Commercial revenues above pre-pandemic levels,
with traffic at 75.5%
Adjusted EBITDA ex-IFRIC at 93.4% of 2Q19
levels; positive in all countries of operations
Corporación América Airports S.A. (NYSE: CAAP), (“CAAP”
or the “Company”) a leading private airport operator in the world
reported today its unaudited, consolidated results for the three
and six-month periods ended June 30, 2022. 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 to IFRS rule IAS 29 (“IAS 29”), as detailed on Section
“Hyperinflation Accounting in Argentina” on page 22.
Second Quarter 2022 Highlights
- Consolidated Revenues of $332.7 million, a 145.9% YoY increase,
or 19.4% below 2Q19. Excluding the impact of IFRS rule IAS 29,
revenues increased 149.3% YoY, to $334.8 million, reflecting
increases of $105.9 million in Aeronautical revenues, $76.5 million
in Commercial revenues, and $16.6 million in Construction service
revenue. Revenues ex-IAS 29 reached 84.7% of pre-pandemic levels,
up from 69.0% in the first quarter.
- Key operating metrics improved YoY:
- Passenger traffic increased 177.0% YoY to 15.1 million,
reaching 75.5% of 2Q19 levels.
- Cargo volume increased 5.6% YoY to 87.9 thousand tons, to 83.3%
of 2Q19 levels.
- Aircraft movements totaled 181.2 thousand, an 89.1% YoY
increase, at 87.6% of 2Q19 levels.
- Operating Income of $72.1 million up from an operating loss of
$27.2 million in 2Q21, mainly reflecting the YoY recovery in
passenger traffic.
- Adjusted EBITDA on an “As Reported” basis increased to $110.6
million, from $8.5 million in the year-ago period, improving to
93.3% of 2Q19 levels. Adjusted EBITDA margin expanded to 33.2% from
6.3% in 2Q21 and 28.7% in 2Q19.
- Ex-IAS 29, Adjusted EBITDA totaled $110.7 million, compared
with $7.9 million in 2Q21 and $113.2 million in 2Q19. Adjusted
EBITDA margin Ex-IFRIC12 increased to 36.2% from 6.0% in 2Q21, but
decreased slightly from 37.4% in 2Q19.
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian,
CEO of Corporación América Airports, noted: “We delivered another
strong quarter, achieving Adjusted EBITDA of $111 million
underpinned by enhanced performance across operations, and up from
$9 million in the second quarter of last year. Adjusted EBITDA
margin ex-IFRIC12 expanded to 36% from 7% in 2Q21, reflecting the
continued recovery in passenger traffic, robust commercial revenues
above pre-pandemic levels, and a continued focus on cost
management.”
“On the balance sheet front, the successful liability management
transactions concluded last year, together with the significant
increase in Adjusted EBITDA over the last quarters, allowed for a
sharp reduction in our Net Debt to LTM Adjusted EBITDA ratio to
3.5x this quarter, down from 5.1x in the first quarter, while we
face no major debt maturities until late 2024. Moreover, we are on
track to continue reducing our Net Debt to LTM Adjusted EBITDA
ratio.”
“Looking ahead, we anticipate passenger traffic across our
airports to continue recovering driven by pent-up demand and the
elimination of travel restrictions. In the near-term, our
operations in Europe are expected to continue benefitting from a
strong summer holiday travel season, although we are mindful of the
overall macro and geopolitical context. With a long-term view on
value creation, we remain focused on advancing the economic
re-equilibrium processes in Brazil and Armenia, while selectively
looking for additional value creation opportunities and progressing
on our sustainability initiatives.”
Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29 2Q22
2Q22 ex IAS 29
2Q21 ex IAS 29
% Var ex IAS 29
Passenger Traffic (Million
Passengers) (1)(2)
15.1
5.5
177.0%
15.1
5.5
177.0%
Revenue
332.7
135.3
145.9%
-2.1
334.8
134.3
149.3%
Aeronautical Revenues
150.8
45.7
230.0%
-0.5
151.3
45.4
233.4%
Non-Aeronautical Revenues
181.8
89.6
103.0%
-1.6
183.5
88.9
106.4%
Revenue excluding construction
service
304.8
122.6
148.6%
-0.1
304.9
121.0
152.0%
Operating Income / (Loss)
72.1
-27.2
-364.6%
-17.3
89.4
-16.4
-644.4%
Operating Margin
21.7%
-20.1%
4181
0.0%
26.7%
-12.2%
3892
Net (Loss) / Income Attributable to
Owners of the Parent
69.9
-34.0
-305.6%
38.8
31.0
22.3
39.1%
EPS (US$)
0.43
-0.21
-305.4%
0.24
0.19
0.14
39.0%
Adjusted EBITDA
110.6
8.5
1195.3%
-0.1
110.7
7.9
1301.7%
Adjusted EBITDA Margin
33.2%
6.3%
2693
-
33.1%
5.9%
2719
Adjusted EBITDA Margin excluding
Construction Service
36.2%
6.5%
2970
-
36.2%
6.0%
3016
Net Debt to LTM Adjusted EBITDA
3.53x
n.m.
-
-
-
-
-
Net Debt to LTM Adjusted EBITDA excl.
impairment on intangible assets (3)
3.53x
n.m.
-
-
-
-
-
Note: Figures in historical dollars (excluding IAS29) are
included for comparison purposes.
1)
Note that preliminary passenger
traffic figures for Ezeiza Airport, in Argentina, for January 2020
were adjusted to include additional inbound passengers not
accounted for in the initial count, for an average of approximately
5% of total passenger traffic at Ezeiza Airport and 1% of total
traffic at CAAP, during that period. Importantly, inbound traffic
does not affect revenues, as tariffs are applicable on departure
passengers.
2)
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.
3)
LTM Adjusted EBITDA excluding
impairments of intangible assets
Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
6M22 as reported
6M21 as reported
% Var as reported
IAS 29 6M22
6M22 ex IAS 29
6M21 ex IAS 29
% Var ex IAS 29
Passenger Traffic (Million
Passengers) (1)(2)
28.6
12.0
138.4%
28.6
12.0
138.4%
Revenue
596.5
279.1
113.7%
3.0
593.5
274.6
116.2%
Aeronautical Revenues
272.7
89.8
203.6%
2.3
270.4
88.2
206.6%
Non-Aeronautical Revenues
323.8
189.3
71.1%
0.7
323.1
186.4
73.4%
Revenue excluding construction
service
554.5
237.5
133.5%
6.2
548.4
231.7
136.7%
Operating Income / (Loss)
125.5
-54.2
-331.5%
-31.1
156.6
-34.0
-560.8%
Operating Margin
21.0%
-19.4%
4046
-
26.4%
-12.4%
3875
Net (Loss) / Income Attributable to
Owners of the Parent
97.7
-78.7
-224.1%
72.8
24.8
-45.7
-154.3%
EPS (US$)
0.61
-0.49
-223.8%
0.45
0.15
-0.28
-154.2%
Adjusted EBITDA
202.2
16.0
1166.6%
2.8
199.4
14.2
1306.3%
Adjusted EBITDA Margin
33.9%
5.7%
2818
-
33.6%
5.2%
2843
Adjusted EBITDA Margin excluding
Construction Service
36.3%
5.8%
3057
-
36.2%
5.8%
3046
Net Debt to LTM Adjusted EBITDA
3.53x
n.m.
-
-
-
-
-
Net Debt to LTM Adjusted EBITDA excl.
impairment on intangible assets (3)
3.53x
n.m.
-
-
-
-
-
Note: Figures in historical dollars (excluding IAS29) are
included for comparison purposes.
1)
Note that preliminary passenger
traffic figures for Ezeiza Airport, in Argentina, for January 2020
were adjusted to include additional inbound passengers not
accounted for in the initial count, for an average of approximately
5% of total passenger traffic at Ezeiza Airport and 1% of total
traffic at CAAP, during that period. Importantly, inbound traffic
does not affect revenues, as tariffs are applicable on departure
passengers.
2)
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.
