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Corporacin Amrica Airports Corporate Presentation Disclaimer This - - PowerPoint PPT Presentation

Corporacin Amrica Airports Corporate Presentation Disclaimer This presentation has been prepared and issued by Corporacin Amrica Airports S.A. (CAAP, Corporacin Amrica Airports or the Company) solely for your


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SLIDE 1

Corporación América Airports Corporate Presentation

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SLIDE 2

Disclaimer

This presentation has been prepared and issued by Corporación América Airports S.A. (“CAAP”, “Corporación América Airports” or the “Company”) solely for your information. By attending the meeting and viewing this presentation, you agree to be bound by the following limitations. For the avoidance of doubt, references to the Company shall be deemed to include any successor thereto. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any common shares or any other securities of the Company, nor shall it or any part of it, nor the fact of its distribution, form part of or be relied on in connection with any contract or investment decision relating thereto. This presentation does not constitute a recommendation regarding the securities of the Company. This document and its contents are confidential and may not be further copied, distributed or passed on, directly or indirectly, to any other person or published or reproduced directly or indirectly, in whole or in part, by any medium or in any form for any purpose. Neither this document nor any part or copy of it may be taken or transmitted into or distributed in or into, directly or indirectly, the United States, its territories or possessions or Canada. Any failure to comply with these restrictions may constitute a violation of US or Canadian securities laws, respectively. The distribution of this document in jurisdictions other than U.S. or Canada may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This document is not an offer of securities for sale in the United States or elsewhere. The Company’s common shares have not been registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States unless they are registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The information in this presentation has not been legally verified by the Company, its advisers or any other person and may be subject to updating, completion, revision and amendment and such information may change materially. This presentation speaks at the date hereof. No representation or warranty, express or implied, is or will be made by or on behalf of the Company, its advisers or any of their respective directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. In particular the market data has been obtained by the Company from third party sources. Whilst the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and take no responsibility for such data. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed in it are subject to change without notice. None of the Company, its advisers

  • r any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or

its contents or otherwise arising in connection therewith. Statements, beliefs and opinions contained in this presentation, particularly those regarding the possible or assumed future or other performance of the Company, industry growth or other trend projections, are or may be forward looking statements, beliefs or opinions and reflect the Company’s current expectations and projections about future events and are subject to risks and uncertainties that may cause actual results to differ materially. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. As a result, there can be no assurance that projected results or developments will be attained and you are cautioned not to place undue reliance on such forward-looking statements. The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result

  • f any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law.

By attending the presentation to which this document relates you will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice, including, without limitation, the obligation to keep this presentation and its contents confidential and (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this presentation with any of the directors or employees of the Company or its subsidiaries nor with any of its suppliers, customers or partners without the prior written consent of the Company.

1

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SLIDE 3

Today’s Presenters

2 Raúl Francos CFO Gimena Albanesi Investor Relations

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SLIDE 4

Ownership and Corporate Structure

Southern Cone Foundation

(Liechtenstein)

A.C.I. Airports S.à r.l.

(Luxembourg)

Corporación América Airports S.A.

(Luxembourg)(1)

Airport Operating Companies Public Shareholders

Argentina

35 Airports 1 Airport 1 Airport

81.3% 81.3% 74.1% Brazil

1 Airport 1 Airport

51.0% 99.9% Italy

2 Airports

46.7% Uruguay

1 Airport 1 Airport

100.0% 100.0% Ecuador

1 Airport 1 Airport

50.0% 99.9% Peru

5 Airports

50.0% 100.0% Armenia

2 Airports

81.1%

Source: Company information.

  • 1. CAAP ownership through intermediate sub-holding companies.

