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AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES
DIRECTORS’ REPORT FOR THE YEAR ENDED DECEMBER 31, 2011
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) vs. December 2010, at €2,571.3 million.
1.2 Key operating highlights
During 2011, the Amadeus management team has continued its focus on strengthening our
leadership in all of our segments, at the same time as evolving our business to benefit from
recent trends and expanding our reach, particularly in our IT Solutions business. In addition,
we have continued to invest to reinforce our technology leadership position and our
competitive edge as a transaction provider for the travel industry, whilst improving our
profitability levels.
The following are some selected business highlights for the year:
1.2.1 Distribution
Airlines
� During 2011 Amadeus announced the renewal or signature of new long-term content
agreements with a significant number of carriers. These agreements guarantee access to
a comprehensive range of fares, schedules and availability for Amadeus travel agents.
Airlines with which Amadeus has a content agreement represent around 80% of the total
Amadeus bookings worldwide.
� These include agreements with many airlines in the high growth Asia Pacific region
such as Singapore Airlines, a leading Asian carrier, and Turkish Airlines, which
carries over 30 million passengers each year and is one of the fastest-growing airlines
in Europe, Middle East, Africa and Central Asia. Further content agreements with
airlines were signed, including Belgian flag carrier Brussels Airlines, Germany's
second-largest airline airberlin, Poland’s flag carrier LOT Polish Airlines, leading Latin
America airline LAN Airlines and the American carriers United Airlines and American
Airlines. The multi-year agreement with United Airlines guarantees Amadeus’ travel
agencies access to the full range of content offered by United Airlines and Continental
Airlines into 2013. Additionally, Amadeus and United Airlines agreed terms to
integrate United’s Economy Plus® seating in mid-2012 and will continue to work on
technology enhancements to meet the airline’s merchandising needs in the travel
agency channel. Economy Plus® seating offers more legroom and a seat closer to
front of the economy cabin. The medium-term agreement with American Airlines
gives Amadeus travel agencies continued access to the airline’s fares and inventory
with no change from the previous agreement.
� In addition, new content agreements were signed with carriers throughout the world.
In the Asia Pacific region, airlines include Eva Air, the Taiwanese carrier, and
Strategic Airlines, the newest domestic and international carrier in Australia. In Latin
America, Pluna, a low cost carrier and one of the fastest growing in the region and
TRIP Linhas Aéreas, the Brazilian domestic airline covering 87 destinations. In North
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