3)
LTM Adjusted EBITDA excluding
impairments of intangible assets
2Q22 Operating Performance
Passenger Traffic
Total passenger traffic increased 177.0% YoY to 15.1 million
reaching 75.5% of pre-pandemic levels, up from 65.5% in the
previous quarter. Performance was supported by a continued recovery
in travel demand following the gradual lifting of travel
restrictions across all countries of operations. Notably, in 2Q22
Armenia surpassed pre-pandemic traffic levels by 5.7%, while
Ecuador stood at 93.9% and Italy at 84.5%. Meanwhile, traffic in
Argentina and Uruguay stood at 75.8% and 65.1% of 2Q19 levels,
respectively, continuing the recovery trend. Finally, traffic in
Brazil reached 76.4% of pre-pandemic levels, slightly below the
77.3% recorded in the past quarter. International traffic increased
to 74.4% of pre-pandemic levels, up from the 52.4% in 1Q22, with
domestic traffic reaching 78.8% of 2Q19 levels. Traffic in April,
May and June improved sequentially, reaching 73.5%, 75.5% and 77.5%
of traffic levels for the same months in 2019, respectively.
Passenger Traffic in Argentina increased 3.6x YoY and
improved to 75.8% of pre-pandemic levels, up from the 63.6% posted
in the prior quarter. International passenger traffic, which
continued to benefit from the full re-opening of borders on
November 1, 2021 and the lifting of travel requirements, increased
5.9x YoY in 2Q22 and reached 60.7% of 2Q19 traffic levels, up from
42.6% in 1Q22, showing a continued sequential improvement. Domestic
passenger traffic, which accounted for 72% of total traffic in the
quarter, increased 3.2x YoY to 83.0% of 2Q19 levels, up from 75.9%
posted in 1Q22. Effective April 7, 2022, Covid tests are no longer
required, and travelers must complete an affidavit form.
In Italy, passenger traffic increased 5.1x YoY and
improved to 84.5% of pre-pandemic levels, up from 56.5% in 1Q22,
with continued recovery at both, Florence and Pisa airports.
Domestic and international traffic increased by 1.7x and 8.4x YoY,
respectively, and stood at 91.7% and 82.7% of 2Q19 levels. Traffic
in June benefited from the start of the summer season and from the
full lifting of travel restrictions effective June 1, 2022.
In Brazil, total passenger traffic rose 62.3% YoY,
reaching 76.4% of 2Q19 pre-pandemic levels, slightly below the
77.3% posted in the prior quarter. Domestic passenger traffic was
up 94.7% YoY and reached nearly 90% of 2Q19 levels, while transit
passengers increased 2.6% YoY to 54.8% of 2Q19 traffic. Traffic in
the quarter was impacted by weaker travel demand as a result of
rising fuel prices adding pressure on airfares.
In Uruguay, where traffic is largely international,
passenger traffic increased 5.3x YoY, reaching 65.1% of 2Q19
levels, up from 50.3% recorded in 1Q22, reflecting an ongoing
recovery after the re-opening of borders on November 1, 2021, and
the gradual relaxation of travel requirements.
In Armenia, where traffic is 100% international,
passenger traffic improved 56.6% YoY, exceeding pre-pandemic levels
by 5.7% for the first time since the inception of the pandemic.
During the quarter, the government announced the lifting of all
Covid-related entry requirements for all travelers, effective May
1, 2022.
In Ecuador, total passenger traffic grew 1.1x YoY, to
93.9% of 2Q19 levels, up from the 78.9% in 1Q22. Both, domestic and
international passenger traffic continued to improve reaching 91.3%
and 96.9% of pre-pandemic levels, respectively. International
passenger traffic remained supported by routes to Europe, the US
and Panama operating at higher levels than 2019, while domestic
passenger traffic was impacted by some flight cancelations in June
due to protests and social unrest.
Cargo Volume
Cargo volume increased 5.6% YoY in 2Q22, to 83.3% of
pre-pandemic levels of 2Q19, with strong contributions from
Argentina, Brazil and Uruguay, which together accounted for more
than 80% of total volume in the quarter. Notably, cargo volume in
Uruguay and Italy was above 2Q19 levels, while in Argentina it was
above 85% of pre-pandemic levels.
Aircraft Movements
Total aircraft movements increased 89.1% YoY in 2Q22 and reached
87.6% of 2Q19 levels, up from 73.5% in the first quarter. Above 90%
of aircraft movements in the quarter came from Argentina (51%),
Brazil (18%), Italy (11%) and Ecuador (11%), which reached 87.3%,
89.0%, 90.6% and 100.2% of pre-pandemic levels, respectively.
Notably, aircraft movements in Armenia surpassed 2Q19 levels by
35%.
Tables with detailed passenger traffic, cargo volume and
aircraft movement information for each airport can be found on page
35 of this report.
Operational Statistics: Passenger Traffic, Cargo Volume and
Aircraft Movements
2Q22
2Q21
2Q19
% Var. ('22 vs '21)
% Var. ('22 vs '19)
Domestic Passengers (in thousands)
8,795
3,256
11,159
170.1%
-21.2%
International Passengers (in
thousands)
5,205
1,312
6,993
296.8%
-25.6%
Transit Passengers (in thousands)
1,101
883
1,853
24.7%
-40.6%
Total Passengers (in thousands)
15,102
5,451
20,006
177.0%
-24.5%
Cargo Volume (in thousands of
tons)
87.9
83.2
105.6
5.6%
-16.7%
Total Aircraft Movements (in
thousands)
181.2
95.8
206.9
89.1%
-12.4%
Passenger Traffic Breakdown
Cargo Volume
Aircraft Movements
Country
2Q22
2Q21
% Var.
2Q22
2Q21
% Var.
2Q22
2Q21
% Var.
(thousands)
(tons)
Argentina(1)
7,670
1,669
359.5%
47,187
44,018
7.2%
92,618
42,954
115.6%
Italy
1,992
325
513.2%
3,689
3,698
-0.2%
20,335
6,914
194.1%
Brazil (2)
3,273
2,017
62.3%
14,224
16,435
-13.5%
33,486
21,843
53.3%
Uruguay (3)
325
52
529.7%
10,018
8,910
12.4%
6,255
3,160
97.9%
Ecuador (4)
1,057
504
109.7%
8,411
5,192
62.0%
20,354
11,958
70.2%
Armenia
785
501
56.6%
4,389
4,317
1.7%
8,169
4,727
72.8%
Peru (5)
-
383
-100.0%
-
662
-100.0%
-
4,269
-100.0%
TOTAL
15,102
5,451
177.0%
87,918
83,232
5.6%
181,217
95,825
89.1%
Passenger Traffic Breakdown
Cargo Volume
Aircraft Movements
Country
2Q22
2Q19
% Var.
2Q22
2Q19
% Var.
2Q22
2Q19
% Var.
(thousands)
(tons)
Argentina(1)
7,670
10,117
-24.2%
47,187
54,786
-13.9%
92,618
106,037
-12.7%
Italy
1,992
2,359
-15.5%
3,689
3,428
7.6%
20,335
22,444
-9.4%
Brazil (2)
3,273
4,285
-23.6%
14,224
23,855
-40.4%
33,486
37,624
-11.0%
Uruguay (3)
325
499
-34.9%
10,018
7,784
28.7%
6,255
6,514
-4.0%
Ecuador (4)
1,057
1,125
-6.1%
8,411
9,837
-14.5%
20,354
20,304
0.2%
Armenia
785
742
5.7%
4,389
4,736
-7.3%
8,169
6,049
35.0%
Peru (5)
-
878
-100.0%
-
1,171
-100.0%
-
7,889
-100.0%
TOTAL
15,102
20,006
-24.5%
87,918
105,597
-16.7%
181,217
206,861
-12.4%
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.
5)
CAAP owns 50.0% of AAP and
accounts for its results by the equity method. However, 100% of
AAP’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. In December
2021, CAAP signed an agreement to transfer its 50% ownership
interest in Aeropuertos Andinos del Perú S.A. to Andino Investment
Holding S.A. and, consequently, stopped operating the five airports
that were under concession.
Commencing 3Q18, the Company began reporting results of its
Argentinean subsidiaries applying Hyperinflation Accounting, in
accordance to IFRS rule IAS 29, as detailed on Section
“Hyperinflation Accounting in Argentina” on page 22.
Revenues
Consolidated Revenues increased 145.9% YoY to $332.7 million in
2Q22, or 152.0% YoY to $304.9 million, when excluding Construction
Services and the impact of IAS 29, reflecting higher activity
following the gradual lifting of travel restrictions. When compared
to 2Q19 and also excluding IAS 29, Revenues excluding Construction
Services grew by 1.3%, even with traffic at 75.5% of pre-pandemic
levels, reflecting tariff increases and Commercial Revenues 24.5%
above 2Q19 levels. Compared to 1Q22, revenues ex IFRIC 12 improved
24.7% sequentially, with strong performances in Italy (+105.3%),
Armenia (+87.9%) and Argentina (+15.3%), reflecting higher
passenger traffic following the gradual lifting of travel
requirements.
