Amadeus Amadeus IT GroupIT GroupIT Group, S.A. , S.A., S.A. · TOTAL ASSETS 4,443,08 7777 4,37 8888 ,,,,757 ... venturejoint ventures sss 18.2 745,376745,376745 ... 232,0232,0232,021

Amadeus Amadeus Amadeus Amadeus IT GroupIT GroupIT GroupIT Group, S.A., S.A., S.A., S.A. Auditors’ Report Annual Accounts and Directors’ Report for the year ended December 31, 2013

Amadeus IT Group, S.A. Amadeus IT Group, S.A. Amadeus IT Group, S.A. Amadeus IT Group, S.A. Auditors’ Report for the year ended December 31, 2013

Amadeus IT Group, S.A. Amadeus IT Group, S.A. Amadeus IT Group, S.A. Amadeus IT Group, S.A. Annual Accounts for the year ended December 31, 2013

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. BALANCE SHEET BALANCE SHEET BALANCE SHEET BALANCE SHEET AT AT AT AT DECEMBERDECEMBERDECEMBERDECEMBER 31,31,31,31, 2013 AND 20122013 AND 20122013 AND 20122013 AND 2012

(EXPRESSED IN THOUSANDS OF EUROS - KEUR)

Notes 1 to 21 and appendix described in the attached notes to the annual accounts are part of the balance sheet at December 31, 2013 and 2012

ASSETSASSETSASSETSASSETS Note 31/12/2013 31/12/2012 NONNONNONNON----CURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETS 3,634,43,634,43,634,43,634,491919191 3,670,23,670,23,670,23,670,222223333

Intangible fixed assetsIntangible fixed assetsIntangible fixed assetsIntangible fixed assets 6 2,154,2392,154,2392,154,2392,154,239 2,245,7712,245,7712,245,7712,245,771 Brands & trademarks 256,550 256,550 Goodwill 1,388,231 1,388,231 Software 7,348 4,151 Intangible rights 502,110 596,839 Tangible fixed assetsTangible fixed assetsTangible fixed assetsTangible fixed assets 7 4,2364,2364,2364,236 3,5173,5173,5173,517 Furniture, office, equipment and other tangible assets 4,236 3,517 LongLongLongLong----term investments in Group companies and term investments in Group companies and term investments in Group companies and term investments in Group companies and joint venturesjoint venturesjoint venturesjoint ventures 18.2 1,1,1,1,319,209319,209319,209319,209 1111,296,284,296,284,296,284,296,284 Equity instruments 8.3 899,589 869,144 Loans to companies 419,620 427,140 LongLongLongLong----term financial investmentsterm financial investmentsterm financial investmentsterm financial investments 8.1 29,229,229,229,264646464 31,31,31,31,873873873873 Equity instruments 7,451 6,300 Derivatives 10 876 5,680 Other financial assets 20,937 19,893 Deferred tax assetsDeferred tax assetsDeferred tax assetsDeferred tax assets 15.1 113113113113,,,,287287287287 92,77892,77892,77892,778 Prepaid expenses longPrepaid expenses longPrepaid expenses longPrepaid expenses long----termtermtermterm 14,25614,25614,25614,256 ---- CURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETS 808,596808,596808,596808,596 708,708,708,708,534534534534 Trade debtors and other accounts receivableTrade debtors and other accounts receivableTrade debtors and other accounts receivableTrade debtors and other accounts receivable 318,033318,033318,033318,033 223,27223,27223,27223,273333 Trade accounts receivable 9.1 179,156 129,648 Accounts receivable - Group companies and joint ventures 18.2 115,784 70,255 Other accounts receivable 18,883 19,188 Employees receivable 385 305 Other accounts receivable from Public Administrations 15.1 3,825 3,877 ShortShortShortShort----term investments in Group companies and term investments in Group companies and term investments in Group companies and term investments in Group companies and joint venturesjoint venturesjoint venturesjoint ventures 18.2 25,71325,71325,71325,713 107,335107,335107,335107,335 Loans to companies 22,758 105,691 Other financial assets 2,955 1,644 ShortShortShortShort----term financial investmentsterm financial investmentsterm financial investmentsterm financial investments 8.2 5,6515,6515,6515,651 11,11,11,11,452452452452 Derivatives 10 4,268 10,022 Other financial assets 1,383 1,430 Prepaid expensesPrepaid expensesPrepaid expensesPrepaid expenses ShortShortShortShort----termtermtermterm 14,70414,70414,70414,704 9,0169,0169,0169,016 Cash and Cash and Cash and Cash and cash equivalentscash equivalentscash equivalentscash equivalents 444,495444,495444,495444,495 357,458357,458357,458357,458 Cash 45,993 48,870 Other cash equivalents 398,502 308,588 TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 4,443,084,443,084,443,084,443,087777 4,374,374,374,378888,,,,757757757757

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. BALANCE SHEET BALANCE SHEET BALANCE SHEET BALANCE SHEET AT AT AT AT DECEMBERDECEMBERDECEMBERDECEMBER 31,31,31,31, 2013 AND 20122013 AND 20122013 AND 20122013 AND 2012

(EXPRESSED IN THOUSANDS OF EUROS - KEUR)

Notes 1 to 21 and appendix described in the attached notes to the annual accounts are part of the balance sheet at December 31, 2013 and 2012

NET EQUITY AND LIABILITIES NET EQUITY AND LIABILITIES NET EQUITY AND LIABILITIES NET EQUITY AND LIABILITIES Note 31/12/2013 31/12/2012 NETNETNETNET EQUITYEQUITYEQUITYEQUITY 11 1,054,4201,054,4201,054,4201,054,420 1,026,1,026,1,026,1,026,251251251251

Shareholders' equityShareholders' equityShareholders' equityShareholders' equity 1,045,1,045,1,045,1,045,000043434343 1,014,1,014,1,014,1,014,276276276276 Share capital 42,221 42,221 Additional paid-in capital 40,765 40,765 Reserves 667,621 598,210 Legal reserves 355,502 286,091 Other reserves 312,119 312,119

Retained earnings 211,315 211,009 Net profit/(loss) for the year 315,273 268,155 Interim dividend (231,792) (146,084) Other comprehensive incomeOther comprehensive incomeOther comprehensive incomeOther comprehensive income 6,2616,2616,2616,261 5,7715,7715,7715,771 Available-for-sale financial assets 113 113 Hedges 6,255 5,737 Cumulative translation adjustments (107) (79) GrantsGrantsGrantsGrants received and similarreceived and similarreceived and similarreceived and similar 2,7562,7562,7562,756 6,6,6,6,204204204204 NONNONNONNON----CURRENTCURRENTCURRENTCURRENT LIABILITIESLIABILITIESLIABILITIESLIABILITIES 1,867,7161,867,7161,867,7161,867,716 1,945,1,945,1,945,1,945,888827272727

LongLongLongLong----term provisionsterm provisionsterm provisionsterm provisions 12 24,95324,95324,95324,953 30,30,30,30,577577577577 Long-term employees benefit obligations 373 384 Share-based payments provision 2,156 1,272 Other provisions 22,424 28,921 LongLongLongLong----term liabilitiesterm liabilitiesterm liabilitiesterm liabilities 649,214649,214649,214649,214 755,755,755,755,999940404040 Long-term debts with financial institutions and third parties 13 642,903 743,390 Obligations under finance leases 389 378 Derivatives 10 3,562 11,315 Other financial liabilities 2,360 857 LongLongLongLong----term debts with Group companies and term debts with Group companies and term debts with Group companies and term debts with Group companies and joint venturejoint venturejoint venturejoint venturessss 18.2 745,376745,376745,376745,376 743,743,743,743,774774774774 Deferred tax liabilitiesDeferred tax liabilitiesDeferred tax liabilitiesDeferred tax liabilities 15.1 220,576220,576220,576220,576 246,246,246,246,321321321321 Deferred income longDeferred income longDeferred income longDeferred income long----termtermtermterm 14 227,597227,597227,597227,597 169,169,169,169,215215215215 CURRENTCURRENTCURRENTCURRENT LIABILITIESLIABILITIESLIABILITIESLIABILITIES 1,520,91,520,91,520,91,520,951515151 1,406,6791,406,6791,406,6791,406,679 ShortShortShortShort----term provisionsterm provisionsterm provisionsterm provisions 6,3466,3466,3466,346 2,2,2,2,420420420420 ShortShortShortShort----term liabilitiesterm liabilitiesterm liabilitiesterm liabilities 232,0232,0232,0232,021212121 308,78308,78308,78308,785555 Short-term debts with financial institutions and third parties 13 220,377 304,709 Obligation under finance leases 191 212 Derivatives 10 7,898 983 Other financial liabilities 3,555 2,881 ShortShortShortShort----term debts with Group companies and term debts with Group companies and term debts with Group companies and term debts with Group companies and joint venturejoint venturejoint venturejoint venturessss 18.2 482,075482,075482,075482,075 504,504,504,504,916916916916 TradeTradeTradeTrade creditors and other accounts payablecreditors and other accounts payablecreditors and other accounts payablecreditors and other accounts payable 770,779770,779770,779770,779 572,369572,369572,369572,369 Trade accounts payable 9.2 279,216 225,467 Accounts payable-Group companies and joint ventures 18.2 476,309 331,058 Other accounts payable 1,943 2,131 Personnel related liabilities 9,903 12,096 Other accounts payable to Public Administrations 15.1 3,408 1,617 Deferred income shortDeferred income shortDeferred income shortDeferred income short----termtermtermterm 14 29,73029,73029,73029,730 18,18,18,18,189189189189 TOTAL NET EQUITY AND LIABILITIESTOTAL NET EQUITY AND LIABILITIESTOTAL NET EQUITY AND LIABILITIESTOTAL NET EQUITY AND LIABILITIES 4,443,084,443,084,443,084,443,087777 4,378,7574,378,7574,378,7574,378,757

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. STATEMENT OF INCSTATEMENT OF INCSTATEMENT OF INCSTATEMENT OF INCOME FOR THE YEARS ENDEDOME FOR THE YEARS ENDEDOME FOR THE YEARS ENDEDOME FOR THE YEARS ENDED DECEMBER DECEMBER DECEMBER DECEMBER 31, 2013 31, 2013 31, 2013 31, 2013 AND AND AND AND 2012201220122012 (EXPRESSED IN THOUSANDS OF EUROS - KEUR)

Notes 1 to 21 and appendix described in the attached notes to the annual accounts are part of the statement of income for the years ended December 31, 2013 and 2012

CONTINUING CONTINUING CONTINUING CONTINUING OPERATIONSOPERATIONSOPERATIONSOPERATIONS Note

Year 2013

Year 2012

Net trade revenueNet trade revenueNet trade revenueNet trade revenue 17.1 3,247,1833,247,1833,247,1833,247,183

2,996,0742,996,0742,996,0742,996,074

Services rendered 3,247,183 2,996,074

Less charges to fixed assetsLess charges to fixed assetsLess charges to fixed assetsLess charges to fixed assets 3,5193,5193,5193,519 1,1,1,1,985985985985

Other operating incomeOther operating incomeOther operating incomeOther operating income 6,5566,5566,5566,556 1,1,1,1,873873873873

Personnel expensesPersonnel expensesPersonnel expensesPersonnel expenses 17.2 (76,857)(76,857)(76,857)(76,857) ((((65,65,65,65,863)863)863)863)

Salaries, wages and similar (61,295) (51,597)

Social benefits (15,562) (14,266)

Other operating Other operating Other operating Other operating expensesexpensesexpensesexpenses (2,797,297)(2,797,297)(2,797,297)(2,797,297) (2,476,760(2,476,760(2,476,760(2,476,760))))

External services (28,128) (25,397)

Taxes (178) (192)

Losses, impairment and variations in trading provisions (5,721) (7,154)

Other operating expenses 17.3 (2,763,270) (2,444,017)

Depreciation and Depreciation and Depreciation and Depreciation and amortisation of nonamortisation of nonamortisation of nonamortisation of non----current assetscurrent assetscurrent assetscurrent assets 6 & 7 (86,973)(86,973)(86,973)(86,973) ((((89,89,89,89,183)183)183)183)

Impairment and gains/(losses) on disposal of nonImpairment and gains/(losses) on disposal of nonImpairment and gains/(losses) on disposal of nonImpairment and gains/(losses) on disposal of non----current current current current assetsassetsassetsassets 17171717

((((2,2,2,2,085)085)085)085)

Impairment and losses 6 - (2,085)

Gains/(losses) on disposal of non-current assets 17 -

OPERATING OPERATING OPERATING OPERATING PROFIT/(LOSS)PROFIT/(LOSS)PROFIT/(LOSS)PROFIT/(LOSS) 296,148296,148296,148296,148

366,366,366,366,041041041041

Financial incomeFinancial incomeFinancial incomeFinancial income 17.4 121,729121,729121,729121,729 66,45366,45366,45366,453

From equity instruments 112,081 53,329

Group companies and joint ventures 111,366 52,625

Third parties 715 704

From other financial instruments 9,648 13,124

Group companies and joint ventures 9,265 12,413

Third parties 383 711

Financial expensesFinancial expensesFinancial expensesFinancial expenses 17.4 (69,261)(69,261)(69,261)(69,261) (79,(79,(79,(79,557)557)557)557)

Debts with Group companies and joint ventures (38,560) (38,928)

Debts with third parties (30,701) (40,629)

Changes in fair value of financial instruments Changes in fair value of financial instruments Changes in fair value of financial instruments Changes in fair value of financial instruments 17.4 (196)(196)(196)(196) 2,2,2,2,848848848848

Financial assets held for trading and others (196) 2,848

Exchange rate differencesExchange rate differencesExchange rate differencesExchange rate differences 17.4 2,4562,4562,4562,456 1,1,1,1,059059059059 Impairment and gains/(losses) on disposal of financial Impairment and gains/(losses) on disposal of financial Impairment and gains/(losses) on disposal of financial Impairment and gains/(losses) on disposal of financial instrumentsinstrumentsinstrumentsinstruments

17.4 28,48628,48628,48628,486

1,1,1,1,190190190190

Impairment and losses 19,693 (1,211)

Gains/(losses) on disposal of financial instruments 8,793 2,401

FINANCIAL PROFIT/(LOFINANCIAL PROFIT/(LOFINANCIAL PROFIT/(LOFINANCIAL PROFIT/(LOSS)SS)SS)SS) 17.4 83,21483,21483,21483,214 (8,(8,(8,(8,007)007)007)007)

PROFIT/(LOSS) BEFOREPROFIT/(LOSS) BEFOREPROFIT/(LOSS) BEFOREPROFIT/(LOSS) BEFORE TAXTAXTAXTAX 379,362379,362379,362379,362 358,358,358,358,034034034034

Corporate Income TaxCorporate Income TaxCorporate Income TaxCorporate Income Tax 15.4 (64,089)(64,089)(64,089)(64,089) (89,(89,(89,(89,879)879)879)879)

NET PROFIT/(LOSS) FNET PROFIT/(LOSS) FNET PROFIT/(LOSS) FNET PROFIT/(LOSS) FOR THE YEAROR THE YEAROR THE YEAROR THE YEAR 315,273315,273315,273315,273 268,268,268,268,155155155155

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. STATEMENT OF CHANGES IN STATEMENT OF CHANGES IN STATEMENT OF CHANGES IN STATEMENT OF CHANGES IN NET NET NET NET EQUITY FOR EQUITY FOR EQUITY FOR EQUITY FOR THE YEARSTHE YEARSTHE YEARSTHE YEARS ENDED DECEMBER ENDED DECEMBER ENDED DECEMBER ENDED DECEMBER 31, 2013 AND 201231, 2013 AND 201231, 2013 AND 201231, 2013 AND 2012 (EXPRESSED IN THOUSANDS OF EUROS - KEUR)

Notes 1 to 21 and appendix described in the attached notes to the annual accounts are part of the statement of changes in net equity for the years ended December 31, 2013 and 2012

A) STATEMENT OF RECOGNIA) STATEMENT OF RECOGNIA) STATEMENT OF RECOGNIA) STATEMENT OF RECOGNISSSSED INCOME AND EXPENSEED INCOME AND EXPENSEED INCOME AND EXPENSEED INCOME AND EXPENSESSSS

Note

Year 2013

Year 2012

NET NET NET NET PROFIT/(LOSS) FOR THE YEARPROFIT/(LOSS) FOR THE YEARPROFIT/(LOSS) FOR THE YEARPROFIT/(LOSS) FOR THE YEAR 315,273315,273315,273315,273 268,268,268,268,155155155155

Income and expenses directly recognised in net equityIncome and expenses directly recognised in net equityIncome and expenses directly recognised in net equityIncome and expenses directly recognised in net equity

Cash flow hedge 11.4 (4,712) 12,098

Cumulative translation adjustments 11.4 (28) (25)

Tax effect 11.4 1,414 (3,629)

TOTAL INCOME AND EXPENSES DIRECTLY RECOGNISED IN NET EQUITYTOTAL INCOME AND EXPENSES DIRECTLY RECOGNISED IN NET EQUITYTOTAL INCOME AND EXPENSES DIRECTLY RECOGNISED IN NET EQUITYTOTAL INCOME AND EXPENSES DIRECTLY RECOGNISED IN NET EQUITY (3,326)(3,326)(3,326)(3,326) 8,4448,4448,4448,444

Transfers to the statement of incomeTransfers to the statement of incomeTransfers to the statement of incomeTransfers to the statement of income

Cash flow hedge 11.4 5,452 (3,242)

Grants received and similar 11.5 (3,448) (6,585)

Tax effect 11.4 (1,636) 973

TOTAL TRANSFERS TO THE STATEMENT OF INCOMETOTAL TRANSFERS TO THE STATEMENT OF INCOMETOTAL TRANSFERS TO THE STATEMENT OF INCOMETOTAL TRANSFERS TO THE STATEMENT OF INCOME 368368368368 ((((8,8548,8548,8548,854))))

TOTAL RECOGNTOTAL RECOGNTOTAL RECOGNTOTAL RECOGNIIIISED INCOME AND EXPENSESSED INCOME AND EXPENSESSED INCOME AND EXPENSESSED INCOME AND EXPENSES 312,315312,315312,315312,315 267,267,267,267,745745745745

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. STATEMENT OF CHANGES IN STATEMENT OF CHANGES IN STATEMENT OF CHANGES IN STATEMENT OF CHANGES IN NET NET NET NET EQUITY FOR EQUITY FOR EQUITY FOR EQUITY FOR THE YEARSTHE YEARSTHE YEARSTHE YEARS ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012 (EXPRESSED IN THOUSANDS OF EUROS - KEUR)

Notes 1 to 21 and appendix described in the attached notes to the annual accounts are part of the statement of changes in net equity for the years ended December 31, 2013 and 2012

B) TOTAL STATEMENT OF CHANGES IN NET EQUITYB) TOTAL STATEMENT OF CHANGES IN NET EQUITYB) TOTAL STATEMENT OF CHANGES IN NET EQUITYB) TOTAL STATEMENT OF CHANGES IN NET EQUITY

Share Capital

Additional paid-in capital

Legal reserves

Other reserves

Retained earnings

Net profit/(loss) for the year

Interim dividend

Other

comprehensive income

Grants received and similar

Total

FINAL BALANCE AT DECEMBER 31, FINAL BALANCE AT DECEMBER 31, FINAL BALANCE AT DECEMBER 31, FINAL BALANCE AT DECEMBER 31, 2011201120112011

42,22142,22142,22142,221 40,76540,76540,76540,765 216,701216,701216,701216,701 312,098312,098312,098312,098 (6,456)(6,456)(6,456)(6,456) 551,600551,600551,600551,600 (177,327)(177,327)(177,327)(177,327) (404)(404)(404)(404) 12,78912,78912,78912,789 991,987991,987991,987991,987

Total recognised income /(expenses) for the yearTotal recognised income /(expenses) for the yearTotal recognised income /(expenses) for the yearTotal recognised income /(expenses) for the year - - - - - 268,155 - 6,175 (6,585) 267,745

Transactions with shareholdersTransactions with shareholdersTransactions with shareholdersTransactions with shareholders

Dividends distribution (Note 11.3) - - - - - (87, 397) (146,084) - - (233,481)

Other variations in net equityOther variations in net equityOther variations in net equityOther variations in net equity

Appropriation of results - - 69,411 - 217,465 (464,203) 177,327 - - -

Transactions with share-based payments - - (21) 21 - - - - - -


42,42,42,42,221221221221 40,40,40,40,765765765765 286,091286,091286,091286,091 312,119312,119312,119312,119 211,211,211,211,009009009009 268,268,268,268,155155155155 (146,(146,(146,(146,084)084)084)084) 5,775,775,775,771111 6,6,6,6,204204204204 1,026,2511,026,2511,026,2511,026,251

Total recognised income/(expenses) for the yearTotal recognised income/(expenses) for the yearTotal recognised income/(expenses) for the yearTotal recognised income/(expenses) for the year - - - - - 315,273 - 490 (3,448) 312,315

Transactions with shareholdersTransactions with shareholdersTransactions with shareholdersTransactions with shareholders

Dividends distribution (Note 11.3) - - - - - (52,354) (231,792) - - (284,146)

Other variations in net equityOther variations in net equityOther variations in net equityOther variations in net equity

Appropriation of results - - 69,411 - 306 (215,801) 146,084 - - -


42,22142,22142,22142,221 40,76540,76540,76540,765 355,502355,502355,502355,502 312,119312,119312,119312,119 211,211,211,211,315315315315 315,273315,273315,273315,273 ((((231,792231,792231,792231,792)))) 6,2616,2616,2616,261 2,7562,7562,7562,756 1,054,4201,054,4201,054,4201,054,420

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. STATEMENT OF CASH FLOWS FOR THE STATEMENT OF CASH FLOWS FOR THE STATEMENT OF CASH FLOWS FOR THE STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012YEARS ENDED DECEMBER 31, 2013 AND 2012YEARS ENDED DECEMBER 31, 2013 AND 2012YEARS ENDED DECEMBER 31, 2013 AND 2012 (EXPRESSED IN THOUSANDS OF EUROS - KEUR)

Notes 1 to 21 and appendix described in the attached notes to the annual accounts are part of the statement of cash

flows for the years ended December 31, 2013 and 2012

Year 2013

Year 2012

CASH FLOWS FROM OPERATING ACTIVITIESCASH FLOWS FROM OPERATING ACTIVITIESCASH FLOWS FROM OPERATING ACTIVITIESCASH FLOWS FROM OPERATING ACTIVITIES 504,618504,618504,618504,618 383383383383,,,,776776776776

Profit/(loss) before income tax from continuing operationsProfit/(loss) before income tax from continuing operationsProfit/(loss) before income tax from continuing operationsProfit/(loss) before income tax from continuing operations 379,362379,362379,362379,362 358,034358,034358,034358,034

Adjustments for profit/(loss) from continuing operationsAdjustments for profit/(loss) from continuing operationsAdjustments for profit/(loss) from continuing operationsAdjustments for profit/(loss) from continuing operations

Asset amortisation 86,973 89,183

Impairment losses 5,721 -

Variation of provisions 535 -

Impairment and gains/losses from financial instruments (19,693) 1,211

Impairment and gains/losses on disposal of non-current assets (17) 2,085

Impairment and gains/losses on disposal of financial instruments (8,793) (2,401)

Financial income (121,729) (66,453)

Financial expenses 69,261 79,557

Exchange rate differences (2,456) (1,059)

Changes in fair value of financial instruments - (2,848)

Other revenue and expenses (3,691) 912

Changes in working capitalChanges in working capitalChanges in working capitalChanges in working capital

Trade debtors and other receivables (69,713) 6,569

Other current assets (5,688) 27,357

Trade creditors and other payables 204,756 (22,951)

Other current liabilities 11,541 10,656

Other non-current assets and liabilities 40,486 54,555

Other cash flows from operating activitiesOther cash flows from operating activitiesOther cash flows from operating activitiesOther cash flows from operating activities

Interests paid (65,561) (75,049)

Dividends received 110,769 55,665

Interest received 9,862 12,601

Corporate Income Tax paid (117,307) (143,848)

Other amounts paid -

CASH FLOWS FROM INVESTING ACTIVITIESCASH FLOWS FROM INVESTING ACTIVITIESCASH FLOWS FROM INVESTING ACTIVITIESCASH FLOWS FROM INVESTING ACTIVITIES (30,413)(30,413)(30,413)(30,413) (27,665)(27,665)(27,665)(27,665)

Payments due to investmentsPayments due to investmentsPayments due to investmentsPayments due to investments

Group companies and joint ventures (9,948) (5,047)

Fixed assets (19,755) (22,746)

Other financial assets (2,148) (4,380)

Other assets

Proceeds from disposalsProceeds from disposalsProceeds from disposalsProceeds from disposals 1,421 (852)

Group companies and joint ventures 17 -

Other financial assets - 5,360

CASH FLOWS FROM FINANCING ACTIVITIESCASH FLOWS FROM FINANCING ACTIVITIESCASH FLOWS FROM FINANCING ACTIVITIESCASH FLOWS FROM FINANCING ACTIVITIES (387,168(387,168(387,168(387,168)))) ((((342,644)342,644)342,644)342,644)

Receipts and payments relating to financialReceipts and payments relating to financialReceipts and payments relating to financialReceipts and payments relating to financial assets andassets andassets andassets and liability instrumentsliability instrumentsliability instrumentsliability instruments

Issue of borrowings with financial institutions 160,812 296,818

Issue/repayment of borrowings to Group companies and joint ventures 87,507 186,442

Issue of other financial liabilities 2,172

Repayment of borrowings with financial institutions (337,861) (635,975)

Issue/repayments of debts with Group companies and joint ventures (101,263) 74,795

Dividends and equity instruments´ paymentsDividends and equity instruments´ paymentsDividends and equity instruments´ paymentsDividends and equity instruments´ payments Dividends (198,535) (264,724)

NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTSNET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTSNET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTSNET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS 87,03787,03787,03787,037 13,46713,46713,46713,467 Cash and cash equivalents at the beginning of year 357,458 343,991

Cash and cash equivalents at year end 444,495 357,458

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.