3

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SLIDE 5

71.0 71.8 76.6 81.3

62.0 62.6 63.1 63.7 64.2 64.8 65.3 65.9 66.4 67.0 67.5 68.1 68.6 69.2 69.7 70.3 70.8 71.4 71.9 72.5 73.0 73.6 74.1 74.7 75.2 75.8 76.3 76.9 77.4 78.0 78.5 79.1 79.6

2015 2016 2017 2018

49% 10% 25% 3% 5% 4% 4% 61% 10% 8% 7% 6% 8%

Argentina Italy Brazil Uruguay Ecuador Armenia

Scalable, Diverse and Adaptable Global Platform

Corporación América Airports At-a-Glance

  • Largest private airport operator in the world by

number of airports(1)

  • Diversified airport portfolio with presence across

7 countries

  • ~20 year history with strong track record
  • Well positioned to continue global expansion

strategy

  • Deep operating and M&A know-how

   

Overview

Revenue Evolution (ex-IAS 29)(2) Passenger Growth

(mm) (US$mm) Breakdown by Country (2018)

Breakdown by Country (2018)

Note:

  • 1. Largest private airport operator in terms of number of airports (52) and the 10th largest in terms of passenger

traffic (81.3mm) as of December 31, 2018. Based on companies’ information, companies’ filings and websites as of December 31, 2018. Private airport operator stands for those companies which have private investors as shareholders.

  • 2. ECOGAL (Ecuador) and Aeropuertos Andinos del Peru (“AAP”, Peru) are shown as investments in associates

for purposes of the Company’s financial results.

