Amadeus IT Group, S.A. and Subsidiaries
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Amadeus IT Group, S.A. and Subsidiaries Consolidated Annual Accounts and Directors’ Report for the year ended December 31, 2016 Deloitte, S.L. Plaza Pablo Ruiz Picasso, 1 Torre Picasso Deloitte. 28020 Madrid Espafia Tel: +34 91514 50 DO Fax: +34 915 14 51 80 www.deloitte.es Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain. In the event of a discrepancy, the Spanish-language version prevails. INDEPENDENT AUDITORS' REPORT ON CONSOLIDATED ANNUAL ACCOUNTS To the Shareholders of Amadeus IT Group, S.A.: Report on the Consolidated Annual Accounts We have audited the accompanying consolidated annual accounts of Amadeus IT Group, S.A. ("the Parent") and Subsidiaries ("the Group"), which comprise the consolidated statement of financial position as at 31 December 2016, and the consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and notes to the consolidated annual accounts for the year then ended. Directors' Responsibility for the Consolidated Annual Accounts The Parent's directors are res ponsible for preparing the accompanying consolidated annual accounts so that they present fairly the consolidated equity, consolidated financial position and consolidated results of Amadeus IT Group, S.A. and Subsidiaries in accordance with International Financial Reporting Standards as adopted by the European Union and the other provisions of the regulatory financial reporting framework applicable to the Group in Spain, identified in Note 2 to the accompanying annual accounts, and for such internal control as the directors determine is necessary to enable the preparation of consolidated annual accounts that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these consolidated annual accounts based on our audit. We conducted our audit in accordance with the audit regulations in force in Spain. Those regulations require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated annual accounts are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated annual accounts. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated annual accounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation by the Parent's directors of the consolidated annual accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated annual accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 1 Oelo1Ue, S.l. lnscrita en el Reg1stro Mercantll de Madrid, tome 13.650, secci6n sa, folio 188, hoja M-54414, lllSCnpc16n 96 • C.I.F.: B-791 04469. OomiCilio social: Plaza Pablo RUIZ Picasso, 1, Terre Picasso, 28020, Madrid. Opinion In our opinion, the accompanying consolidated annual accounts present fairly, in all material respects, the consolidated equity and consolidated financial position of Amadeus IT Group, S.A. and Subsidiaries as at 31 December 2016, and their consolidated results and their consol idated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union and the other provisions of the regulatory financial reporting framework applicable to the Group in Spain. Report on Other Legal and Regulatory Requirements The accompanying consolidated directors' report for 2016 contains the explanations which the Parent's directors consider appropriate about the situation of Amadeus IT Group, S.A. and Subsidiaries, the evolution of their business and other matters, but is not an integral part of the consolidated annual accounts. We have checked that the accounting information in the consolidated directors' report is consistent with that contained in the consolidated annual accounts for 2016. Our work as auditors was confined to checking the consolidated directors' report with the aforementioned scope, and did not include a review of any information other than that drawn from the accountin g records of Amadeus IT Group, S.A. and Subsidiaries. DELOITIE, S.L. Registered in ROAC under no. S0692 ' Javie :~ rda 23 F bru~~~:zo~~ 2 Amadeus IT Group, S.A. and Subsidiaries Consolidated Annual Accounts for the year ended December 31, 2016 Consolidated statement of financial position (millions of euros) 31/12/2016 31/12/2015 ASSETS Note Goodwill 7 2,793.3 2,478.9 Patents, trademarks, licenses and others 327.9 330.0 Technology and content 2,232.8 1,895.7 Contractual relationships 649.6 386.6 Intangible assets 8 3,210.3 2,612.3 Land and buildings 151.8 