NNNNOTES TO THE ANNUAL ACCOUNTS FOR THE YEARSOTES TO THE ANNUAL ACCOUNTS FOR THE YEARSOTES TO THE ANNUAL ACCOUNTS FOR THE YEARSOTES TO THE ANNUAL ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012 (EXPRESSED IN THOUSANDS OF EUROS - KEUR)

71

CONTENTSCONTENTSCONTENTSCONTENTS

Note Page

1 General information and activity 1 2 Basis of presentation of the annual accounts a) Regulatory financial reporting framework applicable to the Company 2 b) True and fair view 2 c) Non-obligatory accounting principles 2 d) Critical aspects for the measurement and estimation of uncertainty 3 e) Comparative information 3 f) Aggregated captions 3 g) Working capital 3 h) Business combinations 4 i) Changes in accounting principles 4 j) Correction of errors 4

3 Proposed appropriation of results 4 4 Recognition and measurement standards a) Intangible fixed assets 5 b) Tangible fixed assets 7 c) Impairment of non-current assets 7 d) Leases 8 e) Financial instruments 8 f) Foreign currency transactions 12 g) Income taxes 13 h) Revenue and expenses recognition 13 i) Provisions and contingencies 14 j) Equity elements of an environmental nature 14 k) Pension plans and other related obligations 15 l) Share-based payments 15 m) Grants received and similar 15 n) Transactions with related parties 15

5 Financial risk and capital management a) Foreign exchange rate risk 16 b) Interest rate risk 17 c) Parent company’s share price evolution risk 17 d) Credit risk 17

e) Liquidity risk 18 f) Capital management 18

6 Intangible fixed assets 19 7 Tangible fixed assets 23 8 Financial investments 8.1 Long-term financial investments 24 8.2 Short-term financial investments 26 8.3 Investments in Group companies and joint ventures 27 9 Trade accounts receivable and payable 9.1 Trade accounts receivable 32 9.2 Trade accounts payable 33

10 Derivative financial instruments 10.1 Exchange rate derivatives 34 10.2 Natural hedge 35 10.3 Interest rate derivatives 37

AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. NOTES TO THE ANNUAL ACCOUNTS FOR NOTES TO THE ANNUAL ACCOUNTS FOR NOTES TO THE ANNUAL ACCOUNTS FOR NOTES TO THE ANNUAL ACCOUNTS FOR THE YEARSTHE YEARSTHE YEARSTHE YEARS ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012ENDED DECEMBER 31, 2013 AND 2012 (EXPRESSED IN THOUSANDS OF EUROS - KEUR)

Note Page

11 Net equity and shareholders’ equity 11.1 Legal reserve 40 11.2 Goodwill reserve 40 11.3 Dividends distribution 41 11.4 Other comprehensive income 41 11.5 Grants received and similar 42

12 Long-term provisions 42 13 Financial debts 44 14 Deferred income 49 15 Public Administrations and taxation

15.1 Deferred tax assets and liabilities and current balances with Public Administrations 50 15.2 Reconciliation between the net result before tax and Corporate Income Tax base 51 15.3 Tax recognised in net equity 53 15.4 Reconciliation between the net result before tax and Corporate Income Tax expense 53 15.5 Periods open for tax audit and tax audit procedures 54

16 Foreign currencies 55 17 Revenue and expenses

17.1 Net trade revenue 57 17.3 Personnel expenses 57 17.4 Other operating expenses 57 17.5 Financial results 58 17.6 Share-based payments 59

18 Transactions and balances with related parties 18.1 Transactions with related parties 61 18.2 Balances with related parties 62 18.3 Board of Directors and Top Management remuneration 66 18.4 Directors’ information regarding situations of conflict of interest 66 18.5 Other information related to the Board of Directors and Top management 67 18.6 Financial structure 67

19 Other information 19.1 Auditors’ fees 67

19.2 Information regarding trade accounts payable. Additional Third Clause, ‘Information requirements’ according to Law 15/2010, dated July, 5

68

19.3 Number of employees 68 19.4 Off-balance sheet commitments 69

20 Environmental information 69 21 Subsequent events 69 Appendix 71


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1.1.1.1. GENERAL INFORMATION AND ACTIVITYGENERAL INFORMATION AND ACTIVITYGENERAL INFORMATION AND ACTIVITYGENERAL INFORMATION AND ACTIVITY

Amadeus IT Group, S.A. (hereinafter, ‘the Company’) was incorporated on September 6, 2005 and registered at the Companies Register of Madrid. Its registered office is in Madrid, Salvador de Madariaga, 1. As a consequence of the merger dated on July 31, 2006 mentioned in Note 2.h, the Company, formerly known as WAM Portfolio, S.A., Sociedad Unipersonal, (taking-over company) took over Amadeus IT Group, S.A. (taken-over company), subsequently, adopting the taken-over company’s corporate purpose and registered name; likewise, Amadeus IT Holding, S.A. ceased to be the sole Company shareholder.

The main ordinary activity of the Company, according to its Directors, consists in the marketing, sale and distribution of every product and information technology of the Amadeus Group for the travel and tourism industry. Revenue from customers regarding such services rendered is registered under the ‘Net trade revenue’ caption. The activities described above may be carried out by the Company, either in Spain or abroad, in whole or partially, indirectly, through investment in other companies with the same or similar corporate purpose. The Company belongs to the Amadeus Group (‘the Group’). The Group is a leading transaction processor for the global travel and tourism industry, providing advanced technology solutions to its travel provider and travel agency customers worldwide. The Group acts as an international network providing comprehensive real-time search, pricing, booking, ticketing and other processing solutions to travel providers and travel agencies through its Distribution services, and offer travel providers (principally airlines) an extensive portfolio of technology solutions which automate certain mission-critical business processes, such as reservations, inventory management and other operational processes, through its IT Solutions services. Customer groups include providers of travel products and services such as airlines (network, domestic, low-cost and charter carriers), hotels (independent properties and chains), tour operators (mainstream, specialist and vertically integrated players), insurance companies, road and sea transport companies (car rental companies, railway companies, ferry lines and cruise lines), travel sellers and brokers (offline and online travel agencies) and travel buyers (corporations and individual travelers). In accordance with the regulatory financial reporting framework applicable, this document only refers to the separate annual accounts of Amadeus IT Group, S.A. and does not represent the consolidated annual accounts. The Company is not obliged to prepare consolidated annual accounts separately, due to being included within the Amadeus Group, the parent company of which, Amadeus IT Holding, S.A. prepares consolidated annual accounts in accordance with International Financial Reporting Standards as adopted by the European Union. The consolidated annual accounts of the Group for the year 2013 have been prepared by the Board of Directors at the meeting held on February 27, 2014. The consolidated annual accounts of the Group for the year 2012 were approved at the Ordinary General Shareholders’ Meeting of Amadeus IT Holding S.A., held on June 20, 2013 and registered at the Companies Register of Madrid.


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The equity of the consolidated Group as of December 31, 2013 and 2012 amounts to KEUR 1,840,067 and KEUR 1,531,437, respectively. The profit for the years 2013 and 2012 of the consolidated Group amounts to KEUR 563,073 and KEUR 496,295, respectively.

2.2.2.2. BASIS OF PRESENTATION OF THE ANNUAL BASIS OF PRESENTATION OF THE ANNUAL BASIS OF PRESENTATION OF THE ANNUAL BASIS OF PRESENTATION OF THE ANNUAL ACCOUNTSACCOUNTSACCOUNTSACCOUNTS

a) Regulatory financial reporting framework applicable to the Company

These annual accounts have been prepared by the Directors according to the legal framework of financial information applicable to the Company, which is established in:

• Commercial Code and the rest of the commercial law.

• Generally Accepted Accounting Principles in Spain approved by the Royal Decree

1514/2007 and their sectorial adaptations.

• The mandatory rules approved by the Accounting and Auditing Institute in Spain (ICAC) in order to implement the Spanish National Chart of Accounts and the relevant secondary legislation.

• The rest of the applicable Spanish accounting standards.

b) True and fair view

The accompanying annual accounts were obtained from the accounting records of the Company, and prepared in accordance with the regulatory financial reporting framework that results from the application described above and in particular, the principles and accounting criteria. Accordingly, these annual accounts show a true and fair view of the Company’s net equity, financial situation, results and cash flows for the year. These annual accounts, which were prepared by the Directors of the Company, are subject to the approval of the Ordinary General Shareholders’ Meeting, and are expected to be approved as they stand. The annual accounts for the year 2012 were approved at the Ordinary General Shareholders’ Meeting held on June 14, 2013. The balance sheet and the statement of income of both Dubai and Cuba branches are fully consolidated in these annual accounts.

c) Non-obligatory accounting principles Non-obligatory accounting principles have not been applied. Additionally, for the preparation of these annual accounts, the Directors took into consideration all the mandatory accounting principles and standards with a significant impact on the annual accounts.


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d) Critical aspects for the measurement and estimation of uncertainty

When preparing the accompanying annual accounts, estimates and assumptions, as made by the Directors of the Company, have been applied in order to measure certain assets, liabilities, expenses and income, and commitments as recognised therein. Those with a significant impact on the annual accounts are:

• Estimation of impairment losses. • Useful life of tangible and intangible assets. • Market value of certain derivative financial instruments. • Provisions valuation. • Valuation of employee´s remuneration schemes.

Despite the fact that these estimates were prepared based on the most accurate available information at 2013 year-end, it is possible that future events may lead to a change in estimates for subsequent years. Under such circumstances, any changes will be made prospectively.

e) Comparative information

For comparative information purposes, the Company presents in the balance sheet, the statement of income, the statement of changes in net equity, the statement of cash flows and the notes to the annual accounts, for the years ended on December 31, 2013 and 2012. The presentation and classification of certain line items in the annual accounts have been revised and comparative information have been reclassified accordingly. The review achieves materiality and aggregation criteria which improves the comprehension of the annual accounts.

f) Aggregated captions

Certain items are presented in a aggregated format on the balance sheet, the statement of income, the statement of changes in net equity and the statement of cash flows, in order to facilitate their understanding. However, itemised information, when significant, has been included in the relevant notes.

g) Working capital The Company presents negative working capital, which is an usual circumstance in the industry which the Company operates in and due to the maturity of certain loans in the short term. Such a situation does not present an impediment for the normal development of its business.


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h) Business combinations In the year ended July 31, 2006, the Company, formerly known as WAM Portfolio, S.A. Sociedad Unipersonal, (taking-over company) took over Amadeus IT Group, S.A. (taken-over company), adopting subsequently the taken-over company’s corporate purpose and registered name. The equity elements of the companies involved in the merger process were measured by applying the market value thereto. All the information required by the Spanish legislation in force was included in the Company’s notes to the annual accounts for the year ended July 31, 2006.

i) Changes in accounting principles During 2013, there have not been changes in the accounting principles applied by the Company.

j) Correction of errors

No significant errors have been detected during the preparation of the accompanying annual accounts, therefore, it has not been necessary to restate the amounts included in the annual accounts for the year 2012.

3.3.3.3. PROPOSED PROPOSED PROPOSED PROPOSED APPROPRIATIONAPPROPRIATIONAPPROPRIATIONAPPROPRIATION OF RESULTSOF RESULTSOF RESULTSOF RESULTS

The Board of Directors will submit to the Ordinary General Shareholders´ Meeting for approval, a final gross dividend of EUR 0.1082 per share with dividend rights, against 2013 profit for the year and retained earnings. Based on the above, the proposed appropriation of the results for the year ended December 31, 2013, is as follows:

Euros

Amount for appropriation:

Net profit for the year 315,272,694.40

Retained earnings 211,314,580.09

526526526526,,,,587587587587,,,,274274274274....49494949

Appropriation to: Goodwill reserve 69,411,527.54

Other reserves 347,644.52

Dividends 456,828,102.43

526526526526,,,,587587587587,,,,274274274274....49494949

On October 22, 2013 the Board of Directors of the Company has agreed to distribute an interim dividend of EUR 0.0549 per existing share with dividend rights against profit for the year 2013. The dividend has been paid in full on January 27, 2014, and therefore the complementary dividend to achieve the proposed final gross dividend amounts to EUR 0.0533 per share with dividend rights.


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In accordance with article 277 of the Spanish Capital Companies Act, the following table shows the provisional statement issued by the Directors to substantiate that the Company has sufficient liquidity at that time to distribute the interim dividend:

4.4.4.4. RECOGNITION AND MEASUREMENT RECOGNITION AND MEASUREMENT RECOGNITION AND MEASUREMENT RECOGNITION AND MEASUREMENT STANDARDSSTANDARDSSTANDARDSSTANDARDS

The main recognition and measurement accounting standards applied by the Company in the preparation of the annual accounts are as follows: a) Intangible fixed assets

Intangible assets are initially measured at their acquisition or production cost, which is subsequently adjusted by the related accumulated amortisation and, if applicable, by any impairment losses. The carrying amount is periodically reviewed and adjusted for any decrease in value, as described in Note 4.c. These assets are amortised in the course of their useful life. The assets included under this caption are the following:

• Brands and trademarks – This caption includes brands and trademarks acquired by means of either a business combination (Note 2.h) or in separate acquisitions, valued at their acquisition cost. When a brand is deemed to contribute to the net cash inflows for an indefinite period of time, then it is treated as having an indefinite useful life. Therefore these brands would not be amortised until their useful life is determined to be finite. They are tested for impairment on an annual basis, or when signs of impairment occur.

Thousands of euros

Net income after tax from January 1 through September 30, Net income after tax from January 1 through September 30, Net income after tax from January 1 through September 30, Net income after tax from January 1 through September 30, 2013201320132013

301301301301,,,,273273273273

Mandatory appropriation to reserves

(69,412)

Distributable income Distributable income Distributable income Distributable income

231231231231,,,,861861861861

Proposed interim dividend (maximum amount)

231,792

Cash and cash equivalents at September 30, Cash and cash equivalents at September 30, Cash and cash equivalents at September 30, Cash and cash equivalents at September 30, 2013201320132013

408,408,408,408,655655655655

Net cash generated until October 2013

(302)

Unused credit facilities

209

Difference

385,561

Net cash expected from November Net cash expected from November Net cash expected from November Net cash expected from November 2013201320132013 to January 201to January 201to January 201to January 2014444

102,102,102,102,118118118118


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• Goodwill – The goodwill is recognised as an asset when an onerous acquisition takes place within a business combination context. Goodwill is assigned to the cash generating unit to which the expected profit of the business combination will be allocated, and it is not amortised. Instead, no less than once a year, an impairment test is done on these cash generating units according to the methodology described in Note 4.c and the relevant value adjustment is recognised, if applicable. Impairment losses included in the carrying amount of goodwill are not reversed in subsequent years.

• Software – This caption includes the acquisition cost or cost of the rights to use software, as well as the cost of developing software applications, as incurred by the Company. These assets are capitalised once technical feasibility is established, where it is reasonably anticipated that the cost will be recovered through future benefits and when the cost of the assets can be reliably measured. Software is amortised by applying the straight-line method over 3 to 5 years. Software maintenance costs are charged to expense as incurred and recognised in the statement of income.

• Intangible rights – Assets as included under this caption are as follows: i. Contractual relationships – This includes the contractual relationships with travel

agencies and Amadeus system’s users, as acquired through a business combination (Note 2.h), as well as capitalisable amounts related to travel agency incentives that can be recognised as an asset. These latter assets relate mainly to upfront payments made with the objective of increasing the number of clients, or to improve the customer loyalty of the customer portfolio. They are instrumented through agreements with a term that is always over a year, in which they commit to achieve certain economic objectives. The agreements include penalty clauses applicable if those objectives are not met. Their useful life is determined by taking into consideration the contractual-legal rights, the renewal period and the technological lock-in period for these intangible assets.They are amortised against the statement of income by applying the straight-line method over an estimated useful life, between 1 and 15 years, and tested for impairment to adjust the carrying amount to the achievement of the committed objectives and within this category, those assets that were acquired through the business combination are amortised using a straight-line method over a period between 8 and 15 years. The incentives, services or discounts paid to travel agencies or airlines, that do not meet the proper requirements to be recognised as intangible fixed assets, are considered as prepaid expenses recognised in the statement of income according to the length of the contract.

ii. Technology and content – This caption includes assets which are a combination of

software elements and travel content, the latter obtained by the Company through its relationship with travel providers acquired either through a business combination (Note 2.h) or in separate acquisitions, measured at their acquisition cost. This combination allows to process travel transactions (bookings) between supply (travel providers) and demand (travel agencies) and make travel information available to both users through the Amadeus system.


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These assets are amortised against the statement of income by applying the straight-line method over an estimated useful life, from 5 to 20 years. IT Solution technology and content assets are amortised over an estimated useful life of 20 years considering that the IT Solution industry model is for the very long run. The estimate useful life of the main components of the Distribution technology is 15 years, considering the status of the Amadeus reservation system, and the technological gap perceived by the Company over its main competitors.

b) Tangible fixed assets

Tangible fixed assets are initially measured at their acquisition value or production cost and subsequently, adjusted by the related accumulated amortisation and, if any, by any impairment losses. Their carrying amount is periodically reviewed and adjusted for any decrease in value as described in Note 4.c.

Repair and maintenance expenses concerning the different tangible fixed asset elements are recognised in the statement of income for the year in which they are incurred. However, amounts invested to improve their capacity or efficiency or to increase their useful life are added to the asset’s value. The Company amortises the tangible fixed assets by applying the straight-line method over the estimated useful life of the assets, as shown below:

Years

Furniture and office equipment 10 - 15

Other tangible fixed assets 2 - 15

c) Impairment of non-current assets

The carrying amount of significant non-current assets is reviewed periodically, to determine if there is any indication of impairment. If, as a result of this evaluation, the recoverable amount is lower than the net carrying amount, an impairment loss is recognised in the statement of income, by reducing the carrying amount of the asset to its recoverable amount. The recoverable amount is the higher of the fair value less cost to sell and the value in use. In assessing the value in use, the estimated future cash flows are discounted at their present value using an appropriate risk adjusted discount rate.


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d) Leases

Leases which the Company assumes substantially all the risks and rewards of ownership are classified as finance leases. The assets are capitalised and a liability is recognised for an amount equivalent to the lower of their fair value and the present value of the minimum lease payments at the inception of the lease. The capitalised leased assets are amortised by applying the straight-line method over the aforementioned periods of useful life. Operating lease payments are recognised in to the statement of income as incurred throughout the term of the lease.

e) Financial instruments

• Financial assets

Financial assets are initially measured at the fair value of the consideration given plus the directly attributable transaction costs.

Financial assets are classified in the balance sheet as current or non-current, depending on whether their maturity is less than, equal to or greater than twelve months. The Company derecognises a financial asset when it expires or when the rights to receive the cash flows associated with the asset have been transferred, and under the terms of an agreement, the risks and rewards associated with the asset have also been substantially transferred. Examples of the latter are commercial credits in factoring transactions where the Company has not retained any significant credit or interest risk. On the other hand, the Company does not derecognises a financial asset, and recognises a financial liability in the amount of the consideration received, when transfers a financial asset that substantially retains the risks and rewards associated with the property of the asset. Interest and dividends received from financial assets, as accrued subsequently to the date of acquisition, are recognised as financial income in the statement of income. Interests are recognised by applying the effective interest method and dividends are recognised once it is announced that the shareholder has the right to receive them. If distributed, dividends related to earnings generated prior to the date of acquisition are recognised by reducing the carrying amount of the investment.


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Financial assets as held by the Company are classified as follows: i. Loans and accounts receivable

Financial assets from the sale of goods and services within the Company’s trade or those that, lacking a commercial substance, are not equity instruments or derivatives, their payment is a fixed or determinable amount, and they are not quoted on an active market. After initial recognition, they are measured at amortised cost by applying the effective interest method. Amortised cost is the acquisition cost of the financial asset or financial liability less principal repayments, as adjusted by the portion of the difference between the initial cost and the relevant repayment value at the due date as systematically charged to the statement of income, following the effective interest method. In the case of financial assets, amortised cost also includes impairment value adjustments. The effective interest method is the discount rate which equals the value of a financial instrument to its total estimated cash flows for any concept throughout the remaining life of the asset. Deposits and bonds are initially recognised at the amount paid to meet all contractual obligations. If the maturity of these loans and accounts receivable is less than twelve months, these assets are recognised at their face value when the effect of not discounting the cash flows is not significant. Insolvency losses are allocated when, as a result of events occurred after initial recognition, a reduction or a delay in the estimated future cash flows could happen because of bad debt.

ii. Held to maturity investments

They are non-derivative financial assets with determinable payments and fixed maturity, traded on an active market, which the Company has the intention and capacity to hold to maturity. Upon initial recognition, they are also measured at amortised cost.

Impairment losses are allocated when, as a result of events occurred after its initial recognition, a reduction or a delay in the estimated future cash flows could happen because of bad debt.


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iii. Financial assets held for trading

Financial assets held for trading are assets acquired to be sold in the short-term, or assets included in a portfolio with recent evidence of them being used for this purpose. This category includes financial derivatives which have not been designated as hedge. Financial assets held for trading are measured at fair value and the result of changes in fair value is recognised in the statement of income.

iv. Investments in Group companies, associates and joint ventures

Group companies are the companies under the Company’s control, and associates are the companies over which the Company has a significant influence. Additionally, joint ventures are the companies over which the control is shared between one or more partners. Investments in Group companies, associates and joint ventures are measured at cost less any accumulated impairment losses, if applicable. These value adjustments are the differences between the carrying amount of the investment and the recoverable amount, which is the higher of the fair value less the cost to sell, and the discounted value of the estimated future cash flows of the investment. Since January 1, 2010 all the costs, such as legal or other professional fees, associated to the acquisition of a Group company implying the control over the company, are registered as an expense in the statement of income.

Value adjustments for impairment and, as the case may be, their reversion are registered as expense or income, respectively, in the statement of income. The limit of impairment reversion is the initial book value of the investment.

v. Available-for-sale financial assets

They are non-derivative financial assets or investments in equity instruments of other companies which have not been initially included in the previous categories. They are measured at fair value with gains and losses resulting from changes in the fair value recognised directly in equity, until the asset is derecognised or its value is impaired according to the Generally Accepted Accounting Principles in Spain. In such a case, any accumulated amounts registered in net equity are then registered in the statement of income. The financial assets available for sale which fair value cannot be determined with reliability are measured at cost less any accumulated impairment losses, if applicable.

• Financial liabilities

The Company classifies its financial liabilities according to the agreed contractual obligations, provided that, according to their economic substance, they represent a direct or indirect contractual obligation for the Company. The Company derecognises financial liabilities when the obligations which generated them cease to exist.


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The financial liabilities are classified in the balance sheet as current or non-current, depending on whether their maturity is less than, equal to or greater than twelve months. i. Debits and accounts payable The Company’s debits and accounts payable from the purchase of goods and services within trade operations are considered financial liabilities, as well as those that lacking a commercial substance cannot be considered financial derivatives. Debits and accounts payable are initially recognised at the fair value of the consideration received, adjusted by directly attributable transaction costs. Subsequently, these liabilities are measured at their amortised cost. Notwithstanding the above, debits generated by trade operations with maturity within one year and without a contractual interest rate are measured at nominal value, provided that the effect of not discounting the cash flows is not significant. In the case of the loans whose maturity is short-term, but whose long-term refinancing is assured, if the Company decides so, and it is likely to happen, through loan agreements available in the long-term, are classified as non-current liabilities.

• Shareholders’ equity instruments A shareholders’ equity instrument is any contract that evidences a residual share in the assets of the Company after all liabilities are deducted. Equity instruments issued by the Company are recognised in net equity by the amount received, net of transaction costs.

• Financial derivatives and hedge accounting The Company uses derivative financial instruments to cover the risks derived from its activity, transactions and future cash flows. These risks are mainly linked to interest and exchange rate fluctuations. For these financial instruments to be classified as hedge accounting, there is a formal designation and documentation of the hedging relationship. Likewise, the Company has to verify initially and periodically throughout their life, that the hedge relationship is highly effective in offsetting changes in the fair value or in the cash flows of the hedged amount (attributable to the hedged risk). That is, prospectively, an almost complete hedge and, retrospectively, a variation between 80% and 125% of the hedged item.


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Derivatives are initially measured at their acquisition cost in the balance sheet and, subsequently, the necessary value adjustments are made so as to show their fair value each time. If the value adjustment is positive, it is registered under the caption ‘Derivatives’ in assets in the balance sheet, or in liabilities if it is negative. Gains or losses are recognised according to the type of hedge, as follows:

i. Fair value hedges: changes in the fair value of the hedging instrument and of the

hedged asset or liability, as attributable to the hedged risk, are recognised in the statement of income.

ii. Cash flow hedges: the effective portion of changes in the fair value of the hedging

instrument is temporarily recognised in net equity, in the statement of income for the period in which the hedged element affects the result (profit or loss), except if the hedge relates to an expected transaction which leads to the recognition of a financial asset or liability, in which case the amounts registered in equity will be included in the cost of the asset or liability at the time it is acquired or assumed. The portion considered ineffective is directly recognised in the statement of income.

Hedge accounting is discontinued when the hedging instrument is due, sold, finished, exercised, or when it ceases to meet the conditions for hedge accounting. Then, any accrued gains or losses related to the hedging instrument and recognised in net equity are held there until the expected transaction takes place. When the hedged transaction is not expected to take place, the accumulated net gains or losses recognised in net equity are transferred to the statement of income of the year. The Company uses the discount of the expected cash flows as the fair value of the registered derivative financial instruments, on both spot and forward market conditions at year-end.

f) Foreign currency transactions

The Company uses the euro as its functional currency. Foreign currency transactions are accounted for at the exchange rate prevailing at the date of the transaction. Gains and losses resulting from the settlement of said transactions and from the valuation at year-end of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income.


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g) Income taxes Expense or income for Corporate Income Tax includes current tax expense or income and deferred tax expense or income. Current tax is the amount that the Company satisfies as the result of profit tax settlements for a fiscal year. Tax liability deductions and other tax benefits, excluding withholding tax and payments on account, and previous years’ tax losses which can be offset against the current fiscal year, reduce the total amount of current tax. However, the tax liability deductions and other tax benefits whose economic nature is similar to grants are registered in accordance with the applicable criteria for grants received and similar (Note 4.m). Deferred tax expense or income relates to the recognition and cancelation of deferred tax assets and liabilities. These include temporary differences which are the amounts expected to be paid or recovered, as generated by the differences between the tax and book values of assets and liabilities, and the tax losses carried forward and the credits for tax deductions not fiscally applied. These amounts are recorded by applying to the temporary difference or tax credit, the tax rate at which they are expected to be recovered or settled. As a general rule, deferred tax liabilities are recognised for all the taxable temporary differences. However, deferred tax assets are only registered if it is considered probable that the Company will obtain future tax profit to make them effective. At year-end, the deferred tax assets not registered in the balance sheet are measured, and they are recognised if they are likely to be recovered through future tax benefits. Likewise, deferred tax assets registered are reviewed, making the appropriate adjustments when there are doubts about their future recovery. Deferred tax assets and liabilities, resulting from transactions registered directly in net equity, are also registered in net equity.

h) Revenue and expenses recognition

Revenue and expenses are recognised according to the vesting principle, when the real flow of goods and services occurs, regardless of the time when the monetary or financial flow arising from them takes place. Income is measured at the fair value of the consideration received, less discounts and taxes. The Company obtains Distribution revenue for providing reservation services through its Amadeus system. Revenue from airline bookings is recognised in the basis of the number of bookings done when the booking is made, net of cancellations made and provisions for future cancellations. Revenue from non-air bookings, mainly related to hotels and car rental, is recognised when the bookings are used by the end customer.


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The Company generates, among others, revenue from direct sales made through certain airlines’ direct sales offices, or web pages (‘system users’) connected to the Amadeus system. When the airlines receive payments related to their own inventory sales, these are registered as less revenue. Additionally, the Company has certain content agreements and other marketing agreements with the airlines. As a result, the latter allow the Company to obtain information of routes, seats inventory and fares for flights that are sold within the territory covered by the agreements. The payments made to the airlines under these agreements are registered as less revenue. Revenue derived from charges to customers on a transactional basis for the use of the IT Solutions is recognised when the services are provided to the customers over the terms of the agreement. Users of these services have access to business services such as inventory management and passengers boarding. Revenue obtained from customisation and implementation of IT Solutions is recognised when the services are provided to the customers over the terms of the agreement. Revenue for sales where the Company acts as an agent is recognised on a net basis, representing the amount of the commission received.

i) Provisions and contingencies Provisions are recognised when there is a legal or implicit present obligation arising as a result of a past event, when the Company is likely to be required to settle the obligation, and the amount of the obligation can be reliably estimated. Contingent liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the Company's control. Amounts recognised as a provision relate to the best estimate of the non-settled obligation at the date of the balance sheet, with the risks and uncertainties related to the obligation are taken into account. Contingent liabilities are not recognised in the financial statements, but rather are disclosed, unless the possibility of an outflow in settlement is considered to be remote.

j) Equity elements of an environmental nature

Elements used permanently by the Company to minimise the impact on the environment and for environmental protection and improvement, including reduction and elimination of future pollution, are registered under this caption.

Due to its activity, the Company does not have a significant environmental impact.


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k) Pension plans and other related obligations

The Company has pension commitments with its employees. These commitments are fulfilled through a pension plan, defined contribution employment system, and collective life insurance contracts, for all of the Company’s employees. Contributions made to defined contribution plans are registered in the statement of income for the year, as incurred.

l) Share-based payments

The Company accounts for its employee share-based payment obligations as follows:

• Share-based payments settled with the parent company equity instrument: Compensation expenses for services received are calculated as the fair value of the parent company’s shares and are registered in the statement of income during the vesting period against the corresponding provision. The settlement of these equity settled share-based payments is accounted for as the purchase of an equity instrument. When the Company decides to settle the plans in cash or acquires the parent company shares, no additional compensation expense is recognised if the consideration paid equals the fair value of the instrument measured at the repurchase date.

