Corporacion America Airports Reports Third Quarter 2024 Results
Diversified airport portfolio partially mitigated soft performance in Argentina resulting in a 4.2% decline in consolidated revenues ex-IFRIC12
Solid cash position totaling $511 million with Net Debt to LTM Adjusted EBITDA at 0.9x
LUXEMBOURG--(BUSINESS WIRE)--November 20, 2024--
Corporación América Airports S.A. $(CAAP)$, ("CAAP" or the "Company") one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and nine-month period ended September 30, 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 22.
Third Quarter 2024 Highlights
--
Consolidated Revenues ex-IFRIC12 of $404.7 million, decreased 4.2%
year-over-year (YoY), reflecting decreases of 6.6% and 1.5% in Commercial
Revenues and Aeronautical Revenues, respectively. Excluding rule IAS 29,
consolidated revenues ex-IFRIC12 decreased 4.8% YoY to $404.6 million.
--
Key operating metrics:
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3.9% decrease in passenger traffic to 21.3 million. Excluding
Natal, passenger traffic decreased 1.5% YoY.
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4.4% increase in cargo volume to 96.8 thousand tons.
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4.3% decrease in aircraft movements, or 2.4%, excluding Natal.
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Operating Income of $100.9 million, down from $131.7 million in 3Q23.
--
Adjusted EBITDA ex-IFRIC12 decreased 15.9% to $145.4 million, from
$172.9 million in the year-ago period. Excluding rule IAS 29, Adjusted
EBITDA ex-IFRIC12 decreased 21.4% to $144.8 million.
--
Adjusted EBITDA margin ex-IFRIC12 of 35.9% compared to 40.9% in 3Q23,
or 35.8% compared to 43.3% when excluding rule IAS 29.
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Strong cash position with Cash & Cash equivalents totaling $510.9
million as of September 2024.
--
Net debt to LTM Adjusted EBITDA stood at 0.9x as of September 30, 2024,
from 1.4x as of December 31, 2023.
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: "Our third-quarter results reflect the strength of our geographically diversified portfolio, which has enabled us to mitigate the macroeconomic challenges we faced in Argentina with positive performance in other regions. Revenues ex-IFRIC declined 4% year-over-year, in line with lower passenger volumes. Adjusted EBITDA saw a mid-teen decline from last year, driven mainly by Argentina's macroeconomic challenges, which continued to impact domestic travel demand and operating costs. The weaker performance in duty-free sales this quarter was expected, as last year's figures benefited from a favorable FX environment. By contrast, our operations in Uruguay, together with Brazil and Italy (ex one-off in 3Q23), demonstrated resilience and delivered strong growth and positive contributions to our EBITDA, reflecting the strength of our broader portfolio.
Our cash flow generation and healthy balance sheet provide a solid foundation, positioning us well to continue to support our operations and pursue strategic opportunities. We are progressing with the approvals for the Capex program in Armenia and the master plan for Florence Airport in Italy, while actively assessing new projects across different geographies. We are also undertaking several investment projects to further enhance commercial revenues, including a new covered parking facility at Carrasco Airport in Uruguay and the expansion of the duty-free area at Ezeiza Airport in Argentina.
I would like to take the opportunity to update on one recent event in Argentina. Effective November 1, the regulator approved a 124% increase, in nominal ARS, in the domestic passenger use fees applicable in AA2000, which will bolster our revenues.
Looking ahead, signs of stabilizing macro conditions, along with the recent increase in domestic passenger use fees, provide a more favorable environment. I would also like to highlight the strong international passenger numbers recorded in October.
Our long-term strategy remains unchanged. We will continue to deploy capital with discipline, investing in our operations to drive significant growth while opportunistically looking for accretive acquisition opportunities."
Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
----------------------------------------------------------------------------------
3Q24 3Q23
IAS ex ex
3Q24 as 3Q23 as % Var as 29 IAS IAS % Var ex
reported reported reported 3Q24 29 29 IAS 29
--------------------- -------- -------- -------- ----- ----- ----- --------
Passenger Traffic
(Million
Passengers) 21.3 22.2 -3.9% 21.3 22.2 -3.9%
--------------------- -------- -------- -------- ----- ----- ----- --------
Revenue 461.8 469.5 -1.6% -1.0 462.8 473.7 -2.3%
--------------------- -------- -------- -------- ----- ----- ----- --------
Aeronautical Revenues 213.5 216.8 -1.5% -0.5 214.1 218.7 -2.1%
--------------------- -------- -------- -------- ----- ----- ----- --------
Non-Aeronautical
Revenues 248.3 252.7 -1.8% -0.5 248.8 255.0 -2.4%
--------------------- -------- -------- -------- ----- ----- ----- --------
Revenue excluding
construction
service 404.7 422.5 -4.2% 0.1 404.6 424.9 -4.8%
--------------------- -------- -------- -------- ----- ----- ----- --------
Operating Income /
(Loss) 100.9 131.7 -23.3% -24.6 125.6 152.4 -17.6%
--------------------- -------- -------- -------- ----- ----- ----- --------
Operating Margin 21.9% 28.0% -618 0.0% 27.1% 32.2% -503
--------------------- -------- -------- -------- ----- ----- ----- --------
Net (Loss) / Income
Attributable to
Owners of the
Parent 14.7 46.5 -68.4% 11.6 3.1 29.7 -89.6%
--------------------- -------- -------- -------- ----- ----- ----- --------
EPS (US$) 0.09 0.29 -68.5% 0.07 0.02 0.18 -89.6%
--------------------- -------- -------- -------- ----- ----- ----- --------
Adjusted EBITDA 146.3 172.7 -15.3% 0.6 145.6 184.0 -20.9%
--------------------- -------- -------- -------- ----- ----- ----- --------
Adjusted EBITDA
Margin 31.7% 36.8% -511 - 31.5% 38.9% -738
--------------------- -------- -------- -------- ----- ----- ----- --------
Adjusted EBITDA
Margin excluding
Construction
Service 35.9% 40.9% -498 - 35.8% 43.3% -756
--------------------- -------- -------- -------- ----- ----- ----- --------
Net Debt to LTM 0.9x 1.6x - - - - -
Adjusted EBITDA
--------------------- -------- -------- -------- ----- ----- ----- --------
Net Debt to LTM 1.0x 1.6x - - - - -
Adjusted EBITDA
excl. impairment on
intangible assets
(1)
--------------------- -------- -------- -------- ----- ----- ----- --------
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)
---------------------------------------------------------------------------------------
9M24 as 9M23 as % Var as IAS 29 9M24 ex 9M23 ex % Var ex
reported reported reported 9M24 IAS 29 IAS 29 IAS 29
--------------------- -------- -------- -------- ------ ------- ------- --------
Passenger Traffic
(Million
Passengers) 58.5 60.4 -3.2% 58.5 60.4 -3.2%
--------------------- -------- -------- -------- ------ ------- ------- --------
Revenue 1,369.9 1,273.8 7.5% 82.3 1,287.6 1,288.9 -0.1%
--------------------- -------- -------- -------- ------ ------- ------- --------
Aeronautical Revenues 659.1 590.0 11.7% 42.9 616.2 596.2 3.4%
--------------------- -------- -------- -------- ------ ------- ------- --------
Non-Aeronautical
Revenues 710.7 683.8 3.9% 39.4 671.4 692.7 -3.1%
--------------------- -------- -------- -------- ------ ------- ------- --------
Revenue excluding
construction
service 1,213.2 1,136.2 6.8% 73.9 1,139.3 1,145.5 -0.5%
--------------------- -------- -------- -------- ------ ------- ------- --------
Operating Income /
(Loss) 336.0 344.0 -2.3% -35.8 371.9 402.5 -7.6%
--------------------- -------- -------- -------- ------ ------- ------- --------
Operating Margin 24.5% 27.0% -248 - 28.9% 31.2% -235
--------------------- -------- -------- -------- ------ ------- ------- --------
Net (Loss) / Income
Attributable to
Owners of the
Parent 244.9 147.6 66.0% -176.5 421.4 82.9 408.1%
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November 20, 2024 16:31 ET (21:31 GMT)
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