Introductory Presentation Amadeus Nov2011


Published on

presentation on Amadeus business

Introductory Presentation Amadeus Nov2011

  1. 1. Brighter, Bolder, BetterStrictly private and confidential November 2011 AmadeusIntroductorypresentation © 2010 Amadeus IT Group SA
  2. 2. Disclaimer These materials are being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate them (all such persons being referred to as “relevant persons”). These materials are only directed at relevant persons and any investment or investment activity to which the presentation relates is only available to relevant persons or will be engaged in only with relevant persons. Solicitations resulting from these materials will only be responded to if the person concerned is a relevant person. Other persons should not rely or act upon these materials or any of their contents. Investors and prospective investors in securities of the company are required to make their own independent investigation and appraisal of the business and financial condition of the company. This presentation is strictly confidential and is being furnished to you solely for your information. It may not be reproduced or redistributed to any other person, and it may not be published, in whole or in part, for any purpose. These materials may not be removed from the location of the related presentation. By receiving this presentation, you become bound by the above-referred confidentiality obligation. Failure to comply with such confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy any securities in the United States or elsewhere nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment to purchase shares. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Act”). Amadeus IT Holding, S.A. (the “Company”) has not and does not intend to register any securities under the Act or offer any securities to the public in the United States. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or their respective affiliates or agents, or any of such persons’ directors, officers, employees or advisors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any other person in relation to such information or opinions or any other matter in connection with this document or its contents or otherwise arising in connection therewith. This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding our financial position, business strategy, management plans and objectives or future operations and contracted customers are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of or revisions to any forward looking statements in this presentation, any change in our expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. This presentation also includes certain non-GAAP (Generally Accepted Accounting Principles) financial measures which have not been subject to a financial audit for any period. By attending this presentation you agree to be bound by the foregoing limitations2
  3. 3. Amadeus, the leading technology provider for the travel industry Travel Travel Travel providers buyers agencies Airlines Consumers/ Distribution General Hotels Provision of indirect distribution services public Online and offline travel Railway operators agencies Corporate travel Car rental departments Tour operators Cruise and ferries IT Solutions Provision of IT solutions to travel providers Insurance companiesKey global player in the c. €60bn growing Transaction-based business model: Two highly synergistic and profitable travel and technology market Volume driven, highly resilient and profitable businessesLoyal customer base: Long term contracts Strong barriers to entry Strong cash flow generation profile and over 90% recurring revenues 3
  4. 4. Global leader in our two business lines Global Distribution System (GDS) Passenger Service System (PSS) estimated 2010 market share estimated market share by passengers 2010 Amadeus Amadeus #1 #1 37% 30% Others Others 63% 70% Technology focus & Sustained ongoing + leadership investment Superior execution Consistent strategy + capabilitiesSource: Amadeus estimates based on publicly available information for GDS and PSS market share4
