UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month
of August, 2024
Commission
File Number: 333-221916
Corporación América Airports S.A.
(Name of Registrant)
128, Boulevard de la Pétrusse
L-2330 Luxembourg
Tel: +35226258274
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form
40-F ¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities
are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the
registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date: August 21, 2024
|
Corporación América Airports S.A. |
|
|
|
By: |
/s/ Andres Zenarruza |
|
Name: |
Andres Zenarruza |
|
Title: |
Head of Legal & Compliance |
|
|
|
By: |
/s/ Jorge Arruda |
|
Name: |
Jorge Arruda |
|
Title: |
Chief Financial Officer |
Exhibit Index
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/1717393/000110465924091628/tm2422151d2_ex99-1img01.jpg)
CORPORACION AMERICA AIRPORTS REPORTS SECOND
QUARTER 2024 RESULTS
Consolidated Revenues, ex-IFRIC12 up 0.2% YoY,
despite 5% traffic decline Ex-Natal
Diversified portfolio mitigated soft performance
in Argentina
Strong cash position with Net Debt to LTM Adjusted
EBITDA improving to 1.1x
Luxembourg,
August 21, 2024— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”)
one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and six-month
period ended June 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.
Second Quarter 2024 Highlights
§ | Consolidated
Revenues ex-IFRIC12 of $366.1 million, increased 0.2% year-over-year (YoY), as the 2.9% decrease
in Commercial Revenues was offset by a 3.2% increase in Aeronautical Revenues. Excluding
rule IAS 29, consolidated revenues ex-IFRIC12 decreased 1.7% YoY to $363.3 million. |
| § | 7.8%
decrease in passenger traffic to 18.2 million. Excluding Natal, passenger traffic decreased
5.4% YoY. |
| § | 4.7%
increase in cargo volume to 95.1 thousand tons. |
| § | 9.5%
decrease in aircraft movements, or 7.8%, excluding Natal. |
§ | Operating
Income of $92.9 million, down from $110.4 million in 2Q23. |
§ | Adjusted
EBITDA ex-IFRIC12 decreased 8.8% to $136.2 million, from $149.3 million in the year-ago
period. Excluding rule IAS 29, Adjusted EBITDA ex-IFRIC12 decreased 10.3% to $134.6
million. |
§ | Adjusted
EBITDA margin ex-IFRIC12 contracted to 37.2% from 40.9% in 2Q23, or to 37.0% from 40.6% when
excluding rule IAS 29. |
§ | Strong
cash position with Cash & Cash equivalents totaling $439.4 million as of June 2024. |
§ | Net
debt to LTM Adjusted EBITDA improved to 1.1x as of June 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: “Despite a mild decline in overall passenger traffic, our
revenues remained resilient, thanks to our geographic diversification. This is reflected in our revenue per passenger ex-IFRIC12, which
increased by 9% year-over-year, outpacing revenue growth and underpinning our ability to adapt to challenging market dynamics.
EBITDA ex-IFRIC12, declined by 9% year-over-year,
primarily due to the impact of Argentina's macroeconomic dynamics on our domestic traffic, duty-free revenues, and operational expenses.
Nonetheless, international traffic in Argentina performed well and we have also delivered strong performances in Italy and Uruguay, underscoring
the strength of our operations in those regions.
We closed the quarter with a solid balance
sheet and a favorable debt maturity profile. Our net leverage ratio reached another record low of 1.1x as of June 30, 2024, demonstrating
our commitment to maintaining a disciplined capital structure.
On the strategic front, we remain engaged
in negotiating a new $400 million Capex plan with the Armenian government and awaiting approval for the new master plan for Florence
airport. Additionally, we remain active in assessing new expansion projects across various geographies, aligning with our strategic roadmap
to pursue growth opportunities.
Looking ahead, we expect the positive dynamics
in Uruguay and Italy to continue throughout the year. Moreover, recent open skies bilateral agreements concluded by Argentina with multiple
countries open the opportunity for airlines to offer new routes and destinations to travel from/to Argentina, contributing to improved
flexibility and dynamism in the country’s aeronautical activity.
In
sum, our healthy balance sheet provides the financial flexibility to support our global growth initiatives while we navigate near-term
challenges in Argentina and Brazil. We have the foundation in place and are confident about the long-term growth potential of our Company.”
Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise
noted)
| |
2Q24
as
reported | | |
2Q23
as
reported | | |
%
Var as
reported | | |
IAS
29
2Q24 | | |
2Q24
ex
IAS 29 | | |
2Q23
ex
IAS 29 | | |
%
Var ex
IAS 29 | |
Passenger Traffic
(Million Passengers) | |
| 18.2 | | |
| 19.7 | | |
| -7.8 | % | |
| | | |
| 18.2 | | |
| 19.7 | | |
| -7.8 | % |
Revenue | |
| 416.2 | | |
| 422.7 | | |
| -1.5 | % | |
| 4.1 | | |
| 412.1 | | |
| 428.6 | | |
| -3.8 | % |
Aeronautical Revenues | |
| 193.7 | | |
| 187.7 | | |
| 3.2 | % | |
| 0.4 | | |
| 193.2 | | |
| 190.1 | | |
| 1.6 | % |
Non-Aeronautical Revenues | |
| 222.6 | | |
| 235.0 | | |
| -5.3 | % | |
| 3.7 | | |
| 218.9 | | |
| 238.5 | | |
| -8.2 | % |
Revenue excluding construction
service | |
| 366.1 | | |
| 365.5 | | |
| 0.2 | % | |
| 2.8 | | |
| 363.3 | | |
| 369.6 | | |
| -1.7 | % |
Operating Income / (Loss) | |
| 92.9 | | |
| 110.4 | | |
| -15.9 | % | |
| -21.0 | | |
| 113.9 | | |
| 130.5 | | |
| -12.7 | % |
Operating Margin | |
| 22.3 | % | |
| 26.1 | % | |
| -382 | | |
| 0.0 | % | |
| 27.6 | % | |
| 30.5 | % | |
| -282 | |
Net (Loss) / Income Attributable
to Owners of the Parent | |
| 50.2 | | |
| 69.8 | | |
| -28.0 | % | |
| -7.6 | | |
| 57.8 | | |
| 46.6 | | |
| 24.0 | % |
EPS (US$) | |
| 0.31 | | |
| 0.43 | | |
| -28.1 | % | |
| -0.05 | | |
| 0.36 | | |
| 0.29 | | |
| 23.9 | % |
Adjusted EBITDA | |
| 136.4 | | |
| 150.9 | | |
| -9.6 | % | |
| 1.6 | | |
| 134.8 | | |
| 151.6 | | |
| -11.1 | % |
Adjusted EBITDA Margin | |
| 32.8 | % | |
| 35.7 | % | |
| -294 | | |
| - | | |
| 32.7 | % | |
| 35.4 | % | |
| -267 | |
Adjusted EBITDA Margin excluding
Construction Service | |
| 37.2 | % | |
| 40.9 | % | |
| -367 | | |
| - | | |
| 37.0 | % | |
| 40.6 | % | |
| -356 | |
Net Debt to LTM Adjusted
EBITDA | |
| 1.1 | x | |
| 1.8 | x | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1) | |
| 1.3 | x | |
| 1.8 | x | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
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)
| |
6M24
as reported | | |
6M23
as reported | | |
%
Var as reported | | |
IAS
29 6M24 | | |
6M24
ex IAS 29 | | |
6M23
ex IAS 29 | | |
%
Var ex IAS 29 | |
Passenger Traffic
(Million Passengers) | |
| 37.2 | | |
| 38.2 | | |
| -2.7 | % | |
| | | |
| 37.2 | | |
| 38.2 | | |
| -2.7 | % |
Revenue | |
| 880.4 | | |
| 809.4 | | |
| 8.8 | % | |
| 55.8 | | |
| 824.6 | | |
| 815.2 | | |
| 1.1 | % |
Aeronautical Revenues | |
| 431.8 | | |
| 375.6 | | |
| 15.0 | % | |
| 29.7 | | |
| 402.0 | | |
| 377.5 | | |
| 6.5 | % |
Non-Aeronautical Revenues | |
| 448.7 | | |
| 433.8 | | |
| 3.4 | % | |
| 26.1 | | |
| 422.6 | | |
| 437.7 | | |
| -3.5 | % |
Revenue excluding construction
service | |
| 784.9 | | |
| 718.0 | | |
| 9.3 | % | |
| 50.3 | | |
| 734.6 | | |
| 720.6 | | |
| 1.9 | % |
Operating Income / (Loss) | |
| 227.7 | | |
| 213.8 | | |
| 6.5 | % | |
| -18.6 | | |
| 246.4 | | |
| 250.1 | | |
| -1.5 | % |
Operating Margin | |
| 25.9 | % | |
| 26.4 | % | |
| -55 | | |
| - | | |
| 29.9 | % | |
| 30.7 | % | |
| -80 | |
Net (Loss) / Income Attributable
to Owners of the Parent | |
| 219.9 | | |
| 102.1 | | |
| 115.4 | % | |
| 76.8 | | |
| 143.1 | | |
| 53.0 | | |
| 169.9 | % |
EPS (US$) | |
| 1.37 | | |
| 0.63 | | |
| 115.3 | % | |
| 0.48 | | |
| 0.89 | | |
| 0.33 | | |
| 169.8 | % |
Adjusted EBITDA | |
| 313.0 | | |
| 293.4 | | |
| 6.7 | % | |
| 25.7 | | |
| 287.3 | | |
| 292.8 | | |
| -1.9 | % |
Adjusted EBITDA Margin | |
| 35.5 | % | |
| 36.2 | % | |
| -70 | | |
| - | | |
| 34.8 | % | |
| 35.9 | % | |
| -109 | |
Adjusted EBITDA Margin excluding
Construction Service | |
| 39.7 | % | |
| 40.6 | % | |
| -83 | | |
| - | | |
| 39.0 | % | |
| 40.4 | % | |
| -138 | |
Net Debt to LTM Adjusted
EBITDA | |
| 1.1 | x | |
| 1.8 | x | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1) | |
| 1.3 | x | |
| 1.8 | x | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Note: Figures in historical dollars (excluding
IAS29) are included for comparison purposes.
| 1) | LTM Adjusted
EBITDA excluding impairments of intangible assets. |
2Q24 Operating Performance
Passenger Traffic
Total passenger traffic declined by 7.8% year-over-year
(YoY) to 18.2 million passengers, or 5.4% when adjusted for the discontinuation of the Natal airport, effective February 19, 2024,
as part of a friendly termination process agreed upon with the Brazilian government. Domestic passenger traffic decreased by 18.4% YoY,
or 14.8% when excluding Natal, primarily due to weaker performances in Argentina and, to a lesser extent, Brazil and Ecuador. However,
international traffic increased by 8.0%, mainly driven by strong performances in Italy, Argentina, and Uruguay.
Passenger traffic in Argentina declined
by 11.6% YoY, primarily due to weaker performance in domestic traffic, partially offset by international travel growth. Domestic traffic
declined 19.0% YoY, reflecting a difficult comparison as travel demand last year benefited from incentives provided by the 'Previaje'
government program aimed at boosting domestic tourism, which did not take place this year. Moreover, traffic this quarter was impacted
by the temporary suspension of several routes operated by Aerolíneas Argentinas (AA) and some flight cancellations by both AA
and Flybondi, together with the prevailing recession in the country. By contrast, international passenger traffic continued to benefit
from the gradual resumption of routes and frequencies, increasing by 9.3% YoY in the second quarter. During the quarter, Avianca inaugurated
a new route from Ezeiza to Medellin, and ITA Airways increased the frequency of its route from Ezeiza to Rome.
In Italy, passenger traffic increased
by 14.3% YoY to 2.6 million passengers. International traffic, which accounted for over 80% of total traffic, increased by 16.6% YoY,
supported by strong performances at both Pisa and Florence airports. Domestic passenger traffic increased by 5.6% YoY, driven by a 23.8%
increase at Florence airport, partially offset by a slight decline of 0.4% at Pisa airport.
In Brazil, total passenger traffic decreased
by 14.9% YoY, or by 3.4% YoY, when adjusting for the discontinuation of Natal Airport. Domestic traffic, which accounted for almost 60%
of total traffic, was down 22.0% YoY, or 5.4% when excluding Natal, while transit passengers were down 1.1% YoY. Traffic in Brazil remained
heavily impacted by financial and aircraft constraints in some local airlines, causing a lack of supply. As a reminder, following the
friendly termination process concluded in February 2024, effective February 19, 2024 CAAP no longer operates Natal Airport.
Therefore, statistics for Natal are available up to February 18, 2024.
In Uruguay, where activity is mainly international,
passenger traffic increased by 11.2% YoY to 0.5 million, despite a difficult comparison due to the Easter holiday falling in April last
year. During the quarter, traffic was boosted by new routes and increased frequencies. JetSMART Airlines inaugurated a new route between
Montevideo and Buenos Aires with two daily frequencies starting on May 29, while SKY Airline increased the frequency of its Montevideo
to Lima route in May.
Passenger traffic in Armenia decreased
by 2.9% YoY to 1.3 million passengers against a strong performance in 2023, which benefited from the introduction of new airlines and
a higher number of flight frequencies.
In Ecuador, total passenger traffic decreased
by 5.5% YoY to 1.2 million passengers, as higher international traffic was more than offset by a weak performance in domestic travel.
International passenger traffic increased by 3.9% YoY, while domestic traffic decreased by 13.4% YoY, mainly driven by the exit of local
airline Equair in October 2023 and national insecurity issues.
Cargo Volume
Cargo volume increased by 4.7% YoY in the second
quarter of 2024, with significant contributions from Argentina, Ecuador, and Armenia. Together, these countries accounted for more than
70% of the total volume, with YoY increases of 5.9%, 22.2%, and 6.1%, respectively.
Aircraft Movements
Total aircraft movements decreased by 9.5% YoY
in the second quarter of 2024, with declines in all countries except Italy, where aircraft movements increased by 8.9% YoY. Argentina,
Brazil, and Italy together accounted for more than 80% of total aircraft movements during the quarter.
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
| |
2Q24 | | |
2Q23 | | |
%
Var. ('24 vs '23) | |
Domestic
Passengers (in thousands) | |
| 9,107 | | |
| 11,155 | | |
| -18.4 | % |
International
Passengers (in thousands) | |
| 7,485 | | |
| 6,928 | | |
| 8.0 | % |
Transit
Passengers (in thousands) | |
| 1,600 | | |
| 1,645 | | |
| -2.7 | % |
Total
Passengers (in thousands) | |
| 18,193 | | |
| 19,728 | | |
| -7.8 | % |
Cargo
Volume (in thousands of tons) | |
| 95.1 | | |
| 90.8 | | |
| 4.7 | % |
Total
Aircraft Movements (in thousands) | |
| 194.5 | | |
| 214.9 | | |
| -9.5 | % |
Passenger
Traffic Breakdown | |
Cargo
Volume | | |
Aircraft
Movements | |
Country | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
(thousands) | | |
(tons) | | |
| |
Argentina | |
| 9,070 | | |
| 10,262 | | |
| -11.6 | % | |
| 49,863 | | |
| 47,065 | | |
| 5.9 | % | |
| 100,608 | | |
| 112,786 | | |
| -10.8 | % |
Italy | |
| 2,646 | | |
| 2,314 | | |
| 14.3 | % | |
| 3,244 | | |
| 3,374 | | |
| -3.8 | % | |
| 24,527 | | |
| 22,522 | | |
| 8.9 | % |
Brazil | |
| 3,508 | | |
| 4,122 | | |
| -14.9 | % | |
| 15,491 | | |
| 15,487 | | |
| 0.0 | % | |
| 34,250 | | |
| 40,944 | | |
| -16.3 | % |
Uruguay | |
| 481 | | |
| 433 | | |
| 11.2 | % | |
| 8,321 | | |
| 8,969 | | |
| -7.2 | % | |
| 6,847 | | |
| 7,376 | | |
| -7.2 | % |
Ecuador
(1) | |
| 1,174 | | |
| 1,243 | | |
| -5.5 | % | |
| 9,800 | | |
| 8,019 | | |
| 22.2 | % | |
| 18,417 | | |
| 20,025 | | |
| -8.0 | % |
Armenia | |
| 1,314 | | |
| 1,353 | | |
| -2.9 | % | |
| 8,344 | | |
| 7,863 | | |
| 6.1 | % | |
| 9,871 | | |
| 11,231 | | |
| -12.1 | % |
TOTAL | |
| 18,193 | | |
| 19,728 | | |
| -7.8 | % | |
| 95,062 | | |
| 90,776 | | |
| 4.7 | % | |
| 194,520 | | |
| 214,884 | | |
| -9.5 | % |
| 1) | CAAP
owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the
terms of the concession agreement, ECOGAL’s results are accounted for by the equity
method. However, 100% of ECOGAL’s passenger traffic and aircraft movements are included
in this table. |
Review of Consolidated Results
Results for ECOGAL, which operates the Galapagos
Airport in Ecuador, are accounted for under the equity method.
Revenues
Consolidated Revenues decreased by 1.5% YoY to
$416.2 million in 2Q24. Excluding Construction Services and the impact of IAS 29, revenues decreased by 1.7% YoY to $363.3 million.
This was mainly driven by higher aeronautical and commercial revenues in Uruguay and Italy, which were more than offset by lower commercial
revenues in Argentina, particularly Duty Free and Cargo revenues.
The following table shows revenue performance by country. More detail
on the performance of CAAP´s countries of operations can be found on page 11.
Revenues by Segment (in US$ million)
Country | |
2Q24
as reported | | |
2Q23
as reported | | |
%
Var as reported | | |
IAS
29 | | |
2Q24
ex IAS 29 | | |
2Q23
ex IAS 29 | | |
%
Var ex IAS 29 | |
Argentina | |
| 224.8 | | |
| 240.3 | | |
| -6.5 | % | |
| 4.1 | | |
| 220.7 | | |
| 246.2 | | |
| -10.4 | % |
Italy | |
| 35.3 | | |
| 33.9 | | |
| 4.0 | % | |
| - | | |
| 35.3 | | |
| 33.9 | | |
| 4.0 | % |
Brazil | |
| 26.8 | | |
| 27.3 | | |
| -1.5 | % | |
| - | | |
| 26.8 | | |
| 27.3 | | |
| -1.5 | % |
Uruguay | |
| 42.8 | | |
| 36.1 | | |
| 18.6 | % | |
| - | | |
| 42.8 | | |
| 36.1 | | |
| 18.6 | % |
Armenia | |
| 59.3 | | |
| 59.1 | | |
| 0.4 | % | |
| - | | |
| 59.3 | | |
| 59.1 | | |
| 0.4 | % |
Ecuador
(1) | |
| 27.1 | | |
| 25.9 | | |
| 4.7 | % | |
| - | | |
| 27.1 | | |
| 25.9 | | |
| 4.7 | % |
Unallocated | |
| 0.2 | | |
| 0.2 | | |
| -12.3 | % | |
| - | | |
| 0.2 | | |
| 0.2 | | |
| -12.3 | % |
Total
consolidated revenue (2) | |
| 416.2 | | |
| 422.7 | | |
| -1.5 | % | |
| 4.1 | | |
| 412.1 | | |
| 428.6 | | |
| -3.8 | % |
1 Only includes Guayaquil Airport.
2 Excluding Construction
Service revenue, ‘As reported’ revenues decreased 4.1% YoY in Argentina (or 7.4% excluding IAS29), 2.3% in Brazil and 2.3%
in Armenia; and increased 15.0% in Italy, 17.3% in Uruguay and 4.5% in Ecuador.
Revenue Breakdown (in US$ million)
| |
2Q24
as reported | | |
2Q23
as reported | | |
%
Var as reported | | |
IAS
29 | | |
2Q24
ex IAS 29 | | |
2Q23
ex IAS 29 | | |
%
Var ex IAS 29 | |
Aeronautical
Revenue | |
| 193.7 | | |
| 187.7 | | |
| 3.2 | % | |
| 0.4 | | |
| 193.2 | | |
| 190.1 | | |
| 1.6 | % |
Non-aeronautical Revenue | |
| 222.6 | | |
| 235.0 | | |
| -5.3 | % | |
| 3.7 | | |
| 218.9 | | |
| 238.5 | | |
| -8.2 | % |
Commercial revenue | |
| 171.4 | | |
| 176.5 | | |
| -2.9 | % | |
| 2.3 | | |
| 169.1 | | |
| 178.1 | | |
| -5.1 | % |
Construction
service revenue (1) | |
| 50.1 | | |
| 57.2 | | |
| -12.4 | % | |
| 1.3 | | |
| 48.8 | | |
| 59.0 | | |
| -17.3 | % |
Other revenue | |
| 1.0 | | |
| 1.3 | | |
| -25.6 | % | |
| 0.0 | | |
| 1.0 | | |
| 1.3 | | |
| -25.6 | % |
Total
Consolidated Revenue | |
| 416.2 | | |
| 422.7 | | |
| -1.5 | % | |
| 4.1 | | |
| 412.1 | | |
| 428.6 | | |
| -3.8 | % |
Total
Revenue excluding Construction Service revenue (2) | |
| 366.1 | | |
| 365.5 | | |
| 0.2 | % | |
| 2.8 | | |
| 363.3 | | |
| 369.6 | | |
| -1.7 | % |
1 Construction Service
revenue equals the construction or upgrade costs plus a reasonable margin.
2 Excludes Construction
Service revenue.
Aeronautical
Revenues accounted for 46.5% of total revenues, increasing by 3.2% YoY to $193.7 million, or 1.6% YoY to $193.2 million
when excluding the effects of IAS 29. This increase was mainly driven by higher passenger use fees and aircraft fees in Uruguay and
Italy, where aeronautical revenues rose by 20.8% and 15.5% respectively, following increased YoY passenger traffic. In Argentina,
aeronautical revenues increased by 1.2%, or declined by 1.6% excluding IAS 29, and rose by 5.0% in Ecuador due to higher tariffs.
Conversely, aeronautical revenues in Brazil and Armenia decreased by 14.8% and 1.7% YoY, respectively, in line with declines in
passenger traffic.
Non-Aeronautical
Revenues accounted for 53.5% of total revenues and decreased by 5.3% YoY to $222.6 million, or by 8.2% YoY to $218.9 million
when excluding the impact of IAS 29. Commercial revenues decreased by 2.9%, or $5.0 million, as lower Warehouse use fees (Cargo)
and Duty-free revenues in Argentina more than offset improvements in VIP lounges, Advertising, and Rental of space. Construction service
revenue decreased by 12.4%, or $7.1 million, mainly due to lower capital expenditures in Argentina.
Operating Costs and Expenses
In 2Q24, Total Costs and Expenses, excluding
Construction Service Costs, increased 5.8% YoY to $280.9 million, or 3.0% to $257.1 when excluding IAS 29. This increase was mainly
driven by higher Maintenance expenses, primarily in Argentina, combined with higher Amortization and depreciation, and SG&A expenses.
Cost
of Services increased 2.2% YoY to $286.1 million, or decreased 1.6% to $261.3 million when excluding the impact of rule IAS29,
mainly as a result of the following increases:
§ | 24.0%,
or $7.9 million, in Maintenance expenses, |
§ | 7.1%,
or $2.8 million, in Amortization and depreciation, and |
§ | 6.6%,
or $1.1 million, in Services and fees. |
This was partially offset by a decline in Construction
service costs reflecting lower Capex, combined with reduced Cost of fuel, mainly in Armenia.
Excluding Construction service costs, Cost of
services increased 5.3% YoY to $236.2 million, or 2.2% to $212.7 million excluding IAS 29, mainly reflecting the aforementioned increases
in Maintenance expenses, A&D and Services and fees.
Selling,
General and Administrative Expenses (“SG&A”) increased 9.0% YoY, to $43.8 million in 2Q24, mainly as
a result of higher Services and fees and Advertising expenses. Excluding the impact of rule IAS 29, SG&A expenses increased
7.2% to $43.4 million.
Other
Expenses remained flat YoY at $1.0 million in 2Q24.