4

1,187 1,366 1,575 1,538

1,000.0 1,001.2 1,002.4 1,003.6 1,004.8 1,006.0 1,007.2 1,008.5 1,009.7 1,010.9 1,012.1 1,013.3 1,014.5 1,015.7 1,016.9 1,018.1 1,019.3 1,020.5 1,021.7 1,023.0 1,024.2 1,025.4 1,026.6 1,027.8 1,029.0 1,030.2 1,031.4 1,032.6 1,033.8 1,035.0 1,036.2 1,037.4 1,038.7 1,039.9 1,041.1 1,042.3 1,043.5 1,044.7 1,045.9 1,047.1 1,048.3 1,049.5 1,050.7 1,051.9 1,053.1 1,054.4 1,055.6 1,056.8 1,058.0 1,059.2 1,060.4 1,061.6 1,062.8 1,064.0 1,065.2 1,066.4 1,067.6 1,068.9 1,070.1 1,071.3 1,072.5 1,073.7 1,074.9 1,076.1 1,077.3 1,078.5 1,079.7 1,080.9 1,082.1 1,083.3 1,084.6 1,085.8 1,087.0 1,088.2 1,089.4 1,090.6 1,091.8 1,093.0 1,094.2 1,095.4 1,096.6 1,097.8 1,099.0 1,100.3 1,101.5 1,102.7 1,103.9 1,105.1 1,106.3 1,107.5 1,108.7 1,109.9 1,111.1 1,112.3 1,113.5 1,114.8 1,116.0 1,117.2 1,118.4 1,119.6 1,120.8 1,122.0 1,123.2 1,124.4 1,125.6 1,126.8 1,128.0 1,129.2 1,130.5 1,131.7 1,132.9 1,134.1 1,135.3 1,136.5 1,137.7 1,138.9 1,140.1 1,141.3 1,142.5 1,143.7 1,145.0 1,146.2 1,147.4 1,148.6 1,149.8 1,151.0 1,152.2 1,153.4 1,154.6 1,155.8 1,157.0 1,158.2 1,159.4 1,160.7 1,161.9 1,163.1 1,164.3 1,165.5 1,166.7 1,167.9 1,169.1 1,170.3 1,171.5 1,172.7 1,173.9 1,175.1 1,176.4 1,177.6 1,178.8 1,180.0 1,181.2 1,182.4 1,183.6 1,184.8 1,186.0 1,187.2 1,188.4 1,189.6 1,190.9 1,192.1 1,193.3 1,194.5 1,195.7 1,196.9 1,198.1 1,199.3 1,200.5 1,201.7 1,202.9 1,204.1 1,205.3 1,206.6 1,207.8 1,209.0 1,210.2 1,211.4 1,212.6 1,213.8 1,215.0 1,216.2 1,217.4 1,218.6 1,219.8 1,221.0 1,222.3 1,223.5 1,224.7 1,225.9 1,227.1 1,228.3 1,229.5 1,230.7 1,231.9 1,233.1 1,234.3 1,235.5 1,236.8 1,238.0 1,239.2 1,240.4 1,241.6 1,242.8 1,244.0 1,245.2 1,246.4 1,247.6 1,248.8 1,250.0 1,251.2 1,252.5 1,253.7 1,254.9 1,256.1 1,257.3 1,258.5 1,259.7 1,260.9 1,262.1 1,263.3 1,264.5 1,265.7 1,267.0 1,268.2 1,269.4 1,270.6 1,271.8 1,273.0 1,274.2 1,275.4 1,276.6 1,277.8 1,279.0 1,280.2 1,281.4 1,282.7 1,283.9 1,285.1 1,286.3 1,287.5 1,288.7 1,289.9 1,291.1 1,292.3 1,293.5 1,294.7 1,295.9 1,297.1 1,298.4 1,299.6 1,300.8 1,302.0 1,303.2 1,304.4 1,305.6 1,306.8 1,308.0 1,309.2 1,310.4 1,311.6 1,312.9 1,314.1 1,315.3 1,316.5 1,317.7 1,318.9 1,320.1 1,321.3 1,322.5 1,323.7 1,324.9 1,326.1 1,327.3 1,328.6 1,329.8 1,331.0 1,332.2 1,333.4 1,334.6 1,335.8 1,337.0 1,338.2 1,339.4 1,340.6 1,341.8 1,343.0 1,344.3 1,345.5 1,346.7 1,347.9 1,349.1 1,350.3 1,351.5 1,352.7 1,353.9 1,355.1 1,356.3 1,357.5 1,358.8 1,360.0 1,361.2 1,362.4 1,363.6 1,364.8 1,366.0 1,367.2 1,368.4 1,369.6 1,370.8 1,372.0 1,373.2 1,374.5 1,375.7 1,376.9 1,378.1 1,379.3 1,380.5 1,381.7 1,382.9 1,384.1 1,385.3 1,386.5 1,387.7 1,389.0 1,390.2 1,391.4 1,392.6 1,393.8 1,395.0 1,396.2 1,397.4 1,398.6 1,399.8 1,401.0 1,402.2 1,403.4 1,404.7 1,405.9 1,407.1 1,408.3 1,409.5 1,410.7 1,411.9 1,413.1 1,414.3 1,415.5 1,416.7 1,417.9 1,419.1 1,420.4 1,421.6 1,422.8 1,424.0 1,425.2 1,426.4 1,427.6 1,428.8 1,430.0 1,431.2 1,432.4 1,433.6 1,434.9 1,436.1 1,437.3 1,438.5 1,439.7 1,440.9 1,442.1 1,443.3 1,444.5 1,445.7 1,446.9 1,448.1 1,449.3 1,450.6 1,451.8 1,453.0 1,454.2 1,455.4 1,456.6 1,457.8 1,459.0 1,460.2 1,461.4 1,462.6 1,463.8 1,465.0 1,466.3 1,467.5 1,468.7 1,469.9 1,471.1 1,472.3 1,473.5 1,474.7 1,475.9 1,477.1 1,478.3 1,479.5 1,480.8 1,482.0 1,483.2 1,484.4 1,485.6 1,486.8 1,488.0 1,489.2 1,490.4 1,491.6 1,492.8 1,494.0 1,495.2 1,496.5 1,497.7 1,498.9 1,500.1 1,501.3 1,502.5 1,503.7 1,504.9 1,506.1 1,507.3 1,508.5 1,509.7 1,511.0 1,512.2 1,513.4 1,514.6 1,515.8 1,517.0 1,518.2 1,519.4 1,520.6 1,521.8 1,523.0 1,524.2 1,525.4 1,526.7 1,527.9 1,529.1 1,530.3 1,531.5 1,532.7 1,533.9 1,535.1 1,536.3 1,537.5 1,538.7 1,539.9 1,541.1 1,542.4 1,543.6 1,544.8 1,546.0 1,547.2 1,548.4 1,549.6 1,550.8 1,552.0 1,553.2 1,554.4 1,555.6 1,556.9 1,558.1 1,559.3 1,560.5 1,561.7 1,562.9 1,564.1 1,565.3 1,566.5 1,567.7 1,568.9 1,570.1 1,571.3 1,572.6 1,573.8 1,575.0 1,576.2 1,577.4 1,578.6 1,579.8 1,581.0 1,582.2 1,583.4 1,584.6 1,585.8 1,587.0 1,588.3 1,589.5 1,590.7 1,591.9 1,593.1 1,594.3 1,595.5 1,596.7 1,597.9 1,599.1 1,600.3 1,601.5 1,602.8 1,604.0