The following table shows revenue performance by country. More
detail on the performance of CAAP´s key countries of operations can
be found on page 13.
Revenues by Segment (in US$ million)
Country
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q21 exIAS 29
% Var ex IAS 29
Argentina
181.4
64.5
181.2%
-2.1
183.5
63.5
189.0%
Italy
33.6
15.4
118.2%
-
33.6
15.4
118.2%
Brazil
20.5
11.5
78.4%
-
20.5
11.5
78.4%
Uruguay
23.3
11.0
112.5%
-
23.3
11.0
112.5%
Armenia
50.7
18.9
168.3%
-
50.7
18.9
168.3%
Ecuador (1)
23.0
14.0
64.9%
-
23.0
14.0
64.9%
Unallocated
0.1
0.1
179.0%
-
0.1
0.1
179.0%
Total consolidated revenue (2)
332.7
135.3
145.9%
-2.1
334.8
134.3
149.3%
1
Only includes Guayaquil
Airport.
2
Excluding Construction Service
revenue, ‘As reported’ revenues increase 162.0% YoY in Argentina,
222.7% in Italy, 78.4% in Brazil, 146.5% in Uruguay, 173.4% in
Armenia and 64.9% in Ecuador.
Revenue Breakdown (in US$ million)
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q21 ex IAS 29
% Var ex IAS 29
Aeronautical Revenue
150.8
45.7
230.0%
-0.5
151.3
45.4
233.4%
Non-aeronautical Revenue
181.8
89.6
103.0%
-1.6
183.5
88.9
106.4%
Commercial revenue
152.1
76.5
98.7%
0.4
151.8
75.3
101.7%
Construction service revenue (1)
27.8
12.6
120.2%
-2.0
29.9
13.3
125.2%
Other revenue
1.8
0.4
405.8%
0.0
1.8
0.4
405.8%
Total Consolidated Revenue
332.7
135.3
145.9%
-2.1
334.8
134.3
149.3%
Total Revenue excluding Construction
Service revenue (2)
304.8
122.6
148.6%
-0.1
304.9
121.0
152.0%
1)
Construction Service revenue
equals the construction or upgrade costs plus a reasonable
margin.
2)
Excludes Construction Service
revenue.
Revenue Breakdown (in US$ million)
2Q22 as reported
2Q19 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q19 ex IAS 29
% Var ex IAS 29
Aeronautical Revenue
150.8
185.4
-18.6%
-0.5
151.3
178.7
-15.3%
Non-aeronautical Revenue
181.8
227.2
-20.0%
-1.6
183.5
216.8
-15.4%
Commercial revenue
152.1
126.7
20.0%
0.4
151.8
121.9
24.5%
Construction service revenue (1)
27.8
99.9
-72.1%
-2.0
29.9
94.4
-68.4%
Other revenue
1.8
0.5
288.5%
-
1.8
0.5
288.5%
Total Consolidated Revenue
332.7
412.6
-19.4%
-2.1
334.8
395.5
-15.3%
Total Revenue excluding Construction
Service revenue (2)
304.8
312.6
-2.5%
-0.1
304.9
301.0
1.3%
1)
Construction Service revenue
equals the construction or upgrade costs plus a reasonable
margin.
2)
Excludes Construction Service
revenue.
Aeronautical Revenues accounted for 45.3% of total
revenues and increased 230.0% YoY, to $150.8 million. When compared
to 2Q19, aeronautical revenues excluding IAS 29 declined 15.3% to
$151.3 million, as passenger traffic has not fully recovered,
partially offset by tariff increases. During the quarter and
excluding IAS 29, aeronautical revenue declined 14.3%, or $13.5
million, in Argentina, 19.1%, or $5.1 million, in Italy, and 29.7%,
or $4.3 million, in Uruguay, compared to the same quarter of 2019.
Moreover, aeronautical revenues declined 36.3%, or $4.7 million in
Brazil, and 5.7%, or $1.0 million in Ecuador, while Armenia
reported a 10.5% increase from pre-pandemic levels of 2Q19.
Non-Aeronautical Revenues accounted for 54.7% of total
revenues and increased 103.0% YoY, to $181.8 million. When compared
to 2Q19 and excluding the impact of IAS 29, non-aeronautical
revenues declined 15.4%, or $33.3 million, to $183.5 million,
driven by a decline of 68.4%, or $64.6 million, in Construction
Service Revenue, mainly as a result of lower capex in
Argentina. Notably, this was partially offset by an increase of
24.5%, or $29.9 million, in Commercial Revenues, principally
driven by higher Cargo and Duty free revenues in Argentina, as well
as higher Fueling services in Armenia.
Excluding both Construction Service Revenue and the impact of
IAS 29, non-aeronautical revenues increased 25.5% against 2Q19, to
$153.6 million.
Operating Costs and Expenses
During 2Q22, Operating Costs and Expenses, excluding
Construction Service Cost, increased 57.5% YoY to $236.7 million,
mainly driven by higher Concession fees and Salaries and Social
Security Contributions, in line with higher activity, along with
higher Cost of fuel in Armenia. When compared to 2Q19, Operating
Costs and Expenses, excluding Construction Service Cost and IAS 29,
increased 0.7% to $219.6 million, mainly due to higher Cost of fuel
in Armenia tied to higher fuel sales and, to a lesser extent,
higher Salaries and social security contributions, which were
impacted by higher inflation rates than currency depreciation, in
Argentina. On a comparable basis, excluding Cost of fuel, Operating
Costs and Expenses excluding Construction Service Cost and IAS 29,
would have declined 7.3% against pre-pandemic levels.
Cost of Services increased 71.0% YoY, to $234.9 million
reflecting increased traffic and cargo activity. When compared to
2Q19 and excluding IAS29, Cost of Services declined 20.1%, to
$220.4 million, mainly as a result of the following declines:
- 68.5%, or $64.3 million, in Construction Service Cost,
reflecting lower capex,
- 14.4%, or $4.4 million, in Maintenance Expenses, mainly driven
by the renegotiation of supplier agreements to adapt services to
lower activity, coupled with FX depreciation against the US dollar,
and
- 16.3%, or $3.9 million, in Amortization and depreciation.
This was partially offset by an increase of 162.8%, or $16.8
million, in Cost of fuel, primarily in Armenia.
Excluding Construction Service cost, Cost of Services increased
65.4% YoY, to $207.4 million. On a comparable basis against 2Q19
and excluding the impact of IAS29, Cost of Services increased 4.8%,
or $8.7 million, to $190.9 million, mainly as a result of the
aforementioned increase in Cost of fuel.
Selling, General and Administrative Expenses (“SG&A”)
increased 22.2% YoY, to $28.6 million in 2Q22 on an ‘As reported’
basis. When compared to 2Q19 and excluding the impact of IAS 29,
SG&A declined 21.8%, to $28.0 million, mainly as a result of a
$10.1 million bad debt recovery in 2Q22 related to outstanding
amounts owed by a national carrier, in Argentina.
Other Operating Expenses were $0.7 million in 2Q22, down
51.2% from $1.5 million recorded in 2Q21 and relatively in line
with $0.1 million posted in 2Q19.
