Amadeus Introductory presentation - Investor relations at Amadeus

Strictly private and confidential
May 2012
Amadeus Introductory presentation
July 2012
© 2010 Amadeus IT Group SA

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By attending this presentation you agree to be bound by the foregoing limitations
2

Amadeus, the leading technology provider for the travel
industry
Travel providers
Travel
agencies
Travel
buyers
Airlines
Hotels
Railway operators
Car rental
Distribution
Provision of indirect distribution services
Online and
offline travel
agencies
Consumers/
General
public
Corporate
travel
departments
Tour operators
Cruise and ferries
Insurance companies
IT Solutions
Provision of IT solutions to travel providers
Key global player in the c. €60bn growing
travel and technology market
Transaction-based business model:
Volume driven, highly resilient and profitable
Two highly synergistic and profitable
businesses
Loyal customer base: Long term contracts
and over 90% recurring revenues
Strong barriers to entry
Strong cash flow generation profile
3

Global leader in our two business lines
Global Distribution System (GDS)
estimated 2011 market share
Passenger Service System (PSS)
estimated market share by passengers 2011
Others
62%
Amadeus
38%
Amadeus
#1 #1
25%
Others
75%
Technology focus &
leadership
+
Sustained ongoing
investment
Consistent strategy
+
Superior execution
capabilities
Source: Amadeus estimates based on publicly available information for GDS and PSS market share. PSS market share based on total passengers excluding China
4

A Successful transaction processing model
Travel
providers
Travel providers provide their
content to Amadeus, free of cost,
obtaining access to a powerful
distribution channel, travel
agencies around the globe
A booking fee is paid to
Amadeus when a booking is done
in the Amadeus system
Booking fee
(transactional fee)
Distribution
Provision of indirect distribution services
(travel agency channel)
Fees for Travel
Agency IT
Incentive and
Distribution fees
(transactional fee)
Travel
agencies
Travel agencies select Amadeus
for real-time search, booking,
ticketing and other mid and
back-office solutions
Amadeus pays an incentive fee
when a booking is done using
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.
mission critical passenger management
solutions and e-commerce platform)
A transactional fee is paid to
Amadeus for the use of the technology
Transactional fees
and other revenue
5

An unparalleled track record
Revenue (€ mm)
EBITDA (€ mm)
CAGR ‘00-’04:
+7.6%
1,817
CAGR ‘04-’11:
+5.9%
2,707
CAGR ‘00-’04:
+9.7%
CAGR ’04-’11:
+9.4%
1,039
1,357
553
382
2000 2004 2011 (1)
Note: 2000 and 2004 figures refer to the Amadeus predecessor group
entity, listed in the capital markets from 1999 until its delisting in July 2005
2000 2004 2011
% Margin 28.2%
30.4% 38.4%
(1)
1. Excluding Opodo. Excludes extraordinary items related to the IPO and the United Airlines IT contract resolution
6

Amadeus key investment highlights
1
2
3
4
5
Global leader in a robust Distribution business, with significant barriers to entry
Global leader in the IT Solutions business, a established and high growth
business with large revenue visibility
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
Synergistic businesses
Financial performance: strong growth, profitability and cash flow generation
7

1
Global leader in Distribution, having steadily gained
market share with travel agencies …
44%
42%
40%
40%
Amadeus Travelport Sabre
Estimated
air market share
gain (2000-2011)
38%
38%
+12 pp
36%
34%
32%
30%
30%
30%
+0 pp
28%
26%
26%
27%
-13 pp
24%
22%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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. 4 th competitor with market share c.5% not shown
8

1
…thanks to our superior offering which positions us well
for further and profitable market share gains …
What do travel agencies need
Content
Amadeus comprehensive value proposition
Multi year content agreements
Wide breadth of global and local content
Product Functionality
Customer Service &
Relationships
Continuous commitment to innovation
Investment in best-in-class technology
Leading shopping, booking, and fulfillment functionality
Local offices in 73 countries serving over 195 countries
System reliability supported by fully owned data-centre
Highly experienced local managers with deep expertise
and long-standing commercial relationships
Price (Incentives paid)
The balancing item
Amadeus superior offering = lower economic incentives
9