Costs and Expenses (in US$ million)
| |
2Q24
as reported | | |
2Q23
as reported | | |
%
Var as reported | | |
IAS
29 | | |
2Q24
ex IAS 29 | | |
2Q23
ex IAS 29 | | |
%
Var ex IAS 29 | |
Cost of Services | |
| 286.1 | | |
| 280.0 | | |
| 2.2 | % | |
| 24.8 | | |
| 261.3 | | |
| 265.5 | | |
| -1.6 | % |
Salaries and social security
contributions | |
| 57.4 | | |
| 56.1 | | |
| 2.4 | % | |
| 0.0 | | |
| 57.5 | | |
| 57.5 | | |
| 0.0 | % |
Concession fees | |
| 47.3 | | |
| 47.3 | | |
| 0.0 | % | |
| 0.2 | | |
| 47.2 | | |
| 48.1 | | |
| -1.9 | % |
Construction service cost | |
| 49.9 | | |
| 55.6 | | |
| -10.3 | % | |
| 1.3 | | |
| 48.6 | | |
| 57.4 | | |
| -15.4 | % |
Maintenance expenses | |
| 40.7 | | |
| 32.8 | | |
| 24.0 | % | |
| 0.8 | | |
| 39.9 | | |
| 33.3 | | |
| 19.8 | % |
Amortization and depreciation | |
| 41.8 | | |
| 39.0 | | |
| 7.1 | % | |
| 22.4 | | |
| 19.4 | | |
| 19.8 | | |
| -1.9 | % |
Other | |
| 48.9 | | |
| 49.0 | | |
| -0.4 | % | |
| 0.1 | | |
| 48.8 | | |
| 49.5 | | |
| -1.5 | % |
Cost of Services Excluding
Construction Service cost | |
| 236.2 | | |
| 224.3 | | |
| 5.3 | % | |
| 23.4 | | |
| 212.7 | | |
| 208.2 | | |
| 2.2 | % |
Selling, general and administrative
expenses | |
| 43.8 | | |
| 40.2 | | |
| 9.0 | % | |
| 0.4 | | |
| 43.4 | | |
| 40.5 | | |
| 7.2 | % |
Other
expenses | |
| 1.0 | | |
| 1.0 | | |
| 0.7 | % | |
| 0.0 | | |
| 1.0 | | |
| 1.0 | | |
| -1.3 | % |
Total
Costs and Expenses | |
| 330.8 | | |
| 321.1 | | |
| 3.0 | % | |
| 25.2 | | |
| 305.7 | | |
| 307.0 | | |
| -0.4 | % |
Total
Costs and Expenses Excluding Construction Service cost | |
| 280.9 | | |
| 265.5 | | |
| 5.8 | % | |
| 23.8 | | |
| 257.1 | | |
| 249.7 | | |
| 3.0 | % |
Adjusted EBITDA and Adjusted EBITDA excluding Construction Service
During 2Q24, CAAP reported an Adjusted
EBITDA of $136.4 million and an Adjusted EBITDA ex-IFRIC12 of $136.2 million, declining from $149.3 million in the year-ago period.
Strong contributions from Italy and Uruguay helped partially offset Argentina’s year-over-year underperformance, mainly
impacted by a decrease in Domestic passenger traffic, lower Duty-free revenues, and an inflation rate above currency devaluation,
which exerted pressure on EBITDA levels. Excluding the impact of IFRS rule IAS 29, Adjusted EBITDA ex-IFRIC12 decreased 10.3%
YoY to $134.6 million. Adjusted EBITDA margin, ex-IFRIC12, contracted 3.7 percentage points to 37.2% from 40.9% in 2Q23, or 3.6
percentage points to 37.0% from 40.6%, when also excluding IAS 29, as margin expansion in Italy, Uruguay, Armenia and Brazil, was
more than offset by lower margin in Argentina and Ecuador.
Adjusted EBITDA by Segment (in US$ million)
| |
2Q24
as reported | | |
2Q23
as reported | | |
%
Var as reported | | |
IAS
29 | | |
2Q24
ex IAS 29 | | |
2Q23
ex IAS 29 | | |
%
Var ex IAS 29 | |
Argentina | |
| 69.0 | | |
| 88.9 | | |
| -22.4 | % | |
| 1.6 | | |
| 67.4 | | |
| 89.6 | | |
| -24.8 | % |
Italy | |
| 13.3 | | |
| 10.4 | | |
| 27.0 | % | |
| - | | |
| 13.3 | | |
| 10.4 | | |
| 27.0 | % |
Brazil | |
| 11.4 | | |
| 11.6 | | |
| -2.4 | % | |
| - | | |
| 11.4 | | |
| 11.6 | | |
| -2.4 | % |
Uruguay | |
| 12.2 | | |
| 9.5 | | |
| 27.8 | % | |
| - | | |
| 12.2 | | |
| 9.5 | | |
| 27.8 | % |
Armenia | |
| 24.5 | | |
| 24.5 | | |
| 0.2 | % | |
| - | | |
| 24.5 | | |
| 24.5 | | |
| 0.2 | % |
Ecuador | |
| 8.2 | | |
| 8.1 | | |
| 1.0 | % | |
| - | | |
| 8.2 | | |
| 8.1 | | |
| 1.0 | % |
Unallocated | |
| -2.1 | | |
| -2.0 | | |
| 2.0 | % | |
| - | | |
| -2.1 | | |
| -2.0 | | |
| 2.0 | % |
Total
segment EBITDA | |
| 136.4 | | |
| 150.9 | | |
| -9.6 | % | |
| 1.6 | | |
| 134.8 | | |
| 151.6 | | |
| -11.1 | % |
Adjusted EBITDA Reconciliation to Income from
Continuing Operations (in US$ million)
| |
2Q24
as reported | | |
2Q23
as reported | | |
%
Var as reported | | |
IAS
29 | | |
2Q24
ex IAS 29 | | |
2Q23
ex IAS 29 | | |
%
Var ex IAS 29 | |
Income from
Continuing Operations | |
| 54.5 | | |
| 80.8 | | |
| -32.6 | % | |
| -7.6 | | |
| 62.1 | | |
| 57.7 | | |
| 7.6 | % |
Financial Income | |
| -17.6 | | |
| -18.1 | | |
| -2.8 | % | |
| 7.0 | | |
| -24.5 | | |
| -38.3 | | |
| -35.9 | % |
Financial Loss | |
| 8.7 | | |
| 38.4 | | |
| -77.3 | % | |
| -79.5 | | |
| 88.2 | | |
| 197.3 | | |
| -55.3 | % |
Inflation adjustment | |
| 1.6 | | |
| 10.8 | | |
| -85.5 | % | |
| 2.8 | | |
| -1.2 | | |
| 0.0 | | |
| 8428.9 | % |
Income Tax Expense | |
| 45.6 | | |
| -1.6 | | |
| -2881.4 | % | |
| 56.3 | | |
| -10.7 | | |
| -86.2 | | |
| -87.6 | % |
Amortization and Depreciation | |
| 43.6 | | |
| 40.6 | | |
| 7.4 | % | |
| 22.6 | | |
| 20.9 | | |
| 21.2 | | |
| -1.2 | % |
Adjusted EBITDA | |
| 136.4 | | |
| 150.9 | | |
| -9.6 | % | |
| 1.6 | | |
| 134.8 | | |
| 151.6 | | |
| -11.1 | % |
Adjusted EBITDA Margin | |
| 32.8 | % | |
| 35.7 | % | |
| -294 | | |
| - | | |
| 32.7 | % | |
| 35.4 | % | |
| -267 | |
Adjusted EBITDA excluding
Construction Service | |
| 136.2 | | |
| 149.3 | | |
| -8.8 | % | |
| 1.6 | | |
| 134.6 | | |
| 150.0 | | |
| -10.3 | % |
Adjusted EBITDA Margin excluding
Construction Service | |
| 37.2 | % | |
| 40.9 | % | |
| -367 | | |
| - | | |
| 37.0 | % | |
| 40.6 | % | |
| -356 | |
Financial Income and Loss
CAAP reported a Net financial Income of
$7.3 million in 2Q24 compared to a loss of $31.2 million in 2Q23. This improvement was mainly driven by higher year-over-year foreign
exchange transaction gains in Argentina, due to the impact of lower devaluation than inflation on the net liability monetary position,
combined with a positive variance in inflation adjustment. This was partially offset by slightly higher net interest expenses. Had IAS
29 not been applied, CAAP would have reported a net financial loss of $62.5 million in 2Q24, compared to a loss of $158.9 million in
the year-ago period.
| |
2Q24
as
reported | | |
2Q23
as
reported | | |
%
Var as
reported | | |
IAS
29 | | |
2Q24
ex
IAS 29 | | |
2Q23
ex
IAS 29 | | |
%
Var ex
IAS 29 | |
Financial Income | |
| 17.6 | | |
| 18.1 | | |
| -2.8 | % | |
| -7.0 | | |
| 24.5 | | |
| 38.3 | | |
| -35.9 | % |
Interest income | |
| 12.8 | | |
| 14.8 | | |
| -13.6 | % | |
| 0.0 | | |
| 12.8 | | |
| 15.1 | | |
| -15.8 | % |
Foreign exchange income | |
| 0.2 | | |
| 0.3 | | |
| -34.2 | % | |
| -7.0 | | |
| 7.2 | | |
| 20.2 | | |
| -64.4 | % |
Other | |
| 4.6 | | |
| 3.0 | | |
| 53.4 | % | |
| 0.0 | | |
| 4.6 | | |
| 3.0 | | |
| 53.4 | % |
Inflation adjustment | |
| -1.6 | | |
| -10.8 | | |
| -85.5 | % | |
| -2.8 | | |
| 1.2 | | |
| 0.0 | | |
| 8,428.9 | % |
Inflation adjustment | |
| -1.6 | | |
| -10.8 | | |
| -85.5 | % | |
| -2.8 | | |
| 1.2 | | |
| 0.0 | | |
| 8,428.9 | % |
Financial Loss | |
| -8.7 | | |
| -38.4 | | |
| -77.3 | % | |
| 79.5 | | |
| -88.2 | | |
| -197.3 | | |
| -55.3 | % |
Interest Expenses | |
| -25.4 | | |
| -27.2 | | |
| -6.6 | % | |
| -0.1 | | |
| -25.3 | | |
| -27.0 | | |
| -6.1 | % |
Foreign exchange transaction
expenses | |
| 40.8 | | |
| 13.0 | | |
| 214.4 | % | |
| 79.6 | | |
| -38.9 | | |
| -146.2 | | |
| -73.4 | % |
Changes in liability for concessions | |
| -21.2 | | |
| -22.2 | | |
| -4.2 | % | |
| - | | |
| -21.2 | | |
| -22.2 | | |
| -4.2 | % |
Other expenses | |
| -2.8 | | |
| -2.1 | | |
| 38.7 | % | |
| 0 | | |
| -2.8 | | |
| -2.0 | | |
| 44.6 | % |
Financial Loss, Net | |
| 7.3 | | |
| -31.2 | | |
| -123.4 | % | |
| 69.8 | | |
| -62.5 | | |
| -158.9 | | |
| -60.7 | % |
See “Use of Non-IFRS Financial Measures”
on page 22.
Income Tax Expense
During 2Q24, the Company reported an income tax
expense of $45.6 million versus a benefit of $1.6 million in 2Q23. Excluding the impact of IAS 29, CAAP reported an income tax benefit
of $10.7 million in 2Q24, compared to a tax benefit of $86.2 million in the year-ago quarter.
Net Income and Net Income Attributable to Owners of the Parent
During 2Q24, CAAP reported Net Income of
$54.5 million, compared to $80.8 million in 2Q23. This decrease was primarily driven by lower operating income and higher income
tax expenses, partially offset by the aforementioned year-over-year increase in foreign exchange net gains and, to a lesser extent, a
positive variation in inflation adjustment results.
In 2Q24, the Company reported Net Income Attributed
to Owners of the Parent of $50.2 million and earnings per common share of $0.31, compared with Net Income Attributable to Owners
of the Parent of $69.8 million in 2Q23, equivalent to earnings per common share of $0.43.
Consolidated Financial Position
As of June 30, 2024, cash and cash equivalents
amounted to $439.4 million, a decrease of 6.5% from the $469.8 million reported as of March 31, 2024, and an increase of 18.8% from
the $369.8 million reported as of December 31, 2023. Total liquidity as of June 30, 2024, which includes cash and cash equivalents
as well as other current financial assets, totaled $548.5 million, compared to $545.1 million as of March 31, 2024, and $457.9 million
as of December 31, 2023.
Total Debt at the close of 2Q24 decreased 8.3%,
or $110.9 million, to $1,222.4 million, from $1,333.2 million as of December 31, 2023, mainly due to debt reductions in Argentina,
Brazil and Italy. A total of $883.4 million, or 72.3% of total debt is denominated in U.S. dollars, while $180.9 million, or 14.8%
is denominated in Brazilian Reals, and $158.1 million, or 12.9%, is in Euros.
The Net Debt to LTM Adjusted EBITDA ratio improved
to 1.1x as of June 30, 2024, down from 1.4x as of December 2023, reflecting Adjusted EBITDA growth driven by strong revenue
performance, as well as reduced net debt levels. Excluding impairment of intangible assets, the Net Debt to LTM Adjusted EBITDA ratio
stood at 1.3x. As of June 30, 2024, all of CAAP’s subsidiaries were in compliance with their covenants.
Consolidated Debt Indicators (in US$ million)
| |
As of Jun 30, 2024 | | |
As of Dec 31, 2023 | |
Leverage | |
| | | |
| | |
Total Debt / LTM Adjusted EBITDA (Times)1,3 | |
| 1.78 | x | |
| 1.97 | x |
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3, 4 | |
| 1.14 | x | |
| 1.42 | x |
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,5 | |
| 1.34 | x | |
| 1.68 | x |
Total Debt | |
| 1,222.4 | | |
| 1,333.2 | |
Short-Term Debt | |
| 150.6 | | |
| 199.7 | |
Long-Term Debt | |
| 1,071.8 | | |
| 1,133.5 | |
Cash & Cash Equivalents | |
| 439.4 | | |
| 369.8 | |
Total Net Debt3 | |
| 783.0 | | |
| 963.4 | |
1
The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.
2 The Total Net Debt to EBITDA Ratio is calculated
as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.
3 The Total Net Debt is calculated as Total Debt
minus Cash & Cash Equivalents.
4 LTM Adjusted EBITDA as of June 30, 2024
was $686.5 million.
5 LTM Adjusted EBITDA excluding impairment of
intangible assets as of June 30, 2024 was $583.6 million.
Total Debt by Segment (in US$ million)
| |
As of Jun 30, 2024 | | |
As of Dec 31, 2023 | |
Argentina | |
| 610.4 | | |
| 646.1 | |
Italy (1) | |
| 158.1 | | |
| 179.2 | |
Brazil (2) | |
| 180.9 | | |
| 213.9 | |
Uruguay (3) | |
| 264.9 | | |
| 269.8 | |
Armenia | |
| - | | |
| 13.2 | |
Ecuador | |
| 8.1 | | |
| 11.0 | |
Total | |
| 1,222.4 | | |
| 1,333.2 | |
1
Of which approximately $94.0 million remain at Toscana Aeroporti level.
2
At Inframérica Concessionaria do Aeroporto de Brasilia level.
3
Of which approximately $247.4 million remain at ACI Airport Sudamérica SAU.
Maturity of borrowings:
| |
1 year or less | | |
1 – 2 years | | |
2 – 5 years | | |
Over 5 years | | |
Total | |
Debt service (1) | |
| 240.9 | | |
| 188.9 | | |
| 557.0 | | |
| 702.5 | | |
| 1,689.4 | |
1 The
amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows
have been estimated using variable interest rates applicable at the end of the reporting period.
Maturity
of borrowings – Breakdown by segment (in USD) as of June 30,
2024:
Segment | |
| |
Currency | |
1 year or less | | |
1 – 2 years | | |
2 – 5 years | | |
Over 5 years | | |
Total | |
Argentina | |
Principal | |
USD | |
| 63.6 | | |
| 78.4 | | |
| 247.8 | | |
| 229.5 | | |
| 619.3 | |
| |
Interest | |
USD | |
| 42.3 | | |
| 38.4 | | |
| 85.5 | | |
| 22.3 | | |
| 188.5 | |
Italy | |
Principal | |
EUR | |
| 64.2 | | |
| - | | |
| 8.5 | | |
| 87.2 | | |
| 159.9 | |
| |
Interest | |
EUR | |
| 7.9 | | |
| 6.3 | | |
| 18.4 | | |
| 5.5 | | |
| 38.2 | |
Brazil | |
Principal | |
R$ | |
| 11.3 | | |
| 12.7 | | |
| 47.8 | | |
| 108.5 | | |
| 180.2 | |
| |
Interest | |
R$ | |
| 16.9 | | |
| 15.7 | | |
| 38.8 | | |
| 25.8 | | |
| 97.3 | |
Uruguay | |
Principal | |
USD | |
| 10.6 | | |
| 16.9 | | |
| 64.6 | | |
| 182.7 | | |
| 274.9 | |
| |
Interest | |
USD | |
| 18.4 | | |
| 17.7 | | |
| 45.6 | | |
| 40.9 | | |
| 122.5 | |
Ecuador | |
Principal | |
USD | |
| 5.2 | | |
| 2.7 | | |
| - | | |
| - | | |
| 7.9 | |
| |
Interest | |
USD | |
| 0.5 | | |
| 0.1 | | |
| - | | |
| - | | |
| 0.7 | |
Total | |
| |
| |
| 240.9 | | |
| 188.9 | | |
| 557.0 | | |
| 702.5 | | |
| 1,689.4 | |
Cash & Cash Equivalent by Segment (in US$ million)
| |
As of Jun 30, 2024 | | |
As of Dec 31, 2023 | |
Argentina | |
| 114.1 | | |
| 91.2 | |
Italy (1) | |
| 23.0 | | |
| 34.8 | |
Brazil (2) | |
| 70.5 | | |
| 65.8 | |
Uruguay | |
| 38.2 | | |
| 35.9 | |
Armenia | |
| 29.1 | | |
| 39.0 | |
Ecuador | |
| 5.7 | | |
| 16.1 | |
Intermediate holding Companies | |
| 158.8 | | |
| 86.9 | |
Total | |
| 439.4 | | |
| 369.8 | |
1
Of which approximately $20.8 million remain at Toscana Aeroporti level.
2 Of which approximately $66.7 million remain
at Inframérica Concessionaria do Aeroporto de Brasilia level.
CAPEX
During 2Q24, CAAP made capital expenditures of
$57.0 million, a 9.1% YoY decrease from $62.7 million in 2Q23. Excluding IAS 29, capital expenditures amounted to $56.9 million in the
quarter, with Argentina and Uruguay accounting for 73% and 15%, respectively. The latter included investments related to the airports
incorporated through the extension of the Puerta del Sur concession agreement in November 2021.
Review of Segment Results
Argentina
Starting
in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance
with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting under the column ‘IAS 29’,
while the columns indicated with “ex IAS 29” present results calculated without the impact from Hyperinflation accounting.
The impact of IAS 29 is presented only for Aeropuertos Argentina (AA), the Company’s largest subsidiary in Argentina, which
accounted for over 95% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 2Q24.
