This morning we have announced our financial results for the first quarter of 2013 (the three months ended 31 March, 2013). Overall, results were good, and importantly, this positive group performance was supported by both our business lines, Distribution and IT Solutions, as you will see below.
Although there is plenty of detail available and clearly many moving pieces that contribute to our results, I would like to highlight for you some of the key financial metrics (all figures are on a year-on-year basis, compared to the first quarter of 2012):
- Revenue grew 4.0% to €795.0 million
- EBITDA rose 5.3% to €323.4 million
- Adjusted profit increased 5.0% to €176.3 million
As mentioned above, this was backed by both our Distribution and IT Solutions businesses maintaining their records of consistent operational growth (again, all figures are year-on-year):
- In Distribution our global share of travel agency air bookings expanded 1.6 percentage points to 39.8%. As a result, the number of air travel agency bookings improved by 2.9% to 119.3 million and revenue improved by 2.4%.
- In IT Solutions the number of Passengers Boarded (PB) processed through Altéa increased by 13.6% to 131.7 million. Together with a healthy performance in all our other transaction-driven revenue lines, this PB growth led total IT Solutions revenue growth to a very good 9.8% in the period.
In addition to growth in the operating results of our business, profit growth was also helped by the lower financial expenses (as we reduce our average cost of debt and partially pay-down our debt outstanding). However, we also had higher D&A expenses and a higher tax rate in the period. The net effect of all the above means that adjusted profit grew by 5.0%.
Our President & CEO, Luis Maroto, commented:
The markets we operate in continue to be highly challenging, but our strong business model and unrivalled product portfolio continue to allow us to make good progress. Our transaction-based business model of recurring revenues has proven to be resilient while our global customer footprint remains a strength.
Growth was driven by both our Distribution and IT Solutions businesses continuing their track record of consistent growth in revenues, which in turn was supported by equally consistent improved group operational performance – whether you measure by absolute figures, market growth or market share. As a result, in the first quarter our EBITDA was 5.3% higher, reaching €323.4 million, and our adjusted profit was up by 5.0%, totaling €176.3 million.
We remain cautiously optimistic about the rest of 2013 and feel well positioned to benefit from the likely macro-economic recovery, which would allow revenue and contribution to grow further across both businesses.
Today’s results follow the news last week that the European Investment Bank (EIB) granted a loan, for the second time in less than one year, worth €150 million to Amadeus to finance research and development (R&D) activities in our Distribution business line between 2013 and 2015.
For those of you interested in finding out more information, you can look at the press release and other documents published today on our Investor Relations website – where you will also find many other documents and facts relevant to the investor community.
Over the coming weeks, ahead of our Shareholder General Meeting (SGM) in June, we will also be publishing our Annual Report for 2012, which will be available for download from our website. This is another important source of information about the company, and particularly our business and financial performance during 2012.
With regards to quarterly financial results such as those published today, our next release is expected in August, when we will be discussing the performance for the first half of 2013.
If you would like to contact us, please do not hesitate to email our Investor Relations team. We’d be pleased to reply to any questions you might have.
 2012 EBITDA figures adjusted to exclude extraordinary items related to the IPO, to allow comparability.↩
 Excluding after-tax impact of (i) amortisation of PPA and impairment losses, (ii) changes in fair value of derivative instruments and non-operating exchange gains (losses) and (iii) extraordinary items related to the sale of assets and equity investments and the IPO expenses incurred in 2012.↩
 Market share figures are based on GDS-processed air bookings and therefore exclude air bookings processed by the single country operators (primarily in China, Japan, South Korea and Russia) and GDS-processed bookings of other types of travel products, such as hotel rooms, car rentals and train tickets.↩
 Passengers Boarded (PB): actual passengers boarded onto flights operated by airlines using at least the Amadeus Altéa Reservation and Inventory modules. A PB is the key metric for charging in the Amadeus IT transactional revenue business line.↩