2015 2016 2017 2018

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Key Highlights

Solid Financial Position with Strong and Predictable Cash Generation

  • 3. Investment Highlights

World’s Largest Private Airport Operator in Terms of Number of Airports with a Diversified Portfolio Deep Operating Know-How Driving a Successful Business Model  High Growth Potential from Macro and Industry Growth, and Organic and Inorganic Opportunities Experienced Management Team with a Long-dated Track Record and Strong Commitment from our Shareholder 1 5 4 2 3 5

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SLIDE 7

33 airports in Argentina

1998 2002 2008 2003 2008 2011 2012

Concessions in Perú, Brazil and Ecuador Extends Carrasco Airport’s concession

2017 2014 2001

Zvartnots Airport Punta del Este Airport Carrasco Airport - largest in Uruguay Brasilia Airport - third largest in Brazil(1) Bahia Blanca Airport

~20 Year Track Record Operations in 7 Countries

Neuquén Airport (expands its presence in Argentina)

2014-15

Acquires an interest in Florence and Pisa Airports, and a controlling interest in Brasilia and Natal airports Airports awarded through public tender or gov. negotiations Airports acquired from third parties

2007 2004

Guayaquil Airport

Track Record of Acquiring and Developing Airports

1

Incorporates Shirak Airport to the Zvartnots concession Extends Guayaquil’s Airport concession Source: Company information.

  • 1. In terms of passenger traffic.

Over the Last ~20 Years the Company has Consistently Increased the Number of Concessions and Airports Under Management

Successful airport concession extensions Incorporates El Palomar airport to the AA2000 Concession Agreement, bringing CAAP’s number of total airports under

  • peration to 52.

6 2018

Extends Guayaquil’s Airport concession Extends Punta del Este Airport’s concession

2019

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SLIDE 8

URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY URUGUAY ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA ARMENIA PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU PERU ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ECUADOR ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY ITALY BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL BRAZIL ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTINA

Airports(2) Passengers(2) Revenue

  • Adj. EBITDA
  • Key hub in the country’s largest city,

and a touristic airport in one of the world’s most coveted destinations ECUADOR 2 4.4mm $89.2mm $24.7mm Airports(2) Passengers(2)

  • Domestic airport network of airports

in the south of Peru PERU 5 3.4mm Market Leader (% of Passenger Traffic)

1

Well-Positioned Diversified Airport Portfolio …

Airports(1) Passengers Revenue (3)

  • Adj. EBITDA
  • Key international airports, a

domestic network as well as touristic airports ARGENTINA 37 39.8mm $934.9mm $310.5mm >90% Airports Passengers Revenue

  • Adj. EBITDA
  • The country’s main international

airport and a key touristic airport URUGUAY  2 2.3mm $116.3mm $57.8mm >90%    Airports(1)(2) Passengers(2) Revenue (3)

  • Adj. EBITDA
  • Diversified airport portfolio comprises

various asset types: hubs, long-haul, regional, tourist and domestic network Corporación América Airports 52 81.3mm $1,538mm $481.6mm  Airports Passengers Revenue

  • Adj. EBITDA
  • Local hub with exposure to domestic

traffic, combined with tourist traffic BRAZIL 2 20.3mm $123.2mm $14.8mm Airports Passengers Revenue

  • Adj. EBITDA
  • Main international airport with

exposure to Asia-Europe passenger traffic, as well as an LCC focused airport ARMENIA 2 2.9mm $118.4mm $48.8mm >90% Airports Passengers Revenue

  • Adj. EBITDA
  • Touristic airports with exposure to

strong passenger traffic growth and low cost carriers ITALY  2 8.2mm $155.5mm $38.8mm   Note: Financial and operating figures for the fiscal year ended December 31, 2018 1. Including Termas de Rio Hondo Airport, which is operated by AA2000 but not yet included in the concession. 2. The Company reports Aeropuertos Ecológicos de Galapagos (ECOGAL) and Aeropuertos Andinos del Peru (AAP) as investments in associates. Nevertheless, their

  • perational information is included above (number of airports and passengers).

