Corporacin Amrica Airports Investor Presentation Disclaimer This - - PowerPoint PPT Presentation
Corporacin Amrica Airports Investor Presentation Disclaimer This - - PowerPoint PPT Presentation
Corporacin Amrica Airports Investor 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
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.
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%(2)
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.
- 2. CAAP has control over TA, with indirect ownership of 46.7% (CAAP holds 75% of Corporación América Italia, which in turn has a 62% ownership of TA)
17.8%
61% 9% 7% 8% 7% 8%
Argentina Italy Brazil Uruguay Ecuador Armenia
1,187 1,366 1,575 1,584 1,538 375 307
- 500
1,000 1,500 2,000
2015 2016 2017 2018 2019 Mar-19Mar-20 Aeronautical Rev. Commercial Rev. Construction Serv. Rev. Other Rev. 71.0 71.8 76.6 81.3 84.2 20.6 17.1
'- 0.6 1.1 1.7 2.2 2.8 3.3 3.9 4.4 5.0 5.5 6.1 6.6 7.2 7.7 8.3 8.8 9.4 9.9 10.5 11.0 11.6 12.1 12.7 13.2 13.8 14.3 14.9 15.4 16.0 16.5 17.1 17.6 18.2 18.7 19.3 19.8 20.4 20.9 21.5 22.0 22.6 23.1 23.7 24.2 24.8 25.3 25.9 26.4 27.0 27.5 28.1 28.6 29.2 29.7 30.3 30.8 31.4 31.9 32.5 33.0 33.6 34.1 34.7 35.2 35.8 36.3 36.9 37.4 38.0 38.5 39.1 39.6 40.2 40.7 41.3 41.8 42.4 42.9 43.5 44.0 44.6 45.1 45.7 46.2 46.8 47.3 47.9 48.4 49.0 49.5 50.1 50.6 51.2 51.7 52.3 52.8 53.4 53.9 54.5 55.0 55.6 56.1 56.7 57.2 57.8 58.3 58.9 59.4 60.0 60.5 61.1 61.6 62.2 62.7 63.3 63.8 64.4 64.9 65.5 66.0 66.6 67.1 67.7 68.2 68.8 69.3 69.9 70.4 71.0 71.5 72.1 72.6 73.2 73.7 74.3 74.8 75.4 75.9 76.5 77.0 77.6 78.1 78.7 79.2 79.8 80.3 80.9 81.4 82.0 82.5 83.1 83.6 84.2 84.7 85.3 85.8 86.4 86.9 87.5 88.0 88.6 89.1 89.7 90.2 90.8 91.3 91.9 92.4 93.0 93.5 94.1 94.6 95.2 95.7 96.3 96.8 97.4 97.9 98.5 99.0 99.6
2015 2016 2017 2018 2019 Mar-19Mar-20 51% 10% 23% 3% 5% 4% 4%
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, driving a
successful business model
Overview
Revenue Evolution (ex-IAS 29)(2)(3) Passenger Growth
(mm) (US$mm) Breakdown by Country (2019)
Breakdown by Country (2019)
Note:
- 1. Largest private airport operator in terms of number of airports (52). Based on companies’ information,
companies’ filings and websites as of December 31, 2019. Private airport operator stands for those companies which have private investors as main 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.
- 3. Excluding hyperinflation accounting in Argentina (“IAS29”). See earnings report for further information.
33 airports in Argentina
1998 2002 2008 2003 2008 2011 2012
Concessions in Peru, Brazil and Ecuador Extends Carrasco Airport’s concession
2017 2014 2001
Zvartnots Airport Punta del Este Airport Carrasco Airport - largest in Uruguay Brasilia Airport 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.
Over the Last ~20 Years we have consistently Increased the number of 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.
2018
Extends Guayaquil’s Airport concession Extends Punta del Este Airport’s concession
2019
World’s Largest Private Airport Operator in Terms of Number of Airports
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 4.5mm $109.6mm $25.3mm Airports(2) Passengers(2)
- Domestic airport network of airports
in the south of Peru PERU 5 3.6mm Market Leader (% of Passenger Traffic)
1
Well-Positioned Diversified Airport Portfolio …
Airports(1) Passengers Revenue (3)
- Adj. EBITDA(4)
- Key international airports, a
domestic network as well as touristic airports ARGENTINA 37 43.4mm $960.1mm $269.5mm >90% Airports Passengers Revenue
- Adj. EBITDA
- The country’s main international
airport and a key touristic airport URUGUAY 2 2.2mm $117.8mm $56.4mm >90% Airports(1)(2) Passengers(2) Revenue (3)
- Adj. EBITDA (3,4)
- Diversified airport portfolio comprises
various asset types: hubs, long-haul, regional, tourist and domestic network Corporación América Airports 52 84.2mm $1,584mm $449.3mm Airports Passengers Revenue
- Adj. EBITDA (4)
- Local hub with exposure to domestic
traffic, combined with tourist traffic BRAZIL 2 19.1mm $116.6mm $20.5mm Airports Passengers Revenue
- Adj. EBITDA
- Main international airport with
exposure to Asia-Europe passenger traffic, as well as an LCC focused airport ARMENIA 2 3.2mm $133.5mm $51.8mm >90% Airports Passengers Revenue
- Adj. EBITDA
- Touristic airports with exposure to
strong passenger traffic growth and low cost carriers ITALY 2 8.2mm $145.6mm $36.3mm 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 4.
