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

AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES
DIRECTORS’ REPORT FOR THE YEAR ENDED DECEMBER 31, 2011
the levels of 2010, and (ii) a 26.0% increase in investment in intangible assets, driven by an
increase in software capitalisations and higher signing bonuses paid to travel agencies in the
period vs. the same period in 2010.
For the full year 2011, the growth in capital expenditure is driven by the payment of a signing
bonus in relation to the 10 year distribution agreement with the entity resulting from the
merger of GoVoyages, eDreams and Opodo, as well as the increased capitalisations during
the period (both direct and indirect capitalisations as described elsewhere in this document),
as a result of the increased R&D.
Table 4
Q4 Q4 % Full Year Full Year %
Figures in million euros 2011 2010 Change 2011 2010 Change
Capital expenditure in tangible assets 13.4 7.0 90.0% 44.3 44.1 0.4%
Capital expenditure in intangible assets 68.0 54.0 26.0% 268.4 208.2 28.9%
Capital expenditure 81.3 61.0 33.4% 312.7 252.3 23.9%
As % of Revenue 12.6% 10.0% 2.5 p.p. 11.5% 9.7% 1.8 p.p.
As a % of revenue, total capex represented 11.5% of revenue in 2011, an increase vs. 9.7%
in 2010, driven mainly by the payment of a signing bonus to the entity resulting from the
merger of GoVoyages, eDreams and Opodo, as explained above. The increase is also
related to an increase of capitalised migration efforts, a large part of which are paid by our
clients (as described earlier in this report, under the R&D section). However, revenue from
payments received from our clients is deferred, therefore impacting negatively the ratio of
capex as % of revenue.
2.2.3 Goodwill
Goodwill mainly relates to the unallocated amount of €2,070.7 million of the excess purchase
price derived from the business combination between Amadeus IT Holding, S.A. (the current
listed company, formerly known as WAM Acquisition, S.A.) and Amadeus IT Group, S.A. (the
former listed company), following the acquisition of Amadeus IT Group, S.A. by Amadeus IT
Holding, S.A. in 2005.
2.2.4 Equity. Share capital
As of December 31, 2011 the share capital of our Company was represented by 447,581,950
shares with a nominal value of €0.01 per share. This share capital was increased in June
2011 in an amount of €4,028,237.55 (against the Company’s additional paid-in capital
account), by increasing the nominal value of the shares of €0.001 per share to €0.01 per
share.
For information in relation to dividend payments, see section 5.3 “Dividend payment “.
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