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

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AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES DIRECTORS’ REPORT FOR THE YEAR ENDED DECEMBER 31, 2011 GDS Industry Total GDS bookings increased by 2.0% in the fourth quarter of 2011, in line with the 2.2% growth experienced by the GDS industry up to September 2011. Industry growth in the fourth quarter was mostly driven by the significant overperformance of regions such as CESE and Latin America. Middle East and Africa, while still showing weakness, delivered higher growth than in the first half of the year, somewhat recovering from the political unrest that significantly affected the region’s activity during that period. In 2011, the GDS industry increased a modest 2.2%, given (i) the higher base of comparison: the GDS industry experienced a strong recovery in 2010 (7.9% growth in 2010), (ii) a negative performance experienced in the US, (iii) the slowdown of the industry in Middle East, as a consequence of the political instability in certain countries in the region and (iv) disintermediation experienced in some countries in Asia as a result of the success of certain low cost carriers. These negative factors were partially offset by a strong performance in Latin America and CESE. Amadeus Our air TA bookings increased by 6.7% in the fourth quarter of 2011, driving our air TA bookings up by 5.2% in 2011, compared to 2010. As per table 6 below, bookings from Western Europe continue to have the strongest weight (47.4%) over our total air bookings, with emerging markets making up for a large part of the remainder. Table 6 Full Year % of Total Air Full Year % of Total Air % Figures in million 2011 TA Bookings 2010 TA Bookings Change Western Europe 190.6 47.4% 183.2 47.9% 4.0% Central, Eastern and Southern Europe 40.5 10.1% 38.3 10.0% 5.6% Middle East and Africa 49.8 12.4% 48.3 12.6% 3.2% North America 37.1 9.2% 34.7 9.1% 7.1% Latin America 27.3 6.8% 24.6 6.4% 11.1% Asia & Pacific 57.1 14.2% 53.3 13.9% 7.1% Total Air TA Bookings 402.4 100.0% 382.4 100.0% 5.2% During the fourth quarter of 2011, our global air TA market share increased by 1.3 p.p. As of December 31, 2011 our global market share was 37.7%, 1.0 p.p. higher than that of 2010. The slowdown observed in the GDS industry in the year had a lower impact on our volumes, given our lower exposure to the US, where we had a positive performance, as well as the over performance of some of our key markets in Asia Pacific such as India or Australia. With regards to non-air distribution, our bookings for 2011 increased by 3.7% to 61.4 million vs. 59.2 million in 2010, mainly driven by the increase in hotel bookings, which continue to display a strong performance, and to a lesser extent car rentals. On a like-for-like basis, rail bookings in the period showed a slight decrease vs. 2010. 34
AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES DIRECTORS’ REPORT FOR THE YEAR ENDED DECEMBER 31, 2011 3.1.2 Revenue Our Distribution revenue increased by 6.5% in the fourth quarter of 2011 to €491.0 million, excluding the impact of the sale of Vacation.com in 2010. This increase was primarily driven by the growth in air and non-air bookings, as detailed above, along with a slight improvement in the unit booking revenue in the quarter. In 2011, total Distribution revenue on a like-for-like basis was 5.2% higher than in 2010. This increase was driven by growth both in booking revenue (+4.7%) and in non-booking revenue (+7.7%): � Booking revenue: 4.7% increase, driven by a 5.0% growth in total bookings. Our unit booking revenue in 2011 was broadly in line with that in 2010, despite a negative FX impact. � Non booking revenue: 7.7% increase or €22.3 million on a like-for-like basis, mainly driven by higher revenue from the sale of data and advertising and from Traveltainment. We also recorded higher gains in 2011 derived from certain of our hedging instruments. On a reported basis, non booking revenue grew 2.4%, negatively impacted by the sale of Vacation.com (€14.9 million revenue in 2010). Table 7 FY FY % Distribution - Revenue 2011 2010 Change Booking revenue 1,768.6 1,688.8 4.7% Non booking revenue 310.8 303.4 2.4% Revenue 2,079.4 1,992.2 4.4% Average fee per booking (air and non-air) (1) 3.81 3.82 (0.3%) (1) Represents our booking revenue divided by the total number of air and non-air bookings Distribution - Like-for-like Revenue FY FY % 2011 2010 Change Booking revenue 1,768.6 1,688.8 4.7% Non booking revenue 310.8 288.5 7.7% Like-for-like Revenue 2,079.4 1,977.4 5.2% Average fee per booking (air and non-air) (1) 3.81 3.82 (0.3%) (1) Represents our booking revenue divided by the total number of air and non-air bookings 35
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Page 176 and 177: FORM ANNUAL CORPORATE GOVERNANCE RE
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Outgoing auditor Incoming auditor I
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Explanation of procedure its books,
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egulatory requirements, the proper
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l) issue a report annually, prior t
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OPERATION: The Nomination and Remun
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C. RELATED-PARTY TRANSACTIONS C.1.
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- To analyze, measure and evaluate
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shareholders and provided that said
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E.6 Please provide details of any a
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7.- Report on the remuneration poli
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) Identity of grantor and represent
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c) Transactions whose effect is equ
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2. Transactions carried out at pric
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Complies 15. That when the number o
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Complies 25. Companies should organ
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34. That whenever, due to resignati
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vii) Remuneration of executive Boar
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50. That the Audit Committee shall
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It is the power of the Nomination a
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Section B.1.13 There are no indemni
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COMPLEMENTARY INFORMATION TO THE CO
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AMADEUS AMADEUS IT IT HOLDING, HOLD
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The Human Resources Unit is respons
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In 2011 Amadeus’ Finance Function
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In addition the Audit Committee has
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Use of estimates and assumptions, a
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The SLA should include next minimum
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The Committee supports and oversees
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Key terms � “ACH”: refers to
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