| |
2Q24
as reported | | |
2Q23
as reported | | |
%
Var as reported | | |
IAS
29 | | |
2Q24
ex IAS 29 | | |
2Q23
ex IAS 29 | | |
%
Var ex IAS 29 | |
OPERATING STATISTICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic
Passengers (in millions) (1) | |
| 5.9 | | |
| 7.3 | | |
| -19.0 | % | |
| | | |
| 5.9 | | |
| 7.3 | | |
| -19.0 | % |
International
Passengers (in millions) (1) | |
| 2.8 | | |
| 2.6 | | |
| 9.3 | % | |
| | | |
| 2.8 | | |
| 2.6 | | |
| 9.3 | % |
Transit
Passengers (in millions) (1) | |
| 0.3 | | |
| 0.3 | | |
| -11.1 | % | |
| | | |
| 0.3 | | |
| 0.3 | | |
| -11.1 | % |
Total
Passengers (in millions) (1) | |
| 9.1 | | |
| 10.3 | | |
| -11.6 | % | |
| | | |
| 9.1 | | |
| 10.3 | | |
| -11.6 | % |
Cargo
Volume (in thousands of tons) | |
| 49.9 | | |
| 47.1 | | |
| 5.9 | % | |
| | | |
| 49.9 | | |
| 47.1 | | |
| 5.9 | % |
Total
Aircraft Movements (in thousands) | |
| 100.6 | | |
| 112.8 | | |
| -10.8 | % | |
| | | |
| 100.6 | | |
| 112.8 | | |
| -10.8 | % |
FINANCIAL HIGHLIGHTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeronautical Revenue | |
| 103.6 | | |
| 102.4 | | |
| 1.2 | % | |
| 0.4 | | |
| 103.1 | | |
| 104.8 | | |
| -1.6 | % |
Non-aeronautical revenue | |
| 121.2 | | |
| 137.9 | | |
| -12.1 | % | |
| 3.7 | | |
| 117.5 | | |
| 141.3 | | |
| -16.8 | % |
Commercial revenue | |
| 84.1 | | |
| 93.2 | | |
| -9.8 | % | |
| 2.3 | | |
| 81.8 | | |
| 94.9 | | |
| -13.8 | % |
Construction
service revenue | |
| 37.1 | | |
| 44.7 | | |
| -17.0 | % | |
| 1.3 | | |
| 35.7 | | |
| 46.4 | | |
| -23.0 | % |
Total
Revenue | |
| 224.8 | | |
| 240.3 | | |
| -6.5 | % | |
| 4.1 | | |
| 220.7 | | |
| 246.2 | | |
| -10.4 | % |
Total
Revenue Excluding IFRIC12(2) | |
| 187.7 | | |
| 195.6 | | |
| -4.1 | % | |
| 2.8 | | |
| 184.9 | | |
| 199.8 | | |
| -7.4 | % |
Cost of Services | |
| 164.5 | | |
| 158.9 | | |
| 3.5 | % | |
| 24.8 | | |
| 139.7 | | |
| 144.5 | | |
| -3.3 | % |
Selling, general and administrative
expenses | |
| 20.6 | | |
| 20.2 | | |
| 2.4 | % | |
| 0.4 | | |
| 20.3 | | |
| 20.5 | | |
| -1.2 | % |
Other expenses | |
| 0.6 | | |
| 0.5 | | |
| 18.4 | % | |
| 0.0 | | |
| 0.6 | | |
| 0.5 | | |
| 13.9 | % |
Total
Costs and Expenses | |
| 185.7 | | |
| 179.6 | | |
| 3.4 | % | |
| 25.2 | | |
| 160.6 | | |
| 165.5 | | |
| -3.0 | % |
Total
Costs and Expenses Excluding IFRIC12(3) | |
| 148.7 | | |
| 135.0 | | |
| 10.2 | % | |
| 23.8 | | |
| 124.9 | | |
| 119.2 | | |
| 4.8 | % |
Adjusted Segment EBITDA | |
| 69.0 | | |
| 88.9 | | |
| -22.4 | % | |
| 1.6 | | |
| 67.4 | | |
| 89.6 | | |
| -24.8 | % |
Adjusted Segment EBITDA Mg | |
| 30.7 | % | |
| 37.0 | % | |
| -631 | | |
| - | | |
| 30.5 | % | |
| 36.4 | % | |
| -586 | |
Adjusted
EBITDA Margin excluding IFRIC 12(4) | |
| 36.7 | % | |
| 45.4 | % | |
| -870 | | |
| - | | |
| 36.4 | % | |
| 44.8 | % | |
| -842 | |
Capex | |
| 41.8 | | |
| 45.5 | | |
| -8.3 | % | |
| 0.1 | | |
| 41.6 | | |
| 47.3 | | |
| -11.9 | % |
1) | See
Note 1 in Table "Operating & Financial Highlights”. |
2) | Excludes
Construction Service revenue. |
3) | Excludes
Construction Service cost. |
4) | Excludes
the effect of IFRIC 12 with respect to the construction or improvements to assets under the
concession, and is calculated by dividing EBITDA by total revenues less Construction Service
revenue. |
| |
6M24
as reported | | |
6M23
as reported | | |
%
Var as reported | | |
IAS
29 | | |
6M24
ex IAS 29 | | |
6M23
ex IAS 29 | | |
%
Var ex IAS 29 | |
OPERATING STATISTICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic
Passengers (in millions) (1) | |
| 12.9 | | |
| 14.3 | | |
| -9.6 | % | |
| | | |
| 12.9 | | |
| 14.3 | | |
| -9.6 | % |
International
Passengers (in millions) (1) | |
| 6.3 | | |
| 5.6 | | |
| 12.7 | % | |
| | | |
| 6.3 | | |
| 5.6 | | |
| 12.7 | % |
Transit
Passengers (in millions) (1) | |
| 0.7 | | |
| 0.7 | | |
| 2.6 | % | |
| | | |
| 0.7 | | |
| 0.7 | | |
| 2.6 | % |
Total
Passengers (in millions) (1) | |
| 19.9 | | |
| 20.5 | | |
| -3.2 | % | |
| | | |
| 19.9 | | |
| 20.5 | | |
| -3.2 | % |
Cargo
Volume (in thousands of tons) | |
| 94.1 | | |
| 90.7 | | |
| 3.8 | % | |
| | | |
| 94.1 | | |
| 90.7 | | |
| 3.8 | % |
Total
Aircraft Movements (in thousands) | |
| 214.6 | | |
| 223.1 | | |
| -3.8 | % | |
| | | |
| 214.6 | | |
| 223.1 | | |
| -3.8 | % |
FINANCIAL HIGHLIGHTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeronautical Revenue | |
| 255.6 | | |
| 216.8 | | |
| 17.9 | % | |
| 29.7 | | |
| 225.9 | | |
| 218.7 | | |
| 3.3 | % |
Non-aeronautical revenue | |
| 255.4 | | |
| 251.7 | | |
| 1.5 | % | |
| 26.1 | | |
| 229.3 | | |
| 255.6 | | |
| -10.3 | % |
Commercial
revenue | |
| 180.7 | | |
| 177.7 | | |
| 1.7 | % | |
| 20.5 | | |
| 160.2 | | |
| 178.3 | | |
| -10.2 | % |
Construction
service revenue | |
| 74.6 | | |
| 74.0 | | |
| 0.9 | % | |
| 5.5 | | |
| 69.1 | | |
| 77.2 | | |
| -10.5 | % |
Total
Revenue | |
| 511.0 | | |
| 468.5 | | |
| 9.1 | % | |
| 55.8 | | |
| 455.1 | | |
| 474.3 | | |
| -4.0 | % |
Total
Revenue Excluding IFRIC12(2) | |
| 436.3 | | |
| 394.5 | | |
| 10.6 | % | |
| 50.3 | | |
| 386.0 | | |
| 397.1 | | |
| -2.8 | % |
Cost of Services | |
| 337.8 | | |
| 302.1 | | |
| 11.8 | % | |
| 70.4 | | |
| 267.4 | | |
| 271.5 | | |
| -1.5 | % |
Selling,
general and administrative expenses | |
| 45.0 | | |
| 39.8 | | |
| 13.2 | % | |
| 4.8 | | |
| 40.2 | | |
| 40.0 | | |
| 0.6 | % |
Other
expenses | |
| 2.7 | | |
| 1.0 | | |
| 171.5 | % | |
| 0.5 | | |
| 2.2 | | |
| 1.0 | | |
| 116.7 | % |
Total
Costs and Expenses | |
| 385.6 | | |
| 342.8 | | |
| 12.5 | % | |
| 75.7 | | |
| 309.9 | | |
| 312.5 | | |
| -0.8 | % |
Total
Costs and Expenses Excluding IFRIC12(3) | |
| 311.1 | | |
| 268.9 | | |
| 15.7 | % | |
| 70.2 | | |
| 240.9 | | |
| 235.4 | | |
| 2.4 | % |
Adjusted Segment EBITDA | |
| 185.4 | | |
| 180.5 | | |
| 2.7 | % | |
| 25.7 | | |
| 159.7 | | |
| 180.0 | | |
| -11.3 | % |
Adjusted Segment EBITDA Mg | |
| 36.3 | % | |
| 38.5 | % | |
| -225 | | |
| - | | |
| 35.1 | % | |
| 37.9 | % | |
| -286 | |
Adjusted
EBITDA Margin excluding IFRIC 12(4) | |
| 42.5 | % | |
| 45.7 | % | |
| -328 | | |
| - | | |
| 41.3 | % | |
| 45.3 | % | |
| -397 | |
Capex | |
| 74.7 | | |
| 74.4 | | |
| 0.4 | % | |
| 0.0 | | |
| 74.7 | | |
| 72.3 | | |
| 3.3 | % |
5) | See
Note 1 in Table "Operating & Financial Highlights”. |
6) | Excludes
Construction Service revenue. |
7) | Excludes
Construction Service cost. |
8) | 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 declined by 11.6% YoY, primarily due to weaker performance in domestic traffic, partially offset by international
travel growth. Domestic traffic declined 19.0% YoY, reflecting a difficult comparison as travel demand last year benefited from incentives
provided by the 'Previaje' government program aimed at boosting domestic tourism, which did not take place this year. Moreover, traffic
this quarter was impacted by the temporary suspension of several routes operated by Aerolíneas Argentinas (AA) and some flight
cancellations by both AA and Flybondi, together with the prevailing recession in the country. By contrast, international passenger traffic
continued to benefit from the gradual resumption of routes and frequencies, increasing by 9.3% YoY in the second quarter. During the
quarter, Avianca inaugurated a new route from Ezeiza to Medellin, and ITA Airways increased the frequency of its route from Ezeiza to
Rome.
Revenues
decreased by 6.5% YoY to $224.8 million in 2Q24 on an ‘as reported’ basis, primarily due to a 9.8% decline in
Commercial revenues, partially offset by a 1.2% increase in Aeronautical revenues. Construction service revenue decreased by 17.0% YoY,
reflecting lower Capex during the reported quarter. Excluding the impact of IAS 29, revenues declined by 10.4% to $220.7 million, or
by 7.4% to $184.9 million when also excluding IFRIC 12.
· | Aeronautical
Revenues ex-IAS29 decreased by 1.6% YoY, in line with lower activity in domestic passenger
traffic, coupled with a YoY reduction in domestic passenger fees measured in U.S. dollars. |
| |
· | Commercial
Revenues ex-IAS29 decreased 13.8% YoY, mainly driven by a decrease of 39.4%, or $6.5
million in Duty Free revenues as a result of the devaluation of the Argentina Peso in late
December, combined with lower Cargo and Parking revenues. This was partially offset by higher
VIP lounges, Rental of space, Catering and Advertising-related revenues. |
Total
Costs and Expenses increased by 3.4% YoY to $185.7 million in 2Q24 on an ‘as reported’ basis. Excluding Construction
service and the impact of IAS 29, Total costs and expenses increased by 4.8% YoY, mainly due to higher Cost of service, partially offset
by a slight decrease in SG&A expenses.
· | Cost
of Services ex-IAS29 and excluding Construction Service Costs increased 6.0% YoY, or
$5.9 million, driven mainly by the following: |
| · | 25.4%,
or $6.1 million, increase in Maintenance expenses, |
| · | 55.3%,
or $2.4 million, increase in Services and fees, and |
| · | 1.3%,
or $0.4 million, increase in Salaries and social security contributions, mainly as a result
of inflation rates above currency depreciation. |
The above was partially offset by decreases
of 7.6%, or $2.2 million, in Concession Fees, due to lower revenues, and 27.8%, or $1.0 million, D&A expenses.
· | SG&A
ex-IAS29 decreased by 1.2% YoY, or $0.2 million, to $20.3 million, mainly due
to lower Taxes. |
Adjusted
Segment EBITDA decreased 22.4% YoY to $69.0 million in 2Q24 on an ‘As reported basis’. When excluding the impact
of IAS 29, Adjusted Segment EBITDA declined by 24.8% YoY to $67.4 million, with Adjusted EBITDA margin EX-IFRIC12 of 36.4% in the quarter,
compared to 44.8% in 2Q23.
During
2Q24, CAAP made Capital Expenditures ex-IAS29 of $41.6 million, compared to $47.3 million in 2Q23. These expenditures were
primarily allocated to the new departure terminal building at Río Hondo Airport and construction works at Aeroparque Airport,
along with other projects at airports in the interior of the country.
Italy
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
% Var. | |
OPERATING STATISTICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| 0.5 | | |
| 0.5 | | |
| 5.6 | % | |
| 0.8 | | |
| 0.8 | | |
| 5.0 | % |
International Passengers (in millions) | |
| 2.1 | | |
| 1.8 | | |
| 16.6 | % | |
| 3.3 | | |
| 2.8 | | |
| 16.9 | % |
Transit Passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
Total Passengers (in millions) | |
| 2.6 | | |
| 2.3 | | |
| 14.3 | % | |
| 4.1 | | |
| 3.6 | | |
| 14.2 | % |
Cargo Volume (in thousands of tons) | |
| 3.2 | | |
| 3.4 | | |
| -3.8 | % | |
| 6.4 | | |
| 6.7 | | |
| -5.6 | % |
Total Aircraft Movements (in thousands) | |
| 24.5 | | |
| 22.5 | | |
| 8.9 | % | |
| 38.2 | | |
| 35.0 | | |
| 9.1 | % |
FINANCIAL HIGHLIGHTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeronautical Revenue | |
| 20.4 | | |
| 17.6 | | |
| 15.5 | % | |
| 32.2 | | |
| 27.8 | | |
| 16.0 | % |
Non-aeronautical revenue | |
| 14.9 | | |
| 16.3 | | |
| -8.5 | % | |
| 25.7 | | |
| 27.0 | | |
| -5.0 | % |
Commercial revenue | |
| 12.6 | | |
| 10.6 | | |
| 19.2 | % | |
| 21.0 | | |
| 17.6 | | |
| 19.1 | % |
Construction service revenue | |
| 1.3 | | |
| 4.4 | | |
| -70.6 | % | |
| 2.5 | | |
| 5.4 | | |
| -53.9 | % |
Other revenue | |
| 1.0 | | |
| 1.3 | | |
| -25.5 | % | |
| 2.2 | | |
| 4.0 | | |
| -44.8 | % |
Total Revenue | |
| 35.3 | | |
| 33.9 | | |
| 4.0 | % | |
| 57.9 | | |
| 54.8 | | |
| 5.6 | % |
Total Revenue Excluding IFRIC12(1) | |
| 34.0 | | |
| 29.6 | | |
| 15.0 | % | |
| 55.4 | | |
| 49.4 | | |
| 12.1 | % |
Cost of Services | |
| 22.2 | | |
| 23.4 | | |
| -5.2 | % | |
| 41.0 | | |
| 41.9 | | |
| -2.2 | % |
Selling, general and administrative expenses | |
| 2.9 | | |
| 3.0 | | |
| -3.6 | % | |
| 5.8 | | |
| 6.5 | | |
| -10.5 | % |
Total Costs and Expenses | |
| 25.1 | | |
| 26.4 | | |
| -5.0 | % | |
| 46.7 | | |
| 48.4 | | |
| -3.4 | % |
Total Costs and Expenses Excluding IFRIC12(2) | |
| 23.9 | | |
| 23.6 | | |
| 1.3 | % | |
| 45.0 | | |
| 44.9 | | |
| 0.2 | % |
Adjusted Segment EBITDA | |
| 13.3 | | |
| 10.4 | | |
| 27.0 | % | |
| 17.0 | | |
| 12.2 | | |
| 39.3 | % |
Adjusted Segment EBITDA Mg | |
| 37.6 | % | |
| 30.8 | % | |
| 680 | | |
| 29.3 | % | |
| 22.2 | % | |
| 709 | |
Adjusted EBITDA Margin excluding IFRIC 12(3) | |
| 38.7 | % | |
| 30.2 | % | |
| 854 | | |
| 29.2 | % | |
| 20.8 | % | |
| 848 | |
Capex | |
| 2.1 | | |
| 4.6 | | |
| -54.1 | % | |
| 3.5 | | |
| 6.0 | | |
| -40.5 | % |
1 Excludes Construction Service revenue.
2 Excludes Construction Service cost.
3 Excludes the effect of IFRIC 12 with respect
to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction
Service revenue.
Passenger
Traffic in Italy increased by 14.3% YoY to 2.6 million passengers. International traffic, which accounted for over 80% of
total traffic, increased by 16.6% YoY, supported by strong performances at both Pisa and Florence airports. Domestic passenger traffic
increased by 5.6% YoY, driven by a 23.8% increase at Florence airport, partially offset by a slight decline of 0.4% at Pisa airport.
Revenues
increased 4.0% YoY to $35.3 million in 2Q24, driven by both Aeronautical and Commercial revenue growth reflecting the
year-over-year increase in passenger traffic.
· | Aeronautical
Revenues increased 15.5% YoY, or $2.7 million, as a result of higher Passenger use fees
and, to a lesser extent, higher Aircraft fees as a result of increased YoY traffic activity. |
· | Commercial
Revenues, increased 19.2% YoY, or $2.0 million, mainly driven by passenger-related
services such as Parking facilities, F&B services and VIP lounges, following the strong
year-over-year traffic recovery. |
Total
Costs and Expenses decreased 5.0% YoY, or $1.3 million, mainly driven by a decline in Construction Service costs due to lower
Capex. Excluding Construction Services, Total Cost and Expenses increased 1.3% YoY to $23.9 million.
· | Cost
of Services excluding Construction service increased 2.1% YoY, or $0.4 million, primarily
driven by higher Maintenance expenses and Concession fees, partially offset by lower Salaries
and social security contributions. |
| |
· | SG&A
declined 3.6% YoY, or $0.1 million, to $2.9 million. |
Adjusted
Segment EBITDA increased 27.0% YoY to $13.3 million from $10.4 million in 2Q23, with Adjusted EBITDA margin Ex-IFRIC12 expanding
8.5 percentage points to 38.7%, on the back of traffic increase and strong revenue growth.
During 2Q24, CAAP made Capital Expenditures
of $2.1 million, compared to $4.6 million in 2Q23.
Brazil
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
% Var. | |
OPERATING STATISTICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| 2.1 | | |
| 2.7 | | |
| -22.0 | % | |
| 4.4 | | |
| 5.3 | | |
| -16.5 | % |
International Passengers (in millions) | |
| 0.1 | | |
| 0.2 | | |
| -8.4 | % | |
| 0.3 | | |
| 0.3 | | |
| 13.0 | % |
Transit Passengers (in millions) | |
| 1.3 | | |
| 1.3 | | |
| -1.1 | % | |
| 2.7 | | |
| 2.8 | | |
| -4.4 | % |
Total Passengers (in millions) (1) | |
| 3.5 | | |
| 4.1 | | |
| -14.9 | % | |
| 7.4 | | |
| 8.4 | | |
| -11.5 | % |
Cargo Volume (in thousands of tons) | |
| 15.5 | | |
| 15.5 | | |
| 0.0 | % | |
| 30.9 | | |
| 31.5 | | |
| -2.0 | % |
Total Aircraft Movements (in thousands) | |
| 34.3 | | |
| 40.9 | | |
| -16.3 | % | |
| 69.9 | | |
| 79.7 | | |
| -12.3 | % |
FINANCIAL HIGHLIGHTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeronautical Revenue | |
| 9.5 | | |
| 11.2 | | |
| -14.8 | % | |
| 20.3 | | |
| 21.6 | | |
| -6.1 | % |
Non-aeronautical revenue | |
| 17.3 | | |
| 16.1 | | |
| 7.6 | % | |
| 35.4 | | |
| 30.3 | | |
| 16.7 | % |
Commercial revenue | |
| 17.1 | | |
| 16.1 | | |
| 6.4 | % | |
| 34.9 | | |
| 30.3 | | |
| 15.0 | % |
Construction service revenue | |
| 0.2 | | |
| 0.0 | | |
| - | | |
| 0.5 | | |
| 0.0 | | |
| - | |
Total Revenue | |
| 26.8 | | |
| 27.3 | | |
| -1.5 | % | |
| 55.7 | | |
| 51.9 | | |
| 7.2 | % |
Total Revenue Excluding IFRIC122 | |
| 26.6 | | |
| 27.3 | | |
| -2.3 | % | |
| 55.1 | | |
| 51.9 | | |
| 6.2 | % |
Cost of Services | |
| 17.4 | | |
| 19.3 | | |
| -9.7 | % | |
| 37.5 | | |
| 37.1 | | |
| 0.9 | % |
Selling, general and administrative expenses | |
| 3.4 | | |
| 3.0 | | |
| 14.5 | % | |
| 5.0 | | |
| 4.8 | | |
| 3.6 | % |
Other expenses | |
| 0.0 | | |
| 0.0 | | |
| 6180.0 | % | |
| 0.4 | | |
| 0.0 | | |
| 2468.8 | % |
Total Costs and Expenses | |
| 20.8 | | |
| 22.3 | | |
| -6.4 | % | |
| 42.9 | | |
| 42.0 | | |
| 2.3 | % |
Total Costs and Expenses Excluding IFRIC123 | |
| 20.6 | | |
| 22.3 | | |
| -7.3 | % | |
| 42.4 | | |
| 42.0 | | |
| 1.0 | % |
Adjusted Segment EBITDA | |
| 11.4 | | |
| 11.6 | | |
| -2.4 | % | |
| 21.2 | | |
| 19.5 | | |
| 8.7 | % |
Adjusted Segment EBITDA Mg | |
| 42.4 | % | |
| 42.4 | % | |
| 0 | | |
| 38.1 | % | |
| 37.6 | % | |
| 53 | |
Adjusted EBITDA Margin excluding IFRIC124 | |
| 42.7 | % | |
| 42.4 | % | |
| 32 | | |
| 38.5 | % | |
| 37.6 | % | |
| 88 | |
Capex | |
| 0.5 | | |
| 0.5 | | |
| 9.8 | % | |
| 1.1 | | |
| 0.8 | | |
| 49.8 | % |
1) | Following
the friendly termination process concluded in February 2024, CAAP no longer operates
Natal airport. Statistics for Natal are available up to February 18, 2024. |
2) | Excludes
Construction Service revenue. |
3) | Excludes
Construction Service cost. |
4) | Excludes
the effect of IFRIC 12 with respect to the construction or improvements to assets under the
concession, and is calculated by dividing EBITDA by total revenues less Construction Service
revenue. |
Passenger
Traffic decreased by 14.9% YoY, or by 3.4% YoY, when adjusting for the discontinuation of Natal Airport. Domestic traffic,
which accounted for almost 60% of total traffic, was down 22.0% YoY, or 5.4% when excluding Natal, while transit passengers were down
1.1% YoY. Traffic in Brazil remained heavily impacted by financial and aircraft constraints in some local airlines, causing a lack of
supply. As a reminder, following the friendly termination process concluded in February 2024, effective February 19, 2024 CAAP
no longer operates Natal Airport. Therefore, statistics for Natal are available up to February 18, 2024.
Revenues
decreased by 1.5% YoY, or $0.4 million, to $26.8 million in 2Q24, as growth in Commercial revenues was more than offset by
a decline in Aeronautical revenues due to lower traffic.
· | Aeronautical
Revenues decreased 14.8% YoY, or $1.7 million, driven by both lower Passenger use
fees and Aircraft fees reflecting lower passenger traffic. |
| |
· | Commercial
Revenues increased 6.4% YoY, or $1.0 million, despite lower passenger traffic. The
increase in commercial revenue was primarily driven by a continued solid performance of VIP
lounges and, to a lesser extent, Cargo revenues and Rental of space. Commercial revenues
also included a one-time benefit of $1.7 million from the conclusion of a litigation process
with several telecommunication companies. |
Total
Costs and Expenses in 2Q24 decreased 6.4% YoY, or $1.4 million, mainly driven by lower Cost of Services, partially offset
by slightly higher SG&A expenses.
· | Cost
of Services decreased 9.7% YoY, or $1.9 million, mainly driven by declines in Salaries
and social security contributions, Services and fees Concession fees and Maintenance expenses. |
| |
· | SG&A
increased 14.5% YoY, or $0.4 million, to $3.4 million in 2Q24. |
Adjusted
Segment EBITDA decreased 2.4% YoY, or $0.3 million, to $11.4 million, while Adjusted EBITDA margin Ex-IFRIC12 expanded 0.3
percentage points to 42.7%, despite the decline in passenger traffic. Adjusted EBITDA was supported by Commercial revenues and the aforementioned
$1.7 million one-time benefit related to the telecommunication companies.
During 2Q24, CAAP made Capital Expenditures
of $0.5 million, in line with 2Q23.
Uruguay
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
% Var. | |
OPERATING STATISTICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
International Passengers (in millions) | |
| 0.5 | | |
| 0.4 | | |
| 10.2 | % | |
| 1.1 | | |
| 0.9 | | |
| 18.7 | % |
Transit Passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
Total Passengers (in millions) | |
| 0.5 | | |
| 0.4 | | |
| 11.2 | % | |
| 1.1 | | |
| 0.9 | | |
| 20.5 | % |
Cargo Volume (in thousands of tons) | |
| 8.3 | | |
| 9.0 | | |
| -7.2 | % | |
| 15.2 | | |
| 16.0 | | |
| -4.6 | % |
Total Aircraft Movements (in thousands) | |
| 6.8 | | |
| 7.4 | | |
| -7.2 | % | |
| 16.6 | | |
| 16.6 | | |
| 0.1 | % |
FINANCIAL HIGHLIGHTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeronautical Revenue | |
| 18.1 | | |
| 15.0 | | |
| 20.8 | % | |
| 43.3 | | |
| 33.1 | | |
| 30.9 | % |
Non-aeronautical revenue | |
| 24.7 | | |
| 21.1 | | |
| 16.9 | % | |
| 50.1 | | |
| 41.0 | | |
| 22.3 | % |
Commercial revenue | |
| 15.7 | | |
| 13.9 | | |
| 13.5 | % | |
| 35.1 | | |
| 30.6 | | |
| 14.8 | % |
Construction service revenue | |
| 8.9 | | |
| 7.2 | | |
| 23.7 | % | |
| 14.9 | | |
| 10.3 | | |
| 44.3 | % |
Total Revenue | |
| 42.8 | | |
| 36.1 | | |
| 18.6 | % | |
| 93.4 | | |
| 74.1 | | |
| 26.1 | % |
Total Revenue Excluding IFRIC12(1) | |
| 33.8 | | |
| 28.9 | | |
| 17.3 | % | |
| 78.5 | | |
| 63.7 | | |
| 23.2 | % |
Cost of Services | |
| 27.1 | | |
| 24.6 | | |
| 10.2 | % | |
| 52.4 | | |
| 43.4 | | |
| 20.6 | % |
Selling, general and administrative expenses | |
| 5.1 | | |
| 3.3 | | |
| 54.4 | % | |
| 10.4 | | |
| 8.0 | | |
| 29.6 | % |
Other expenses | |
| 0.1 | | |
| 0.1 | | |
| -32.7 | % | |
| 0.2 | | |
| 0.2 | | |
| 20.2 | % |
Total Costs and Expenses | |
| 32.3 | | |
| 28.0 | | |
| 15.2 | % | |
| 63.0 | | |
| 51.6 | | |
| 22.0 | % |
Total Costs and Expenses Excluding IFRIC12(2) | |
| 23.3 | | |
| 20.8 | | |
| 12.2 | % | |
| 48.1 | | |
| 41.3 | | |
| 16.4 | % |
Adjusted Segment EBITDA | |
| 12.2 | | |
| 9.5 | | |
| 27.8 | % | |
| 34.1 | | |
| 25.6 | | |
| 33.2 | % |
Adjusted Segment EBITDA Mg | |
| 28.5 | % | |
| 26.4 | % | |
| 206 | | |
| 36.5 | % | |
| 34.6 | % | |
| 193 | |
Adjusted EBITDA Margin excluding IFRIC 12 (3) | |
| 36.0 | % | |
| 33.0 | % | |
| 297 | | |
| 43.5 | % | |
| 40.2 | % | |
| 327 | |
Capex | |
| 8.3 | | |
| 8.0 | | |
| 4.7 | % | |
| 14.3 | | |
| 15.3 | | |
| -6.6 | % |
1) Excludes Construction Service revenue.