3. Excluding IAS 29

7

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SLIDE 9

Int'l 99% Dom 22% Int'l 78% Dom 60% Int'l 3% Tran 37% Dom 63% Int'l 34% Tran 3% 113.0 127.0 128.8 123.2 2015 2016 2017 2018

Revenue Evolution

  • Exposure to Brazil, one of Latin America’s largest domestic airline

markets

  • Presence in Brasilia, Brazil’s capital, a city with the highest GDP

per capita in Brazil and +3.0mm inhabitants (3rd largest)

  • Air traffic expected to benefit from a growing economy and an

improving political environment

Revenue Evolution

 

1

…With Key Strategic Assets in Attractive Geographies

Argentina Brazil

(US$mm) (US$mm)

(1) Calculated adding revenues for Brasilia and Natal during the period.

(1)

  • Captures ~90% of Argentina’s passenger traffic
  • Operates the two largest airports, Ezeiza and Aeroparque, and 35
  • thers nationwide
  • Main operators with barriers to entry and no competing hubs
  • Uniquely positioned to seize Argentina’s economic recovery and low

cost carrier segment development

   

783.9 840.9 998.6 934.9 2015 2016 2017 2018

  • Leading airports in one of Italy’s most touristic regions
  • Pisa: proven LCC business model
  • Florence: important tourist and fashion destination with growing

passenger traffic

   Italy Uruguay

(US$mm)

Revenue Evolution

  • Solid airport operation with one of the highest commercial revenues

per passenger in Latin America

  • Carrasco: mature O&D business model with one of the highest

commercial revenues per passenger in the region

PAX Breakdown

(2018) 152.7 141.3 154.5 155.5 2015 2016 2017 2018

(US$mm)

Revenue Evolution

93.1 97.8 110.0 116.3 2015 2016 2017 2018

(1)

PAX Breakdown

(2018)

PAX Breakdown

(2018)

PAX Breakdown

(2018)

37.3 mm 19.4 mm 2.3 mm 7.9 mm

8

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SLIDE 10

2

Track Record of State-of-the-Art Investment Programs

Argentina 9

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SLIDE 11

2

Track Record of State-of-the-Art Investment Programs

Argentina 10

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SLIDE 12

2

Track Record of State-of-the-Art Investment Programs

Argentina 11

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SLIDE 13

2

Track Record of State-of-the-Art Investment Programs

Argentina 12

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SLIDE 14

2

Track Record of State-of-the-Art Investment Programs

13 Uruguay

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SLIDE 15

2

Track Record of State-of-the-Art Investment Programs

14 Uruguay

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SLIDE 16

2

Track Record of State-of-the-Art Investment Programs

15 Brazil

Brasilia Airport

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SLIDE 17

2

Track Record of State-of-the-Art Investment Programs

16 Brazil

Brasilia Airport

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SLIDE 18

2

Track Record of State-of-the-Art Investment Programs

17 Ecuador

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SLIDE 19

2

Track Record of State-of-the-Art Investment Programs

18 Armenia

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SLIDE 20

2

Track Record of State-of-the-Art Investment Programs

19 Armenia

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SLIDE 21

1.8% 1.6% 3.5% 3.4% 3.1% 3.0% 2.1% 1.1% 1.0% US GB AM PE UY AR BR EC IT Source: Sabre, IHS, Airbus, The Economist Intelligence Unit and The Brookings Institution. 1. 2016 GDP per capita at purchasing power parity.