Costs and Expenses (in US$ million)
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q21 ex IAS 29
% Var ex IAS 29
Cost of Services
234.9
137.4
71.0%
14.5
220.4
125.8
75.2%
Salaries and social security
contributions
54.1
33.4
61.9%
-0.3
54.4
33.1
64.3%
Concession fees
39.4
20.7
89.9%
-0.1
39.5
20.5
92.4%
Construction service cost
27.5
12.1
128.3%
-2.0
29.5
12.7
133.1%
Maintenance expenses
26.3
19.1
37.8%
-0.1
26.3
18.8
40.1%
Amortization and depreciation
36.9
33.8
9.2%
17.0
19.9
22.4
-11.4%
Other
50.7
18.3
176.7%
0.0
50.8
18.3
178.3%
Cost of Services Excluding Construction
Service cost
207.4
125.3
65.4%
16.5
190.9
113.1
68.8%
Selling, general and administrative
expenses
28.6
23.4
22.2%
0.7
28.0
23.2
20.6%
Other expenses
0.7
1.6
-53.2%
0.0
0.7
1.6
-52.2%
Total Costs and Expenses
264.3
162.4
62.7%
15.1
249.2
150.5
65.5%
Total Costs and Expenses Excluding
Construction Service cost
236.7
150.3
57.5%
17.1
219.6
137.9
59.3%
Costs and Expenses (in US$ million)
2Q22 as reported
2Q19 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q19 ex IAS 29
% Var ex IAS 29
Cost of Services
234.9
303.1
-22.5%
14.5
220.4
275.9
-20.1%
Salaries and social security
contributions
54.1
51.0
6.1%
-0.3
54.4
49.3
10.2%
Concession fees
39.4
41.0
-3.9%
-0.1
39.5
39.3
0.6%
Construction service cost
27.5
99.3
-72.3%
-2.0
29.5
93.8
-68.5%
Maintenance expenses
26.3
33.0
-20.4%
-0.1
26.3
30.8
-14.4%
Amortization and depreciation
36.9
39.8
-7.4%
17.0
19.9
23.7
-16.3%
Other
50.7
38.9
30.3%
0.0
50.8
39.0
30.3%
Cost of Services Excluding Construction
Service cost
207.4
203.7
1.8%
16.5
190.9
182.1
4.8%
Selling, general and administrative
expenses
28.6
37.2
-22.9%
0.7
28.0
35.8
-21.8%
Other expenses
0.7
0.1
414.5%
0.0
0.7
0.1
520.8%
Total Costs and Expenses
264.3
340.4
-22.4%
15.1
249.2
311.8
-20.1%
Total Costs and Expenses Excluding
Construction Service cost
236.7
241.0
-1.8%
17.1
219.6
218.0
0.7%
Adjusted EBITDA and Adjusted EBITDA excluding Construction
Service
During 2Q22, CAAP reported Adjusted EBITDA of $110.6 million, up
from an Adjusted EBITDA of $8.5 million in the year-ago period, and
6.7% lower than the $118.6 million reported in 2Q19. All countries
of operations reported positive Adjusted EBITDA in the quarter.
Adjusted EBITDA margin ex-IFRIC12, expanded to 36.2% from 6.5% in
2Q21 and was 1.5 percentage points below the 37.7% reported in
2Q19. Adjusted EBITDA included the recognition of $14.9 million
related to outstanding amounts owed by a national carrier, in
Argentina.
Excluding the impact from IAS 29, Adjusted EBITDA was $110.7
million, increasing from $7.9 million in the year ago period, but
below the $113.2 million reported in 2Q19. The Adjusted EBITDA
margin excluding construction service expanded to 36.2%, from 6.0%
in 2Q21 and was down 1.2 percentage points from 37.4% in 2Q19. To
note, 2Q19 Adjusted EBITDA included a $2.2 million one-time gain
from the positive outcome of a claim against the Ministry of
Transport, regarding the Fire Brigade Protection Fund dispute, in
Italy.
Adjusted EBITDA by Segment (in US$ million)
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q21 ex IAS 29
% Var ex IAS 29
Argentina
74.0
8.9
734.1%
-0.1
74.1
8.2
800.4%
Italy
5.6
-4.4
226.9%
-
5.6
-4.4
226.9%
Brazil
1.9
-7.0
127.5%
-
1.9
-7.0
127.5%
Uruguay
7.6
0.7
1047.3%
-
7.6
0.7
1047.3%
Armenia
16.3
9.3
75.0%
-
16.3
9.3
75.0%
Ecuador
7.3
3.2
129.6%
-
7.3
3.2
129.6%
Unallocated
-2.2
-2.1
3.6%
-
-2.2
-2.1
3.6%
Total segment EBITDA
110.6
8.5
1195.3%
-0.1
110.7
7.9
1301.7%
2Q22 as reported
2Q19 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q19 ex IAS 29
% Var ex IAS 29
Argentina
74.0
72.3
2.2%
-0.1
74.1
67.0
10.6%
Italy
5.6
13.9
-59.8%
-
5.6
13.9
-59.8%
Brazil
1.9
3.0
-36.8%
-
1.9
3.0
-36.8%
Uruguay
7.6
12.1
-37.4%
-
7.6
12.1
-37.4%
Armenia
16.3
12.1
34.8%
-
16.3
12.1
34.8%
Ecuador
7.3
6.5
13.2%
-
7.3
6.5
13.2%
Unallocated
-2.2
-1.5
47.8%
-
-2.2
-1.5
47.8%
Total segment EBITDA
110.6
118.6
-6.7%
-0.1
110.7
113.2
-2.2%
Adjusted EBITDA Reconciliation to Income from Continuing
Operations (in US$ million)
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q21 ex IAS 29
% Var ex IAS 29
Income from Continuing
Operations
71.6
-54.7
-231.0%
38.8
32.8
1.6
1906.9%
Financial Income
-25.8
-8.8
191.9%
22.2
-47.9
-8.7
452.3%
Financial Loss
44.8
15.3
193.6%
-131.7
176.5
74.0
138.7%
Inflation adjustment
-5.1
-1.2
313.8%
-3.8
-1.4
-0.2
684.4%
Income Tax Expense
-13.8
22.1
-162.3%
57.2
-71.0
-83.3
-14.8%
Amortization and Depreciation
38.8
35.9
8.1%
17.1
21.6
24.4
-11.3%
Adjusted EBITDA
110.6
8.5
1195.3%
-0.1
110.7
7.9
1301.7%
Adjusted EBITDA Margin
33.2%
6.3%
2693
-
33.1%
5.9%
2719
Adjusted EBITDA Margin excluding
Construction Service
36.2%
6.5%
2971
-
36.2%
6.0%
3016
Financial Income and Loss
CAAP reported a Net financial loss of $14.0 million in
2Q22 compared to a loss of $5.2 million in 2Q21. Had IAS 29 not
been applied, and compared to 2Q19, Net financial loss would have
increased 338.5%, or $98.2 million, to $127.3 million, mainly
driven by lower Foreign exchange net results, higher net interest
expenses resulting from higher outstanding debt, as well as higher
Changes in liability for concessions in Brazil, and higher
interests related to the redemption of preferred shares, in
Argentina.
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q21 ex IAS 29
% Var ex IAS 29
Financial Income
25.8
8.8
191.9%
-22.2
47.9
8.7
452.3%
Interest income
14.3
5.6
155.7%
0.3
14.0
5.5
155.9%
Foreign exchange income
7.1
0.5
1391.8%
-22.2
29.3
0.5
5851.1%
Other
4.3
2.8
56.9%
-0.3
4.7
2.7
70.6%
Inflation adjustment
5.1
1.2
313.8%
3.8
1.4
0.2
684.4%
Inflation adjustment
5.1
1.2
313.8%
3.8
1.4
0.2
684.4%
Financial Loss
-44.8
-15.3
193.6%
131.7
-176.5
-74.0
138.7%
Interest Expenses
-49.1
-30.3
62.2%
-0.1
-49.0
-29.9
64.2%
Foreign exchange transaction expenses
40.2
39.5
1.7%
131.8
-91.6
-19.6
366.5%
Changes in liability for concessions
-33.0
-22.2
48.9%
-
-33.0
-22.2
48.9%
Other expenses
-2.9
-2.3
25.3%
-0
-2.9
-2.3
25.1%
Financial Loss, Net
-14.0
-5.2
168.1%
113.3
-127.3
-65.1
95.4%
See “Use of Non-IFRS Financial Measures” on page 22.
Income Tax Expense
During 2Q22, the Company reported an income tax benefit of $13.8
million versus an expense of $22.1 million in 2Q21. Excluding the
impact of IAS 29, CAAP reported an income tax benefit of $71.0
million compared to income tax benefits of $83.3 million in the
year ago quarter and an expense of $12.1 million in 2Q19. Income
tax benefit during the quarter was mainly related to the inflation
adjustment on certain deferred tax assets, in Argentina.
Net Income and Net Income Attributable to Owners of the
Parent
During 2Q22, CAAP reported a Net Income of $71.6
million compared to a Net Loss of $55.4 million in 2Q21, mainly
explained by: (i) operating income of $72.1 million in 2Q22 versus
a loss of $27.2 million in 2Q21, and (ii) an income tax benefit of
$13.8 million versus an expense of $22.1 million in 2Q21, partially
offset by (iii) higher net financial losses.