1
… in an industry where market share is critical,
generating powerful network effects and barriers to entry
More travel
providers on
the platform
More attractive
to travel
agencies
Amadeus:
Over 700
Airlines,
90,000 hotels
+ others
More
revenues
More
investment
in IT
Amadeus:
Over 130,000
Travel Agencies
& airline sales
outlets
Better
products
More attractive
to travel
providers
More travel
agency
subscribers
High barriers to entry: technology and network difficult to replicate
Market share critical: global reach as a core GDS value proposition
10

1
The Distribution business exhibits strong resilience:
sustained volumes and pricing power
Amadeus Annual Bookings (m)
Resilient Unit Booking Fee (1) (€)
373
391
428 431
413
442 464
€3.58
€3.73 €3.78 €3.78 €3.74 €3.82 €3.81
2005 2006 2007 2008 2009 2010 2011
2005 2006 2007 2008 2009 2010 2011
Value-based pricing: based on origin of booking
Local
less value,
lowest fee
Bookings made in
travel agencies
based in airline
home country
Regional
medium value,
medium fee
Intermediate
between global
and local
Global
most value,
highest fee
Provide access to
difficult to reach
customer (e.g. nonhome
country)
Resilient volumes:
sustained traffic growth + market share gains
Sustained booking fee:
value-based pricing model, GDS value proposition
1. Unit booking fee: Booking revenue / total bookings (air and non-air)
11

1
Key Drivers for the GDS Business showing favourable
trends: Global GDP Growth and Disintermediation
Travel Demand
Booking
Process
Competition Dynamics
Traffic Growth Disintermediation Market Share
Global GDP
Growth
Air Traffic
Increase
GDS Market
Increase
Amadeus
Bookings
Increase
Historical ratio between
growth in air travel and
growth in GDP of 1.3x-1.6x
Direct vs. Indirect Channel:
Disintermediation trends
slowing down
Amadeus set to continue to
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

1
Air travel grows at a multiplier to Global GDP growth
2,800
2,400
CAGR
79-81:
(0.1)%
CAGR
91-93:
(0.7)%
CAGR
00-02:
(1.0)%
CAGR
03-07:
7.8%
CAGR
07-09
(3.0)%
Pax traffic
Base 1970
RPKs (Revenue passenger kilometres)
2,000
1,600
1,200
800
400
CAGR 70s: 7.8%
Recessionary
CAGR 80s: 4.5%
Expansionary
CAGR 94-00: 5.2%
0
1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2011F
Recessionary
Expansionary
Recessionary
Expansionary
Recessionary
Expansionary
1.3-1.6x ratio
World GDP
Base 1970
Historical ratio between growth in air travel and growth in GDP of 1.3x-1.6x
13

1
Disintermediation risk slowing down
Disintermediation rate slowing down
The GDS Value Proposition
Significant shift to direct channel already deployed:
Consumer behavior increasingly difficult to change
Carriers facing difficulty in shifting volumes to
direct channel in non-home markets
Markets not subject to disintermediation:
corporate travel, complex travel planning
Lower economic incentive to avoid GDS fees
Further growing the direct channel is inefficient,
especially in international markets
GDS fees for domestic bookings are similar to cost
of direct distribution
The travel agency model has evolved (online travel
agencies, corporate and niche players), and they
effectively compete with direct channels
LCCs drove disintermediation (direct channel only), but
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
business model (e.g. interlining)
GDS remain a key enabler of the travel industry and the
most efficient distribution channel. It’s added value to
the industry protects it from threats
GDS industry has been challenged several times,
but threats proved unsuccessful
Global reach: airlines can distribute their content
in more than 200 markets
Higher yield: the GDS (travel agency) channel
contributes more:
Bookings outside home market
Premium (business / first class) bookings
Processing power: Amadeus absorbs more than
86% of the transactions limiting the strain on
airline inventory systems:
Partnership opportunities: code sharing and
interlining
Other: Optional services, improved travel agency
efficiency, travel agency network management
Global reach
Processing
power
High yield
customers
Partnership
opportunities
14

2
Unique IT Solutions offering
A unique vision, from booking to boarding
Altéa Reservation Altéa Inventory Altéa Departure Control
Customer profiles
Availability
Bookings
Fares & Pricing
Ticketing
Inventory control
Schedule management
Seating management
Waitlist management
Re-accommodation
Check-in
Boarding pass issuance
Baggage management
Aircraft weight &
balance
e-Commerce
Revenue Management
Revenue Accounting
Standalone IT Solutions
Automatic Ticket Changer
Revenue Integrity
e-Ticket Server
etc…
e-Retail
e-Merchandise
Search engine
15

