Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...

AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEARS ENDED
DECEMBER 31, 2011, AND 2010
(EXPRESSED IN THOUSANDS OF EUROS - KEUR)
24. SIGNIFICANT TRANSACTIONS AND ADDITIONAL INFORMATION ON THE
STATEMENT OF COMPREHENSIVE INCOME
A description of the events and transactions that are significant to an understanding
of the changes in the performance of the Group since the end of the last annual
reporting period are:
a) Settlement of United Air Lines agreement
On May 6, 2011 the Group reached a settlement agreement with United Air Lines,
Inc. to resolve the dispute over the cancellation of the IT Services Agreement for the
airline's migration to the reservations, inventory and departure control system of
Amadeus ("Altéa Suite"). As of that date the airline agreed to pay the Group the sum
of KUSD 75,000 (KEUR 51,721) which has already been paid, and is classified under
the "Revenue" caption in the consolidated statement of comprehensive income.
b) Expenses incurred as a result of the refinancing
The Group has incurred in a non-recurring expense when the transaction costs that
where being deferred and amortized through profit and loss over the term of the loan
(Deferred financing fees), have been taken to income in full by an amount of KEUR
37,026 as the financial liability corresponding to the Senior Phase Two Credit
Agreement has been derecognised (as described in note 17). The expenses are
disclosed under the caption "Interest expense" in the consolidated statement of
comprehensive income.
The interest expense as of December 31, 2011, and 2010, corresponds to the
borrowings which are described in note 17. The breakdown of the interest expense is
as follows:
102