  5. 5. A Successful transaction processing model Distribution Provision of indirect distribution services Travel (travel agency channel) Travel providers agencies Fees for Travel Agency IT Travel providers provide their Travel agencies select Amadeus content to Amadeus, free of cost, for real-time search, booking, obtaining access to a powerful ticketing and other mid and Booking fee back-office solutions distribution channel, travel (transactional fee) agencies around the globe Amadeus pays an incentive fee Incentive and when a booking is done using A booking fee is paid to Distribution fees the Amadeus system Amadeus when a booking is done (transactional fee) in the Amadeus system Travel agencies pay IT fees for technology and functionality IT Solutions Provision of IT solutions to travel providers Travel providers Amadeus provides travel providers (mainly airlines) IT solutions (e.g. Transactional fees mission critical passenger management and other revenue solutions and e-commerce platform) A transactional fee is paid to Amadeus for the use of the technology5
  6. 6. An unparalleled track record Revenue(1) (€ mm) EBITDA(1) (€ mm) ’10: ’10: R ‘04- R ’04- CAG +6.7% CAG 10.6% + 1,015 2,683 ’04: ‘00- ’04: R CAG +7.6% R ‘00- CAG +9.7% 1,817 553 1,357 382 2000A 2004A 2010A 2000A 2004A 2010A % Margin 28.2% 30.4% 37.6%Note: 2000 and 2004 refer to Amadeus predecessor group entity1. Including Opodo. Excludes extraordinary items mostly in relation to LBO and IPO related costs6
  7. 7. Amadeus key investment highlights 1 Global leader in a robust Distribution business, with significant barriers to entry 2 Global leader in the IT Solutions business, a established and high growth business with large revenue visibility 3 Successful business model Transaction based: resilient to economic cycle, economies of scale Differentiated technology focus, highly invested Only player in the industry to operate a fully-owned data centre 4 Synergistic businesses 5 Financial performance: strong growth, profitability and cash flow generation7
  8. 8. 1 Global leader in Distribution, having steadily gained market share with travel agencies … 44% Amadeus Travelport Sabre Estimated 42% air market share 40% gain (2000-2010) 40% 38% 37% +11 pp 36% 34% 32% 30% 30% +0 pp 30% 28% 28% -12 pp 26% 26% 24% 22% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Leading GDS globally Well positioned in fast growing emerging markets Source: Numbers of travel agency air bookings according to Company estimates. Excludes air bookings made through in-house or single country operators, primarily in China, Japan, South Korea and Russia. Where competitors have merged in past, combined totals shown pre merger. 4th competitor with market share c.5% not shown 8
  9. 9. 1 …thanks to our superior offering which positions us well for further and profitable market share gains … What do travel agencies need? Amadeus comprehensive value proposition Multi year content agreements Content Wide breadth of global and local content Continuous commitment to innovation Product Functionality Investment in best-in-class technology Leading shopping, booking, and fulfillment functionality Local offices in 73 countries serving over 195 countries Customer Service & System reliability supported by fully owned data-centre Relationships Highly experienced local managers with deep expertise and long-standing commercial relationships The balancing item Price (Incentives paid) Amadeus superior offering = lower economic incentives 9
  10. 10. 1 … in an industry where market share is critical, generating powerful network effects and barriers to entry More travel More attractive providers on to travel the platform agencies More More investment Amadeus: Amadeus: revenues in IT Over 130,000 Over 700 Travel Agencies Airlines, & airline sales 90,000 hotels outlets + others Better products More attractive More travel to travel agency providers subscribers High barriers to entry: technology and network difficult to replicate Market share critical: global reach as a core GDS value proposition 10
  11. 11. 1 The Distribution business exhibits strong resilience: sustained volumes and pricing power Amadeus Annual Bookings (m) Resilient Unit Booking Fee (1) (€) €3.82 442 €3.58 €3.73 €3.78 €3.78 €3.74 428 431 413 391 373 2005 2006 2007 2008 2009 2010 Value-based pricing: based on origin of booking Local Regional Global less value, medium value, most value, 2005 2006 2007 2008 2009 2010 lowest fee medium fee highest fee Bookings made in Intermediate Provide access to travel agencies between global difficult to reach based in airline and local customer (e.g. non- home country home country) Resilient volumes: Sustained booking fee: sustained traffic growth + market share gains value-based pricing model, GDS value proposition 1. Unit booking fee: Booking revenue / total bookings (air and non-air) 11
