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

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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) The credit risk of Amadeus’ customer accounts receivable is mitigated by the fact that the majority are settled through the clearing houses operated by the International Air Transport Association (“IATA”) and Airlines Clearing House, Inc. (“ACH”). These systems guarantee that the cash inflows from our customers will be settled at a certain fixed date, and mitigate the credit risk partially by the fact that the members of the clearing house are required to make deposits that would be used in the event of default. Moreover, our customer base is large and unrelated which results in a low concentration of our credit risk. e) Liquidity risk The Corporate Treasury is responsible for providing the cash needed by all the companies of the Group. In order to perform this task more efficiently the Group concentrates the excess liquidity of the subsidiaries with excess cash and channel it to the companies with cash needs. This allocation of the cash position among the companies of the Group is mainly made through: � A cash pooling agreement with most of the subsidiaries located in the Euro area. � Through bilateral Treasury Optimization agreements between Amadeus IT Group S.A. and its subsidiaries. Corporate Treasury monitors the Group’s cash position through rolling forecasts of expected cash flows. These forecasts are performed by all the companies of the Group and later consolidated in order to examine both the liquidity situation and prospects of the Group and its subsidiaries. The detail of the contractual maturities of the Group’s debt financing as of the end of the financial year 2011 is described in the note 17 “Current and non-current debt”. In addition to other smaller treasury lines agreed with several banks the Group has access to a Revolving Credit facility amounting to KEUR 200,000, as described in note 17 which could be used to cover working capital needs and general corporate purposes. f) Capital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while continuing to generate returns to shareholders and to benefit other stakeholders through the optimization of the leverage ratio. The Group bases its capital management decisions on the relationship between the Group’s earnings and free cash flows and its debt amount and debt service payments. The capital structure of the Group consists of net debt and the equity of the Group. 27
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) During 2011 the Group has continued deleveraging thanks to free cash flow generated during the period, the proceeds obtained from the disposal of Opodo Ltd. and the mandatory repayments of the debt that are described in note 17. The net financial debt as of December 31, 2011, and 2010 is detailed in the table below: 28 31/12/2011 31/12/2010 Unsecured Senior Credit Facility Deferred financing fees on Unsecured 1,209,381 - Senior Credit Facility (6,411) - Bonds 750,000 - Deferred financing fees on Bonds (7,195) - Senior Credit Agreement - 2,871,614 Deferred financing fees on Senior Credit Agreement - (43,503) Other debt with financial institutions 89 214 Leases 69,214 65,559 Total non-current debt 2,015,078 2,893,884 Unsecured Senior Credit Facility Deferred financing fees on Unsecured 184,832 - Senior Facility (2,386) - Senior Credit Agreement - 115,780 Accrued interest 26,092 62,442 Other debt with financial institutions 9,696 5,683 Leases 8,260 9,607 Total current debt 226,494 193,512 Total debt 2,241,572 3,087,396 Cash and cash equivalents 393,214 535,146 Total net financial debt (non-GAAP) 1,848,358 2,552,250 The Group has been awarded a credit rating that reflects investment grade level by two credit agencies. As of December 31, 2011 our credit rating has the following details: 31/12/2011 Standard & Poor’s BBB-/A-3 Moody’s Baa3 The Group considers that the ratings awarded, would allow access to the markets, if necessary, on reasonable terms.
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FORM ANNUAL CORPORATE GOVERNANCE RE
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A.3 Please complete the following t
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A.8 Please complete the following t
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B.1.2 Please complete the following
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Central Bank to assume a role with
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Reasons As a result of the placemen
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B.1.8 Please detail any Board membe
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Other Benefits Amount in thousands
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B.1.13 Please identify the total am
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Please specify whether the Board at
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MR. ENRIQUE DUPUY DE LOME CHAVARRI
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B.1.19 Please specify the procedure
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B.1.24 Please specify whether the c
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Please specify, if applicable, the
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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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