In 2011 Amadeus achieved a 5.8%1 growth in group revenue, 6.4% growth in EBITDA and 20.7% growth in Adjusted profit for the year from continuing operations.
Despite high levels of uncertainty and against the backdrop of a challenging global macroeconomic and financial situation, 2011 was a successful year for Amadeus. Once again Amadeus has delivered both significant top line growth - driven by the strong performance of the air traffic industry and important market share gains in both businesses - and margin expansion.
With sustained GDS industry growth and a market share gain of 1.0 p.p., and despite the negative impact from the translation of the USD flows into Euro, we achieved a 5.2% 1 revenue growth in our Distribution business. We successfully extended all distribution contracts with airlines due for renewal, notably in the US. We maintained our growth trend in the IT Solutions business, delivering 7.8% 1 revenue increase, even though there were no significant migrations to our Altéa platform during the period. Also, we continued to add new clients to the Altéa contracted pipeline, with the signing of three new clients in the final quarter, and a total of 11 in the year. The signing of new significant contracts, both within Distribution and IT Solutions adds further visibility to the business and reinforces the recurring nature of revenues.
As part of our long-term strategy to strengthen our financial structure, during the year we successfully refinanced our debt with a new senior unsecured financing and, despite the sovereign debt crisis in Europe, successfully issued a €750 million 5-year Euro Bond. The refinancing exercise brings more flexibility to our financial structure and diversifies Amadeus' funding sources. As of December 31, 2011 our consolidated net financial debt was €1,851.8 million (based on covenants' definition in our senior credit agreement), representing 1.75x net debt / last twelve months' EBITDA, which with the benefit of the net proceeds of the sale of Opodo was down significantly (€719.5 million) compared to December 2010, at €2,571.3 million.
On June 30, 2011 the Group completed the sale of Opodo Ltd and its subsidiaries. In 2011, Opodo is presented as a discontinued operation in our Group income statement. Opodo is also presented as discontinued operation in the 2010 figures of our Group income statement to allow for comparison. As a result of this sale the Group booked a gain of €270.9 million. This gain, together with the extraordinary costs related to the sale, are presented within "Profit from discontinued operations".
On April 29, 2010 Amadeus began trading on the Spanish Stock Exchanges. The Company incurred extraordinary costs in relation to the offering that impacted the figures for 2010 and 2011.
For the purposes of comparability with previous periods, the figures for 2010 and 2011 shown in this report have been adjusted to exclude such costs.
On May 6, 2011 Amadeus announced that it had agreed to dissolve a contract under which United Airlines previously planned to migrate onto Amadeus Altéa platform in 2013. United Airlines agreed to make a one-time payment of $75.0 million to Amadeus for the cancellation of the IT services agreement. The payment was made effective in Q2 2011 and recognised (in Euros, in an amount of €51.7 million) under the "Revenue" caption on the consolidated statement of comprehensive income of our financial statements.
For purposes of comparability with previous periods, this revenue, as well as certain costs of migration that were incurred in relation to this contract, have been reclassified from revenue and other operating expenses, respectively, to the Other income / (expense) caption in our Group income statement shown in this report.