  12. 12. 1 Key Drivers for the GDS Business showing favourable trends: Global GDP Growth and Disintermediation Booking Travel Demand Competition Dynamics Process Traffic Growth Disintermediation Market Share Amadeus Global GDP Air Traffic GDS Market Bookings Growth Increase Increase Increase Historical ratio between Direct vs. Indirect Channel: growth in air travel and Disintermediation trends Amadeus set to continue to growth in GDP of 1.3x-1.6x slowing down gain market share The GDS Channel remains the most efficient means of travel distribution on a global basis between airlines and travel agencies and travellers 12
  13. 13. 1 Air travel grows at a multiplier to Global GDP growth 2,800 CAGR CAGR CAGR CAGR CAGR 79-81: 91-93: 00-02: 03-07: 07-09 2,400 (0.1)% (0.7)% (1.0)% 7.8% (3.0)% Pax traffic Base 1970 RPKs (Revenue passenger kilometres) 2,000 CAGR 94-00: 5.2% 1.3-1.6x ratio CAGR 80s: 4.5% 1,600 World GDP Base 1970 1,200 CAGR 70s: 7.8% 800 Expansionary Expansionary Recessionary Recessionary Recessionary Recessionary Expansionary 400 0 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Sources: ICAO Passenger figures, IMF and Amadeus Historical ratio between growth in air travel and growth in GDP of 1.3x-1.6x 13
  14. 14. 1 Disintermediation risk slowing down Disintermediation rate slowing down The GDS Value Proposition Significant shift to direct channel already deployed: Global reach: airlines can distribute their content Consumer behavior increasingly difficult to change in more than 200 markets Carriers facing difficulty in shifting volumes to direct channel in non-home markets Higher yield: the GDS (travel agency) channel contributes more: Markets not subject to disintermediation: corporate travel, complex travel planning Bookings outside home market Lower economic incentive to avoid GDS fees Premium (business / first class) bookings Further growing the direct channel is inefficient, Processing power: Amadeus absorbs more than especially in international markets 86% of the transactions limiting the strain on GDS fees for domestic bookings are similar to cost airline inventory systems: of direct distribution Partnership opportunities: code sharing and The travel agency model has evolved (online travel interlining agencies, corporate and niche players), and they effectively compete with direct channels Other: Optional services, improved travel agency LCCs drove disintermediation (direct channel only), but efficiency, travel agency network management its market is maturing and many are turning to GDS to access untapped pockets of demand (corporate, global traffic) and address increasing complexity in hybrid High yield Global reach business model (e.g. interlining) customers GDS remain a key enabler of the travel industry and the Processing Partnership most efficient distribution channel. It’s added value to power opportunities the industry protects it from threats GDS industry has been challenged several times, but threats proved unsuccessful 14
  15. 15. 2 Unique IT Solutions offering A unique vision, from booking to boarding Altéa Reservation Altéa Inventory Altéa Departure Control Customer profiles Inventory control Check-in Availability Schedule management Boarding pass issuance Bookings Seating management Baggage management Fares & Pricing Waitlist management Aircraft weight & Ticketing Re-accommodation balance e-Commerce Revenue Management Standalone IT Solutions Automatic Ticket Changer Revenue Integrity e-Ticket Server Revenue Accounting etc… e-Retail e-Merchandise Search engine 15
