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Amadeus Reports H1 2010 Results

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Amadeus IT Holding, parent company of the Amadeus Group, a leading transaction processor and provider of advanced technology solutions for the global travel and tourism industry, has reported its H1 year-on-year financial and operating results for the first six months ended 30 June 2010.

The increase in adjusted net profit for the period of 38% to reach €246.8m was backed by a growth in revenue of 11.9% to €1,379.3m and an improvement in EBITDA of 19.9% to €556.7m.

Consolidated net financial debt as of 30 June 2010 was €2,816.3m (based on covenant definition), representing 2.9x last twelve months’ EBITDA, and down by €472m vs. December 2009.

Both the Distribution and IT Solutions businesses have contributed to the company’s strong performance figures during the first half. Revenue in the Distribution area increased by 9.8%, rising from €944.9m to €1,037.0m. Year-on-year first half total bookings increased by 8%, up from 214.9m to 232.1m, and the volume of air travel agency (TA) bookings increased by 9.8%, up from 183m to 201m.

The IT Solutions business continued its growth record by increasing its revenue 20.9% during the period, increasing from €248m to €299.9m. Passengers Boarded (PBs) increased by 47.2% in the same period, rising from 104.6m to 153.9m as contracted airline migrations were completed successfully.

During the second quarter of 2010 compared with the same period in 2009, Amadeus continued to deliver strong results with an increase in adjusted net profit of 21.3%, up from €97.3m to €118m, an improvement in total revenues by 10.4% from €610.6m to €674m, and a rise in EBITDA by 14.2% from €242.0 to €276.5m.

David V. Jones, President & CEO of Amadeus, said, “I am pleased to announce that we have delivered strong financial growth in the first half of 2010. Year-on-year total revenue has grown by 11.9% to €1,379.3m, along with an increase in EBITDA of 19.9% to €556.7m, and our adjusted net profit has grown by 38% to reach €246.8m. These results are underpinned by an encouraging growth in distribution bookings compared with the same period last year, coupled with the continuing evolution of our IT business. Our transaction-based model is both robust and profitable, and has shown that it can quickly benefit from a recovery in travel worldwide. We look forward to the remainder of the year with confidence.”

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