2) Excludes Construction Service cost.
3) Excludes the effect of IFRIC 12 with respect
to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction
Service revenue.
In Uruguay, where activity is mainly international,
passenger traffic increased by 11.2% YoY to 0.5 million, despite a difficult comparison due to the Easter holiday falling in April last
year. During the quarter, traffic was boosted by new routes and increased frequencies. JetSMART Airlines inaugurated a new route between
Montevideo and Buenos Aires with two daily frequencies starting on May 29, while SKY Airline increased the frequency of its Montevideo
to Lima route in May.
Revenues
increased 18.6% YoY to $42.8 million in 2Q24 on an ‘As reported’ basis, or 17.3% to $33.8 million, when excluding
Construction service revenue, driven by both higher Aeronautical and Commercial revenues.
· | Aeronautical
Revenues increased 20.8% YoY, or $3.1 million, to $18.1 million, driven by tariff
adjustments and the 11.2% YoY increase in passenger traffic. |
| |
· | Commercial
Revenues increased 13.5% YoY, or $1.9 million, to $15.7 million. This growth was mainly
driven by higher passenger-related revenues due to increased traffic, particularly in Duty-free
and VIP lounges, along with higher Cargo and Advertising revenues. |
Total
Costs and Expenses increased 15.2% YoY to $32.3 million. Excluding Construction Service, Total Cost and Expenses rose 12.2%
YoY to $23.3 million, due to an increase in operating costs following higher traffic activity when compared to 2Q23.
· | Cost
of Services increased 10.2% YoY, or $2.5 million. Excluding Construction Service cost,
Cost of Services increased 4.6% YoY, or $0.8 million, mainly due to higher Maintenance expenses
and Concession Fees. |
| |
· | SG&A
increased 54.4% YoY, to $5.1 million, mainly as a result of higher Taxes and Salaries
and social security contributions. |
Adjusted
Segment EBITDA increased 27.8% YoY to $12.2 million in 2Q24, while Adjusted EBITDA Margin Ex IFRIC12 expanded 3.0 percentage
points to 36.0%, reflecting higher operating leverage.
During 2Q24, CAAP made Capital Expenditures of $8.3 million
in Uruguay, compared to $8.0 million in 2Q23.
Armenia
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
% Var. | |
OPERATING STATISTICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
International Passengers (in millions) | |
| 1.3 | | |
| 1.4 | | |
| -2.9 | % | |
| 2.4 | | |
| 2.4 | | |
| -1.8 | % |
Transit Passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
Total Passengers (in millions) | |
| 1.3 | | |
| 1.4 | | |
| -2.9 | % | |
| 2.4 | | |
| 2.4 | | |
| -1.8 | % |
Cargo Volume (in thousands of tons) | |
| 8.3 | | |
| 7.9 | | |
| 6.1 | % | |
| 17.3 | | |
| 15.1 | | |
| 14.8 | % |
Total Aircraft Movements (in thousands) | |
| 9.9 | | |
| 11.2 | | |
| -12.1 | % | |
| 18.0 | | |
| 20.6 | | |
| -13.0 | % |
FINANCIAL HIGHLIGHTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeronautical Revenue | |
| 21.8 | | |
| 22.2 | | |
| -1.7 | % | |
| 40.2 | | |
| 39.0 | | |
| 3.0 | % |
Non-aeronautical revenue | |
| 37.5 | | |
| 36.9 | | |
| 1.6 | % | |
| 67.6 | | |
| 70.4 | | |
| -4.0 | % |
Commercial revenue | |
| 34.9 | | |
| 35.9 | | |
| -2.7 | % | |
| 64.7 | | |
| 68.8 | | |
| -6.0 | % |
Construction service revenue | |
| 2.6 | | |
| 1.0 | | |
| 156.5 | % | |
| 2.9 | | |
| 1.6 | | |
| 81.2 | % |
Total Revenue | |
| 59.3 | | |
| 59.1 | | |
| 0.4 | % | |
| 107.8 | | |
| 109.4 | | |
| -1.5 | % |
Total Revenue Excluding IFRIC12(1) | |
| 56.7 | | |
| 58.1 | | |
| -2.3 | % | |
| 104.9 | | |
| 107.8 | | |
| -2.7 | % |
Cost of Services | |
| 36.2 | | |
| 35.7 | | |
| 1.5 | % | |
| 66.5 | | |
| 69.2 | | |
| -4.0 | % |
Selling, general and administrative expenses | |
| 3.7 | | |
| 3.6 | | |
| 2.6 | % | |
| 8.0 | | |
| 6.9 | | |
| 15.4 | % |
Other expenses | |
| 0.3 | | |
| 0.3 | | |
| -9.7 | % | |
| 0.5 | | |
| 0.5 | | |
| -8.9 | % |
Total Costs and Expenses | |
| 40.2 | | |
| 39.6 | | |
| 1.4 | % | |
| 75.0 | | |
| 76.7 | | |
| -2.3 | % |
Total Costs and Expenses Excluding IFRIC12(2) | |
| 37.7 | | |
| 38.7 | | |
| -2.5 | % | |
| 72.1 | | |
| 75.1 | | |
| -4.0 | % |
Adjusted Segment EBITDA | |
| 24.5 | | |
| 24.5 | | |
| 0.2 | % | |
| 43.3 | | |
| 41.6 | | |
| 4.2 | % |
Adjusted Segment EBITDA Mg | |
| 41.3 | % | |
| 41.4 | % | |
| -8 | | |
| 40.2 | % | |
| 38.0 | % | |
| 220 | |
Adjusted EBITDA Margin excluding IFRIC 12 (3) | |
| 43.1 | % | |
| 42.1 | % | |
| 100 | | |
| 41.3 | % | |
| 38.5 | % | |
| 271 | |
Capex | |
| 3.8 | | |
| 1.5 | | |
| 147.9 | % | |
| 8.6 | | |
| 3.2 | | |
| 167.1 | % |
1) Excludes Construction Service revenue.
2) Excludes Construction Service cost.
3) Excludes the effect of IFRIC 12 with respect
to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction
Service revenue.
In
Armenia, passenger traffic decreased by 2.9% year-over-year to 1.3 million passengers against a strong performance in 2023, which
benefited from the introduction of new airlines and an increase in flight frequencies. The addition of new routes and frequencies continued
into 2024.
Revenues
increased 0.4% YoY to $59.3 million in 2Q24 on an ‘As reported’ basis, or decreased 2.3% when excluding Construction
service revenue, mainly driven by lower Commercial revenues.
· | Aeronautical
Revenues decreased by 1.7% YoY, or $0.4 million, to $21.8 million, following the
2.9% YoY decrease in passenger traffic. |
| |
· | Commercial
Revenues decreased by 2.7% YoY, or $1.0 million, to $34.9 million. Increases in VIP lounges,
F&B, advertising, parking facilities, and Cargo revenues were more than offset by lower
fuel revenues (linked to Cost of Fuel) due to reduced YoY aircraft activity. |
Total
Costs and Expenses increased 1.4% YoY to $40.2 million. Excluding IFRIC 12, total costs and expenses decreased 2.5%, driven
by lower Cost of Services, partially offset by slightly higher SG&A expenses.
· | Cost
of Services increased 1.5% YoY, or $0.5 million. Excluding IFRIC 12, Cost of services
declined 2.9%, mainly driven by lower Cost of fuel (linked to Fuel revenues), partially offset
by higher Salaries and social security contributions. |
| |
· | SG&A
increased 2.6% YoY, or $0.1 million, to $3.7 million in 2Q24. |
Adjusted
Segment EBITDA remained largely flat YoY at $24.5 million in 2Q24, with Adjusted EBITDA Margin Ex IFRIC12 expanding 1.0 percentage
point to 43.1%.
During 2Q24, CAAP made Capital Expenditures of $3.8 million
in Armenia, compared to $1.5 million in 2Q23.
Ecuador
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
% Var. | |
OPERATING STATISTICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| 0.6 | | |
| 0.7 | | |
| -13.4 | % | |
| 1.2 | | |
| 1.3 | | |
| -10.2 | % |
International Passengers (in millions) | |
| 0.6 | | |
| 0.5 | | |
| 3.9 | % | |
| 1.1 | | |
| 1.1 | | |
| 2.6 | % |
Transit Passengers (in millions) | |
| 0.0 | | |
| 0.0 | | |
| n.m. | | |
| 0.0 | | |
| 0.0 | | |
| n.m. | |
Total Passengers (in millions) | |
| 1.2 | | |
| 1.2 | | |
| -5.5 | % | |
| 2.3 | | |
| 2.4 | | |
| -4.2 | % |
Cargo Volume (in thousands of tons) | |
| 9.8 | | |
| 8.0 | | |
| 22.2 | % | |
| 19.1 | | |
| 15.9 | | |
| 19.8 | % |
Total Aircraft Movements (in thousands) | |
| 18.4 | | |
| 20.0 | | |
| -8.0 | % | |
| 37.4 | | |
| 39.7 | | |
| -5.7 | % |
FINANCIAL HIGHLIGHTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeronautical Revenue | |
| 20.3 | | |
| 19.3 | | |
| 5.0 | % | |
| 40.1 | | |
| 37.3 | | |
| 7.6 | % |
Non-aeronautical revenue | |
| 6.8 | | |
| 6.6 | | |
| 3.8 | % | |
| 13.7 | | |
| 13.1 | | |
| 4.4 | % |
Commercial revenue | |
| 6.8 | | |
| 6.6 | | |
| 2.8 | % | |
| 13.6 | | |
| 13.1 | | |
| 3.8 | % |
Construction service revenue | |
| 0.0 | | |
| 0.0 | | |
| n.m. | | |
| 0.0 | | |
| 0.0 | | |
| n.m. | |
Total Revenue | |
| 27.1 | | |
| 25.9 | | |
| 4.7 | % | |
| 53.8 | | |
| 50.4 | | |
| 6.8 | % |
Total Revenue Excluding IFRIC12(1) | |
| 27.0 | | |
| 25.9 | | |
| 4.5 | % | |
| 53.7 | | |
| 50.3 | | |
| 6.7 | % |
Cost of Services | |
| 15.8 | | |
| 15.1 | | |
| 4.5 | % | |
| 31.4 | | |
| 29.3 | | |
| 7.0 | % |
Selling, general and administrative expenses | |
| 4.1 | | |
| 3.5 | | |
| 17.3 | % | |
| 8.6 | | |
| 7.0 | | |
| 23.3 | % |
Other expenses | |
| 0.0 | | |
| 0.0 | | |
| -46.1 | % | |
| 0.0 | | |
| 0.0 | | |
| -27.4 | % |
Total Costs and Expenses | |
| 19.9 | | |
| 18.7 | | |
| 6.9 | % | |
| 40.0 | | |
| 36.3 | | |
| 10.1 | % |
Total Costs and Expenses Excluding IFRIC12(2) | |
| 19.9 | | |
| 18.6 | | |
| 6.5 | % | |
| 39.9 | | |
| 36.3 | | |
| 9.9 | % |
Adjusted Segment EBITDA | |
| 8.2 | | |
| 8.1 | | |
| 1.0 | % | |
| 15.7 | | |
| 15.7 | | |
| -0.4 | % |
Adjusted Segment EBITDA Mg | |
| 30.1 | % | |
| 31.2 | % | |
| -112 | | |
| 29.2 | % | |
| 31.3 | % | |
| -211 | |
Adjusted EBITDA Margin excluding IFRIC 12(3) | |
| 30.2 | % | |
| 31.2 | % | |
| -104 | | |
| 29.2 | % | |
| 31.3 | % | |
| -207 | |
Capex | |
| 0.5 | | |
| 2.6 | | |
| -81 | % | |
| 2.1 | | |
| 2.8 | | |
| -27 | % |
1 Excludes Construction Service revenue.
2 Excludes Construction Service cost.
3 Excludes the effect of IFRIC 12 with respect
to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction
Service revenue.
In
Ecuador, total passenger traffic decreased by 5.5% YoY to 1.2 million passengers, as higher international traffic was more than
offset by a weak performance in domestic travel. International passenger traffic increased by 3.9% YoY, while domestic traffic decreased
by 13.4% YoY, mainly driven by the exit of local airline Equair in October 2023 and national insecurity issues.
Revenues
increased 4.7% YoY to $27.1 million in 2Q24 on an ‘As reported’ basis, mainly driven by higher Aeronautical
revenues and, to a lesser extent, Commercial revenues as well.
· | Aeronautical
Revenues increased 5.0% YoY, or $1.0 million, to $20.3 million, mainly driven by
higher Passenger use fees. |
| |
· | Commercial
Revenues increased 2.8% YoY, or $0.2 million, to $6.8 million, driven by higher Duty
Free, Retail stores and Advertising. |
Total
Costs and Expenses increased 6.9% YoY to $19.9 million, due to higher Cost of services as well as G&A expenses.
· | Cost
of Services EX-IFRIC increased 4.1% YoY, or $0.6 million, mainly driven by higher Concession
fees, Services and fees, and Salaries and social security contributions. |
| |
· | SG&A
increased 17.3% YoY, to $4.1 million. |
Adjusted
Segment EBITDA increased 1.0% YoY to $8.2 million, with Adjusted EBITDA Margin Ex IFRIC12 contracting 1.0 percentage point
to 30.2%.
During 2Q24, CAAP made Capital Expenditures of $0.5 million
in Ecuador, compared to $2.6 million in 2Q23.
Key Quarter Highlights and Subsequent Events
Toscana Aeroporti | Refinancing
In June 2024,
the Company’s Italian subsidiary Toscana Aeroporti (“TA”) prepaid all outstanding financial debt owed and signed, with
a new financial contract with Intesa Sanpaolo S.p.A., UniCredit S.p.A., Banca Monte dei Paschi di Siena S.p.A., Cassa Depositi e Prestiti
S.p.A., and Banca Nazionale del Lavoro S.p.A. (“lenders”). This new loan includes the following credit lines: (i) up
to EUR 96.2 million divided in two tranches, to be applied mainly in the cancelation of part of TA´s existing financial debt; (ii) up
to EUR 60.2 million divided in two tranches, to be used in the investment plan of the Pisa airport; and (iii) up to EUR 20.0 million
of revolving loans mainly to support TA working capital´s needs. As of June 30, 2024, EUR 89.4 million (equivalent to USD
95.7 million) has been disbursed by the lenders. For more information on TA’s refinancing please refer to Note 12 of the Company’s
Financial Statements, filed with the SEC.
For further information
on subsequent events, please refer to Note 20 of the Company’s Financial Statements, filed with the SEC.
Hyperinflation Accounting in Argentina
Following the categorization
of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary
in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying
IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were
highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general
purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period
(i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina
2000 (“AA2000”), the Company’s largest subsidiary in Argentina, which accounted for over 95% of passenger traffic,
revenues and Adjusted EBITDA, respectively, of the Argentina segment in 2Q24, is presented separately in each of the applicable sections
of this earnings release, in a column denominated “IAS 29”.
Non-Financial Disclosure
With the assistance
of an external advisor and under guidance of the Board of Directors, the Company is preparing its ESG policy and gearing up to make the
necessary disclosure under the Corporate Sustainability Reporting Directive in a timely manner.
2Q24 EARNINGS CONFERENCE CALL
When: |
09:00 a.m. Eastern Time, August 22, 2024 |
|
|
Who: |
Mr. Martín Eurnekian, Chief Executive Officer |
Mr. Jorge
Arruda, Chief Financial Officer
Mr. Patricio
Iñaki Esnaola, Head of Investor Relations
Dial-in: | 1-800-549-8228
(North America, Toll Free); 1-289-819-1520 (Other locations); Conference ID: 14198 |
| |
Webcast: |
CAAP 2Q24 Earnings Conference Call |
|
|
Replay: |
1-888-660-6264 (North America, Toll Free); 1-289-819-1325
(Other locations); Playback Passcode: 14198 # |
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 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and
Italy). In 2023, Corporación América Airports served 81.1 million passengers, 23.7% above the 65.6 million passengers served
in 2022 and 3.6% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the
ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com
Forward Looking Statements
Statements relating
to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such
as “believes,” “continue,” “could,” “potential,” “remain,” “will,”
“would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities
or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited
to: the Covid-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability
to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business
conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession
agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination,
revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000
Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental
regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics,
pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review
the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year
ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional
information concerning factors that could cause those differences.
Investor Relations Contact
Patricio Iñaki
Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716
-- Operational &
Financial Tables Follow –
Operating Statistics by Segment:
Traffic, Cargo and Aircraft Movement
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
%
Var. | |
Argentina | |
| | |
| | |
| | |
| | |
| | |
| |
Domestic Passengers (in millions) | |
| 5.9 | | |
| 7.3 | | |
| -19.0 | % | |
| 12.9 | | |
| 14.3 | | |
| -9.6 | % |
International Passengers (in millions) | |
| 2.8 | | |
| 2.6 | | |
| 9.3 | % | |
| 6.3 | | |
| 5.6 | | |
| 12.7 | % |
Transit passengers (in millions) | |
| 0.3 | | |
| 0.3 | | |
| -11.1 | % | |
| 0.7 | | |
| 0.7 | | |
| 2.6 | % |
Total passengers (in millions) | |
| 9.1 | | |
| 10.3 | | |
| -11.6 | % | |
| 19.9 | | |
| 20.5 | | |
| -3.2 | % |
Cargo volume (in thousands of tons) | |
| 49.9 | | |
| 47.1 | | |
| 5.9 | % | |
| 94.1 | | |
| 90.7 | | |
| 3.8 | % |
Aircraft movements (in thousands) | |
| 100.6 | | |
| 112.8 | | |
| -10.8 | % | |
| 214.6 | | |
| 223.1 | | |
| -3.8 | % |
Italy | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| 0.5 | | |
| 0.5 | | |
| 5.6 | % | |
| 0.8 | | |
| 0.8 | | |
| 5.0 | % |
International Passengers (in millions) | |
| 2.1 | | |
| 1.8 | | |
| 16.6 | % | |
| 3.3 | | |
| 2.8 | | |
| 16.9 | % |
Transit passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
Total passengers (in millions) | |
| 2.6 | | |
| 2.3 | | |
| 14.3 | % | |
| 4.1 | | |
| 3.6 | | |
| 14.2 | % |
Cargo volume (in thousands of tons) | |
| 3.2 | | |
| 3.4 | | |
| -3.8 | % | |
| 6.4 | | |
| 6.7 | | |
| -5.6 | % |
Aircraft movements (in thousands) | |
| 24.5 | | |
| 22.5 | | |
| 8.9 | % | |
| 38.2 | | |
| 35.0 | | |
| 9.1 | % |
Brazil | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| 2.1 | | |
| 2.7 | | |
| -22.0 | % | |
| 4.4 | | |
| 5.3 | | |
| -16.5 | % |
International Passengers (in millions) | |
| 0.1 | | |
| 0.2 | | |
| -8.4 | % | |
| 0.3 | | |
| 0.3 | | |
| 13.0 | % |
Transit passengers (in millions) | |
| 1.3 | | |
| 1.3 | | |
| -1.1 | % | |
| 2.7 | | |
| 2.8 | | |
| -4.4 | % |
Total passengers (in millions) | |
| 3.5 | | |
| 4.1 | | |
| -14.9 | % | |
| 7.4 | | |
| 8.4 | | |
| -11.5 | % |
Cargo volume (in thousands of tons) | |
| 15.5 | | |
| 15.5 | | |
| 0.0 | % | |
| 30.9 | | |
| 31.5 | | |
| -2.0 | % |
Aircraft movements (in thousands) | |
| 34.3 | | |
| 40.9 | | |
| -16.3 | % | |
| 69.9 | | |
| 79.7 | | |
| -12.3 | % |
Uruguay | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
International Passengers (in millions) | |
| 0.5 | | |
| 0.4 | | |
| 10.2 | % | |
| 1.1 | | |
| 0.9 | | |
| 18.7 | % |
Transit passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
Total passengers (in millions) | |
| 0.5 | | |
| 0.4 | | |
| 11.2 | % | |
| 1.1 | | |
| 0.9 | | |
| 20.5 | % |
Cargo volume (in thousands of tons) | |
| 8.3 | | |
| 9.0 | | |
| -7.2 | % | |
| 15.2 | | |
| 16.0 | | |
| -4.6 | % |
Aircraft movements (in thousands) | |
| 6.8 | | |
| 7.4 | | |
| -7.2 | % | |
| 16.6 | | |
| 16.6 | | |
| 0.1 | % |
Ecuador(1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| 0.6 | | |
| 0.7 | | |
| -13.4 | % | |
| 1.2 | | |
| 1.3 | | |
| -10.2 | % |
International Passengers (in millions) | |
| 0.6 | | |
| 0.5 | | |
| 3.9 | % | |
| 1.1 | | |
| 1.1 | | |
| 2.6 | % |
Transit passengers (in millions) | |
| 0.0 | | |
| 0.0 | | |
| 7.4 | % | |
| 0.0 | | |
| 0.0 | | |
| 9.5 | % |
Total passengers (in millions) | |
| 1.2 | | |
| 1.2 | | |
| -5.5 | % | |
| 2.3 | | |
| 2.4 | | |
| -4.2 | % |
Cargo volume (in thousands of tons) | |
| 9.8 | | |
| 8.0 | | |
| 22.2 | % | |
| 19.1 | | |
| 15.9 | | |
| 19.8 | % |
Aircraft movements (in thousands) | |
| 18.4 | | |
| 20.0 | | |
| -8.0 | % | |
| 37.4 | | |
| 39.7 | | |
| -5.7 | % |
Armenia | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Domestic Passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
International Passengers (in millions) | |
| 1.3 | | |
| 1.4 | | |
| -2.9 | % | |
| 2.4 | | |
| 2.4 | | |
| -1.8 | % |
Transit passengers (in millions) | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | | |
| n.m. | |
Total passengers (in millions) | |
| 1.3 | | |
| 1.4 | | |
| -2.9 | % | |
| 2.4 | | |
| 2.4 | | |
| -1.8 | % |
Cargo volume (in thousands of tons) | |
| 8.3 | | |
| 7.9 | | |
| 6.1 | % | |
| 17.3 | | |
| 15.1 | | |
| 14.8 | % |
Aircraft movements (in thousands) | |
| 9.9 | | |
| 11.2 | | |
| -12.1 | % | |
| 18.0 | | |
| 20.6 | | |
| -13.0 | % |
| 1) | ECOGAL’s
operational data included in this table, although its results of operations are not consolidated. |
Foreign Exchange Rate
Country | |
2Q24 | | |
2Q23 | | |
2Q24 | | |
2Q23 | | |
1Q24 | | |
1Q23 | | |
1Q24 | | |
1Q23 | |
| |
Avg | | |
Avg | | |
EoP | | |
EoP | | |
Avg | | |
Avg | | |
EoP | | |
EoP | |
Argentine Peso | |
| 885.1 | | |
| 232.3 | | |
| 912.0 | | |
| 256.7 | | |
| 833.2 | | |
| 192.2 | | |
| 858.0 | | |
| 209.0 | |
Euro | |
| 1.1 | | |
| 1.1 | | |
| 1.1 | | |
| 1.1 | | |
| 1.1 | | |
| 1.1 | | |
| 1.1 | | |
| 1.1 | |
Brazilian Real | |
| 5.2 | | |
| 4.9 | | |
| 5.6 | | |
| 4.8 | | |
| 5.0 | | |
| 5.2 | | |
| 5.0 | | |
| 5.1 | |
Uruguayan Peso | |
| 38.8 | | |
| 38.5 | | |
| 40.0 | | |
| 38.2 | | |
| 38.9 | | |
| 39.2 | | |
| 37.6 | | |
| 38.6 | |
Amounts provided by units of local currency
per US dollar
Aeronautical Breakdown (in US$ million)
| |
2Q24 as
reported | | |
2Q23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
2Q24 ex
IAS 29 | | |
2Q23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Aeronautical Revenue | |
| 193.7 | | |
| 187.7 | | |
| 3.2 | % | |
| 0.4 | | |
| 193.2 | | |
| 190.1 | | |
| 1.6 | % |
Passenger use fees | |
| 163.4 | | |
| 159.8 | | |
| 2.2 | % | |
| 0.4 | | |
| 163.0 | | |
| 162.0 | | |
| 0.6 | % |
Aircraft fees | |
| 31.3 | | |
| 29.3 | | |
| 7.1 | % | |
| 0.0 | | |
| 31.3 | | |
| 29.5 | | |
| 6.0 | % |
Other | |
| -1.1 | | |
| -1.4 | | |
| -25.1 | % | |
| - | | |
| -1.1 | | |
| -1.4 | | |
| -25.1 | % |
Commercial Revenue Breakdown (in
US$ million)
| |
2Q24 as
reported | | |
2Q23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
2Q24 ex
IAS 29 | | |
2Q23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Commercial revenue | |
| 171.4 | | |
| 176.5 | | |
| -2.9 | % | |
| 2.3 | | |
| 169.1 | | |
| 178.1 | | |
| -5.1 | % |
Warehouse use fees | |
| 46.6 | | |
| 53.5 | | |
| -13.0 | % | |
| 0.4 | | |
| 46.2 | | |
| 55.0 | | |
| -15.9 | % |
Duty free shops | |
| 18.4 | | |
| 23.9 | | |
| -23.0 | % | |
| 0.0 | | |
| 18.3 | | |
| 24.4 | | |
| -24.7 | % |
Rental of space (including hangars) | |
| 10.4 | | |
| 9.4 | | |
| 10.7 | % | |
| 0.1 | | |
| 10.4 | | |
| 9.5 | | |
| 9.1 | % |
Parking facilities | |
| 10.5 | | |
| 10.5 | | |
| -0.1 | % | |
| 0.1 | | |
| 10.5 | | |
| 10.7 | | |
| -2.2 | % |
Fuel | |
| 27.4 | | |
| 29.0 | | |
| -5.7 | % | |
| 0.0 | | |
| 27.3 | | |
| 29.1 | | |
| -5.9 | % |
Food and beverage services | |
| 7.6 | | |
| 7.5 | | |
| 1.5 | % | |
| 0.1 | | |
| 7.5 | | |
| 7.5 | | |
| 0.1 | % |
Advertising | |
| 6.7 | | |
| 5.5 | | |
| 21.7 | % | |
| 0.5 | | |
| 6.2 | | |
| 5.1 | | |
| 21.5 | % |
Services and retail stores | |
| 4.0 | | |
| 4.1 | | |
| -3.3 | % | |
| 0.0 | | |
| 4.0 | | |
| 4.2 | | |
| -4.3 | % |
Catering | |
| 3.0 | | |
| 2.5 | | |
| 20.7 | % | |
| 0.0 | | |
| 3.0 | | |
| 2.6 | | |
| 17.6 | % |
VIP lounges | |
| 15.6 | | |
| 10.8 | | |
| 43.7 | % | |
| 0.3 | | |
| 15.2 | | |
| 10.4 | | |
| 46.2 | % |
Walkway services | |
| 1.8 | | |
| 1.9 | | |
| -2.4 | % | |
| 0.0 | | |
| 1.8 | | |
| 1.9 | | |
| -3.8 | % |
Other | |
| 19.5 | | |
| 17.8 | | |
| 9.4 | % | |
| 0.8 | | |
| 18.7 | | |
| 18.0 | | |
| 3.9 | % |
Revenues by Segment (in US$ million)
