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Good key indicators

  • 04 Nov 16

The positive trend seen in the previous quarters continued in Q3 16. The Amadeus GDS platform gained market share (+0.5pt), the Altéa platform showed satisfactory organic volume growth (+4.6%) and the group benefited from the integration of Navitaire. Q3 16 figures: Group revenue reached €1,111m (+12.5%) including that from acquired companies, mainly Navitaire which was integrated on 26 January 2016. The breakdown of revenue was as follows: €699m (+4%) in the Distribution activity,and €412m (+30.5% including Navitaire) in the IT Solutions business. EBITDA increased to €425m (+16.2%) and corresponded to a margin rate of 38.3% of revenue (+1.2pt). The improvement was related to the positive key indicators in both businesses (volume growth, pricing except for the distribution activity), the integration of Navitaire and a positive currency effect on costs. Net profit was €219m (+26%) after lower net financial expenses (€-11.3m vs €-18.2m in Q3 15) and income taxes (-8% to €71.4m). 9-months 2016: Revenue reached €3,386m (+14.2%, o/w Distribution +6.3%, IT Solutions +33%), EBITDA increased to €1,332m (+16.4%) corresponding to a margin rate of 39.3% of revenue (+0.7pt), net profit was €670m (+18.4%) taking into account the lower income tax rate (28% vs 31% reported in 9m15) due to a lower corporate tax rate in Spain and tax deductions related to non-recurring items. FCF (before net financial expenses) increased by 19% to €758m after higher capital expenditure (€429m, +9%). Investments in shares were significant (€761m) mainly due to the acquisition of Navitaire. Other cash out-flows included a lower return to shareholders (€362m, -39%) as there were share buy-backs in 2015. At 30 September 2016, net financial debt amounted to €2.04bn in the balance sheet (vs €1.61bn at year-end 2015). The covenant net financial debt (€2.05bn)/recurring-EBITDA ratio was 1.21x (vs 1.09x at year-end 2015).

Strong key indicators in both businesses

  • 01 Aug 16

Amadeus IT Holding benefited from strong key indicators in both activities and improved its EBITDA margin in H1 16. H1 16 earnings. - Revenue reached €2,275m (+15.1% including Navitaire). Both activities grew (Distribution: +7.5% to €1,520m; IT Solutions: +34.4% to €755m including Navitaire). - EBITDA increased to €907m (+16.5%) corresponding to an improvement of the margin rate to 39.9% of revenue (+0.5pt). Excluding the positive currency effects and Navitaire, EBITDA growth was double-digit and the margin rate was rather stable. - Operating income increased to €680m (+15%) at the same pace as revenue. Cost of revenue and staff cost increased respectively by +10.2% including a positive currency effect and +15.8%. There was a strong increase in depreciation and amortisation (+20.6%) and other operating expenses (+25.7%) which included contractors’ costs, higher computing expenses (Navitaire platform hosted in the Accenture data centres) and consultancy, integration costs and M&A fees related to the acquisition. - Group net profit was €451m (+15.2%) after higher net financial expenses (€-45m vs €-25m in H1 15) due to exchange losses (€-7.3m vs €+7.3m in H1 15) and lower income tax rate (-1.5pts to 29.5%) due to the reduction in corporate tax rate in Spain. FCF (before net financial expenses) increased by 27% to €444m after an increase in capital expenditure at €288m (+14.6%). Investments in shares were significant at €768m, including the acquisition of Navitaire. Other cash out-flows included a lower return to shareholders (€173m vs €431m in H1 15 which included share buy-backs). At 30 June 2016, net financial debt amounted to €2.17bn in the balance sheet (vs €1.61bn at year-end 2015). The covenant net financial debt (€2.15bn)/recurring-EBITDA ratio was 1.31x (vs 1.09x at year-end 2015).