During 2Q22, the Company reported a Net Income Attributed to
Owners of the Parent of $69.9 million and earnings per common share
of $0.43, compared with a Net Loss Attributable to Owners of the
Parent of $34.0 million in 2Q21 equivalent to a loss per common
share of $0.21. Net Income Attributed to Owners of the Parent was
42.2% higher than the $49.1 million, equivalent to earnings per
common share of $0.31, reported in 2Q19.
Consolidated Financial Position
As of June 30, 2022, cash and cash equivalents amounted to
$334.9 million, decreasing 30.0% and 10.9% from the $478.5 million
and $375.8 million reported as of March 31, 2022, and December 31,
2021, respectively. Total liquidity position at June 30, 2022,
which included cash and cash equivalents as well as other financial
assets, totaled $448.3 million, compared with $646.0 million and
$451.1 million as March 31, 2022, and December 31, 2021,
respectively.
Total Debt at the close of the second quarter increased 5.6%, or
$80.0 million, to $1,519.6 million, from $1,439.6 million as of
December 31, 2021. An amount of $1,039.3 million, or 68.4% of total
debt is denominated in U.S. dollars, while $228.5 million, or
15.0%, is denominated in Euros, $231.3 million, or 15.2%, is in
Brazilian Reals, and $20.5 million, or 1.3%, is in Argentine
Pesos.
The Net Debt to LTM Adjusted EBITDA (excluding impairment of
intangible assets) ratio stood at 3.53x as of June 2022, down from
7.11x and 5.08x as of December 2021 and March 2022, respectively,
reflecting Adjusted EBITDA growth, supported by traffic recovery
and tight cost control measures. As of June 30, 2022, all of CAAP’s
subsidiaries were in compliance with their covenants.
Consolidated Debt Indicators (in US$ million)
As of Jun 30, 2022
As of Dec 31, 2021
Leverage
Total Debt / LTM Adjusted EBITDA
(Times)1,3
4.53x
9.64x
Total Net Debt / LTM Adjusted EBITDA
(Times) 2,3, 4
3.53x
7.12x
Total Net Debt / LTM Adjusted EBITDA
(Times) 2,3,5
3.53x
7.11x
Total Debt
1,519.6
1,439.6
Short-Term Debt
216.8
421.3
Long-Term Debt
1,302.7
1,018.3
Cash & Cash Equivalents
334.9
375.8
Total Net Debt3
1,184.7
1,063.8
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 June
30, 2022 was $335.5 million.
5)
LTM Adjusted EBITDA excluding
impairment of intangible assets as of June 30, 2022 was $335.8
million.
Total Debt by Segment (in US$
million)
As of Jun 30, 2022
As of Dec 31, 2021
Argentina
745.9
625.3
Italy (1)
208.5
232.4
Brazil (2)
231.3
221.8
Uruguay (3)
273.1
274.1
Armenia
40.8
63.1
Ecuador
20.0
22.9
Total
1519.6
1,439.6
1)
Of which approximately $147.0
million remain at Toscana Aeroporti level.
2)
Of which approximately $214.7
million remain at Inframérica Concessionaria do Aeroporto de
Brasilia level.
3)
Of which approximately $247.0
million remain at ACI Airport Sudamérica SAU.
Maturity of borrowings:
1 year or less
1 - 2 years
2 – 5 years
Over 5 years
Total
Debt service (1)
320.4
239.0
611.1
984.7
2,155.2
1)
The amounts disclosed in the
table are undiscounted cash flows of principal and estimated
interest. Variable interest rate cash flows have been estimated
using variable interest rates applicable at the end of the
reporting period.
Maturity of borrowings - Breakdown by segment (in USD) as of
June 30, 2022:
Segment
Currency
1 year or less
1 - 2 years
2 – 5 years
Over 5 years
Total
Argentina
Principal
USD
97.3
66.2
165.4
411.4
740.3
Interest
USD
48.2
44.1
113.5
73.4
279.2
Principal
ARS
4.8
9.5
4.9
-
19.2
Interest
ARS
11.2
6.6
1.1
-
18.9
Italy
Principal
EUR
61.4
25.2
120.9
1.5
209.0
Interest
EUR
4.6
4.4
3.0
0.0
12.0
Brazil
Principal
R$
15.4
13.5
47.8
153.7
230.4
Interest
R$
19.5
18.4
47.3
48.2
133.3
Uruguay
Principal
USD
5.4
6.9
46.5
226.6
285.5
Interest
USD
18.8
18.6
52.3
69.8
159.5
Armenia
Principal
USD
12.3
9.2
-
-
21.5
Interest
USD
1.6
0.5
-
-
2.1
Principal
EUR
11.8
8.8
-
-
20.6
Interest
EUR
1.1
0.4
-
-
1.4
Ecuador
Principal
USD
5.8
6.0
7.9
-
19.7
Interest
USD
1.1
0.8
0.5
-
2.4
Total
320.4
239.0
611.1
984.7
2,155.2
Cash by Segment (in US$
million)
As of Jun 30, 2022
As of Dec 31, 2021
Argentina
159.3
158.9
Italy (1)
50.6
66.3
Brazil (2)
12.9
13.4
Uruguay
29.5
22.0
Armenia
18.2
44.7
Ecuador
5.8
10.8
Intermediate holding Companies
58.8
59.7
Total
334.9
375.8
1)
Of which approximately $44.9
million remain at Toscana Aeroporti level.
2)
Of which approximately $9.7
million remain at Inframérica Concessionaria do Aeroporto de
Brasilia level.
CAPEX
During 2Q22, CAAP made capital expenditures of $34.0 million on
an ‘As reported’ basis, a 94.4% YoY increase from $17.5 million in
2Q21 and 69.9% lower than pre-pandemic levels of 2Q19. Around 75%
of total CAPEX was allocated to Argentina and 14% to Uruguay.
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 2Q22.
2Q22 as reported
2Q21 as reported
% Var as reported
IAS 29
2Q22 ex IAS 29
2Q21 ex IAS 29
% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)
5.5
1.3
317.2%
5.5
1.3
317.2%
International Passengers (in millions)
(1)
1.9
0.3
589.5%
1.9
0.3
589.5%
Transit Passengers (in millions) (1)
0.3
0.1
244.6%
0.3
0.1
244.6%
Total Passengers (in millions)
(1)
7.7
1.7
359.5%
7.7
1.7
359.5%
Cargo Volume (in thousands of
tons)
47.2
44.0
7.2%
47.2
44.0
7.2%
Total Aircraft Movements (in
thousands)
92.6
43.0
115.6%
92.6
43.0
115.6%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
80.6
14.4
457.5%
-0.5
81.0
14.1
473.4%
Non-aeronautical revenue
100.8
50.0
101.7%
-1.6
102.5
49.3
107.9%
Commercial revenue
76.2
45.4
67.9%
0.4
75.8
44.1
72.0%
Construction service revenue
24.6
4.7
428.3%
-2.0
26.6
5.3
405.3%
Total Revenue
181.4
64.5
181.2%
-2.1
183.5
63.5
189.0%
Total Revenue Excluding
IFRIC12(2)
156.7
59.8
162.0%
-0.1
156.9
58.2
169.5%
Cost of Services
125.5
67.2
86.7%
14.5
111.0
55.6
99.6%
Selling, general and administrative
expenses
8.0
8.4
-5.2%
0.7
7.3
8.2
-10.5%
Other expenses
0.2
0.2
3.0%
0.0
0.2
0.2
11.1%
Total Costs and Expenses
133.7
75.9
76.2%
15.1
118.6
64.0
85.2%
Total Costs and Expenses Excluding
IFRIC12(3)
109.2
71.3
53.2%
17.1
92.0
58.8
56.5%
Adjusted Segment EBITDA
74.0
8.9
734.1%
-0.1
74.1
8.2
800.4%
Adjusted Segment EBITDA Mg
40.8%
13.8%
2,703
-
40.4%
13.0%
2,742
Adjusted EBITDA Margin excluding IFRIC
12(4)
47.2%
14.8%
3,238
-
47.2%
14.1%
3,311
Capex
25.1
4.6
450.6%
-0.5
25.5
5.3
384.2%
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.