• Cash-settled share-based payments:

Compensation expenses are calculated as the fair value of the liability with the employee and are recognised in the statement of income during the vesting period. The fair value of the liability with the employee is measured until settled with changes in fair value recognised in the statement of income for the period. When the settlement of the obligation is contingent on future events, a liability is not recognised until it is considered probable that the contingent event will take place.

m) Grants received and similar

Non-refundable grants received and similar by the Company are initially registered at the fair value of the amount or good received, as revenue directly recognised in net equity, and they are systematically recognised in the statement of income according to their purpose.

n) Transactions with related parties

The Company considers as related parties its parent company, and the significant shareholders of its parent company, as well as those who are not significant shareholders but have executed their rights to appoint a member of the Board of Directors, and their controlled companies. Also, subsidiaries, associates and joint ventures, key management personnel and members of the Board of Directors as well as their close family members are considered related parties.


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The Company carries out all its operations with related parties at market value. Additionally, transfer prices are adequately supported, so the Directors of the Company believe that there is no significant risk on this matter that may lead into future liabilities.

5.5.5.5. FINANCIALFINANCIALFINANCIALFINANCIAL RISK AND CAPITAL MANAGEMENTRISK AND CAPITAL MANAGEMENTRISK AND CAPITAL MANAGEMENTRISK AND CAPITAL MANAGEMENT

The Company has exposure, as a result of the normal course of its business activities, to foreign exchange, interest rate, parent company’s shares price evolution, credit and liquidity risk. The goal of the Company is to identify, measure and minimise these risks using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. With the purpose of managing these risks, in some occasions, the Company enters into hedging activities with derivatives and non-derivative instruments. a) Foreign exchange rate risk

The Company uses the Euro as its functional currency. As a result of the multinational orientation of its business, the Company is subject to foreign exchange rate risk derived from the fluctuations of different currencies. The Company’s exchange rate hedging strategy aims to protect the EUR value of cash flows denominated in foreign currency. The instruments used to achieve this goal depend on the currency in which the operating cash flow to be hedged is denominated:

• The strategy used to cover US Dollar (USD) exposures is based on a natural hedge,

although, if necessary, other types of financial instruments are used. This strategy aims at reducing the exposure created by the USD denominated net operating cash inflows of the Company with the USD payments of principals of the USD denominated debt.

• Aside from the USD, the main foreign currency exposures are cash-flows denominated in Sterling Pounds (GBP), Australian Dollars (AUD) and Swedish Kronas (SEK). For these exposures, a natural hedge strategy is not possible. In order to hedge a portion of the aforementioned exposures, the Company enters into derivative contracts with financial entities, basically currency forwards, currency options and combinations of currency options.


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b) Interest rate risk

The objective of the Company in terms of interest rate risk management is reducing the volatility of the net interest flows payable by the Company. In line with this goal, the Company has set up hedges that fix a significant part of the interests to be paid up to November 2015. At December 31, 2013, after taking into account the effect of the interest rate swaps in place, approximately 91.7% of the Company’s borrowings are at fixed interest rate. At December 31, 2012, 86.5% were at fixed interest rate. Although the interest rate swaps which hedge the Company’s debt fix the amount of interests to be paid in the coming years, their fair values are sensitive to changes in the level of interest rates.

During 2013 there has been a slight increase in the sensitivity of the EUR denominated debt to the movements of the interest rate curve with respect to the previous year. This increase is due to the new loan agreement signed by the Company at fixed interest rate. Although the future flows of this instrument are not sensitive to the changes in the level of interest rates, the fair value of the instrument is very sensitive to these changes. In the case of the floating interest rate debt, the spread payable on this debt is fixed and therefore its fair value is sensitive to changes in the level of interest rates.

c) Parent company’s shares price evolution risk

The Company has three different remuneration schemes which are referenced to the parent company’s shares, Amadeus IT Holding, S.A., the Performance Shares Plan (PSP), the Restricted Shares Plan (RSP) and the Share Match Plan (SMP).

According to the conditions of these plans, at their maturity, the beneficiaries will receive a

number of shares, that for the plans granted in 2013 and 2012, will depend on the evolution of certain performance conditions.

d) Credit risk

Credit risk is the risk that a counterparty to a financial asset will cause a loss for the Company by failing to discharge an obligation. The cash and cash equivalents of the Company are deposited in major banks based on the diversification and the credit risk offered by the different available investment options. The credit risk of the customer accounts receivable of the Company is mitigated by the fact that the majority are settled through the clearing houses operated by International Air Transport Association (IATA) and Airlines Clearing House, Inc. (ACH). These systems guarantee that the cash inflows from customers will be settled at a certain fixed date, and partially mitigate the credit risk by the fact that the members of the clearing houses are required to make deposits that would be used in the event of default. Moreover, the customer base of the Company is large and unrelated which results in a low concentration of the credit risk.


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e) Liquidity risk

The Company is responsible for providing the cash needed by all the companies of the Group. In order to perform this task more efficiently the Company concentrates the excess liquidity of the subsidiaries with excess cash and channels it to the companies with cash needs. This allocation of the cash position among the companies of the Group is mainly made through the following agreements:

• A cash pooling agreement with most of the subsidiaries located in the Euro area. • Through bilateral treasury optimisation agreements between the Company and its

subsidiaries.

The Company monitors the Group’s cash position through rolling forecasts of expected cash flows. These forecasts are performed by all the companies of the Group and later consolidated in order to examine both the liquidity situation and prospects of the Group. As described in Note 13, the Company has signed a credit facility ‘Revolving Credit Facility’, amounting to KEUR 300,000 which could be used to cover working capital needs and general corporate purposes. At December 31, 2013 the Company has not disposed any amount from this credit.

f) Capital management

The Company manages its capital to ensure that the Group companies will be able to continue as a going concern while continuing to generate returns to shareholders and to benefit other stakeholders through the optimization of the leverage ratio. The Company bases its capital management decisions on the relationship between the earnings and free cash flows and its debt amount and debt service payments. On May 29, 2013, the agency Standard & Poor’s Credit Market Service Europe Limited revised upward the credit rating for the parent company, from ‘BBB-’ to ‘BBB’ in the long term and ‘A-3’ to ‘A-2’ in the short term, with stable outlook. On June 14, 2013, the agency Moody’s Investors Service España S.A., revised upward the rating from ‘Baa3’ to ‘Baa2’ in the long term, with stable outlook. Thus, the parent company mantains the credit rating of ‘Investment Grade’ from both agencies.


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6666.... INTANGIBLE FIXED ASSETSINTANGIBLE FIXED ASSETSINTANGIBLE FIXED ASSETSINTANGIBLE FIXED ASSETS Balances and movements of the items included under the ‘Intangible fixed assets’ caption, for the year 2013, are as follows:

CostCostCostCost

Balance at 31/12/2012 Additions Disposals

Balance at 31/12/2013

Brands and trademarks 318,316 - - 318,316

Goodwill 1,388,231 - - 1,388,231

Software 8,614 3,809 - 12,423

Intangible rights 1,721,279 14,494 (27,970) 1,707,803

Total 3,436,440 18,303 (27,970) 3,426,773

Accumulated amortisationAccumulated amortisationAccumulated amortisationAccumulated amortisation

Brands and trademarks (61,766) - - (61,766)

Software (4,463) (612) - (5,075)

Intangible rights (1,121,100) (85,628) 4,375 (1,202,353)

Total (1,187,329) (86,240) 4,375 (1,269,194)

ImpairmentsImpairmentsImpairmentsImpairments

Intangible rights (3,340) - - (3,340)

Total (3,340) - - (3,340)

NetNetNetNet


Goodwill 1,388,231 - - 1,388,231

Software 4,151 3,197 - 7,348

Intangible rights 596,839 (71,134) (23,595) 502,110

Total Total Total Total net intangible assetnet intangible assetnet intangible assetnet intangible asset 2,245,7712,245,7712,245,7712,245,771 (67,937)(67,937)(67,937)(67,937) (23,595)(23,595)(23,595)(23,595) 2,154,2392,154,2392,154,2392,154,239


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Balances and movements of the items included under the ‘Intangible fixed assets’ caption, for the year 2012, were as follows: CostCostCostCost




Goodwill 1,388,231 - - 1,388,231

Software 6,497 2,181 (64) 8,614

Intangible rights 1,710,724 18,920 (8,365) 1,721,279

Total 3,423,768 21,101 (8,429) 3,436,440


Brands and trademarks (61,766) - - (61,766)

Software (4,080) (447) 64 (4,463)

Intangible rights (1,039,801) (88,116) 6,817 (1,121,100)

Total (1,105,647) (88,563) 6,881 (1,187,329)

ImpairmentsImpairmentsImpairmentsImpairments

Intangible rights (2,803) (2,085) 1,548 (3,340)

Total (2,803) (2,085) 1,548 (3,340)

NetNetNetNet


Goodwill 1,388,231 - - 1,388,231

Software 2,417 1,734 - 4,151

Intangible rights 668,120 (71,281) - 596,839

Total Total Total Total net intangible assetnet intangible assetnet intangible assetnet intangible asset 2,315,3182,315,3182,315,3182,315,318 (69,547)(69,547)(69,547)(69,547) ---- 2,245,7712,245,7712,245,7712,245,771

The ‘Amadeus’ brand is the main asset held by the Company that has an indefinite useful life. At December 31, 2013 and 2012, the net book value of the ‘Amadeus’ trademark, included under the ‘Intangible fixed assets – Brands and trademarks’ caption, amounts to KEUR 256,550. Among others the Company has considered the following relevant factors when determining an intangible asset useful life: a) There are no expectations of the ‘Amadeus’ brand to be abandoned.

b) There is certain stability within the Distribution industry since it is composed of few players

worldwide and Amadeus has a strong positioning.


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Thereby, there is not fact or circumstance to estimate a definite useful life for the ‘Amadeus’ brand, thus, the asset is qualified as an indefinite useful life intangible asset and that it will contribute to the Group net cash inflows indefinitely. The ‘Amadeus’ brand carrying amount is allocated to the cash-generating units of Distribution and IT Solutions by KEUR 225,575 and KEUR 30,975, respectively. This intangible asset does not generate cash inflows that are independent from other assets, and it is therefore tested for impairment as part of the cash-generating units to which it is allocated. The key assumptions used for the impairment tests as well as the methodology followed is described in Note 4.c and in the goodwill impairment tests as described below.

Under the ‘Intangible assets - Goodwill’ caption, the Company recognised the goodwill generated by the take-over merger as described in Note 2.h, related to the excess value registered by the taking-over company over the equity value of the taken-over company, once the values assigned to the identified assets had been deducted. At December 31, 2013 and 2012, its net book value amounts to KEUR 1,388,231. The goodwill net book value is allocated to the cash-generating units of Distribution and IT Solutions by KEUR 1,302,300 and KEUR 85,931, respectively.

The Company tests for impairment the net book value of the goodwill on a yearly basis, or when there is any indicator that suggests that the net book value of the goodwill might be impaired. The goodwill is tested for impairment together with the assets that can be reasonably allocated to the cash-generating unit to which the goodwill has been allocated. During the year 2013, neither the composition of these cash-generating units, nor the impairment testing exercise, have been modified. Those assets include intangible assets with indefinite useful life (such as the ‘Amadeus’ brand), to the extent that they do not generate cash inflows that are separate from those of the cash-generating unit to which they have been allocated. Whenever the net book value of an asset exceeds its recoverable value, an impairment loss is recognised. This implies reducing the net book value of the asset to its recoverable amount, with the corresponding charge to the statement of income in the ‘Impairment and gains/(losses) on disposal of non-current assets’ caption. The recoverable amount of the Distribution and IT Solutions cash-generating units is established from the fair value which is calculated discounting future cash flows. In order to determine the fair value of each cash-generating unit, the following steps are followed: a) For the purpose of the impairment test exercise, specific forecasts are developed for each

cash-generating unit, which imply performing a cost allocation exercise for some concepts. These forecasts are developed from the available financial budgets and financial projections approved by the Management. The forecast developed for each cash-generating unit takes into account the Company’s market position, the market environment and the market growth forecast.


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b) Cash-flow forecast for each cash-generating unit are calculated based on the specific after tax forecast developed.

c) The present value is obtained using an after tax discount rate which takes into account the

appropriate risk adjustments factors.

The discount rate used for both cash-generating units for the year 2013 and 2012 is 8.05% and 8.45%, respectively. Regarding the 2013 impairment test exercise, the forecasts considered have been based on the period 2014-2018. For both cash-generating units, the forecast gross revenue compound annual growth rate (CAGR) for the aforementioned period are between 4.36% y el 12.83%. In year 2012 impairment test exercise, the forecast gross revenue CAGR used for the period 2013-2017 was between between 4.28% and 11.35%. Management believes that any reasonable deterioration of the key assumptions considered, which are the basis to calculate the recoverable amount, would not result in the recoverable amount being lower than the carrying amount of the goodwill. The recoverable value of the goodwill for the Distribution and IT Solutions cash-generating units, exceeds the book value in all scenarios of the sensitivity analysis performed, considering a discount rate between 8.05% and 12.05%, resulting in no impairment in any case.

The Company has carried out a review of the recoverable amount of the significant intangible assets that showed signs of impairment. As a result of this review, the Company has recognised an impairment loss amounting to KEUR 2,085 in 2012, mainly due to certain contractual relationships whose recoverable amount was lower than their carrying amount. The Company has recognised no impairment loss in 2013.

At December 31, 2013 and 2012, there are fully amortised assets and still in use, amounting to KEUR 58,461 and KEUR 70,861, respectively. Likewise, at December 31, 2013 and 2012, there are no significant intangible assets outside Spain.


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7777.... TANGIBLE FIXED ASSETSTANGIBLE FIXED ASSETSTANGIBLE FIXED ASSETSTANGIBLE FIXED ASSETS

Balances and movements of the items included under the ‘Tangible fixed assets’ caption, for year 2013, are as follows:

CostCostCostCost



Furniture and office equipment 903 276 - 1,179

Other tangible fixed assets 6,819 1,176 (416) 7,579

Total 7,722 1,452 (416) 8,758


Furniture and office equipment (449) (97) - (546)

Other tangible fixed assets (3,756) (636) 416 (3,976)

Total (4,205) (733) 416 (4,522)

NetNetNetNet

Furniture and office equipment 454 179 - 633

Other tangible fixed assets 3,063 540 - 3,603

Total net tangible assetTotal net tangible assetTotal net tangible assetTotal net tangible asset 3,5173,5173,5173,517 719719719719 ---- 4,2364,2364,2364,236

Balances and movements of the items included under the ‘Tangible fixed assets’ caption, for year 2012, were as follows: CostCostCostCost



Furniture and office equipment 1,079 110 (286) 903

Other tangible fixed assets 5,984 1,535 (700) 6,819

Total 7,063 1,645 (986) 7,722

Accumulated Accumulated Accumulated Accumulated amortisationamortisationamortisationamortisation

Furniture and office equipment (655) (80) 286 (449)

Other tangible fixed assets (3,916) (540) 700 (3,756)

Total (4,571) (620) 986 (4,205)

NetNetNetNet

Furniture and office equipment 424 30 - 454

Other tangible fixed assets 2,068 995 - 3,063

Total Total Total Total net tangible assetnet tangible assetnet tangible assetnet tangible asset 2,4922,4922,4922,492 1,0251,0251,0251,025 ---- 3,5173,5173,5173,517


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At December 31, 2013 and 2012, there are fully amortised assets and still in use, amounting to KEUR 2,434 and KEUR 2,422, respectively. Likewise, at December 31, 2013 and 2012, total tangible fixed assets outside Spain amounts to KEUR 783 and KEUR 965, respectively, with an accumulated amortisation of KEUR 365 and KEUR 484, respectively.

8888.... FINANCIAL INVESTMENTSFINANCIAL INVESTMENTSFINANCIAL INVESTMENTSFINANCIAL INVESTMENTS

8.18.18.18.1 LongLongLongLong----term financial term financial term financial term financial investmentsinvestmentsinvestmentsinvestments

The detail of the items included under the ‘Long-term financial investments’ caption, at December 31, 2013, is as follows:

Available-for-sale financial assets

Hedges

Loans and accounts

receivable

Total

Equity instruments 7,451 - - 7,451

Derivatives (Note 10) - 876 - 876

Other financial assets - - 20,937 20,937

TotalTotalTotalTotal 7,4517,4517,4517,451 876876876876 20,93720,93720,93720,937 29,29,29,29,264264264264

The detail of the items included under the ‘Long-term financial investments’ caption, at December 31, 2012, was as follows:

Available-for-sale financial assets

Hedges

Loans and accounts

receivable

Total

Equity instruments 6,300 - - 6,300

Derivatives (Note 10) - 5,680 - 5,680

Other financial assets - - 19,893 19,893

TotalTotalTotalTotal 6666,,,,300300300300 5,6805,6805,6805,680 19,89319,89319,89319,893 31,87331,87331,87331,873


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The variations of the assets included under the ‘Available-for-sale financial assets’ caption during the years 2013 and 2012, are as follows:

Valued at cost

Investments with a shareholding of less

than 20% Certificates of deposit Total

BalanceBalanceBalanceBalance aaaat 31/12/2011t 31/12/2011t 31/12/2011t 31/12/2011

2,3842,3842,3842,384 3333,,,,916916916916 6,3006,3006,3006,300

BalanceBalanceBalanceBalance aaaat 31/12/t 31/12/t 31/12/t 31/12/2012201220122012

2,3842,3842,3842,384 3333,,,,916916916916 6,3006,3006,3006,300 Additions 1,152 - 1,152 Transfers (1) - (1) BalanceBalanceBalanceBalance aaaatttt 31/12/31/12/31/12/31/12/2013201320132013

3333,,,,535535535535 3,9163,9163,9163,916 7,4517,4517,4517,451

At December 31, 2013 and 2012, included under the ‘Available-for-sale financial assets’ caption, the Company held 3,579,518 certificates of deposit in SITA Inc N.V., as issued by Stiching, ‘SITA Information Networking Computing Foundation,’ and representing 3,579,518 shares in SITA Inc. N.V., amounting to KEUR 3,916.

On October 31, 2013, the Company acquired a 5.8% stake in Yapta, Inc amounting to KEUR 970. On November 13, 2013, the Company obtained a 2.1% stake in Maxi Mobility, Inc amounting to KEUR 182. Since December 27, 2013, the company Amadeus Eesti AS became a Group company; when the Company acquired a 60% stake in the company share capital amounting to KEUR 341, as explained in Note 8.3.

The assets included under the caption ‘Loans and accounts receivable’ have not suffered any impairment during the years 2013 and 2012. Breakdown by due date of the assets under the ‘Loans and accounts receivable’ caption, at December 31, 2013, is as follows:

2015 2016

2017

2018 and subsequent

years Total

Loans and accounts receivable

693 282 16,040 3,922 20,937

TotalTotalTotalTotal 693693693693 282282282282 16161616,,,,040040040040 3,9223,9223,9223,922 20,93720,93720,93720,937


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8.28.28.28.2 ShortShortShortShort----term financial investmentsterm financial investmentsterm financial investmentsterm financial investments

The balances of the items included under the ‘Short-term financial investments’ caption, at December 31, 2013, are as follows:

Hedges

Loans and accounts receivable Total

Derivatives (Note 10) 4,268 - 4,268 Other financial assets - 1,383 1,383 TotalTotalTotalTotal 4,2684,2684,2684,268 1111,,,,383383383383 5,6515,6515,6515,651

The balances of the items included under the ‘Short-term financial investments’ caption, at December 31, 2012, were as follows:

Hedges

Loans and accounts receivable Total

Derivatives (Note 10) 10,022 - 10,022 Other financial assets - 1,430 1,430 TotalTotalTotalTotal 10,02210,02210,02210,022 1,4301,4301,4301,430 11,45211,45211,45211,452

The assets included under ‘Short-term loans and accounts receivable’ have not suffered any impairment during the years 2013 and 2012.


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8.8.8.8.3333 Investments in Group companies and joint venturesInvestments in Group companies and joint venturesInvestments in Group companies and joint venturesInvestments in Group companies and joint ventures

The main information related to investments in Group companies and joint ventures at December 31, 2013, is as follows:

% Shareholding

Share Capital

Net profit/

(loss) for the year

Rest of the equity

Total equity

Dividends received

Book value

Direct Indirect Cost Impairment for the year

Accumulated impairment

Group companies Amadeus Airport IT GmbH 100% - 25 219 939 1,183 - 825 - - Amadeus América S.A. 95% 5% 101 229 598 928 - 413 - - Amadeus Americas, Inc. 100% - 25,452 11,122 85,818 122,392 - 215,991 19,693 (105,721) Amadeus Argentina S.A. 95.50% - 2,594 150 (1,132) 1,612 - 10,700 - - Amadeus Asia Ltd. 100% - 819 3,453 5,494 9,766 - 1,031 - - Amadeus Austria Marketing GmbH 100% - 2,783 288 (1,131) 1,940 - 3,001 - - Amadeus Benelux N.V. 100% - 62 888 1,026 1,976 490 2,143 - - Amadeus Bilgi Teknolojisi Hizmetleri A.Ş. 100% - 34 566 6,856 7,456 - 9,579 - - Amadeus Bolivia S.R.L 100% - 159 13 209 381 - 252 - - Amadeus Brasil Ltda. 76% - 25,344 (171) (26,726) (1,553) - 18,597 - (18,597) Amadeus Bulgaria EOOD 55.01% - 148 208 (15) 341 105 405 - - Amadeus Central and West Africa S.A. 100% - 1,616 (52) (615) 949 - 2,379 - - Amadeus Customer Center Americas S.A. 100% - 325 71 241 637 - 282 - - Amadeus Czech Republic and Slovakia s.r.o. 100% - 21 978 (32) 967 - 592 - - Amadeus Eesti AS 65% - 26 - 382 408 - 369 - - Amadeus France, S.A. 99% - 43 1,433 7,993 9,469 - 132,797 - -

Amadeus GDS LLP 100% - 125 (81) (1,652) (1,608) - 171 - -


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% Shareholding

Share Capital

Net profit/

(loss) for the year

Rest of the equity

Total equity

Dividends received

Book value



Amadeus GDS (Malaysia) Sdn. Bhd. 100% - 122 120 825 1,067 - 122 - - Amadeus GDS Singapore Pte. Ltd. 100% - 218 435 2,998 3,651 - 205 - - Amadeus Germany GmbH 100% - 9,300 8,035 71,686 89,021 8,225 198,158 - - AMADEUSGLOBAL Ecuador S.A. 100% - 203 318 113 634 - 49 - - Amadeus Global Travel Israel Ltd. 100% - 2,114 (6) 82 2,190 - 1,942 - - Amadeus GTD Ltd. 100% - 358 (62) 97 393 - 417 - - Amadeus GTD (Malta) Limited 100% - 90 9 82 181 - 90 - - Amadeus GTD Southern Africa Pty. Ltd. 100% - 408 1,210 787 2,405 - 593 - - Amadeus Hellas, S.A. 100% - 6,106 68 (369) 5,805 - 7,124 - - Amadeus Hong Kong Limited 100% - 416 1,114 1,060 2,590 - 462 - - Amadeus Information Technology LLC 100% - 514 2,030 417 2,961 - 640 - - Amadeus Integrated Solutions Pty Ltd. 100% - 395 184 (368) 211 - 395 - - Amadeus IT Group Colombia S.A.S. 100% - 395 527 849 1,771 - 2,562 - - Amadeus IT Pacific Pty. Ltd. 100% - 32,121 3,542 (8,729) 26,934 - 18,843 - - Amadeus Italia S.P.A. 100% - 2,000 1,720 (114) 3,606 817 3,714 - - Amadeus Japan K.K. 100% - 2,344 1,931 1,351 5,626 - 2,489 - - Amadeus Korea, Ltd. 100% - 69 199 54 322 - 67 - - Amadeus Lebanon S.A.R.L. 100% - 101 182 28 311 - 107 - - Amadeus Magyaroszag Kft 100% - 34 112 173 319 - 480 - - Amadeus Marketing (Ghana) Ltd. 100% - 19 (57) 112 74 - 279 - - Amadeus Marketing Ireland Ltd. 100% - 400 15 98 513 284 400 - - Amadeus Marketing Nigeria Ltd. 100% - 457 (1,164) (103) (810) - 630 - -


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% Shareholding

Share Capital

Net profit/

(loss) for the year

Rest of the equity

Total equity

Dividends received

Book value



Amadeus Marketing Phils Inc. 100% - 2,167 1,461 463 4,091 - 1,879 - - Amadeus Marketing Romania S.R.L. 100% - 372 164 (11) 525 435 470 - - Amadeus Marketing (Schweiz) A.G. 100% - 81 200 158 439 382 58 - - Amadeus Marketing (UK) Ltd. 100% - 1,591 1,505 3,070 6,166 - 5,517 - - Amadeus Paraguay S.R.L. 100% - 19 32 234 285 - 103 - - Amadeus Perú, S.A. 100% - 1,200 (557) 564 1,207 - 3,294 - - Amadeus Polska Sp. z o.o. 100% - 5,798 (218) (3,923) 1,657 - 5,507 - - Amadeus Rezervasyon Dağıtım Sistemleri A.Ş 100% - 431 (86) 1,139 1,484 - 2,110 - - Amadeus s.a.s. 100% - 23,035 215,761 535,213 774,009 30,498 7,748 - - Amadeus Scandinavia AB 100% - 2,180 1,846 68,908 72,934 2,434 132,565 - - Amadeus Services Ltd. 100% - 60 4,241 950 5,251 4,094 82 - - Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal

100% - 301 2,933 814 4,048 5,606 102,123 - -

Amadeus Taiwan Company Limited 100% - 365 75 392 832 - 310 - - Amadeus Verwaltungs GmbH 100% - 25 87,532 (232,159) (144,602) 53,000 48,939 - - Content Hellas Electronic Tourism Services S.A.

100% - 380 28 (411) (3) - 380 - (380)

CRS Amadeus America S.A. 100% - 670 - (2) 668 - 802 - (118) Enterprise Amadeus Ukraine 100% - 322 340 1,017 1,679 - 550 - - Gestour s.a.s. 100% - 122 (432) 1,986 1,676 - 4,827 - - NMC Eastern European CRS B.V. 100% - 18 (1,435) (198) (1,615) - 18 - - SIA Amadeus Latvija 100% - 3 35 123 161 - 906 - - Sistemas de Distribución Amadeus Chile, S.A. 100% - 571 159 398 1,128 - 1,050 - -


30

% Shareholding

Share Capital

Net profit/

(loss) for the year

Rest of the equity

Total equity

Dividends received

Book value



Sistemas de Reservaciones CRS de Venezuela C.A.

100% - 182 357 1,181 1,720 - 879 - -

Traveltainment GmbH 100% - 92 4,701 10,406 15,199 2,077 61,861 - - UAB Amadeus Lietuva 100% - 3 26 95 124 - 1,265 - -

108,447 1,022,538 19,693 (124,816) Joint ventures Amadeus Algerie S.A.R.L. 40% - 163 69 166 398 10 90 - - Amadeus Egypt Computerized Reservation Services S.A.E.