3

Favorable Real GDP Growth … … And Middle Class Development Expectations …

Average Annual Real Growth (’17E-’21E)

… Leading to Strong Convergence Potential

Avg.: 2.5% Avg.: 1.7%

Exposure to Favorable Macroeconomic Trends …

18% 91% 37% 84% 51% 81% 55% 79% 35% 58% 29% 49% 92% 92% '05 '25 '05 '25 '05 '25 '05 '25 '05 '25 '05 '25 '05 '25 Change (%) Middle Class as a % of the Total Population 74% 46% 30% 24% 23% 20% (1%)

CAAP – Countries of Operation $0 $10 $20 $30 $40 $50 $60 $70 $80 0.0 0.5 1.0 1.5 2.0 2.5 3.0 GDP per Capita (US$ '000 ) Annual Trips per Capita Emerging Markets Developed Countries

URU ARG PER ARM GER FRA CAN UK US AUS IRE ITLY BRA ECU DMRK SWZD FINL NETH SPA

(1)

CAAP Presence Other Countries

20

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SLIDE 22

3

…and growth opportunities from extensions, expansions and acquisitions

20

Overview of Existing Concessions Terms

(Remaining Life in Years, as of December 31, 2018, considers Punta del Este extension) W.A. Remaining Life(1) + Potential Extension Weighted Average Remaining Life(1) Countries with Successful Concession Extensions

 Expansion programs in main concessions

Terminal area expansion: new passenger buildings, apron expansions, new ground access and parking New commercial areas: duty free shops, retail stores, entertainment, restaurants, and others Commercial area expansion in and

  • utside the terminal, including retail

stores, entertainment, food court, restaurants, etc. subject to macro evolution. New 48,500 sqm terminal and a 2,400 mts long runway New terminal to include 7,300 sqm of commercial space and improved retail layout

… and growing inorganically through selective acquisitions while keeping a disciplined approach:

  • Regions where we are currently present
  • Invest in new infrastructure to serve unattended

demand

  • Concessions with potential to develop new routes
  • Explore other sources of revenues (advertising,

car parking, VIP lounges, real estate)

  • Leveraging our expertise and solid balance

sheet

  • Potential to increase connecting traffic / hub

strategy

  • Opportunities to expand commercial space

Source: Company information. 1. Weighted by 2018 passenger traffic and CAAP's ownership stake in all the concessions within the country. 2. Any potential extension is subject to certain terms and conditions including the government’s approval. 3. Puerta del Sur’s concession was extended for 10 years in September 2014. CAISA’s concession was extended for 14 years in February 2019. 4. Concession allows for indefinite 5-year period extensions.

Expansion at Ezeiza airport Expansion at Brasilia airport New runway and terminal at Florence airport 21

14 9 26 18 10 14 13 17 8 10 5 5 35 21 19 26 23 10 14 18 52

CAAP ARGENTINA ITALY BRAZIL ECUADOR URUGUAY ARMENIA PERU

CAAP Argentina(2

)

Italy Uruguay(3) Brazil Ecuador

 

Armenia(4) Peru

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SLIDE 23

277 427 462 482 137 122

27.3% 35.4% 34.7% 36.6% 39.6% 39.0%

2015 2016 2017 2018 1Q18 1Q19

EBITDA EBITDA margin exIFRIC

61% 8% 3% 11% 5% 9% -2%

Historical Revenues (ex- IAS29)

4 Consistent Revenue and EBITDA Growth

Revenue by Country ex-IFRIC12 and IAS29(1)

(US$mm) (2018)

22

56% 11% 9% 9% 7% 8%

543 674 767 765 205 192 460 522 555 540 137 118 178 165 250 229 47 64 6 6 3 5 2

1,187 1,366 1,575 1,538 391 375

2015 2016 2017 2018 1Q18 1Q19 Aeronautical Rev. Commercial Rev. Construction Rev. Other Rev. EBITDA by Country ex-IAS29

(2018)

1. Excludes IFRIC 12 revenues during the period for a total of US$250.1mm distributed as follows: US$207mm in Argentina, US$15.8mm in Italy, US$0.6mm in Uruguay and US$5.6mm in Armenia.

