UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2024
Commission
File Number: 333-221916
Corporación América Airports S.A.
(Name of Registrant)
128, Boulevard de la Pétrusse
L-2330 Luxembourg
Tel: +35226258274
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F
¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities
are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the
registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date: May 22, 2024
| |
Corporación America Airports S.A. |
| |
|
| |
By: /s/ Andres Zenarruza |
| |
Name: Andres Zenarruza |
| |
Title: Head of Legal & Compliance |
| |
|
| |
By: /s/ Jorge Arruda |
| |
Name: Jorge Arruda |
| |
Title: Chief Financial Officer |
Exhibit Index
Exhibit 99.1
CORPORACION AMERICA AIRPORTS
REPORTS FIRST QUARTER 2024 RESULTS
Passenger traffic up
2.6% YoY, or 4.3% adjusting for Natal discontinuation
Consolidated Revenues,
ex-IFRIC12 up 12.4% YoY
Adjusted EBITDA ex-IFRIC12
of $163.2 million; margin up 1.5pp to 41.7%
Luxembourg, May 22, 2024—
Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading
private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended March 31,
2024. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).
Commencing 3Q18, the Company began
reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS
29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 21.
First Quarter 2024 Highlights
| § | Consolidated Revenues ex-IFRIC12 of $391.7 million, a 12.4% year-over-year (YoY) increase, driven by increases
of $36.0 million in Aeronautical Revenues and $8.1 million in Commercial Revenues. Excluding rule IAS 29, consolidated revenues ex-IFRIC12
increased 5.7% YoY to $371.1 million. |
| § | Delivered YoY increases across key operating metrics: |
| § | 2.6% in passenger traffic to 19.0 million. Excluding Natal, passenger traffic increased 4.3% YoY. |
| § | 3.3% in cargo volume to 87.9 thousand tons. |
| § | 0.1% in aircraft movements. |
| § | Operating Income of $124.8 million, up from $102.0 million in 1Q23. |
| § | Adjusted EBITDA ex-IFRIC12 increased 16.4% to $163.2 million, from $140.1 million in the year-ago
period. Excluding rule IAS 29, Adjusted EBITDA ex-IFRIC12 increased 7.8% to $151.8 million. |
| § | Adjusted EBITDA margin ex-IFRIC12 expanded to 41.7% from 40.2% in 1Q23, or to 40.9% from 40.1% when excluding
rule IAS 29. |
CEO Message
Commenting on the results for
the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We are pleased to have started
the new year on a solid footing, delivering a good performance across key operational and financial metrics. Our top line increased 12%
year-on-year, surpassing passenger traffic growth, supported by healthy aeronautical and commercial revenue growth. Strong focus on execution
and travel demand drove Adjusted EBITDA growth, ex-IFRIC12, of 16% year-on-year and margin expansion of 1.5 percentage points to 41.7%.
This good performance was driven by strong momentum across most of our geographies. The growth in Adjusted EBITDA and a reduction in debt
levels have contributed to further improving our net leverage ratio, achieving a record low of 1.2 times.
Progressing on our strategic
agenda, we accomplished two significant milestones this quarter. Firstly, we are delighted with the successful 10-year extension of the
concession agreement of our Punta del Este international airport in Uruguay. Secondly, the ICSID Arbitral Court approved a final award
of $91 million in connection with the arbitration process of Chinchero International Airport in Peru, where we hold a 50% economic interest.
Our expansion strategy remains
a key priority to support future growth for the Company. On this front, we are engaged in negotiations for the expansion of the airports
in Armenia and Florence. Simultaneously, we continue evaluating projects in various geographical regions with the aim of further expanding
our global airport portfolio.
With respect to market dynamics,
we continue to witness positive dynamics in Uruguay and Italy. Despite facing challenges in the Brazilian market, we have successfully
managed to grow our EBITDA throughout this challenging cycle. In Argentina, we are closely monitoring the macro and political environment,
a concession we have successfully managed for over 25 years, as well as the geopolitical dynamics in the Caucasus region. We remain confident
in our ability to develop new avenues for growth, maintain a healthy financial position and create value to our shareholders.”
Operating & Financial Highlights
(In millions of U.S. dollars,
unless otherwise noted)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29
1Q24 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Passenger Traffic (Million Passengers) |
19.0 |
18.5 |
2.6% |
|
19.0 |
18.5 |
2.6% |
| Revenue |
433.0 |
382.1 |
13.3% |
20.7 |
412.3 |
386.6 |
6.7% |
| Aeronautical Revenues |
221.5 |
185.6 |
19.4% |
12.8 |
208.7 |
187.4 |
11.4% |
| Non-Aeronautical Revenues |
211.5 |
196.5 |
7.6% |
7.9 |
203.6 |
199.2 |
2.2% |
| Revenue excluding construction service |
391.7 |
348.5 |
12.4% |
20.6 |
371.1 |
351.0 |
5.7% |
| Operating Income / (Loss) |
124.8 |
102.0 |
22.4% |
-7.8 |
132.6 |
119.6 |
10.8% |
| Operating Margin |
28.8% |
26.7% |
213 |
0.0% |
32.1% |
30.9% |
121 |
| Net (Loss) / Income Attributable to Owners of the Parent |
152.7 |
31.7 |
381.8% |
62.9 |
89.8 |
6.5 |
1272.3% |
| EPS (US$) |
0.95 |
0.20 |
381.4% |
0.39 |
0.56 |
0.04 |
1271.2% |
| Adjusted EBITDA |
163.9 |
140.6 |
16.6% |
11.4 |
152.5 |
141.2 |
8.0% |
| Adjusted EBITDA Margin |
37.9% |
36.8% |
105 |
- |
37.0% |
36.5% |
46 |
| Adjusted EBITDA Margin excluding Construction Service |
41.7% |
40.2% |
145 |
- |
40.9% |
40.1% |
79 |
| Net Debt to LTM Adjusted EBITDA |
1.2x |
2.1x |
- |
- |
- |
- |
- |
| Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1) |
1.4x |
2.1x |
- |
- |
- |
- |
- |
Note: Figures in historical dollars
(excluding IAS29) are included for comparison purposes.
1)
LTM Adjusted EBITDA excluding impairments of intangible assets.
1Q24 Operating Performance
Passenger Traffic
Total passenger traffic increased
by 2.6% YoY to 19.0 million, or by 4.3% when adjusting for the discontinuation of Natal airport, mainly driven by YoY increases of 28.7%
in Uruguay, 13.9% in Italy and 5.3% in Argentina. Traffic performance was supported by a continued recovery in travel demand, reflected
in higher load factors and the gradual return of flight routes and frequencies across all countries of operation. International traffic
increased by 13.4% YoY, while domestic traffic decreased by 2.8% YoY. This decrease is principally explained by the discontinuation of
Natal airport, effective February 19, 2024, as part of the friendly termination process agreed upon with the Brazilian government.
Passenger traffic in Argentina
increased by 5.3% YoY to 10.8 million. International passenger traffic, which continued to benefit from the ongoing gradual resumption
of routes and frequencies, increased by 15.7% YoY in the first quarter of 2024 and accounted for 86% of the overall traffic increase.
During the quarter, ITA Airways, Aeromexico, and Emirates increased their weekly flight frequencies, whereas JetSMART and Paranair announced
the launch of new routes: Mendoza-Santiago de Chile and Cordoba-Asunción, respectively. Domestic passenger traffic increased 0.3%
YoY.
In Italy, passenger traffic
increased by 13.9% YoY to 1.5 million. International traffic, which accounted for 77% of the total traffic, increased by 17.3% YoY, supported
by strong performances at both Pisa and Florence airports, while domestic traffic increased 4.1% year-over-year. Some pre-pandemic domestic
destinations still need to resume at Pisa airport.
In Brazil, passenger traffic
remained heavily impacted by financial and aircraft constraints in some of the local airlines, combined with increasing ticket prices
affecting travel demand. Total traffic declined by 8.1% YoY to 3.9 million, or by 1.6% YoY to 3.5 million when adjusting for the discontinuation
of the Natal airport. Domestic passenger traffic, which accounted for almost 60% of total passenger traffic, was down by 11.0% YoY, or
by 0.4% excluding Natal airport, while transit passengers declined by 7.3% YoY. As a reminder, following the friendly termination process
concluded in February 2024, CAAP ceased operations at Natal airport, effective from February 19, 2024. Therefore, statistics for Natal
are only available up until February 18, 2024.
In Uruguay, where activity
is mainly international, passenger traffic increased by 28.7% YoY to 0.6 million, boosted by new routes and frequencies during the quarter.
JetSMART Airlines has announced the launch of a new route between Montevideo and Buenos Aires in May, while SKY Airline is expected to
increase the frequency of its Montevideo-Lima route, also in May.
In Armenia, passenger traffic
was relatively flat YoY at 1.0 million, representing a slight decline compared to the strong recovery experienced in 2023, which benefited
from the introduction of new airlines, along with a higher number of flight frequencies. Notably, Zvartnots airport is currently operating
at or near maximum capacity, owing to the significant growth in passenger traffic over the past few years.
In Ecuador, total passenger
traffic was down by 2.8% YoY to 1.1 million. International passenger traffic, which accounted for 47% of total traffic in the quarter,
continued to increase sequentially, growing by 1.3% YoY, while domestic traffic declined by 6.7% YoY. The year-over-year comparison in
domestic traffic reflects the exit of local airline Equair in October 2023.
Cargo Volume
Cargo volume increased 3.3% YoY
in 1Q24, with strong contributions from Armenia, Ecuador and Argentina, which together accounted for more than 70% of total volume in
the quarter. Notably, cargo volume in Armenia, Uruguay and Italy was above 1Q19 levels.
Aircraft Movements
Total aircraft movements were
relatively flat YoY in 1Q24, with strong increases in Argentina and Italy. Over 80% of aircraft movements in the quarter were derived
from Argentina (57%), Brazil (18%), and Ecuador (9%).
Tables with detailed passenger
traffic, cargo volume and aircraft movement information for each airport can be found on page 30 of this report.
Operational Statistics: Passenger
Traffic, Cargo Volume and Aircraft Movements
| |
1Q24 |
1Q23 |
% Var. ('24
vs '23) |
| Domestic Passengers (in thousands) |
10,230 |
10,525 |
-2.8% |
| International Passengers (in thousands) |
6,956 |
6,137 |
13.4% |
| Transit Passengers (in thousands) |
1,798 |
1,837 |
-2.1% |
| Total Passengers (in thousands) |
18,984 |
18,498 |
2.6% |
| Cargo Volume (in thousands of tons) |
87.9 |
85.2 |
3.3% |
| Total Aircraft Movements (in thousands) |
200.1 |
199.8 |
0.1% |
| Passenger Traffic Breakdown |
|
Cargo Volume |
|
Aircraft Movements |
| Country |
1Q24 |
1Q23 |
% Var. |
|
1Q24 |
1Q23 |
% Var. |
|
1Q24 |
1Q23 |
% Var. |
| |
(thousands) |
|
(tons) |
|
|
| Argentina(1) |
10,812 |
10,269 |
5.3% |
|
44,234 |
43,621 |
1.4% |
|
114,015 |
110,355 |
3.3% |
| Italy |
1,477 |
1,296 |
13.9% |
|
3,115 |
3,362 |
-7.3% |
|
13,695 |
12,520 |
9.4% |
| Brazil (2) |
3,905 |
4,250 |
-8.1% |
|
15,407 |
16,047 |
-4.0% |
|
35,607 |
38,710 |
-8.0% |
| Uruguay (3) |
639 |
497 |
28.7% |
|
6,893 |
6,981 |
-1.3% |
|
9,720 |
9,181 |
5.9% |
| Ecuador (4) |
1,110 |
1,142 |
-2.8% |
|
9,294 |
7,915 |
17.4% |
|
18,987 |
19,652 |
-3.4% |
| Armenia |
1,043 |
1,045 |
-0.2% |
|
8,999 |
7,239 |
24.3% |
|
8,089 |
9,416 |
-14.1% |
| TOTAL |
18,984 |
18,498 |
2.6% |
|
87,943 |
85,165 |
3.3% |
|
200,113 |
199,834 |
0.1% |
| 1) | See Note 1 in Table "Operating & Financial Highlights”. |
| 2) | Starting November 2019, the Company has reclassified its passenger traffic figures for Brasilia Airport
between international and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding,
total traffic figures remain unchanged. |
| 3) | Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through
the cargo terminal, instead of air cargo only. |
| 4) | CAAP owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the terms of
the concession agreement, ECOGAL’s results are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic
and aircraft movements are included in this table. |
Review of Consolidated Results
Results for ECOGAL, which operates
the Galapagos Airport in Ecuador, are accounted for under the equity method.