155.6 Data processing hardware and software 216.8 204.6 Other property, plant and equipment 91.1 87.8 Property, plant and equipment 9 459.7 448.0 Investments in associates and joint ventures 10 17.9 12.7 Other non-current financial assets 11 38.7 23.6 Non-current derivative financial assets 11 and 20 2.0 3.7 Deferred tax assets 21 21.6 13.2 Other non-current assets 12 138.3 95.2 Total non-current assets 6,681.8 5,687.6 Trade and other receivables 403.8 352.9 Trade accounts receivable 11 349.7 309.7 Income taxes receivable 21 54.1 43.2 Other current financial assets 11 21.6 15.1 Current derivative financial assets 11 and 20 6.3 14.9 Other current assets 12 210.5 222.0 Cash and cash equivalents 11 and 24 450.1 711.7 Total current assets 1,092.3 1,316.6 TOTAL ASSETS 7,774.1 7,004.2 See the accompanying notes to the consolidated annual accounts Amadeus IT Group, S.A. and Subsidiaries Consolidated Annual Accounts for the year ended December 31, 2016 Consolidated statement of financial position (millions of euros) 31/12/2016 31/12/2015 EQUITY AND LIABILITIES Note Share Capital 4.4 4.4 Additional paid-in capital 616.5 615.2 Reserves 1,065.0 992.2 Treasury shares (23.6) (29.3) Retained earnings 229.5 (6.4) Profit for the year attributable to owners of the parent 825.5 683.9 Total capital and reserves 2,717.3 2,260.0 Cash flow hedges 20 (21.9) 7.2 Exchange differences on translation of foreign operations 71.2 24.5 Unrealised actuarial gains and losses (30.8) (20.8) Unrealised gains reserve 18.5 10.9 Equity attributable to owners of the parent 2,735.8 2,270.9 Non-controlling interests 25.7 26.6 Equity 15 2,761.5 2,297.5 Non-current provisions 17 28.3 27.1 Non-current financial liabilities 1,449.0 1,318.8 Non-current debt 11 and 16 1,422.7 1,289.1 Non-current derivative financial liabilities 11 and 20 8.6 12.2 Other non-current financial liabilities 17.7 17.5 Deferred tax liabilities 21 680.0 725.3 Deferred revenue non-current 12 325.8 310.2 Other non-current liabilities 12 221.6 125.8 Total non-current liabilities 2,704.7 2,507.2 Current provisions 17 16.6 10.9 Current financial liabilities 1,171.1 1,200.6 Current debt 11 and 16 969.5 1,033.8 Other current financial liabilities 11 10.8 15.6 Interim dividend payable 3, 11 and 15 175.3 148.4 Current derivative financial liabilities 11 and 20 15.5 2.8 Trade and other payables 682.7 623.5 Trade accounts payable 11 650.5 601.9 Income taxes payable 21 32.2 21.6 Deferred revenue current 12 138.5 119.2 Other current liabilities 12 299.0 245.3 Total current liabilities 2,307.9 2,199.5 TOTAL EQUITY AND LIABILITIES 7,774.1 7,004.2 See the accompanying notes to the consolidated annual accounts Amadeus IT Group, S.A. and Subsidiaries Consolidated Annual Accounts for the year ended December 31, 2016 Consolidated statement of comprehensive income (millions of euros) 31/12/2016 31/12/2015 Continuing operations Note Revenue 6 4,472.9 3,912.7 Cost of revenue (1,150.0) (1,044.1) Personnel and related expenses (1,280.0) (1,139.9) Depreciation and amortization (499.1) (422.6) Other operating expenses (331.5) (253.1) Operating income 6 1,212.3 1,053.0 Financial income 1.7 2.6 Interest expense 23 (58.5) (63.7) Other financial expenses 23 (18.0) (5.6) Exchange gains 3.2 15.8 Financial expense, net (71.6) (50.9) Other income / (expense) 3.1 1.8 Profit before income taxes 1,143.8 1,003.9 Income tax expense 21 (322.9) (321.4) Profit after taxes 820.9 682.5 Share in profit of associates and joint ventures accounted for using the equity method 10 5.4 3.4 PROFIT FOR THE YEAR 826.3 685.9 Profit for the year attributable to: Non-controlling interests 0.8 2.0 Owners of the parent 825.5 683.9 Earnings per share basic and diluted [in Euros] 22 1.89 1.57 Items that will not be reclassified to profit and loss: Actuarial gains and losses (10.0) 2.2 Items that will be reclassified to profit or loss when specific conditions are met: Cash flow hedges (29.1) 3.5 Exchange differences on translation of foreign operations 46.7 35.8 17.6 39.3 Other comprehensive Income /(expense) for the year, net of tax 7.6 41.5 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 833.9 727.4 Total comprehensive income for the year attributable to: Non-controlling interests 0.8 2.0 Owners of the parent 833.1 725.4 See the accompanying notes to the consolidated annual accounts Amadeus IT Holding, S.A.