100% - 215 278 148 641 670 250 - -

Amadeus Gulf L.L.C. 49% - 138 1,035 541 1,714 - 83 - - Amadeus Libya Technical Services JV 25% - 588 312 94 994 - 138 - - Amadeus Maroc S.A.S. 30% - 633 222 189 1,044 - 201 - - Amadeus Qatar W.L.L. 40% - 231 274 872 1,377 - 145 - - Amadeus Saudi Arabia Limited 95% 5% 387 639 1,308 2,334 - 421 - - Amadeus Sudani co. Ltd. 40% - 48 124 116 288 13 62 - - Amadeus Syria Limited Liability 100% - 51 152 130 333 - 168 - - Amadeus Tunisie S.A. 30% - 264 3,641 272 4,177 2,075 115 - - Amadeus Yemen Limited 100% - 10 59 20 89 - 15 - - Jordanian National Touristic Marketing Private Shareholding Company

50% - 307 480 85 872 151 179 - -

Moneydirect Limited 50% - 100 (376) (6,754) (7,030) - 2,690 - (2,690) 2,919 4,557 - (2,690) TotalTotalTotalTotal 111,366111,366111,366111,366 1,027,0951,027,0951,027,0951,027,095 19,69319,69319,69319,693 (127,506)(127,506)(127,506)(127,506)



71

The Group companies and joint ventures’ shares do not quote on the stock market. On April 3, 2013, the Company has acquired the company Hitit Bilgisayar Hizmetleri Dış Ticaret A.Ş, renamed as Amadeus Bilgi Teknolojisi Hizmetleri A.Ş. Its main activity is the development, production and maintenance of loyalty and customer relationship management software and other programs. On April 17, 2013, the liquidation process of Amadeus Kuwait Company W.L.L. has been completed. The transaction had a negative impact on the statement of income amounting to KEUR 31. On June 14, 2013, the Group company Gestour s.a.s merged with its affiliate, LSA Sarl. On June 27, 2013, the Group company, Amadeus France SNC, merged with its affiliate Amadeus France Services, S.A. The resulting company operates as Amadeus France, S.A. On December 27, 2013, the Company has acquired 60% of the shares of the company Amadeus Eesti AS, meaning that the Company’s stake increases to 65%. Its main activity consists on marketing, sales and distribution of all Amadeus products and IT Solutions to the travel and tourism industry in the Estonian market. At December 31, 2013 and 2012, the Company has performed an analysis of all the investments in the equity of Group companies and joint ventures in order to ascertain whether the recoverable amount of such investments is higher than the carrying value in the books of the Company. For those investments where the fair value is below the net carrying amount, an impairment has been made in order to adjust the book value to its recoverable value. To calculate the recoverable value of the Group companies and joint ventures, two different approaches have been considered, according to size and relevance of the companies subject to this analysis:

a) A detailed discounted cash flow analysis was performed for the main companies,

based in detailed forecasts developed for each of them.

b) A multiple-based valuation was performed for all the other companies:

- Valuation multiples are derived from the separate valuation of the company taken as reference and then are applied to the other companies.

- In the cases where the value obtained for each company does not exceed 10% of the carrying amount, or if any trigger event is detected, detailed forecasts are developed and discounted cash flow valuation is performed for such company.

At December 31, 2013 and 2012 the Company has registered accumulated value adjustments for impairment in investments in Group companies and joint ventures, amounting to KEUR 127,506 and KEUR 147,199, respectively.



32

9.9.9.9. TRADE ACCOUNTS RECEIVABLE AND PAYABLETRADE ACCOUNTS RECEIVABLE AND PAYABLETRADE ACCOUNTS RECEIVABLE AND PAYABLETRADE ACCOUNTS RECEIVABLE AND PAYABLE

9.19.19.19.1 Trade accounts Trade accounts Trade accounts Trade accounts receivablereceivablereceivablereceivable The breakdown of the ‘Trade accounts receivable’ caption at December 31, 2013 and 2012, is as follows:

31/12/2013 31/12/2012

Significant shareholders’ and subsidiaries (Note 18.2) 26,530 10,727

Other customers 152,626 118,921

TotalTotalTotalTotal 179,156179,156179,156179,156 129,648129,648129,648129,648

The Company has several agreements signed with financial institutions to carry out factoring transactions over a part of the accounts receivable resulting from its business. At December 31, 2013 the Company had no amount of accounts receivable transferred to the financial institutions under these agreements. At December 31, 2012, the Company transferred KEUR 10,000 accounts receivable. At December 31, 2013 and 2012, the Company has registered a provision against accounts receivable, for future estimated cancellations of airline bookings, amounting to KEUR 33,451 and KEUR 39,356, respectively. Likewise, the Company has registered a provision, reducing the accounts payable for distribution costs associated with cancellations at December 31, 2013 and 2012, amounting to KEUR 13,906 and KEUR 16,059, respectively. Additionally, at December 31, 2013 and 2012, the Company has registered a value adjustment for possible impairment in accounts receivable from customers, amounting to KEUR 56,447 and KEUR 63,711, respectively, based on the risk involved in these receivables. As for credit risk, there is no significant concentration of this kind of risk related to customers.

Among other factors, the above mentioned credit risk is mitigated by the fact that most of the customers’ accounts receivables and payables are settled through the clearing houses operated by International Air Transport Association (IATA) and Airlines Clearing House, Inc. (ACH). These two settlement systems ensure that cash inflows from customers will be settled at a certain fixed date, as well as credit risk is partially mitigated due to the fact that the members of the clearing houses are required to make deposits that would be used in the event of default.



33

9.29.29.29.2 Trade accounts payableTrade accounts payableTrade accounts payableTrade accounts payable

The breakdown of ‘Trade accounts payable’ at December 31, 2013 and 2012, is as follows:

31/12/2013 31/12/2012

Significant shareholders’ and subsidiaries (Note 18.2) 14,067 23,077

Other creditors 265,149 202,390

TotalTotalTotalTotal 279279279279,,,,216216216216 225,467225,467225,467225,467

10.10.10.10. DERIVATIVE DERIVATIVE DERIVATIVE DERIVATIVE FINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTS

Balances of derivatives financial instruments at December 31, 2013 and 2012, are as follows: 31/12/2013 31/12/2012

Type of derivative Financial assets Financial liabilities Financial assets Financial liabilities

Non

current Current Non

current Current Non

current Current Non

current Current

Financial institutions

Exchange rate (10.1) 869 4,268 (3,562) (4,758) 5,680 10,022 (611) (483)

Interest rate (10.3) 7 - - (3,140) - - (10,704) (500)

TotalTotalTotalTotal 876876876876 4,2684,2684,2684,268 (3,562)(3,562)(3,562)(3,562) (7,89(7,89(7,89(7,898888)))) 5,6805,6805,6805,680 10,02210,02210,02210,022 (11,315)(11,315)(11,315)(11,315) (983)(983)(983)(983)



34

10.110.110.110.1 Exchange rateExchange rateExchange rateExchange rate derivativesderivativesderivativesderivatives

Detail of the open foreign currency forward contracts held by the Company at December 31, 2013, is as follows: Financial assets

Fair value

Type Financial instrument Currency Due date Notional

Statement of income

Net equity Total

Cash flows hedge

Forward

USD < 1 year 31,359 155 462 617

Other non USD

< 1 year 86,334 621 2,884 3,505

> 1 year 54,836 - 839 839

Fair value hedge

Forward

Other non USD

< 1 year 13,033 146 - 146

> 1 year 2,343 30 - 30

Total Total Total Total 999952525252 4444,,,,111185858585 5555,,,,131313137777

Total Total Total Total longlonglonglong----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions 30303030 839839839839 869869869869

---- 1.8811.8811.8811.881 1.8811.8811.8811.881 Total Total Total Total shortshortshortshort----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions 922922922922 3,3,3,3,346346346346 4,2684,2684,2684,268

Financial liabilities

Fair value


Statement of income Net equity Total

Cash flows hedge

Forward

Other

non USD

< 1 year 83,852 1,332 2,827 4,159

> 1 year 80,021 - 3,562 3,562

Fair value hedge

Forward USD < 1 year 15,662

599 - 599

Total Total Total Total 1,9311,9311,9311,931 6,3896,3896,3896,389 8,8,8,8,320320320320

Total Total Total Total longlonglonglong----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions ---- 3,5623,5623,5623,562 3,5623,5623,5623,562

Total Total Total Total shortshortshortshort----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions 1,9311,9311,9311,931 2,8272,8272,8272,827 4,7584,7584,7584,758



35

Detail of the open foreign currency forward contracts held by the Company at December 31, 2012, is as follows: Financial assets

Fair value


Statement of income

Net equity Total

Cash flows hedge

Forward

USD < 1 year 24,917 209 622 831

Other non

USD

< 1 year 137,985 1,748 7,260 9,008

> 1 year 75,350 - 5,679 5,679

Fair value hedge

Forward

Other non USD

< 1 year 26,838 183 - 183

> 1 year 672 1 - 1

Total Total Total Total 2,1412,1412,1412,141 13,56113,56113,56113,561 15,70215,70215,70215,702

611611611611 1.9571.9571.9571.957 2.5682.5682.5682.568 Total Total Total Total longlonglonglong----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions 1111 5,6795,6795,6795,679 5,6805,6805,6805,680

Total Total Total Total shortshortshortshort----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions 2,1402,1402,1402,140 7,8827,8827,8827,882 10,02210,02210,02210,022


Fair value


Statement of income Net equity Total

Cash flows hedge

Forward

Other non USD

< 1 year 46,720 14 290 304

> 1 year 61,787 - 593 593

Fair value hedge

Forward

USD

< 1 year 11,485 179 - 179

> 1 year 799 18 - 18

Total Total Total Total 211211211211 888883838383 1,0941,0941,0941,094

Total Total Total Total longlonglonglong----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions 18181818 595959593333 611611611611

Total Total Total Total shortshortshortshort----termtermtermterm with financial institutionswith financial institutionswith financial institutionswith financial institutions 193193193193 222290909090 483483483483

10.210.210.210.2 Natural hedgeNatural hedgeNatural hedgeNatural hedge

The debt that the Company maintains with financial institutions (Note 13) is partially denominated in USD. In order to provide the Company with a protection against foreign currency fluctuations, the mentioned debt has been designated to hedge the cash flows generated by the Company from the revenue in the aforementioned currency, until May 2016. In some cases, the hedged revenue denominated in USD has longer maturity than the debt principals in USD used as hedging instrument. As this fact could produce ineffectiveness in the hedge when the debt principals mature, the Company designates foreign exchange derivatives in order to extend the maturity of the debt in USD, up to the date in which the hedged revenue denominated in USD take place.



36

In May 2011, a new natural hedge relationship was established when the Senior A from the new unsecured Senior Credit Agreement denominated in USD is designated as hedge instrument to hedge the cash flows generated by the Company in the aforementioned currency.

At the same time, the Company fully repaid KUSD 553,204 from the Senior A, Senior B and Senior C included in the previous Senior Phase Two Credit Agreement. In that moment, the existing natural hedge relationship was fixed (Note 13). Additionally, the prior natural hedge relationship had been previously affected by the following transactions: a) In May 2007, the natural hedge was partially fixed when the Senior D was

cancelled and in June 2008 when the Senior A was de-designated.

b) In April 2008 and May 2009, in accordance with the terms of the previous Senior Phase Two Credit Agreement, the Company made a mandatory prepayment of the debt and the natural hedge was partially fixed.

c) In May 2010, in the context of the parent company´s listing the Company made a

mandatory prepayment of KUSD 245,129 of the Senior A, Senior B and Senior C and the natural hedge was partially fixed.

d) In November 2010, the natural hedge relationship was discontinued due to the

fact that the USD denominated revenue hedged had longer maturities than the USD denominated debt principals used as hedging instrument. A new natural hedge relationship was designated in which currency derivatives will be used in order to extend the maturity of the new hedge instrument from the maturity of the hedging USD denominated debt up to the date in which the USD denominated revenue hedged take place.

The changes in the fair value of these hedging instruments are temporarily recognised in net equity, and they are recognised in the statement of income for the period in which the hedged element affects the results.

The forecast calendar of hedged revenue is as follows:

Hedge

Discontinued Hedge

Revenue (in KUSD)

Fair value at December 31, 2013

Fair value at December 31, 2013

Year

Statement of income Net equity

Statement of income Net equity

2014 105,989 (318) (2,581) 866 9,064

2015 175,639 - (2,694) - 6,994

2016 68,136 - (1,044) - 4,320

TotalTotalTotalTotal 349,764349,764349,764349,764 (318)(318)(318)(318) ((((6,6,6,6,319)319)319)319) 866866866866 20,20,20,20,373737378888



37

The positive variation of the fair value of the hedging instrument (debt in USD) during the year 2013 and 2012, amounts to KEUR 7,629 and KEUR 3,628, respectively, before tax and has been recognised under the ‘Other comprehensive income – Hedges’ caption in net equity.

10.310.310.310.3 Interest rate derivativesInterest rate derivativesInterest rate derivativesInterest rate derivatives

At December 31, 2013 the Company has several interest rate swaps with financial institutions, with an initial notional amounting to KEUR 325,000 and KUSD 469,812. These notional amounts will be reduced according to the schedule established for the debt amortisation. The purpose of these agreements is to manage the risk to which the Company might be exposed in the event of an increase in the interest rates of the debt denominated in EUR and USD, signed on May 16, 2011 (Note 13). In order for these financial instruments to be considered hedge accounting, there is a formal designation and documentation of the hedging relationship. Furthermore, the Company has to verify initially and periodically throughout their life that the hedge relationship is effective. When a derivative is considered a hedging instrument but the hedge is not effective, the gains and losses from variations in the fair value of the derivative as from the last time it was effective are registered in the statement of income. The maturity of the notional amount of the interest rate derivatives at December 31, 2013, is as follows:

Type Currency Notional due date (in KEUR) Interest payable

Interest receivable

2014 2015

IR Swap EUR 325,000 - 1.888% EURIBOR 3M

USD 183,882 156,784 0.936% USDLIBOR 3M




38

The detail of the assets and liabilities generated by the fair value and the accumulated impact before taxes in the statement of income and net equity of not accrued future cash flows from interest rate derivatives contracted by the Company at December 31, 2013 is as follows: Financial assets

Fair value

Counterparty Currency Due date Notional Statement of

income Net equity Total

Financial institutions USD > 1 year 156,784 - 7 7

Total Total Total Total longlonglonglong----term with financial institutionsterm with financial institutionsterm with financial institutionsterm with financial institutions ---- 7777 7777

Total Total Total Total receivablereceivablereceivablereceivable interests shortinterests shortinterests shortinterests short----term with financial term with financial term with financial term with financial institutionsinstitutionsinstitutionsinstitutions ---- ---- ----

TotalTotalTotalTotal ---- 7777 7777


Fair value

Counterparty Currency Due date Notional Statement of


Financial institutions EUR < 1 year 325,000 205 1,958 2,163

Financial institutions USD < 1 year 183,882 8 969 977

Total shortTotal shortTotal shortTotal short----term with financial institutionsterm with financial institutionsterm with financial institutionsterm with financial institutions 212121213333 2,2,2,2,999922227777 3,3,3,3,111140404040

Total payable interests shortTotal payable interests shortTotal payable interests shortTotal payable interests short----term with financial term with financial term with financial term with financial institutionsinstitutionsinstitutionsinstitutions 1111,,,,845845845845 ---- 1111,,,,845845845845

TotalTotalTotalTotal 2222,,,,050505058888 2222,,,,999927272727 4,4,4,4,999985858585

The positive after tax variation in the fair value of the interest rate derivatives which were qualified for hedge accounting in 2013 amounting to KEUR 5,786, h registered under the ‘Other comprehensive income – Hedges’ caption in net equity (Note 11.4). On the other hand, the Company has recognised a loss during 2013 for the ineffectiveness of the variation in the fair value of future cash flows of financial instruments treated as hedge, amounting to KEUR 196, under the ‘Change in fair value of financial instruments’ caption.



39

The detail of the liabilities generated by the fair value and the accumulated impact before taxes in the statement of income and net equity of not accrued future cash flows from interest rate derivatives contracted by the Company at December 31, 2012 was as follows: Financial liabilities

Fair Value

Counterparty Currency Due Date Notional Statement of


Financial institutions EUR > 1 year 375,000 - 7,908 7,908

Financial institutions

USD

< 1 year 168,709 8 492 500

> 1 year 192,203 10 2,786 2,796

Total longTotal longTotal longTotal long----term with financial institutionsterm with financial institutionsterm with financial institutionsterm with financial institutions 10101010 10,69410,69410,69410,694 10,70410,70410,70410,704

Total shortTotal shortTotal shortTotal short----term with financial institutionsterm with financial institutionsterm with financial institutionsterm with financial institutions 8888 492492492492 500500500500

Total payable interests Total payable interests Total payable interests Total payable interests shortshortshortshort----term with financial term with financial term with financial term with financial institutionsinstitutionsinstitutionsinstitutions 2,2932,2932,2932,293 ---- 2,2932,2932,2932,293

TotalTotalTotalTotal 2,3112,3112,3112,311 11,18611,18611,18611,186 13,49713,49713,49713,497

The positive variation after tax in the fair value of the interest rate derivatives which were qualified for hedge accounting during the year 2012 amounting to KEUR 2,210, was registered under the ‘Other comprehensive income – Hedges’ caption (Note 11.4). On the other hand, the Company recognised a gain during 2012 for the ineffectiveness of the variation in the fair value of future cash flows of financial instruments treated as hedge, amounting to KEUR 62, under the ‘Change in fair value of financial instruments’ caption. During the year 2012, the Company cancelled some interest rate swaps and recognised a loss amounting to KEUR 4,380 under the ‘Change in fair value of financial instruments’ caption in the statement of income.



40

11.11.11.11. NET EQUITY AND SHAREHOLDERS’ EQUITYNET EQUITY AND SHAREHOLDERS’ EQUITYNET EQUITY AND SHAREHOLDERS’ EQUITYNET EQUITY AND SHAREHOLDERS’ EQUITY

At December 31, 2013 and 2012, the Company’s share capital amounts to KEUR 42,221, as represented by 4,222,071,187 shares with a nominal value of EUR 0.01 per share. At December 31, 2013 and 2012, the Company’s shares are held as follows:

Shareholder

Shares Voting rights

Amadeus IT Holding, S.A. 4,217,617,904 99.89%

Minority shareholders 4,453,283 0.11% TotalTotalTotalTotal 4,222,071,1874,222,071,1874,222,071,1874,222,071,187 100%100%100%100%

The shares shown above represent the subscribed and paid share capital of the Company. There is one single class of shares, therefore, there are not shares with preference rights. The Company’s shares are not quoted on the Stock Market. Since April 29, 2010, the shares of the parent company, Amadeus IT Holding, S.A., quote on the Stock Market of Madrid, Barcelona, Bilbao and Valencia. Since January 2011, the shares of Amadeus IT Holding, S.A. belong to the selective IBEX 35 index.

11.111.111.111.1 Legal reserveLegal reserveLegal reserveLegal reserve

According to the Spanish Capital Companies Act, 10% of the profit for the year has to be transferred to a legal reserve until this reserve reaches no less than 20% of the share capital. The legal reserve can be used to increase the share capital of the Company, but the value remaining in the reserve must not be lower than 10% of the increased capital. Except for the aforementioned purpose, and as long as it does not exceed 20% of the share capital, this reserve will only be used to offset losses, provided that no other reserves are available for this purpose.

At December 31, 2013 and 2012, the legal reserve is fully established, amounting to KEUR 8,445.

11111111....2 2 2 2 Goodwill reserveGoodwill reserveGoodwill reserveGoodwill reserve

In accordance with the Spanish Capital Companies Act, the proposed appropriation of results of every year must include appropriation to an unavailable reserve, as a result of the goodwill shown in the assets on the balance sheet. Therefore, a portion of the profit, equivalent to no less than 5% of the goodwill amount, must be allocated for the purpose. In the event of lack of profit, or if profit were insufficient, free distributable reserves will be applied. Given that the Company has obtained profits, the proposed distribution of results (Note 3) includes the appropriation to the goodwill reserve amounting to KEUR 69,412 as per the minimum amount legally required. At December 31, 2013 and 2012 the goodwill reserve amounts to KEUR 347,057 and KEUR 277,646, respectively.



41

11.311.311.311.3 Dividends distributionDividends distributionDividends distributionDividends distribution As of June 14, 2013, the Ordinary General Shareholders’ Meeting approved the distribution of a final gross dividend of EUR 0.0470 per share with dividend rights against 2012 profit for the year, out of which an interim dividend of EUR 0.0346 per share was paid on January 25, 2013. The total dividend amounts to KEUR 198,438. Additionally, on October 22, 2013, the Company’s Board of Directors agreed to distribute an interim dividend against 2013 profit for the year, of a fixed gross amount of EUR 0.0549 per share, amounting to KEUR 231,792, effective on January 27, 2014.

11.411.411.411.4 OtheOtheOtheOther comprehensive incomer comprehensive incomer comprehensive incomer comprehensive income Balances and movements of the items included under the caption ‘Other comprehensive income’ for the years 2013 and 2012, are as follows: Cash flow hedge

Available-for-sale financial instruments

Interest rate

Exchange rate

Cumulative translation adjustments Total

Balance at 31/12/Balance at 31/12/Balance at 31/12/Balance at 31/12/2011201120112011 113113113113 ((((10,04010,04010,04010,040)))) 9,5779,5779,5779,577 (5(5(5(54444)))) (404(404(404(404))))

Valuation - (9,973) 22,071 (25) 12,073

Additions tax effect - 2,992 (6,621) - (3,629) Transfers to the statement of income - 13,130 (16,372) - (3,242)

Transfers tax effect - (3,939) 4,912 - 973 Balance at 31/12/Balance at 31/12/Balance at 31/12/Balance at 31/12/2012201220122012 113113113113 ((((7,8307,8307,8307,830)))) 13,56713,56713,56713,567 ((((79797979)))) 5,7715,7715,7715,771

Valuation - 1 (4,713) (28) (4,740)

Additions tax effect - - 1,414 - 1,414 Transfers to the statement of income - 8,265 (2,813) - 5,452

Transfers tax effect - (2,480) 844 - (1,636) Balance atBalance atBalance atBalance at 31/12/31/12/31/12/31/12/2013201320132013 113113113113 (2,(2,(2,(2,044044044044)))) 8,2998,2998,2998,299 ((((107107107107)))) 6,2616,2616,2616,261



42

11.511.511.511.5 Grants received and similar Grants received and similar Grants received and similar Grants received and similar

The ‘Grants received and similar’ caption in net equity includes the export activities tax deductions for investments in subsidiaries. These tax credits are of a similar economic nature to that of non-refundable grants and they can be systematically recognised in the statement of income.

The information regarding the export activities tax deductions registered by the Company included in net equity, as well as the amount recognised in the statement of income, is as follows:

The European Commission, through final Decision C (2006) 444, dated March 22, 2006, concluded that the export activities tax deduction is considered governmental aid, which is not compatible with the European common market as it can affect competition and exchanges between the Member States. Consequently, the European Commission stipulated the gradual elimination of the export activities tax deduction throughout a specific term of time with the deadline of January 1, 2011, being the Company entitled to take the outstanding tax credits in the future.

Amount

Balance at 31/12/Balance at 31/12/Balance at 31/12/Balance at 31/12/2011201120112011 12121212,,,,789789789789

Transfers to the statement of income (6,585)

Balance at 31/12/2012Balance at 31/12/2012Balance at 31/12/2012Balance at 31/12/2012 6,2046,2046,2046,204

Transfers to the statement of income (3,448)

Balance at 31/12/2013Balance at 31/12/2013Balance at 31/12/2013Balance at 31/12/2013 2,7562,7562,7562,756



43

12.12.12.12. LONGLONGLONGLONG----TERM PROVISIONSTERM PROVISIONSTERM PROVISIONSTERM PROVISIONS

Balances and movements of the items included under the ‘Long-term provisions’ caption, for the years 2013 and 2012, are as follows:

Long-term employees benefit

obligations

Share-based payments provision

Claims and litigations

Other provisions

Total

Balance atBalance atBalance atBalance at 31/12/31/12/31/12/31/12/2011201120112011

---- ----

18,01818,01818,01818,018 8,0448,0448,0448,044

26262626,,,,062062062062 Additional amounts through the statement of income

384 1,272 (2,564) 5,423

4,515


384384384384 1,2721,2721,2721,272

15,45415,45415,45415,454 13,46713,46713,46713,467

30,57730,57730,57730,577 Additional amounts through the statement of income

227 3.429 (6,229) (198)

(2.841)

Transfer to short term

(238) (2.545) - -

(2.783)


373373373373 2,1562,1562,1562,156

9,1559,1559,1559,155 13,26913,26913,26913,269

24,95324,95324,95324,953

The caption ‘Long-term employees benefit obligations’ includes different remuneration schemes granted to employees by the Company. The caption ‘Share-based payments provision’ includes the estimated amount of the obligation that the Company assumed as a result of the cash settled share-based payments schemes, based on the parent company’s share price, as described in Note 17.5. The caption ‘Claims and litigations’ mainly includes long-term obligations for the resolution of uncertainties that might arise from the terms of the disposal of certain entities controlled by the Company and to the provision to comply with the offsetting obligations to operate in certain territories. In 2013, certain provisions related to the aforementioned disposals have expired being reversed against the statement of income under the ‘Gains/(losses) on disposal of financial instruments’ caption, for an amount of KEUR 8,826. The caption ‘Other provisions’ includes long-term obligations against third parties which at the year-end are undetermined regarding their amount and settlement date.



44

13.13.13.13. FINANCIAL DEBTFINANCIAL DEBTFINANCIAL DEBTFINANCIAL DEBT

Detail of the debts with financial institutions, at December 31, 2013 and 2012, is as follows: 31/12/2013 31/12/2012

Long-term debts with financial institutions denominated in EUR 511,417 481,848

Long-term debts with financial institutions denominated in USD 138,337 265,093

Deferred arrangement fees (6,851) (3,551)

Total longTotal longTotal longTotal long----term debtsterm debtsterm debtsterm debts with financial institutionswith financial institutionswith financial institutionswith financial institutions 642,903642,903642,903642,903 743,390743,390743,390743,390

Short-term debts denominated in EUR 104,514 208,918

Short-term debts denominated in USD 115,281 96,397

Deferred arrangement fees (1,391) (2,559)

Interest payable, financial institutions 1,773 1,835

Interest payable, other financial expenses 200 158

Total shortTotal shortTotal shortTotal short----term debtsterm debtsterm debtsterm debts with financial institutions with financial institutions with financial institutions with financial institutions 220,377220,377220,377220,377 304,709304,709304,709304,709

Total debtsTotal debtsTotal debtsTotal debts with financial institutionswith financial institutionswith financial institutionswith financial institutions 863,280863,280863,280863,280 1,048,0991,048,0991,048,0991,048,099



45

The breakdown of the debts with financial institutions at December 31, 2013 and 2012, is as follows:

31/12/2013

31/12/2012

Tranches Currency Interest rate

Amount used Interest rate

Amount used

Maturity

Senior Credit Facility 2011Senior Credit Facility 2011Senior Credit Facility 2011Senior Credit Facility 2011

Facility A (1) EUR EURIBOR+1.10% 265,931 EURIBOR+1.10% 384,339 November 2015

USD USD LIBOR+1.10% 253,618 USDLIBOR+1.10% 361,490 November 2015

Facility B (2) EUR EURIBOR+2.25% - EURIBOR+2.25% 106,427 May 2013

519,549

852,256

`

Senior CreSenior CreSenior CreSenior Credit Facility 2013dit Facility 2013dit Facility 2013dit Facility 2013

USD EURIBOR+1.50% - - - December 2018 Revolving Credit FacilitiesRevolving Credit FacilitiesRevolving Credit FacilitiesRevolving Credit Facilities

RCF 2012 EUR EURIBOR+1.85% - EURIBOR+1.85% - November 2013 RCF 2013 EUR EURIBOR+1.40% - - - November 2018

-

-

European Investment BankEuropean Investment BankEuropean Investment BankEuropean Investment Bank ((((EIBEIBEIBEIB))))

Tranche A 2012 EUR 2.936% 150,000 2.936% 150,000 Mayo 2021

Tranche B 2012 EUR 3.237% 50,000 3.237% 50,000 Mayo 2021

Tranche A 2013 EUR 2.038% 150,000 - - Mayo 2022

350,000

200,000

TotalTotalTotalTotal

869869869869,,,,549549549549

1,052,2561,052,2561,052,2561,052,256

(1) The margin applicable to the Facility A is revised quarterly. (2) The initial maturity for the Facility B was May 16, 2012, extended by one year. The Company repaid the whole Facility B

on May 16, 2013.