Country | |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Argentina | |
| 511.0 | | |
| 468.5 | | |
| 9.1 | % | |
| 55.8 | | |
| 455.1 | | |
| 474.3 | | |
| -4.0 | % |
Italy | |
| 57.9 | | |
| 54.8 | | |
| 5.6 | % | |
| - | | |
| 57.9 | | |
| 54.8 | | |
| 5.6 | % |
Brazil | |
| 55.7 | | |
| 51.9 | | |
| 7.2 | % | |
| - | | |
| 55.7 | | |
| 51.9 | | |
| 7.2 | % |
Uruguay | |
| 93.4 | | |
| 74.1 | | |
| 26.1 | % | |
| - | | |
| 93.4 | | |
| 74.1 | | |
| 26.1 | % |
Armenia | |
| 107.8 | | |
| 109.4 | | |
| -1.5 | % | |
| - | | |
| 107.8 | | |
| 109.4 | | |
| -1.5 | % |
Ecuador (1) | |
| 53.8 | | |
| 50.4 | | |
| 6.8 | % | |
| - | | |
| 53.8 | | |
| 50.4 | | |
| 6.8 | % |
Unallocated | |
| 0.9 | | |
| 0.3 | | |
| 158.1 | % | |
| - | | |
| 0.9 | | |
| 0.3 | | |
| 158.1 | % |
Total consolidated revenue | |
| 880.4 | | |
| 809.4 | | |
| 8.8 | % | |
| 55.8 | | |
| 824.6 | | |
| 815.2 | | |
| 1.1 | % |
1 Only includes Guayaquil Airport.
Revenue Breakdown (in US$ million)
| |
6M24 as reported | | |
6M23 as reported | | |
% Var as reported | | |
IAS 29 | | |
6M24 ex IAS 29 | | |
6M23 ex IAS 29 | | |
% Var ex IAS 29 | |
Aeronautical Revenue | |
| 431.8 | | |
| 375.6 | | |
| 15.0 | % | |
| 29.7 | | |
| 402.0 | | |
| 377.5 | | |
| 6.5 | % |
Non-aeronautical Revenue | |
| 448.7 | | |
| 433.8 | | |
| 3.4 | % | |
| 26.1 | | |
| 422.6 | | |
| 437.7 | | |
| -3.5 | % |
Commercial revenue | |
| 350.3 | | |
| 338.5 | | |
| 3.5 | % | |
| 20.5 | | |
| 329.8 | | |
| 339.1 | | |
| -2.8 | % |
Construction service revenue (1) | |
| 95.6 | | |
| 91.4 | | |
| 4.6 | % | |
| 5.5 | | |
| 90.0 | | |
| 94.6 | | |
| -4.8 | % |
Other revenue | |
| 2.8 | | |
| 4.0 | | |
| -30.4 | % | |
| - | | |
| 2.8 | | |
| 4.0 | | |
| -30.4 | % |
Total Consolidated Revenue | |
| 880.4 | | |
| 809.4 | | |
| 8.8 | % | |
| 55.8 | | |
| 824.6 | | |
| 815.2 | | |
| 1.1 | % |
Total Revenue excluding Construction Service revenue (2) | |
| 784.9 | | |
| 718.0 | | |
| 9.3 | % | |
| 50.3 | | |
| 734.6 | | |
| 720.6 | | |
| 1.9 | % |
1 Construction Service revenue equals the construction
or upgrade costs plus a reasonable margin.
2 Excludes Construction Service revenue.
Aeronautical Breakdown (in US$ million)
| |
6M24 as reported | | |
6M23 as reported | | |
% Var as reported | | |
IAS 29 | | |
6M24 ex IAS 29 | | |
6M23 ex IAS 29 | | |
% Var ex IAS 29 | |
Aeronautical Revenue | |
| 431.8 | | |
| 375.6 | | |
| 15.0 | % | |
| 29.7 | | |
| 402.0 | | |
| 377.5 | | |
| 6.5 | % |
Passenger use fees | |
| 365.8 | | |
| 319.0 | | |
| 14.7 | % | |
| 26.3 | | |
| 339.5 | | |
| 320.8 | | |
| 5.8 | % |
Aircraft fees | |
| 65.7 | | |
| 56.9 | | |
| 15.4 | % | |
| 3.4 | | |
| 62.3 | | |
| 57.1 | | |
| 9.0 | % |
Other | |
| 0.3 | | |
| -0.4 | | |
| -170.1 | % | |
| - | | |
| 0.3 | | |
| -0.4 | | |
| -170.1 | % |
Commercial Revenue Breakdown (in US$ million)
| |
6M24 as reported | | |
6M23 as reported | | |
% Var as reported | | |
IAS 29 | | |
6M24 ex IAS 29 | | |
6M23 ex IAS 29 | | |
% Var ex IAS 29 | |
Commercial revenue | |
| 350.3 | | |
| 338.5 | | |
| 3.5 | % | |
| 20.5 | | |
| 329.8 | | |
| 339.1 | | |
| -2.8 | % |
Warehouse use fees | |
| 102.5 | | |
| 102.2 | | |
| 0.4 | % | |
| 9.5 | | |
| 93.0 | | |
| 103.6 | | |
| -10.2 | % |
Duty free shops | |
| 38.0 | | |
| 44.1 | | |
| -13.9 | % | |
| 2.1 | | |
| 35.8 | | |
| 44.6 | | |
| -19.6 | % |
Rental of space (including hangars) | |
| 22.0 | | |
| 18.4 | | |
| 19.4 | % | |
| 1.2 | | |
| 20.7 | | |
| 18.4 | | |
| 12.4 | % |
Parking facilities | |
| 19.8 | | |
| 19.9 | | |
| -0.3 | % | |
| 0.9 | | |
| 18.9 | | |
| 20.0 | | |
| -5.8 | % |
Fuel | |
| 53.6 | | |
| 58.5 | | |
| -8.3 | % | |
| 0.5 | | |
| 53.1 | | |
| 58.5 | | |
| -9.2 | % |
Food and beverage services | |
| 14.6 | | |
| 13.8 | | |
| 5.5 | % | |
| 0.7 | | |
| 13.9 | | |
| 13.8 | | |
| 0.9 | % |
Advertising | |
| 14.7 | | |
| 10.7 | | |
| 37.4 | % | |
| 1.7 | | |
| 13.0 | | |
| 9.9 | | |
| 31.9 | % |
Services and retail stores | |
| 7.9 | | |
| 7.7 | | |
| 2.3 | % | |
| 0.2 | | |
| 7.7 | | |
| 7.7 | | |
| -0.8 | % |
Catering | |
| 6.4 | | |
| 4.8 | | |
| 34.1 | % | |
| 0.5 | | |
| 5.9 | | |
| 4.8 | | |
| 21.5 | % |
VIP lounges | |
| 29.5 | | |
| 19.7 | | |
| 50.0 | % | |
| 1.4 | | |
| 28.1 | | |
| 18.9 | | |
| 48.9 | % |
Walkway services | |
| 4.1 | | |
| 3.7 | | |
| 10.5 | % | |
| 0.3 | | |
| 3.8 | | |
| 3.7 | | |
| 1.5 | % |
Other | |
| 37.2 | | |
| 35.0 | | |
| 6.2 | % | |
| 1.4 | | |
| 35.8 | | |
| 35.1 | | |
| 2.0 | % |
Total Expenses Breakdown (in US$ million)
| |
2Q24 as reported | | |
2Q23 as reported | | |
% Var as reported | | |
IAS 29 | | |
2Q24 ex IAS 29 | | |
2Q23 ex IAS 29 | | |
% Var ex IAS 29 | |
Cost of services | |
| 286.1 | | |
| 280.0 | | |
| 2.2 | % | |
| 24.8 | | |
| 261.3 | | |
| 265.5 | | |
| -1.6 | % |
SG&A | |
| 43.8 | | |
| 40.2 | | |
| 9.0 | % | |
| 0.4 | | |
| 43.4 | | |
| 40.5 | | |
| 7.2 | % |
Financial loss | |
| 8.7 | | |
| 38.4 | | |
| -77.3 | % | |
| -79.5 | | |
| 88.2 | | |
| 197.3 | | |
| -55.3 | % |
Inflation adjustment | |
| 1.6 | | |
| 10.8 | | |
| -85.5 | % | |
| 2.8 | | |
| -1.2 | | |
| 0.0 | | |
| 8428.9 | % |
Other expenses | |
| 1.0 | | |
| 1.0 | | |
| 0.7 | % | |
| 0.0 | | |
| 1.0 | | |
| 1.0 | | |
| -1.3 | % |
Income tax expense | |
| 45.6 | | |
| -1.6 | | |
| -2881.4 | % | |
| 56.3 | | |
| -10.7 | | |
| -86.2 | | |
| -87.6 | % |
Total expenses | |
| 386.8 | | |
| 368.8 | | |
| 4.9 | % | |
| 4.8 | | |
| 382.0 | | |
| 418.1 | | |
| -8.6 | % |
Cost of Services (in US$ million)
| |
2Q24 as reported | | |
2Q23 as reported | | |
% Var as reported | | |
IAS 29 | | |
2Q24 ex IAS 29 | | |
2Q23 ex IAS 29 | | |
% Var ex IAS 29 | |
Cost of Services | |
| 286.1 | | |
| 280.0 | | |
| 2.2 | % | |
| 24.8 | | |
| 261.3 | | |
| 265.5 | | |
| -1.6 | % |
Salaries and social security contributions | |
| 57.4 | | |
| 56.1 | | |
| 2.4 | % | |
| 0.0 | | |
| 57.5 | | |
| 57.5 | | |
| 0.0 | % |
Concession fees | |
| 47.3 | | |
| 47.3 | | |
| 0.0 | % | |
| 0.2 | | |
| 47.2 | | |
| 48.1 | | |
| -1.9 | % |
Construction service cost | |
| 49.9 | | |
| 55.6 | | |
| -10.3 | % | |
| 1.3 | | |
| 48.6 | | |
| 57.4 | | |
| -15.4 | % |
Maintenance expenses | |
| 40.7 | | |
| 32.8 | | |
| 24.0 | % | |
| 0.8 | | |
| 39.9 | | |
| 33.3 | | |
| 19.8 | % |
Amortization and depreciation | |
| 41.8 | | |
| 39.0 | | |
| 7.1 | % | |
| 22.4 | | |
| 19.4 | | |
| 19.8 | | |
| -1.9 | % |
Services and fees | |
| 17.4 | | |
| 16.3 | | |
| 6.6 | % | |
| 0.1 | | |
| 17.3 | | |
| 16.6 | | |
| 3.9 | % |
Cost of fuel | |
| 22.7 | | |
| 24.5 | | |
| -7.2 | % | |
| - | | |
| 22.7 | | |
| 24.5 | | |
| -7.2 | % |
Taxes | |
| 0.9 | | |
| 0.7 | | |
| 36.8 | % | |
| 0.0 | | |
| 1.0 | | |
| 0.8 | | |
| 26.1 | % |
Office expenses | |
| 3.1 | | |
| 2.9 | | |
| 9.6 | % | |
| 0.0 | | |
| 3.2 | | |
| 2.9 | | |
| 8.4 | % |
Provision for maintenance cost | |
| 0.8 | | |
| 0.7 | | |
| 15.2 | % | |
| - | | |
| 0.8 | | |
| 0.7 | | |
| 15.2 | % |
Others | |
| 3.9 | | |
| 4.0 | | |
| -3.3 | % | |
| 0.0 | | |
| 3.9 | | |
| 4.0 | | |
| -3.7 | % |
Selling, General and Administrative Expenses (in US$ million)
| |
2Q24 as reported | | |
2Q23 as reported | | |
% Var as reported | | |
IAS 29 | | |
2Q24 ex IAS 29 | | |
2Q23 ex IAS 29 | | |
% Var ex IAS 29 | |
SG&A | |
| 43.8 | | |
| 40.2 | | |
| 9.0 | % | |
| 0.4 | | |
| 43.4 | | |
| 40.5 | | |
| 7.2 | % |
Taxes | |
| 12.9 | | |
| 12.7 | | |
| 1.1 | % | |
| 0.1 | | |
| 12.8 | | |
| 13.0 | | |
| -1.6 | % |
Salaries and social security contributions | |
| 10.0 | | |
| 10.1 | | |
| -1.2 | % | |
| 0.0 | | |
| 10.0 | | |
| 10.2 | | |
| -2.8 | % |
Services and fees | |
| 10.7 | | |
| 9.3 | | |
| 14.5 | % | |
| -0.1 | | |
| 10.8 | | |
| 9.4 | | |
| 14.9 | % |
Office expenses | |
| 2.2 | | |
| 1.5 | | |
| 41.4 | % | |
| 0.1 | | |
| 2.1 | | |
| 1.6 | | |
| 30.3 | % |
Amortization and depreciation | |
| 1.8 | | |
| 1.5 | | |
| 14.3 | % | |
| 0.2 | | |
| 1.5 | | |
| 1.4 | | |
| 8.7 | % |
Maintenance expenses | |
| 0.7 | | |
| 0.6 | | |
| 18.3 | % | |
| 0.0 | | |
| 0.7 | | |
| 0.6 | | |
| 16.6 | % |
Advertising | |
| 1.6 | | |
| 0.4 | | |
| 311.1 | % | |
| 0.0 | | |
| 1.7 | | |
| 0.4 | | |
| 313.7 | % |
Insurances | |
| 0.6 | | |
| 0.7 | | |
| -15.5 | % | |
| 0.0 | | |
| 0.6 | | |
| 0.7 | | |
| -15.4 | % |
Bad debts recovery | |
| -1.4 | | |
| -0.6 | | |
| 113.9 | % | |
| 0.1 | | |
| -1.5 | | |
| -0.7 | | |
| 120.8 | % |
Bad debts | |
| 2.2 | | |
| 1.7 | | |
| 31.4 | % | |
| -0.1 | | |
| 2.3 | | |
| 1.7 | | |
| 36.7 | % |
Others | |
| 2.6 | | |
| 2.2 | | |
| 16.0 | % | |
| 0.0 | | |
| 2.6 | | |
| 2.2 | | |
| 16.1 | % |
Expenses by Segment (in US$ million)
Country | |
2Q24 as reported | | |
2Q23 as reported | | |
% Var as reported | | |
IAS 29 | | |
2Q24 ex IAS 29 | | |
2Q23 ex IAS 29 | | |
% Var ex IAS 29 | |
Argentina | |
| 185.7 | | |
| 179.6 | | |
| 3.4 | % | |
| 25.2 | | |
| 160.6 | | |
| 165.5 | | |
| -3.0 | % |
Italy | |
| 25.1 | | |
| 26.4 | | |
| -5.0 | % | |
| - | | |
| 25.1 | | |
| 26.4 | | |
| -5.0 | % |
Brazil | |
| 20.8 | | |
| 22.3 | | |
| -6.4 | % | |
| - | | |
| 20.8 | | |
| 22.3 | | |
| -6.4 | % |
Uruguay | |
| 32.3 | | |
| 28.0 | | |
| 15.2 | % | |
| - | | |
| 32.3 | | |
| 28.0 | | |
| 15.2 | % |
Armenia | |
| 40.2 | | |
| 39.6 | | |
| 1.4 | % | |
| - | | |
| 40.2 | | |
| 39.6 | | |
| 1.4 | % |
Ecuador | |
| 19.9 | | |
| 18.7 | | |
| 6.9 | % | |
| - | | |
| 19.9 | | |
| 18.7 | | |
| 6.9 | % |
Unallocated | |
| 6.8 | | |
| 6.6 | | |
| 3.9 | % | |
| - | | |
| 6.8 | | |
| 6.6 | | |
| 3.9 | % |
Total consolidated expenses (1) (2) | |
| 330.8 | | |
| 321.1 | | |
| 3.0 | % | |
| 25.2 | | |
| 305.7 | | |
| 307.0 | | |
| -0.4 | % |
| (1) | Excludes
income tax and financial loss |
| (2) | We
account for the results of operations of ECOGAL using the equity method |
Costs and Expenses (in US$ million)
| |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Cost of Services | |
| 572.4 | | |
| 529.0 | | |
| 8.2 | % | |
| 70.4 | | |
| 502.0 | | |
| 498.4 | | |
| 0.7 | % |
Salaries and social security contributions | |
| 122.2 | | |
| 109.9 | | |
| 11.2 | % | |
| 7.2 | | |
| 114.9 | | |
| 111.2 | | |
| 3.3 | % |
Concession fees | |
| 103.7 | | |
| 93.8 | | |
| 10.6 | % | |
| 7.2 | | |
| 96.5 | | |
| 94.5 | | |
| 2.2 | % |
Construction service cost | |
| 94.6 | | |
| 89.3 | | |
| 5.9 | % | |
| 5.5 | | |
| 89.0 | | |
| 92.5 | | |
| -3.8 | % |
Maintenance expenses | |
| 74.1 | | |
| 62.7 | | |
| 18.1 | % | |
| 4.4 | | |
| 69.7 | | |
| 63.1 | | |
| 10.4 | % |
Amortization and depreciation | |
| 82.0 | | |
| 76.5 | | |
| 7.2 | % | |
| 44.0 | | |
| 38.0 | | |
| 39.9 | | |
| -4.6 | % |
Other | |
| 95.9 | | |
| 96.8 | | |
| -0.9 | % | |
| 2.1 | | |
| 93.8 | | |
| 97.2 | | |
| -3.5 | % |
Cost of Services Excluding Construction Service cost | |
| 477.8 | | |
| 439.7 | | |
| 8.7 | % | |
| 64.9 | | |
| 413.0 | | |
| 405.8 | | |
| 1.8 | % |
Selling, general and administrative expenses | |
| 90.6 | | |
| 79.0 | | |
| 14.8 | % | |
| 4.8 | | |
| 85.8 | | |
| 79.2 | | |
| 8.4 | % |
Other expenses | |
| 3.9 | | |
| 1.8 | | |
| 117.0 | % | |
| 0.5 | | |
| 3.4 | | |
| 1.8 | | |
| 87.0 | % |
Total Costs and Expenses | |
| 666.9 | | |
| 609.7 | | |
| 9.4 | % | |
| 75.7 | | |
| 591.2 | | |
| 579.4 | | |
| 2.0 | % |
Total Costs and Expenses Excluding Construction Service cost | |
| 572.3 | | |
| 520.4 | | |
| 10.0 | % | |
| 70.2 | | |
| 502.2 | | |
| 486.8 | | |
| 3.1 | % |
Total Expenses Breakdown (in US$ million)
| |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Cost of services | |
| 572.4 | | |
| 529.0 | | |
| 8.2 | % | |
| 70.4 | | |
| 502.0 | | |
| 498.4 | | |
| 0.7 | % |
SG&A | |
| 90.6 | | |
| 79.0 | | |
| 14.8 | % | |
| 4.8 | | |
| 85.8 | | |
| 79.2 | | |
| 8.4 | % |
Financial loss | |
| -171.4 | | |
| 88.2 | | |
| -294.2 | % | |
| -362.8 | | |
| 191.4 | | |
| 379.8 | | |
| -49.6 | % |
Inflation adjustment | |
| 16.8 | | |
| 14.0 | | |
| 20.3 | % | |
| 21.2 | | |
| -4.3 | | |
| -0.5 | | |
| 720.6 | % |
Other expenses | |
| 3.9 | | |
| 1.8 | | |
| 117.0 | % | |
| 0.5 | | |
| 3.4 | | |
| 1.8 | | |
| 87.0 | % |
Income tax expense | |
| 172.1 | | |
| 36.3 | | |
| 373.9 | % | |
| 237.3 | | |
| -65.2 | | |
| -117.8 | | |
| -44.7 | % |
Total expenses | |
| 684.4 | | |
| 748.4 | | |
| -8.5 | % | |
| -28.6 | | |
| 713.1 | | |
| 840.9 | | |
| -15.2 | % |
Cost of Services (in US$ million)
| |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Cost of Services | |
| 572.4 | | |
| 529.0 | | |
| 8.2 | % | |
| 70.4 | | |
| 502.0 | | |
| 498.4 | | |
| 0.7 | % |
Salaries and social security contributions | |
| 122.2 | | |
| 109.9 | | |
| 11.2 | % | |
| 7.2 | | |
| 114.9 | | |
| 111.2 | | |
| 3.3 | % |
Concession fees | |
| 103.7 | | |
| 93.8 | | |
| 10.6 | % | |
| 7.2 | | |
| 96.5 | | |
| 94.5 | | |
| 2.2 | % |
Construction service cost | |
| 94.6 | | |
| 89.3 | | |
| 5.9 | % | |
| 5.5 | | |
| 89.0 | | |
| 92.5 | | |
| -3.8 | % |
Maintenance expenses | |
| 74.1 | | |
| 62.7 | | |
| 18.1 | % | |
| 4.4 | | |
| 69.7 | | |
| 63.1 | | |
| 10.4 | % |
Amortization and depreciation | |
| 82.0 | | |
| 76.5 | | |
| 7.2 | % | |
| 44.0 | | |
| 38.0 | | |
| 39.9 | | |
| -4.6 | % |
Services and fees | |
| 33.5 | | |
| 30.5 | | |
| 9.7 | % | |
| 1.1 | | |
| 32.4 | | |
| 30.8 | | |
| 5.0 | % |
Cost of fuel | |
| 43.5 | | |
| 48.6 | | |
| -10.5 | % | |
| - | | |
| 43.5 | | |
| 48.6 | | |
| -10.5 | % |
Taxes | |
| 2.4 | | |
| 1.9 | | |
| 24.4 | % | |
| 0.2 | | |
| 2.2 | | |
| 2.0 | | |
| 8.1 | % |
Office expenses | |