- Adj. EBITDA excludes a one-time item in Argentina of $23.1mn and a one-time item in Brazil of $42.8mn. Peru & Unallocated EBITDA amounts to (10.4)mn.
2
Track Record of State-of-the-Art Investment Programs
Argentina
Ezeiza Airport
2
Track Record of State-of-the-Art Investment Programs
Argentina
Aeroparque Airport
2
Track Record of State-of-the-Art Investment Programs
Uruguay
Montevideo Airport
2
Track Record of State-of-the-Art Investment Programs
Brazil
Brasilia Airport
2
Track Record of State-of-the-Art Investment Programs
Brazil
Brasilia Airport
Covid-19 impact: Traffic and Cargo Trends Reflecting Travel Bans
Total PassengerTraffic
(in thousands)
- 98% YoY in April & May 2020
- Travel restrictions in place by relevant authorities across airport network
- Facilitated cargo activity including medical and essential items allowing for continuity of supply
chains, enabled repatriation flights and transportation of medical staff Total Cargo Volume
(thousand tons)
3
1000 2000 3000 4000 5000 6000 7000 8000 Jan Feb Mar Apr May 2019 2020 5 10 15 20 25 30 35 40 45 Jan Feb Mar Apr May 2019 2020
Action Plan to Mitigate Impact from Covid-19
3
EMPLOYEES & PASSENGERS COST CONTROL AND CASH PRESERVATION
~43% Reduction Target1
(1) Expected reduction on Cash total operating costs and expenses including SG&A based on current Company estimates for 2Q20
Enhanced safety & hygiene protocols across airports to protect the well-being of passengers and personnel
Remote working. Only essential staff working on premises (provided health gear and implemented additional sanitizing policies)
Gradual return to offices with strict safety & hygiene protocols
Significant personnel expense reductions in Brazil, Uruguay, Italy and Armenia, through lay-offs, salary reductions, furloughs and reduction
- f working hours
Uruguay, Italy & Armenia: some employees under furlough receiving government unemployment subsidies
Argentina: government assistance for April wages representing a monthly relief of $1.2 M. Applied for May relief and could be further extended over time subject to government approval
Reduced maintenance expenses across countries. In Brasilia halted use of one of 2 runways and closed one of the 2 piers
Successfully extended payment terms with suppliers across all
- perations
Starting April, cancelled all capital investments
Action Plan to Mitigate Impact from Covid-19
3
EMPLOYEES & PASSENGERS COST CONTROL AND CASH PRESERVATION
~43% Reduction Target1
(1) Expected reduction on Cash total operating costs and expenses including SG&A based on current Company estimates for 2Q20
Enhanced safety & hygiene protocols across airports to protect the well-being of passengers and personnel
Remote working. Only essential staff working on premises (provided health gear and implemented additional sanitizing policies)
Gradual return to offices with strict safety & hygiene protocols
Significant personnel expense reductions in Brazil, Uruguay, Italy and Armenia, through lay-offs, salary reductions, furloughs and reduction
- f working hours
Uruguay, Italy & Armenia: some employees under furlough receiving government unemployment subsidies
Argentina: government assistance for April wages representing a monthly relief of $1.2 M. Applied for May relief and could be further extended over time subject to government approval
Reduced maintenance expenses across countries. In Brasilia halted use of one of 2 runways and closed one of the 2 piers
Successfully extended payment terms with suppliers across all
- perations
Starting April, cancelled all capital investments
3
Action Plan to Mitigate Impact from Covid-19
Continue making progress on these fronts:
Renegotiating concession fees payments with relevant regulatory agencies to align to current environment
Brazil: regulator approved deferral of variable and fixed annual concession fee payments to December, originally due May and July, respectively
Italy: regulator approved deferral of semi-annual concession fee payment to January 2021, originally due July 2020. The calculation to be based on actual number of passengers in 2020.