EBITDA (ex-IAS29)

(US$mm)

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SLIDE 24

177 170 469 820 1 year or less 1 -2 years 2 - 5 years Over 5 years

2.7x 2.0x 2.0x 2.0x

dec 17 mar-18 dec 18 mar-19

59% 26% 15%

US dollars Reales Euro

40% 60%

Bank and financial borrowings Notes

4

Debt Maturity Profile Leverage Ratios

Progressive maturity profile offering liquidity and cash flow stability

Relatively Low Leverage Levels

Financial Debt Overview

Debt Breakdown

(Mar 31, 2019)

1. As of Mar 31 2019, the Company had a cash balance of US$255.0M 2. 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.

23

US$1.1bn(1) US$1.1bn(1)

Currency mix

(Mar 31, 2019)

Net Debt / EBITDA 4.0x 5.3x 3.8x 5.3x

Adjusted EBITDA/Interest Expense

(Mar 31, 2019; US$mm)(2)

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SLIDE 25

5

Highly Experienced Management Team and Seasoned Board of Directors

Board of Directors

NI I

Non-Independent Independent

NI NI NI NI I I I

Máximo Bomchil Chairman Carlo Alberto Montagna Valerie Pechon Martín Eurnekian Daniel Marx David Arendt

Board Level Committees

Executive Committee: Oversees operations and acts on behalf of the board during on-demand activities Audit Committee: Assists the board in fulfilling its oversight responsibility related to the integrity of the financial statements, the systems of internal accounting and financial controls Acquisitions and Business Development Committee: Assists with recommendations on acquisitions and business development

1 2 3

Roderick

  • H. McGeoch

Management Team

CEO

  • M. Eurnekian

CFO

  • R. Francos

Business Development Manager

  • E. Perissé

European Business Development Manager

  • R. Naldi

Local CEOs Legal Manager

  • A. Zenarruza

IT Ecuador

  • A. Córdova

Italy

  • R. Naldi

Peru

  • R. Díaz

Uruguay

  • D. Arrosa

Argentina

  • M. Patanian

Armenia

  • M. Wende

Brazil

  • J. Arruda

Finance and M&A Manager

  • J. Arruda

Accounting, Planning and Tax Manager

  • R. Galante

Internal Control & Compliance

24

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SLIDE 26

5

Source: Company information.

 Corporación America group has ~50 years of history  Started in the textile industry in the 80’s, and has continuously grown and diversified its business portfolio  In the 90’s became one of the leading media conglomerates in Argentina  Currently Corporación America is mainly focused on its airports, energy, infrastructure and financial industries  Proven capabilities to invest in diverse geographies and complex businesses, and flexibility to quickly adapt to new challenges   

Committed Controlling Shareholder

Airports Energy Agribusiness Services Infrastructure Technology

25

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SLIDE 27

Supplemental information

slide-28
SLIDE 28

Summary Income Statement

26

Year ended December 31, Nine months ended US$ in millions 2015 2016 2017 2018 mar-18 mar-19 % Variation Aeronautical Revenue 543 674 767 716 205 185 (9.7%) Commercial Revenue 460 522 555 507 137 114 (16.7%) Other Revenue 6 6 3 5 2 (78.0%) Revenue ex-IFRIC 12 1,009 1,201 1,325 1,228 344 300 (12.9%) Construction Service Revenue 178 165 250 198 47 61 30.3% Revenue 1,187 1,366 1,575 1,426 391 361 (7.8%) Cost of Services (759) (859) (1,030) (971) (241) (249) 3.2% Gross Profit 428 507 545 455 150 112 (25.4%) Selling, General and Administrative Expense (167) (171) (194) (172) (44) (39) (12.5%) Other (Expense) Income, net 13 (5) 18 16 4 4 (7.7%) Share of Loss in Associates (69) (1) (16) (4) (0) n.m. Financial Expense, net (153) (235) (239) (291) (72) (58) (19.7%) Net Profit (loss) before Income Tax 51 95 114 3 38 19 (50.6%) Income Tax (45) (56) (47) (14) (12) 6 (149.8%) Net Profit (loss) from Continuing Operations 6 39 67 (11) 26 24 (7.2%) (Loss) Income from Discontinued Operations 109 (9) n.m. Net Profit (loss) for the Year/Period 115 29 67 (11) 26 24 (7.2%) Attributable to Parent 105 34 63 7 26 30 14.9% Attributable to Non-Controlling Interests 10 (5) 3 (18) (0) (6) n.m.