Revenues
Consolidated Revenues increased
by 13.3% YoY to $433.0 million in 1Q24. Excluding Construction Services and the impact of IAS 29, revenues increased by 5.7% YoY
to $371.1 million. This reflects higher aeronautical and commercial activity across all countries of operations, particularly in
Uruguay, Brazil and Argentina, which together contributed more than 85% to the year-over-year increase.
The following table shows revenue performance by country.
More detail on the performance of CAAP´s countries of operations can be found on page 11.
Revenues by Segment (in US$ million)
| Country |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Argentina |
255.0 |
223.5 |
14.1% |
20.7 |
234.3 |
228.1 |
2.7% |
| Italy |
22.6 |
20.9 |
8.3% |
- |
22.6 |
20.9 |
8.3% |
| Brazil |
28.8 |
24.7 |
16.9% |
- |
28.8 |
24.7 |
16.9% |
| Uruguay |
50.7 |
38.0 |
33.4% |
- |
50.7 |
38.0 |
33.4% |
| Armenia |
48.5 |
50.3 |
-3.7% |
- |
48.5 |
50.3 |
-3.7% |
| Ecuador (1) |
26.7 |
24.5 |
9.0% |
- |
26.7 |
24.5 |
9.0% |
| Unallocated |
0.7 |
0.2 |
335.0% |
- |
0.7 |
0.2 |
335.0% |
| Total consolidated revenue (2) |
433.0 |
382.1 |
13.3% |
20.7 |
412.3 |
386.6 |
6.7% |
1 Only includes Guayaquil Airport.
2 Excluding Construction Service
revenue, ‘As reported’ revenues increased 13.7% YoY in Argentina (or 1.9% excluding IAS29), 7.9% in Italy, 15.6% in Brazil,
28.1% in Uruguay and 9.0% in Ecuador, and decreased 3.2% in Armenia.
Revenue Breakdown (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Aeronautical Revenue |
221.5 |
185.6 |
19.4% |
12.8 |
208.7 |
187.4 |
11.4% |
| Non-aeronautical Revenue |
211.5 |
196.5 |
7.6% |
7.9 |
203.6 |
199.2 |
2.2% |
| Commercial revenue |
168.4 |
160.3 |
5.1% |
7.8 |
160.6 |
161.0 |
-0.2% |
| Construction service revenue (1) |
41.3 |
33.5 |
23.3% |
0.1 |
41.2 |
35.6 |
15.7% |
| Other revenue |
1.8 |
2.7 |
-32.8% |
0.0 |
1.8 |
2.7 |
-32.8% |
| Total Consolidated Revenue |
433.0 |
382.1 |
13.3% |
20.7 |
412.3 |
386.6 |
6.7% |
| Total Revenue excluding Construction Service revenue (2) |
391.7 |
348.5 |
12.4% |
20.6 |
371.1 |
351.0 |
5.7% |
1 Construction Service revenue
equals the construction or upgrade costs plus a reasonable margin.
2 Excludes Construction Service
revenue.
Aeronautical Revenues accounted
for 51.2% of total revenues and increased 19.4% YoY to $221.5 million. Excluding IAS 29, Aeronautical revenues increased 11.4% YoY to
$208.7 million, mainly driven by higher passenger use fees in Argentina. Nearly 75% of the year-over-year increase was driven by Argentina
and Uruguay, where aeronautical revenues increased by 7.7% and 39.1%, respectively. By geography, aeronautical revenues in Italy, Ecuador,
Armenia and Brazil reported YoY increases of 16.7%, 10.5%, 9.3% and 3.2%, respectively.
Non-Aeronautical Revenues accounted
for 48.8% of total revenues and increased 7.6% YoY to $211.5 million, reflecting an increase of 5.1%, or $8.1 million, in Commercial
Revenues, principally driven by higher VIP Lounges, Warehouse use fees and Advertising, as well as an increase of 23.3%, or $7.8 million,
in Construction Service Revenue, mainly as a result of higher CAPEX in Argentina. Excluding the impact of IAS 29, non-aeronautical
revenues grew by 2.2%, or $4.4 million, to $203.6 million.
Operating Costs and Expenses
In 1Q24, Total Costs and Expenses,
excluding Construction Service Costs, increased 8.5% YoY to $273.7 million, or 3.3% to $244.8 when excluding IAS 29. This increase
was mainly driven by higher Salaries and Social Security Contributions resulting from inflation increases that surpassed currency depreciation
in Argentina, combined with higher Concession Fees and SG&A expenses.
Cost of Services increased
8.7% YoY to $267.5 million, or 3.3% to $240.6 million when excluding the impact of rule IAS29, mainly as a result of the following
increases:
§
22.7%, or $7.5 million, in Construction service costs,
§
13.5%, or $7.2 million, in Salaries and social security contributions mainly in Argentina,
§
14.2%, or $6.5 million, in Concession fees, and
§
9.6%, or $1.4 million, in Services and fees.
This was partially offset by lower
Cost of fuel, mainly in Armenia.
Excluding Construction Service
Costs, Cost of Services increased 6.5% YoY to $226.9 million, or 1.2% to $200.1 million excluding IAS 29, mainly reflecting the aforementioned
increases in Salaries and Concession fees.
Selling, General and Administrative
Expenses (“SG&A”) increased 15.0% YoY, to $44.2 million in 1Q24, mainly as a result of higher Taxes, Salaries
and social security contributions, and Services and fees. Excluding the impact of rule IAS 29, SG&A expenses increased 9.5% to $42.3
million.
Other Expenses totaled
$2.7 million in 1Q24, compared to $0.8 million in 1Q23.
Costs and Expenses (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Cost of Services |
267.5 |
246.1 |
8.7% |
26.9 |
240.6 |
232.8 |
3.3% |
| Salaries and social security contributions |
60.3 |
53.1 |
13.5% |
2.9 |
57.4 |
53.7 |
6.8% |
| Concession fees |
52.4 |
45.9 |
14.2% |
3.0 |
49.4 |
46.4 |
6.4% |
| Construction service cost |
40.6 |
33.1 |
22.7% |
0.1 |
40.4 |
35.1 |
15.1% |
| Maintenance expenses |
30.8 |
29.5 |
4.5% |
1.1 |
29.7 |
29.8 |
-0.2% |
| Amortization and depreciation |
37.6 |
37.0 |
1.6% |
19.0 |
18.6 |
20.1 |
-7.3% |
| Other |
45.8 |
47.5 |
-3.6% |
0.8 |
45.0 |
47.7 |
-5.6% |
| Cost of Services Excluding Construction Service cost |
226.9 |
213.0 |
6.5% |
26.8 |
200.1 |
197.7 |
1.2% |
| Selling, general and administrative expenses |
44.2 |
38.4 |
15.0% |
1.8 |
42.3 |
38.7 |
9.5% |
| Other expenses |
2.7 |
0.8 |
235.6% |
0.2 |
2.4 |
0.8 |
195.5% |
| Total Costs and Expenses |
314.3 |
285.3 |
10.2% |
29.0 |
285.3 |
272.3 |
4.8% |
| Total Costs and Expenses Excluding Construction Service cost |
273.7 |
252.2 |
8.5% |
28.9 |
244.8 |
237.1 |
3.3% |
Adjusted EBITDA and Adjusted EBITDA excluding
Construction Service
During 1Q24, CAAP reported Adjusted
EBITDA of $163.9 million and Adjusted EBITDA ex-IFRIC12 of $163.2 million, up from an Adjusted EBITDA ex-IFRIC12 of $140.1 million
in the year-ago period, with Argentina and Uruguay contributing 85% of the year-over-year increase. Excluding the impact of IFRS rule
IAS 29, Adjusted EBITDA ex-IFRIC12 increased 7.8% YoY to $151.8 million, with all countries of operations improving YoY, except Ecuador,
which incurred in some extraordinary expenses during the first quarter of 2024. Adjusted EBITDA margin, ex-IFRIC12, expanded 1.5 percentage
points to 41.7% from 40.2% in 1Q23, or 0.8 percentage points to 40.9% from 40.1%, when also excluding IAS 29, reflecting margin expansion
in Brazil, Argentina, Uruguay, Italy and Armenia, partially offset by lower margin in Ecuador.
Adjusted EBITDA by Segment (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Argentina |
103.7 |
89.8 |
15.6% |
11.4 |
92.3 |
90.4 |
2.2% |
| Italy |
3.7 |
1.7 |
113.1% |
- |
3.7 |
1.7 |
113.1% |
| Brazil |
9.9 |
8.0 |
23.6% |
- |
9.9 |
8.0 |
23.6% |
| Uruguay |
21.9 |
16.1 |
36.3% |
- |
21.9 |
16.1 |
36.3% |
| Armenia |
18.8 |
17.1 |
9.9% |
- |
18.8 |
17.1 |
9.9% |
| Ecuador |
7.5 |
7.7 |
-1.8% |
- |
7.5 |
7.7 |
-1.8% |
| Unallocated |
-1.7 |
0.2 |
-858.0% |
- |
-1.7 |
0.2 |
-858.0% |
| Total segment EBITDA |
163.9 |
140.6 |
16.6% |
11.4 |
152.5 |
141.2 |
8.0% |
Adjusted EBITDA Reconciliation
to Income from Continuing Operations (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Income from Continuing Operations |
172.6 |
24.1 |
616.9% |
62.9 |
109.7 |
-1.1 |
-10446.3% |
| Financial Income |
-18.7 |
-12.2 |
52.8% |
3.4 |
-22.1 |
-29.8 |
-25.9% |
| Financial Loss |
-155.8 |
49.8 |
-413.0% |
-257.8 |
101.9 |
182.6 |
-44.2% |
| Inflation adjustment |
13.6 |
3.1 |
338.0% |
16.4 |
-2.8 |
-0.5 |
452.1% |
| Income Tax Expense |
112.9 |
37.2 |
203.1% |
167.4 |
-54.5 |
-31.6 |
72.4% |
| Amortization and Depreciation |
39.3 |
38.6 |
1.9% |
19.2 |
20.2 |
21.6 |
-6.6% |
| Adjusted EBITDA |
163.9 |
140.6 |
16.6% |
11.4 |
152.5 |
141.2 |
8.0% |
| Adjusted EBITDA Margin |
37.9% |
36.8% |
105 |
- |
37.0% |
36.5% |
46 |
| Adjusted EBITDA excluding Construction Service |
163.2 |
140.1 |
16.4% |
11.4 |
151.8 |
140.7 |
7.8% |
| Adjusted EBITDA Margin excluding Construction Service |
41.7% |
40.2% |
145 |
- |
40.9% |
40.1% |
79 |
Financial Income and Loss
CAAP reported a Net financial
Income of $161.0 million in 1Q24 compared to a loss of $40.6 million in 1Q23, mainly driven by higher YoY Foreign Exchange
transactions gains in Argentina, due to the impact of lower devaluation than inflation on the net liability monetary position and, to
a lesser extent lower net interest expenses. Had IAS 29 not been applied, CAAP would have reported a Net financial loss of $77.1 million
in 1Q24, compared to a loss of $152.3 million in the year ago period.
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Financial Income |
18.7 |
12.2 |
52.8% |
-3.4 |
22.1 |
29.8 |
-25.9% |
| Interest income |
17.0 |
10.7 |
59.2% |
1.1 |
16.0 |
10.9 |
46.7% |
| Foreign exchange income |
0.1 |
0.3 |
-42.6% |
-4.4 |
4.6 |
17.6 |
-74.1% |
| Other |
1.5 |
1.3 |
19.0% |
0.0 |
1.5 |
1.3 |
19.0% |
| Inflation adjustment |
-13.6 |
-3.1 |
338.0% |
-16.4 |
2.8 |
0.5 |
452.1% |
| Inflation adjustment |
-13.6 |
-3.1 |
338.0% |
-16.4 |
2.8 |
0.5 |
452.1% |
| Financial Loss |
155.8 |
-49.8 |
-413.0% |
257.8 |
-101.9 |
-182.6 |
-44.2% |
| Interest Expenses |
-27.1 |
-28.7 |
-5.6% |
-1.2 |
-25.9 |
-28.8 |
-10.0% |
| Foreign exchange transaction expenses |
212.0 |
13.1 |
1521.7% |
259.1 |
-47.0 |
-119.6 |
-60.7% |
| Changes in liability for concessions |
-26.4 |
-31.9 |
-17.5% |
- |
-26.4 |
-31.9 |
-17.5% |
| Other expenses |
-2.7 |
-2.2 |
23.8% |
-0 |
-2.7 |
-2.2 |
20.2% |
| Financial Loss, Net |
161.0 |
-40.6 |
-496.0% |
238.0 |
-77.1 |
-152.3 |
-49.4% |
See “Use of Non-IFRS Financial
Measures” on page 21.