2
Amadeus Altéa – A unique community based platform offering
significant advantages both to airlines and Amadeus
From Numerous Legacy PSS…
Providers of System Outsourcing
and Application Hosting
… to Amadeus Community PSS
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 7,000 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

2
Amadeus Altéa - Established and high growth business
with significant visibility
Volumes - Passengers Boarded (mm)
Altéa Growth Drivers
35
High visibility with 10-15 year contracts
High growth with existing contract backlog
CAGR 01–11: +28.8%
77
439
CAGR 11–14: +19%
2014 figure
estimate based on
signed contracts (1)
>750
Already implemented: Cathay
Pacific and SAS
Singapore: H2 2012
Czech Airlines: H2 2012
Thai Airlines: H1 2013
Asiana: H2 2013
Southwest (Intl): H2 2013
Garuda Indonesia: H1 2014
Korean Air: H2 2014
All Nippon Airways (Intl): H2
2014
Other undisclosed
2001 2004 2011 By 2014
Strong Pipeline
IT Solutions play a vital role in
optimising airline business processes
Airlines are increasingly cost conscious
and willing to outsource: legacy
systems (1960’s/1970’s) are outdated
and often cannot address current
business needs efficiently
63% of airlines are undertaking plans
to upgrade their core passenger
services systems (2)
Low cost hybrid carriers have IT needs
close to full service carriers (interlining,
scalability)
Alliances are triggering the need for
collaborative and open IT platforms
Airline mergers act as a catalyst for IT
overhauls
1. Based on contracts signed 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

3
Our business model has shown strong resilience with
profitability not correlated with that of the airline industry
$ Bn € mm
40
Airline sector operating profit (1) ($ Bn)
1,200
35
Amadeus EBITDA (2) (€ mm)
1,015
1,039
1,000
873 882 897
30
800
25
679
616
20
533 553
382
491
600
423
15
400
10
5
0
(5)
200
0
(200)
(10)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(3)
(400)
1. Airline sector operating profit source: IATA–all IATA scheduled passenger airlines. 2010 based on IATA’s forecast
2. EBITDA excludes extraordinary items. 2000-2004 figures refer to predecessor group entity pre-LBO
2011 EBITDA does not include Opodo (negatively affecting comparability with 2010 numbers)
3. 2011 Airline sector operating profit forecast. Actual figure not available.
18

3
Strong technology focus and leadership supported by
ongoing investment
Total accumulated 2004-2011: c. €2.0bn
R&D expenditure (€mm, incl. capitalised R&D)
CAGR 04–11: +12.9%
349
364
156
8.6%
257
217 228 236
191
9.0% 9.3% 8.8% 9.4% 10.6%
13.0% 13.4%
(1)
2004 2005 2006 2007 2008 2009 2010 2011
R&D % of Revenue
Shift to open systems (3)
(2)
100%
80%
60%
40%
20%
0%
1996 1998 2000 2002 2004 2006 2008 2010 2012
Legacy Unix – Open Systems Linux – Open Systems
̌ Automated
̌ Flexible
̌ Modular
̌ Easy to evolve
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

4
Only transaction processor with synergistic businesses
Distribution
Shared platform
Shared in-house data centre
Shared network
Technological
Common application software
Commercial
Cross-selling to shared customer base
Shared global sales presence
Organisational
Local presence to support both areas
Customer support infrastructure
IT Solutions
Industry knowledge
Deep sector expertise
Hard to replicate
Improves group margins
Drives competitive advantage
20

5
Amadeus has historically delivered strong Revenue
and EBITDA growth and increased profitability
Revenue (€mm)
3000
2500
2000
1500
1000
500
1,817
553
30.4%
2,116
616
CAGR 04–09: +6.3%
2,322
CAGR 04–09: +10.2%
679
29.1% 29.2%
2,578 2,505 2,461
EBITDA and Margin (€mm)
873 882 897 863
Post-IFRIC, excl. Opodo
2,348
CAGR 09–11: +7.4%
2,594
976
2,707
(1)
2004 2005 2006 2007 2008 2009 2009 2010 2011
Post-IFRIC, excl. Opodo
CAGR 09–11: +9.7%
1,039
33.9% 35.2% 36.5% 36.8% 37.8% 38.4%
210
160
110
60
Resilient: over 90%
recurring revenues and
85% transactional
revenues
Not linked to airline profits
/ ticket prices
Visibility of future growth
Operating leverage
Long-term contracts
Loyal customer base
0
2004 2005 2006 2007 2008 2009 2009 2010 2011
EBITDA EBITDA Margin
(2) (2)
10
Note: 2004 refers to Amadeus predecessor group entity
1. Karavel sold in 2008. Impact of Karavel in 2007 was €111mm
2. EBITDA excludes extraordinary items related to the IPO and, in 2011, the United Airlines IT contract resolution
21