6M22 as reported
6M21 as reported
% Var as reported
IAS 29
6M22 ex IAS 29
6M21 ex IAS 29
% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)
10.7
3.5
203.6%
10.7
3.5
203.6%
International Passengers (in millions)
(1)
3.6
0.7
383.3%
3.6
0.7
383.3%
Transit Passengers (in millions) (1)
0.5
0.2
138.5%
0.5
0.2
138.5%
Total Passengers (in millions)
(1)
14.7
4.5
230.4%
14.7
4.5
230.4%
Cargo Volume (in thousands of
tons)
90.3
80.2
12.6%
90.3
80.2
12.6%
Total Aircraft Movements (in
thousands)
174.7
92.9
88.2%
174.7
92.9
88.2%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
147.3
35.1
319.3%
2.3
145.0
33.5
332.6%
Non-aeronautical revenue
187.0
119.6
56.3%
0.7
186.3
116.7
59.7%
Commercial revenue
150.7
90.4
66.6%
3.8
146.8
86.3
70.2%
Construction service revenue
36.3
29.2
24.6%
-3.1
39.5
30.4
29.8%
Total Revenue
334.3
154.7
116.0%
3.0
331.3
150.2
120.6%
Total Revenue Excluding
IFRIC12(2)
298.0
125.6
137.3%
6.2
291.8
119.8
143.6%
Cost of Services
226.6
149.5
51.5%
32.9
193.7
125.6
54.2%
Selling, general and administrative
expenses
21.0
14.9
41.2%
1.4
19.7
14.1
39.3%
Other expenses
0.6
8.9
-93.3%
0.0
0.6
8.7
-93.1%
Total Costs and Expenses
248.2
173.3
43.2%
34.2
214.0
148.4
44.2%
Total Costs and Expenses Excluding
IFRIC12(3)
212.0
144.2
47.0%
37.3
174.7
118.1
47.9%
Adjusted Segment EBITDA
138.2
20.2
583.6%
2.8
135.4
18.4
634.6%
Adjusted Segment EBITDA Mg
41.3%
13.1%
2,827
-
40.9%
12.3%
2,859
Adjusted EBITDA Margin excluding IFRIC
12(4)
46.3%
16.1%
3,026
-
46.3%
15.3%
3,101
Capex
36.3
29.2
24.6%
-1.8
38.2
30.4
25.5%
Passenger Traffic increased 3.6x YoY and improved to
75.8% of pre-pandemic levels, up from the 63.6% posted in the prior
quarter. International passenger traffic, which continued to
benefit from the full re-opening of borders on November 1, 2021 and
the lifting of travel requirements, increased 5.9x YoY in 2Q22 and
reached 60.7% of 2Q19 traffic levels, up from 42.6% in 1Q22,
showing a continued sequential improvement. Domestic passenger
traffic, which accounted for 72% of total traffic in the quarter,
increased 3.2x YoY to 83.0% of 2Q19 levels, up from 75.9% posted in
1Q22. Effective April 7, 2022, Covid tests are no longer required,
and travelers must complete an affidavit form.
Revenues increased 181.2% YoY to $181.4 million in 2Q22
on an ‘As reported’ basis or 189.0% to $183.5 million when
excluding the impact of rule IAS29, primarily due to a 473.4%
increase in Aeronautical revenues as well as a 72.0% increase in
Commercial revenues, reflecting higher year-over-year activity and
easier passenger traffic comparisons, as 2Q21 was still heavily
impacted by the Covid-19 pandemic. In addition, Construction
service revenue increased 405.3% YoY as a result of higher Capex in
the quarter. When compared to 2Q19 and excluding both Construction
Service and the impact of IAS 29, revenues grew by 0.2%, or $0.3
million to $156.9 million, mainly driven by a 22.4% increase in
Commercial revenues, which was almost fully offset by a 14.3%
decline in Aeronautical revenues.
- Aeronautical Revenues ex-IAS29 declined 14.3% against
2Q19, or $13.5 million, primarily reflecting the decline in
passenger traffic as a result of the Covid-19 pandemic, partially
offset by a higher international passenger fee introduced on March
15, 2021.
- Commercial Revenues ex-IAS29 increased 22.4% compared to
2Q19, or $13.9 million, mainly driven by an increase of 14.8%, or
$5.2 million in Cargo revenues, primarily reflecting 10% tariff
increases on import activities applied in January and October 2020,
along with a further 5% tariff increase in April 2022. Duty free
and parking related revenues also supported the performance,
growing 51.5% and 31.7%, respectively, against pre-pandemic
levels.
Total Costs and Expenses increased 76.2% YoY to $133.7
million in 2Q22 on an ‘As reported’ basis, mainly reflecting
increases of 86.7% in Cost of Services, in line with higher
year-over-year activity, partially offset by a decline of 5.2% in
SG&A. Excluding Construction Service and the impact of IAS 29,
Total Cost and Expenses increased 56.5% YoY, due to the rise in
operating costs following traffic recovery from the minimum levels
posted in the same period of last year. When compared to 2Q19,
however, Total Cost and Expenses excluding the impact of rule IAS
29 and Construction Services declined 10.0%, or $10.2 million,
primarily due to lower SG&A coupled with a reduction in Cost of
Services.
- Cost of Services ex-IAS29 and excluding Construction
Service Costs would have declined 2.9% compared to 2Q19, or $2.6
million, driven mainly by the following declines:
- 25%, or $6.3 million, in Maintenance expenses due to the
renegotiation of agreements with suppliers to adapt services to
lower activity, coupled with lower maintenance of infrastructure
and the depreciation of the local currency against the US
dollar,
- 7%, or $1.7 million, in Concession Fees,
- 41%, or $1.6 million, in Office Expenses, due to a decrease in
mobility and office expenses along with lower overall expenses,
and
- 21%, or $1.0 million, in Services and Fees, mainly driven by
suspension of all non-essential services due to the Covid-19
pandemic. The above was partially offset by a 23% increase, or $5.5
million, in Salaries and social security contributions, mainly as a
result of inflation rates significantly above currency
depreciation.
- SG&A ex-IAS29 decreased by 50.7% against 2Q19, or
$7.5 million, to $7.3 million in 2Q22, mainly due to a bad debt
recovery of $10.1 million related to outstanding amounts owed by a
national carrier.
Adjusted Segment EBITDA, which included the accounting of
$14.9 million related to outstanding amounts owed by a national
carrier, increased 7.3x YoY to $74.0 million in 2Q22 on an ‘As
reported basis’. When excluding the impact of IAS 29, Adjusted
Segment EBITDA was $74.1 million with Adjusted EBITDA margin
EX-IFRIC12 of 47.2% in the quarter, compared to 14.1% in 2Q21.
Compared to pre-pandemic levels of 2Q19, Adjusted EBITDA excluding
IAS 29 increased 10.6%, or $7.1 million from $67.0 million, while
Adjusted EBITDA margin EX-IFRIC12 expanded 4.5 percentage points
from 42.7%.
During 2Q22, CAAP made Capital Expenditures ex-IAS29 of
$25.1 million, compared to $5.3 million in 2Q21 and $86.8 million
in 2Q19, mainly related to expansion works at Aeroparque and Ezeiza
airports, as well as initial runway works in Posadas and Santa Rosa
airports.
Italy
2Q22
2Q21
% Var.
6M22
6M21
% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)
0.4
0.2
173.8%
0.7
0.2
252.3%
International Passengers (in millions)
1.6
0.2
837.7%
2.1
0.2
959.7%
Transit Passengers (in millions)
0.0
0.0
692.2%
0.0
0.0
1033.3%
Total Passengers (in millions)
2.0
0.3
513.2%
2.8
0.4
600.3%
Cargo Volume (in thousands of
tons)
3.7
3.7
-0.2%
7.6
7.1
7.0%
Total Aircraft Movements (in
thousands)
20.3
6.9
194.1%
30.4
9.1
234.5%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
21.5
5.7
277.0%
31.4
7.7
306.6%
Non-aeronautical revenue
12.1
9.7
24.6%
19.2
15.9
20.6%
Commercial revenue
8.4
3.8
122.2%
13.5
6.7
102.4%
Construction service revenue
1.8
5.6
-66.8%
3.3
8.7
-61.5%
Other revenue
1.8
0.4
415.3%
2.4
0.6
314.9%
Total Revenue
33.6
15.4
118.2%
50.5
23.6
114.2%
Total Revenue Excluding
IFRIC12(1)
31.7
9.8
222.7%
47.2
14.9
216.0%
Cost of Services
26.2
20.4
28.7%
46.2
36.5
26.7%
Selling, general and administrative
expenses
4.1
3.2
27.2%
7.3
6.1
19.7%
Other Expenses
0.0
0.1
-92.4%
0.0
0.1
-92.4%
Total Costs and Expenses
30.3
23.7
28.1%
53.5
42.7
25.5%
Total Costs and Expenses Excluding
IFRIC12(2)
28.7
18.7
53.9%
50.8
35.0
45.3%
Adjusted Segment EBITDA
5.6
-4.4
226.9%
2.4
-12.1
119.6%
Adjusted Segment EBITDA Mg
16.6%
-28.6%
4521
4.7%
-51.1%
5578
Adjusted EBITDA Margin excluding IFRIC
12(3)
16.8%
-50.3%
6710
3.7%
-87.2%
9087
Capex
1.9
9.0
-78.8%
4.0
12.2
-68.0%
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 5.1x YoY and
improved to 84.5% of pre-pandemic levels, up from 56.5% in 1Q22,
with continued recovery at both, Florence and Pisa airports.