Income Tax Expense
During 1Q24, the Company reported
an income tax expense of $112.9 million versus an expense of $37.2 million in 1Q23. Excluding the impact of IAS 29, CAAP reported
an income tax benefit of $54.5 million in 1Q24, compared to a tax benefit of $31.6 million in the year-ago quarter.
Net Income and Net Income Attributable to Owners
of the Parent
During 1Q24, CAAP reported Net
Income of $172.6 million compared to Net Income of $24.1 million in 1Q23. This result was primarily driven by the aforementioned
higher YoY Foreign Exchange net gains, combined with higher operating income and lower net interest expenses, partially offset by higher
Income tax expenses and inflation adjustment charges.
In 1Q24, the Company reported
Net Income Attributed to Owners of the Parent of $152.7 million and earnings per common share of $0.95, compared with Net Income
Attributable to Owners of the Parent of $31.7 million in 1Q23, equivalent to earnings per common share of $0.20.
Consolidated Financial Position
As of March 31, 2024, cash and
cash equivalents amounted to $469.8 million, increasing 27.0% from $369.8 million reported as of December 31, 2023. Total liquidity as
of March 31, 2024, which included cash and cash equivalents as well as other current financial assets, increased by 19.0% to $545.1 million,
from $457.9 million as of December 31, 2023.
Total Debt at the close of 1Q24
decreased 3.2%, or $42.5 million, to $1,290.7 million, from $1,333.2 million as of December 31, 2023. Debt reductions were mainly
in Argentina, Italy and Brazil. A total of $904.5 million, or 70.1% of total debt is denominated in U.S. dollars, while $204.4 million,
or 15.8% is denominated in Brazilian Reals, and $181.8 million, or 14.1%, is in Euros.
The Net Debt to LTM Adjusted EBITDA
ratio improved to 1.2x as of March 31, 2024, down from 1.4x as of December 2023, reflecting Adjusted EBITDA growth driven by strong revenue
performance. Excluding impairment of intangible assets, the Net Debt to LTM Adjusted EBITDA ratio stood at 1.4x. As of March 31, 2024,
all of CAAP’s subsidiaries were in compliance with their covenants.
Consolidated Debt Indicators (in US$ million)
| |
As of Mar 31, 2024 |
As of Dec 31, 2023 |
| Leverage |
|
|
| Total Debt / LTM Adjusted EBITDA (Times)1,3 |
1.84x |
1.97x |
| Total Net Debt / LTM Adjusted EBITDA (Times) 2,3, 4 |
1.17x |
1.42x |
| Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,5 |
1.37x |
1.68x |
| Total Debt |
1,290.7 |
1,333.2 |
| Short-Term Debt |
227.8 |
199.7 |
| Long-Term Debt |
1,062.9 |
1,133.5 |
| Cash & Cash Equivalents |
469.8 |
369.8 |
| Total Net Debt3 |
820.9 |
963.4 |
1
The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.
2 The Total Net Debt to EBITDA
Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.
3 The Total Net Debt is calculated
as Total Debt minus Cash & Cash Equivalents.
4 LTM Adjusted EBITDA as of March
31, 2024 was $701.1 million.
5 LTM Adjusted EBITDA excluding
impairment of intangible assets as of March 31, 2024 was $598.2 million.
| Total Debt by Segment (in US$ million) |
|
|
| |
As of Mar 31, 2024 |
As of Dec 31, 2023 |
| Argentina |
621.1 |
646.1 |
| Italy (1) |
168.7 |
179.2 |
| Brazil (2) |
204.4 |
213.9 |
| Uruguay (3) |
273.8 |
269.8 |
| Armenia |
13.1 |
13.2 |
| Ecuador |
9.6 |
11.0 |
| Total |
1,290.7 |
1,333.2 |
1
Of which approximately $101.9 million remain at Toscana Aeroporti level.
2 At Inframérica
Concessionaria do Aeroporto de Brasilia level.
3 Of which approximately
$252.1 million remain at ACI Airport Sudamérica SAU.
Maturity of borrowings:
| |
1 year or less |
1 – 2 years |
2 – 5 years |
Over 5 years |
Total |
| Debt service (1) |
315.1 |
209.1 |
554.0 |
667.8 |
1,745.9 |
1
The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash
flows
have been estimated using variable interest rates applicable at the end of the reporting period.
Maturity of borrowings –
Breakdown by segment (in USD) as of March 31, 2024:
| Segment |
|
Currency |
1 year or less |
1 – 2 years |
2 – 5 years |
Over 5 years |
Total |
| Argentina |
Principal |
USD |
60.2 |
74.8 |
245.1 |
249.9 |
630.1 |
| |
Interest |
USD |
43.2 |
39.2 |
90.1 |
27.0 |
199.4 |
| |
Principal |
ARS |
- |
- |
- |
- |
- |
| |
Interest |
ARS |
0.0 |
- |
- |
- |
0.0 |
| Italy |
Principal |
EUR |
126.3 |
24.6 |
15.4 |
- |
166.3 |
| |
Interest |
EUR |
8.4 |
1.9 |
0.5 |
- |
10.8 |
| Brazil |
Principal |
R$ |
13.8 |
15.1 |
54.1 |
120.8 |
203.9 |
| |
Interest |
R$ |
17.3 |
16.1 |
39.4 |
27.3 |
100.1 |
| Uruguay |
Principal |
USD |
7.2 |
15.1 |
61.8 |
195.1 |
279.3 |
| |
Interest |
USD |
18.7 |
18.2 |
47.6 |
47.6 |
132.2 |
| Armenia |
Principal |
EUR |
12.9 |
- |
- |
- |
12.9 |
| |
Interest |
EUR |
0.5 |
- |
- |
- |
0.5 |
| Ecuador |
Principal |
USD |
5.6 |
3.8 |
- |
- |
9.4 |
| |
Interest |
USD |
0.6 |
0.2 |
- |
- |
0.9 |
| Total |
|
|
315.1 |
209.1 |
554.0 |
667.8 |
1,745.9 |
| Cash by Segment (in US$ million) |
|
|
| |
As of Mar 31, 2024 |
As of Dec 31, 2023 |
| Argentina |
103.0 |
91.2 |
| Italy (1) |
25.4 |
34.8 |
| Brazil (2) |
162.2 |
65.8 |
| Uruguay |
48.3 |
35.9 |
| Armenia |
35.8 |
39.0 |
| Ecuador |
8.1 |
16.1 |
| Intermediate holding Companies |
87.0 |
86.9 |
| Total |
469.8 |
369.8 |
1
Of which approximately $20.0 million remain at Toscana Aeroporti level.
2 Of which approximately $65.0
million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.
CAPEX
During 1Q24, CAAP made capital
expenditures of $48.0 million, a 20.5% YoY increase from $39.8 million in 1Q23 and 23.5% lower than pre-pandemic levels of 1Q19. Excluding
IAS 29, capital expenditures amounted to $47.8 million in the quarter, with Argentina and Uruguay accounting for 70% and 13%, respectively.
The latter included investments related to the airports incorporated through the extension of the Puerta del Sur concession agreement
in November 2021.
Review of Segment Results
Argentina
Starting in 3Q18, reported numbers
are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained
above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’, while the columns
indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting. The impact of IAS
29 is presented only for AA2000, the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic,
revenues and Adjusted EBITDA of the Argentina segment in 1Q24.
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| OPERATING STATISTICS |
|
|
|
|
|
|
|
| Domestic Passengers (in millions) (1) |
7.0 |
7.0 |
0.3% |
|
7.0 |
7.0 |
0.3% |
| International Passengers (in millions) (1) |
3.5 |
3.0 |
15.7% |
|
3.5 |
3.0 |
15.7% |
| Transit Passengers (in millions) (1) |
0.4 |
0.3 |
16.2% |
|
0.4 |
0.3 |
16.2% |
| Total Passengers (in millions) (1) |
10.8 |
10.3 |
5.3% |
|
10.8 |
10.3 |
5.3% |
| Cargo Volume (in thousands of tons) |
44.2 |
43.6 |
1.4% |
|
44.2 |
43.6 |
1.4% |
| Total Aircraft Movements (in thousands) |
114.0 |
110.4 |
3.3% |
|
114.0 |
110.4 |
3.3% |
| FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
| Aeronautical Revenue |
135.5 |
112.1 |
20.9% |
12.8 |
122.6 |
113.9 |
7.7% |
| Non-aeronautical revenue |
119.6 |
111.5 |
7.3% |
7.9 |
111.7 |
114.2 |
-2.2% |
| Commercial revenue |
86.1 |
82.7 |
4.1% |
7.8 |
78.4 |
83.4 |
-6.1% |
| Construction service revenue |
33.5 |
28.7 |
16.5% |
0.1 |
33.4 |
30.8 |
8.2% |
| Total Revenue |
255.0 |
223.5 |
14.1% |
20.7 |
234.3 |
228.1 |
2.7% |
| Total Revenue Excluding IFRIC12(2) |
221.6 |
194.8 |
13.7% |
20.6 |
201.0 |
197.3 |
1.9% |
| Cost of Services |
154.5 |
140.3 |
10.1% |
26.9 |
127.6 |
127.0 |
0.4% |
| Selling, general and administrative expenses |
21.7 |
19.2 |
12.9% |
1.8 |
19.9 |
19.5 |
2.0% |
| Other expenses |
1.9 |
0.5 |
283.4% |
0.2 |
1.7 |
0.5 |
218.3% |
| Total Costs and Expenses |
178.1 |
159.9 |
11.3% |
29.0 |
149.1 |
146.9 |
1.5% |
| Total Costs and Expenses Excluding IFRIC12(3) |
144.7 |
131.2 |
10.2% |
28.9 |
115.8 |
116.1 |
-0.3% |
| Adjusted Segment EBITDA |
103.7 |
89.8 |
15.6% |
11.4 |
92.3 |
90.4 |
2.2% |
| Adjusted Segment EBITDA Mg |
40.7% |
40.2% |
52 |
- |
39.4% |
39.6% |
-22 |
| Adjusted EBITDA Margin excluding IFRIC 12(4) |
46.8% |
46.1% |
72 |
- |
45.9% |
45.8% |
11 |
| Capex |
33.5 |
28.8 |
16.1% |
0.1 |
33.4 |
30.9 |
7.9% |
| 1) | See Note 1 in Table "Operating & Financial Highlights”. |
| 2) | Excludes Construction Service revenue. |
| 3) | Excludes Construction Service cost. |
| 4) | Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession,
and is calculated by dividing EBITDA by total revenues less Construction Service revenue. |
Passenger Traffic increased
by 5.3% YoY to 10.8 million. International passenger traffic, which continued to benefit from the ongoing gradual resumption of routes
and frequencies, increased by 15.7% YoY in the first quarter of 2024 and accounted for 86% of the overall traffic increase. During the
quarter, ITA Airways, Aeromexico, and Emirates increased their weekly flight frequencies, whereas JetSMART and Paranair announced the
launch of new routes: Mendoza-Santiago de Chile and Cordoba-Asunción, respectively. Domestic passenger traffic increased 0.3% YoY.
Revenues increased 14.1%
YoY to $255.0 million in 1Q24 on an ‘As reported’ basis or increased 2.7% to $234.3 million when excluding the impact
of rule IAS29, primarily due to a 7.7% increase in Aeronautical revenues, partially offset by a 6.1% decline in Commercial revenues. Construction
service revenue increased 8.2% YoY reflecting higher Capex in the reported quarter.
| · | Aeronautical Revenues ex-IAS29 grew by 7.7% YoY, mainly driven by higher passenger use fees boosted
by the 15,7% YoY growth in international passenger traffic along with the increase in the domestic passenger fees introduced in January
2024. |
| · | Commercial Revenues ex-IAS29 decreased 6.1% YoY, mainly driven by a decrease of 30.4%, or $4.0
million, in Duty Free as a result of the devaluation of the Argentina Peso in late December, combined with lower Cargo and Parking revenues.