  16. 16. 2 Amadeus Altéa – A unique community based platform offering significant advantages both to airlines and Amadeus From Numerous Legacy PSS… … to Amadeus Community PSS Providers of System Outsourcing and Application Hosting Core systems: 4,000 man-years Gaps and adaptations: 2,000 man-years In-House Carriers Systems 40,000 to 60,000 man-years cumulated effort 6,000 man-years cumulated effort Staff 1 major carrier = 200 heads Staff Airline IT Group ~ 1,600 heads (1) Community-based platform • High economies of scale: core platform designed to support multiple customers • Customisation capability: individual customers identify functional requirements and contribute to the platform’s funding • New customers are attracted by the functional richness of the platform • Seamless integration with alliances and partners Automated, flexible, modular, easy to evolve Single data source: simplified processes and increased operating efficiency, improved customer service, significant revenue opportunities 1. Staff dedicated to product development. Including commercial staff, total heads would reach over 2,000 16
  17. 17. 2 Amadeus Altéa - Established and high growth business with significant visibility Volumes - Passengers Boarded (mm) Altéa Growth Drivers High visibility with 10-15 year contracts 2014 figure Strong Pipeline estimate based on High growth with existing contract backlog signed contracts (1) IT Solutions play a vital role in >725 optimising airline business processes Airlines are increasingly cost conscious and willing to outsource: legacy systems x (1960’s/1970’s) are outdated and often +1.9 cannot address current business needs Air Berlin: H1 2012 efficiently BMI: H1 2012 63% of airlines are undertaking plans to .0% +30 372 Cathay Pacific: H1 2012 10: upgrade their core passenger services R 01– Singapore: H1 2012 CAG systems (2) SAS: H1 2012 Thai Airlines: H2 2013 Low cost hybrid carriers have IT needs Asiana: H2 2013 close to full service carriers (interlining, Korean Air: H2 2014 scalability) ANA: H2 2014 Alliances are triggering the need for 77 35 Other undisclosed collaborative and open IT platforms Airline mergers act as a catalyst for IT 2001 2004 2010 By 2014 overhauls 1. Based on contracts signed at December 31, 2010 and scheduled for migration before December 31, 2014. 2014 estimated annual PB calculated by applying the IATA’s regional air traffic growth projections to the latest available annual PB figures, based on public sources or internal information (if already in our platform) 2. Source: SITA Airline IT Trends Survey 2011 17
  18. 18. 3 Our business model has shown strong resilience with profitability not correlated with that of the airline industry 40 1,200 Airline sector operating profit(1) (€ Bn) Amadeus EBITDA(2) (€ mm) 1,015 35 1,000 873 882 897 30 800 679 25 616 533 553 600 20 382 491 423 15 400 10 200 5 0 0 (200) (5) (10) (400) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1. Airline sector operating profit source: IATA–all IATA scheduled passenger airlines. 2010 based on IATA’s forecast 2. Includes Opodo and excludes extraordinary items. 2000-2004 figures refer to predecessor group entity pre-LBO 18
  19. 19. 3 Strong technology focus and leadership supported by ongoing investment R&D spend (€mm, incl. capitalised R&D) Total accumulated 2004-2010: c. €1.6bn 349 –10: 14.4% CAGR 04 257 228 236 217 191 156 (1) 2004 2005 2006 2007 2008 2009 2010 % of Rev (2) 8.6 9.0 9.3 8.8 9.4 10.6 13.0 Shift to open systems (3) 100% 80% Automated 60% Flexible 40% Modular 20% 0% Easy to evolve 1996 1998 2000 2002 2004 2006 2008 2010 2012 Legacy Unix – Open Systems Linux – Open Systems 1. 2004 figures refer to predecessor group entity 2. Revenue including Opodo. 2009 Revenue adjusted for IFRIC 18 3. Illustrative chart; based on platform activity and payload 19
  20. 20. 4 Only transaction processor with synergistic businesses Technological Shared platform Shared in-house data centre Shared network Common application software Commercial Distribution Cross-selling to shared customer base IT Solutions Shared global sales presence Organisational Local presence to support both areas Customer support infrastructure Industry knowledge Deep sector expertise Hard to replicate Improves group margins Drives competitive advantage 20