| 7.5 | | |
| 6.2 | | |
| 20.6 | % | |
| 0.7 | | |
| 6.8 | | |
| 6.2 | | |
| 8.4 | % |
Provision for maintenance cost | |
| 1.7 | | |
| 1.5 | | |
| 8.8 | % | |
| - | | |
| 1.7 | | |
| 1.5 | | |
| 8.8 | % |
Others | |
| 7.4 | | |
| 8.0 | | |
| -7.4 | % | |
| 0.0 | | |
| 7.4 | | |
| 8.0 | | |
| -8.0 | % |
Selling, General and Administrative Expenses (in US$ million)
| |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
SG&A | |
| 90.6 | | |
| 79.0 | | |
| 14.8 | % | |
| 4.8 | | |
| 85.8 | | |
| 79.2 | | |
| 8.4 | % |
Taxes | |
| 28.9 | | |
| 25.5 | | |
| 13.5 | % | |
| 2.8 | | |
| 26.1 | | |
| 25.7 | | |
| 1.7 | % |
Salaries and social security contributions | |
| 20.9 | | |
| 19.1 | | |
| 9.6 | % | |
| 0.9 | | |
| 20.0 | | |
| 19.2 | | |
| 3.8 | % |
Services and fees | |
| 21.2 | | |
| 18.6 | | |
| 13.8 | % | |
| 0.1 | | |
| 21.1 | | |
| 18.7 | | |
| 12.8 | % |
Office expenses | |
| 3.7 | | |
| 3.0 | | |
| 23.0 | % | |
| 0.3 | | |
| 3.4 | | |
| 3.1 | | |
| 10.8 | % |
Amortization and depreciation | |
| 3.5 | | |
| 3.2 | | |
| 11.1 | % | |
| 0.4 | | |
| 3.1 | | |
| 2.9 | | |
| 6.0 | % |
Maintenance expenses | |
| 1.3 | | |
| 1.1 | | |
| 13.3 | % | |
| 0.0 | | |
| 1.2 | | |
| 1.1 | | |
| 9.2 | % |
Advertising | |
| 2.3 | | |
| 0.9 | | |
| 160.4 | % | |
| 0.0 | | |
| 2.3 | | |
| 0.9 | | |
| 152.9 | % |
Insurances | |
| 1.4 | | |
| 1.4 | | |
| 4.5 | % | |
| 0.0 | | |
| 1.4 | | |
| 1.4 | | |
| 3.0 | % |
Bad debts recovery | |
| -2.3 | | |
| -1.4 | | |
| 60.7 | % | |
| 0.1 | | |
| -2.4 | | |
| -1.5 | | |
| 59.4 | % |
Bad debts | |
| 4.5 | | |
| 3.2 | | |
| 39.5 | % | |
| 0.1 | | |
| 4.4 | | |
| 3.2 | | |
| 37.0 | % |
Others | |
| 5.1 | | |
| 4.4 | | |
| 16.2 | % | |
| 0.0 | | |
| 5.1 | | |
| 4.4 | | |
| 16.3 | % |
Expenses by Segment (in US$ million)
Country | |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Argentina | |
| 385.6 | | |
| 342.8 | | |
| 12.5 | % | |
| 75.7 | | |
| 309.9 | | |
| 312.5 | | |
| -0.8 | % |
Italy | |
| 46.7 | | |
| 48.4 | | |
| -3.4 | % | |
| - | | |
| 46.7 | | |
| 48.4 | | |
| -3.4 | % |
Brazil | |
| 42.9 | | |
| 42.0 | | |
| 2.3 | % | |
| - | | |
| 42.9 | | |
| 42.0 | | |
| 2.3 | % |
Uruguay | |
| 63.0 | | |
| 51.6 | | |
| 22.0 | % | |
| - | | |
| 63.0 | | |
| 51.6 | | |
| 22.0 | % |
Armenia | |
| 75.0 | | |
| 76.7 | | |
| -2.3 | % | |
| - | | |
| 75.0 | | |
| 76.7 | | |
| -2.3 | % |
Ecuador | |
| 40.0 | | |
| 36.3 | | |
| 10.1 | % | |
| - | | |
| 40.0 | | |
| 36.3 | | |
| 10.1 | % |
Unallocated | |
| 13.7 | | |
| 11.9 | | |
| 15.9 | % | |
| - | | |
| 13.7 | | |
| 11.9 | | |
| 15.9 | % |
Total consolidated expenses (1) (2) | |
| 666.9 | | |
| 609.7 | | |
| 9.4 | % | |
| 75.7 | | |
| 591.2 | | |
| 579.4 | | |
| 2.0 | % |
| (1) | Excludes
income tax and financial loss |
| (2) | We
account for the results of operations of ECOGAL using the equity method |
Adjusted EBITDA by Segment (in US$ million)
| |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Argentina | |
| 185.4 | | |
| 180.5 | | |
| 2.7 | % | |
| 25.7 | | |
| 159.7 | | |
| 180.0 | | |
| -11.3 | % |
Italy | |
| 17.0 | | |
| 12.2 | | |
| 39.3 | % | |
| - | | |
| 17.0 | | |
| 12.2 | | |
| 39.3 | % |
Brazil | |
| 21.2 | | |
| 19.5 | | |
| 8.7 | % | |
| - | | |
| 21.2 | | |
| 19.5 | | |
| 8.7 | % |
Uruguay | |
| 34.1 | | |
| 25.6 | | |
| 33.2 | % | |
| - | | |
| 34.1 | | |
| 25.6 | | |
| 33.2 | % |
Armenia | |
| 43.3 | | |
| 41.6 | | |
| 4.2 | % | |
| - | | |
| 43.3 | | |
| 41.6 | | |
| 4.2 | % |
Ecuador | |
| 15.7 | | |
| 15.7 | | |
| -0.4 | % | |
| - | | |
| 15.7 | | |
| 15.7 | | |
| -0.4 | % |
Unallocated | |
| -3.8 | | |
| -1.8 | | |
| 109.3 | % | |
| - | | |
| -3.8 | | |
| -1.8 | | |
| 109.3 | % |
Total segment EBITDA | |
| 313.0 | | |
| 293.4 | | |
| 6.7 | % | |
| 25.7 | | |
| 287.3 | | |
| 292.9 | | |
| -1.9 | % |
Adjusted EBITDA Reconciliation to Income from
Continuing Operations (in US$ million)
| |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Income from Continuing Operations | |
| 247.8 | | |
| 105.7 | | |
| 134.5 | % | |
| 77.3 | | |
| 170.5 | | |
| 56.6 | | |
| 201.0 | % |
Financial Income | |
| -37.8 | | |
| -30.5 | | |
| 24.1 | % | |
| 8.4 | | |
| -46.3 | | |
| -68.1 | | |
| -32.1 | % |
Financial Loss | |
| -171.4 | | |
| 88.2 | | |
| -294.2 | % | |
| -362.8 | | |
| 191.4 | | |
| 379.8 | | |
| -49.6 | % |
Inflation adjustment | |
| 16.8 | | |
| 14.0 | | |
| 20.3 | % | |
| 21.2 | | |
| -4.3 | | |
| -0.5 | | |
| 720.6 | % |
Income Tax Expense | |
| 172.1 | | |
| 36.3 | | |
| 373.9 | % | |
| 237.3 | | |
| -65.2 | | |
| -117.8 | | |
| -44.7 | % |
Amortization and Depreciation | |
| 85.5 | | |
| 79.6 | | |
| 7.3 | % | |
| 44.3 | | |
| 41.1 | | |
| 42.8 | | |
| -3.9 | % |
Adjusted EBITDA | |
| 313.0 | | |
| 293.4 | | |
| 6.7 | % | |
| 25.7 | | |
| 287.3 | | |
| 292.8 | | |
| -1.9 | % |
Adjusted EBITDA Margin | |
| 35.5 | % | |
| 36.2 | % | |
| -70 | | |
| - | | |
| 34.8 | % | |
| 35.9 | % | |
| -109 | |
Adjusted EBITDA Margin excluding Construction Service | |
| 39.7 | % | |
| 40.6 | % | |
| -83 | | |
| - | | |
| 39.0 | % | |
| 40.4 | % | |
| -138 | |
Financial Income / Loss (in US$ million)
| |
6M24 as
reported | | |
6M23 as
reported | | |
% Var as
reported | | |
IAS 29 | | |
6M24 ex
IAS 29 | | |
6M23 ex
IAS 29 | | |
% Var ex
IAS 29 | |
Financial Income | |
| 37.8 | | |
| 30.5 | | |
| 24.1 | % | |
| -8.4 | | |
| 46.3 | | |
| 68.1 | | |
| -32.1 | % |
Interest income | |
| 31.3 | | |
| 25.6 | | |
| 22.1 | % | |
| 2.5 | | |
| 28.8 | | |
| 26.0 | | |
| 10.5 | % |
Foreign exchange income | |
| 0.3 | | |
| 0.5 | | |
| -38.2 | % | |
| -11.4 | | |
| 11.7 | | |
| 37.8 | | |
| -68.9 | % |
Other | |
| 6.2 | | |
| 4.3 | | |
| 44.0 | % | |
| 0.4 | | |
| 5.8 | | |
| 4.3 | | |
| 33.9 | % |
Inflation adjustment | |
| -16.8 | | |
| -14.0 | | |
| 20.3 | % | |
| -21.2 | | |
| 4.3 | | |
| 0.5 | | |
| 720.6 | % |
Inflation adjustment | |
| -16.8 | | |
| -14.0 | | |
| 20.3 | % | |
| -21.2 | | |
| 4.3 | | |
| 0.5 | | |
| 720.6 | % |
Financial Loss | |
| 171.4 | | |
| -88.2 | | |
| -294.2 | % | |
| 362.8 | | |
| -191.4 | | |
| -379.8 | | |
| -49.6 | % |
Interest Expenses | |
| -54.2 | | |
| -56.2 | | |
| -3.5 | % | |
| -3.0 | | |
| -51.2 | | |
| -55.7 | | |
| -8.1 | % |
Foreign exchange transaction expenses | |
| 278.9 | | |
| 26.3 | | |
| 959.9 | % | |
| 366.0 | | |
| -87.1 | | |
| -265.8 | | |
| -67.2 | % |
Changes in liability for concessions | |
| -47.6 | | |
| -54.1 | | |
| -12.0 | % | |
| - | | |
| -47.6 | | |
| -54.1 | | |
| -12.0 | % |
Other financial loss | |
| -5.7 | | |
| -4.3 | | |
| 32.9 | % | |
| -0 | | |
| -5.5 | | |
| -4.2 | | |
| 31.8 | % |
Financial Loss, Net | |
| 192.4 | | |
| -71.8 | | |
| -368.1 | % | |
| 333.2 | | |
| -140.8 | | |
| -311.2 | | |
| -54.8 | % |
See “Use of Non-IFRS Financial Measures”
on page 22.
% Ownership by Concession
Aeropuertos Argentina 2000 | |
| Argentina | | |
| 82.7 | % |
Neuquén | |
| Argentina | | |
| 75.5 | % |
Bahía Blanca | |
| Argentina | | |
| 82.6 | % |
Toscana Aeroporti (Florence and Pisa airports) | |
| Italy | | |
| 46.7 | % |
ICAB (Brasilia Airport) | |
| Brazil | | |
| 51.0 | % |
Puerta del Sur (Carrasco Airport) | |
| Uruguay | | |
| 100.0 | % |
CAISA (Punta del Este Airport) | |
| Uruguay | | |
| 100.0 | % |
AIA (Armenian airports) | |
| Armenia | | |
| 100.0 | % |
TAGSA (Guayaquil Airport) | |
| Ecuador | | |
| 50.0 | % |
ECOGAL (Galápagos Airport) | |
| Ecuador | | |
| 99.9 | % |
Selected Income Statement Data (in US$ million)
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
% Var. | |
Argentina | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| 224.8 | | |
| 240.3 | | |
| -6.5 | % | |
| 511.0 | | |
| 468.5 | | |
| 9.1 | % |
Total Revenue Excluding IFRIC12(1) | |
| 187.7 | | |
| 195.6 | | |
| -4.1 | % | |
| 436.3 | | |
| 394.5 | | |
| 10.6 | % |
Operating Income | |
| 43.4 | | |
| 65.6 | | |
| -33.8 | % | |
| 136.2 | | |
| 135.4 | | |
| 0.6 | % |
Net Income | |
| 38.9 | | |
| 75.6 | | |
| -48.6 | % | |
| 235.0 | | |
| 113.9 | | |
| 106.3 | % |
Adjusted Segment EBITDA | |
| 69.0 | | |
| 88.9 | | |
| -22.4 | % | |
| 185.4 | | |
| 180.5 | | |
| 2.7 | % |
Adjusted Segment EBITDA Mg | |
| 30.7 | % | |
| 37.0 | % | |
| -631 | | |
| 36.3 | % | |
| 38.5 | % | |
| -225 | |
Adjusted EBITDA Margin excluding IFRIC | |
| 36.7 | % | |
| 45.4 | % | |
| -870 | | |
| 42.5 | % | |
| 45.7 | % | |
| -328 | |
Italy | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| 35.3 | | |
| 33.9 | | |
| 4.0 | % | |
| 57.9 | | |
| 54.8 | | |
| 5.6 | % |
Total Revenue Excluding IFRIC12(1) | |
| 34.0 | | |
| 29.6 | | |
| 15.0 | % | |
| 55.4 | | |
| 49.4 | | |
| 12.1 | % |
Operating Income | |
| 10.4 | | |
| 7.8 | | |
| 34.1 | % | |
| 11.4 | | |
| 6.9 | | |
| 65.7 | % |
Net Income | |
| 6.7 | | |
| 4.0 | | |
| 67.8 | % | |
| 5.9 | | |
| 2.1 | | |
| 184.3 | % |
Adjusted Segment EBITDA | |
| 13.3 | | |
| 10.4 | | |
| 27.0 | % | |
| 17.0 | | |
| 12.2 | | |
| 39.3 | % |
Adjusted Segment EBITDA Mg | |
| 37.6 | % | |
| 30.8 | % | |
| 680 | | |
| 29.3 | % | |
| 22.2 | % | |
| 709 | |
Adjusted EBITDA Margin excluding IFRIC | |
| 38.7 | % | |
| 30.2 | % | |
| 854 | | |
| 29.2 | % | |
| 20.8 | % | |
| 848 | |
Brazil | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| 26.8 | | |
| 27.3 | | |
| -1.5 | % | |
| 55.7 | | |
| 51.9 | | |
| 7.2 | % |
Total Revenue Excluding IFRIC12(1) | |
| 26.6 | | |
| 27.3 | | |
| -2.3 | % | |
| 55.1 | | |
| 51.9 | | |
| 6.2 | % |
Operating Income | |
| 8.6 | | |
| 8.6 | | |
| -0.5 | % | |
| 15.4 | | |
| 13.7 | | |
| 12.5 | % |
Net Income | |
| -15.5 | | |
| -15.9 | | |
| -2.4 | % | |
| -36.4 | | |
| -47.9 | | |
| -23.9 | % |
Adjusted Segment EBITDA | |
| 11.4 | | |
| 11.6 | | |
| -2.4 | % | |
| 21.2 | | |
| 19.5 | | |
| 8.7 | % |
Adjusted Segment EBITDA Mg | |
| 42.4 | % | |
| 42.4 | % | |
| 0 | | |
| 38.1 | % | |
| 37.6 | % | |
| 53 | |
Adjusted EBITDA Margin excluding IFRIC | |
| 42.7 | % | |
| 42.4 | % | |
| 32 | | |
| 38.5 | % | |
| 37.6 | % | |
| 88 | |
Uruguay | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| 42.8 | | |
| 36.1 | | |
| 18.6 | % | |
| 93.4 | | |
| 74.1 | | |
| 26.1 | % |
Total Revenue Excluding IFRIC12(1) | |
| 33.8 | | |
| 28.9 | | |
| 17.3 | % | |
| 78.5 | | |
| 63.7 | | |
| 23.2 | % |
Operating Income | |
| 9.8 | | |
| 7.5 | | |
| 30.4 | % | |
| 28.9 | | |
| 21.3 | | |
| 35.9 | % |
Net Income | |
| 8.2 | | |
| 7.1 | | |
| 15.9 | % | |
| 27.0 | | |
| 20.3 | | |
| 33.2 | % |
Adjusted Segment EBITDA | |
| 12.2 | | |
| 9.5 | | |
| 27.8 | % | |
| 34.1 | | |
| 25.6 | | |
| 33.2 | % |
Adjusted Segment EBITDA Mg | |
| 28.5 | % | |
| 26.4 | % | |
| 206 | | |
| 36.5 | % | |
| 34.6 | % | |
| 193 | |
Adjusted EBITDA Margin excluding IFRIC | |
| 36.0 | % | |
| 33.0 | % | |
| 297 | | |
| 43.5 | % | |
| 40.2 | % | |
| 327 | |
| |
2Q24 | | |
2Q23 | | |
% Var. | | |
6M24 | | |
6M23 | | |
% Var. | |
Ecuador | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| 27.1 | | |
| 25.9 | | |
| 4.7 | % | |
| 53.8 | | |
| 50.4 | | |
| 6.8 | % |
Total Revenue Excluding IFRIC12(1) | |
| 27.0 | | |
| 25.9 | | |
| 4.5 | % | |
| 53.7 | | |
| 50.3 | | |
| 6.7 | % |
Operating Income | |
| 6.4 | | |
| 6.5 | | |
| -1.2 | % | |
| 12.2 | | |
| 12.5 | | |
| -2.8 | % |
Net Income | |
| 6.0 | | |
| 5.9 | | |
| 2.0 | % | |
| 11.2 | | |
| 11.3 | | |
| -1.4 | % |
Adjusted Segment EBITDA | |
| 8.2 | | |
| 8.1 | | |
| 1.0 | % | |
| 15.7 | | |
| 15.7 | | |
| -0.4 | % |
Adjusted Segment EBITDA Mg | |
| 30.1 | % | |
| 31.2 | % | |
| -112 | | |
| 29.2 | % | |
| 31.3 | % | |
| -211 | |
Adjusted EBITDA Margin excluding IFRIC | |
| 30.2 | % | |
| 31.2 | % | |
| -104 | | |
| 29.2 | % | |
| 31.3 | % | |
| -207 | |
Armenia | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| 59.3 | | |
| 59.1 | | |
| 0.4 | % | |
| 107.8 | | |
| 109.4 | | |
| -1.5 | % |
Total Revenue Excluding IFRIC12(1) | |
| 56.7 | | |
| 58.1 | | |
| -2.3 | % | |
| 104.9 | | |
| 107.8 | | |
| -2.7 | % |
Operating Income | |
| 19.2 | | |
| 19.6 | | |
| -2.0 | % | |
| 33.0 | | |
| 31.8 | | |
| 3.7 | % |
Net Income | |
| 14.6 | | |
| 14.8 | | |
| -1.2 | % | |
| 23.9 | | |
| 23.9 | | |
| -0.1 | % |
Adjusted Segment EBITDA | |
| 24.5 | | |
| 24.5 | | |
| 0.2 | % | |
| 43.3 | | |
| 41.6 | | |
| 4.2 | % |
Adjusted Segment EBITDA Mg | |
| 41.3 | % | |
| 41.4 | % | |
| -8 | | |
| 40.2 | % | |
| 38.0 | % | |
| 220 | |
Adjusted EBITDA Margin excluding IFRIC | |
| 43.1 | % | |
| 42.1 | % | |
| 100 | | |
| 41.3 | % | |
| 38.5 | % | |
| 271 | |
Unallocated | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total revenue | |
| 0.2 | | |
| 0.2 | | |
| -12.4 | % | |
| 0.9 | | |
| 0.3 | | |
| 158.1 | % |
Operating Income | |
| -4.8 | | |
| -5.0 | | |
| -3.6 | % | |
| -9.4 | | |
| -7.8 | | |
| 21.3 | % |
Net Income | |
| -4.4 | | |
| -10.6 | | |
| -58.3 | % | |
| -18.8 | | |
| -18.0 | | |
| 4.3 | % |
Adjusted segment EBITDA | |
| -2.1 | | |
| -2.0 | | |
| 2.0 | % | |
| -3.8 | | |
| -1.8 | | |
| 109.3 | % |
Adjusted Segment EBITDA Mg | |
| N/A | | |
| N/A | | |
| N/A | | |
| N/A | | |
| #N/A | | |
| N/A | |
1 Excludes Construction Service revenue.
2 Excludes the effect of IFRIC 12 with respect
to the construction or improvements to assets under the concession.
3 Starting in 3Q18, reported numbers are presented
applying Hyperinflation accounting for our Argentinean subsidiaries, in accordance with IAS 29, as explained above. Please refer to Review
of Segments – Argentina to see the effect of this rule in our Argentinean subsidiaries.
Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements
| |
Domestic Passenger
Traffic (in thousands) | | |
International
Passenger Traffic (in thousands) | | |
Transit Passengers
(in thousands) | | |
Total Passenger
Traffic (in thousands) | | |
Cargo Volume
(in tons) | | |
Aircraft
Movements | |
| |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | |
Argentina | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Aeroparque | |
| 2,256 | | |
| 2,883 | | |
| -21.8 | % | |
| 763 | | |
| 718 | | |
| 6.3 | % | |
| 214 | | |
| 240 | | |
| -10.9 | % | |
| 3,232 | | |
| 3,841 | | |
| -15.9 | % | |
| 257 | | |
| 410 | | |
| -37.4 | % | |
| 27,128 | | |
| 31,856 | | |
| -14.8 | % |
Bariloche | |
| 374 | | |
| 459 | | |
| -18.5 | % | |
| 5 | | |
| 3 | | |
| 42.9 | % | |
| 0 | | |
| 1 | | |
| - | | |
| 379 | | |
| 463 | | |
| -18.2 | % | |
| - | | |
| - | | |
| - | | |
| 2,837 | | |
| 3,454 | | |
| -17.9 | % |
Catamarca | |
| 18 | | |
| 21 | | |
| -14.6 | % | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| 2 | | |
| -27.0 | % | |
| 19 | | |
| 22 | | |
| -15.6 | % | |
| 15 | | |
| 12 | | |
| 19.4 | % | |
| 611 | | |
| 723 | | |
| -15.5 | % |
C. Rivadavia | |
| 122 | | |
| 146 | | |
| -16.8 | % | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| 2 | | |
| - | | |
| 122 | | |
| 148 | | |
| -17.5 | % | |
| 151 | | |
| 133 | | |
| 13.5 | % | |
| 1,557 | | |
| 1,949 | | |
| -20.1 | % |
Córdoba | |
| 513 | | |
| 617 | | |
| -16.9 | % | |
| 141 | | |
| 124 | | |
| 13.0 | % | |
| 1 | | |
| 4 | | |
| - | | |
| 654 | | |
| 745 | | |
| -12.2 | % | |
| 274 | | |
| 431 | | |
| -36.5 | % | |
| 6,173 | | |
| 6,972 | | |
| -11.5 | % |
El Palomar | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,420 | | |
| 1,044 | | |
| 36.0 | % |
Esquel | |
| 15 | | |
| 16 | | |
| -5.8 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 15 | | |
| 16 | | |
| -5.8 | % | |
| - | | |
| - | | |
| - | | |
| 212 | | |
| 279 | | |
| -24.0 | % |
Ezeiza | |
| 588 | | |
| 615 | | |
| -4.5 | % | |
| 1,775 | | |
| 1,632 | | |
| 8.7 | % | |
| 57 | | |
| 51 | | |
| 12.0 | % | |
| 2,420 | | |
| 2,299 | | |
| 5.3 | % | |
| 47,640 | | |
| 44,764 | | |
| 6.4 | % | |
| 16,761 | | |
| 16,228 | | |
| 3.3 | % |
Formosa | |
| 20 | | |
| 24 | | |
| -15.0 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20 | | |
| 24 | | |
| -15.0 | % | |
| 23 | | |
| 17 | | |
| 40.2 | % | |
| 338 | | |
| 423 | | |
| -20.1 | % |
General
Pico | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 279 | | |
| 198 | | |
| 40.9 | % |
Iguazú | |
| 331 | | |
| 405 | | |
| -18.4 | % | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| 0 | | |
| - | | |
| 331 | | |
| 405 | | |
| -18.4 | % | |
| - | | |
| - | | |
| - | | |
| 2,553 | | |
| 2,976 | | |
| -14.2 | % |
Jujuy | |
| 122 | | |
| 149 | | |
| -18.2 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2 | | |
| - | | |
| 122 | | |
| 151 | | |
| -19.5 | % | |
| 33 | | |
| - | | |
| - | | |
| 1,063 | | |
| 1,382 | | |
| -23.1 | % |
La Rioja | |
| 16 | | |
| 22 | | |
| -24.7 | % | |
| - | | |
| - | | |
| - | | |
| 2 | | |
| 3 | | |
| -21.7 | % | |
| 18 | | |
| 24 | | |
| -24.4 | % | |
| 19 | | |
| 10 | | |
| 96.5 | % | |
| 422 | | |
| 611 | | |
| -30.9 | % |
Malargüe | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 125 | | |
| 124 | | |
| 0.8 | % |
Mar del Plata | |
| 50 | | |
| 57 | | |
| -13.4 | % | |
| - | | |
| - | | |
| - | | |
| 2 | | |
| 2 | | |
| -13.5 | % | |
| 52 | | |
| 60 | | |
| -13.4 | % | |
| 21 | | |
| - | | |
| - | | |
| 1,687 | | |
| 1,534 | | |
| 10.0 | % |
Mendoza | |
| 381 | | |
| 485 | | |
| -21.4 | % | |
| 144 | | |
| 117 | | |
| 23.0 | % | |
| 2 | | |
| 4 | | |
| -55.5 | % | |
| 527 | | |
| 606 | | |
| -13.0 | % | |
| 127 | | |
| 108 | | |
| 18.5 | % | |
| 4,871 | | |
| 5,484 | | |
| -11.2 | % |
Paraná | |
| 7 | | |
| 15 | | |
| -56.4 | % | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 7 | | |
| 15 | | |
| -57.2 | % | |
| - | | |
| - | | |
| - | | |
| 842 | | |
| 1,034 | | |
| -18.6 | % |
Posadas | |
| 86 | | |
| 110 | | |
| -22.2 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 86 | | |
| 110 | | |
| -22.3 | % | |
| 26 | | |
| 22 | | |
| 16.9 | % | |
| 958 | | |
| 1,195 | | |
| -19.8 | % |
Pto Madryn | |
| 13 | | |
| 39 | | |
| -67.0 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 13 | | |
| 39 | | |
| -67.0 | % | |
| 1 | | |
| 8 | | |
| -84.4 | % | |
| 110 | | |
| 319 | | |
| -65.5 | % |
Reconquista | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,021 | | |
| 727 | | |
| 40.4 | % |
Resistencia | |
| 41 | | |
| 26 | | |
| 61.0 | % | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| 0 | | |
| - | | |
| 41 | | |
| 26 | | |
| 58.1 | % | |
| 41 | | |
| 15 | | |
| 182.4 | % | |
| 887 | | |
| 369 | | |
| 140.4 | % |
Río
Cuarto | |
| 4 | | |
| 8 | | |
| -45.9 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4 | | |
| 8 | | |
| -45.9 | % | |
| 1 | | |
| 3 | | |
| - | | |
| 180 | | |
| 200 | | |
| -10.0 | % |
Río
Gallegos | |
| 40 | | |
| 59 | | |
| -32.3 | % | |
| 0 | | |
| - | | |
| - | | |
| 2 | | |
| 3 | | |
| -2.5 | % | |
| 42 | | |
| 61 | | |
| -31.1 | % | |
| 71 | | |
| 55 | | |
| 29.2 | % | |
| 888 | | |
| 1,321 | | |
| -32.8 | % |
Río
Grande | |
| 26 | | |
| 36 | | |
| -27.6 | % | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| 0 | | |
| - | | |
| 26 | | |
| 37 | | |
| -28.0 | % | |
| 918 | | |
| 796 | | |
| 15.3 | % | |
| 753 | | |
| 681 | | |
| 10.6 | % |
Salta | |
| 296 | | |
| 385 | | |
| -23.0 | % | |
| 10 | | |
| 2 | | |
| 471.3 | % | |
| - | | |
| 1 | | |
| - | | |
| 306 | | |
| 388 | | |
| -21.0 | % | |
| 82 | | |
| 43 | | |
| 91.4 | % | |
| 4,098 | | |
| 4,063 | | |
| 0.9 | % |
| |
Domestic Passenger
Traffic (in thousands) | | |
International
Passenger Traffic (in thousands) | | |
Transit Passengers
(in thousands) | | |
Total Passenger
Traffic (in thousands) | | |
Cargo Volume
(in tons) | | |
Aircraft
Movements | |
| |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | |
San Fernando | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 12,575 | | |
| 15,093 | | |
| -16.7 | % |
San Juan | |
| 41 | | |
| 57 | | |
| -29.4 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 41 | | |
| 58 | | |
| -29.8 | % | |
| - | | |
| - | | |
| - | | |
| 476 | | |
| 718 | | |
| -33.7 | % |
San Luis | |
| 11 | | |
| 18 | | |
| -38.3 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 11 | | |
| 18 | | |
| -38.3 | % | |
| 10 | | |
| 104 | | |
| -90.3 | % | |
| 345 | | |
| 788 | | |
| -56.2 | % |
San Rafael | |
| 8 | | |
| 13 | | |
| -37.6 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8 | | |
| 13 | | |
| -37.6 | % | |
| - | | |
| - | | |
| - | | |
| 1,736 | | |
| 1,682 | | |
| 3.2 | % |
Santa Rosa | |
| 9 | | |
| 13 | | |
| -26.8 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 9 | | |
| 13 | | |
| -26.8 | % | |
| 1 | | |
| - | | |
| - | | |
| 560 | | |
| 770 | | |
| -27.3 | % |
Santiago
del Estero | |
| 56 | | |
| 62 | | |
| -9.6 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 56 | | |
| 62 | | |
| -9.6 | % | |
| 29 | | |
| 17 | | |
| 73.5 | % | |
| 1,096 | | |
| 1,234 | | |
| -11.2 | % |
Tucumán | |
| 169 | | |
| 215 | | |
| -21.3 | % | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| 0 | | |
| - | | |
| 169 | | |
| 215 | | |
| -21.3 | % | |
| 2 | | |
| - | | |
| - | | |
| 1,581 | | |
| 1,982 | | |
| -20.2 | % |
Viedma | |
| 7 | | |
| 9 | | |
| -15.5 | % | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| 2 | | |
| - | | |
| 8 | | |
| 10 | | |
| -25.3 | % | |
| - | | |
| - | | |
| - | | |
| 174 | | |
| 287 | | |
| -39.4 | % |
Villa Mercedes | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 332 | | |
| 667 | | |
| -50.2 | % |
Termas de
Río Hondo | |
| 2 | | |
| 5 | | |
| -64.9 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2 | | |
| 5 | | |
| -64.9 | % | |
| - | | |
| - | | |
| - | | |
| 120 | | |
| 168 | | |
| -28.6 | % |
Bahía
Blanca | |
| 58 | | |
| 70 | | |
| -18.1 | % | |
| - | | |
| - | | |
| - | | |
| 2 | | |
| 3 | | |
| -37.0 | % | |
| 60 | | |
| 74 | | |
| -19.0 | % | |
| 38 | | |
| 42 | | |
| -9.9 | % | |
| 856 | | |
| 994 | | |
| -13.9 | % |
Neuquén | |
| 265 | | |
| 300 | | |
| -11.7 | % | |
| 0 | | |
| 0 | | |
| - | | |
| 4 | | |
| 4 | | |
| 4.3 | % | |
| 269 | | |
| 304 | | |
| -11.5 | % | |
| 82 | | |
| 78 | | |
| 5.1 | % | |
| 2,983 | | |
| 3,257 | | |
| -8.4 | % |
Total
Argentina | |
| 5,944 | | |
| 7,341 | | |
| -19.0 | % | |
| 2,837 | | |
| 2,597 | | |
| 9.3 | % | |
| 289 | | |
| 325 | | |
| -11.1 | % | |
| 9,070 | | |
| 10,262 | | |
| -11.6 | % | |
| 49,863 | | |
| 47,065 | | |
| 5.9 | % | |
| 100,608 | | |
| 112,786 | | |
| -10.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Italy | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Pisa | |
| 352 | | |
| 353 | | |
| -0.4 | % | |
| 1,267 | | |
| 1,085 | | |
| 16.8 | % | |
| 1 | | |
| 2 | | |
| -20.6 | % | |
| 1,620 | | |
| 1,440 | | |
| 12.5 | % | |
| 3,228 | | |
| 3,335 | | |
| -3.2 | % | |
| 12,517 | | |
| 11,151 | | |
| 12.3 | % |
Florence | |
| 144 | | |
| 117 | | |
| 23.8 | % | |
| 881 | | |
| 757 | | |
| 16.4 | % | |
| 0 | | |
| 0 | | |
| - | | |
| 1,025 | | |
| 873 | | |
| 17.4 | % | |
| 16 | | |
| 39 | | |
| -59.7 | % | |
| 12,010 | | |
| 11,371 | | |
| 5.6 | % |
Total
Italy | |
| 496 | | |
| 470 | | |
| 5.6 | % | |
| 2,148 | | |
| 1,842 | | |
| 16.6 | % | |
| 1 | | |
| 2 | | |
| -21.1 | % | |
| 2,646 | | |
| 2,314 | | |
| 14.3 | % | |
| 3,244 | | |
| 3,374 | | |
| -3.8 | % | |
| 24,527 | | |
| 22,522 | | |
| 8.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Brazil | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Natal(1) | |
| - | | |
| 467 | | |
| - | | |
| - | | |
| 20 | | |
| - | | |
| - | | |
| 2 | | |
| - | | |
| - | | |
| 489 | | |
| - | | |
| - | | |
| 1,848 | | |
| - | | |
| - | | |
| 4,019 | | |
| - | |
Brasilia | |
| 2,078 | | |
| 2,197 | | |
| -5.4 | % | |
| 149 | | |
| 142 | | |
| 4.5 | % | |
| 1,281 | | |
| 1,294 | | |
| -1.0 | % | |
| 3,508 | | |
| 3,633 | | |
| -3.4 | % | |
| 15,491 | | |
| 13,639 | | |
| 13.6 | % | |
| 34,250 | | |
| 36,925 | | |
| -7.2 | % |
Total
Brazil | |
| 2,078 | | |
| 2,664 | | |
| -22.0 | % | |
| 149 | | |
| 162 | | |
| -8.4 | % | |
| 1,281 | | |
| 1,296 | | |
| -1.1 | % | |
| 3,508 | | |
| 4,122 | | |
| -14.9 | % | |
| 15,491 | | |
| 15,487 | | |
| 0.0 | % | |
| 34,250 | | |
| 40,944 | | |
| -16.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Uruguay | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Carrasco | |
| 0 | | |
| 0 | | |
| - | | |
| 454 | | |
| 409 | | |
| 11.1 | % | |
| 10 | | |
| 5 | | |
| 92.2 | % | |
| 465 | | |
| 414 | | |
| 12.2 | % | |
| 8,321 | | |
| 8,969 | | |
| -7.2 | % | |
| 5,290 | | |
| 5,268 | | |
| 0.4 | % |
Punta del
Este | |
| 0 | | |
| 0 | | |
| - | | |
| 17 | | |
| 19 | | |
| -11.0 | % | |
| - | | |
| - | | |
| - | | |
| 17 | | |
| 19 | | |
| -10.8 | % | |
| - | | |
| - | | |
| - | | |
| 1,557 | | |
| 2,108 | | |
| -26.1 | % |
| |
Domestic Passenger
Traffic (in thousands) | | |
International
Passenger Traffic (in thousands) | | |
Transit Passengers
(in thousands) | | |
Total Passenger
Traffic (in thousands) | | |
Cargo Volume
(in tons) | | |
Aircraft
Movements | |
| |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | | |
2Q24 | | |
2Q23 | | |
%
Var. | |
Total
Uruguay | |
| 0 | | |
| 0 | | |
| - | | |
| 471 | | |
| 427 | | |
| 10.2 | % | |
| 10 | | |
| 5 | | |
| 92.2 | % | |
| 481 | | |
| 433 | | |
| 11.2 | % | |
| 8,321 | | |
| 8,969 | | |
| -7.2 | % | |
| 6,847 | | |
| 7,376 | | |
| -7.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Ecuador | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Guayaquil | |
| 459 | | |
| 527 | | |
| -12.9 | % | |
| 568 | | |
| 547 | | |
| 3.9 | % | |
| 18 | | |
| 17 | | |
| 7.4 | % | |
| 1,045 | | |
| 1,091 | | |
| -4.2 | % | |
| 8,443 | | |
| 6,474 | | |
| 30.4 | % | |
| 16,976 | | |
| 18,236 | | |
| -6.9 | % |
Galápagos | |
| 129 | | |
| 152 | | |
| -15.3 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 129 | | |
| 152 | | |
| -15.3 | % | |
| 1,357 | | |
| 1,545 | | |
| -12.2 | % | |
| 1,441 | | |
| 1,789 | | |
| -19.5 | % |
Total
Ecuador | |
| 588 | | |
| 680 | | |
| -13.4 | % | |
| 568 | | |
| 547 | | |
| 3.9 | % | |
| 18 | | |
| 17 | | |
| 7.4 | % | |
| 1,174 | | |
| 1,243 | | |
| -5.5 | % | |
| 9,800 | | |
| 8,019 | | |
| 22.2 | % | |
| 18,417 | | |
| 20,025 | | |
| -8.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Armenia | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Zvartnots | |
| - | | |
| - | | |
| - | | |
| 1,287 | | |
| 1,332 | | |
| -3.4 | % | |
| - | | |
| - | | |
| - | | |
| 1,287 | | |
| 1,332 | | |
| -3.4 | % | |
| 8,344 | | |
| 7,863 | | |
| 6.1 | % | |
| 9,707 | | |
| 11,109 | | |
| -12.6 | % |
Shirak | |
| - | | |
| - | | |
| - | | |
| 27 | | |
| 21 | | |
| 25.9 | % | |
| - | | |
| - | | |
| - | | |
| 27 | | |
| 21 | | |
| 25.9 | % | |
| - | | |
| - | | |
| - | | |
| 164 | | |
| 122 | | |
| 34.4 | % |
Total
Armenia | |
| - | | |
| - | | |
| - | | |
| 1,314 | | |
| 1,353 | | |
| -2.9 | % | |
| - | | |
| - | | |
| - | | |
| 1,314 | | |
| 1,353 | | |
| -2.9 | % | |
| 8,344 | | |
| 7,863 | | |
| 6.1 | % | |
| 9,871 | | |
| 11,231 | | |
| -12.1 | % |
Total
CAAP | |
| 9,107 | | |
| 11,155 | | |
| -18.4 | % | |
| 7,485 | | |
| 6,928 | | |
| 8 | % | |
| 1,600 | | |
| 1,645 | | |
| -3 | % | |
| 18,193 | | |
| 19,728 | | |
| -7.8 | % | |
| 95,062 | | |
| 90,776 | | |
| 5 | % | |
| 194,520 | | |
| 214,884 | | |
| -9 | % |
| 1) | Following
the friendly termination process concluded in February 2024, CAAP no longer operates
Natal airport. Statistics for Natal are available up to February 18, 2024. |
Operating Statistics by Airport: Traffic,
Cargo and Aircraft Movements (2024 vs. 2023)
| |
Domestic Passenger
Traffic (in thousands) | | |
International
Passenger Traffic (in thousands) | | |
Transit Passengers
(in thousands) | | |
Total Passenger
Traffic (in thousands) | | |
Cargo Volume
(in tons) | | |
Aircraft
Movements | |
| |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | |
Argentina | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Aeroparque | |
| 4,912 | | |
| 5,530 | | |
| -11.2 | % | |
| 1,608 | | |
| 1,488 | | |
| 8.0 | % | |
| 491 | | |
| 466 | | |
| 5.4 | % | |
| 7,010 | | |
| 7,484 | | |
| -6.3 | % | |
| 466 | | |
| 732 | | |
| -36.4 | % | |
| 58,316 | | |
| 61,895 | | |
| -5.8 | % |
Bariloche | |
| 970 | | |
| 1,033 | | |
| -6.1 | % | |
| 19 | | |
| 16 | | |
| 16.4 | % | |
| 5 | | |
| 3 | | |
| 73.5 | % | |
| 994 | | |
| 1,052 | | |
| -5.5 | % | |
| - | | |
| - | | |
| - | | |
| 7,427 | | |
| 8,064 | | |
| -7.9 | % |
Catamarca | |
| 35 | | |
| 35 | | |
| -2.4 | % | |
| - | | |
| - | | |
| - | | |
| 3 | | |
| 3 | | |
| 9.7 | % | |
| 38 | | |
| 38 | | |
| -1.5 | % | |
| 28 | | |
| 27 | | |
| 4.4 | % | |
| 1,202 | | |
| 1,303 | | |
| -7.8 | % |
C. Rivadavia | |
| 247 | | |
| 266 | | |
| -7.5 | % | |
| - | | |
| 0 | | |
| - | | |
| 3 | | |
| 4 | | |
| -18.3 | % | |
| 250 | | |
| 270 | | |
| -7.6 | % | |
| 281 | | |
| 210 | | |
| 33.8 | % | |
| 3,236 | | |
| 3,522 | | |
| -8.1 | % |
Córdoba | |
| 1,088 | | |
| 1,126 | | |
| -3.3 | % | |
| 304 | | |
| 252 | | |
| 20.5 | % | |
| 1 | | |
| 10 | | |
| - | | |
| 1,393 | | |
| 1,388 | | |
| 0.4 | % | |
| 435 | | |
| 700 | | |
| -37.9 | % | |
| 12,886 | | |
| 13,427 | | |
| -4.0 | % |
El Palomar | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,506 | | |
| 1,910 | | |
| 31.2 | % |
Esquel | |
| 40 | | |
| 40 | | |
| -0.4 | % | |
| - | | |
| 0 | | |
| - | | |
| 0 | | |
| 0 | | |
| - | | |
| 40 | | |
| 40 | | |
| -0.4 | % | |
| - | | |
| - | | |
| - | | |
| 1,080 | | |
| 602 | | |
| 79.4 | % |
Ezeiza | |
| 1,302 | | |
| 1,348 | | |
| -3.4 | % | |
| 4,054 | | |
| 3,578 | | |
| 13.3 | % | |
| 123 | | |
| 119 | | |
| 3.7 | % | |
| 5,479 | | |
| 5,045 | | |
| 8.6 | % | |
| 90,498 | | |
| 86,678 | | |
| 4.4 | % | |
| 36,595 | | |
| 34,218 | | |
| 6.9 | % |
Formosa | |
| 51 | | |
| 48 | | |
| 6.9 | % | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 51 | | |
| 48 | | |
| 6.9 | % | |
| 36 | | |
| 23 | | |
| 58.5 | % | |
| 721 | | |
| 793 | | |
| -9.1 | % |
General
Pico | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 567 | | |
| 365 | | |
| 55.3 | % |
Iguazú | |
| 675 | | |
| 757 | | |
| -10.8 | % | |
| 0 | | |
| 0 | | |
| - | | |
| 0 | | |
| 1 | | |
| - | | |
| 675 | | |
| 758 | | |
| -10.9 | % | |
| - | | |
| - | | |
| - | | |
| 5,160 | | |
| 5,666 | | |
| -8.9 | % |
Jujuy | |
| 265 | | |
| 293 | | |
| -9.6 | % | |
| - | | |
| 0 | | |
| - | | |
| 2 | | |
| 4 | | |
| -57.4 | % | |
| 267 | | |
| 297 | | |
| -10.2 | % | |
| 131 | | |
| 29 | | |
| 352.7 | % | |
| 2,291 | | |
| 2,698 | | |
| -15.1 | % |
La Rioja | |
| 35 | | |
| 39 | | |
| -10.2 | % | |
| - | | |
| - | | |
| - | | |
| 4 | | |
| 4 | | |
| 8.4 | % | |
| 39 | | |
| 43 | | |
| -8.5 | % | |
| 39 | | |
| 22 | | |
| 77.7 | % | |
| 848 | | |
| 1,099 | | |
| -22.8 | % |
Malargüe | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 364 | | |
| 329 | | |
| 10.6 | % |
Mar del Plata | |
| 171 | | |
| 162 | | |
| 5.0 | % | |
| - | | |
| 0 | | |
| - | | |
| 4 | | |
| 4 | | |
| -4.0 | % | |
| 175 | | |
| 167 | | |
| 4.7 | % | |
| 44 | | |
| 0 | | |
| - | | |
| 4,245 | | |
| 3,954 | | |
| 7.4 | % |
Mendoza | |
| 793 | | |
| 892 | | |
| -11.1 | % | |
| 280 | | |
| 233 | | |
| 20.5 | % | |
| 13 | | |
| 8 | | |
| 51.3 | % | |
| 1,086 | | |
| 1,133 | | |
| -4.1 | % | |
| 233 | | |
| 235 | | |
| -1.2 | % | |
| 10,050 | | |
| 10,517 | | |
| -4.4 | % |
Paraná | |
| 18 | | |
| 24 | | |
| -23.3 | % | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 18 | | |
| 24 | | |
| -24.3 | % | |
| - | | |
| - | | |
| - | | |
| 1,614 | | |
| 1,840 | | |
| -12.3 | % |
Posadas | |
| 168 | | |
| 208 | | |
| -19.2 | % | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 168 | | |
| 209 | | |
| -19.3 | % | |
| 51 | | |
| 43 | | |
| 18.4 | % | |
| 1,895 | | |
| 2,320 | | |
| -18.3 | % |
Pto Madryn | |
| 40 | | |
| 88 | | |
| -54.1 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 40 | | |
| 88 | | |
| -54.2 | % | |
| 4 | | |
| 17 | | |
| -76.7 | % | |
| 338 | | |
| 730 | | |
| -53.7 | % |
Reconquista | |
| 1 | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,609 | | |
| 1,392 | | |
| 15.6 | % |
Resistencia | |
| 96 | | |
| 71 | | |
| 36.5 | % | |
| - | | |
| 0 | | |