This was partially offset by higher VIP lounges and Advertising-related revenues. |
Total Costs and Expenses
increased 11.3% YoY to $178.1 million in 1Q24 on an ‘As reported’ basis. Excluding Construction Service and the impact
of IAS 29, Total Cost and Expenses decreased 0.3% YoY, mainly due to lower D&A and Maintenance expenses, partially offset by higher
Salaries and Concession fees.
| · | Cost of Services ex-IAS29 and excluding Construction Service Costs decreased 2.0% YoY, or $1.9 million,
driven mainly by the following: |
| · | 61.5%, or $2.5 million, decrease in D&A, and |
| · | 3.7%, or $0.8 million, decrease in Maintenance expenses. |
The above was partially
offset by increases of 1.8%, or $0.5 million, in Concession Fees, due to higher revenues, and 1.5%, or $0.5 million, in Salaries and social
security contributions, mainly as a result of inflation rates significantly above currency depreciation.
| · | SG&A ex-IAS29 increased by 2.0% YoY, or $0.4 million, to $19.9 million, mainly due
to higher Services and fees, Salaries and Social Security Contributions, and Taxes. |
Adjusted Segment EBITDA increased
15.6% YoY to $103.7 million in 1Q24 on an ‘As reported basis’. When excluding the impact of IAS 29, Adjusted Segment EBITDA
grew by 2.2% YoY to $92.3 million, with Adjusted EBITDA margin EX-IFRIC12 of 45.9% in the quarter, compared to 45.8% in 1Q23.
During 1Q24, CAAP made Capital
Expenditures ex-IAS29 of $33.5 million, compared to $30.9 million in 1Q23. These expenditures were primarily allocated to the new
terminal building and lighting system at Rio Hondo Airport, improvements in access roads apron, security check-point and connection areas
at Aeroparque Airport, the new terminal building and lighting system at Santa Rosa Airport, and a new VIP Lounge at Ezeiza Airport.
Italy
| |
1Q24 |
1Q23 |
% Var. |
| OPERATING STATISTICS |
|
|
|
| Domestic Passengers (in millions) |
0.3 |
0.3 |
4.1% |
| International Passengers (in millions) |
1.1 |
1.0 |
17.3% |
| Transit Passengers (in millions) |
n.m. |
n.m. |
n.m. |
| Total Passengers (in millions) |
1.5 |
1.3 |
13.9% |
| Cargo Volume (in thousands of tons) |
3.1 |
3.4 |
-7.3% |
| Total Aircraft Movements (in thousands) |
13.7 |
12.5 |
9.4% |
| FINANCIAL HIGHLIGHTS |
|
|
|
| Aeronautical Revenue |
11.9 |
10.2 |
16.7% |
| Non-aeronautical revenue |
10.8 |
10.7 |
0.3% |
| Commercial revenue |
8.3 |
7.0 |
18.9% |
| Construction service revenue |
1.2 |
1.0 |
15.2% |
| Other revenue |
1.2 |
2.7 |
-54.4% |
| Total Revenue |
22.6 |
20.9 |
8.3% |
| Total Revenue Excluding IFRIC12(1) |
21.4 |
19.9 |
7.9% |
| Cost of Services |
18.8 |
18.5 |
1.6% |
| Selling, general and administrative expenses |
2.9 |
3.4 |
-16.6% |
| Other Expenses |
0.0 |
0.0 |
-100.0% |
| Total Costs and Expenses |
21.7 |
22.0 |
-1.5% |
| Total Costs and Expenses Excluding IFRIC12(2) |
21.1 |
21.3 |
-1.0% |
| Adjusted Segment EBITDA |
3.7 |
1.7 |
113.1% |
| Adjusted Segment EBITDA Mg |
16.4% |
8.4% |
809 |
| Adjusted EBITDA Margin excluding IFRIC 12(3) |
14.2% |
6.7% |
747 |
| Capex |
1.4 |
1.3 |
7.7% |
1 Excludes Construction Service
revenue.
2 Excludes Construction Service
cost.
3 Excludes the effect of IFRIC
12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues
less Construction Service revenue.
Passenger Traffic in Italy
increased by 13.9% YoY to 1.5 million. International traffic, which accounted for 77% of the total traffic, increased by 17.3% YoY, supported
by strong performances at both Pisa and Florence airports, while domestic traffic grew by 4.1% year-over-year. Some pre-pandemic domestic
destinations still need to resume at Pisa airport.
Revenues increased 8.3%
YoY to $22.6 million in 1Q24, driven by both Aeronautical and Commercial revenue growth reflecting the increase in year-over-year
passenger traffic.
| · | Aeronautical Revenues increased 16.7% YoY, or $1.7 million, as a result of higher Passenger use
fees and, to a lesser extent, higher Aircraft fees as a result of increased YoY traffic activity. |
| · | Commercial Revenues, increased 18.9% YoY, or $1.3 million, mainly driven by passenger-related
services such as Parking facilities, F&B services, VIP lounges and Duty Free, following the strong year-over-year traffic recovery. |
Total Costs and Expenses
decreased 1.5% YoY, or $0.3 million, mainly driven by efficiencies in SG&A expenses, partially offset by higher Cost of Services.
Excluding Construction Services, Total Cost and Expenses declined 1.0% YoY to $21.1 million.
| · | Cost of Services excluding Construction service increased 2.3% YoY, or $0.4 million, primarily
driven by higher Salaries and Social Security Contribution expenses, combined with higher Services and fees and Concession fees. |
| · | SG&A declined 16.6% YoY, or $0.6 million, to $2.9 million. |
Adjusted Segment EBITDA increased
113.1% YoY to $3.7 million from $1.7 million in 1Q23, with Adjusted EBITDA margin Ex-IFRIC12 expanding 7.5 percentage points to 14.2%,
on the back of traffic increase and strong revenue growth.
During 1Q24, CAAP made Capital
Expenditures of $1.4 million, compared to $1.3 million in 1Q23.
Brazil
| |
1Q24 |
1Q23 |
% Var. |
| OPERATING STATISTICS |
|
|
|
| Domestic Passengers (in millions) |
2.3 |
2.6 |
-11.0% |
| International Passengers (in millions) (1) |
0.2 |
0.1 |
38.7% |
| Transit Passengers (in millions) (1) |
1.4 |
1.5 |
-7.3% |
| Total Passengers (in millions) (1) |
3.9 |
4.2 |
-8.1% |
| Cargo Volume (in thousands of tons) |
15.4 |
16.0 |
-4.0% |
| Total Aircraft Movements (in thousands) |
35.6 |
38.7 |
-8.0% |
| FINANCIAL HIGHLIGHTS |
|
|
|
| Aeronautical Revenue |
10.8 |
10.4 |
3.2% |
| Non-aeronautical revenue |
18.1 |
14.2 |
26.9% |
| Commercial revenue |
17.7 |
14.2 |
24.7% |
| Total Revenue |
28.8 |
24.7 |
16.9% |
| Cost of Services |
20.0 |
17.8 |
12.5% |
| Selling, general and administrative expenses |
1.6 |
1.9 |
-13.3% |
| Other expenses |
0.4 |
0.0 |
n.m. |
| Total Costs and Expenses |
22.1 |
19.7 |
12.1% |
| Adjusted Segment EBITDA |
9.9 |
8.0 |
23.6% |
| Adjusted Segment EBITDA Mg |
34.2% |
32.4% |
185 |
| Capex |
0.6 |
0.3 |
111.1% |
Note: This segment does not include
the effects of IFRIC 12 with respect to the construction or improvements to assets under the concession.
| 1) | Starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport
between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018.
Notwithstanding, total traffic figures remain unchanged. |
Passenger Traffic remained
heavily impacted by financial and aircraft constraints in some of the local airlines, combined with increasing ticket prices affecting
travel demand. Total traffic declined by 8.1% YoY to 3.9 million, or by 1.6% YoY to 3.5 million when adjusting for the discontinuation
of the Natal airport. Domestic passenger traffic, which accounted for almost 60% of total passenger traffic, was down by 11.0% YoY, or
by 0.4% excluding Natal airport, while transit passengers declined by 7.3% YoY. As a reminder, following the friendly termination process
concluded in February 2024, CAAP ceased operations at Natal airport, effective from February 19, 2024. Therefore, statistics for Natal
are only available up until February 18, 2024.
Revenues increased 16.9%
YoY, or $4.2 million, to $28.8 million in 1Q24, mainly driven by Commercial revenue growth.
| · | Aeronautical Revenues increased 3.2% YoY, or $0.3 million, driven by higher Passenger use
fees despite YoY traffic decline. |
| · | Commercial Revenues increased 24.7% YoY, or $3.5 million, despite lower passenger traffic.
The increase in commercial revenue was primarily driven by a continued solid performance of VIP lounges and, to a lesser extent, Rental
of space, Cargo revenues and Parking facilities. Commercial revenues also included a one-time benefit of $1.1 million from the conclusion
of a litigation process with several telecommunications companies. |
Total Costs and Expenses
in 1Q24 increased 12.1% YoY, or $2.4 million, mainly driven by higher Cost of Services, partially offset by efficiencies in SG&A expenses.
| · | Cost of Services increased 12.5% YoY, or $2.2 million, mainly driven by increases in Salaries
and social security contributions, Concession fees and other costs of sales, partially offset by lower Maintenance expenses. |
| · | SG&A declined 13.3% YoY, or $0.2 million, to $1.6 million in 1Q24. |
Adjusted Segment EBITDA
increased 23.6% YoY, or $1.9 million, to $9.9 million, with Adjusted EBITDA margin expanding 1.8 percentage points to 34.2%, despite the
YoY decline in passenger traffic. Adjusted EBITDA growth was supported by Commercial revenues and the aforementioned $1.1 million one-time
benefit related to the telecommunications companies.
During 1Q24, CAAP made Capital
Expenditures of $0.6 million, compared to $0.3 million in 1Q23.
Uruguay
| |
1Q24 |
1Q23 |
% Var. |
| OPERATING STATISTICS |
|
|
|
| Domestic Passengers (in millions) |
n.m. |
n.m. |
n.m. |
| International Passengers (in millions) |
0.6 |
0.5 |
26.0% |
| Transit Passengers (in millions) |
n.m. |
n.m. |
n.m. |
| Total Passengers (in millions) |
0.6 |
0.5 |
28.7% |
| Cargo Volume (in thousands of tons) |
6.9 |
7.0 |
-1.3% |
| Total Aircraft Movements (in thousands) |
9.7 |
9.2 |
5.9% |
| FINANCIAL HIGHLIGHTS |
|
|
|
| Aeronautical Revenue |
25.2 |
18.1 |
39.1% |
| Non-aeronautical revenue |
25.4 |
19.8 |
28.1% |
| Commercial revenue |
19.4 |
16.7 |
16.2% |
| Construction service revenue |
6.0 |
3.1 |
92.4% |
| Total Revenue |
50.7 |
38.0 |
33.4% |
| Total Revenue Excluding IFRIC12(1) |
44.7 |
34.9 |
28.1% |
| Cost of Services |
25.3 |
18.9 |
34.2% |
| Selling, general and administrative expenses |
5.3 |
4.7 |
12.3% |
| Other expenses |
0.1 |
0.1 |
158.5% |
| Total Costs and Expenses |
30.8 |
23.6 |
30.1% |
| Total Costs and Expenses Excluding IFRIC12(2) |
24.8 |
20.5 |
20.7% |
| Adjusted Segment EBITDA |
21.9 |
16.1 |
36.3% |
| Adjusted Segment EBITDA Mg |
43.3% |
42.4% |
94 |
| Adjusted EBITDA Margin excluding IFRIC 12 (3) |
49.1% |
46.2% |
296 |
| Capex |
6.0 |
7.4 |
-18.8% |
1) Excludes Construction Service
revenue.
2) Excludes Construction Service
cost.
3) Excludes the effect of IFRIC
12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues
less Construction Service revenue.
Uruguay, where activity
is mainly international, passenger traffic increased by 28.7% YoY to 0.6 million, boosted by new routes and frequencies during the quarter.
JetSMART Airlines has announced the launch of a new route between Montevideo and Buenos Aires in May, while SKY Airline is expected to
increase the frequency of its Montevideo-Lima route, also in May.
Revenues increased 33.4%
YoY to $50.7 million in 1Q24 on an ‘As reported’ basis, or 28.1% to $44.7 million, when excluding Construction service
revenue, driven by both higher Aeronautical and Commercial revenues.
| · | Aeronautical Revenues increased 39.1% YoY, or $7.1 million, to $25.2 million, driven by tariff
adjustments and the 28.7% YoY increase in passenger traffic. |
| · | Commercial Revenues increased 16.2% YoY, or $2.7 million, to $19.4 million. This growth was driven
by higher passenger-related revenues resulting from increased traffic, particularly in duty-free and VIP lounges. |
Total Costs and Expenses
increased 30.1% YoY to $30.8 million. Excluding Construction Service, Total Cost and Expenses rose 20.7% YoY to $24.8 million, due to
an increase in operating costs following higher traffic activity when compared to 1Q23.
| · | Cost of Services increased 34.2% YoY, or $6.5 million. Excluding Construction Service cost, Cost
of Services increased 22.7% YoY, or $3.6 million, mainly due to higher Salaries and social security contributions, Concession Fees, Maintenance
expenses and Services and fees, in line with higher YoY activity. |
| · | SG&A increased 12.3% YoY, to $5.3 million, mainly as a result of higher Services and Fees. |
Adjusted Segment EBITDA increased
36.3% YoY to $21.9 million in 1Q24, with Adjusted EBITDA Margin Ex IFRIC12 expanding 2.9 percentage points to 49.1%. This growth was driven
by the 28.7% YoY passenger traffic increase and solid revenue growth.