5
Both Distribution and IT Solutions have performed strongly
Distribution
IT Solutions
Revenue (0.3%) (4.9%) 8.5%
1,937 1,931
1,992
1,836
4.4% Revenue 9.6% 2.2% 17.7% 4.4%
2,079
601
628
500
511
456
2007 2008 2009 2010 2011
Contribution
2007 2008 2009 2010 2011
Contribution Pre-IFRIC Post-IFRIC
(1)
Contribution
As % of Revenue
Contribution
As % of Revenue
934.7 907.2 872.8
926.3 950.4
309.9
334.5 349.5
409.5
455.9
48.2% 47.0% 47.5% 46.5% 45.7%
68.0%
66.9% 65.8% 68.1%
72.6%
(1) (1) (2)
2007 2008 2009 2010 2011
2007 2008 2009 2010 2011(2)
Resilient in the downturn, benefiting from strong
rebound in the recovery
Margins largely resilient
Growth driver for the group independent of cycle,
providing significant visibility
Operating leverage in the business has favoured
margin expansion
1. 2009 figures adjusted for IFRIC 18
2. Revenue and EBITDA including Opodo. EBITDA excludes extraordinary items related to the IPO and, in 2011, the United Airlines IT contract
resolution
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

5
Strong free cash flow generation and growth, leading to
significant de-leveraging
Pre-tax free cash flow (1) (€mm)
Net debt / EBITDA (2)
CAGR 04–11: 11.7%
5.4x
624
770
705
(3)
779
829 811
4.6x
4.2x
504
3.6x
374
2.5x
67.7%
81.8%
91.9% 88.3%
80.0%
87.6% 81.7%
73.5%
1.75x
1.65x
(4)
2004 2005 2006 2007 2008 2009 2010 2011
FCF %Cash Conversion
Jun-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Mar-12
1. Defined as: EBITDA including Opodo (and, in 2011, the payment from United Airline’s contract resolution) – capex ±change in working capital. EBITDA excludes
extraordinary items (LBO and IPO related costs)
2. Covenant definition.
3. 2008 capex adjusted for the purchase of a perpetual TPF license
4. Adjusted for IFRIC 18
23

Overview of Amadeus’ Debt Structure
Debt Maturity Profile as of June 2012 (€mm)
Bank financing
Capital markets
financing
Summary terms of the facilities
Description Amount Maturity Comment
Amortizing
Term Loan
€900m Nov 2015
Euro Bond €750m July 2016 Bullet in July 2016
Amortising: bi-annual payments from May 2013
Approx. €500 MM drawn in Euro / €400 in US Dollar
Bridge Loan Bridge loan €106m May 2013 Remaining part of the original Tranche B, partially amortised
EIB Loan
Revolving Credit
Facilities
106
Development loan
Revolver
12.5
€150m
€50m
€100m
€200m
30
750
May 2021
May 2021
May 2013
Dec 2014
Amortising: bi-annual repayments from Nov 2015 (first
tranche of €150m) and Nov 2016 (second tranche of 50m)
Senior loan to finance R&D investment in IT
Currently undrawn
EIB Loan
Bridge Loan
Euro Bond
Bank Financing
300
200
250
150 35 35 35 35 17.5
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Available liquidity to cover working capital needs and other
In May 2011, Amadeus signed
an agreement with a group of
international banks to
refinance its existing debt
through a new senior
unsecured credit facility
Covenants:
- Max. 3.0x Net Debt/ EBITDA
- Min. 3.0x interest coverage
In July 2011, Amadeus
refinanced part of the bridge
loan with a €750 MM 5-year
Euro Bond
In May 2012 the liquidity
position of the company was
further reinforced with the
signature of a new €200m
revolving credit facility. A
€200m development loan was
signed with the European
Investment Bank to finance
R&D in IT
In June 2012 the bridge loan
was partially cancelled
(€350m) with existing cash
24

