Passenger traffic at 98.6% of 2Q19; surpassed
pre-pandemic levels in June
Consolidated Revenues, ex-IFRIC12, 16.9% above
pre-pandemic levels
Record High Adjusted EBITDA of $151 million;
Adjusted EBITDA margin, ex-IFRIC12, 3.2 p.p above 2Q19
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 and six-month period ended June 30, 2023. 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 25.
Second Quarter 2023 Highlights
- Consolidated Revenues of $422.7 million, a 27.1% year-over-year
(YoY) increase, or 2.5% above 2Q19. Excluding the impact of IFRS
rule IAS 29, revenues increased 28.0% YoY to $428.6 million,
reflecting increases of $38.8 million in Aeronautical Revenues,
$26.4 million in Commercial Revenues, and $29.1 million in
Construction Service Revenue. Revenues ex-IAS 29 were 8.4% above
pre-pandemic levels.
- Delivered YoY increases across key operating metrics:
- 30.6% in passenger traffic to 19.7 million, reaching 98.6% of
2Q19 levels.
- 3.3% in cargo volume to 90.8 thousand tons, to 86.0% of 2Q19
levels.
- 18.6% in aircraft movements, to 103.9% of 2Q19 levels.
- Operating Income of $110.4 million, up from $72.1 million in
2Q22, mainly reflecting the YoY recovery in passenger traffic.
- Adjusted EBITDA increased to $150.9 million, from $110.6
million in the year-ago period, with Adjusted EBITDA margin
ex-IFRIC12 expanding to 40.9% from 36.2%.
- Compared to 2Q19, Adjusted EBITDA increased 27.3%, with
Adjusted EBITDA margin ex-IFRIC12 expanding 3.2 percentage
points.
- Strong cash position with Cash & cash equivalents totaling
$448.5 million.
- Net debt to LTM Adjusted EBITDA improved to 1.8x, from 2.1x as
of March 31, 2023.
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian,
CEO of Corporación América Airports, noted: “We reported an
excellent quarter, posting another record-high Adjusted EBITDA of
$151 million, up 27% when compared to 2Q19, and a Net Income 42%
above pre-pandemic levels, while passenger volume stood at near
pre-pandemic levels. All territories contributed with positive
adjusted EBITDA driven by growth in both aeronautical and
commercial revenues.
Our consolidated Net Debt to Adjusted EBITDA ratio stood at an
all-time low of 1.8 times, providing a strong foundation to
continue executing our strategic priorities in a sustainable
fashion. We are well on track with the execution of our
fully-funded Capex programs in Argentina and Uruguay. In Armenia,
we remain in negotiations with the government regarding the Capex
plan to expand capacity and address the growing demand we are
observing in this market. In Italy, the process for the new master
plan for the Florence airport continues to advance. In Brazil,
during the fourth quarter of this year, we expect to receive the
indemnification payment in connection with the return of Natal
Airport.
In connection with the expansion of our geographic footprint, we
continue to advance negotiations with Nigerian authorities
regarding the concession agreements for the Abuja and Kano
airports, as well as seeking other opportunities.
Passenger traffic in July continued its growth driven by a good
overall performance in our portfolio. While we remain vigilant with
the macro and geopolitical backdrop, we remain positive with the
travel trends ahead of us.”
Operating & Financial
Highlights
(In millions of U.S. dollars, unless
otherwise noted)
2Q23 as
reported
2Q22 as
reported
% Var as
reported
IAS 29
2Q23
2Q23 ex
IAS 29
2Q22 ex
IAS 29
% Var ex
IAS 29
Passenger Traffic (Million
Passengers)
19.7
15.1
30.6%
19.7
15.1
30.6%
Revenue
422.7
332.7
27.1%
-5.9
428.6
334.8
28.0%
Aeronautical Revenues
187.7
150.8
24.4%
-2.4
190.1
151.3
25.6%
Non-Aeronautical Revenues
235.0
181.8
29.3%
-3.4
238.5
183.5
30.0%
Revenue excluding construction
service
365.5
304.8
19.9%
-4.1
369.6
304.9
21.2%
Operating Income / (Loss)
110.4
72.1
53.2%
-20.1
130.5
89.4
46.0%
Operating Margin
26.1%
21.7%
446
0.0%
30.5%
26.7%
376
Net (Loss) / Income Attributable to
Owners of the Parent
69.8
69.9
-0.1%
23.1
46.6
31.0
50.2%
EPS (US$)
0.43
0.43
-0.2%
0.14
0.29
0.19
50.1%
Adjusted EBITDA
150.9
110.6
36.5%
-0.7
151.6
110.7
37.0%
Adjusted EBITDA Margin
35.7%
33.2%
246
-
35.4%
33.1%
231
Adjusted EBITDA Margin excluding
Construction Service
40.9%
36.2%
469
-
40.6%
36.2%
439
Net Debt to LTM Adjusted EBITDA
1.8x
3.5x
-
-
-
-
-
Net Debt to LTM Adjusted EBITDA excl.
