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 Group’s foreign currency forward contracts are measured using quoted forward exchange rates. Interest rate swaps are measured discounting the cash flows estimated based on the applicable interest rate curves derived from quoted interest rates. As such, the financial assets or liabilities on our statement of financial position resulting from these derivative financial instruments that are measured at fair value (see note 21), would fall within the level 2 category of the fair value hierarchy. The financial assets on our statement of financial position that are classified as available for sale, are mainly cash and cash equivalents, and other investments in equity instruments that do not have a quoted market price in an active market, and are measured at cost because their fair value can not be measured reliably . The Group estimates that the carrying amount of its financial assets and liabilities is a reasonable approximation of their fair value, except for the bonds issue financial liability which has carrying amount of KEUR 744,167 (note 17) and a fair value of KEUR 762,008 (101.6% of its face value). b) Doubtful debt provision, factoring and cancellation provision The Group’s doubtful debts provision at December 31, 2011, amounted to KEUR 75,048, and for financial year ended at December 31, 2010 this provision amounted to KEUR 79,346. The movement in the doubtful debts provision is as follows: 45 31/12/2011 31/12/2010 Carrying amount at the beginning of the year 79,346 78,708 Additional amounts through income statement 31,377 24,471 Write-off amounts (9,108) (1,757) Unused reversed amounts through income statement (26,688) (21,062) Acquisition / Disposal of subsidiaries - (1,118) Transfer to assets held for sale - (694) Translation changes 121 798 Carrying amount at the end of the year 75,048 79,346 Trade receivables of the Group include amounts which were past their due date at 2011 year-end, but against which the Group has not recognised doubtful debt provision because there has not been a significant change in credit quality and the amounts are still considered recoverable. Among other factors, that credit risk is mitigated by the fact that the majority of our customers’ accounts receivables and payables are settled through the clearing houses operated by the International Air Transport Association (“IATA”) and Airlines Clearing House, Inc. (“ACH”). Through this system we guarantee that cash inflows from our customers will be settled at a certain fixed date, and we 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.
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 analysis of the age of amounts to be recovered from customers that are past due but not impaired, for the year ended at December 31, 2011, and 2010: 46 31/12/2011 31/12/2010 Up to 3 months 21,068 21,253 From 3 to 6 months 4,126 6,531 From 6 to 12 months 1,019 4,614 Over 12 months 3,749 2,107 29,962 34,505 The Management estimates that the credit risk arising from its amounts receivable is adequately covered by the existing doubtful debt provision. Moreover, our customer base is large and unrelated which results on a low concentration of our credit risk. The Group has agreements with financial institutions to carry out factoring transactions over a part of the accounts receivable resulting from its business. As of December 31, 2011, the Group has not transferred any amount to the financial institution under these agreements. At December 31, 2010, the Group transferred KEUR 26,000. The average interest rates for these transactions were 2.35% for the period ended at December 31, 2011, and 1.50% for the period ended at December 31, 2010. The Group recorded a provision against accounts receivable for estimated cancellations of airline bookings at December 31, 2011, of KEUR 28,624 and KEUR 37,439 in 2010; consequently the Group has reserved for the related reduction in accounts payable for distribution fees at December 31, 2011, KEUR 11,641 and KEUR 15,296 in 2010. c) Other non current financial assets and financial liabilities (Pension and postretirement benefits) Breakdown of this caption at December 31, for the years ended 2011 and 2010, was as follows:
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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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