25
Current Trading

Air Traffic and GDS industry continue to show
extraordinary resiliency
Air Traffic (1) (% Growth, year-on-year)
GDS bookings (% Growth, year-on-year)
FY: 5.9%
7.7%
7.4%
FY: 2.2%
4.6%
5.4%
5.3%
4.4%
3.3%
1.6%
1.9%
2.0%
Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12
Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12
Strong air traffic growth (7.4%) in Q1 2012, with very
strong international and domestic traffic
Air travel growth rates positively impacted by last year
events such as the Arab Spring in the Middle East
and North Africa
IATA estimates the impact of these effects at around
2p.p. total traffic growth, still leaving a steady
improvement in travel volumes
Significant GDS industry growth of 4.6% driven by:
A recovery in the US industry, back to growth
A significant recovery in Middle East and
North Africa, as well as in Japan, areas which
suffered a strong negative impact in Q1 2011
Continued outperformance of Latin America
and CESE
Disintermediation still mostly linked to the Asian
markets, given the negative impact of LCCs
© 2011 Amadeus IT Group SA
1. Measured in RPKs (Revenue-Passenger Kilometer)
26

Key Performance Indicators
Q1 2011 (1)
Q1 2012 (1)
Volumes
% Change
GDS Industry Growth
(%)
1.6%
4.6%
Amadeus Air Bookings
(m)
108.6
115.9
6.7%
Passengers Boarded
(PB) (m)
94.0
115.9
23.3%
Financial Results (€mm)
Revenue
704.3
764.1
8.5%
EBITDA
291.4
307.2
5.4%
Adjusted (2) profit from
continuing operations
137.4
167.9
22.1%
Investment (€mm)
R&D
85.1
93.4 9.7%
Capex 73.3
73 (0.3%)
© 2011 Amadeus IT Group SA
1.Figures exclude extraordinary costs related to the IPO
2.Excluding after-tax impact of: (i) amortisation of PPA and impairment losses, (ii) changes in fair value from financial instruments and nonoperating
exchange gains (losses) and (iii) extraordinary items related to the sale of assets and equity investments
27

Key Performance Indicators by region
Q1 2012 Amadeus Air bookings by region
Q1 2012 Altéa PB by region
% Volume
Growth
% Volume
Growth
LatAm, 6.6%
APAC,
13.9%
NA, 9.3%
WE, 48.5%
WE 3.0%
CESE 9.7%
MEA 17.8%
LatAm, 13.9%
APAC, 10.2%
WE, 51.5%
WE
CESE
MEA
24.8%
1.5%
18.6%
MEA, 12.2%
CESE, 9.6%
APAC 10.5%
LatAm 13.1%
NA 1.4%
MEA, 19.2%
CESE, 5.3%
APAC
LatAm
50.6%
18.4%
Significant growth in our distribution business with continued outperformance of regions such as LatAm
and CESE
Growth in volumes from MEA positively affected by the recovery in North Africa and Middle East
Regional PB growth impacted by recent migrations, many of which are based in Western Europe and
Asia
Volume growth and split by geography very much affected by pace of migrations and will vary
significantly over the next few years
© 2011 Amadeus IT Group SA
WE = Western Europe; CESE = Central, Eastern and Southern Europe; MEA = Middle East and Africa; LatAm = Latin America;
NA = North America (including Mexico)
28

Group revenue growth supported by both Distribution and
IT Solutions
Group Revenue (€ mm)
Distribution / IT Solutions Revenue (€ mm)
Distribution
8.0%
8.5%
553.5
597.6
704.3
764.1
Q1 2011 Q1 2012
Q1 2011 Q1 2012
IT Solutions
150.9
10.4%
166.6
Q1 2011 Q1 2012
Group revenue growth of 8.5%, based on 8.0% and 10.4% growth in Distribution and IT Solutions
revenue, respectively
Distribution growth driven by (i) good industry performance, (ii) market share gains and (iii) improvement
on the average pricing in the period
IT Solutions continued its growth trend both on transactional and non-transactional revenue
IT Transactional growth primarily driven by the increase in PB volumes in relation to recent
migrations, such as bmi, airberlin and Norwegian Air Shuttle, which took place at the end of 2011,
and Cathay Pacific and SAS, in Q1 2012
© 2011 Amadeus IT Group SA
29