Domestic and international traffic increased by 1.7x and 8.4x YoY,
respectively, and stood at 91.7% and 82.7% of 2Q19 levels. Traffic
in June benefited from the start of the summer season and from the
full lifting of travel restrictions effective June 1, 2022.
Revenues increased 118.2% YoY to $33.6 million in 2Q22,
mainly driven by higher Aeronautical revenues, reflecting greater
year-over-year activity and easier comparisons against 2Q21, which
was significantly impacted by the Covid-19 pandemic. Commercial
revenues grew 122.2% YoY, mainly driven by passenger-related
services such as Parking facilities, Duty free shops, VIP lounges,
and F&B services, following the strong year-over-year traffic
recovery. When compared to 2Q19, revenues excluding Construction
service declined 13.9%, or $5.1 million, to $31.7 million,
principally due to lower passenger traffic impacted by the Covid-19
pandemic.
- Aeronautical Revenues dropped 19.1% versus 2Q19, or $5.1
million, as a result of lower passenger traffic, partially offset
by increases in passenger fees at Florence airport in November 2019
and February 2020, and at both Florence and Pisa airports in
February 2021. In addition, passenger with reduced mobility fees
(PRM) at Florence airport increased in March 2020 and at Pisa
airport in February 2020, and again at both airports in February
2021.
- Commercial Revenues declined 15.0% versus 2Q19, or $1.5
million, mainly due to reductions in Parking Facilities, Retail
stores, VIP Lounges, and F&B services, partially offset by
higher Duty free-related revenues.
Total Costs and Expenses increased 28.1% YoY, or $6.7
million, in 2Q22 driven by higher Cost of Services and slightly
higher SG&A expenses. Excluding Construction Service, Total
Cost and Expenses rose 53.9% YoY to $28.7 million, due to an
increase in operating costs following higher airport activity when
compared to 2Q21. Compared to the same quarter of 2019, Total Cost
and Expenses increased 7.2%, or 8.3% when excluding Construction
Services.
- Cost of Services excluding Construction service
increased 6.6%, or $1.5 million, against 2Q19 on a comparable
basis, mainly due to the following increases:
- $2.0 million in Concession Fees, which in 2Q19 included a
one-time benefit of $2.2 million, reflecting the positive outcome
of a claim against the Ministry of Transport regarding the Fire
Brigade Protection Fund dispute, and
- $0.7 million, in Provision for risks and repair. The above was
partially offset by lower Salaries and Social Contribution expenses
and, to a lesser extent, lower Services and fees.
- SG&A increased 20.1% to $4.1 million against 2Q19
mainly reflecting higher Services and Fees, partially offset by
lower Salaries and Social Contribution expenses.
Adjusted Segment EBITDA improved to $5.5 million from
negative $4.4 million in 2Q21, supported by traffic growth and cost
reductions, but contracted from the $13.9 million posted in
2Q19.
During 2Q22, CAAP made Capital Expenditures of $1.9
million, compared to $9.0 million in 2Q21 and $4.7 million in
2Q19.
Brazil
2Q22
2Q21
% Var.
6M22
6M21
% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)
2.3
1.2
94.7%
4.9
2.8
72.2%
International Passengers (in millions)
(1)
0.1
0.0
768.9%
0.2
0.0
677.1%
Transit Passengers (in millions) (1)
0.8
0.8
2.6%
2.1
1.8
13.7%
Total Passengers (in millions)
(1)
3.3
2.0
62.3%
7.1
4.7
52.3%
Cargo Volume (in thousands of
tons)
14.2
16.4
-13.5%
28.2
30.1
-6.5%
Total Aircraft Movements (in
thousands)
33.5
21.8
53.3%
67.2
48.1
39.6%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
8.2
4.0
104.0%
16.3
8.9
83.9%
Non-aeronautical revenue
12.4
7.5
64.8%
25.0
15.2
64.9%
Commercial revenue
12.4
7.5
64.8%
25.0
15.2
64.9%
Total Revenue
20.5
11.5
78.4%
41.3
24.0
71.9%
Cost of Services
18.6
14.5
28.5%
34.6
28.9
19.7%
Selling, general and administrative
expenses
2.6
2.7
-1.4%
6.6
5.2
26.3%
Other expenses
0.1
1.1
-93.9%
0.4
1.5
-74.3%
Total Costs and Expenses
21.3
18.2
17.0%
41.5
35.5
16.8%
Adjusted Segment EBITDA
1.9
-7.0
127.5%
5.3
-9.4
156.2%
Adjusted Segment EBITDA Mg
9.4%
-61.0%
7033
12.8%
-39.2%
5200
Capex
0.5
0.3
57.6%
0.9
0.7
34.9%
Note: This segment does not include the effects of IFRIC 12 with
respect to the construction or improvements to assets under the
concession.
1)
Preliminary data on 1,256 in
January and 195 in February 2020 at Brasilia Airport, due to delays
in the submission of information by third parties. Moreover,
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 grew 62.3% YoY, reaching 76.4% of 2Q19
pre-pandemic levels, slightly below the 77.3% posted in the prior
quarter. Domestic passenger traffic was up 94.7% YoY and reached
nearly 90% of 2Q19 levels, while transit passengers increased 2.6%
YoY to 54.8% of 2Q19 traffic. Traffic in the quarter was impacted
by weaker travel demand as a result of rising fuel prices adding
pressure on airfares.
Revenues increased 78.4% YoY to $20.5 million in 2Q22 due
to higher aeronautical and commercial revenues reflecting higher
year-over-year activity as 2Q21 was impacted by the Covid-19
pandemic. When compared to 2Q19, revenues declined 27.8%, or $7.9
million, mainly reflecting lower aeronautical and commercial
activities resulting from the drop in passenger traffic, and to a
lesser extent, the 25.6% average depreciation of the Brazilian real
against the US dollar since 2Q19.
- Aeronautical Revenues declined 36.3% vs 2Q19, or $4.7
million, driven by lower passenger traffic, coupled with the
depreciation of the Brazilian Real.
- Commercial Revenues declined 20.7% against 2Q19, or $3.2
million, also impacted by lower passenger traffic and currency
depreciation. Lower passenger-related services such as Retail, Duty
free and F&B, combined with lower Cargo revenues, drove the
results. The Revenue decline was also driven by lower Rental
revenues reflecting discounts granted and closure of operations of
certain tenants, together with lower Fuel revenues, in line with
the reduction in aircraft movements.
Total Costs and Expenses increased 17.0% YoY to $21.3
million but declined 24.8% against pre-pandemic levels of 2Q19.
- Cost of Services declined 23.6% vs. 2Q19, or $5.7
million, benefiting from cost reduction initiatives taken to
mitigate the impact of the Covid-19 pandemic, coupled with the
25.6% average depreciation of the Brazilian Real since 2Q19. The
drop was mainly driven by declines in:
- Sales taxes, reflecting the reduction in revenues in the
quarter,
- Salaries and social contributions due to reductions in the
workforce, salary reductions, and a furlough scheme in place since
2Q20, together with local currency depreciation, and
- Services and Fees mainly due to the renegotiation of contracts
related to security and Aviation Security Protection together with
lower utilities expenses, coupled with local currency
depreciation.
