Amadeus Global Travel Distribution reported its fourth quarter and full year results for the period ended 31 December 2002….
Amadeus Global Travel Distribution reported its fourth quarter and full year results for the period ended 31 December 2002. Total revenue for the year to 31 December 2002 was EUR 1,856.3 million, an increase of 4.0 per cent on 2001. Booking revenue increased by 2.1 per cent whereas non-booking revenue rose by 11.7 per cent compared with 2001.
Total bookings for 2002 were 395.6 million, an increase of 2.4 per cent on the previous year. For the second year travel booking activity remained depressed in North America. Amadeus bookings for this region were down 15.8 per cent compared with 2001. In contrast, 2002 bookings increased by 3.9 per cent in Europe and 18.0 per cent in Asia Pacific over the previous year.
Operating expenses for the year increased by 1.9 per cent to EUR 1,548.9 million.
Operating income for 2002, excluding special items, was EUR 315.4 million representing an increase of 19.0 per cent over 2001. EBITDA for the full year was EUR 491.4 million, an increase of 16.2 per cent on 2001.
2002 net income, excluding special items, increased by 20.5 per cent to EUR 148.6 million.
Commenting on the results, Amadeus President and CEO Josi Antonio Tazon said: Amadeus ended 2002 with a strong fourth quarter performance, despite the tough conditions in the travel industry overall. Revenue increased by 9.9 per cent to EUR 451 million, reflecting a significant recovery in air bookings which were 13.4 per cent ahead of the fourth quarter in 2001.
With solid revenue growth and careful cost management, Amadeus has increased its fourth quarter net income by over 330 per cent, which reached EUR 27 million, excluding special items.
In 2002 revenue increased by 4.0 per cent to EUR 1,856 million. This, supported by a significant reduction in our selling and administration expenses, saw net income rise by 20.5 per cent to EUR 149 million.
Amadeus continues to outperform the GDS industry in bookings growth, and gained 1.3 percentage points in global market share for travel agency bookings in 2002.
Our strong full year results clearly demonstrate the inherent strength of Amadeus, in a year when travel declined and when a significant and sustained upturn for our industry remains elusive.
Against this background of uncertainty and the possibility of war, Amadeus will continue to focus on improving its performance in areas under its control, such as operating effectiveness. In this way we will be better positioned to seize the undoubted opportunities that will surely return, when the industry resumes its long-term growth trend.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