  21. 21. 5 Amadeus has delivered strong Revenue and EBITDA growth and increased profitability since 2004 Revenue (€mm) 7% CAGR 04–10: 6. Resilient: over 90% 2,578 2,505 2,683 recurring revenues and 2,322 2,425 2,116 85% transactional 1,817 revenues Not linked to airline profits / ticket prices 2004 2005 2006 2007 (1) 2008 (1) 2009 (2) 2010 (3) Visibility of future growth EBITDA and Margin (€mm) Operating leverage Long-term contracts Loyal customer base 1 0.6% 04–10: 1,015 CAGR 873 882 889 679 37.8% 616 36.7% 553 35.2% 29.2% 33.9% 30.4% 29.1% 2004 2005 2006 2007 2008 2009 (2) 2010 (3) Note: 2004 refers to Amadeus predecessor group entity 1. Karavel sold in 2008. Impact of Karavel in 2007 was €111mm 2. Revenue and EBITDA adjusted for IFRIC 18. Reported figures (before IFRIC 18) were Revenue = €2,461 MM, EBITDA = €897 MM and EBITDA Margin = 37.6% 3. Revenue and EBITDA including Opodo. EBITDA excludes extraordinary items 21
  22. 22. 5 Both Distribution and IT Solutions have performed strongly Distribution IT Solutions Revenue (0.3%) (4.9%) 8.5% 9.6%) 9.6%) 9.8% Revenue 1,937 1,931 1,992 601 1,836 500 511 456 (2) 2007 2008 2009 2010 2007 2008 2009 2010 Contribution Contribution Pre-IFRIC Post-IFRIC 48.2% 47.0% 47.5% 46.5% 68.1% 934.7 907.2 926.3 68.0% 65.8% 872.8 66.9% 409.5 334.5 349.5 309.9 (1) (1) 2007 2008 2009 2010 2007 2008 2009 2010 Resilient in the downturn, benefiting from strong Growth driver for the group independent of cycle, rebound in the recovery providing significant visibility Margins largely resilient Operating leverage in the business favours margin expansion 1. Excludes extraordinary items 2. 2009 figures adjusted for IFRIC 18 Note: contribution is calculated after deducting from our revenue those operating costs which can be directly allocated to the business (variable costs and those product development, marketing and commercial costs which are directly attributable to each business). 22
  23. 23. 5 Strong free cash flow generation and growth, leading to significant de-leveraging Pre-tax free cash flow(1) (€mm) Net debt / EBITDA(2) % 829 14.2 4–10: 779 G R0 770 705 (3) 5.4x CA 625 624 4.6x 504 4.2x 374 3.6x 2.5x 1.75x (4) 2004 2005 2006 2007 2008 2009 2010 Jun-07(5) Dec-07 Dec-08 Dec-09 Dec-10 Sep-11% Cash 67.7 81.8 91.9 88.3 80.0 87.6 81.7conversion 1. Defined as: EBITDA including Opodo – capex + change in working capital. EBITDA excludes extraordinary items (LBO and IPO related costs) 2. Covenant definition. 2009 and 2010 indebtedness and EBITDA include Opodo within the consolidation perimeter, while in 2007 and 2008 it was not included 3. 2008 capex adjusted for the purchase of a perpetual TPF license 4. Adjusted for IFRIC 18 5. June 2007 leverage ratio based on LTM reported EBITDA 23
  24. 24. 5 Overview of Amadeus’ Debt Structure Debt Maturity Profile Post Refinancing Signed in May 2011 (€mm) Bridge Loan In May 2011, Amadeus signed an agreement with Euro Bond a group of international Bank Financing banks to refinance its 456 existing debt through a 750 new senior unsecured credit facility 300 One of the key steps of the 250 Group’s long-term strategy, 200 150 the deal brings: - More flexibility 2011 2012 2013 2014 2015 2016 2017 2018 - Maturity extension - Cost reduction Summary terms of the facilities - Diversification of funding sources Description Amount Tenor Comment Covenants: - Max. 3.0x Net Debt/ Bank financing Amortizing €900m 4.5 yr (Nov 2015) Amortizing, approx. €500 MM drawn in Euro, EBITDA Term Loan (3yr avg. life) approx. €400 drwan in US Dollar - Min. 3.0x interest Capital markets coverage Euro Bond €750m 5 yr (July 2016) Bullet in July 2016 financing Bridge to capital Provides flexibility to approach capital In July 2011, Amadeus Bridge Loan €456m 2 yr (May 2013) refinanced part of the markets markets in due course Revolving st 1 yr: €200m 2 yr (May 2013) Currently undrawn bridge loan with a €750 Revolver MM 5-year Euro Bond Credit Facility 2nd yr: €100m (1.3yr avg. life) Used to cover working capital needs 24
  25. 25. Current Trading25
  26. 26. Recent Industry Performance Air Traffic (1,2) (% Change, year-on-year) GDS bookings (% Change, year-on-year) 8.6% 8.7% YTD(2): 6.3% 9.6% 9.5% 7.7% 7.7% 7.1% 7.6% 5.4% 5.3% YTD: 2.2% 4.4% 3.3% 1.9% 1.6% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 2011 total air traffic growth of 5.3%, with a stronger than Modest 2.2% YTD growth in the GDS industry driven by: expected traffic evolution in September, after a slowdown in Higher base of comparison: the GDS industry August experienced a strong recovery (8.9% growth) in the Significant gap between domestic traffic (growing at 2.9%) and first nine months of 2010 international traffic (+6.7%): weak domestic