During 1Q24, CAAP made Capital Expenditures
of $6.0 million in Uruguay, compared to $7.4 million in 1Q23.
Armenia
| |
1Q24 |
1Q23 |
% Var. |
| OPERATING STATISTICS |
|
|
|
| Domestic Passengers (in millions) |
n.m. |
n.m. |
n.m. |
| International Passengers (in millions) |
1.0 |
1.0 |
-0.2% |
| Transit Passengers (in millions) |
n.m. |
n.m. |
n.m. |
| Total Passengers (in millions) |
1.0 |
1.0 |
-0.2% |
| Cargo Volume (in thousands of tons) |
9.0 |
7.2 |
24.3% |
| Total Aircraft Movements (in thousands) |
8.1 |
9.4 |
-14.1% |
| FINANCIAL HIGHLIGHTS |
|
|
|
| Aeronautical Revenue |
18.4 |
16.8 |
9.3% |
| Non-aeronautical revenue |
30.1 |
33.5 |
-10.1% |
| Commercial revenue |
29.8 |
32.9 |
-9.5% |
| Construction service revenue |
0.3 |
0.6 |
-43.9% |
| Total Revenue |
48.5 |
50.3 |
-3.7% |
| Total Revenue Excluding IFRIC12(1) |
48.1 |
49.7 |
-3.2% |
| Cost of Services |
30.3 |
33.6 |
-9.9% |
| Selling, general and administrative expenses |
4.3 |
3.4 |
28.5% |
| Other expenses |
0.2 |
0.2 |
-4.7% |
| Total Costs and Expenses |
34.8 |
37.1 |
-6.2% |
| Total Costs and Expenses Excluding IFRIC12(2) |
34.4 |
36.5 |
-5.6% |
| Adjusted Segment EBITDA |
18.8 |
17.1 |
9.9% |
| Adjusted Segment EBITDA Mg |
38.9% |
34.0% |
482 |
| Adjusted EBITDA Margin excluding IFRIC 12 (3) |
39.1% |
34.4% |
470 |
| Capex |
4.9 |
1.7 |
184.2% |
1) Excludes Construction Service
revenue.
2) Excludes Construction Service
cost.
3) Excludes the effect of IFRIC
12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues
less Construction Service revenue.
In Armenia, passenger traffic
was relatively flat YoY at 1.0 million, representing a slight decline compared to the strong recovery experienced in 2023, which benefited
from the introduction of new airlines, along with a higher number of flight frequencies. Notably, Zvartnots airport is currently operating
at or near maximum capacity, owing to the significant growth in passenger traffic over the past few years.
Revenues decreased 3.7%
YoY to $48.5 million in 1Q24 on an ‘As reported’ basis, or 3.2% when excluding Construction service revenue, mainly driven
by lower Commercial revenues, partially offset by an increase in Aeronautical revenues.
| · | Aeronautical Revenues increased 9.3% YoY, or $1.6 million, to $18.4 million, mainly driven
by higher Passenger use fees. |
| · | Commercial Revenues decreased 9.5% YoY, or $3.1 million, to $29.8 million, as the increases in
VIP Lounges, Cargo revenues and Parking facilities were more than offset by lower Fuel revenues (linked to Cost of Fuel). |
Total Costs and Expenses
decreased 6.2% YoY to $34.8 million, or decreased 5.6% excluding IFRIC 12, driven by reduced Cost of Services partially offset by higher
SG&A expenses.
| · | Cost of Services decreased 9.9% YoY, or $3.3 million, mainly driven by lower Cost of fuel (linked
to Fuel revenues), partially offset by higher Salaries and social security contributions and Maintenance expenses. |
| · | SG&A increased 28.5% YoY, or $1.0 million, to $4.3 million in 1Q24. |
Adjusted Segment EBITDA increased
9.9% YoY to $18.8 million in 1Q24, with Adjusted EBITDA Margin Ex IFRIC12 expanding 4.7 percentage points to 39.1%.
During 1Q24, CAAP made Capital Expenditures
of $4.9 million in Armenia, compared to $1.7 million in 1Q23.
Ecuador
| |
1Q24 |
1Q23 |
% Var. |
| OPERATING STATISTICS |
|
|
|
| Domestic Passengers (in millions) |
0.6 |
0.6 |
-6.7% |
| International Passengers (in millions) |
0.5 |
0.5 |
1.3% |
| Transit Passengers (in millions) |
0.0 |
0.0 |
n.m. |
| Total Passengers (in millions) |
1.1 |
1.1 |
-2.8% |
| Cargo Volume (in thousands of tons) |
9.3 |
7.9 |
17.4% |
| Total Aircraft Movements (in thousands) |
19.0 |
19.7 |
-3.4% |
| FINANCIAL HIGHLIGHTS |
|
|
|
| Aeronautical Revenue |
19.8 |
18.0 |
10.5% |
| Non-aeronautical revenue |
6.8 |
6.5 |
4.9% |
| Commercial revenue |
6.8 |
6.5 |
4.9% |
| Construction service revenue |
0.0 |
0.0 |
n.m. |
| Total Revenue |
26.7 |
24.5 |
9.0% |
| Total Revenue Excluding IFRIC12 |
26.7 |
24.5 |
9.0% |
| Cost of Services |
15.6 |
14.2 |
9.6% |
| Selling, general and administrative expenses |
4.5 |
3.4 |
29.5% |
| Other expenses |
0.0 |
0.0 |
n.m. |
| Total Costs and Expenses |
20.1 |
17.7 |
13.5% |
| Total Costs and Expenses Excluding IFRIC12 |
20.1 |
17.7 |
13.5% |
| Adjusted Segment EBITDA |
7.5 |
7.7 |
-1.8% |
| Adjusted Segment EBITDA Mg |
28.2% |
31.3% |
-312 |
| Adjusted EBITDA Margin excluding IFRIC 12 |
28.2% |
31.3% |
-312 |
| Capex |
1.6 |
0.3 |
524% |
In Ecuador, total passenger
traffic was down by 2.8% YoY to 1.1 million. International passenger traffic, which accounted for 47% of total traffic in the quarter,
continued to increase sequentially, growing by 1.3% YoY, while domestic traffic declined by 6.7% YoY. The year-over-year comparison in
domestic traffic reflects the exit of local airline Equair in October 2023.
Revenues increased 9.0%
YoY to $26.7 million in 1Q24 on an ‘As reported’ basis, mainly driven by higher Aeronautical revenues and, to a lesser
extent, Commercial revenues as well.
| · | Aeronautical Revenues increased 10.5% YoY, or $1.9 million, to $19.8 million, mainly driven
by higher Passenger use fees. |
| · | Commercial Revenues increased 4.9% YoY, or $0.3 million, to $6.8 million, driven by higher Duty
Free, Retail stores, Rental of space, and F&B services. |
Total Costs and Expenses
increased 13.5% YoY to $20.1 million, due to higher Cost of services as well as G&A expenses.
| · | Cost of Services EX-IFRIC increased 9.6% YoY, or $1.4 million, mainly driven by higher Concession
fees, Services and fees, and Salaries and social security contributions. |
| · | SG&A increased 29.5% YoY, to $4.5 million. |
Adjusted Segment EBITDA decreased
1.8% YoY to $7.5 million, with Adjusted EBITDA Margin Ex IFRIC12 contracting 3.1 percentage points to 28.2%. Adjusted EBITDA for the quarter
was negatively impacted by an extraordinary mandated contribution of $0.5 million made to Ecuador’s security authority.
During 1Q24, CAAP made Capital Expenditures of
$1.6 million in Ecuador, compared to $0.3 million in 1Q23.
Key Quarter Highlights and Subsequent Events
CAISA | Concession Agreement Extension
On May 15, 2024, Consorcio Aeropuertos
Internacionales S.A. (“CAISA”), the Company’s fully-owned subsidiary that operates the Punta del Este Airport in Uruguay,
signed an amendment to its concession agreement that includes the extension of the term of the concession agreement for a ten-year period
from 2033 through 2043, the removal of certain investment projects from the previous agreement, and a new commitment to invest $3.0 million
within the period of 2024-2026.
Peruvian Proceedings | Final Award
On May 9, 2024, Sociedad Aeroportuaria
Kuntur Wasi S.A. (“Kuntur Wasi”, in which CAAP holds 50% of the shares) received notification from the ICSID Arbitral Court
of the award (ICSID Case No. ARB/18/27) regarding the arbitration procedure on the case Sociedad Aeroportuaria Kuntur Wasi S.A. and Corporación
América S.A. v. Republic of Peru, related to the unilateral decision of the Government of Peru to terminate the concession agreement
for the new Chinchero International Airport. The Tribunal decided, among other things that “Peru breached the Concession Contract
by terminating it without a well- founded reason of public interest". Furthermore, “the Tribunal orders that damages in the
amount of US$91,205,056 (including interest to 28 February 2024) should be paid to Kuntur Wasi, together with any additional interest
that has accrued at the rate established in this award to the date of payment; compounded annually”. The Company will provide any
further updates on the matter as appropriate.
For further information on subsequent
events, please refer to Note 20 of the Company’s Financial Statements, filed with the SEC.
Hyperinflation Accounting in Argentina
Following the categorization of
Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in
accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule
IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary
as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local
currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing
rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the
Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA, respectively,
of the Argentina segment in 1Q24, is presented separately in each of the applicable sections of this earnings release, in a column denominated
“IAS 29”.
Non-Financial Disclosure
With the assistance of an external
advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make the necessary disclosure
under the Corporate Sustainability Reporting Directive in a timely manner.
1Q24 EARNINGS CONFERENCE CALL
| When: |
10:00 a.m. Eastern Time, May 23, 2024 |
| Who: |
Mr. Martín Eurnekian, Chief Executive Officer |
| |
Mr. Jorge Arruda, Chief Financial Officer |
| |
Mr. Patricio Iñaki Esnaola, Head of Investor Relations |
| Dial-in: |
1-800-549-8228 (North America, Toll
Free); 1-289-819-1520 (Other locations); Conference ID: 97449 |
| Webcast: |
CAAP
1Q24 Earnings Conference Call |
| Replay: |
1-877-674-7070 (North America, Toll Free); 1-416-764-8692 (Other locations); Playback Passcode: 97449 # |
Use of Non-IFRS Financial Measures
This announcement includes certain
references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding
Construction service, as well as Net Debt:
Adjusted EBITDA is defined
as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.
Adjusted EBITDA Margin is
calculated by dividing Adjusted EBITDA by total revenues.
Adjusted EBITDA excluding Construction
Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction
services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.
Adjusted EBITDA Margin excluding
Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of
IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA
excluding Construction Service revenue and cost, by total revenues less Construction service revenue.
Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized
under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined
in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not
to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from
similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding
Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating
performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted
EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare
the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction
services (when applicable).
Net debt is calculated
by deducting “Cash and cash equivalents” from total financial debt.
Figures ex-IAS 29 result
from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the
US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before
IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting
IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable
sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina”
is described in more detail page 21 of this report.
Definitions and Concepts
Commercial Revenues: CAAP
derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services
and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services,
food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising,
fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger
services.
Construction Service revenue
and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under
the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession
agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements
and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are
recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is
based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the
concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services.
The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an
average of 3.0% to 5.0%.
About Corporación América Airports
Corporación América
Airports acquires, develops and operates airport concessions. The Company is a leading private airport operator in the world, currently
operating 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2023,
Corporación América Airports served 81.1 million passengers, 23.7% above the 65.6 million passengers served in 2022 and
3.6% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”.
For more information, visit http://investors.corporacionamericaairports.com
Forward Looking Statements
Statements relating to our future
plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,”
“continue,” “could,” “potential,” “remain,” “will,” “would” or
similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ
materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the Covid-19 impact,
delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain
the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the
geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation,
depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure
to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement,
changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations,
natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics
and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary
Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and
any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors
that could cause those differences.