Strong growth at EBITDA and Profit level
EBITDA (1) (€ mm)
Adjusted Profit (2) (€ mm) and EPS (€)
5.4%
Adjusted EPS (3)
+21.6%
€0.31 €0.38
291.4
307.2
+22.1%
167.9
41.4% 40.2%
137.4
Q1 2011 Q1 2012
EBITDA EBITDA margin (%)
Q1 2011 Q1 2012
30
Significant growth in our Group EBITDA
based on the positive performance of our
business lines
Contribution in Distribution and IT Solutions
increased vs. last year
Significant Adjusted profit and EPS growth in
2011, mainly driven by EBITDA growth and a
remarkable reduction in interest expenses
1. Excludes extraordinary items related to the IPO
2. Defined as Profit from continuing operations excluding the after-tax impact of the following items from continuing operations: (i) amortisation of PPA and
impairment losses, (ii) changes in fair value of financial instruments and non-operating exchange gains / (losses) and (iii) extraordinary items related to the sale
of assets and equity investments and the IPO
3. Based on Adjusted profit from continuing operations attributable to the parent company
© 2011 Amadeus IT Group SA

Cash flow generation and deleveraging
Cash flow (1) (€ mm)
Net Debt to LTM EBITDA (2) (x)
+48.5%
166.2
1.75x
1.65x
111.9
Q1 2011 Q1 2012
Q1 2011 Q1 2012
Cash flow generation of €166.2 million in Q1 2012, up 48.5% vs. Q1 2011, mainly due to:
Increased EBITDA and significant reduction in interest expense,
Partially offset by a negative contribution from change in working capital (no use of factoring in 2012)
and cash outflow in equity investments, driven by the acquisition of airconomy, as well as certain
payments to advisors related to the sale of Opodo which were accrued in 2011
Fast deleveraging to 1.65x net debt / EBITDA
Even after the payment of an interim dividend in a total amount of €78.1 million
© 2011 Amadeus IT Group SA
1. Defined as: EBITDA (-) capex (+/-) change in net working capital (-) cash tax (-) interest and financial fees. Calculation excludes non-operating cashflows,
cashflows from extraordinary items and equity investments. EBITDA excludes Opodo contribution in 2011 and IPO costs.
2. Covenant debt and LTM EBITDA as defined in the Senior Credit Agreement
31

Summary Group Income Statement
Summary group income statement
(Figures in milion euros) 2009 2010 2011
Revenue 2,348 2,594 2,707
% Change n.a. 10.5% 4.4%
Cost of revenue (601) (653) (678)
Personnel an related expenses (588) (640) (681)
Depreciation and amortization (346) (342) (242)
Other operating expenses (294) (321) (306)
Operating Income 519 637 800
% Change n.a. 22.8% 25.6%
Operating Income excl. PPA amortisation 682 799 871
% Change n.a. 17.2% 9.1%
Margin (%) 29.1% 30.8% 32.2%
Net financial expense (176) (219) (169)
Other income / (expense) (1) 2 55
Profit before income taxes 342 421 686
% Change n.a. 23.1% 63.1%
Income taxes (93) (122) (219)
Profit after taxes 249 299 468
Share in profit / (losses) from associates and JVs 3 6 (2)
Profit for the year 251 305 466
% Change n.a. 21.2% 52.9%
Other financial information 2009 2010 2011
EBITDA 863 976 1,039
EBITDA margin (%) 36.8% 37.6% 38.4%
Adjusted profit for the year 344 403 487
% Change n.a. 17.4% 20.7%
Adjusted EPS 0.77 0.90 1.09
% Change n.a 17.0% 20.8%
© 2011 Amadeus IT Group SA
Note: Figures shown in this table exclude Opodo.
32

Shareholder Structure
Treasury shares,
0.47%
Board, 0.15%
Air France, 7.73%
Lufthansa, 7.61%
Iberia, 7.50%
Free float, 76.55%
Shareholders Shares % Ownership
Société Air France 34,578,223 7.73%
Lufthansa Commercial Holding, GmbH 34,073,439 7.61%
Iberia, Líneas Aéreas de España
Sociedad Anónima Operadora, SAU
33,562,331 7.50%
Free float 342,616,685 76.55%
Treasury shares (1) 2,093,760 0.47%
Board of Directors 657,512 0.15%
Total 447,581,950 100.00%
© 2011 Amadeus IT Group SA
(1) Voting rights suspended for as long as the shares are held by our company
33

© 2010 Amadeus IT Group SA
34
Brighter, Bolder, Better