markets are Significant underperformance experienced in the US, negating the impact of stronger international markets and to a lesser extent in Western Europe, the two Generally speaking, the rise in air travel in Q3 was broad- largest markets, representing more than 60% of the © 2011 Amadeus IT Group SA based, across domestic and international markets. The industry strongest performances were registered by airlines from Latin Slowdown in certain countries in Asia & Pacific America. There were also strong increases in China and India. Recovery in Q3 mostly driven by a rebound in the MEA and European airlines continue to see robust growth in traffic, at APAC regions vs. a weak performance in the first half of the levels which are comparable to the Middle Eastern carriers. year, as well as an improvement in volumes in Western Normalized level of disintermediation Europe 1. Measured in RPKs (Revenue-Passenger Kilometer) 2. Note that Q1, Q2, Q3 and YTD 2011 figures represent total (international + domestic) traffic growth, while growth in previous quarters measures international traffic only26
  27. 27. Key Performance Indicators Sep YTD 2010(1) Sep YTD 2011(1) % Growth Volumes Total GDS Industry Growth (%) 8.9% 2.2% Total Amadeus Air TA 293.7 307.7 4.8% Bookings (m) Passengers Boarded 270.6 327.5 21.0% (PB) (m) Financial Results (2) (€mm) Revenue from 1,986.1 2,059.8 3.7% continuing operations EBITDA from continuing 788.0 835.6 6.0% operations Adjusted (3) profit for the period from continuing 335.3 400.6 19.5% operations Investment (€mm) © 2011 Amadeus IT Group SA R&D 224.4 252.3 12.4% Capex 191.3 231.3 20.9% 1.Figures exclude extraordinary costs related to the IPO 2.Excluding Opodo 3.Excluding after-tax impact of: (i) amortisation of PPA and impairment losses, (ii) changes in fair value from financial instruments and non- operating exchange gains / (losses) and (iii) extraordinary items related to the sale of assets and equity investments, the debt refinancing and the United Airlines contract resolution27
  28. 28. Sep YTD 2011 Financial Review: Sustained revenue growth, profitability levels in line with expectations Reported Revenue by Business Line (€ mm) Contribution by Business Line (2) (€ mm) +3.9% 73.9% 68.6% 1,588.4 48.0% 47.3% 1,528.9 +2.4% 751.8 Distribution +3.1% 733.9 IT Solutions +10.9% 471.4 457.1 Contribution Margin % +X.X% Growth rate (y-o-y) 348.2 313.8 Sep YTD 2010 Sep YTD 2011 Adjusted Revenue by Business Line (1) (€ mm) +4.7% Sep YTD 2010 (1) Sep YTD 2011 (1) 1,588.4 1,516.4 Growth delivered in all businesses, both in revenue and contribution 7.6% 4.7% and 7.6% growth in Distribution and IT Solutions revenue, on a comparable basis (1) © 2011 Amadeus IT Group SA 476.0 442.6 Increased group profitability levels Group revenue negatively affected by FX, resulting in c.2.5% lower growth rate in Q3 and c.0.7% impact YTD Business evolution in line with expectations Sep YTD 2010 (1) Sep YTD 2011 (1) Sustained company guidance 1.In 2010 we sold our equity stakes in and Hospitality Group. 2011 figures do not include any revenue from these subsidiaries. Also, revenue comparability in Q1 2011 is affected by a change in the treatment of certain bookings within IT Solutions (direct distribution), based on which the related revenue is recognised net of certain costs. Excluding both impacts, revenue growth in Sep YTD 2011 for Distribution and IT Solutions was 4.7% and 7.6% respectively28 2.Contribution figures exclude extraordinary IPO costs
  29. 29. Sep YTD 2011 Group EBITDA(1) Contribution to EBITDA growth in Sep YTD 2011 (€ mm) 6.0% 34.3 17.9 (4.7) 835.6 788.0 Sep YTD 2010 EBITDA (1) Contri buti on Ma rgi n Contri buti on Ma rgi n IT Indi rect cos ts a nd Sep YTD 2011 EBITDA (1) Di s tri buti on Sol uti ons ca pi ta l i za ti ons & RTC % Revenue (1) 39.7% 40.6% Significant growth in our Group EBITDA based on the positive performance of our business lines © 2011 Amadeus IT Group SA Contribution in Distribution and IT Solutions increased vs. last year Margin expansion as a result of revenue growth and operational leverage EBITDA growth was negatively affected by FX, in a range of 2% - 3% in the third quarter of the year or c.0.5% year to date 1. Excludes extraordinary IPO costs29
  30. 30. Brighter, Bolder, Better © 2010 Amadeus IT Group SA30