- SG&A declined 1.4% YoY, to $2.6 million on an ‘As
reported’ basis, and declined 40.3% when compared to 2Q19.
Adjusted Segment EBITDA improved to $1.9 million compared
to negative $7.0 million in the year ago period, supported by
traffic growth and tight cost control. Compared to 2Q19, Adjusted
EBITDA decreased by 36.8% with Adjusted EBITDA margin contracting
1.3 percentage points to 9.4%.
During 2Q22, CAAP made Capital Expenditures for $0.5
million, compared with $0.3 million in 2Q21 and $0.8 million in
2Q19.
Uruguay
2Q22
2Q21
% Var.
6M22
6M21
% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)
0.0
0.0
37.3%
0.0
0.0
149.1%
International Passengers (in millions)
0.3
0.1
528.9%
0.6
0.1
573.3%
Transit Passengers (in millions)
0.0
0.0
2562.7%
0.0
0.0
1612.9%
Total Passengers (in millions)
0.3
0.1
529.7%
0.6
0.1
573.7%
Cargo Volume (in thousands of tons)
(1)
10.0
8.9
12.4%
17.0
15.1
12.8%
Total Aircraft Movements (in
thousands)
6.3
3.2
97.9%
13.9
5.5
150.0%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
10.3
2.1
398.6%
21.3
3.9
449.9%
Non-aeronautical revenue
13.1
8.9
46.4%
26.6
15.8
68.7%
Commercial revenue
11.8
6.9
71.5%
24.8
13.3
87.1%
Construction service revenue
1.2
2.0
-39.6%
1.8
2.5
-27.9%
Total Revenue
23.3
11.0
112.5%
47.9
19.7
143.9%
Total Revenue Excluding
IFRIC12(2)
22.1
9.0
146.5%
46.1
17.1
169.1%
Cost of Services
13.2
11.5
14.3%
24.3
20.8
16.9%
Selling, general and administrative
expenses
3.8
1.9
95.9%
6.9
3.8
80.9%
Other expenses
0.2
0.0
659.6%
0.3
0.0
491.1%
Total Costs and Expenses
17.2
13.5
27.4%
31.5
24.7
27.6%
Total Costs and Expenses Excluding
IFRIC12(3)
16.0
11.5
39.1%
29.7
22.2
33.9%
Adjusted Segment EBITDA
7.6
0.7
1047.3%
19.6
1.5
1191.3%
Adjusted Segment EBITDA Mg
32.6%
6.0%
2657
40.9%
7.7%
3316
Adjusted EBITDA Margin excluding IFRIC 12
(4)
34.4%
7.4%
2700
42.5%
8.9%
3364
Capex
4.8
3.0
61.4%
5.7
3.7
51.8%
1)
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.
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.
In Uruguay, where traffic is largely international, passenger
traffic increased 5.3x YoY, reaching 65.1% of 2Q19 levels, up
from 50.3% recorded in 1Q22, reflecting an ongoing recovery after
the re-opening of borders on November 1, 2021, and the gradual
relaxation of travel requirements.
Revenues increased 112.5% YoY to $23.3 million in 2Q22 on
an ‘As reported’ basis, or 146.5% when excluding Construction
service revenue. Compared to 2Q19, and excluding IFRIC12, revenues
declined 17.7%, or $4.8 million, to $22.1 million, primarily due to
lower passenger traffic in the quarter.
- Aeronautical Revenues increased 4.0x YoY, or $8.2
million, to $10.3 million, reflecting higher passenger fees
revenues, in line with the increase in passenger traffic against
2Q21, which was significantly impacted by the Covid-19
pandemic.
- Commercial Revenues declined 3.3% vs. 2Q19, or $0.4
million, to $11.8 million, mainly driven by lower passenger-related
revenues such as Duty Free and VIP Lounge revenues, as a result of
lower passenger traffic, partially offset by an increase in cargo
revenues.
Total Costs and Expenses increased 27.4% YoY to $17.2
million. Excluding Construction Service, Total Cost and Expenses
rose 39.1% YoY to $16.0 million, due to an increase in operating
costs following higher traffic activity when compared to 2Q21. By
contrast, against the same quarter in 2019, Total Cost and Expenses
excluding IFRIC12 declined 6.9%, or $1.2 million, primarily due to
lower operating expenses, further supported by local currency
depreciation against the US dollar.
- Cost of services were down 2.5% compared to 2Q19, or
$0.3 million. Excluding Construction service cost, cost of services
declined 10.2%, or $1.4 million, reflecting the following cost
reductions:
- A 9.8%, or $0.4 million, in Concession Fees due to lower
passenger traffic,
- A 10.6%, or $0.3 million, in Maintenance expenses due to
renegotiation of operating expenses contracts, together with a
decline in SISCA (Sistema Integrado de Seguridad y Control
Aeroportuario) fees due to lower passenger traffic, and
- A 21.9%, or $0.2 million, in Services and fees.
- SG&A increased 95.9% YoY, to $3.8 million, and
remained flat against 2Q19.
Adjusted Segment EBITDA increased 10.5x YoY to $7.6
million in 2Q22, but declined 37.4%, or $4.5 million, when compared
to 2Q19, with Adjusted EBITDA Margin Ex IFRIC12 contracting 10.8
percentage points to 34.4%.
During 2Q22, CAAP made Capital Expenditures of $4.8
million in Uruguay, compared to $3.0 million in 2Q21 and $5.3
million in 2Q19.
Key Quarter Highlights and Subsequent Events
AA2000 | Preferred Shares
On February 25, 2022, the Board of Directors of AA2000 resolved
to redeem all the 910,978,514 outstanding preferred shares for a
total redemption value of AR$17,225,719,240. On April 12, 2022, the
Company made an initial payment of AR$11,100,000,000, and a second
payment of AR$5,070,000,000 (approximately $40.5 million) was made
on July 8, 2022.
AA2000 | Indebtedness and Issuance of New Notes
On July 8, 2022, AA2000 issued $20 million of dollar-linked
Class 7 Notes, in the local market, at a 0% interest rate, maturing
July 2025.
On July 14, 2022, AA2000 prepaid the outstanding amount of the
onshore and offshore loans denominated in ARS, for ARS 2,180.5
million, equivalent to approximately $17.4 million.
Additionally, on July 29, 2022, AA2000 obtained a loan from
Industrial and Commercial Bank of China, Dubai branch, for a total
amount of $10 million. The loan will be repaid in three
installments to be made in March, June and September 2025.
Finally, on August 8, 2022, the Board of Directors of AA2000
approved the issuance of single Notes (not convertible into shares)
for up to $60 million. On August 16, 2022, AA2000 concluded the
bidding of Class 9 Dollar-linked Notes for a nominal value of $30
million at a 0% interest rate. The maturity will be forty-eight
months after the issuance date.
Puerta del Sur (PDS, Uruguay) | Concession Agreement
On July 22, 2022, the International Airport of Salto "Nueva
Hespérides" was taken over by PDS, according to the conditions
established in the concession agreement amended on November 8,
2021.
For further information on subsequent events, please refer to
Note 20 of the Company’s Financial Statements, filed with the SEC
on Form 6-K.
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 3Q21, is presented
separately in each of the applicable sections of this earnings
release, in a column denominated “IAS 29”.
2Q22 EARNINGS CONFERENCE CALL
When:
10:00 a.m. Eastern Time, August
19, 2022
Who:
Mr. Martín Eurnekian, Chief
Executive Officer
Mr. Jorge Arruda, Chief Financial
Officer
Mr. Patricio Iñaki Esnaola, Head
of Investor Relations
Dial-in:
1-646-904-5544 (U.S. Local);
1-226-828-7575 (Canada, Local); +1-929-526-1599 (Intern.).
Participant access code: 872650
Webcast:
https://events.q4inc.com/attendee/714626731
Replay:
1-929-458-6194 (U.S. Local);
1-226-828-7578 (Canada, Local); +44-204-525-0658 (Intern.). Replay
access code: 793137
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 22 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 53 airports in 6
countries across Latin America and Europe (Argentina, Brazil,
Uruguay, Ecuador, Armenia and Italy). In 2021, Corporación América
Airports served 35.7 million passengers, 57.6% lower than the 84.2
million served prior to the pandemic, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220818005701/en/
Investor Relations Contact Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com Phone: +5411 4899-6716
Corporacion America Airp... (NYSE:CAAP)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Corporacion America Airp... (NYSE:CAAP)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024