiaries is set forth in the table below:

 

  31.12.2017
Average payment periods to suppliers (days) 32
Average payment terms  (days) 32
Outstanding payment transactions (days) 33
Total payments ordered  (in milion euros) 1,239
Total outstanding payments (in milion euros) 76

Trade operations with suppliers of good and services received since the initial date of the Law 31/2014, December 3, have been taken into consideration to calculate the average payment term to trade accounts payable.

The trade payables considered as account payables eligible to be disclosed in the consolidated financial statements are those which by nature are trade accounts payable with suppliers of goods and services and, therefore, are included under the ‘Trade accounts payable’ caption in the current liabilities in the consolidated statement of financial position.