Commitment to shareholders

7.3 Amadeus' performance in 2011

In the context of these volatile markets, the market performance of Amadeus shares during 2011 was weaker than in 2010. At December 31, 2011 our share price stood at €12.5, a decrease of 20.1% vs. the closing price of 2010. Our share price was negatively affected by news flow in the market during the first three months of the year, having dropped 15.8% from €15.7 to €13.2 by April 5, 2011. During the next four months, on the other hand, our stock generally outperformed the market, driven by our positive results: strong quarterly results, significant new contract wins, Opodo sale in attractive terms and very successful refinancing. By the end of July, the Amadeus share price had gained +6.4% to €14.1 while all of the main indices had fallen during that period. For the rest of the year, our share price was subject to maximum levels of volatility, and dropped by 10.8% till year end in line with the Ibex-35, but still outperforming some of the main indices like the Eurostoxx-50, DAX or CAC-40.

Our market capitalisation as of December 31, 2011 was €5,610 million. Amadeus shares hit their maximum daily closing price on February 3, 2011 (€15.7) and their intraday high on February 4, 2011 (€15.92). Average daily trading volume was over 3.5 million shares or €48.4 million, for a total traded volume of €12.4 billion for the year. The proportion of our stock in free float increased during the year, to 69.0%, as our private equity shareholders placed 26.0% of total shares outstanding with institutional investors.

Liquidity also benefited from the entry into IBEX 35. On December 8, 2010 Amadeus was selected by the CAT (Comité de Asesores Técnico) to form part of the IBEX 35. which was effective on January 3, 2011. At year end, Amadeus was the 14th largest company by market capitalisation in the index, with a weight of 1.40%.

In 2011, adjusted earnings per share stood at €1.09, and at December 31, 2011 the price to earnings ratio was 11.5x.

Analysts recommendations

Around thirty financial analysts follow the Amadeus equity story and regularly publish research reports on Amadeus. At the end of 2011, 86% of those analysts had a "buy" recommendation for our stock, while the remainder had a "neutral" rating. As of December 31, 2011 the average target price was €16.5.