Amadeus.com
We’re creating a more connected travel industry, underpinned by sustainability and long-term investor relations.
60px
451px
Amadeus
Press Release
Manager Corporate Communications
Competitive gains in both Distribution and IT Solutions powered growth in revenues and profitability in the first quarter of the year.
1. We have also applied IFRS16 from Jan 1, 2018, giving rise to new assets and liabilities for our operating leases as of January 1, 2018 and consequently impacting the recognition of operating lease costs in the P&L. 2017 figures are not impacted for the application of this standard.
2. 2017 figures have been restated for IFRS 15 and IFRS 9, which we applied since January 2018
3. We have applied IFRS16 from Jan 1, 2018, giving rise to new assets and liabilities for our operating leases as of January 1, 2018 and consequently impacting the recognition of operating lease costs in the P&L. 2017 figures are not impacted for the application of this standard.
4. Passengers boarded (PB): actual passengers boarded onto flights operated by airlines using at least Amadeus Alt a Reservation and Inventory modules or Navitaire’s New Skies solution.
Financial highlights for the three first months of the year
Business highlights for the first three months of the year
|
Jan-Mar 2018 |
% of total |
Jan-Mar 2017 |
% of total |
% change |
Western Europe |
56.3 |
35.2 |
60.3 |
39.1 |
-6.6 |
Asia & Pacific |
33.1 |
20.7 |
28.0 |
18.1 |
18.3 |
North America |
29.7 |
18.5 |
27.0 |
17.5 |
9.8 |
Middle East & Africa |
17.8 |
11.1 |
18.0 |
11.7 |
-0.9 |
Central, Eastern & Southern Europe |
13.2 |
8.2 |
11.6 |
7.5 |
13.1 |
Latin America |
9.9 |
6.2 |
9.4 |
6.1 |
6.3 |
Total TA Air bookings |
160.0 |
100.0 |
154.3 |
100.0 |
3.7 |
|
Mar 2018 |
% of total |
Jan-Mar 2017 |
% of total |
% change |
Asia & Pacific |
144.4 |
34.6 |
116.5 |
34.3 |
23.9 |
Western Europe |
124.3 |
29.8 |
122.3 |
36.0 |
1.6 |
North America |
56.3 |
13.5 |
17.6 |
5.2 |
219.8 |
Latin America |
39.2 |
9.4 |
36.7 |
10.8 |
6.8 |
Middle East & Africa |
32.5 |
7.8 |
29.5 |
8.7 |
10.3 |
Central, Eastern & Southern Europe |
20.3 |
4.9 |
17.1 |
5.0 |
18.7 |
Total passengers boarded |
416.9 |
100.0 |
339.6 |
100 |
22.7 |
Summary of operating and financial information
Jan-Mar 2018 |
Jan-Mar 2017 (1) |
Change |
|
Operating KPI |
|
|
|
TA air competitive position (2) |
43.6% |
43.5% |
0.1 p.p. |
TA air bookings (m) |
160.0 |
154.3 |
3.7% |
Non air bookings (m) |
17.1 |
17.0 |
0.7% |
Total bookings (m) |
177.1 |
171.3 |
3.4% |
Passengers boarded (m) |
416.9 |
339.6 |
22.7% |
Financial results |
|
|
|
Distribution revenue |
795.5 |
779.0 |
2.1% |
IT Solutions revenue |
434.5 |
413.5 |
5.1% |
Revenue |
1,230.0 |
1,192.5 |
3.1% |
EBITDA |
539.0 |
501.8 |
7.4% |
EBITDA margin (%) |
43.8% |
42.1% |
1.7 p.p |
Adjusted profit (3) |
305.6 |
292.9 |
4.3% |
Adjusted EPS (euros) (4) |
0.71 |
0.67 |
6.6% |
Cash flow |
|
|
|
Capital expenditure |
162.9 |
155.1 |
5.0% |
Free cash flow (5) |
305.1 |
285.5 |
6.9% |
Indebtedness (6) |
Mar 31,2018 |
Dec 31,2017 |
Change |
Covenant Net Financial Debt |
2,026.9 |
2,083.3 |
(2.7%) |
Covenant Net Financial Debt/LTM Covenant EBITDA |
1.07x |
1.12x |
|
1. 2017 figures have been restated for IFRS 15 and IFRS 9. See Management Review for details on these accounting changes as well as for a reconciliation to the 2017 reported figures
2. Competitive position is measured as our TA air bookings in relation to the TA air booking industry, defined as the total volume of travel agency air bookings processed by the global Central Reservation System (CRS). Excludes air bookings made directly through in-house airline systems or single country operators, the latter primarily in China, Japan and Russia.
3. Excluding after-tax impact of the following items: (i) accounting effects derived from PPA exercises and impairment losses, (ii) non-operating exchange gains (losses) and (iii) other non-recurring items.
4. EPS corresponding to the Adjusted profit attributable to the parent company. Calculated based on weighted average outstanding shares of the period.
5. Calculated as EBITDA minus capital expenditure plus changes in our operating working capital minus taxes paid minus interests and financial fees paid.
6. Based on the definition included in the senior credit agreement covenants.
Investor Relations