Investor Relations Contact
Patricio Iñaki
Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716
-- Operational &
Financial Tables Follow –
Operating Statistics by Segment: Traffic, Cargo
and Aircraft Movement
| |
1Q24 |
1Q23 |
% Var. |
| Argentina |
|
|
|
| Domestic Passengers (in millions) |
7.0 |
7.0 |
0.3% |
| International Passengers (in millions) |
3.5 |
3.0 |
15.7% |
| Transit passengers (in millions) |
0.4 |
0.3 |
16.2% |
| Total passengers (in millions) |
10.8 |
10.3 |
5.3% |
| Cargo volume (in thousands of tons) |
44.2 |
43.6 |
1.4% |
| Aircraft movements (in thousands) |
114.0 |
110.4 |
3.3% |
| Italy |
|
|
|
| Domestic Passengers (in millions) |
0.3 |
0.3 |
4.1% |
| International Passengers (in millions) |
1.1 |
1.0 |
17.3% |
| Transit passengers (in millions) |
n.m. |
n.m. |
n.m. |
| Total passengers (in millions) |
1.5 |
1.3 |
13.9% |
| Cargo volume (in thousands of tons) |
3.1 |
3.4 |
-7.3% |
| Aircraft movements (in thousands) |
13.7 |
12.5 |
9.4% |
| Brazil |
|
|
|
| Domestic Passengers (in millions) |
2.3 |
2.6 |
-11.0% |
| International Passengers (in millions) |
0.2 |
0.1 |
38.7% |
| Transit passengers (in millions) |
1.4 |
1.5 |
-7.3% |
| Total passengers (in millions) |
3.9 |
4.2 |
-8.1% |
| Cargo volume (in thousands of tons) |
15.4 |
16.0 |
-4.0% |
| Aircraft movements (in thousands) |
35.6 |
38.7 |
-8.0% |
| Uruguay |
|
|
|
| Domestic Passengers (in millions) |
n.m. |
n.m. |
n.m. |
| International Passengers (in millions) |
0.6 |
0.5 |
26.0% |
| Transit passengers (in millions) |
n.m. |
n.m. |
n.m. |
| Total passengers (in millions) |
0.6 |
0.5 |
28.7% |
| Cargo volume (in thousands of tons) |
6.9 |
7.0 |
-1.3% |
| Aircraft movements (in thousands) |
9.7 |
9.2 |
5.9% |
| Ecuador(1) |
|
|
|
| Domestic Passengers (in millions) |
0.6 |
0.6 |
-6.7% |
| International Passengers (in millions) |
0.5 |
0.5 |
1.3% |
| Transit passengers (in millions) |
0.0 |
0.0 |
11.6% |
| Total passengers (in millions) |
1.1 |
1.1 |
-2.8% |
| Cargo volume (in thousands of tons) |
9.3 |
7.9 |
17.4% |
| Aircraft movements (in thousands) |
19.0 |
19.7 |
-3.4% |
| Armenia |
|
|
|
| Domestic Passengers (in millions) |
n.m. |
n.m. |
n.m. |
| International Passengers (in millions) |
1.0 |
1.0 |
-0.2% |
| Transit passengers (in millions) |
n.m. |
n.m. |
n.m. |
| Total passengers (in millions) |
1.0 |
1.0 |
-0.2% |
| Cargo volume (in thousands of tons) |
9.0 |
7.2 |
24.3% |
| |
1Q24 |
1Q23 |
% Var. |
| Aircraft movements (in thousands) |
8.1 |
9.4 |
-14.1% |
| 1) | ECOGAL’s operational data included in this table, although its results of operations are not consolidated. |
Foreign Exchange Rate
| Country |
1Q24 |
1Q23 |
1Q24 |
1Q23 |
4Q23 |
4Q22 |
4Q23 |
4Q22 |
| |
Avg |
Avg |
EoP |
EoP |
Avg |
Avg |
EoP |
EoP |
| Argentine Peso |
833.2 |
192.2 |
858.0 |
209.0 |
444.1 |
162.4 |
808.5 |
177.2 |
| Euro |
1.1 |
1.1 |
1.1 |
1.1 |
1.1 |
1.0 |
1.1 |
1.1 |
| Brazilian Real |
5.0 |
5.2 |
5.0 |
5.1 |
5.0 |
5.3 |
4.8 |
5.2 |
| Uruguayan Peso |
38.9 |
39.2 |
37.6 |
38.6 |
39.5 |
40.8 |
39.0 |
40.1 |
Amounts provided by units of local currency per US
dollar
Aeronautical Breakdown (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Aeronautical Revenue |
221.5 |
185.6 |
19.4% |
12.8 |
208.7 |
187.4 |
11.4% |
| Passenger use fees |
187.7 |
157.1 |
19.5% |
11.4 |
176.4 |
158.7 |
11.1% |
| Aircraft fees |
32.5 |
27.4 |
18.3% |
1.5 |
31.0 |
27.6 |
12.1% |
| Other |
1.3 |
1.0 |
31.5% |
- |
1.3 |
1.0 |
31.5% |
Commercial Revenue Breakdown (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Commercial revenue |
168.4 |
160.3 |
5.1% |
7.8 |
160.6 |
161.0 |
-0.2% |
| Warehouse use fees |
50.7 |
47.8 |
6.1% |
4.0 |
46.8 |
48.7 |
-3.9% |
| Duty free shops |
18.4 |
20.0 |
-8.1% |
0.9 |
17.5 |
20.2 |
-13.5% |
| Rental of space (including hangars) |
11.0 |
8.9 |
23.0% |
0.6 |
10.4 |
8.9 |
15.8% |
| Parking facilities |
8.7 |
9.2 |
-5.1% |
0.4 |
8.4 |
9.3 |
-10.0% |
| Fuel |
26.0 |
29.4 |
-11.6% |
0.2 |
25.8 |
29.4 |
-12.4% |
| Food and beverage services |
6.7 |
6.3 |
6.1% |
0.3 |
6.4 |
6.3 |
1.8% |
| Advertising |
7.6 |
5.2 |
45.8% |
0.7 |
6.9 |
4.8 |
42.8% |
| Services and retail stores |
3.8 |
3.6 |
6.2% |
0.1 |
3.7 |
3.6 |
3.2% |
| Catering |
3.0 |
2.2 |
37.4% |
0.2 |
2.8 |
2.2 |
26.0% |
| VIP lounges |
13.4 |
8.8 |
52.5% |
0.5 |
12.9 |
8.5 |
52.2% |
| Walkway services |
2.1 |
1.8 |
15.5% |
0.1 |
2.0 |
1.8 |
7.0% |
| Other |
16.9 |
17.0 |
-0.7% |
-0.2 |
17.1 |
17.1 |
0.0% |
Total Expenses Breakdown (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Cost of services |
267.5 |
246.1 |
8.7% |
26.9 |
240.6 |
232.8 |
3.3% |
| SG&A |
44.2 |
38.4 |
15.0% |
1.8 |
42.3 |
38.7 |
9.5% |
| Financial loss |
-155.8 |
49.8 |
-413.0% |
-257.8 |
101.9 |
182.6 |
-44.2% |
| Inflation adjustment |
13.6 |
3.1 |
338.0% |
16.4 |
-2.8 |
-0.5 |
452.1% |
| Other expenses |
2.7 |
0.8 |
235.6% |
0.2 |
2.4 |
0.8 |
195.5% |
| Income tax expense |
112.9 |
37.2 |
203.1% |
167.4 |
-54.5 |
-31.6 |
72.4% |
| Total expenses |
285.0 |
375.4 |
-24.1% |
-45.1 |
330.0 |
422.8 |
-21.9% |
Cost of Services (in US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Cost of Services |
267.5 |
246.1 |
8.7% |
26.9 |
240.6 |
232.8 |
3.3% |
| Salaries and social security contributions |
60.3 |
53.1 |
13.5% |
2.9 |
57.4 |
53.7 |
6.8% |
| Concession fees |
52.4 |
45.9 |
14.2% |
3.0 |
49.4 |
46.4 |
6.4% |
| Construction service cost |
40.6 |
33.1 |
22.7% |
0.1 |
40.4 |
35.1 |
15.1% |
| Maintenance expenses |
30.8 |
29.5 |
4.5% |
1.1 |
29.7 |
29.8 |
-0.2% |
| Amortization and depreciation |
37.6 |
37.0 |
1.6% |
19.0 |
18.6 |
20.1 |
-7.3% |
| Services and fees |
15.5 |
14.1 |
9.6% |
0.4 |
15.1 |
14.2 |
6.2% |
| Cost of fuel |
20.7 |
24.1 |
-13.9% |
- |
20.7 |
24.1 |
-13.9% |
| Taxes |
1.3 |
1.2 |
7.6% |
0.1 |
1.2 |
1.2 |
-3.0% |
| Office expenses |
3.9 |
3.3 |
18.4% |
0.3 |
3.6 |
3.3 |
8.4% |
| Provision for maintenance cost |
0.9 |
0.8 |
3.6% |
- |
0.9 |
0.8 |
3.6% |
| Others |
3.5 |
4.0 |
-11.9% |
0.0 |
3.5 |
4.0 |
-12.3% |
Selling, General and Administrative Expenses (in
US$ million)
| |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| SG&A |
44.2 |
38.4 |
15.0% |
1.8 |
42.3 |
38.7 |
9.5% |
| Taxes |
14.5 |
12.5 |
15.8% |
1.1 |
13.3 |
12.7 |
4.9% |
| Salaries and social security contributions |
10.3 |
8.9 |
16.0% |
0.3 |
10.0 |
9.0 |
11.1% |
| Services and fees |
10.4 |
9.3 |
11.6% |
0.1 |
10.3 |
9.3 |
10.6% |
| Office expenses |
1.4 |
1.5 |
-4.3% |
0.1 |
1.3 |
1.5 |
-10.9% |
| Amortization and depreciation |
1.7 |
1.6 |
7.2% |
0.2 |
1.6 |
1.5 |
3.7% |
| Maintenance expenses |
0.5 |
0.5 |
3.9% |
0.0 |
0.5 |
0.5 |
0.4% |
| Advertising |
0.6 |
0.5 |
28.7% |
0.0 |
0.6 |
0.5 |
25.9% |
| Insurances |
0.8 |
0.7 |
24.5% |
0.0 |
0.8 |
0.7 |
23.0% |
| Bad debts recovery |
-0.9 |
-0.8 |
9.5% |
0.0 |
-0.9 |
-0.8 |
8.2% |
| Bad debts |
2.1 |
1.5 |
39.6% |
0.0 |
2.1 |
1.5 |
37.2% |
| Others |
2.6 |
2.2 |
16.7% |
0.0 |
2.6 |
2.2 |
16.7% |
Expenses by Segment (in US$ million)
| Country |
1Q24 as
reported |
1Q23 as
reported |
% Var as
reported |
IAS 29 |
1Q24 ex
IAS 29 |
1Q23 ex
IAS 29 |
% Var ex
IAS 29 |
| Argentina |
178.1 |
159.9 |
11.3% |
29.0 |
149.1 |
146.9 |
1.5% |
| Italy |
21.7 |
22.0 |
-1.5% |
- |
21.7 |
22.0 |
-1.5% |
| Brazil |
22.1 |
19.7 |
12.1% |
- |
22.1 |
19.7 |
12.1% |
| Uruguay |
30.8 |
23.6 |
30.1% |
- |
30.8 |
23.6 |
30.1% |
| Armenia |
34.8 |
37.1 |
-6.2% |
- |
34.8 |
37.1 |
-6.2% |
| Ecuador |
20.1 |
17.7 |
13.5% |
- |
20.1 |
17.7 |
13.5% |
| Unallocated |
6.9 |
5.3 |
30.3% |
- |
6.9 |
5.3 |
30.3% |
| Total consolidated expenses (1) (2) |
314.3 |
285.3 |
10.2% |
29.0 |
285.3 |
272.3 |
4.8% |
| (1) | Excludes income tax and financial loss. |
| (2) | We account for the results of operations of ECOGAL using the equity method. |
| % Ownership by Concession |
|
|
| Aeropuertos Argentina 2000 |
Argentina |
82.7% |
| Neuquén |
Argentina |
75.5% |
| Bahía Blanca |
Argentina |
82.6% |
| Toscana Aeroporti (Florence and Pisa airports) |
Italy |
46.7% |
| ICAB (Brasilia Airport) |
Brazil |
51.0% |
| Puerta del Sur (Carrasco Airport) |
Uruguay |
100.0% |
| CAISA (Punta del Este Airport) |
Uruguay |
100.0% |
| AIA (Armenian airports) |
Armenia |
100.0% |
| TAGSA (Guayaquil Airport) |
Ecuador |
50.0% |
| ECOGAL (Galápagos Airport) |
Ecuador |
99.9% |
Selected Income Statement Data (in US$ million)
| |
1Q24 |
1Q23 |
% Var. |
| Argentina |
|
|
|
| Total Revenue |
255.0 |
223.5 |
14.1% |
| Total Revenue Excluding IFRIC12(1) |
221.6 |
194.8 |
13.7% |
| Operating Income |
82.7 |
68.4 |
21.0% |
| Net Income |
174.8 |
37.6 |
365.2% |
| Adjusted Segment EBITDA |
103.7 |
89.8 |
