Corporacion America Airports Sa · NYSE:CAAP
Corporacion America Airports Sa — Q4 2023 Earnings Presentation
21 slides from Corporacion America Airports Sa's earnings presentation, Mar 21, 2024
Slide 1: Fourth Quarter 2023 Earnings Call Presentation
Fourth Quarter 2023 Earnings Call Presentation
Slide 2: Disclaimer and Forward-Looking Statement
Fourth Quarter 2023 Disclaimer and Forward-Looking Statement 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 ar
Slide 3: Delivered a strong performance and solid balance sheet; advancing on strategic milestones
Fourth Quarter 2023 Delivered a strong performance and ► Passenger traffic (PAX) up 13% YoY in 4Q23; up 24% YoY in FY23. solid balance sheet; advancing on ► The sharp devaluation of the ARS in Argentina in late December (131%) strategic milestones caused a $29M non-cash impact on 4Q23 Adjusted EBITD
Slide 4: Passenger traffic at 99% of 4Q19; Armenia, Ecuador, Argentina and Uruguay beating pre-pandemic levels
Fourth Quarter 2023 Passenger traffic at 99% of 4Q19; with Armenia, Ecuador, Argentina and Uruguay beating pre-pandemic levels Passenger Traffic Monthly Performance Passenger Traffic by Country (vs. 2019) (In millions) 14.0 105% 103% 11.7 101% 100% 12.0 98% 99% 99% 10.6 100% 96% 96% 95% 9.8 10.0 95%
Slide 5: Cargo volumes continued the recovery trend; Cargo revenue ex-IAS29 increased 10% YoY
Fourth Quarter 2023 Cargo volumes continued the recovery trend; Cargo revenue ex- IAS29 increased 10% YoY and 42% vs. 4Q19 Monthly Cargo Volume Cargo Volume by Country (in Thousand Tons) (in Thousand Tons) 45.0 70.0 63.6 60.0 40.0 53.2 50.0 46.7 35.0 40.0 30.0 30.0 22.9 20.0 18.2 16.6 25.0 8.1 7.9 7
Slide 6: Sustained expansion of Aeronautical and Commercial revenues drove revenue growth
Fourth Quarter 2023 Sustained expansion of Aeronautical and Commercial revenues drove revenue growth Ex-IAS29 above the increase in PAX Revenue by type – vs 4Q22 Revenue by type – vs 4Q19 (ex-IFRIC12; in US$ million) (ex-IFRIC12; in US$ million) +19% +37% ► Total Revenues ex-IFRIC12 and Ex-IAS29, up
Slide 7: Costs & expenses benefitted from extraordinary items; underlying performance in line with higher activity
Fourth Quarter 2023 Costs & expenses benefitted from extraordinary items; underlying performance in line with higher activity and below revenue growth Total Costs and Expenses – vs 4Q22 Total Costs and Expenses – vs 4Q19 (ex-IFRIC; in US$ million) (ex-IFRIC; in US$ million) +14% +7% ► Ex-IAS29 and e
Slide 8: Solid performance with Adjusted EBITDA benefitting from Natal airport friendly termination
Fourth Quarter 2023 Solid performance with Adjusted EBITDA benefitting from Natal airport friendly termination; strong momentum in most geographies Adjusted EBITDA – vs 4Q22 Adjusted EBITDA – vs 4Q19 (ex-IFRIC; in US$ million) (ex-IFRIC; in US$ million) Adjusted EBITDA Margin Ex- IFRIC12 Adjusted EB
Slide 9: Positive operating cash flow across all operating subsidiaries
Fourth Quarter 2023 Positive operating cash flow across all operating subsidiaries Cash Provided by Operating Activities: $356 M ► Total liquidity position increased to $458M as of December 31, 2023, from $452M as of year end 2022. ► Cash Used in Financing Activities includes $200M of loans repaid,
Slide 10: Robust financial position and favorable debt maturity profile; net leverage ratio at historic low of 1.4x
Fourth Quarter 2023 Robust financial position and favorable debt maturity profile; further improvement in net leverage ratio to a historic low of 1.4x Debt Maturity Profile (1) Total Liquidity (interest and principal payments) 1% 1% Total Debt Breakdown by Country Position (Dec 31, 2023; US$ Million
Slide 11: Closing Remarks
Closing Remarks
Slide 12: Fourth Quarter 2023 closing remarks
Fourth Quarter 2023 ► Solid quarter with Ex-IAS29 revenue growth above the increase in passenger traffic. ► Revenue per PAX at $19, up 5% YoY and 39% above pre-pandemic levels. ► Delivered strong Adjusted EBITDA growth of 29% YoY (71% vs. 4Q19), excluding Rule IAS29 and Natal. ► Successfully complet
Slide 13: Questions & Answers
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Slide 14: Exhibits: Business and Financial Review of Key Countries of Operations
Exhibits: Business and Financial Review of Key Countries of Operations
Slide 15: Argentina: Passenger traffic beat pre-pandemic levels for the first time, up 10% vs 4Q19
Fourth Quarter 2023 Argentina: Passenger traffic beat pre-pandemic levels for the first time, up 10% vs 4Q19; Strong Commercial revenue growth driven by higher cargo and Duty- Free revenues Passenger traffic Net Revenue by type1 Total Cost and Expenses1 Adjusted EBITDA1 ( in millions) (ex-IFRIC; in
Slide 16: Italy: Aeronautical revenues and Adjusted EBITDA impacted by lower passenger traffic
Fourth Quarter 2023 Italy: Aeronautical revenues and Adjusted EBITDA impacted by lower passenger traffic and disposal of handling company in 4Q22 Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in US$ million) (ex-IFR
Slide 17: Brazil: Traffic impacted by constraints; Adjusted EBITDA benefitted from Natal termination
Fourth Quarter 2022 Brazil Traffic remained impacted by financial and aircraft constraints in some local airlines. Adjusted EBITDA benefitted from the contribution from the friendly termination of Natal concession agreement Passenger traffic Net Revenue by type Total Cost and Expenses2 Adjusted EBIT
Slide 18: Uruguay: Passenger traffic beat pre-pandemic levels for the first time
Fourth Quarter 2023 Uruguay: Passenger traffic beat pre-pandemic levels for the first time boosted by new routes and frequencies in the quarter Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in US$ million) (ex-IFRIC
Slide 19: Armenia: Traffic growth of 17% YoY and 62% above pre-pandemic levels
Fourth Quarter 2023 Armenia: Traffic growth of 17% YoY and 62% above Pre-Pandemic levels. Strong Adjusted EBITDA expansion driven by strong commercial revenue growth Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in
Slide 20: Ecuador: Traffic growth 5% above 4Q19 levels
Fourth Quarter 2023 Ecuador: Traffic growth 5% above 4Q19 levels, domestic traffic affected by exit of local carrier. Adjusted EBITDA margin expansion of 1.6 p.p vs pre-pandemic levels Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (in US$ million) ( in
Slide 21: IR Contact
IR Contact Patricio Iñaki Esnaola Email: Patricio.esnaola@caairports.com Phone: +5411 4899 6716
Corporacion America Airports — Q4 2023 Earnings Presentation on 6ix