Under negotiations in Ecuador and Uruguay
In the initial stages of this process:
Concession contracts with guaranteed returns in Argentina, Armenia and Italy
Concession contracts with force majeure re-equilibrium clauses
Brazil: initiated conversations to begin request for economic re- equilibrium of the Brasilia and Natal airport concessions
Ecuador: already requested to begin the economic re-equilibrium process
Uruguay: will begin process to request economic re-equilibrium of the concession
NEAR-TERM NEGOTIATIONS WITH REGULATORY BODIES & GOVERNMENT SUPPORT PPROCESS TO REVIEW CONCESSION RE-EQUILIBRIUM WITH REGULATORS
3
Preparing for the “New Normal”
Adapting airports to new environment, implementing measures to minimize the risk of infection of passengers and employees while ensuring uninterrupted operations Setting and redefining new and customized safety and health protocols together with the aviation industry and regulators, monitored and approved by infectious diseases experts Sanitization & social distance measures Screening & biosecurity control procedures for all passengers entering the airport terminals Implementation of digital solutions to reduce contact with airport equipment and limiting crowds
REGAIN CONSUMER CONFIDENCE TO TRAVEL REACTIVATE TRAVEL INDUSTRY SAFELY . PROTOCOLS TO ENSURE MAXIMUM HEALTH, SAFETY AND COMFORT FOR ALL PASSENGERS AND AIRPORT OPERATORS
276.6 427.2 461.6 481.6 451.6 122.0 86.1
27.3% 35.4% 34.7% 36.6% 36.7% 39.0% 33.0%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 100 200 300 400 500 6002015 2016 2017 2018 2019 Mar-19 Mar-20
EBITDA EBITDA margin exIFRIC
61% 8% 3% 11% 5% 9% -2%
Historical Revenues (ex- IAS29)
4 Historical Revenues and EBITDA
Revenue by Country ex-IFRIC12 and IAS29(1)
(US$mm) (2019)
543 674 767 765 734 192 156 460 522 555 540 486 118 103 178 165 250 229 361 64 47 6 6 3 5 3 1
1,187 1,366 1,575 1,538 1,584 375 307 2015 2016 2017 2018 2019 MAR-19 MAR-20
Aeronautical Rev. Commercial Rev. Construction Rev. Other Rev. EBITDA by Country ex-IAS29
(2019)
1. Excludes IFRIC 12 revenues during the period for a total of US$361 mm distributed as follows: US$319mm in Argentina, US$9.4mm in Italy, US$6.1mm in Uruguay, US$11.6mm in Armenia and US$14.9mn in Ecuador.
EBITDA (ex-IAS29)
(US$mm) 52% 11% 10% 9% 8% 10%
46% 54% Bank and financial borrowings Notes 65% 20% 15% US dollars Reales Euro
4
Relatively Low Leverage Levels
Financial Debt Overview
Debt Breakdown
(Mar 31, 2020)
1. As of March 31 2020, the Company had a cash balance of US$172.5M and net debt of $989M. 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. US$1.2bn(1)
Currency mix
(Mar 31, 2020)
US$1.2bn(1)
30 34 43 42 273 597 561
Q2 2020 Q3 2020 Q4 2020 Q1 2021 1 -2 years 2 - 5 years Over 5 years
63 75 83 56 228 504 527
Q2 2020 Q3 2020 Q4 2020 Q1 2021 1 -2 years 2 - 5 years Over 5 years
Debt Maturity Profile (interest and principal payments)
(Mar 31, 2019; US$ Million)(2)
Source: Company information. 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.
BEFORE DEBT REFINANCING PRO FORMA AFTER DEBT REFINANCING
278 M 149 M
4
Relatively Low Leverage Levels
Deferred $126 M of principal and interest payments under the following transactions
ARGENTINA
- AA2000 $400 M Senior Secured Notes due 2027 Exchange Offer
- A total of 86.73% of the principal tendered for exchange. Settlement date: May 20, 2020
- New Senior Secured Notes due 2027
- Deferred $60.0 M in principal and interest payments, corresponding to payments due May, August
and November, 2020 and February 2021. First payment due in May 2021. Capitalization of interest until May 2021, +250 bps over original coupon (9.375% until May 2021).
- Exchange consideration payment of 1% of principal amount, for holders who tendered before
May 1st (85.23%), offset against accrued interests. Waiver of debt covenants until November 2021
- AA2000 $85 M and 35 M Syndicated Loans due 2022
- Deferred or refinanced $26.6 M corresponding to 2 principal payments due August and November,
2020 to be repaid in 4 quarterly installments starting September, 2021.
- AA2000 $10 M bilateral Loan due July 2020
- Deferred $10.0 M of principal payment due July 2020 to be paid in July 2021
4
Relatively Low Leverage Levels
URUGUAY
- ACI Airports $200 M Senior Secured Notes due 2032 Exchange Offer
- 93.60% of the principal tendered for exchange. Settlement date: May 26, 2020
- New Senior Secured Notes due 2032
- Option to defer up to $20.5 M corresponding to 3 semi-annual principal payments and
accrued interests due May, and November 2020 and May 2021. First payment in November 2021.
- Capitalization of interests until and including May 2021, +100 bps over original coupon
(7.875% until Nov 2021).
- Exchange consideration payment of 1% of principal amount, for holders who tendered before
May 14th
- Puerta del Sur $87 M Notes due October 2022
- Deferred $8.7 M in connection with 2 principal payments due April and October 2020, to be repaid
starting April and October, 2022
- Consideration payment of 1% of deferred amount
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
- G. Giani
Peru
- R. Díaz
Uruguay
- D. Arrosa
Argentina
- D. Ketchibachian
Armenia
- M. Wende
Brazil
- J. Arruda
Finance and M&A Manager
- J. Arruda
Accounting, Planning and Tax Manager
- R. Galante
Internal Control & Compliance
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