Full Year 2022 Amadeus IT Group SA Earnings Call Transcript
Key Points
- Amadeus IT Group SA (XMAD:AMS) reported a strong recovery in global traffic, reaching 77% of December 2019 levels.
- The company achieved 87% of Q4 2019 revenue, slightly higher than the prior quarter.
- Free cash flow generation in Q4 2022 was EUR 177 million, allowing continued deleveraging.
- Amadeus IT Group SA (XMAD:AMS) resumed shareholder remuneration with a proposed gross dividend of EUR 0.74 per share.
- The company announced new partnerships and renewals, including with Ryanair, Aeroméxico, and Finnair, indicating strong commercial traction.
- The pace of traffic recovery in Q4 was slower than in the previous quarter.
- Adjusted profit reached only 66% of 2019 levels, indicating room for improvement.
- The company faced higher negative workday effects and a higher cancellation ratio in December.
- Western Europe lagged behind other regions in recovery, impacted by geopolitical factors and the faster growth of low-cost carriers.
- Fixed costs are expected to grow by 10% to 14% in 2023, driven by R&D investments and high inflation.
Ladies and gentlemen, welcome to the Amadeus Full Year and Fourth Quarter 2022 Presentation Webcast. The management of Amadeus will run you through the presentation, which will be followed by a question-and-answer session. (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. Welcome to our 2022 fourth quarter results presentation. Thank you for joining us today. I'm joined by Till, I will start with an overview of our most important developments in the quarter until we elaborate the key financial aspects. Start to Slide 4, please, for an overview of our performance in the period.
The fourth quarter global traffic continued to recover relative to '19. The last month of the year, according to IATA, global traffic reached 77% of December '19 traffic, the best global monthly performance we have put in these times. The pace of traffic recovery in the fourth quarter came at a
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