impairment on intangible assets (1)
1.8x
3.5x
-
-
-
-
-
Note: Figures in historical dollars
(excluding IAS29) are included for comparison purposes.
1)
LTM Adjusted EBITDA excluding impairments of intangible
assets.
Operating & Financial
Highlights
(In millions of U.S. dollars, unless
otherwise noted)
6M23 as
reported
6M22 as
reported
% Var as
reported
IAS 29
6M23
6M23 ex
IAS 29
6M22 ex
IAS 29
% Var ex
IAS 29
Passenger Traffic (Million
Passengers)
38.2
28.6
33.8%
38.2
28.6
33.8%
Revenue
809.4
596.5
35.7%
-5.8
815.2
593.5
37.4%
Aeronautical Revenues
375.6
272.7
37.7%
-2.0
377.5
270.4
39.6%
Non-Aeronautical Revenues
433.8
323.8
34.0%
-3.9
437.7
323.1
35.5%
Revenue excluding construction
service
718.0
554.5
29.5%
-2.6
720.6
548.4
31.4%
Operating Income / (Loss)
213.8
125.5
70.4%
-36.3
250.1
156.6
59.8%
Operating Margin
26.4%
21.0%
539
-
30.7%
26.4%
431
Net (Loss) / Income Attributable to
Owners of the Parent
102.1
97.7
4.6%
49.1
53.0
24.8
113.9%
EPS (US$)
0.63
0.61
4.5%
0.30
0.33
0.15
113.7%
Adjusted EBITDA
293.4
202.2
45.1%
0.5
292.8
199.4
46.9%
Adjusted EBITDA Margin
36.2%
33.9%
235
-
35.9%
33.6%
232
Adjusted EBITDA Margin excluding
Construction Service
40.6%
36.3%
424
-
40.4%
36.3%
402
Net Debt to LTM Adjusted EBITDA
1.8x
3.5x
-
-
-
-
-
Net Debt to LTM Adjusted EBITDA excl.
impairment on intangible assets (1)
1.8x
3.5x
-
-
-
-
-
Note: Figures in historical dollars
(excluding IAS29) are included for comparison purposes.
1)
LTM Adjusted EBITDA excluding impairments
of intangible assets.
To obtain the full text of this earnings release and the
earnings presentation, please click on the following link:
http://investors.corporacionamericaairports.com/Results-Center
2Q23 EARNINGS CONFERENCE CALL
When:
10:00 a.m. Eastern Time, August 18,
2023
Who:
Mr. Martín Eurnekian, Chief Executive
Officer
Mr. Jorge Arruda, Chief Financial
Officer
Mr. Patricio Iñaki Esnaola, Head of
Investor Relations
Dial-in:
1-888-886-7786 (U.S., Toll Free);
1-416-764-8658 (U.S., Local); 0800-652-2435 (UK); 800-797-692
(Italy) *No passcode is required*
Webcast:
CAAP 2Q23 Earnings Conference Call
Replay:
1-877-674-7070 (U.S., Toll Free);
1-416-764-8692 (U.S., Local); Playback Passcode: 943520
#
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 25 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 one of the leading private
airport operators in the world, currently operating 53 airports in
6 countries across Latin America and Europe (Argentina, Brazil,
Uruguay, Ecuador, Armenia and Italy). In 2022, Corporación América
Airports served 65.6 million passengers, 83.7% above the 35.7
million passengers served in 2021 and 22.1% 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230817308611/en/
Investor Relations Contact Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com Phone: +5411 4899-6716
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