46

Due date of each of the agreements representing the debt with financial institutions is as follows: Loans Currency 2014 2015 2016 2017 2018-22 Total

Senior Credit Facility 2011Senior Credit Facility 2011Senior Credit Facility 2011Senior Credit Facility 2011

Facility A (1) EUR 104,514 161,417 - - - 265,931

USD 115,281 138,337 - - - 253,618

219,795 299,754 - - - 519,549 European European European European Investment Bank (EIB)Investment Bank (EIB)Investment Bank (EIB)Investment Bank (EIB)

Tranche A 2012 (2) EUR - 12,500 25,000 25,000 87,500 150,000

Tranche B 2012 (3) EUR - - 5,000 10,000 35,000 50,000

Tranche A 2013 (4) EUR - - - 15,000 135,000 150,000

- 12,500 30,000 50,000 257,500 350,000


219,795219,795219,795219,795 312,254312,254312,254312,254 30303030,,,,000000000000 50505050,,,,000000000000 257257257257,,,,500500500500 869869869869,,,,549549549549

(1) The repayments of Facility A will be made every six months from May 16, 2012. (2) The repayments of Tranche A 2012 of the EIB loan will be made every six months from November 24, 2015. (3) The repayments of Tranche B 2012 of the EIB loan will be made every six months from November 24, 2016. (4) The repayments of Tranche A 2013 of the EIB loan will be made every six months from November 17, 2017.

On May 29 and June 14 2013, Standar & Poor’s and Moody’s have raised the Company’s debt rating to ‘BBB/A-2’ and ‘Baa2’, respectively. The outlook of the rating of our debt is stable.

At December 31, 2013, after taking into account the effect of interest rate swaps, approximately 91.% (86.5% in December 31, 2012) of the Company’s outstanding debt is at fixed rate of interest until November 2015. All the debt maturing after that date is fixed at rate debt.

The Company is obliged to meet certain covenants, calculated on the basis of the ratio of total Net Debt to EBITDA (Earnings before Interests, Taxes, Depreciation and Amortization), and the ratio of EBITDA to Net Interest Payable. At December 31, 2013 and 2012, the Company is in compliance with the financial covenants.

a)a)a)a) Senior Credit FacilitySenior Credit FacilitySenior Credit FacilitySenior Credit Facility 2011201120112011

On May 16, 2011, the Company signed a unsecured Senior Credit Agreement amounting to KEUR 2,700,000. The parent company, Amadeus IT Holding, S.A., signed this agreement as the guarantor. This Facility was structured under a ‘club deal’ with several financial institutions. The funds received were used to repay all the outstanding amounts under the previous Senior Phase Two Credit Agreement.



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These unsecured financing is divided into four loans: Facility A, denominated in EUR and also available in USD, Facility B and Facility C, and Revolving Credit D, denominated in EUR. On 2011, the Company fully repaid the bridge loan Facility C.

On July 15, 2011, the Company made a partial repayment of KEUR 743,573 of the bridge loan Facility B, which initially amounted to KEUR 1,200,000, with the financing obtained from the loan with Amadeus IT Holding, S.A. (Note 18.2). On January 3, 2012, the Facility A, which initially amounted to KEUR 900,000, was reimbursed accordingly to the terms of the agreement, for an amount of KEUR 34,241. Additionally, in 2012, the Company partially reimbursed this loan, accordingly to the payment calendar of the contract, for a total amount of KEUR 76,869 and KUSD 95,390. On May 16 and November 18, 2013, the Facility A has been reimbursed accordingly to the terms of the agreement, for an amount of KEUR 53,806 and KUSD 127,187. On June 3, 2013, the Company has voluntary reimbursed this loan for an amount of KEUR 81,245. On November 4, 2013, the Facility A in EUR was disposed accordingly to the terms of the agreement amounting to KEUR 16,664. The Facility B, which at December 31, 2011, amounted to KEUR 456,427 with maturity date in May 2012, was extended for one more year and partially reimbursed by the Company on May 16, 2012, for an amount of KEUR 350,000. On May 16, 2013, was fully repaid amounting to KEUR 106,427. The Revolving Credit D Facility, which credit limit at December 31, 2012, was KEUR 100,000, was cancelled on its maturity date May 16, 2013.

b)b)b)b) Senior Credit Facility 2013Senior Credit Facility 2013Senior Credit Facility 2013Senior Credit Facility 2013

On December 18, 2013, the Company signed a new unsecured Senior Credit Agreement amounting to KUSD 500,000. The parent company, Amadeus IT Holding, S.A., signed this agreement as the guarantor. This Facility was structured under a ‘club deal’ with several financial institutions with The Royal Bank of Scotland PLC as agent. This facility will be used for the acquisition of NMTI Holdings, Inc. and its group of companies (‘Newmarket International’). At December 31, 2013, the Company has not disposed any amount from the aforementioned Senior Credit Facility, due to the transaction is pending to the competition authorities approval and is expected to be concluded in the first quarter of 2014 (Note 21).



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c)c)c)c) Revolving Credit FacilitiesRevolving Credit FacilitiesRevolving Credit FacilitiesRevolving Credit Facilities

On April 24, 2012, the Company signed a new Revolving Credit Facility amounting to KEUR 200,000. The parent company, Amadeus IT Holding, S.A., signed this agreement as the guarantor. This Facility was structured under a ‘club deal’ with several financial institutions with ING Bank N.V., London Branch as agent. On November 18, 2013, the Company signed a new Revolving Credit Facility amounting to KEUR 300,000, in replacement of the existing facility of KEUR 200,000. The parent company, Amadeus IT Holding, S.A., signed this agreement as the guarantor. This Facility was structured under a ‘club deal’ with several financial institutions with ING Bank N.V. and London Branch as agent. At December 31, 2013, the Company has not disposed any amount from the aforementioned new Revolving Credit Facility.

d)d)d)d) European Investment Bank (EIB)European Investment Bank (EIB)European Investment Bank (EIB)European Investment Bank (EIB)

On May 14, 2012, the European Investment Bank (EIB) granted the Company with an unsecured senior loan amounting to KEUR 200,000, with a 9 nine years maturity since May 24, 2012. The parent company, Amadeus IT Holding, S.A., signed the agreement as the guarantor. The proceeds from this loan will be used to finance the Research & Development investments for a variety of projects in the IT Solutions area between 2012 and 2014. The new loan from the EIB has two tranches: one with a notional value of KEUR 150,000 with repayments every six months starting in 2015 and a second tranche with a notional value of KEUR 50,000 with repayments every six months starting in 2016. On April 29, 2013, the European Investment Bank (EIB) has granted the Company with a second unsecured senior loan amounting to KEUR 150,000, with a nine years maturity since May 17, 2013. The parent company, Amadeus IT Holding, S.A., signed the agreement as the guarantor. The proceeds from this loan will be used to finance the Research & Development investments for a variety of projects in the Distribution area between 2013 and 2015. The second loan from the EIB has a single tranche with a notional value of KEUR 150,000 with repayments every six months starting in 2017.



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14.14.14.14. DEFERRED DEFERRED DEFERRED DEFERRED INCOMEINCOMEINCOMEINCOME

Balances and movemnets of the ‘Deferred income’ caption during 2013, is as follows:

31/12/2012

Additions

Transfers to the statement of income

Transfers

31/12/2013

Deferred income non-current

169,215

89,266

(2,677)

(28,207)

227,597

Deferred income current 18,189 - (16,666) 28,207 29,730 TotalTotalTotalTotal

187,187,187,187,404404404404 89,89,89,89,266266266266 (19,(19,(19,(19,343434346666)))) ---- 257,257,257,257,323232327777

Balances and movemnets of the ‘Deferred income’ caption during 2012, was as follows:

31/12/2011

Additions Transfers to the

statement of income

Transfers

31/12/2012

Deferred income non-current

101,527

91,467

(5,722)

(18,057)

169,215

Deferred income current

7,526

3 (7,397) 18,057 18,189 TotalTotalTotalTotal 109,053109,053109,053109,053 91,47091,47091,47091,470 (13,119(13,119(13,119(13,119)))) ---- 187,404187,404187,404187,404

The deferred income includes the portion of the cash received from customers for the implementation of ‘Altéa Reservation’, ‘Altéa Departure Control’ and ‘e-commerce’ units, which has not been recognized as ordinary income during the period. The Company starts the recognition of revenues in the statement of income when the migration has been completed (cut-over) and recognises the revenue for these services during the period of the agreement.

15.15.15.15. PUBLIC ADMINISTRATIONS AND TAXATIONPUBLIC ADMINISTRATIONS AND TAXATIONPUBLIC ADMINISTRATIONS AND TAXATIONPUBLIC ADMINISTRATIONS AND TAXATION

The Company pays Corporate Income Tax via the tax consolidation regime (Tax Group 256/05), of which it is the parent company. The Tax Consolidation Group is composed of the following companies: Parent company:

Amadeus IT Holding, S.A. Subsidiaries:

Amadeus IT Group, S.A. Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal Amadeus Capital Markets, S.A., Sociedad Unipersonal



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15.115.115.115.1 Deferred tax assets and Deferred tax assets and Deferred tax assets and Deferred tax assets and liabilities and current balances with Public Administrationsliabilities and current balances with Public Administrationsliabilities and current balances with Public Administrationsliabilities and current balances with Public Administrations

Breakdown of the deferred tax assets and the current debtor balances with Public Administrations, at December 31, 2013 and 2012, is as follows:

31/12/2013

31/12/2012

Deferred tax assets

Temporary differences

Non-current assets amortisation 7,708 6,864

Trade debtors impairment value adjustments 6,852 6,042

Cancellations provision 5,863 6,989

Cash flow hedge 5,745 12,736

Provision for transfer pricing expenses 15,634 101

Investment impairment adjustments 5,369 9,635

Other non-deductible expenses 7,322 8,072

Withholdings tax and outstanding tax credits

58,794 42,339

Total deferred tax assetsTotal deferred tax assetsTotal deferred tax assetsTotal deferred tax assets

113,287113,287113,287113,287 92,77892,77892,77892,778

Current debtor balances

Tax Authorities, debtor for V.A.T.

- 129

Tax Authorities of other countries, debtor for V.A.T.

3,825 3,748

Total current debtor balancesTotal current debtor balancesTotal current debtor balancesTotal current debtor balances

3,3,3,3,825825825825 3,8773,8773,8773,877

Total Total Total Total

117,112117,112117,112117,112 96,65596,65596,65596,655

The above mentioned deferred tax assets have been recognised on the balance sheet as the Directors considered that the anticipated future results of the Tax Consolidation Group means there is a high probability that these assets will be recovered. The due date of the outstanding tax credits registered in the accompanying balance sheet at December 31, 2013, is as follows:

Due date

International double tax credit

2015-2021



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Breakdown of the deferred tax liabilities and the current creditor balances with Public Administrations, at December 31, 2013 and 2012, is as follows: 31/12/2013 31/12/2012

Deferred tax liabilities

Purchase price allocation amortisation (Note 2.h) 202,861 222,402

Cash flows hedge

8,426 15,195

Goodwill amortisation from investments 8,949 8,675

Other deferred taxes liabilities 340 49

Total deferred tax liabilitiesTotal deferred tax liabilitiesTotal deferred tax liabilitiesTotal deferred tax liabilities 220,576220,576220,576220,576 246,321246,321246,321246,321

Current creditor balances

Tax Authorities, creditor for V.A.T.

1,763 -

Tax Authorities, creditor for other concepts 956 1,018

Social Security Authorities, creditors 689 599

Total current creditor balancesTotal current creditor balancesTotal current creditor balancesTotal current creditor balances 3,4083,4083,4083,408 1,6171,6171,6171,617

Total Total Total Total 223,984223,984223,984223,984 247,938247,938247,938247,938

15.215.215.215.2 Reconciliation betweenReconciliation betweenReconciliation betweenReconciliation between the netthe netthe netthe net result before tax and Corporate Income Tax baseresult before tax and Corporate Income Tax baseresult before tax and Corporate Income Tax baseresult before tax and Corporate Income Tax base

Reconciliation between the net result before tax registered in the statement of income and the Corporate Income Tax base for the year 2013, is as follows:

Statement of income

Increases Decreases Total

Net result before tax 379,362 Permanent differences 1,362 (121,408) (120,046) Exempt dividends received - (120,495) (120,495) Goodwill amortisation from investments - (913) (913) Others 1,362 - 1,362 Temporary differences 120,139 (18,029) 102,110 Arising in current year Bad debt provision - (1,051) (1,051) Goodwill and brands tax amortisation - (1,228) (1,228) Others - (1,530) (1,530) Arising in previous years Purchase price allocation non-deductible

amortisation

63,483 - 63,483 Investment impairment adjustments - (14,220) (14,220) Provision for transfer pricing expenses 51,775 - 51,775 Others 4,881 - 4,881 Tax base before compensations 361,426 Tax Consolidation Group negative tax base compensation in the year (5,045) Company tax baseCompany tax baseCompany tax baseCompany tax base 356,381356,381356,381356,381



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Reconciliation between the net result before tax registered in the statement of income, and the Corporate Income Tax base, for the year 2012, was as follows:

Statement of income


Net result before tax 358,034 Permanent differences 2,405 (54,038) (51,633) Exempt dividends received - (53,125) (53,125) Goodwill amortisation from investments - (913) (913) Others 2,405 - 2,405 Temporary differences 83,467 (15,171) 68,296 Arising in current year Trade debtors and cancellations provision 6,954 - 6,954 Goodwill and brands tax amortisation - (1,228) (1,228) Others 12,288 - 12,288 Arising in previous years Purchase price allocation non-deductible amortisation 64,225 - 64,225 Investment impairment value adjustments - (9,374) (9,374) Others - (4,569) (4,569) Tax base before compensations 374,697

Tax Consolidation Group negative tax base compensation in the year (5,107) Company tax baseCompany tax baseCompany tax baseCompany tax base 369,590369,590369,590369,590

Reconciliation between income and expenses directly recognised in net equity and the Corporate Income Tax base, for the years ended December 31, 2013 and 2012, is as follows: Income and expenses directly recognized in the equity

Year 2013 Year 2012

Decreases Total Decreases Total

Income and expenses recognised in net equity (740) 8,856

Temporary differences (740) (740) (8,856) (8,856)

Arising in current year

Cash flow hedge (740) (740) (8,856) (8,856) Corporate Income Tax Base in net equityCorporate Income Tax Base in net equityCorporate Income Tax Base in net equityCorporate Income Tax Base in net equity ---- ----



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15.315.315.315.3 Tax Tax Tax Tax recognirecognirecognirecognissssedededed in net equityin net equityin net equityin net equity

Detail of taxes directly recognised in net equity at December 31, 2013, is as follows:


Deferred tax


Cash flows hedge

2,258 (2,480) (222)

Total deferred tax

2,258 (2,480) (222)

TotalTotalTotalTotal tax recognised in equitytax recognised in equitytax recognised in equitytax recognised in equity

(222)(222)(222)(222)

Detail of taxes directly recognised in net equity at December 31, 2012, was as follows:


Deferred tax


Cash flows hedge

7,904 (10,560) (2,656)

Total deferred tax

7,904 (10,560) (2,656)

Total tax recognised in equityTotal tax recognised in equityTotal tax recognised in equityTotal tax recognised in equity

(2,656)(2,656)(2,656)(2,656)

15.415.415.415.4 Reconciliation between Reconciliation between Reconciliation between Reconciliation between the net the net the net the net result before tax and Corporate Income Tax expenseresult before tax and Corporate Income Tax expenseresult before tax and Corporate Income Tax expenseresult before tax and Corporate Income Tax expense

Reconciliation between the net result before tax and the Corporate Income Tax expense, for the years 2013 and 2012, is as follows:

Year 2013 Year 2012

Net result before tax 379,362 358,034

Tax rate applicable in Spain (30%) (113,809) (107,410)

Temporary differences 46,246 10,975

Tax credits 3,448 6,585

Others 26 (29)

Total Corporate Income Tax expense Total Corporate Income Tax expense Total Corporate Income Tax expense Total Corporate Income Tax expense recognirecognirecognirecognissssedededed in the statement of in the statement of in the statement of in the statement of income income income income

((((64,08964,08964,08964,089))))

(89(89(89(89,,,,879)879)879)879)

Current tax (77,907) (116,168)

Deferred tax 13,818 26,289



54

Pursuant to section 42 of Royal Legislative Decree 4/2004, dated March 5, whereby the Rewritten Text of Spanish Corporate Tax Act was approved, the Company was entitled to obtain tax credits for gains reinvestment up to a maximum of KEUR 37,664 of the total gains generated by the sale on March 4, 2008 of its 50% equity stake in the company Red Universal de Marketing y Bookings Online S.A. (RUMBO). For that purpose, the Company would have to reinvest KEUR 56,012. The period to reinvest finished during the year 2011. The reinvested amounts and the reinvestment dates were as follows:

Amount

Year 2010

June 2010 4,827

December 2010 4,520

15.515.515.515.5 Periods open for tax audit and tax audit proceduresPeriods open for tax audit and tax audit proceduresPeriods open for tax audit and tax audit proceduresPeriods open for tax audit and tax audit procedures

According to the current legislation, taxes cannot be considered definitively settled until the filed tax forms are audited by the Tax Authorities, or until the four year statute of limitations ends. At 2013 year-end, the Company has open to tax audit the years from 2008 onwards for the Corporate Income Tax, the years from 2009 onwards for the salaries and professional income tax and the years from 2010 onwards for the main other applicable taxes. The Directors of the Company consider that the aforesaid taxes were properly settled, therefore, in the event of differences in the interpretation of the current tax regulations, regarding the fiscal treatment of the transactions, the possible resulting liabilities, should they materialise, will not significantly affect the accompanying annual accounts. On June 17, 2013, the Spanish Tax Authorities commenced a tax audit on the Company as the parent company of the Tax Consolidated Group 256/05 and the rest of the member companies. The verification procedures are partial nature and relate to the 2008 to 2010 year Corporate Income Tax, both inclusive and to May 2009 to December 2011 salaries and professional income (severance payments specifically). The salaries and professional income tax reassessment was verified and confirmed without generating any fiscal liability. As a result of these proceedings, differences in the interpretation of the tax regulations have arisen relating to Corporate Income Tax, regarding certain corporate transactions. No tax penalties have been applied. On November 21, 2013, the tax assessment was signed in disconformity and on December 9, 2013 an appeal was presented to Central Department of Large Taxpayers. At year-end a final tax assessment had not been issued by the Spanish Tax Authorities. Being an interpretative discrepancy, a non-significant provision has been registered regarding certain concepts. In any case, the resolution of this matter should not have any significant impact on the Company’s financial situation.



55

On May 30, 2013, an appeal was presented to the Central Economic-Administrative Court with regards to the tax assessment signed in disconformity in 2012 relating to Corporate Income Tax. At the year-end a final decision by the Court had not yet been issued. The French Tax Authorities have raised transfer pricing tax assessments, without penalties, on Amadeus s.a.s., for transactions carried out with the Company. for the years 2003 to 2010. With respect to the years 2003 and 2004, the tax assessment was issued in October 2007, for the years 2005 and 2006 in July 2009, for the year 2007 in December 2010 and for the years 2008 to 2010 in July 2012. For each of the assessments Amadeus s.a.s. has made use of the EU Arbitration Convention, initiating the proceedings with the French tax authorities, which in turn have involved the Spanish Tax Authorities with the intention of obtaining an agreement between the two, together with corresponding bilateral adjustments in order to eliminate economic double taxation. The commencement of the arbitration proceedings is pending the outcome of a Mutual Agreement Procedure currently being in process under the terms of the France-Spain Double Tax Treaty, which is expected to be completed in 2014

16.16.16.16. FOREIGN CURRENCIESFOREIGN CURRENCIESFOREIGN CURRENCIESFOREIGN CURRENCIES

The main balances and transactions in foreign currency, accounted at the year-end exchange rate and at the average exchange rate respectively at December 31, 2013 and 2012, are as follows:

31/12/2013 31/12/2012

AssetsAssetsAssetsAssets

Accounts receivable 116,262

117,484

Loans given 7,818

12,808

Other assets 69,080 63,067

Cash and cash equivalents 41,527

37,521

LiabilitiesLiabilitiesLiabilitiesLiabilities

Accounts payable (191,263)

(213,106)

Loans received (389,529)

(507,587)

Other liabilities (10,465)

(8,362)

Year 2013 Year 2012

Statement of incomeStatement of incomeStatement of incomeStatement of income

Services rendered 852,327 723,910

Services received (624,703) (547,463)



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The amount of exchange rate differences by financial instrument recognised in the statement of income for the year 2013, is as follows:

Transactions settled in the year

Outstanding balances Total

Financial assets

Loans to Group companies and joint ventures (444) (563) (1,007)

Derivatives - (142) (142)

Other financial assets (1,360) (2,291) (3,651)

Total financial assets Total financial assets Total financial assets Total financial assets (1,804)(1,804)(1,804)(1,804) (2,996)(2,996)(2,996)(2,996) (4,800)(4,800)(4,800)(4,800)


Debts with financial institutions (984) 958 (26)

Debts with Group companies and joint ventures 2,030 3,270 5,300

Derivatives (8) 33 25

Other financial liabilities (45) 2,002 1,957

Total financial liabilities Total financial liabilities Total financial liabilities Total financial liabilities 993993993993 6,2636,2636,2636,263 7,2567,2567,2567,256

Total Total Total Total (811)(811)(811)(811) 3,2673,2673,2673,267 2,4562,4562,4562,456

The amount of the exchange rate differences by financial instrument recognised in the statement of income for the year 2012, was as follows:

Transactions

settled in the year Outstanding balances Total

Financial assets

Loans to Group companies and joint ventures 331 (608) (277)

Derivatives - (164) (164)

Other financial assets (1,139) (811) (1,950)

Total financial assets Total financial assets Total financial assets Total financial assets (808)(808)(808)(808) (1,583)(1,583)(1,583)(1,583) (2,391)(2,391)(2,391)(2,391)


Debts with financial institutions (154) 229 75

Debts with Group companies and joint ventures (913) 4,311 3,398

Derivatives (21) (558) (579)

Other financial liabilities (30) 586 556

Total financial liabilities Total financial liabilities Total financial liabilities Total financial liabilities (1,118)(1,118)(1,118)(1,118) 4,5684,5684,5684,568 3,4503,4503,4503,450

Total Total Total Total (1,926)(1,926)(1,926)(1,926) 2,9852,9852,9852,985 1,0591,0591,0591,059



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17.17.17.17. REVENUE AND EXPENSESREVENUE AND EXPENSESREVENUE AND EXPENSESREVENUE AND EXPENSES

17.117.117.117.1 Net tNet tNet tNet trade revenuerade revenuerade revenuerade revenue The Company operates in the travel industry and thus, events that may affect the industry could also have an impact on both the Company’s operations and its financial position. The following geographical distribution of revenue, during the years 2013 and 2012, for the Distribution services is based primarily on the country where bookings were made. Regarding those bookings made directly by the airlines offices and web pages directly connected to the Amadeus system, as well as IT Solutions services, home country of the airline is the criterion applied: Year 2013 Year 2012

Geographical Market IT Solutions Distribution IT Solutions Distribution

Spain 30,866 137,102 19,255 145,062

European Union 329,616 1,140,872 301,367 1,085,967

O.E.C.D. 126,804 470,178 93,786 424,985

Rest of the world 211,163 800,582 202,792 722,860

TotalTotalTotalTotal 698,449698,449698,449698,449 2,548,7342,548,7342,548,7342,548,734 617,200617,200617,200617,200 2,378,8742,378,8742,378,8742,378,874

17.217.217.217.2 Personnel expensesPersonnel expensesPersonnel expensesPersonnel expenses

Breakdown of the ‘Personnel expenses’ for the years 2013 and 2012, is as follows:

Year 2013 Year 2012

Salaries, wages and similar 61,295 51,597

Social benefits

Pension plan contributions 1,519 1,715

Other social costs 14,043 12,551


17.317.317.317.3 Other operating expensesOther operating expensesOther operating expensesOther operating expenses

Breakdown of the ‘Other operating expenses’ for the years 2013 and 2012, is as follows:

Year 2013 Year 2012

Distribution, data processing, communications and administration

Group companies 2,331,099 2,059,856

Joint ventures 71,583 71,764

Third parties 360,588 312,397

TotalTotalTotalTotal 2,763,2702,763,2702,763,2702,763,270 2,444,0172,444,0172,444,0172,444,017



58

17.417.417.417.4 Financial resultsFinancial resultsFinancial resultsFinancial results

Detail of financial income and expenses for the years 2013 and 2012, is as follows:

Note Year

Year

2013 2012

Financial incomeFinancial incomeFinancial incomeFinancial income 121,729121,729121,729121,729 66,45366,45366,45366,453

From equity instruments

112,081 53,329

Dividends received from Group companies and joint ventures 8.3 & 18.1

111,366 52,625

Dividends received from third parties

715 704

From securities and other financial instruments

9,648 13,124

Loans to Group companies and joint ventures 18.1

9,265 12,413

Cash equivalents

288 664

Other financial income

95 47

Financial expensesFinancial expensesFinancial expensesFinancial expenses (69,261)(69,261)(69,261)(69,261) ((((79,55779,55779,55779,557))))

Debts with Group companies and joint ventures 18.1

(38,560) (38,928)

Debts with third parties

(30,701) (40,629)

Interest on debts with financial institutions

(16,907) (23,053)

Interest on derivatives financial instruments – hedge

(8,265) (8,751)

Arrangement fees amortisation

(4,040) (6,129)

Other financial expenses

(1,489) (2,696)

Changes in fair value of financial instrumentsChanges in fair value of financial instrumentsChanges in fair value of financial instrumentsChanges in fair value of financial instruments 10.3 (196)(196)(196)(196) 2,8482,8482,8482,848

Expense from negative variations of derivative financial instruments

(196) (4,380)

Income from positive variations of derivative financial instruments

- 7,228

Exchange Exchange Exchange Exchange rate rate rate rate differencesdifferencesdifferencesdifferences 16 2,4562,4562,4562,456 1,0591,0591,0591,059

Impairment and gains/(losses) Impairment and gains/(losses) Impairment and gains/(losses) Impairment and gains/(losses) on disposal of financial instrumentson disposal of financial instrumentson disposal of financial instrumentson disposal of financial instruments 28,48628,48628,48628,486 1,1901,1901,1901,190

Impairment and losses 8.3

19,693 (1,211)

Gains/(losses) on disposal of financial instruments

8,793 2,401

Financial profit / (loss)Financial profit / (loss)Financial profit / (loss)Financial profit / (loss) 83,21483,21483,21483,214 (8,007)(8,007)(8,007)(8,007)

Financial income and expenses measured by the effective interest method mainly relate to the financial income from securities and other financial instruments and to the financial expenses from debts with Group companies and joint ventures and financial institutions.



59

17.517.517.517.5 SSSSharehareharehare----based based based based paymentspaymentspaymentspayments The Company has the following reward schemes in place for managers and employees:

a) The Performance Share Plan (PSP) consists of a contingent award of shares of

the parent company, Amadeus IT Holding, S.A., to certain members of the Company’s management. The final delivery of the shares at the end of the vesting period depends on the achievement of predetermined performance objectives that relate to value creation in Amadeus, as well as employee service requirements.

• For the first two cycles, PSP 2010 and PSP 2011, the performance objectives relate to the relative shareholder return (TSR), adjusted basic earnings per share (EPS) growth and pre-tax adjusted free cash flow (OCF) growth.

• For the following cycles, PSP 2012 and PSP 2013, the performance

objectives relate to the relative shareholder return (TSR) and the adjusted basic earnings per share (EPS) growth.

For the first two cycles (2010 to 2012), the duration (vesting period) of each independent cycle is two years, followed by a holding period during which a given percentage of the vested shares may not be sold. For the 2013 cycle, the vesting period is three years with no holding period. This plan is considered as cash-settled share-based payment and, accordingly, the fair value of services received during the years 2013 and 2012, as consideration for the equity instruments granted, is presented in the statement of income under the ‘Personnel and related expenses’ caption by an amount of KEUR 11,638 and KEUR 6,057, respectively. The detail of the shares allotted and fair value at grant date for each cycle of the PSP, is as follows:

PSP 2010 (first cycle)

PSP 2011 (second cycle)

PSP 2012 (third cycle)

PSP 2013 (fourth cycle)

Total shares allotted at grant date (*) 242,665 230,146 212,785

247,188

Fair value of those instruments at grant date (EUR) 14.46 13.19 15.05

22.87

Dividend yield 1.6% 2.2% 1.9% 1.6%

Expected volatility 30.8% 24.0% 24.8% 23.4%

Risk free interest rate 0.8% 1.5% 0.1% 2.75%

Vesting period 2 years 2 years 2 years 3 years

(*)This number of shares could increase up to double if Amadeus performance in all performance objectives is extraordinary.