| - | | |
| 3 | | |
| 2 | | |
| 79.9 | % | |
| 100 | | |
| 72 | | |
| 37.6 | % | |
| 81 | | |
| 54 | | |
| 49.0 | % | |
| 1,841 | | |
| 1,123 | | |
| 63.9 | % |
Río
Cuarto | |
| 10 | | |
| 14 | | |
| -26.5 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 10 | | |
| 14 | | |
| -26.5 | % | |
| 3 | | |
| 3 | | |
| -23.5 | % | |
| 335 | | |
| 399 | | |
| -16.0 | % |
Río
Gallegos | |
| 93 | | |
| 115 | | |
| -19.5 | % | |
| 0 | | |
| 0 | | |
| - | | |
| 4 | | |
| 5 | | |
| -17.6 | % | |
| 97 | | |
| 120 | | |
| -19.4 | % | |
| 130 | | |
| 126 | | |
| 2.6 | % | |
| 1,906 | | |
| 2,502 | | |
| -23.8 | % |
Río
Grande | |
| 71 | | |
| 72 | | |
| -1.1 | % | |
| - | | |
| 0 | | |
| - | | |
| 0 | | |
| 1 | | |
| - | | |
| 71 | | |
| 73 | | |
| -1.9 | % | |
| 1,106 | | |
| 827 | | |
| 33.8 | % | |
| 1,445 | | |
| 1,253 | | |
| 15.3 | % |
Salta | |
| 591 | | |
| 715 | | |
| -17.3 | % | |
| 22 | | |
| 5 | | |
| 382.1 | % | |
| 0 | | |
| 2 | | |
| - | | |
| 614 | | |
| 722 | | |
| -15.0 | % | |
| 132 | | |
| 122 | | |
| 8.7 | % | |
| 8,175 | | |
| 7,856 | | |
| 4.1 | % |
| |
Domestic Passenger
Traffic (in thousands) | | |
International
Passenger Traffic (in thousands) | | |
Transit Passengers
(in thousands) | | |
Total Passenger
Traffic (in thousands) | | |
Cargo Volume
(in tons) | | |
Aircraft
Movements | |
| |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | | |
YTD-24 | | |
YTD-23 | | |
%
Var. | |
San Fernando | |
| 1 | | |
| 4 | | |
| - | | |
| - | | |
| 7 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| 11 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 25,874 | | |
| 30,391 | | |
| -14.9 | % |
San Juan | |
| 85 | | |
| 100 | | |
| -15.2 | % | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 85 | | |
| 100 | | |
| -15.5 | % | |
| - | | |
| - | | |
| - | | |
| 1,082 | | |
| 1,337 | | |
| -19.1 | % |
San Luis | |
| 29 | | |
| 34 | | |
| -13.6 | % | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29 | | |
| 34 | | |
| -13.6 | % | |
| 101 | | |
| 185 | | |
| -45.5 | % | |
| 744 | | |
| 1,508 | | |
| -50.7 | % |
San Rafael | |
| 23 | | |
| 18 | | |
| 26.8 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 23 | | |
| 18 | | |
| 26.8 | % | |
| - | | |
| - | | |
| - | | |
| 4,414 | | |
| 2,178 | | |
| 102.7 | % |
Santa Rosa | |
| 21 | | |
| 26 | | |
| -19.6 | % | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| 0 | | |
| - | | |
| 21 | | |
| 26 | | |
| -19.6 | % | |
| 1 | | |
| - | | |
| - | | |
| 1,190 | | |
| 1,647 | | |
| -27.7 | % |
Santiago
del Estero | |
| 109 | | |
| 117 | | |
| -7.2 | % | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| 109 | | |
| 117 | | |
| -7.4 | % | |
| 53 | | |
| 35 | | |
| 51.2 | % | |
| 2,244 | | |
| 2,222 | | |
| 1.0 | % |
Tucumán | |
| 347 | | |
| 419 | | |
| -17.3 | % | |
| - | | |
| 0 | | |
| - | | |
| 0 | | |
| 1 | | |
| - | | |
| 347 | | |
| 420 | | |
| -17.3 | % | |
| 2 | | |
| 340 | | |
| -99.4 | % | |
| 3,289 | | |
| 3,958 | | |
| -16.9 | % |
Viedma | |
| 15 | | |
| 19 | | |
| -18.5 | % | |
| - | | |
| - | | |
| - | | |
| 2 | | |
| 3 | | |
| -42.6 | % | |
| 17 | | |
| 22 | | |
| -21.5 | % | |
| - | | |
| - | | |
| - | | |
| 394 | | |
| 590 | | |
| -33.2 | % |
Villa Mercedes | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 0 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 846 | | |
| 1,033 | | |
| -18.1 | % |
Termas de
Río Hondo | |
| 4 | | |
| 11 | | |
| -60.9 | % | |
| - | | |
| 0 | | |
| - | | |
| 0 | | |
| 0 | | |
| - | | |
| 4 | | |
| 11 | | |
| -60.4 | % | |
| 5 | | |
| - | | |
| - | | |
| 180 | | |
| 315 | | |
| -42.9 | % |
Bahía
Blanca | |
| 114 | | |
| 128 | | |
| -10.3 | % | |
| - | | |
| - | | |
| - | | |
| 6 | | |
| 8 | | |
| -24.0 | % | |
| 120 | | |
| 135 | | |
| -11.1 | % | |
| 68 | | |
| 105 | | |
| -35.2 | % | |
| 1,875 | | |
| 1,966 | | |
| -4.6 | % |
Neuquén | |
| 502 | | |
| 544 | | |
| -7.8 | % | |
| 0 | | |
| 0 | | |
| - | | |
| 7 | | |
| 8 | | |
| -1.6 | % | |
| 509 | | |
| 552 | | |
| -7.7 | % | |
| 169 | | |
| 171 | | |
| -1.5 | % | |
| 5,839 | | |
| 6,219 | | |
| -6.1 | % |
Total
Argentina | |
| 12,922 | | |
| 14,297 | | |
| -9.6 | % | |
| 6,287 | | |
| 5,580 | | |
| 12.7 | % | |
| 672 | | |
| 655 | | |
| 2.6 | % | |
| 19,881 | | |
| 20,531 | | |
| -3.2 | % | |
| 94,096 | | |
| 90,687 | | |
| 3.8 | % | |
| 214,623 | | |
| 223,141 | | |
| -3.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Italy | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Pisa | |
| 599 | | |
| 638 | | |
| -6.1 | % | |
| 1,873 | | |
| 1,618 | | |
| 15.8 | % | |
| 2 | | |
| 2 | | |
| -19.4 | % | |
| 2,474 | | |
| 2,259 | | |
| 9.5 | % | |
| 6,325 | | |
| 6,653 | | |
| -4.9 | % | |
| 18,914 | | |
| 17,601 | | |
| 7.5 | % |
Florence | |
| 239 | | |
| 160 | | |
| 49.1 | % | |
| 1,409 | | |
| 1,191 | | |
| 18.3 | % | |
| 0 | | |
| 0 | | |
| - | | |
| 1,648 | | |
| 1,351 | | |
| 22.0 | % | |
| 34 | | |
| 83 | | |
| -58.5 | % | |
| 19,308 | | |
| 17,441 | | |
| 10.7 | % |
Total
Italy | |
| 838 | | |
| 798 | | |
| 5.0 | % | |
| 3,282 | | |
| 2,809 | | |
| 16.9 | % | |
| 2 | | |
| 2 | | |
| -19.8 | % | |
| 4,122 | | |
| 3,610 | | |
| 14.2 | % | |
| 6,359 | | |
| 6,735 | | |
| -5.6 | % | |
| 38,222 | | |
| 35,042 | | |
| 9.1 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Brazil | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Natal(1) | |
| 350 | | |
| 1,098 | | |
| -68.1 | % | |
| 16 | | |
| 39 | | |
| -58.3 | % | |
| 2 | | |
| 6 | | |
| -69.8 | % | |
| 368 | | |
| 1,143 | | |
| -67.8 | % | |
| 898 | | |
| 3,811 | | |
| -76.4 | % | |
| 3,076 | | |
| 8,982 | | |
| -65.8 | % |
Brasilia | |
| 4,066 | | |
| 4,193 | | |
| -3.0 | % | |
| 319 | | |
| 258 | | |
| 23.8 | % | |
| 2,659 | | |
| 2,779 | | |
| -4.3 | % | |
| 7,045 | | |
| 7,229 | | |
| -2.6 | % | |
| 30,000 | | |
| 27,722 | | |
| 8.2 | % | |
| 66,781 | | |
| 70,672 | | |
| -5.5 | % |
Total
Brazil | |
| 4,417 | | |
| 5,291 | | |
| -16.5 | % | |
| 335 | | |
| 297 | | |
| 13.0 | % | |
| 2,661 | | |
| 2,784 | | |
| -4.4 | % | |
| 7,413 | | |
| 8,372 | | |
| -11.5 | % | |
| 30,898 | | |
| 31,534 | | |
| -2.0 | % | |
| 69,857 | | |
| 79,654 | | |
| -12.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Uruguay | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Carrasco | |
| 0 | | |
| 1 | | |
| - | | |
| 1,013 | | |
| 847 | | |
| 19.6 | % | |
| 26 | | |
| 6 | | |
| 315.6 | % | |
| 1,039 | | |
| 855 | | |
| 21.5 | % | |
| 15,214 | | |
| 15,950 | | |
| -4.6 | % | |
| 10,898 | | |
| 10,134 | | |
| 7.5 | % |
Punta del
Este | |
| 0 | | |
| 0 | | |
| - | | |
| 81 | | |
| 75 | | |
| 8.9 | % | |
| - | | |
| - | | |
| - | | |
| 81 | | |
| 75 | | |
| 8.8 | % | |
| - | | |
| - | | |
| - | | |
| 5,669 | | |
| 6,423 | | |
| -11.7 | % |
| |
Domestic Passenger Traffic (in thousands) | | |
International Passenger Traffic (in thousands) | | |
Transit Passengers (in thousands) | | |
Total Passenger Traffic (in thousands) | | |
Cargo Volume (in tons) | | |
Aircraft Movements | |
| |
YTD-24 | | |
YTD-23 | | |
% Var. | | |
YTD-24 | | |
YTD-23 | | |
% Var. | | |
YTD-24 | | |
YTD-23 | | |
% Var. | | |
YTD-24 | | |
YTD-23 | | |
% Var. | | |
YTD-24 | | |
YTD-23 | | |
% Var. | | |
YTD-24 | | |
YTD-23 | | |
% Var. | |
Total Uruguay | |
| 1 | | |
| 2 | | |
| - | | |
| 1,094 | | |
| 922 | | |
| 18.7 | % | |
| 26 | | |
| 6 | | |
| 315.6 | % | |
| 1,120 | | |
| 930 | | |
| 20.5 | % | |
| 15,214 | | |
| 15,950 | | |
| -4.6 | % | |
| 16,567 | | |
| 16,557 | | |
| 0.1 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Ecuador | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Guayaquil | |
| 895 | | |
| 1,001 | | |
| -10.7 | % | |
| 1,087 | | |
| 1,059 | | |
| 2.6 | % | |
| 38 | | |
| 34 | | |
| 9.5 | % | |
| 2,019 | | |
| 2,095 | | |
| -3.6 | % | |
| 16,350 | | |
| 13,120 | | |
| 24.6 | % | |
| 34,403 | | |
| 36,208 | | |
| -5.0 | % |
Galápagos | |
| 265 | | |
| 290 | | |
| -8.7 | % | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 265 | | |
| 290 | | |
| -8.7 | % | |
| 2,744 | | |
| 2,813 | | |
| -2.5 | % | |
| 3,001 | | |
| 3,469 | | |
| -13.5 | % |
Total Ecuador | |
| 1,160 | | |
| 1,292 | | |
| -10.2 | % | |
| 1,087 | | |
| 1,059 | | |
| 2.6 | % | |
| 38 | | |
| 34 | | |
| 9.5 | % | |
| 2,284 | | |
| 2,385 | | |
| -4.2 | % | |
| 19,094 | | |
| 15,934 | | |
| 19.8 | % | |
| 37,404 | | |
| 39,677 | | |
| -5.7 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Armenia | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Zvartnots | |
| - | | |
| - | | |
| - | | |
| 2,309 | | |
| 2,359 | | |
| -2.1 | % | |
| - | | |
| - | | |
| - | | |
| 2,309 | | |
| 2,359 | | |
| -2.1 | % | |
| 17,343 | | |
| 15,101 | | |
| 14.8 | % | |
| 17,650 | | |
| 20,411 | | |
| -13.5 | % |
Shirak | |
| - | | |
| - | | |
| - | | |
| 48 | | |
| 40 | | |
| 19.9 | % | |
| - | | |
| - | | |
| - | | |
| 48 | | |
| 40 | | |
| 19.9 | % | |
| - | | |
| - | | |
| - | | |
| 310 | | |
| 236 | | |
| 31.4 | % |
Total Armenia | |
| - | | |
| - | | |
| - | | |
| 2,356 | | |
| 2,399 | | |
| -1.8 | % | |
| - | | |
| - | | |
| - | | |
| 2,356 | | |
| 2,399 | | |
| -1.8 | % | |
| 17,343 | | |
| 15,101 | | |
| 14.8 | % | |
| 17,960 | | |
| 20,647 | | |
| -13.0 | % |
Total CAAP | |
| 19,337 | | |
| 21,679 | | |
| -11 | % | |
| 14,441 | | |
| 13,065 | | |
| 11 | % | |
| 3,399 | | |
| 3,482 | | |
| -2 | % | |
| 37,177 | | |
| 38,226 | | |
| -3 | % | |
| 183,005 | | |
| 175,941 | | |
| 4 | % | |
| 394,633 | | |
| 414,718 | | |
| -5 | % |
| (1) | Following
the friendly termination process concluded in February 2024, CAAP no longer operates
Natal airport. Statistics for Natal are available up to February 18, 2024. |
Income Statement (in US$ thousands)
|
|
| 2Q24 | | |
| 2Q23 | | |
| %
Var. | | |
| 6M24 | | |
| 6M23 | | |
| %
Var. | |
Continuing operations |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue |
|
| 416,248 | | |
| 422,718 | | |
| -1.5 | % | |
| 880,438 | | |
| 809,399 | | |
| 8.8 | % |
Cost of services |
|
| -286,074 | | |
| -279,973 | | |
| 2.2 | % | |
| -572,421 | | |
| -528,965 | | |
| 8.2 | % |
Gross
profit |
|
| 130,174 | | |
| 142,745 | | |
| -8.8 | % | |
| 308,017 | | |
| 280,434 | | |
| 9.8 | % |
Selling,
general and administrative expenses |
|
| -43,779 | | |
| -40,162 | | |
| 9.0 | % | |
| -90,609 | | |
| -78,966 | | |
| 14.7 | % |
Impairment
loss of non-financial assets |
|
| | | |
| | | |
| - | | |
| - | | |
| -47 | | |
| - | |
Other operating
income |
|
| 7,465 | | |
| 8,846 | | |
| -15.6 | % | |
| 14,219 | | |
| 14,157 | | |
| 0.4 | % |
Other operating
expenses |
|
| -994 | | |
| -987 | | |
| 0.7 | % | |
| -3,882 | | |
| -1,742 | | |
| 122.8 | % |
Operating
income |
|
| 92,866 | | |
| 110,442 | | |
| -15.9 | % | |
| 227,745 | | |
| 213,836 | | |
| 6.5 | % |
Share of loss in associates |
|
| -47 | | |
| -88 | | |
| -46.6 | % | |
| -264 | | |
| -89 | | |
| 196.6 | % |
Income
before financial results and income tax |
|
| 92,819 | | |
| 110,354 | | |
| -15.9 | % | |
| 227,481 | | |
| 213,747 | | |
| 6.4 | % |
Financial
income |
|
| 17,566 | | |
| 18,065 | | |
| -2.8 | % | |
| 37,820 | | |
| 30,475 | | |
| 24.1 | % |
Financial
loss |
|
| -8,707 | | |
| -38,429 | | |
| -77.3 | % | |
| 171,396 | | |
| -88,250 | | |
| -294.2 | % |
Inflation
adjustment |
|
| -1,572 | | |
| -10,810 | | |
| -85.5 | % | |
| -16,817 | | |
| -13,976 | | |
| 20.3 | % |
Income
before income tax |
|
| 100,106 | | |
| 79,180 | | |
| 26.4 | % | |
| 419,880 | | |
| 141,996 | | |
| 195.7 | % |
Income tax |
|
| -45,629 | | |
| 1,641 | | |
| -2880.6 | % | |
| -172,104 | | |
| -36,319 | | |
| 373.9 | % |
Income
for the period |
|
| 54,477 | | |
| 80,821 | | |
| -32.6 | % | |
| 247,776 | | |
| 105,677 | | |
| 134.5 | % |
Attributable
to: |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Owners of
the parent |
|
| 50,226 | | |
| 69,775 | | |
| -28.0 | % | |
| 219,900 | | |
| 102,098 | | |
| 115.4 | % |
Non-controlling
interest |
|
| 4,251 | | |
| 11,046 | | |
| -61.5 | % | |
| 27,876 | | |
| 3,579 | | |
| 678.9 | % |
Balance Sheet (in US$ thousands)
| |
Jun 30, 2024 | | |
Dec 31, 2023 | |
ASSETS | |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Intangible assets, net | |
| 3,091,450 | | |
| 2,520,965 | |
Property, plant and equipment, net | |
| 78,556 | | |
| 74,919 | |
Right-of-use asset | |
| 11,228 | | |
| 10,493 | |
Investments in associates | |
| 11,803 | | |
| 11,992 | |
Other financial assets at fair value through profit or loss | |
| 2,554 | | |
| 5,979 | |
Other financial assets at amortized cost | |
| 73,455 | | |
| 61,090 | |
Derivative financial instruments | |
| 67 | | |
| 69 | |
Deferred tax assets | |
| 49,075 | | |
| 62,712 | |
Inventories | |
| 317 | | |
| 318 | |
Other receivables | |
| 46,284 | | |
| 42,640 | |
Trade receivables | |
| 376 | | |
| 889 | |
Total non-current assets | |
| 3,365,165 | | |
| 2,792,066 | |
Current assets | |
| | | |
| | |
Inventories | |
| 10,770 | | |
| 16,148 | |
Other financial assets at fair value through profit or loss | |
| 3,347 | | |
| 4,884 | |
Other financial assets at amortized cost | |
| 105,778 | | |
| 83,142 | |
Other receivables | |
| 56,699 | | |
| 145,549 | |
Current tax assets | |
| 4,738 | | |
| 3,779 | |
Trade receivables | |
| 138,581 | | |
| 126,560 | |
Cash and cash equivalents | |
| 439,413 | | |
| 369,848 | |
Total current assets | |
| 759,326 | | |
| 749,910 | |
Total assets | |
| 4,124,491 | | |
| 3,541,976 | |
EQUITY | |
| | | |
| | |
Share capital | |
| 163,223 | | |
| 163,223 | |
Share premium | |
| 183,430 | | |
| 183,430 | |
Treasury shares | |
| (4,322 | ) | |
| (4,322 | ) |
Free distributable reserve | |
| 378,910 | | |
| 378,910 | |
Non-distributable reserve | |
| 1,358,028 | | |
| 1,358,028 | |
Currency translation adjustment | |
| (173,735 | ) | |
| (482,852 | ) |
Legal reserves | |
| 7,419 | | |
| 3,676 | |
Other reserves | |
| (1,313,526 | ) | |
| (1,313,888 | ) |
Retained earnings | |
| 654,932 | | |
| 438,775 | |
Total attributable to owners of the parent | |
| 1,254,359 | | |
| 724,980 | |
Non-controlling interests | |
| 175,780 | | |
| 78,929 | |
Total equity | |
| 1,430,139 | | |
| 803,909 | |
LIABILITIES | |
| | | |
| | |
Non-current liabilities | |
| | | |
| | |
Borrowings | |
| 1,071,790 | | |
| 1,133,549 | |
Deferred tax liabilities | |
| 314,205 | | |
| 137,315 | |
Other liabilities | |
| 721,488 | | |
| 768,364 | |
Lease liabilities | |
| 8,678 | | |
| 10,294 | |
| |
Jun 30, 2024 | | |
Dec 31, 2023 | |
Trade payables | |
| 2,502 | | |
| 2,617 | |
Total non-current liabilities | |
| 2,118,663 | | |
| 2,052,139 | |
Current liabilities | |
| | | |
| | |
Borrowings | |
| 150,576 | | |
| 199,688 | |
Other liabilities | |
| 308,793 | | |
| 345,864 | |
Lease liabilities | |
| 3,672 | | |
| 3,687 | |
Current tax liabilities | |
| 10,170 | | |
| 23,921 | |
Trade payables | |
| 102,478 | | |
| 112,768 | |
Total current liabilities | |
| 575,689 | | |
| 685,928 | |
Total liabilities | |
| 2,694,352 | | |
| 2,738,067 | |
Total equity and liabilities | |
| 4,124,491 | | |
| 3,541,976 | |
Statement of Cash Flow (in US$ thousands)
| |
Jun 30, 2024 | | |
Jun 30, 2023 | |
Cash flows from operating activities | |
| | | |
| | |
Income for the period from continuing operations | |
| 247,776 | | |
| 105,677 | |
Adjustments for: | |
| | | |
| | |
Amortization and depreciation | |
| 96,205 | | |
| 90,024 | |
Deferred income tax | |
| 158,866 | | |
| 20,669 | |
Current income tax | |
| 13,238 | | |
| 15,650 | |
Share of loss in associates | |
| 264 | | |
| 89 | |
Impairment loss of non-financial assets | |
| - | | |
| 47 | |
Loss on disposals of property, plant and equipment | |
| 262 | | |
| 13 | |
Low value, short term and variable lease payments | |
| (550 | ) | |
| (1,707 | ) |
Share based compensation expenses | |
| 321 | | |
| 580 | |
Collection of government grants | |
| - | | |
| 383 | |
Government grants | |
| - | | |
| (3,550 | ) |
Interest expenses | |
| 54,237 | | |
| 56,207 | |
Other financial results, net | |
| (8,001 | ) | |
| (20,864 | ) |
Net foreign exchange | |
| (279,208 | ) | |
| (26,842 | ) |
Other accruals | |
| (1,626 | ) | |
| 732 | |
Inflation adjustment | |
| 9,097 | | |
| 9,749 | |
Acquisition of intangible assets | |
| (94,519 | ) | |
| (96,774 | ) |
Income tax paid | |
| (23,646 | ) | |
| (16,070 | ) |
Income due to concession compensation | |
| 90,609 | | |
| - | |
Unpaid concession fees | |
| 32,990 | | |
| 35,891 | |
Changes in liability for concessions | |
| 47,585 | | |
| 54,095 | |
Changes in working capital | |
| (85,013 | ) | |
| (52,345 | ) |
Net cash provided by operating activities | |
| 258,887 | | |
| 171,654 | |
Cash flows from investing activities | |
| | | |
| | |
Cash contribution in associates | |
| (45 | ) | |
| (100 | ) |
Acquisition of other financial assets | |
| (93,308 | ) | |
| (38,594 | ) |
Disposals of other financial assets | |
| 63,600 | | |
| 45,092 | |
Acquisition of property, plant and equipment | |
| (4,654 | ) | |
| (4,921 | ) |
Acquisition of intangible assets | |
| (568 | ) | |
| (373 | ) |
Proceeds from property, plant and equipment | |
| 15 | | |
| 14 | |
Other | |
| 4,248 | | |
| 248 | |
Net cash (used in) provided by investing activities | |
| (30,712 | ) | |
| 1,366 | |
Cash flows from financing activities | |
| | | |
| | |
Loans obtained | |
| 141,231 | | |
| 72,711 | |
Guarantee deposits | |
| 1,804 | | |
| (305 | ) |
Principal elements of lease payments | |
| (2,250 | ) | |
| (2,161 | ) |
Loans repaid | |
| (218,429 | ) | |
| (102,469 | ) |
Interest paid | |
| (50,779 | ) | |
| (53,603 | ) |
Debt renegotiation expenses | |
| (1,900 | ) | |
| - | |
Dividends paid to non-controlling interests in subsidiaries | |
| (6,580 | ) | |
| (7,828 | ) |
Net cash used in financing activities | |
| (136,903 | ) | |
| (93,655 | ) |
| |
| | | |
| | |
Increase in cash and cash equivalents from continuing operations | |
| 91,272 | | |
| 79,365 | |
| |
| | | |
| | |
Movements in cash and cash equivalents | |
| | | |
| | |
At the beginning of the period | |
| 369,848 | | |
| 385,265 | |
Effect of exchange rate changes and inflation adjustment on cash and cash equivalents | |
| (21,707 | ) | |
| (16,134 | ) |
Increase in cash and cash equivalents from continuing operations | |
| 91,272 | | |
| 79,365 | |
At the end of the period | |
| 439,413 | | |
| 448,496 | |
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