Growth and margin increase

  • 05 May 16

Q1 16 earnings Revenue reached €1,120m (+13% including Navitaire since 26 January 2016), o/w €752m (+4.2%) for the Distribution activity and €369m (+37.6% including Navitaire) for the IT Solutions business. EBITDA increased to €449m (+15.2%) leading to a higher margin rate (+0.7pt to 40.1% of revenue). This margin improvement was attributable to business growth, the integration of Navitaire and positive currency effects. On a constant basis, the EBITDA margin improved. The operating income was €335m (+13.1%) and the operating margin was stable reflecting an increase in the cost of revenue at a lower pace than revenue (+8.5% to €295m), staff costs under control (+14% to €307m), higher Other operating expenses (+18% to €66.5m including integration costs, M&A fees and computing expenses related to the Navitaire platform hosted in Accenture’s data centres), higher depreciation and amortisation (+21% to €117m). Group net profit was €217m (+7%) after higher net financial expenses (€-28m vs €-1m in Q1 15) due to the funding by debt of the acquisition of Navitaire. FCF (before net financial expenses) increased by 23% to €286m after an improvement in the change of WCR and higher capital expenditure at €142m (+4%). Investments in shares were significant at €765m, including the acquisition of Navitaire. Other cash out-flows included a lower return to shareholders (€148m vs €342m in Q1 15 which included share buy-backs). At 31 March 2016, net debt amounted to €2.28bn in the balance sheet (vs €1.61bn at year-end 2015). The covenant net financial debt (€2.27bn)/recurring-EBITDA ratio was 1.43x (vs 1.09x at year-end 2015).

Good Q4 15 that ended a strong year

  • 29 Feb 16

Amadeus IT Holding had a good year in 2015, in line with expectations. +FY2015 figures+: Revenue reached €3,913m (+14.5%) including the change in perimeter (AirIT, Itesso, Hotel SystemsPro, Pyton in 2015) and a positive currency effect. EBITDA increased to €1,465m (+12%), corresponding to 37.5% of revenue (-0.8pt). Total growth was driven by both activities: - Distribution: revenue of €2,738m (+11.5%), EBITDA of €1,177m (+8.8%), on the back of strong bookings on the GDS system (+7.7%) driven by the development in North America. - IT Solutions: revenue of €1,175m (+22.1% including the change of the perimeter), EBITDA of €761m (+16.9%) thanks to a strong increase in the number of passengers boarded (+7.5%) which determined the IT transactional revenue. Growth was driven by Asia-Pacific. Operating income increased to €1,053m (+10%) after higher ordinary depreciation and amortisation charges (higher amortisation of capitalised development expenses, investments in hardware and software acquired in the data processing centre in Erding, new equipment for office buildings in Nice and Bad Homburg). Net profit was €686m (+8.5%) after lower net financial expenses (€-51m, -10%) due to the decrease in the average cost of debt (debt refinancing in Q1 15) and higher income tax rate (+2pts to 32%). FCF increased by 9.6% to €722m (+10.5% to €659m including interest paid) after strong capex growth (+29% to €550m). FCF exceeded cash to shareholders of €598m (+89% - dividend and share buy-backs) and partly covered investments in shares (€117m). Amadeus IT Holding ended the year with higher net financial debt at €1.61bn (+11%) on the balance sheet, or 70% of total equity. The ‘covenant net debt’/'LTM covenant EBITDA' ratio decreased to 1.09x in 2015 (vs 1.32x in 2014).

Strong growth, lower margin rate

  • 13 Nov 15

*+Q3 2015 figures+:* - Revenue reached €988m (+15.7% including a positive effect of the dollar vs the euro and a change in the perimeter). Both activities had an increase in revenue (+14% in the Distribution activity, +19.5% in the IT Solutions business). - EBITDA increased to €366m (+9.2%) and there was a significant decrease in the EBITDA margin (-2.2pts to 37% of revenue) due to negative currency effects, the acquisition cost related to Navitaire (€5.1m representing 0.5pt of revenue) and some provisions for receivables in countries with risk and for potential local tax payments. - The operating income was €270m (+9.9%) after higher depreciation/amortisation charges (€98.5m vs €91m in Q3 14). - Net profit was €174m (+7%) after a significant increase in net financial costs (€-18m vs €-8m in Q3 14) and a minor change in the income tax rate (-0.5pts to 31.0%). *+9M 2015+:* - Based on revenue of €2,965m (+14.7%), EBITDA rose to €1,144m (+10.3%), the margin rate declined by 1.5pts to 38.6% of revenue and was rather stable at constant currency and excluding the acquisition costs and the provisions for receivables and potential local tax payments. The operating result increased to €861m (+8.1%) and net profit was €565m (+9%). - FCF (post-tax) increased strongly to €634m (+19%) thanks to the improvement in the change of WCR (€+3m vs €-34m in 9M 14) and lower tax paid (-23% to €120m) and despite higher capex (+25% to €393m) reflecting the purchase of hardware for the data centre and the purchase of equipment for new buildings in Germany and France. Cash-out flows included lower investments in shares than last year (€117m vs €386m in 9M 14) considering that the acquisition of Navitaire ($830m) was still subject to customary regulatory approvals on 30 September 2015. - On 30 September 2015, net debt amounted to €1.69bn (vs €1.74bn at year-end 2014) and the net debt/EBITDA ratio was 1.2x (vs 1.32x at year-end 2014).