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During the year 2013, the PSP second cycle (2011-2013) was settled shortly after the vesting date, implying that the Company transferred to the eligible employees 333,745 shares of the parent company, Amadeus IT Holding, S.A., due to the achievement of the performance objectives (160.77%), at a weighted average price of EUR 24.77 per share. The Company acquired shares of the parent company to settle this share-based payment. During the year 2012, the PSP first cycle (2010-2012) was settled at vesting date, implying that the Company transferred to the employees 369,724 shares of the parent company Amadeus IT Holding, S.A. due to the achievement of the performance objectives (152.36%), at a weighted average price of EUR 15.65 per share. The Company used treasury shares and acquired shares of the parent company to settle this share-based payment.

b) The Restricted Share Plan (RSP) consists of the delivery of a given number of Amadeus IT Holding, S.A. shares to certain employees on a non-recurring basis, after pre-determined services requirements are met. The RSP beneficiaries must remain employed in a Group Company during a determined period of time, which oscillates between two and five years. The grants under the RSP have been made in 2010, 2011 and 2012. This plan is considered a cash-settled shared-based payment. The fair value of services received during the years 2013 and 2012, as consideration for the equity instruments granted, 2,639 and 13,071 shares in the years 2013 and 2012, respectively, are registered in the statement of income under the ‘Personnel and related expenses’ caption by an amount of KEUR 74 and KEUR 67, respectively. During the year 2013, certain cycles of the RSP were settled at vesting date, implying that the Company transferred to the employees 5,341 shares, at an weighted average price of EUR 23.06 per share. The Company acquired shares of the parent company to settle this share-based payment.

c) The Share Match Plan (SMP) consists of a contingent award of shares of the parent Company, Amadeus IT Holding, S.A., to employees that voluntarily decided to participate in the plan. The final delivery of the shares at the end of the vesting period depends on the achievement of predetermined vesting conditions that relate to purchase and hold of the shares, as well as the participant remaining employed by a Group Company until the end of the cycle. Under the terms of this plan, the Company will grant the participants an additional Amadeus IT Holding, S.A. share for every two purchased, provided they hold the shares for a year after the purchase period has ended. Extraordinarily, for the first cycle, the Company will transfer 25 shares to each participant at the end of the purchase period. The first cycle of the plan started on July 2013. This plan is considered as a cash-settled share-based payment. The fair value of services received during the year 2013, as consideration for the equity instruments granted, 19,778 shares, is presented in the statement of income under the ‘Personnel and related expenses’ caption by an amount of KEUR 160.



61

d) The Value Sharing Plan (VSP) was a non-recurring plan targeted at all employees of the Amadeus Group who as of June 30, 2010 were not eligible under the Performance Shares Plan (PSP). The plan consisted in a bonus as percentage of salary, linked to the evolution of the parent company share price at the end of the two years vesting period, from April 29, 2010 to April 29, 2012, and with a final payment in May 2012. This plan had the accounting consideration of a cash-settled share-based payment. The total expense recognised for the year 2012 amounted to KEUR 785 (including social costs), charged to the statement of income under the caption ‘Personnel and related expenses’.

18.18.18.18. TRANSACTIONS AND BALANCES WITH TRANSACTIONS AND BALANCES WITH TRANSACTIONS AND BALANCES WITH TRANSACTIONS AND BALANCES WITH RELATED PARTIESRELATED PARTIESRELATED PARTIESRELATED PARTIES

11118888.1.1.1.1 Transactions with related partiesTransactions with related partiesTransactions with related partiesTransactions with related parties

Breakdown of transactions with related parties for the year 2013, is as follows:

Parent company

Group companies

Joint ventures

Other related parties Total

Services rendered

623 441,079 11,116 448,440 901,258

Services received

(1,410) (2,329,689) (71,583) (5,779) (2,408,461) Interest from debts with companies

(37,846) (714) - - (38,560) Interest from loans to companies

- 9,264 1 - 9,265

Dividends

- 108,447 2,919 - 111,366

Remuneration

- - - (11,431) (11,431)


(38,633)(38,633)(38,633)(38,633) (1,771,613)(1,771,613)(1,771,613)(1,771,613) (57,547)(57,547)(57,547)(57,547) 431431431431,,,,230230230230 (1(1(1(1,,,,436436436436,,,,563)563)563)563)

Breakdown of transactions with related parties for the year 2012, was as follows:

Parent

company Group

companies Associates Joint

ventures Other related

parties Total

Services rendered

655 342,531 -

9,654 451,441 804,281

Services received

(1,337) (2,058,519) -

(71,764) (5,952) (2,137,572)

Interest from debts with companies

(37,926) (1,002) -

- - (38,928)

Interest from loans to companies

127 12,284 -

2 - 12,413

Dividends

- 50,583 -

2,042 - 52,625

Valuation adjustments due to bad debts impairments

- - (311)

-

- (311)

Remuneration

- - -

- (8,922) (8,922)


(38,481)(38,481)(38,481)(38,481) (1,654,123)(1,654,123)(1,654,123)(1,654,123) (311)(311)(311)(311)

(60,066)(60,066)(60,066)(60,066) 436436436436,,,,565656567777 (1(1(1(1,,,,316316316316,4,4,4,411114444))))



62

11118888.2.2.2.2 Balances with related partiesBalances with related partiesBalances with related partiesBalances with related parties

Breakdown of balances with related parties at December 31, 2013, is as follows:

Parent

company Group

companies Joint

ventures Other related

parties Total

Long-term investments

Equity instruments (Note 8.3) - 897,722 1,867 - 899,589

Loans to companies - 419,582 38 - 419,620

Trade debtors

28,497 79,848 7,439 26,530 142,314

Short-term investments

Loans to companies 1,767 5,434 - - 7,201

Interests from loans to companies

- 806 1 - 807

Cash - 14,750 - - 14,750

Dividends - 922 2,033 - 2,955

Long-term debts (745,376) - - - (745,376)

Short-term debts

Debts with companies - (134,977) - - (134,977)

Dividends (231,547) - - - (231,547)

Interests from debts with companies (17,627) (56) - - (17,683)

Cash - (97,868) - - (97,868)

Trade creditors

(98) (462,432) (13,779) (14,067) (490,376)

Total

(964,384)(964,384)(964,384)(964,384) 723,731723,731723,731723,731 (2,401) (2,401) (2,401) (2,401) 12,46312,46312,46312,463 (230,591)(230,591)(230,591)(230,591)



63

Breakdown of balances with related parties at December 31, 2012, was as follows:

Parent company

Group companies

Joint ventures

Other related parties Total

Long-term investments

Equity instruments (Note 8.3)

- 867,277 1,867 - 869,144

Loans to companies

- 427,102 38 - 427,140

Trade debtors

4,855 60,119 5,281 10,727 80,982

Short-term investments

Loans to companies

- 96,014 17 - 96,031

Interests from loans to companies

- 1,020 - - 1,020

Cash

- 8,640 - - 8,640

Dividends

- 236 1,408 - 1,644

Long-term debts

(743,774) - - - (743,774)

Short-term debts

Debts with companies

(343) (145,069) - - (145,412)

Dividends

(145,930) - - - (145,930)

Interests from debts with companies

(17,647) (66) - - (17,713)

Cash

- (195,861) - - (195,861)

Trade creditors

(557) (316,285) (14,216) (23,077) (354,135)

Total

(903,396)(903,396)(903,396)(903,396) 803,127803,127803,127803,127 (5,605)(5,605)(5,605)(5,605) (12,350)(12,350)(12,350)(12,350) (118,224)(118,224)(118,224)(118,224)

11118888.2.1.2.1.2.1.2.1 Balances and transactions with the Balances and transactions with the Balances and transactions with the Balances and transactions with the pppparent arent arent arent companycompanycompanycompany

At December 31, 2012 the Company had signed with Amadeus IT Holding, S.A. a short-term loan amounting to KEUR 343. This loan has been repaid on September 20, 2013. At this date, the principal amounted to KEUR 16,128. At December 31, 2013, the Company has signed with Amadeus IT Holding, S.A. a short-term loan for a principal amounting to KEUR 1,767, registered under the ‘Short-term loans to Group companies and joint ventures’ caption. On July 4, 2011, the Group company Amadeus Capital Markets, S.A. launched an issuance of bonds in the Euro market amounting to KEUR 750,000 under the debt issuance programme Euro Medium Term Note Programme. This company handed over the funds obtained in the issuance, net of the related expenses, to the parent company Amadeus IT Holding, S.A. through an intercompany loan agreement. At the same time the parent company, Amadeus IT Holding, S.A. in turn handed over the Company the principal obtained by the loan signed with Amadeus Capital Markets S.A. through a new intercompany loan. This loan is registered under the ‘Long-term debts with Group companies and joint ventures’ caption.



64

As of December 31, 2013, the balance amounts to KEUR 746,138, which includes the initial principal amounting to KEUR 743,573, and the interests capitalised, amounting to KEUR 2,565. The aforementioned loan has a fixed interest rate of 4.91714%, annually paid. Additionally, it has an implicit fixed interest rate of 0.169741% to be annually capitalised. The maturity date for the loan is on July 15, 2016. Financial expenses for the years 2013 and 2012, derived from aforementioned loan, amounting to KEUR 37,846 and KEUR 37,903, respectively, are registered in the statement of income under the ‘Financial expense for debts from Group companies and joint ventures’ caption. The ‘Short-term debts with Group companies and joint ventures’ caption includes the interim dividend against 2013 profit for the year, approved on October 22, 2013 by Amadeus IT Group, S.A. (Note 11.3).

Breakdown of the ‘Trade debtors – parent company’ and ‘Trade creditors – parent company’ captions, as of December 31, 2013 and 2012, is as follows:

31/12/2013 31/12/2012

Debtors

Parent company, debtor for taxation 28,312 4,247

Parent company, debtor for other concepts 185 608


Creditors

Parent company, creditor for other concepts (98) )

(557)

TotalTotalTotalTotal (98)(98)(98)(98)

(557)(557)(557)(557)

At December 31, 2013 and 2012, the caption ‘Parent company, debtor for tax effect’ includes the estimated credit that the Company has with the parent company of the Tax Consolidation Group, Amadeus IT Holding, S.A., related to the Corporate Income Tax.



65

11118888.2.2.2.2.2.2.2.2 Loans to Group companiesLoans to Group companiesLoans to Group companiesLoans to Group companies

Detail of loans to Group companies at December 31, 2013, is as follows:

Group companies Curr.

Amount (KEUR)

Reference interest Last due date

Amadeus Verwaltungs GmbH EUR 382,325 1.89% 16/11/2015

Amadeus Hellas S.A. EUR 11,900 2.17% 18/11/2015

Amadeus Central and West Africa S.A. EUR 369 2.32% 20/06/2014

Amadeus Rezervasyon Dağıtım Sistemleri A.Ş EUR 2,000 4.06% 14/05/2014

Amadeus Magyaroszag Kft EUR 430 4.00% 19/11/2014

Content Hellas Electronic Tourism Services S.A EUR 280 1.90% 05/11/2016

Gestour s.a.s. EUR 700 2.06% 10/04/2015

Amadeus Italia S.P.A. EUR 19,370 2.24% 01/11/2015

Amadeus Lebanon S.A.R.L EUR 254 4.18% 02/03/2014

Amadeus Argentina S.A., Sucursal Uruguay EUR 167 2.25% 06/05/2015

Amadeus Perú S.A. USD 211 2.84% 02/10/2015

Amadeus Perú S.A. USD 2,646 2.33% 16/02/2015

Amadeus Marketing (Ghana) Ltd. USD 325 4.31% 21/01/2014

Amadeus Integrated Solutions Pty Ltd. USD 805 2.20% 01/03/2014

Amadeus Marketing Phils Inc. USD 1,707 2.91% 01/11/2015

Amadeus GTD Southern Africa Pty Ltd. USD 58 4.57% 20/07/2016

Amadeus Taiwan Company Limited USD 457 2.42% 20/12/2014

Amadeus GTD Ltd. USD 794 2.42% 11/11/2014

Amadeus Korea, Ltd EUR 218 2.33% 06/09/2015

TotalTotalTotalTotal 425,016425,016425,016425,016

Detail of loans to Group companies at December 31, 2012, was as follows:

Group companies Curr.

Amount (KEUR)

Reference interest Last due date

Amadeus Verwaltungs GmbH EUR 471,865 1.99% 16/11/2015

Amadeus Hellas S.A. EUR 10,568 3.82% 18/11/2015

Amadeus Polska Sp. z.o.o. EUR 600 3.89% 05/10/2015

Amadeus Central and West Africa S.A. EUR 455 2.96% 20/06/2014

Amadeus Rezervasyon Dağıtım Sistemleri A.Ş EUR 2,515 5.00% 14/05/2014

Amadeus Magyaroszag Kft EUR 430 4.59% 19/11/2014

Amadeus Lebanon S.A.R.L. EUR 189 4.56% 02/03/2014

Content Hellas Electronic Tourism Services S.A EUR 240 3.59% 05/11/2013

Gestour s.a.s. EUR 500 2.50% 10/04/2015

Amadeus Italia S.P.A. EUR 23,000 2.12% 01/11/2015

Amadeus Marketing Romania S.R.L. EUR 320 2.12% 09/10/2015

Amadeus GDS LLP USD 1,817 3.14% 27/01/2013

Amadeus Argentina, suc. Uruguay USD 52 2.91% 06/05/2015


Amadeus Perú S.A. USD 578 2.89% 16/02/2015


Amadeus Marketing Nigeria Ltd. USD 940 4.45% 26/11/2013

Amadeus Marketing (Ghana) Ltd. USD 491 4.61% 21/01/2014

Amadeus GTD Ltd. USD 565 2.71% 11/11/2014

Amadeus Marketing Phils Inc. USD 1,743 4.41% 01/11/2015

Amadeus GTD Southern Africa Pty Ltd. USD 1,274 4.40% 20/07/2013

Amadeus Taiwan Company Limited USD 857 2.62% 20/12/2014

Amadeus Revenue Integrity Inc. USD 880 2.98% 01/03/2014

Amadeus Korea, Ltd. USD 227 2.62% 06/09/2015

TotalTotalTotalTotal 523523523523,,,,116116116116



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11118888.3.3.3.3 Board of Directors and Top Management remunerationBoard of Directors and Top Management remunerationBoard of Directors and Top Management remunerationBoard of Directors and Top Management remuneration

For the years ended December 31, 2013 and 2012, no remuneration was given to the members of the Board of Directors of the Company. Since January 2006, the activity of the Board of Directors has not been remunerated. No loans, advances or stock options have been granted to the members of the Board of Directors. The detail of the Top Management remuneration for the years 2013 and 2012, is as follows:

Year 2013 Year 2012

Salaries 5,326 5,048

Other remunerations 365 316

Pension plan 630 618

Shared-based payments 5,110 2,940 TotalTotalTotalTotal 11,43111,43111,43111,431 8,9228,9228,9228,922

11118888.4.4.4.4 Directors’ information regarding situations of conflict of interestsDirectors’ information regarding situations of conflict of interestsDirectors’ information regarding situations of conflict of interestsDirectors’ information regarding situations of conflict of interests

In accordance with the article 229, title VI, chapter 3 of the Spanish Capital Companies Act, introduced by RD 1/2010, dated on July 2, with the purpose of reinforcing the transparency of quoted public limited companies, it is reported that during the years 2013 and 2012 neither a member of the Board of Directors nor any other person related to them held any ownership interests in companies engaged in the same activities as or similar or additional to the corporate purpose of the Company. Likewise, in accordance with the aforementioned precept, transactions as performed by the different members of the Board of Directors, and any other person related to them, for their own account or for a third party, in companies engaged in the same or similar or complementary activities to the corporate purpose of the Company, at December 31, 2013, are outlined below:

Name

Type of regime on own account or on behalf of

third party

Name of third party on behalf of through which the transaction is performed

Position or function in the company involved

José Antonio Tazón García Own behalf Expedia, Inc. Board Member



67

11118888.5.5.5.5 Other information related to Other information related to Other information related to Other information related to the the the the Board of Directors and Top ManagementBoard of Directors and Top ManagementBoard of Directors and Top ManagementBoard of Directors and Top Management

At December 31, 2013 and 2012, investment held by the members of the Board of Directors in the share capital of the Company and Amadeus IT Holding, S.A., is as follows:

31/12/2013 31/12/2012

Name Company Shares (1) Shares (2)

Jose Antonio Tazón García Amadeus IT Holding, S.A. 275,000 417,510

(1) They represent 0,061441% of the share capital of Amadeus IT Holding, S.A. Nominal value equals to EUR 0.01. (2) They represented 0.093282% of the share capital of Amadeus IT Holding, S.A. Nominal value equals to EUR 0.01 The shares in the capital of Amadeus IT Holding, S.A. held by the members of the Top Management of the Company at December 31, 2013 and 2012, amounted to KEUR 538,266 and 787,616, respectively.

11118888.6.6.6.6 Financial structure Financial structure Financial structure Financial structure

As mentioned in Note 1, the Company belongs to the Amadeus Group. Companies belonging to the Group, at December 31, 2013 and 2012, are detailed in the appendix attached to these annual accounts.

19.19.19.19. OTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATION

19.119.119.119.1 AuditorsAuditorsAuditorsAuditors’’’’ feesfeesfeesfees

Fees for annual accounts auditing services and other services rendered by the auditor’s firm Deloitte, S.L. and other firms related thereto, for the years 2013 and 2012, are as follows:

Year 2013 Year 2012

Auditing 128 137

Other audit related services 326 334

Total Total Total Total auditing and related servicesauditing and related servicesauditing and related servicesauditing and related services 454454454454 471471471471

Tax advice 51 238 Other services 409 258

Total professional servicesTotal professional servicesTotal professional servicesTotal professional services 460460460460 496496496496

TotalTotalTotalTotal 914914914914 967967967967



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19.219.219.219.2 Information regarding Information regarding Information regarding Information regarding trade trade trade trade accounts payable. Additional Third Clause. ‘Information accounts payable. Additional Third Clause. ‘Information accounts payable. Additional Third Clause. ‘Information accounts payable. Additional Third Clause. ‘Information requirementrequirementrequirementrequirementssss’ ’ ’ ’ according to Law 15/according to Law 15/according to Law 15/according to Law 15/2012012012010000, dated July, 5, dated July, 5, dated July, 5, dated July, 5

During 2013 and 2012, the Company has ordered payments for a total amount of KEUR 2,593,628 and KEUR 2,439,196, respectively, related to trade accounts payable, out of which KEUR 160,832 (6.20%) and KEUR 72,174 (2.96%), respectively, have been out of legal terms. Likewise, at December 31, 2013 and 2012, the outstanding trade accounts payable amounts to KEUR 303,601 and KEUR 292,389, respectively, out of which KEUR 41,616 (13.71%) and KEUR 18,581 (6.35%), respectively, exceed the legal terms.

The average exceeded payment term has been calculated as the quotient between, at the nominator, the sum of the result of all the payments to vendors made within the year with a payment delay superior to the legal payment terms multiplied by the number of days in excess, and, at the denominator, the total amount of the delayed payments executed during the year.

The average exceeded pay term of the Company for the periods 2013 and 2012, is 37 and 54 days, respectively. Information detailed in the previous paragraphs related to accounts payables, refers to those that are by its nature commercial creditors for debts with suppliers of goods and services; they referred to the items included under ‘Trade accounts payable’ caption in the balance sheet.

According to the law 3/2004 of December 29, which establishes the measures about late payments, and according to the transitory disposition established by the law 15/2010, of July 5, the maximum legal paying terms applicable to the Company is 60 days for the year 2013 and 75 days for the year 2012.

19.319.319.319.3 Number of employeesNumber of employeesNumber of employeesNumber of employees

The average number of employees and Board of Directors members of the Company during 2013 and 2012, is 593 and 548, respectively. Distribution by category and gender, is as follows: Year 2013 Year 2012

Female Male Female Male

Board of Directors - 5.5 - 7

Top Management 3 7 3 7

Directors 6 24 5 21.5

Managers 115 135.5 95.5 125.5

Rest of personnel 178 119 173 110.5



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The number of employees and Board of Directors members of the Company at December 31, 2013 and 2012, is 610 and 560, respectively. Distribution by category and gender, is as follows:

31/12/2013 31/12/2012

Female Male Female Male

Board of Directors - 5 - 6

Top Management 3 7 3 7

Directors 6 25 5 21

Managers 125 146 99 126

Rest of personnel 178 115 177 116

19.419.419.419.4 OffOffOffOff––––balance sheet commitmentsbalance sheet commitmentsbalance sheet commitmentsbalance sheet commitments

At December 31, 2013 and 2012, the Company has guarantees issued to cover certain obligations entered into by Group companies and received from third parties, as per the following detail:

31/12/2013 31/12/2012

Office buildings and equipment 7,859 10,163

Guarantees and bank guarantees 21,920 9,159

Commercial contracts bank guarantees 523 444


At December 31, 2013 and 2012, the guarantees undertaken by the Company, in the form of comfort letters, amounts to KEUR 147 and KEUR 88, respectively.

20.20.20.20. ENVIRONMENTAL INFORMATIONENVIRONMENTAL INFORMATIONENVIRONMENTAL INFORMATIONENVIRONMENTAL INFORMATION

Given the activity it develops, the Company has no environmental responsibilities, expenses, assets, contingencies or liabilities of an environmental nature that may have a significant impact on the net equity, financial position or results. Therefore, no specific disclosures relating to environmental issues are included in these notes to the annual accounts.

21.21.21.21. SUBSEQUENT SUBSEQUENT SUBSEQUENT SUBSEQUENT EVENTSEVENTSEVENTSEVENTS

On January 24, 2014, the Company has acquired 100% of the voting rights of UFIS Airport Solutions AS, and its group of companies (‘UFIS’). UFIS is one of the leading suppliers of integrated solutions for single and multi-terminal and multi-airport operations for the global airport industry. The acquisition accelerates the Group’s presence in the airport IT Solutions market, contributing a portfolio of products and customers as well an experienced workforce.



70

The estimated amount to be paid for the UFIS acquisition is set forth in the table below:

Amount

Cash paid 16,319

Contingent consideration 3,033


On February 5, 2014, the Group company, Amadeus Americas, Inc., has acquired 100% of the voting rights of NMTI Holdings, Inc. and its group of companies (‘Newmarket’), through a reverse merger between its indirect subsidiary AMS-NM Acquisition, Inc. and NMTI Holdings, Inc. Being the surviving corporation NMTI Holdings, Inc. Newmarket is based in Portsmouth, New Hampshire, U.S.A., and serves around 22,000 unique properties in 154 countries, operating in the group and event management segment of the hotel industry, where is a leading provider of cloud-based IT Solutions.

The acquisition of Newmarket, is in line with the Group's strategy of diversification into new businesses and significantly strengthens its presence in the hotel IT Solutions market.

The estimated amount to be paid for the Newmarket acquisition is set forth in the table below:

Amount

Cash paid 327,997



The Company has disposed the new Senior Credit Agreement amounting to KUSD 500,000 signed on December 18, 2013, for the acquisition of Newmarket (Note 13).

The amounts provided above for the acquisition of both entities, correspond to the initial accounting, which as of the date of issue of these annual accounts is still provisional.



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APPENDIX APPENDIX APPENDIX APPENDIX The subsidiaries of the Company are:

Name Type of company Country Registered Address Activity

Investment 31/12/2013 (%)

(1) (2)


(1) (2)

Date of acquisition or creation (3)

Group Companies Airconomy Aviation Intelligence GmbH (4) GmbH Germany Frankfurt Airport Center 1, Hugo Eckener

Ring 60549 – Frankfurt am Main. Software development 100% 100% 02.01.12

Amadeus Airport IT GmbH GmbH Germany Südallee 1, Luftpostleitstelle, 85356

München Airport. Software development 100% 100% 11.06.12

Amadeus América S.A. (5) Sociedad Anónima Argentina Av. del Libertador 1068. 4° piso Buenos

Aires C1112ABN. Regional support 100% 100% 28.04.00

Amadeus Americas, Inc. Inc. U.S.A. 3470 NW 82nd Avenue Suite 1000 Miami,

Florida 33122. Regional support 100% 100% 17.04.95

Amadeus Argentina S.A. Sociedad Anónima Argentina Av. del Libertador 1068. 5º piso. Buenos

Aires C1112ABN. Distribution 95.50% 95.50% 06.10.97

Amadeus Asia Limited Limited Thailand 21st, 23rd and 27th Floor, Capital Tower.

87/1 All Season Place. Wireless Road, Lumpini, Pathumwan. 10330 Bangkok.

Regional support 100% 100% 24.11.95

Amadeus Austria Marketing GmbH GmbH Austria Alpenstrasse 108A. A-5020 Salzburg. Distribution 100% 100% 13.02.88

Amadeus Benelux N.V. N.V. Belgium Medialaan, 30. Vilvoorde 1800. Distribution 100% 100% 11.07.89

Amadeus Beteiligungs GmbH (6) GmbH Germany Unterreut 6. 76135 Karlsruhe. Holding of shares 100% 100% 21.06.05

Amadeus Bilgi Teknolojisi Hizmetleri A.Ş Anonim Şirketi Turkey İstanbul Havalımanı Serbest Bölgesi, Plaza

Ofis No: 1401 Kat: 14 34830 Yesilköy, İstanbul.

Software development 100% - 03.04.13

Amadeus Bolivia S.R.L. S.R.L Bolivia Av. 6 de Agosto No. 2455 Edificio Hilda piso

12 of. 1201, La Paz. Distribution 100% 100% 14.03.02

Amadeus Brasil Ltda. Limited Brazil Rua das Olimpiadas 205 – 5 andar, Sao

Paulo 04551-000. Distribution 76% 76% 30.06.99



72



(1) (2)


(1) (2)


Amadeus Bulgaria EOOD Limited Bulgaria 1, Bulgaria Square, 16th Floor. Triaditza Region. 1463 Sofia.

Distribution 55.01% 55.01% 17.11.98

Amadeus Central and West Africa S.A. S.A. Ivory Coast 7, Avenue Nogues 08 BPV 228 Abidjan 01. Distribution 100% 100% 03.10.01

Amadeus Customer Center Americas S.A. Sociedad Anónima Costa Rica Oficentro La Virgen II. Torre Prisma, Piso 5,

Pavas, San José. Regional support 100% 100% 29.06.09

Amadeus Czech Republic and Slovakia s.r.o. s.r.o. Czech Rep Meteor Centre Office Park Sokolovská 100 /

94 Praha 8 – Karlin, 186 00 Czech Republic. Distribution 100% 100% 19.09.97

Amadeus Data Processing GmbH (6) GmbH Germany Berghamer Strasse 6. D-85435. Erding.

Munich. Data processing 100% 100% 15.04.88

Amadeus Denmark A/S (7) A/S Denmark Oldenburg Allé 3,1.tv.DK-2630 Taastrup. Distribution 100% 100% 31.08.02

Amadeus Eesti AS AS Estonia Tuukri 19. 10152 Tallinn. Distribution 65% 5% 27.12.13 Amadeus France SNC (8) SNC France Le Seine Saint Germain Bâtiment C, 2-8

Ave. Du Bas-Meudon. F-92445 Issy-Les-Moulineaux, Cedex.

Distribution - 99% 27.04.98

Amadeus France, S.A. (8) S.A. France Le Seine Saint Germain Bâtiment C, 2-8

Ave. Du Bas-Meudon. F-92445 Issy-Les-Moulineaux Cedex.

