Q1 2021 Amadeus IT Group SA Earnings Call Transcript
Key Points
- Amadeus IT Group SA (XMAD:AMS) saw an improvement in air bookings and passenger boarded performances in March, making it the best-performing month since the start of the pandemic.
- The company achieved positive EBITDA of EUR 54 million in Q1 2021, supported by improving volumes and further fixed cost optimizations.
- Amadeus IT Group SA (XMAD:AMS) signed 21 new contracts or renewals of agreements with airlines, indicating strong commercial activity.
- The company has a strong liquidity position with EUR 3.8 billion available as of March 31, 2021.
- Amadeus IT Group SA (XMAD:AMS) continues to see progress in its cost reduction plans, achieving a fixed cost reduction of almost EUR 145 million in Q1 2021.
- Distribution revenue declined by 77% relative to Q1 2019, reflecting the significant impact of the pandemic on travel.
- Passengers boarded contracted by 71% compared to Q1 2019, indicating a slow recovery in air travel.
- IT solutions revenue in Q1 2021 contracted by 46%, driven by the decline in airline PB volumes.
- The company reported an adjusted profit loss of EUR 83 million in Q1 2021.
- Western Europe reported a deterioration in volume growth in Q1 2021 due to elevated COVID-19 cases and reintroduction of travel restrictions.
Welcome to the Amadeus First Quarter 2021 Link Presentation webcast. (Operator Instructions) I am now pleased to hand over to you, Mr. Luis Maroto, President and CEO of Amadeus. Please, sir, go ahead.
Good afternoon, ladies and gentlemen, and welcome to our first quarter 2021 results presentation, and thanks a lot for joining us today. Till is with me, and I will focus as usual on our most important developments in the quarter and Till will elaborate in the key financial aspects.
I will begin today's presentation with a market overview and the evolution of our volumes over quarter 1. So I'm on Slide 4.
As you know, we started the first quarter with the resurgence of the pandemic and more travel restrictions imposed in many parts of the world. IATA global traffic evolution relative to 2019 slightly deteriorated in January with minus 72%, and February, minus 74.7% compared to the growth rates we have seen over the fourth quarter. However, mirroring the
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