15.6% |
| Adjusted Segment EBITDA Mg |
40.7% |
40.2% |
52 |
| Adjusted EBITDA Margin excluding IFRIC |
46.8% |
46.1% |
72 |
| Italy |
|
|
|
| Total Revenue |
22.6 |
20.9 |
8.3% |
| Total Revenue Excluding IFRIC12(1) |
21.4 |
19.9 |
7.9% |
| Operating Income |
1.0 |
-0.9 |
-215.2% |
| Net Income |
-0.8 |
-1.9 |
-58.0% |
| Adjusted Segment EBITDA |
3.7 |
1.7 |
113.1% |
| Adjusted Segment EBITDA Mg |
16.4% |
8.4% |
809 |
| Adjusted EBITDA Margin excluding IFRIC |
14.2% |
6.7% |
747 |
| Brazil |
|
|
|
| Total Revenue |
28.8 |
24.7 |
16.9% |
| Operating Income |
6.8 |
5.1 |
34.3% |
| Net Income |
-20.9 |
-32.0 |
-34.6% |
| Adjusted segment EBITDA |
9.9 |
8.0 |
23.6% |
| Adjusted Segment EBITDA Mg |
34.2% |
32.4% |
185 |
| Uruguay |
|
|
|
| Total Revenue |
50.7 |
38.0 |
33.4% |
| Total Revenue Excluding IFRIC12(1) |
44.7 |
34.9 |
28.1% |
| Operating Income |
19.1 |
13.8 |
38.9% |
| Net Income |
18.8 |
13.2 |
42.5% |
| Adjusted Segment EBITDA |
21.9 |
16.1 |
36.3% |
| Adjusted Segment EBITDA Mg |
43.3% |
42.4% |
94 |
| Adjusted EBITDA Margin excluding IFRIC |
49.1% |
46.2% |
296 |
| |
1Q24 |
1Q23 |
% Var. |
| Ecuador |
|
|
|
| Total Revenue |
26.7 |
24.5 |
9.0% |
| Total Revenue Excluding IFRIC12(1) |
26.7 |
24.5 |
9.0% |
| Operating Income |
5.8 |
6.0 |
-4.4% |
| Net Income |
5.1 |
5.4 |
-5.2% |
| Adjusted Segment EBITDA |
7.5 |
7.7 |
-1.8% |
| Adjusted Segment EBITDA Mg |
28.2% |
31.3% |
-312 |
| Adjusted EBITDA Margin excluding IFRIC |
28.2% |
31.3% |
-312 |
| Armenia |
|
|
|
| Total Revenue |
48.5 |
50.3 |
-3.7% |
| Total Revenue Excluding IFRIC12(1) |
48.1 |
49.7 |
-3.2% |
| Operating Income |
13.9 |
12.3 |
12.8% |
| Net Income |
9.3 |
9.2 |
1.6% |
| Adjusted Segment EBITDA |
18.8 |
17.1 |
9.9% |
| Adjusted Segment EBITDA Mg |
38.9% |
34.0% |
482 |
| Adjusted EBITDA Margin excluding IFRIC |
39.1% |
34.4% |
470 |
| Unallocated |
|
|
|
| Total revenue |
0.7 |
0.2 |
335.6% |
| Operating Income |
-4.6 |
-2.7 |
65.7% |
| Net Income |
-13.7 |
-7.4 |
85.7% |
| Adjusted segment EBITDA |
-1.7 |
0.2 |
-858.0% |
| Adjusted Segment EBITDA Mg |
N/A |
N/A |
N/A |
1 Excludes Construction Service
revenue.
2 Excludes the effect of IFRIC
12 with respect to the construction or improvements to assets under the concession.
3 Starting in 3Q18, reported numbers
are presented applying Hyperinflation accounting for our Argentinean subsidiaries, in accordance with IAS 29, as explained above. Please
refer to Review of Segments – Argentina to see the effect of this rule in our Argentinean subsidiaries.
Operating Statistics by Airport:
Traffic, Cargo and Aircraft Movements (2024 vs. 2023)
| |
Domestic
Passenger Traffic
(in thousands) |
International
Passenger Traffic
(in thousands) |
Transit
Passengers
(in thousands) |
Total
Passenger Traffic
(in thousands) |
Cargo
Volume
(in tons) |
Aircraft
Movements |
| |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
|
| Argentina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aeroparque |
2,656 |
2,646 |
0.4% |
845 |
771 |
9.6% |
277 |
226 |
22.7% |
3,778 |
3,643 |
3.7% |
209 |
322 |
-35.2% |
31,188 |
30,039 |
3.8% |
|
| Bariloche |
596 |
574 |
3.9% |
14 |
13 |
9.9% |
4 |
2 |
139.5% |
615 |
589 |
4.4% |
- |
- |
- |
4,590 |
4,610 |
-0.4% |
|
| Catamarca |
17 |
15 |
14.7% |
- |
- |
- |
2 |
1 |
65.5% |
19 |
16 |
18.4% |
14 |
15 |
-8.1% |
591 |
580 |
1.9% |
|
| C.
Rivadavia |
125 |
120 |
4.0% |
- |
0 |
- |
3 |
2 |
31.2% |
128 |
122 |
4.4% |
130 |
77 |
68.8% |
1,679 |
1,573 |
6.7% |
|
| Córdoba |
576 |
509 |
13.1% |
164 |
128 |
27.7% |
0 |
6 |
- |
739 |
643 |
15.0% |
161 |
269 |
-40.1% |
6,713 |
6,455 |
4.0% |
|
| El
Palomar |
- |
0 |
- |
- |
- |
- |
- |
- |
- |
- |
0 |
- |
- |
- |
- |
1,086 |
866 |
25.4% |
|
| Esquel |
25 |
24 |
3.4% |
- |
0 |
- |
0 |
0 |
- |
25 |
24 |
3.3% |
- |
- |
- |
868 |
323 |
168.7% |
|
| Ezeiza |
714 |
733 |
-2.6% |
2,279 |
1,946 |
17.1% |
66 |
68 |
-2.5% |
3,059 |
2,746 |
11.4% |
42,857 |
41,915 |
2.2% |
19,834 |
17,990 |
10.3% |
|
| Formosa |
31 |
24 |
28.9% |
- |
0 |
- |
- |
- |
- |
31 |
24 |
28.9% |
13 |
6 |
106.5% |
383 |
370 |
3.5% |
|
| General
Pico |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
288 |
167 |
72.5% |
|
| Iguazú |
344 |
352 |
-2.1% |
0 |
0 |
- |
0 |
0 |
- |
345 |
352 |
-2.2% |
- |
- |
- |
2,607 |
2,690 |
-3.1% |
|
| Jujuy |
144 |
145 |
-0.7% |
- |
0 |
- |
2 |
1 |
14.3% |
145 |
146 |
-0.6% |
98 |
29 |
237.6% |
1,228 |
1,316 |
-6.7% |
|
| La
Rioja |
18 |
17 |
8.4% |
- |
- |
- |
2 |
1 |
60.3% |
21 |
19 |
12.5% |
20 |
12 |
62.7% |
426 |
488 |
-12.7% |
|
| Malargüe |
- |
0 |
- |
- |
- |
- |
- |
0 |
- |
- |
0 |
- |
- |
- |
- |
239 |
205 |
16.6% |
|
| Mar
del Plata |
121 |
105 |
15.1% |
- |
0 |
- |
2 |
2 |
6.6% |
123 |
107 |
14.8% |
22 |
0 |
- |
2,558 |
2,420 |
5.7% |
|
| Mendoza |
412 |
407 |
1.3% |
136 |
116 |
18.0% |
11 |
5 |
133.2% |
559 |
527 |
6.1% |
105 |
128 |
-17.7% |
5,179 |
5,033 |
2.9% |
|
| Paraná |
12 |
9 |
33.2% |
- |
- |
- |
- |
0 |
- |
12 |
9 |
33.0% |
- |
- |
- |
772 |
806 |
-4.2% |
|
| Posadas |
83 |
98 |
-15.9% |
- |
0 |
- |
- |
- |
- |
83 |
98 |
-15.9% |
26 |
21 |
19.9% |
937 |
1,125 |
-16.7% |
|
| Pto
Madryn |
27 |
49 |
-43.9% |
- |
- |
- |
- |
0 |
- |
27 |
49 |
-44.2% |
3 |
9 |
-69.9% |
228 |
411 |
-44.5% |
|
| Reconquista |
1 |
0 |
- |
- |
- |
- |
- |
- |
- |
1 |
0 |
- |
- |
- |
- |
588 |
665 |
-11.6% |
|
| Resistencia |
55 |
45 |
22.5% |
- |
0 |
- |
3 |
1 |
143.7% |
58 |
46 |
26.0% |
40 |
40 |
0.1% |
954 |
754 |
26.5% |
|
| Río
Cuarto |
6 |
6 |
-1.6% |
- |
- |
- |
- |
0 |
- |
6 |
6 |
-1.6% |
2 |
1 |
- |
155 |
199 |
-22.1% |
|
| Río
Gallegos |
53 |
56 |
-6.2% |
0 |
0 |
- |
1 |
2 |
-34.8% |
54 |
59 |
-7.3% |
59 |
72 |
-17.8% |
1,018 |
1,181 |
-13.8% |
|
| Río
Grande |
45 |
36 |
25.9% |
- |
0 |
- |
- |
0 |
- |
45 |
36 |
24.7% |
188 |
31 |
507.7% |
692 |
572 |
21.0% |
|
| Salta |
295 |
330 |
-10.6% |
12 |
3 |
323.3% |
0 |
1 |
- |
307 |
334 |
-8.1% |
50 |
79 |
-36.2% |
4,077 |
3,793 |
7.5% |
|
| |
Domestic
Passenger Traffic
(in thousands) |
International
Passenger Traffic
(in thousands) |
Transit
Passengers
(in thousands) |
Total
Passenger Traffic
(in thousands) |
Cargo
Volume
(in tons) |
Aircraft
Movements |
| |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
|
| San
Fernando |
1 |
4 |
- |
- |
7 |
- |
- |
- |
- |
1 |
11 |
- |
- |
- |
- |
13,299 |
15,298 |
-13.1% |
|
| San
Juan |
44 |
42 |
4.1% |
- |
0 |
- |
- |
- |
- |
44 |
42 |
4.0% |
- |
- |
- |
606 |
619 |
-2.1% |
|
| San
Luis |
18 |
15 |
16.1% |
- |
0 |
- |
- |
- |
- |
18 |
15 |
16.0% |
91 |
81 |
12.1% |
399 |
720 |
-44.6% |
|
| San
Rafael |
15 |
5 |
186.5% |
- |
- |
- |
- |
- |
- |
15 |
5 |
186.5% |
- |
- |
- |
2,678 |
496 |
439.9% |
|
| Santa
Rosa |
11 |
13 |
-12.3% |
- |
- |
- |
0 |
0 |
- |
11 |
13 |
-12.4% |
- |
- |
- |
630 |
877 |
-28.2% |
|
| Santiago
del Estero |
53 |
55 |
-4.5% |
- |
0 |
- |
- |
0 |
- |
53 |
55 |
-4.9% |
24 |
18 |
30.2% |
1,148 |
988 |
16.2% |
|
| Tucumán |
178 |
205 |
-13.0% |
- |
0 |
- |
0 |
0 |
- |
178 |
205 |
-13.1% |
1 |
340 |
- |
1,708 |
1,976 |
-13.6% |
|
| Viedma |
8 |
10 |
-21.1% |
- |
- |
- |
1 |
1 |
9.5% |
9 |
11 |
-18.0% |
- |
- |
- |
220 |
303 |
-27.4% |
|
| Villa
Mercedes |
- |
0 |
- |
- |
- |
- |
- |
- |
- |
- |
0 |
- |
- |
- |
- |
514 |
366 |
40.4% |
|
| Termas
de Río Hondo |
2 |
6 |
-56.9% |
- |
0 |
- |
0 |
0 |
- |
2 |
6 |
-56.0% |
5 |
- |
- |
60 |
147 |
-59.2% |
|
| Bahía
Blanca |
57 |
57 |
-0.7% |
- |
- |
- |
4 |
4 |
-13.9% |
61 |
62 |
-1.7% |
31 |
63 |
-51.8% |
1,019 |
972 |
4.8% |
|
| Neuquén |
237 |
244 |
-3.0% |
0 |
0 |
- |
4 |
4 |
-7.0% |
240 |
248 |
-3.1% |
87 |
93 |
-7.0% |
2,856 |
2,962 |
-3.6% |
|
| Total
Argentina |
6,978 |
6,956 |
0.3% |
3,450 |
2,983 |
15.7% |
383 |
330 |
16.2% |
10,812 |
10,269 |
5.3% |
44,234 |
43,621 |
1.4% |
114,015 |
110,355 |
3.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Italy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pisa |
247 |
285 |
-13.2% |
606 |
533 |
13.7% |
1 |
1 |
- |
854 |
818 |
4.3% |
3,097 |
3,318 |
-6.7% |
6,397 |
6,450 |
-0.8% |
|
| Florence |
95 |
44 |
116.3% |
528 |
434 |
21.7% |
- |
- |
- |
623 |
478 |
30.4% |
19 |
44 |
-57.4% |
7,298 |
6,070 |
20.2% |
|
| Total
Italy |
342 |
329 |
4.1% |
1,134 |
967 |
17.3% |
1 |
1 |
- |
1,477 |
1,296 |
13.9% |
3,115 |
3,362 |
-7.3% |
13,695 |
12,520 |
9.4% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brazil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Natal(1) |
350 |
631 |
-44.5% |
16 |
19 |
-15.1% |
2 |
4 |
-55.0% |
368 |
654 |
-43.7% |
898 |
1,964 |
-54.3% |
3,076 |
4,963 |
-38.0% |
|
| Brasilia |
1,988 |
1,996 |
-0.4% |
170 |
115 |
47.8% |
1,378 |
1,485 |
-7.2% |
3,536 |
3,596 |