Distribution 99% 99% 27.04.98

Amadeus GDS LLP LLP Kazakhstan Emre Bitik, 48 Auezov Str,m 4° planta,

050008, Almaty. Distribution 100% 100% 08.01.02

Amadeus GDS (Malaysia) Sdn. Bhd. Sdn. Bhd. Malaysia Suite 1005, 10th Floor. Wisma Hamzah-

kwong Hing. nº 1 Leboh Ampang. Kuala Lumpur 50100.

Distribution 100% 100% 02.10.98

Amadeus GDS Singapore Pte. Ltd. Pte. Ltd. Singapore 600 North Bridge Road 15-06. Parkview

Square. Singapore 188778. Distribution 100% 100% 25.02.98

Amadeus Germany GmbH GmbH Germany Marienbader Platz 1. 61348 Bad Homburg. Distribution 100% 100% 07.08.99

AMADEUSGLOBAL Ecuador S.A. Sociedad Anónima Ecuador República del Salvador N35- 126 y

Portugal, Edificio Zanté; piso 2 oficina 206, Sector Estadio Olímpico Atahualpa, Quito.

Distribution 100% 100% 12.01.96



73



(1) (2)


(1) (2)


Amadeus Global Travel Israel Ltd. Limited Israel 14 Ben Yehuda St. 61264 Tel Aviv. Distribution 100% 100% 23.03.00

Amadeus GTD Ltd. Limited Kenya P.O. Box 6680-00100,14,Riverside off

Riverside Drive, Grosvenor suite 4A, 4th Floor, Nairobi.

Distribution 100% 100% 03.07.03

Amadeus GTD (Malta) Limited Limited Malta Birkirkara Road. San Gwann. SGN 08. Distribution 100% 100% 17.02.04

Amadeus GTD Southern Africa Pty Ltd. Pty Ltd. South Africa Turnberry Office Park. 48 Grosvenor Road,

Bryanston. 2021 Johannesburg. Distribution 100% 100% 01.01.03

Amadeus Hellas, S.A. S.A. Greece Sygrou Ave. 157. 17121 N. Smyrni -

Athens. Distribution 100% 100% 02.02.93

Amadeus Honduras, S.A. (9) Sociedad Anónima Honduras Edificio El Ahorro Hondureño. Cía. de

Seguros, S.A. 4to Nivel - Local B. Av. Circunvalación. San Pedro Sula.

Distribution 100% 100% 17.03.98

Amadeus Hong Kong Limited Limited Hong Kong 3/F, Henley Building nº 5, Queen's Road.

Central Hong Kong. Distribution 100% 100% 21.08.03

Amadeus Information Technology LLC Limited Liability Russia М. Golovin line 5, 2nd floor 107045,

Moscow. Distribution 100% 100% 28.03.08

Amadeus Integrated Solutions Pty Ltd. Limited South Africa Turnberry Office Park, 48 Grosvenor Road,

Bryanston, Johannesburg. Distribution 100% 100% 30.08.11

Amadeus IT Group Colombia S.A.S Limitada Colombia Carrera 11 No. 84 - 09 6° piso Edificio

Torre Amadeus, Bogotá. Distribution 100% 100% 25.07.02

Amadeus IT Pacific Pty. Ltd. Pty. Limited Australia Locked Bag A5085, Sydney South, NSW

1235. Distribution 100% 100% 18.11.97

Amadeus Italia S.P.A. Societá per Azioni Italy Via Morimondo, 26. 20143 Milano. Distribution 100% 100% 18.12.92

Amadeus Japan K.K. K.K. Japan SPP Ginza Building 5F, 2-4-9 Ginza, Chuo-

Ku, Tokio 104-0061. Distribution 100% 100% 01.01.05

Amadeus Korea, Ltd Limited Korea Kyobo Securities Building-Youldo 10F,

Bldg. 26-4 Youido-dong, Yongdungpo-gu, Seoul 150-737.

Software development and software definition

100% 100% 14.11.11



74



(1) (2)


(1) (2)


Amadeus Kuwait Company W.L.L. (10) W.L.L. Kuwait Al Abrar Commercial Centre, 10th floor, Plot 1-2 Salhiya Area. Fahad Al Salem Street.

Distribution - 100% 06.08.03

Amadeus Lebanon S.A.R.L. S.A.R.L. Lebanon Gefinor Centre P.O. Box 113-5693 Beirut. Distribution 100% 100% 07.05.09

Amadeus Magyaroszag Kft Korlatolf Felelossegu

Tarsasag Hungary 1075 Budapest. Madách Imre út 13-14.

Budapest. Distribution 100% 100% 13.10.93

Amadeus Marketing (Ghana) Ltd. Limited Ghana 12 Quarcoo Lane, West Airport Residential

Area. Accra. Distribution 100% 100% 14.11.00

Amadeus Marketing Ireland Ltd. Limited Ireland 10 Coke Lane, Dublin 7. Distribution 100% 100% 20.06.01

Amadeus Marketing Nigeria Ltd. Limited Nigeria 26, Ladipo Bateye Street, G.R.A., Ikeja,

Lagos. Distribution 100% 100% 18.05.01

Amadeus Marketing Phils Inc. Inc. Philippines 36th Floor, LKG Tower Ayala Avenue,

Makati City. Distribution 100% 100% 09.06.97

Amadeus Marketing Romania S.R.L. S.R.L. Romania 246C Calea Floreasca, Sky Tower Building,

19th floor 014476, Bucharest. Distribution 100% 100% 22.01.03

Amadeus Marketing (Schweiz) A.G. A.G. Switzerland Pfingstweidstrasse 60. Zurich CH 8005. Distribution 100% 100% 14.06.94

Amadeus Marketing (UK) Ltd. Limited U.K. 3rd Floor First Point, Buckingham Gate,

Gatwick, West Sussex RH6 0NT. Distribution 100% 100% 13.07.88

Amadeus México, S.A. de C.V. (9) Sociedad Anónima Mexico Pº de la Reforma nº 265, Piso 11. Col.

Cuauhtemoc 06500 México D.F. Distribution 100% 100% 13.02.95

Amadeus North America Inc. (9) Inc. U.S.A. 3470 NW 82nd Avenue Suite 1000 Miami,

Florida 33122. Distribution 100% 100% 28.04.95

Amadeus Norway AS (7) AS Norway Post boks 6645, St Olavs Plass, NO-0129

Oslo. Distribution 100% 100% 31.08.02

Amadeus Paraguay S.R.L. S.R.L. Paraguay Luis Alberto de Herrera 195 esquina

Fulgencio Yegros, Edificio Inter Express - Piso 2, Oficina 202, Asunción.

Distribution 100% 100% 13.03.95



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(1) (2)


Amadeus Perú S.A. Sociedad Anónima Peru Víctor Andrés Belaunde, 147. Edificio Real 5, Oficina 902. San Isidro, Lima.

Distribution 100% 100% 12.10.95

Amadeus Polska Sp. z o.o. Sp. z o.o. Poland ul. Domaniewska 49, Warsaw 26-672. Distribution 100% 100% 17.12.92 Amadeus Revenue Integrity Inc. (9) Inc. U.S.A. 3530 E. Campo Abierto, Suite 200, Tucson,

AZ – 85718. Information technology 100% 100% 07.11.03

Amadeus Rezervasyon Dağıtım Sistemleri A.Ş Anonim Şirketi Turkey Muallim Naci Caddesi 81 Kat 4. Ortaköy

80840 İstanbul. Distribution 100% 100% 11.05.94

Amadeus s.a.s. Société par Actions

Simplifiée France Les Bouillides, 485 Route du Pin Montard.

Boite Postale 69. F-06902 Sophia Antipolis Cedex.


100% 100% 02.05.88

Amadeus Scandinavia AB Limited Sweden Gävlegatan 22. P.O. Box 6602. SE 113 84,

Stockholm. Distribution 100% 100% 31.08.02

Amadeus Services Ltd. Limited U.K. World Business Centre 3. 1208 Newall

Road. Heathrow Airport. Hounslow TW6 2RB Middlesex.

Software development 100% 100% 20.07.00

Amadeus Software Labs India Private Limited (11)

Limited

India

6th Floor, Etamin Block, Prestige Technology Park-II, Marathahalli-Srajapur Outer Ring Road, 560103 Bangalore.


100% 100% 21.02.12

Amadeus Soluciones Tecnológicas, S.A. Sociedad Unipersonal

Sociedad Anónima Spain Edificio Iris, Ribera del Loira 4-6 28042, Madrid.

Distribution 100% 100% 23.09.98

Amadeus Sweden AB (7) AB Sweden Gävlegatan 22. P.O. Box 6602. SE 113 84,

Stockholm. Distribution 78.25%

78.25%

31.08.02

Amadeus Taiwan Company Limited Limited Taiwan 12F, No. 77 Sec.3, Nan-Jing E. Rd. Taipei

City. Distribution 100% 100% 10.07.08

Amadeus Verwaltungs GmbH GmbH Germany Unterreut 6. 76135 Karlsruhe. Holding of shares 100% 100% 21.06.05

AMS-NM Acquisition, Inc (9) Inc U.S.A. Corporation Trust Center, 1209 Orange

Street, Wilmington, New Castle County, Delaware, 19801.

Holding of shares 100% - 06.12.13

Content Hellas Electronic Tourism Services S.A. Limited Liability

Company Greece 157, Syngrou Av., 3rd floor, N. Smyrni,

17121 Athens. Distribution 100% 100% 14.09.09



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(1) (2)


CRS Amadeus America S.A. (12) Sociedad Anónima Uruguay Av. 18 de Julio 841. Montevideo 11100. Regional support 100% 100% 22.07.93 Enterprise Amadeus Ukraine Limited Liability

Company Ukraine 45a, Nyzhnoyurkivska Str, Kyiv, 04080. Distribution 100% 100% 22.10.04

Gestour s.a.s.

Société par Actions Simplifiée

France 16, Avenue de l’Europe, 67300 Schiltigheim.

Software Development 100% 100% 01.06.10

LSA, Sarl (13) Société á

Responsabilié Limiteé

France 16, Avenue de l’Europe, 67300 Schiltigheim.

Software Development - 100% 01.06.10

NMC Eastern European CRS B.V. B.V. The Netherlands Schouwburgplein 30-34. 3012 CL

Rotterdam. Distribution 100% 100% 30.06.98

Pixell online marketing GmbH (14) GmbH Germany Mozartstr. 4bD-53115 Bonn. Distribution and

Software Development 100% 100% 09.03.10

SIA Amadeus Latvija SIA Latvia 8 Audeju Street, LV-1050 Riga. Distribution 100% 100% 31.08.02

Sistemas de Distribución Amadeus Chile, S.A. Sociedad Anónima Chile Marchant Pereira No 221, piso 11. Comuna

de Providencia, Santiago de Chile. Distribution 100% 100% 06.05.08

Sistemas de Reservaciones CRS de Venezuela, C.A.

C.A. Venezuela Av. Francisco de Miranda, Edif. Parque Cristal, Torre Este, Piso 3, Ofic 3 - 7A, Urb. Los Palos Grandes, Cod. Postal 1060, Caracas.

Distribution 100% 100% 14.11.95

Travel Audience, GmbH (14) GmbH Germany Carlo-Schmid-Straße 12 52146 Würselen/

Aachen. E-Commerce 100% 47.25% 23.11.11

Traveltainment GmbH GmbH Germany Carlo-Schmid-Straße 12 52146 Würselen/

Aachen. Software development 100% 100% 27.09.06

Traveltainment Polska Sp. z o.o. (10) (14) Sp. z o.o. Poland Ul. Ostrobramska 101. 04 –041. Warszawa. Software development - 100% 27.09.06

Traveltainment UK Ltd. (14) Limited U.K. Unit 102 Culley Court, Orton Southgate,

Peterborough, PE2 6WA. Software development 100% 100% 27.09.06

Tshire Travel Solutions and Services (PTY) Ltd. (15)

Pty Ltd. South Africa Turnberry Office Park. 48 Grosvenor Road, Bryanston. 2021 Johannesburg.

Distribution - - 01.07.11

UAB Amadeus Lietuva UAB Lithuania Olimpieciu 1A-9B, LT-09200, Vilnius. Distribution 100% 100% 31.08.02



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(1) (2)


(1) (2)


Joint ventures and Associates

Amadeus Algerie S.A.R.L. S.A.R.L. Algeria 06, Rue Ahcéne Outaleb « les

Mimosas »Ben Aknoun. Distribution 40% 40% 27.08.02

Amadeus Egypt Computerized Reservation Services S.A.E. (16)

S.A.E. Egypt Units 81/82/83 Tower A2 at Citystars. Cairo. Distribution 100% 100% 28.03.05

Amadeus Gulf L.L.C. Limited Liability

Company United Arab Emirates

7th Floor, Al Kazna Insurance Building, Banyas Street. P.O. Box 46969. Abu Dhabi.


Amadeus Libya Technical Services JV Limited Liability

Company Libya Abu Kmayshah st.Alnofleen Area. Tripoli. Distribution 25% 25% 08.10.09

Amadeus Maroc S.A.S. S.A.S. Morocco Route du Complexe Administratif. Aéroport

Casa Anfa. BP 8929, Hay Oulfa. Casablanca 20202.


Amadeus Qatar W.L.L. W.L.L. Qatar Al Darwish Engineering W.W.L. Building nº

94 "D" Ring road 250. Hassan Bin Thabit – Street 960. Doha.


Amadeus Saudi Arabia Limited (16) (17) Limited Saudi Arabia Nº 301, Third Floor. Saudi Business Center.

Medina Road, Sharafia Quarter. Jeddah. Distribution 100% 100% 06.05.04

Amadeus Sudani co. Ltd. Limited Sudan Street 3, House 7, Amarat. Khartoum

11106. Distribution 40% 40% 21.09.02

Amadeus Syria Limited Liability (16) Limited Syria Shakeeb Arslan Street Diab Building,

Ground Floor. Abu Roumaneh, Damascus. Distribution 100% 100% 04.12.08

Amadeus Tunisie S.A. Société Anonyme Tunisia 41 bis. Avenue Louis Braille. 1002 Tunis –

Le Belvedere. Distribution 30% 30% 06.09.99

Amadeus Yemen Limited (16) Limited Yemen 3rd Floor, Eastern Tower, Sana’a Trade

Center, Algeria Street, PO Box 15585, Sana’a.

Distribution 100% 100% 31.10.08

Jordanian National Touristic Marketing Private Shareholding Company

Limited Jordan Second Floor, nº 2155, Abdul Hameed Shraf Street Shmaisani. Amman.


Moneydirect Americas Inc. (12) (18) Inc. U.S.A. 2711 Centerville Road, Suite 400,

Wilmington, 19808 Delaware. Software development 50% 50% 14.02.08



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(1) (2)


Moneydirect Limited (12) Limited Liability Company

Ireland First Floor, Fitzwilton House, Wilton Place, Dublin.

Electronic payment services

50% 50% 20.12.07

Moneydirect Limited NZ (12) (18) Limited New Zealand Level 9, 63 Albert Street. Auckland. Software development 50% 50% 03.12.97 Moneydirect Pty. Ltd. (12) (18) Limited Australia Level 12, 300 Elizabeth Street Locked Bag

A5085. Sydney South NSW 1235. Software development 50% 50% 03.12.97

Qivive GmbH (4) (12) GmbH Germany c/o Rechtsanwälte Amend Minnholzweg 2b.

61476 Kronberg im Taunus. Information technology 33.33% 33.33% 26.02.03



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(1) In certain cases, companies are considered to be wholly-owned subsidiaries, even though local statutory obligations require them to have more than one shareholder or a specific percentage

of the capital stock owned by citizens and/or legal entities of the country concerned. These shareholders are not entitled to any economic right.

(2) Unless otherwise stated, all share percentages are direct.

(3) In the case of various investments or capital increases, the date of acquisition or creation refers to the first one.

(4) The share percentage in these companies is held through Amadeus Germany GmbH.

(5) The share percentage in this company is 95% direct and 5% indirect, through Amadeus Soluciones Tecnológicas, S.A. Sociedad Unipersonal.

(6) The share percentage in these companies is held through Amadeus Verwaltungs GmbH.

(7) The share percentage in these companies is held through Amadeus Scandinavia AB.

(8) On June 27, 2013, the companies Amadeus France Services, S.A. and Amadeus France SNC merged, resulting in the formation of the entity Amadeus France, S.A. The share percentage in

this company is 99%.

(9) The share percentage in these companies is held through Amadeus Americas, Inc.

(10) These companies have been liquidated during 2013.

(11) The share percentage in this company is indirect, through Amadeus s.a.s (99.99%) and Amadeus Asia Limited (0.01%).

(12) These companies are in the process of being liquidated.

(13) The share percentage in this company was held through Gestour s.a.s. They merged during 2013.

(14) The share percentage in these companies is held through Traveltainment GmbH.

(15) The control of this company is held through Amadeus Integrated Solutions Pty Ltd.

(16) These companies are considered Joint ventures, as the Group does not have control over them.

(17) The share percentage in this company is 95% direct and 5% indirect, through NMC Eastern European CRS, B.V.

(18) The share percentage in these companies is held through Moneydirect Limited.

Amadeus IT Group, S.A.Amadeus IT Group, S.A.Amadeus IT Group, S.A.Amadeus IT Group, S.A. Directors’ Report for the year ended December 31, 2013

81

DIRECTORS’ REPORT OFDIRECTORS’ REPORT OFDIRECTORS’ REPORT OFDIRECTORS’ REPORT OF AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A.AMADEUS IT GROUP, S.A. 1.1.1.1. INTRODUCTIONINTRODUCTIONINTRODUCTIONINTRODUCTION

The management team continued its focus on strengthening the value proposition for our clients, on one side, securing the most comprehensive content for our travel agency subscribers and on the other, widening our global reach via market share gains and evolving our product portfolio and functionalities, both in the Distribution and the IT Solutions businesses. We continue to invest in order to maintain our technology leadership position and our competitive edge, and aim to strengthen our leadership position in all of our businesses whilst expanding our reach, particularly in our new initiatives in the IT Solutions businesses. The following are some selected business highlights for 2013: Distribution Distribution Distribution Distribution AirlinesAirlinesAirlinesAirlines • During 2013, Amadeus signed content agreements with a number of airlines including Air Air Air Air

FranceFranceFranceFrance----KLM, Air India, Alaska Airlines, American Airlines, China Airlines, EVA Airways, KLM, Air India, Alaska Airlines, American Airlines, China Airlines, EVA Airways, KLM, Air India, Alaska Airlines, American Airlines, China Airlines, EVA Airways, KLM, Air India, Alaska Airlines, American Airlines, China Airlines, EVA Airways, IAG, Thai Airways IAG, Thai Airways IAG, Thai Airways IAG, Thai Airways and Turkish AirlinesTurkish AirlinesTurkish AirlinesTurkish Airlines. These agreements guarantee access to a comprehensive range of fares, schedules and availability for Amadeus travel agents. Today, over 80% of Amadeus bookings worldwide are made on airlines with which we have a content agreement.

• During the fourth quarter, Amadeus implemented its Amadeus Airline Ancillary Services

solution for LufthansaLufthansaLufthansaLufthansa and Austrian AirlinesAustrian AirlinesAustrian AirlinesAustrian Airlines. This will allow the carriers to sell advanced seat reservation in Economy Class through the travel agency channel for travellers flying on domestic and European routes, as well as sell seats offering extra leg room both on continental and intercontinental routes. This will enable both carriers to distribute their ancillary services in the indirect channel before doing so in their direct channels. With these additions, a total of 23 airlines distribute their ancillary services through the Amadeus travel agency channel using the solution across 62 countries.

• EasyJetEasyJetEasyJetEasyJet, the UK’s largest airline per passengers carried, was the first carrier to become a

light ticketing1 airline in the Amadeus system, a solution that improves the way in which travel agents access, book and provide service when selling low-cost carriers flights. This development is expected to increase low cost carrier bookings with the new pricing, ticketing and booking functionality offering the same look and feel as for traditional or flag carriers.

• Low-cost carriers continued to be an area of growth for Amadeus in 2013 with an

increase in travel agency bookings of 21% during the year.

1 ‘Light ticketing’ is an evolution of the ticketless access level offered to low-cost & hybrid carriers to help standardise the travel agency work flow (availability/pricing/booking/end of transaction/reporting) via the introduction of a virtual ticket number.

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Rail and othersRail and othersRail and othersRail and others • ThalysThalysThalysThalys, the international high-speed rail operator connecting Paris and Brussels with

Germany and the Netherlands, selected Amadeus to expand distribution through the travel agency channel. Starting in Germany, its content will be available alongside airlines on selected routes in the Amadeus neutral booking display for travel agents and corporate bookers. Users of Amadeus Selling Platform, Amadeus’ point of sale for travel agents, and Amadeus e-Travel Management, the company self-booking tool for corporate users, will have access to the full range of ThalysThalysThalysThalys’ fares, including corporate negotiated fares, schedules and availability to effectively compare high speed rail services with flights on specific routes.

• CabforceCabforceCabforceCabforce, the online booking engine behind the world's leading network of flat-rate

prebooked cabs, partnered with Amadeus to make pre-booked airport transfer and taxi bookings available to travel agencies, TMCs and corporations using the Amadeus e-Travel Management and Amadeus Selling Platform Connect. The joint solution will offer the potential to bring taxis to millions of travel itineraries.

Travel AgenciesTravel AgenciesTravel AgenciesTravel Agencies • Asia-Pacific remained a key growth area for Amadeus. Travel Expert LimitedTravel Expert LimitedTravel Expert LimitedTravel Expert Limited, Hong

Kong’s leading and most extensive retail travel network, successfully implemented the Amadeus suite of solutions across more than 60 retail sites in Hong Kong – making it the largest ever implementation for a global distribution system in Hong Kong. Additionally, a full content partnership with Travel Boutique Online IndiaTravel Boutique Online IndiaTravel Boutique Online IndiaTravel Boutique Online India, Asia’s leading B2B travel aggregator, was announced which will give travel agencies unparalleled search, shopping and booking capabilities on a range of hotel content.

• In July, Amadeus launched Amadeus e-Power in the UK. This fully integrated booking

engine is designed to help travel professionals accommodate the demands of internet-savvy consumers who want to research travel 24/7, yet who continue to value the personal service and specialist knowledge of small, medium-sized and niche travel sellers. Amadeus e-Power is built on Amadeus Master Pricer technology, which is used by many of the biggest names in online travel.

IT SolutionsIT SolutionsIT SolutionsIT Solutions Airline ITAirline ITAirline ITAirline IT • 13 new customers signed IT Services agreements for the Altéa Reservation and

Inventory modules, among them Condor, Luxair, SeaPort Airlines Condor, Luxair, SeaPort Airlines Condor, Luxair, SeaPort Airlines Condor, Luxair, SeaPort Airlines and SriLankanSriLankanSriLankanSriLankan, with the latest three also signing for the Departure Control System module.

• A landmark deal with ScScScScandinavian Airlines (SAS)andinavian Airlines (SAS)andinavian Airlines (SAS)andinavian Airlines (SAS), the region’s leading airline and the flag carrier of Denmark, Norway and Sweden, created a long-term, strategic partnership that will see SASSASSASSAS migrate to Amadeus Altéa Revenue Management Solution. French airline Aigle AzurAigle AzurAigle AzurAigle Azur also signed for the Revenue Management module.

• Saudi Arabian Airlines (Saudia)Saudi Arabian Airlines (Saudia)Saudi Arabian Airlines (Saudia)Saudi Arabian Airlines (Saudia) was the first airline worldwide to deploy the Amadeus

Passenger Revenue Accounting solution. The solution will enable the airline to increase productivity, reduce costs and accelerate revenue identification through access to real-time and complete revenue information.

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• A significant number of contracted airlines migrated onto the Altéa Departure Control System, including Aigle Azur, Air Astana, Air Corsica, Air Greenland, BulgAigle Azur, Air Astana, Air Corsica, Air Greenland, BulgAigle Azur, Air Astana, Air Corsica, Air Greenland, BulgAigle Azur, Air Astana, Air Corsica, Air Greenland, Bulgaria Air,aria Air,aria Air,aria Air, Scandinavian Airlines (SAS)Scandinavian Airlines (SAS)Scandinavian Airlines (SAS)Scandinavian Airlines (SAS) and Ural AirlinesUral AirlinesUral AirlinesUral Airlines. Air EuropaAir EuropaAir EuropaAir Europa contracted for Altéa Departure Control System, plus Self Service Check-in.

• Amadeus continued its effort to upsell and renew contracts for the e-commerce and standalone IT solutions portfolio. CorsairCorsairCorsairCorsair signed for Amadeus Mobile Solutions, which enable travellers to book flights through mobile devices. Air CaraibesAir CaraibesAir CaraibesAir Caraibes signed a contract for Amadeus Revenue Integrity solution, which helps airlines optimise revenues and minimise revenue leakage from shopping to post-travel. Croatia Airlines, Kenya Airways, Croatia Airlines, Kenya Airways, Croatia Airlines, Kenya Airways, Croatia Airlines, Kenya Airways, Libyan AirlinesLibyan AirlinesLibyan AirlinesLibyan Airlines and Qatar AirwaysQatar AirwaysQatar AirwaysQatar Airways signed up for Amadeus Ticket Changer Suite that simplifies the airline re-issuing process. Brazilian airline TAMTAMTAMTAM signed for Amadeus Altéa Automated Check-in. AdriAdriAdriAdria Airways, Norwegian Air Shuttlea Airways, Norwegian Air Shuttlea Airways, Norwegian Air Shuttlea Airways, Norwegian Air Shuttle and SATA GroupSATA GroupSATA GroupSATA Group signed for the electronic messaging standard Electronic Miscellaneous Document (EMD). Air Air Air Air FranceFranceFranceFrance----KLM, Garuda IndonesiaKLM, Garuda IndonesiaKLM, Garuda IndonesiaKLM, Garuda Indonesia and SeaPortSeaPortSeaPortSeaPort contracted the e-Commerce solution.

• Amadeus entered the airline customer loyalty arena with the acquisition of Hitit LoyaltyHitit LoyaltyHitit LoyaltyHitit Loyalty, acquiring the CRM and loyalty solutions division of Turkey-based Hitit Computer Services. Hitit Loyalty is the market leader in the airline loyalty space, in terms of customers.

• As of the close of the year, a total number of 125 airlines were contracted for both Altéa Reservation and Altéa Inventory, 104 of which were contracted to use the full Altéa Suite. Based upon these contracts, Amadeus estimates that by 2015 the number of Passengers Boarded will be around 800 million, which would represent an increase of almost 30% vs. the 616 million passengers processed on the Altéa platform during 2013 – or a compound annual growth rate (CAGR) of around 14%.

Airport ITAirport ITAirport ITAirport IT

• Amadeus continued its expansion into the airport IT business with the acquisition of UFIS UFIS UFIS UFIS Airport Solutions (“UFIS”)Airport Solutions (“UFIS”)Airport Solutions (“UFIS”)Airport Solutions (“UFIS”), a small-size leading airport IT player, in February 2014. UFIS adds a complementary suite of airport solutions with a perfect fit on Amadeus’ airport strategy. It also brings key customer relationships with over 30 airports worldwide, and 25 years of unique airport IT software development expertise. The majority of UFIS’ employees are based in Singapore. The acquisition was fully financed with cash.

• In June, the launch of a new suite of solutions for airport operations was announced, leading to the signature of two agreements with Munich Airport and Copenhagen Airport. Through these agreements, Amadeus will jointly work with the airports to develop and implement two new IT solutions: Amadeus Airport Sequence Manager and Amadeus Airport Fixed Resource Optimiser.