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SLIDE 29

Summary Balance Sheet

  • 1. The transition date to IFRS as issued by the IASB, is January 1, 2015.

27

As of Jan 1, As of Dec 31, As of Mar 31,

US$ in millions 2015(1) 2015 2016 2017 2018 2018 Assets: Cash and Cash Equivalents 255 184 213 222 245 255 Trade Receivables 199 101 110 122 117 119 Other Receivables & Tax Assets 291 61 143 188 80 75 Current Tax Assets 1 4 6 5 14 3 Other Receivables 290 57 137 183 67 71 Financial Assets 46 40 34 40 81 54 Inventories 22 8 8 9 10 9 Total Current Assets 813 395 507 579 533 511 Trade Receivables 4 1 1 Other Receivables & Tax Assets 174 165 217 309 287 289 Other Receivables 135 117 118 173 133 136 Deferred Tax Assets 39 48 99 135 153 152 Investment Properties 15 Other Financial Assets 11 15 1 3 6 6 Investments in Associates 170 14 11 13 11 11 Right-of-use asset

  • 11

Property, Plant and Equipment, net 191 72 66 74 74 71 Intangible Assets, net 1,454 2,611 2,825 2,818 2,934 2,905 Total Non-Current Assets 2,015 2,877 3,120 3,222 3,313 3,293 Non-Current Assets for Sale 5 Total Assets 2,833 3,272 3,627 3,801 3,845 3,805

As of Jan 1, As of Dec 31, As of Mar 31,

US$ in millions 2015(1) 2015 2016 2017 2018 2019 Liabilities: Trade Payables 173 121 114 128 115 96 Current Tax Liabilities 28 7 60 22 12 21 Other & Lease Liabilities 197 227 347 209 225 210 Borrowings 281 127 142 373 99 121 Total Current Liabilities 678 482 663 732 451 448 Trade Payables 3 2 2 3 2 1 Other & Lease Liabilities 78 847 1,049 1,007 872 895 Deferred Tax Liabilities 122 146 144 148 271 231 Borrowings 485 960 966 1,114 1,028 1,016 Total Non-Current Liabilities 688 1,955 2,161 2,272 2,172 2,144 Total Liabilities 1,366 2,438 2,824 3,004 2,623 2,592 Shareholders' Equity 1,467 834 803 797 1,223 1,213 Owners of the Parent 1,115 463 449 462 768 782 Non-Controlling Interests 352 371 354 335 454 431 Total Liabilities and Shareholders' Equity 2,833 3,272 3,627 3,801 3,845 3,805

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SLIDE 30

Non-IFRS Reconciliation

“Adjusted EBITDA” is a non-IFRS financial measure. Adjusted EBITDA is presented because it allows for the more effective evaluation of the Company’s operating performance and results of operations from period to period without regard to financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, combined consolidated net income for the year as determined in accordance with IFRS or as an indicator of operating performance from continuing operations. Below is a reconciliation of Income from Continuing Operations to Adjusted EBITDA for the periods shown below.

28

Year ended December 31, Three months ended US$ in millions 2015 2016 2017 2018 mar-18 mar-19 Income from Continuing Operations $6 $39 $67 ($11) $26 $24 Financial Income (47) (38) (63) (76) (14) (16) Financial Loss 200 273 302 331 86 65 Inflation adjustment 36 8 Income Tax Expense 45 56 47 14 12 (6) Amortization and Depreciation 72 97 108 151 27 41 Adjusted EBITDA 277 427 462 446 137 117 Adjusted EBITDA Margin (%) 23.3% 31.3% 29.3% 31.3% 35.0% 32.4%

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SLIDE 31

IR Contact Gimena Albanesi Email: gimena.albanesi@caairports.com Phone: +5411 4852-6411