-1.6% |
14,509 |
14,083 |
3.0% |
32,531 |
33,747 |
-3.6% |
|
| Total
Brazil |
2,338 |
2,627 |
-11.0% |
187 |
134 |
38.7% |
1,380 |
1,489 |
-7.3% |
3,905 |
4,250 |
-8.1% |
15,407 |
16,047 |
-4.0% |
35,607 |
38,710 |
-8.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Uruguay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Carrasco |
0 |
1 |
- |
559 |
439 |
27.4% |
15 |
1 |
- |
574 |
440 |
30.4% |
6,893 |
6,981 |
-1.3% |
5,608 |
4,866 |
15.2% |
|
| Punta
del Este |
0 |
0 |
- |
65 |
56 |
15.5% |
- |
- |
- |
65 |
56 |
15.4% |
- |
- |
- |
4,112 |
4,315 |
-4.7% |
|
| |
Domestic
Passenger Traffic
(in thousands) |
International
Passenger Traffic
(in thousands) |
Transit
Passengers
(in thousands) |
Total
Passenger Traffic
(in thousands) |
Cargo
Volume
(in tons) |
Aircraft
Movements |
| |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
1Q24 |
1Q23 |
%
Var. |
|
| Total
Uruguay |
0 |
1 |
- |
623 |
495 |
26.0% |
15 |
1 |
- |
639 |
497 |
28.7% |
6,893 |
6,981 |
-1.3% |
9,720 |
9,181 |
5.9% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ecuador |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guayaquil |
435 |
474 |
-8.2% |
519 |
512 |
1.3% |
19 |
17 |
11.6% |
973 |
1,004 |
-3.0% |
7,907 |
6,647 |
19.0% |
17,427 |
17,972 |
-3.0% |
|
| Galápagos |
136 |
138 |
-1.4% |
- |
- |
- |
- |
- |
- |
136 |
138 |
-1.4% |
1,387 |
1,268 |
9.4% |
1,560 |
1,680 |
-7.1% |
|
| Total
Ecuador |
571 |
612 |
-6.7% |
519 |
512 |
1.3% |
19 |
17 |
11.6% |
1,110 |
1,142 |
-2.8% |
9,294 |
7,915 |
17.4% |
18,987 |
19,652 |
-3.4% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Armenia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Zvartnots |
- |
- |
- |
1,022 |
1,027 |
-0.5% |
- |
- |
- |
1,022 |
1,027 |
-0.5% |
8,999 |
7,239 |
24.3% |
7,943 |
9,302 |
-14.6% |
|
| Shirak |
- |
- |
- |
21 |
19 |
13.1% |
- |
- |
- |
21 |
19 |
13.1% |
- |
- |
- |
146 |
114 |
28.1% |
|
| Total
Armenia |
- |
- |
- |
1,043 |
1,045 |
-0.2% |
- |
- |
- |
1,043 |
1,045 |
-0.2% |
8,999 |
7,239 |
24.3% |
8,089 |
9,416 |
-14.1% |
|
| Total
CAAP |
10,230 |
10,525 |
-3% |
6,956 |
6,137 |
13% |
1,798 |
1,837 |
-2% |
18,984 |
18,498 |
3% |
87,943 |
85,165 |
3% |
200,113 |
199,834 |
0% |
|
| (1) | Following
the friendly termination process concluded in February 2024, CAAP no longer operates Natal
airport. Statistics for Natal are available up to February 18, 2024. |
Income Statement (in US$ thousands)
| |
1Q24 |
1Q23 |
% Var. |
| Continuing operations |
|
|
|
| Revenue |
433,047 |
382,058 |
13.3% |
| Cost of services |
-267,482 |
-246,092 |
8.7% |
| Gross profit |
165,565 |
135,966 |
21.8% |
| Selling, general and administrative expenses |
-44,158 |
-38,406 |
15.0% |
| Impairment loss of non-financial assets |
- |
-47 |
- |
| Other operating income |
6,050 |
5,212 |
16.1% |
| Other operating expenses |
-2,655 |
-744 |
256.9% |
| Operating income |
124,802 |
101,981 |
22.4% |
| Share of loss in associates |
-211 |
-2 |
10450.0% |
| Income before financial results and income tax |
124,591 |
101,979 |
22.2% |
| Financial income |
18,711 |
12,243 |
52.8% |
| Financial loss |
155,834 |
-49,787 |
-413.0% |
| Inflation adjustment |
-13,586 |
-3,102 |
338.0% |
| Income before income tax |
285,550 |
61,333 |
365.6% |
| Income tax |
-112,904 |
-37,249 |
203.1% |
| Income for the period |
172,646 |
24,084 |
616.8% |
| Attributable to: |
|
|
|
| Owners of the parent |
152,670 |
31,685 |
381.8% |
| Non-controlling interest |
19,976 |
-7,601 |
-362.8% |
Balance Sheet (in US$ thousands)
| |
Mar
31, 2024 |
Dec
31, 2023 |
| ASSETS |
|
|
| Non-current
assets |
|
|
| Intangible
assets, net |
2,981,588 |
2,520,965 |
| Property,
plant and equipment, net |
78,883 |
74,919 |
| Right-of-use
asset |
11,417 |
10,493 |
| Investments
in associates |
11,845 |
11,992 |
| Other
financial assets at fair value through profit or loss |
2,391 |
5,979 |
| Other
financial assets at amortized cost |
74,475 |
61,090 |
| Derivative
financial instruments |
68 |
69 |
| Deferred
tax assets |
54,780 |
62,712 |
| Inventories |
336 |
318 |
| Other
receivables |
43,729 |
42,640 |
| Trade
receivables |
679 |
889 |
| Total
non-current assets |
3,260,191
|
2,792,066
|
| Current
assets |
|
|
| Inventories
|
14,411 |
16,148 |
| Other
financial assets at fair value through profit or loss |
3,911 |
4,884 |
| Other
financial assets at amortized cost |
71,311 |
83,142 |
| Other
receivables |
64,621 |
145,549 |
| Current
tax assets |
4,716 |
3,779 |
| Trade
receivables |
135,668
|
126,560
|
| Cash
and cash equivalents |
469,841 |
369,848 |
| Total
current assets |
764,479
|
749,910
|
| Total
assets |
4,024,670
|
3,541,976
|
| EQUITY |
|
|
| Share
capital |
163,223 |
163,223 |
| Share
premium |
183,430 |
183,430 |
| Treasury
shares |
(4,322) |
(4,322) |
| Free
distributable reserve |
378,910 |
378,910 |
| Non-distributable
reserve |
1,358,028 |
1,358,028 |
| Currency
translation adjustment |
(263,907) |
(482,852) |
| Legal
reserves |
3,676 |
3,676 |
| Other
reserves |
(1,313,632) |
(1,313,888) |
| Retained
earnings |
591,445 |
438,775 |
| Total
attributable to owners of the parent |
1,096,851
|
724,980
|
| Non-controlling
interests |
143,875
|
78,929
|
| Total
equity |
1,240,726
|
803,909
|
| LIABILITIES |
|
|
| Non-current
liabilities |
|
|
| Borrowings |
1,062,888 |
1,133,549 |
| Deferred
tax liabilities |
261,737 |
137,315 |
| Other
liabilities |
775,466 |
768,364 |
| Lease
liabilities |
9,446 |
10,294 |
| |
Mar
31, 2024 |
Dec
31, 2023 |
| Trade
payables |
2,552 |
2,617 |
| Total
non-current liabilities |
2,112,089
|
2,052,139
|
| Current
liabilities |
|
|
| Borrowings |
227,838 |
199,688 |
| Other
liabilities |
324,213 |
345,864 |
| Lease
liabilities |
3,658 |
3,687 |
| Current
tax liabilities |
18,488 |
23,921 |
| Trade
payables |
97,658
|
112,768
|
| Total
current liabilities |
671,855
|
685,928
|
| Total
liabilities |
2,783,944
|
2,738,067
|
| Total
equity and liabilities |
4,024,670
|
3,541,976
|
Statement of Cash Flow (in US$ thousands)
| |
Mar
31, 2024 |
Mar
31, 2023 |
| Cash
flows from operating activities |
|
|
| Income
for the period from continuing operations |
172,646 |
24,084 |
| Adjustments
for: |
|
|
| Amortization
and depreciation |
44,946 |
43,793 |
| Deferred
income tax |
108,049 |
31,376 |
| Current
income tax |
4,855 |
5,873 |
| Share
of loss in associates |
211 |
2 |
| Impairment
loss of non-financial assets |
- |
47 |
| Loss
on disposals of property, plant and equipment |
227 |
12 |
| Low
value, short term and variable lease payments |
(255) |
(1,162) |
| Share
based compensation expenses |
211 |
177 |
| Interest
expenses |
27,099 |
28,708 |
| Other
financial results, net |
(1,366) |
(7,723) |
| Net
foreign exchange |
(212,173) |
(13,327) |
| Other
accruals |
729 |
1,205 |
| Inflation
adjustment |
5,208 |
344 |
| Acquisition
of intangible assets |
(41,403) |
(36,923) |
| Income
tax paid |
(9,605) |
(8,903) |
| Income
due to concession compensation (*) |
90,609 |
- |
| Unpaid
concession fees |
23,303 |
26,361 |
| Changes
in liability for concessions |
26,360 |
31,944 |
| Changes
in working capital |
(75,109) |
(65,610) |
| Net
cash provided by operating activities |
164,542 |
60,278 |
| Cash
flows from investing activities |
|
|
| Cash
contribution in associates |
(41) |
- |
| Acquisition
of other financial assets |
(32,178) |
(12,221) |
| Disposals
of other financial assets |
33,925 |
25,376 |
| Acquisition
of Property, plant and equipment |
(2,303) |
(2,585) |
| Acquisition
of Intangible assets |
(66) |
(161) |
| Proceeds
from sale of Property, plant and Equipment |
8 |
5 |
| Others |
(586) |
152 |
| Net
cash (used in) provided by investing activities |
(1,241) |
10,566 |
| Cash
flows from financing activities |
|
|
| Loans
obtained |
33,126 |
43,926 |
| Guarantee
deposits |
1,130 |
(848) |
| Principal
elements of lease payments |
(1,118) |
(1,000) |
| Loans
repaid |
(70,025) |
(72,166) |
| Interest
paid |
(19,483) |
(20,933) |
| Net
cash used in financing activities |
(56,370) |
(51,021) |
| Increase
in cash and cash equivalents from continuing operations |
106,931 |
19,823 |
| Movements
in cash and cash equivalents |
|
|
| At
the beginning of the period |
369,848 |
385,265 |
| Effect
of exchange rate changes and inflation adjustment on cash and cash equivalents |
(6,938) |
(3,998) |
| Increase
in cash and cash equivalents |
106,931 |
19,823 |
| At
the end of the period |
469,841 |
401,090 |
Grafico Azioni Corporacion America Airp... (NYSE:CAAP)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Corporacion America Airp... (NYSE:CAAP)
Storico
Da Giu 2023 a Giu 2024