• The number of ground handlers signing up for Altéa DCS Ground Handler continued increasing, including the agreements with Aerogate MunichAerogate MunichAerogate MunichAerogate Munich, a European ground handler providing services to airlines such as AirBerlin and Iberia at Munich Airport; BAGS BAGS BAGS BAGS Ground ServiceGround ServiceGround ServiceGround Service in Asia; Bahrain Airport SystemsBahrain Airport SystemsBahrain Airport SystemsBahrain Airport Systems; Celebi AustriaCelebi AustriaCelebi AustriaCelebi Austria, which services airlines operations in Vienna airport serving important carriers such as British Airways, Air British Airways, Air British Airways, Air British Airways, Air France/KLMFrance/KLMFrance/KLMFrance/KLM and Turkish AirlinesTurkish AirlinesTurkish AirlinesTurkish Airlines; Goldair HandlingGoldair HandlingGoldair HandlingGoldair Handling, who will deliver the system to 28 airports across Greece and Bulgaria, and MenziesMenziesMenziesMenzies, a UK-based company and one of the largest ground handlers in the world. Currently, 55 ground handlers across the world, including the top six worldwide, have signed for Amadeus Altéa Ground Handler.

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• Amadeus also signed an important agreement with dnatadnatadnatadnata, one of the world’s largest combined air services providers, to implement Amadeus Altéa Departure Control’s Flight Management solution in their centralised load control offices in Dubai. The airport ground handler, part of the Emirates Group, is now present in 75 airports in 38 countries. The deal spans all Emirates and flydubai domestic and international flights and over 100 other dnata customer airlines using the system.

• An agreement was signed with Map HandlingMap HandlingMap HandlingMap Handling of the AMC Group to pilot Amadeus Airport Contract and Billing, a new end-to-end solution to manage and control all the administrative processes related to ground handling contracts. This solution ensures ground handlers achieve improved tracking, reporting and billing of all services delivered to airlines.

• Additionally, an agreement was reached with IcelandairIcelandairIcelandairIcelandair to develop a Amadeus Baggage Reconciliation System (BRS). This new solution will offer the carrier real-time, automated loading, tracking and management of baggage. As launch partner, Icelandair will deploy this solution as of mid-2014 on all its worldwide flights handled from its hub at Keflavik International Airport. The new solution, which is fully integrated into the Amadeus Airport IT portfolio and the Altéa Departure Control System will simplify existing baggage processes, improving overall accuracy and speed and ensuring faster turn-around and departure times for all handled flights. Amadeus Airport BRS would greatly reduce the dependency of teletype messages to manage baggage processes, thus providing substantial cost savings.

RailRailRailRail

• All Ways TravellingAll Ways TravellingAll Ways TravellingAll Ways Travelling, an Amadeus-led consortium, was appointed by the European

Commission (Mobility and Transport Directorate) to develop and validate a model for a multimodal pan-European passenger transport information and booking system for railways. The appointment of the consortium forms one of the initiatives adopted by the European Commission (EC) within its Roadmap to a Single European Transport Area. The roadmap aims to build a more efficient, sustainable transport system to increase mobility across Europe, drive growth and associated employment within the transport sector, and reduce carbon emissions. The consortium is comprised of BeNe Rail, IATA, BeNe Rail, IATA, BeNe Rail, IATA, BeNe Rail, IATA, Thales, UNIFEThales, UNIFEThales, UNIFEThales, UNIFE and Zeppelin UniversityZeppelin UniversityZeppelin UniversityZeppelin University. The long-term objective of the EC is to ease travel across Europe using various modes of transport to create a seamless door-to-door travel experience.

HotelHotelHotelHotel

• In the first quarter of 2014, Amadeus accelerated its move into the Hotel IT business with

the announcement of the acquisition of US based Newmarket InternationalNewmarket InternationalNewmarket InternationalNewmarket International (“Newmarket”) for USD 500 million. The addition of Newmarket will bring a strong management team and talented workforce to Amadeus that will significantly strengthen the Group’s expertise and experience in the hotel IT industry, a key target sector for future growth. It also adds established relationships with key customers in the hotel segment and a complementary product set.

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• NewmarketNewmarketNewmarketNewmarket, which serves around 22,000 unique properties in 154 countries, operates in the group and event management segment of the hotel industry, which is estimated to account for 30-40% of a full-service hotel’s revenues. The newly acquired company will be operated as a stand-alone business within Amadeus’ Global Hotel Group which will integrate many aspects of Amadeus’ robust products and services over time. The combination of Amadeus and Newmarket is expected to result in revenue synergy opportunities in both Hotel IT and Distribution. Newmarket generated revenues of $109 million and an EBITDA of $35 million in 2013. The transaction was fully financed by a new bank credit facility. Newmarket will consolidate into Amadeus’ books in the first quarter of 2014, following the approval of the acquisition by the US Federal Trade Commission in January 2014.

• On the hotel distribution side, Amadeus continues to grow its hotels marketplace by

integrating content from leading providers to attract even more travel agency customers especially from the leisure and online space. Over the quarter Amadeus has increased its hotel inventory to 650,000 hotel options comprising some 230,000 unique properties. Leading hotel online portal, HRSHRSHRSHRS who provides wide Hotel content into the Amadeus distribution platform, implemented Amadeus Hotel Web Services whereby they source content and rates for over 30,000 hotel properties via Amadeus for their web site which is used by millions of travellers globally.

PaymentsPaymentsPaymentsPayments • Together with AirPlus InternationalAirPlus InternationalAirPlus InternationalAirPlus International, a leading global provider of payment and billing

solutions for business travel, Amadeus announced a joint initiative to offer travel agencies the Amadeus AirPlus Travel Agency Card. This is a new virtual payment solution that simplifies payment to travel suppliers, such as rail, hotel and non-BSP carriers, and improves cash flow. Conceived as a global solution, it will gradually be deployed across different countries and regions.

Travel IntelligenceTravel IntelligenceTravel IntelligenceTravel Intelligence • Philippine AirlinesPhilippine AirlinesPhilippine AirlinesPhilippine Airlines implemented, among other solutions from the Amadeus Travel

Intelligence portfolio, a new data analysis tool to aid in its recent major expansion and service innovation programs.

Additional news from the yearAdditional news from the yearAdditional news from the yearAdditional news from the year

• During the second quarter, Moody’s Investors Service, the provider of credit ratings for

investors, gave an upgrade to Amadeus. Moody’s raised to ‘Baa2’ (up from ‘Baa3’) our long-term issuer and senior unsecured ratings, whilst maintaining a stable outlook for Amadeus. This encouraging news closely followed Standard & Poor’s, another credit ratings agency, also upgrading its Amadeus rating to ‘BBB’ (up from ‘BBB-‘).

• In November, a strategic partnership was signed with California-based CouchbaseCouchbaseCouchbaseCouchbase, the

leading provider of open-source and NoSQL database technologies, and the company behind the Couchbase opensource project, to use high-performance data management in order to improve the online travel shopping experience. To this end, Couchbase will be supporting Amadeus with its availability applications, ensuring that travellers wishing to book fares online will only see prices which are both up-to-date and available for purchase following the search process.

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• Also in November, Amadeus once again was placed on top of its sector’s ranking as one of the leading European companies in Research & Development investment, as confirmed by the 2013 EU Industrial R&D Investment Scorecard. This report, published on an annual basis by the European Commission (EC), examines the largest 1,000 European companies, and the world’s 2,000 largest companies investing in R&D during 2012, and ranks them according to the total amount invested.

• Amadeus reached a major milestone in its Corporate Social Responsibility programme,

stepping up its role as a global actor in social development. Following announcement earlier in the year to build a global online donation programme, in collaboration with UNICEF and the travel industry, Spanish carrier Iberia became the first airline to implement the programme on its website. Every time a traveller buys a ticket on www.iberia.com, they can make a donation of between 3 to 20 Euros. The funds raised go to UNICEF projects, to ensure children’s primary right: survival.

• Amadeus also renewed a long-standing agreement with Iberia, to collaborate in

Corporate Social Responsibility. The goal of this agreement is to support development among disadvantaged communities through Travel and Tourism - a driver of social and economic growth. Amadeus and Iberia will continue to use their combined resources, expertise and geographic reach to deliver educational and technology transfer programmes for underprivileged communities around the world.

• Amadeus scored 79, out of a maximum of 100, on the Carbon Disclosure Project (CDP).

The CDP is one of the most important international indexes that evaluate companies according to their management of carbon emissions related to their operations. Amadeus’ leading position is a consequence of the implementation and continuous improvement of the Amadeus Environmental Management System since 2009. The score reflects the extent to which a company measures its carbon emissions, the comprehensiveness of the information provided and whether a third party verifies the data provided.

2.2.2.2. ECONOMIC RESULTSECONOMIC RESULTSECONOMIC RESULTSECONOMIC RESULTS

a)a)a)a) Results of OperationsResults of OperationsResults of OperationsResults of Operations

a.1) Operating Revenues

Trade revenues for the year ended December 31, 2013 were 3,247.2 million Euros, while for the same twelve-month period ended December 31, 2012 were 2,996.1 million Euros, which represents an increase of 8.4%.

Company’ revenues come mainly from the Distribution and IT Solutions areas.

Revenues from the Distribution area were 2,548.7 million Euros for the year ended December 31, 2013 which represents a 78.5% of the total trade revenues. The amount of this kind of revenues registered in the same twelve months period ended December 31, 2012 amounted to 2,378.9 million Euros, with an increase of 7.1%. Revenues from the IT Solutions area were 698.4 million Euros for the year ended December 31, 2013 which represents a 21.5% of the total trade revenues. The amount of this kind of revenues registered in the same twelve months period ended December 31, 2012 amounted to 617.2 million Euros, with an increase of 13.2%.

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The total air travel agency bookings net of cancellations registered in the year ended December 31, 2013 was 443.4 versus 416.5 million bookings registered the same twelve-month period ended December 31, 2012, with an increase of 6.5%. The total passengers boarded in the year ended December 31, 2013 was 616.8 versus 563.8 million registered the same twelve-month period ended December 31, 2012, with an increase of 9.4%.

a.2) Operating Expenses

Operating expenses for the year ended December 31, 2013 amounted to 2,961.1 million Euros, while for the same twelve-month period ended December 31, 2012 were 2,633.9 million Euros, which represents an increase of 12.4%.

The most significant operating expenses are the distribution fees paid to Amadeus Commercial Organisations (hereafter ACOs), travel agencies and airlines. During the year ended December 31, 2013 the distribution fees amounted to 1,043.2 million Euros, whereas for the same period ended December 31, 2012 were 1,347.7 million Euros. Operating expenses, other than distribution fees, include mainly the following concepts:

• Data processing fees, amounting to 369.4 million Euros for the year ended

December 31, 2013, registering a decrease of 1.9% in comparison to the same twelve-month period ended December 31, 2012, when these costs amounted to 362.6 million Euros.

• Personnel expenses (salaries and social costs), that for the year ended

December 31, 2013 amounted to 76.9 million Euros, whereas for the same twelve-month period ended December 31, 2012 amounted to 65.9 million Euros.

• Amortization expenses, which decreased from 89.2 million Euros for the year

ended December 31, 2012 to 87 million Euros for the year ended December 31, 2013, registering a decrease of 2.5%.

• External services expenses, which include, among others, general and

administrative expenses, central activities of publicity, public relations and conventions, as well as consultancy services. External services expenses for the year ended December 31, 2013 amounted to 28.1 million Euros whereas for the same twelve-month period ended December 31, 2012 were 25.4 million Euros.

a.3) Operating profits and net results

Operating profit decreased from 366 million Euros for the twelve-month period ended December 31, 2012, to 296.1 million Euros for the same period ended December 31, 2013. Finally, during financial year ended December 31, 2013 the Company has registered a net profit after taxes amounting to 315.3 million Euros, whereas for same twelve-month period ended December 31, 2012, the net profit after taxes amounted to 268.2 million Euros.

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c)c)c)c) HeadcountHeadcountHeadcountHeadcount

From a year-end perspective, the Amadeus staff as at December 31, 2013 amounted to 610 FTEs, whereas for 2012 amounted to 560 FTEs. The average FTEs during 2013 amounted to 593, while for 2012 amounted to 548, registering an increase of 8%.

3.3.3.3. FINANCIAL RISFINANCIAL RISFINANCIAL RISFINANCIAL RISK AND CAPITAL MANAGEMENTK AND CAPITAL MANAGEMENTK AND CAPITAL MANAGEMENTK AND CAPITAL MANAGEMENT

The Company has exposure, as a result of the normal course of its business activities, to foreign exchange, interest rate, Parent company’s shares price evolution, credit and liquidity risk. The goal of the Company is to identify, measure and minimise these risks using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. With the purpose of managing these risks, in some occasions, the Company enters into hedging activities with derivatives and non-derivative instruments. a) Foreign exchange rate risk

The Company uses the Euro as its functional currency. As a result of the multinational orientation of its business, the Company is subject to foreign exchange rate risk derived from the fluctuations of different currencies. The Company’s exchange rate hedging strategy aims to protect the EUR value of cash flows denominated in foreign currency. The instruments used to achieve this goal depend on the currency in which the operating cash flow to be hedged is denominated:

• The strategy used to cover US Dollar (USD) exposures is based on a natural hedge,

although, if necessary, other types of financial instruments are used. This strategy aims at reducing the exposure created by the USD denominated net operating cash inflows of the Company with the USD payments of principals of the USD denominated debt.

• Aside from the USD, the main foreign currency exposures are cash-flows denominated in Sterling Pounds (GBP), Australian Dollars (AUD) and Swedish Kronas (SEK). For these exposures, a natural hedge strategy is not possible. In order to hedge a portion of the aforementioned exposures, the Company enters into derivative contracts with financial entities, basically currency forwards, currency options and combinations of currency options.

b) Interest rate risk

The objective of the Company in terms of interest rate risk management is reducing the volatility of the net interest flows payable by the Company. In line with this goal, the Company has set up hedges that fix a significant part of the interests to be paid up to November 2015. At December 31, 2013, after taking into account the effect of the interest rate swaps in place, approximately 91.7% of the Company’s borrowings are at fixed interest rate. At December 31, 2012, 86.5% were at fixed interest rate. Although the interest rate swaps which hedge the Company debt fix the amount of interests to be paid in the coming years, their fair values are sensitive to changes in the level of interest rates.

During 2013 there has been a slight increase in the sensitivity of the EUR denominated debt to the movements of the interest rate curve with respect to the previous year. This increase is due to the new loan agreement signed by the Company at fixed interest rate.

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Although the future flows of this instrument are not sensitive to the changes in the level of interest rates, the fair value of the instrument is very sensitive to these changes. In the case of the floating interest rate debt, the spread payable on this debt is fixed and therefore its fair value is sensitive to changes in the level of interest rates.

c) Parent company’s shares price evolution risk

The Company has three different remuneration schemes which are referenced to the Parent company’s shares, Amadeus IT Holding, S.A., the Performance Shares Plan (PSP), the Restricted Shares Plan (RSP) and the Share Match Plan (SMP).

According to the conditions of these plans, at their maturity, the beneficiaries will receive

a number of Amadeus IT Holding, S.A. shares that, for the plans granted in 2013 and 2012, will depend on the evolution of certain performance conditions.

d) Credit risk

Credit risk is the risk that a counterparty to a financial asset will cause a loss for the Company by failing to discharge an obligation. The cash and cash equivalents of the Company are deposited in major banks based on the diversification and the credit risk offered by the different available investment options. The credit risk of the customer accounts receivable of the Company is mitigated by the fact that the majority are settled through the clearing houses operated by International Air Transport Association (IATA) and Airlines Clearing House, Inc. (ACH). These systems guarantee that the cash inflows from customers will be settled at a certain fixed date, and partially mitigate the credit risk by the fact that the members of the clearing houses are required to make deposits that would be used in the event of default. Moreover, the customer base of the Company is large and unrelated which results in a low concentration of the credit risk.

e) Liquidity risk

The Company is responsible for providing the cash needed by all the companies of the Group. In order to perform this task more efficiently the Company concentrates the excess liquidity of the subsidiaries with excess cash and channels it to the companies with cash needs. This allocation of the cash position among the companies of the Group is mainly made through the following agreements:

• A cash pooling agreement with most of the subsidiaries located in the Euro area. • Through bilateral treasury optimisation agreements between the Company and its

subsidiaries.

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The Company monitors the Group’s cash position through rolling forecasts of expected cash flows. These forecasts are performed by all the companies of the Group and later consolidated in order to examine both the liquidity situation and prospects of the Group. The Company has signed a credit facility ‘Revolving Credit Facility’, amounting to KEUR 300,000 which could be used to cover working capital needs and general corporate purposes. At December 31, 2013 the Company has not disposed any amount from this credit.

f) Capital management

The Company manages its capital to ensure that the Group companies will be able to continue as a going concern while continuing to generate returns to shareholders and to benefit other stakeholders through the optimization of the leverage ratio. The Company bases its capital management decisions on the relationship between the earnings and free cash flows and its debt amount and debt service payments. On May 29, 2013, the agency Standard & Poor’s Credit Market Service Europe Limited revised upward the credit rating for the Parent company, from ‘BBB-’ to ‘BBB’ in the long term and ‘A-3’ to ‘A-2’ in the short term, with stable outlook. On June 14, 2013, the agency Moody’s Investors Service España S.A., revised upward the rating from ‘Baa3’ to ‘Baa2’ in the long term, with stable outlook. Thus, the Parent company mantains the credit rating of ‘Investment Grade’ from both agencies.

4.4.4.4. EXPECTED BUSINESS EXPECTED BUSINESS EXPECTED BUSINESS EXPECTED BUSINESS EVOLUTIONEVOLUTIONEVOLUTIONEVOLUTION

Macroeconomic backdrop and Amadeus business modelMacroeconomic backdrop and Amadeus business modelMacroeconomic backdrop and Amadeus business modelMacroeconomic backdrop and Amadeus business model Amadeus is a leading technology provider and transaction processor for the global travel and tourism industry. Our business model is transactional and volume driven. We charge our clients - airlines and other travel providers - a fee per transaction (mainly bookings made by online and offline travel agencies connected to the Amadeus system or passengers boarded by airlines using our IT solutions). Our businesses and operations are therefore in large part dependent on the worldwide travel and tourism industry, which is sensitive to general economic conditions and trends. As the International Monetary Fund (IMF) report on World Economic Outlook (WEO) had announced, global activity has strengthened during the second half of 2013. According to the same sources the perspectives are positive for the near term, with activity expected to improve further in 2014 and 2015, largely on account of recovery in the advanced economies. Global growth is now projected to be slightly higher in 2014, at around 3.7%, rising from 3.0% in 2013. Still downside risks remain and recent downward revisions to growth prospects in some economies highlight the fragility of the recovery in certain regions. By regions, the IMF projects growth in the United States is expected to reach 2.8 % in 2014, up from 1.9 % in 2013, assisted by domestic demand improvement due to the reduction in the fiscal drag as a result of the budget agreement. The euro area is turning the corner from recession to recovery. Growth is projected to strengthen to 1% in 2014, but the recovery will be uneven. The pickup will generally be more modest in economies under stress, despite some upward revisions in countries like Spain.

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Overall, growth in emerging market and developing economies is expected to increase to 5.1% in 2014. Growth in China rebounded strongly in the second half of 2013, due largely to acceleration in investment. However this surge is expected to be temporary, driven by policy measures aimed at slowing credit growth and raising the cost of capital. Many other emerging market and developing economies have started to benefit from stronger external demand in advanced economies and China. Nevertheless domestic demand has remained weaker than initially expected and as a result, growth forecasts have been revised downwards since October 2013 WEO forecast for countries like Russia or Brazil and in Middle East and North African region. This positive stance is also reflected in the traffic figures, given the existing relationship between this metric and GDP growth. In February 2014 the International Air Transport Association (IATA) reported a 5.2% increase in traffic for the full year 2013.This growth was based on an outstanding growth coming from the Middle East (above 11%); mid-single digit growth in Latin America, Africa and Asia Pacific and Europe and US as laggards posting low single digit growth in both cases. Looking ahead, the IATA expects traffic increase of 6% for 2014, as business confidence continues to recover and with improvements in all the regions described. Based on our geographical footprint it would be especially important to see it happening in Europe, a relevant market for us where growth levels have been very low throughout 2013. The financial performance of the Air transport industry in 2014 should improve driven by a combination of economic growth, an increase of the business confidence, a slow ramp up in industrial production at the latter part of 2013, lower than forecasted jet fuel prices, amendments in the industry structure and increased efficiency levels. Based on the above, we expect a similar pattern for Amadeus in 2014. The headwinds on traffic growth seem to be overcome; the recovery of the business confidence should raise the levels of corporate travel, mainly concentrated on the indirect channel. Those effects coupled with economic recovery in certain regions and additional contracted market share gains will allow us to post results in accordance with the expectations of the market. Additionally the recent M&A activity will support new potential opportunities in business areas which we are trying to further penetrate, like Airport IT or Hotel IT. Amadeus strategic priorities and expected business evolution in 2014Amadeus strategic priorities and expected business evolution in 2014Amadeus strategic priorities and expected business evolution in 2014Amadeus strategic priorities and expected business evolution in 2014 Distribution is Amadeus traditional business, and it is management’s goal to continue profitably grow the business; seek new pockets of demand and to continue delivering a best-in-class service to all of our clients. We will continue to invest in our platform, in order to support our customers in adapting to the fast changing travel industry. Merchandising, personalisation tools and improved shopping solutions are examples of innovative solutions that are key to our development strategy. Our content agreements give us visibility and help us to ensure that the most comprehensive content possible is contained in our platform to maintain the travel agency channel as a valuable channel for distribution. During 2013, we successfully renewed some important content agreements such as IAG, Air France-KLM or American Airlines and in 2014 we will repeat this process with other providers up for renewal.

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We continue to foresee a difficult competitive environment, and as a result this might have a dilutive impact on the contribution margin of this segment as it happened in 2013. Business mix and penetration in new areas of business such us the low cost carrier market and further penetration in the US market would be additional reasons for this downward pressure. In terms of additional market share gains, during years 2014 and 2015 we will see an extra-push coming from the migration to Amadeus of the travel agencies in Korea previously linked to TOPAS, the Korean operator CRS (Computer Reservation System) handling around 15 million bookings on annual basis. Our IT Solutions business has posted 9.2% growth for 2013 given that the most relevant migrations have taken place during the last quarter of the year. In 2014, Passenger Boarded growth rate will accelerate as a result of: (i) the full year effect of the recent migrations, (ii) the new migrations happening during 2014 that account for additional 40m Passenger Boarded on annual basis processed through our platform, (iii) the improved traffic levels which will positively affect the growth expected over the base of clients. During year 2014 we will also achieve a highly important milestone for Amadeus with the migration of Southwest international, the first US customer for the Altea platform. Continued commercial efforts, and ongoing product and service evolution should also bring new client wins that will further extend our current visibility and target of close to 800m PB by 2015. During 2013 and early 2014 some forward steps have been taken to enhance our business opportunities in certain new areas, through two corporate acquisitions. We have acquired Newmarket, an American cloud-based Hotel IT provider focused on the provision of technology around events and group bookings, an important source of revenue of up to 40% for a hotel property. This acquisition provides with the appropriate structure, brings in existing contractual relationships with our target clients, the top 20 hotel chains in the word, and a highly experienced management team. The second acquisition is UFIS, acquired during the first quarter of 2014 and included in our Airport IT business group. UFIS nicely complements the IT portfolio we are currently building while increasing our company awareness in the sector; giving us important levels of synergies and enhancing our customer base. Amadeus’ compromise with R&D investment has always been part of our DNA, and is one of the pillars for the success in our existing businesses. Since 2013, we are selectively supporting certain new business units, projects with high value-creation potential, always within the vision of the company of shaping the travel industry with our partners. In 2014 we will continue with similar levels of R&D expenditure, related not only to the new activities but also related to our airline migration activity and some other investments in the Distribution area. Finally, it is our objective to preserve our strong cash flow generation and sound financial position. Having almost reached the lower part of the stated capital structure target (1.0x - 1.5x net debt / EBITDA) as of September 2013, we will be back in the middle of the range after the mentioned acquisitions. In relation to our dividend policy, the Amadeus Board of Directors on December 12, 2013 has agreed to: - Increase the pay-out ratio to 50% for the year 2013, within the current dividend policy of

a pay-out range of 40%-50% of the consolidated profit.

- Distribute an interim gross dividend from the 2013 profit of €0.30 per ordinary share payable on January 31, 2014.

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In addition, the Board of Directors will submit to the Ordinary General Shareholders´ Meeting for approval, a final gross dividend of EUR 0.625 per share carrying dividend rights, against 2013 profit for the year, which represents an increase of 25% versus the dividend distributed against 2012 results.

5.5.5.5. RESEARCH AND DEVELOPMENT ACTIVITIESRESEARCH AND DEVELOPMENT ACTIVITIESRESEARCH AND DEVELOPMENT ACTIVITIESRESEARCH AND DEVELOPMENT ACTIVITIES

The Company does not perform Research and Development activities by itself. These responsibilities are performed by other subsidiaries of its Group, so the information included in the Consolidated Directors’ Report of Amadeus IT Holding, S.A. is more representative.

6.6.6.6. TREASURY SHARESTREASURY SHARESTREASURY SHARESTREASURY SHARES

During the year 2013, the Company acquired 339,086 shares of the parent Company, Amadeus IT Holding, S.A., whose acquisition cost amounted to KEUR 8,391. The company has delivered all such parent company’s treasury shares to cover the remuneration schemes consisting on the delivery of shares to employees and/or managers; therefore, the Company has no shares of the parent company, Amadeus IT Holding, S.A, in portfolio as of December 31, 2013.

7.7.7.7. SUBSEQUENT EVENTSSUBSEQUENT EVENTSSUBSEQUENT EVENTSSUBSEQUENT EVENTS

On January 24, 2014 the Company has acquired 100% of the voting rights of UFIS Airport Solutions AS, and its group of companies (‘UFIS’). UFIS is one of the leading suppliers of integrated solutions for single and multi-terminal and multi-airport operations for the global airport industry. The acquisition accelerates the Group’s presence in the airport IT market, contributing a portfolio of products and customers as well an experienced workforce. The estimated amount to be paid for the UFIS acquisition is set forth in the table below:

Amount

Cash paid 16,319



On February 5, 2014, the Group company Amadeus Americas, Inc. has acquired 100% of the voting rights of NMTI Holdings, Inc. and its group of companies (‘Newmarket’), through a reverse merger between its indirect subsidiary AMS-NM Acquisition, Inc. and NMTI Holdings, Inc. Being the surviving corporation NMTI Holdings, Inc. Newmarket is based in Portsmouth, New Hampshire, U.S.A., and serves around 22,000 unique properties in 154 countries, operating in the group and event management segment of the hotel industry, where is a leading provider of cloud-based IT Solutions. The acquisition of Newmarket, is in line with the Group's strategy of diversification into new businesses and significantly strengthens its presence in the hotel IT Solutions market.

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The estimated amount to be paid for the Newmarket acquisition is set forth in the table below:

Amount

Cash paid 327,997



The Company has disposed the new unsecured Senior Credit Agreement amounting to KUSD 500,000 signed on December 18, 2013, for the acquisition of Newmarket. The amounts provided above for the acquisition of both entities, correspond to the initial accounting, which as of the date of issue of these annual accounts is still provisional.

BOARD OF DIRECTORSBOARD OF DIRECTORSBOARD OF DIRECTORSBOARD OF DIRECTORS

Members of the Board of Directors on the date when the annual accounts and the Directors’ Report were prepared:

CHAIRMANCHAIRMANCHAIRMANCHAIRMAN

José Antonio Tazón García

VICEVICEVICEVICE----PRESIDENTPRESIDENTPRESIDENTPRESIDENT

Enrique Dupuy de Lôme Chávarri

DIRECTORSDIRECTORSDIRECTORSDIRECTORS

Stuart Anderson McAlpine Francesco Loredan Christian Boireau

SECRETARY (nonSECRETARY (nonSECRETARY (nonSECRETARY (non----Director)Director)Director)Director)

Tomás López Fernebrand

VICEVICEVICEVICE----SECRETARY (nonSECRETARY (nonSECRETARY (nonSECRETARY (non----Director)Director)Director)Director)

Jacinto Esclapés Díaz

Madrid, February 27, 2014

Documents

Amadeus Amadeus IT GroupIT GroupIT Group, S.A. , S.A., S.A. · TOTAL ASSETS 4,443,08 7777 4,37 8888 ,,,,757 ... venturejoint ventures sss 18.2 745,376745,376745 ... 232,0232,0232,021