Corporacion America Airports Sa · NYSE:CAAP
Corporacion America Airports Sa — Q2 2023 Earnings Presentation
21 slides from Corporacion America Airports Sa's earnings presentation, Aug 18, 2023
Slide 1: Second Quarter 2023 Earnings Call Presentation
Second Quarter 2023 Earnings Call Presentation
Slide 2: Disclaimer and Forward-Looking Statement
Second 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: Record Adj. EBITDA of $151M, 27% above 2Q19
Second Quarter 2023 Delivered another Record Adj. EBITDA at $151 M, ► 2Q23 Total revenues ex-IFRIC up 17% vs. 2Q19, driven by traffic recovery and 27% above 2Q19, while edging to pre-pandemic traffic commercial revenue growth levels ► Revenue per PAX above pre-pandemic levels: o 2Q23: $18.5 Passenge
Slide 4: Passenger traffic at 99% of 2Q19
Second Quarter 2023 Passenger traffic at 99% of 2Q19, fueled by strong performance in Argentina, Ecuador and Armenia; beat pre-pandemic levels in June Passenger Traffic Monthly Performance (vs. 2019) 12.0 Passenger Traffic by Country (In millions) 110% 10.1 10.3 103% 10.0 98% 100% 95% 92% 88% 87% 87
Slide 5: Cargo revenue up 29% vs 2Q19
Second Quarter 2023 Cargo revenue up 29% vs 2Q19, even with volumes at 86% of pre- pandemic levels Monthly Cargo Volume Cargo Volume by Country (in Thousand Tons) (in Thousand Tons) 45.0 60.0 54.8 40.0 50.0 47.2 47.1 40.0 35.0 30.0 30.0 23.9 20.0 15.5 14.2 25.0 10.0 9.0 9.8 10.0 7.8 8.4 8.0 7.9 4.7
Slide 6: Robust topline growth, 17% above 2Q19
Second Quarter 2023 Robust topline growth, 17% above 2Q19, driven by sustained expansion of Commercial revenues; ► 2Q23 Total revenues ex-IFRIC up Aeronautical revenues beat pre-pandemic levels 20% YoY and up 17% vs 2Q19 levels Net Revenue by type ► Aeronautical revenues up 24% YoY (ex-IFRIC; in US$
Slide 7: Costs & Expenses in line with higher activity
Second Quarter 2023 Costs & Expenses in line with higher activity and ► 2Q23 Total Costs and Expenses ex- below revenue growth IFRIC up 12% YoY (below the 20% increase in revenues ex-IFRIC), and Total Costs and Expenses up 10% vs. 2Q19 (below the 17% (ex-IFRIC; in US$ million) increase in revenues)
Slide 8: Record Adjusted EBITDA of $151M in 2Q23
Second Quarter 2023 Record Adjusted EBITDA of $151M in 2Q23; Margin ex-IFRIC12 expanded to 41% driven by growth across all geographies 36% 41% 38% 41% Adjusted EBITDA Margin Ex- IFRIC12 ► 2Q23 Adj. EBITDA up 37% YoY, despite the bad debt recovery recorded in 2Q22 ► 2Q23 Adj. EBITDA up 27% vs 2Q19 ►
Slide 9: Cash Flow highlights
Second Quarter 2023 Cash Flow highlights Cash Provided by Operating Activities: $172 M ► Total liquidity position increased to $512 M as of June 30, 2023, from $452 M as of year end 2022 ► Cash from operating activities was positive in all operating subsidiaries 09
Slide 10: Healthy debt maturity profile; Net Leverage Ratio at 1.8x
Second Quarter 2023 Healthy debt maturity profile; Net Leverage Ratio declined further to 1.8x reaching all time low Debt Maturity Profile (1) Total Liquidity (interest and principal payments) Total Debt Breakdown by Country Position (Jun 30, 2023; US$ Million) 643 1% (Jun 30, 2023) 512 3% 329 19% A
Slide 11: Closing Remarks
Closing Remarks
Slide 12: Closing remarks: strong quarter and strategic initiatives
Second Quarter 2023 ► Delivered another strong quarter with record Adjusted EBITDA and bottom line 42% above pre-pandemic levels, with passenger traffic practically in line with 2Q19 levels ► Significant increase in Revenue per PAX vs 2019 ($18.5 vs $15.6) ► Capex programs in Argentina and Uruguay o
Slide 13: Questions & Answers
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Slide 14: Exhibits: Business and Financial Review of Key Countries of Operations
Exhibits: Business and Financial Review of Key Countries of Operations
Slide 15: Argentina: Passenger traffic beat pre-pandemic levels
Second Quarter 2023 Argentina: Passenger traffic beat pre-pandemic levels for the first time. New departure terminal al Ezeiza driving record duty free and F&B daily revenues Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-I
Slide 16: Italy: Passenger traffic approaching pre-pandemic levels
Second Quarter 2023 Italy: Passenger traffic approaching pre-pandemic levels. Commercial revenue growth driving positive Adjusted EBITDA. Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in US$ million) in US$ million)
Slide 17: Brazil: Topline growth above costs drove Adjusted EBITDA expansion
Second Quarter 2022 Brazil Topline growth above costs drove Adjusted EBITDA expansion, which also benefitted from an economic compensation obtained from the government from Covid-19 impact Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (in US$ million) (
Slide 18: Uruguay: Strong Cargo and fuel revenues
Second Quarter 2023 Uruguay: Strong Cargo and fuel revenues driving topline growth. Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (ex-IFRIC; in US$ million) (ex-IFRIC; in US$ million) in US$ million) -13% +7% 21% 45% 34% 33% +33% +31% +30% 0.5 27 0.3 0.
Slide 19: Armenia: Traffic above pre-pandemic levels
Second Quarter 2023 Armenia: Traffic of 73% YoY and 82% above Pre-Pandemic levels. Adjusted EBITDA more than doubled 2Q19 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 U
Slide 20: Ecuador: Strong traffic growth
Second Quarter 2023 Ecuador: Strong traffic growth benefitting from increased number of domestic and international flights. Adjusted EBITDA margin expansion of 3.6 p.p vs pre-pandemic levels Passenger traffic Net Revenue by type Total Cost and Expenses Adjusted EBITDA ( in millions) (in US$ million)
Slide 21: IR Contact
IR Contact Patricio Iñaki Esnaola Email: Patricio.esnaola@caairports.com Phone: +5411 4899 6716
Corporacion America Airports — Q2 2023 Earnings Presentation on 6ix