Corporacin Amrica Airports S.A. May 2018 1 Ownership and - - PowerPoint PPT Presentation

Corporación América Airports S.A. May 2018

1

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

…

Brazil 1 Airport 1 Airport 51.0% 99.9% Italy 2 Airports 55.7% 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 Argentina 35 Airports(2) 1 Airport 1 Airport 81.3% 81.3% 74.1% 81.1% Source: Company information.

• 1. CAAP ownership through intermediate sub-holding companies.
• 2. Includes El Palomar airport, recently added under the AA2000 Concession Agreement.

2

1,187 1,366 1,575

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 71.0 71.8 76.6

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

Largest private airport operator by number of airports with a diversified portfolio

• 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
• Solid balance sheet to support growth initiatives

Passenger Evolution (mm) Passengers by Country (2017)

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

traffic (76.6mm) as of December 31, 2017. Based on companies’ information, companies’ filings and websites as

• f December 31, 2017. 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.

Growing Revenue Base (2)

(US$mm)

Revenue by Country (2017)

49% 10% 25% 3% 5%4%4% Argentina Italy Brazil Uruguay Ecuador Armenia Peru 64% 10% 8% 7% 5% 6% Argentina Italy Brazil Uruguay Ecuador Armenia 3

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

4

Key Highlights

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 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.

5

Track Record of Acquiring and Developing Airports…

… with deep operating know how driving a successful business model

 Evaluation of new routes and new frequencies  Close relationships with major airlines  Coordination among airports with common routes  Seeking other revenue sources from airlines (e.g.: cargo facilities, maintenance centers)

Airlines and Routes

 

Source: Company information.

 Assessment of requirements to determine optimal terminal and taxi-way areas  Evaluation of expansion and requirements for passenger growth  Evaluation of scheduled maintenance investment requirements  Unique know-how in design and execution of new projects

Efficient Capital Investment Planning

   

 Work closely with airlines to reduce MCT and time-on-the- ground  Ensure facilities provide flexibility and capabilities to meet airline demands

Operations Optimization Experienced Government Affairs

 Track record of negotiating, acquiring and renewing concessions across geographies  Long-standing relationships with governments and regulators  Joint efforts to develop and maintain concession agreements  Partnerships that create opportunities for concession renewals

       

Commercial Revenues

 Long standing relationships with key commercial tenants (Dufry, JCD, IMC)  Assessment of the store mix to maximize revenues  Analysis of potential new developments and commercial expansions to enhance offering  Evaluation to increase other sources of related revenues

   

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.

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

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

Avg.: 2.5% Avg.: 1.7% 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 6.5% 6.2% 5.9% 5.2% 3.2% 2.6% Africa LatAm Asia- Pacific Middle East Europe North America

Attractive Expected 20-Year Total Passenger Growth

… Leading to Strong Convergence Potential

Source: Sabre, IHS, Airbus, The Economist Intelligence Unit and The Brookings Institution .2016 GDP per capita at purchasing power parity. Source: Boeing, IATA, Tourism Economics and Wall Street Research.

7

CAAP operates in markets with favorable economic trends…

Initiatives to expand concessions in Argentina, Brazil and Italy…

New expansion at Ezeiza airport 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 New expansion at Brasilia airport Terminal area expansion (accessible from

• utside) to accommodate an additional

commercial area of 40,000 sqm GLA(1), including retail stores, entertainment, food court, upscale restaurants, etc. New terminal and runway at Florence airport 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:

1. Weighted by 2017 passenger traffic and CAAP's ownership stake in all the concessions in the country. 2. Subject to certain terms and conditions including the government’s approval. 3. Puerta del Sur extended for 10 years in 2014. Currently in negotiations with Government to exten the term of CAISA’s concession. 4. Concession allows for indefinite 5-year period extensions.

14 10 28 15 14 8 10 5 5 35 22 20 28 25 7 15 19 53

• 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

20

CAAP Argentina(2) Italy Uruguay(3) Brazil Ecuador

 

Armenia(4) Peru

Overview of Existing Concessions Terms

(Remaining Life in Years, as of December 31, 2017) W.A. Remaining Life(1) + Potential Extension Weighted Average Remaining Life(1) Countries with Successful Concession Extensions



• Potential to increase connecting traffic / hub

strategy

• Opportunities to expand commercial space

8

… and has growth opportunities from concession extensions, expansions and new acquisitions

• Revenues up 8.4% YoY and Adjusted EBITDA 17.8%
• Positive dynamics across key operating metrics:
• Passenger traffic +7.6% YoY in the quarter reaching 76.6 million passengers in 2017
• Cargo volume +8.0% YoY
• Continued to add new routes and frequencies
• Made capital investments of US$90 million in 4Q17 to enhance airport infrastructure in

Argentina, Brasilia and Italy, bringing total investments in 2017 to US$280 million

• The Argentine Government granted AA2000 the El Palomar Airport concession in Greater

Buenos Aires

Corporación América Delivers Solid 4Q17 Results

9

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

2 Airports(1) Passengers

• 7.0%

Cargo +26.3% Movements

• 14.5%

ECUADOR PERU 37 Airports Passengers +13.0% Cargo +9.6% Movements +7.0% ARGENTINA 5 Airports(2) Passengers +8.1% Cargo -1.5% Movements +12.2% ITALY 2 Airports Passengers +1.9% Cargo

• 5.2%

Movements

• 0.6%

BRAZIL 2 Airports Passengers +2.8% Cargo +18.0% Movements

• 1.4%

ARMENIA 2 Airports Passengers +11.3% Cargo

• 31.4%

Movements +16.4% URUGUAY 2 Airports Passengers +5.2% Cargo +1.1% Movements

• 31.2%

Corporación América Airports

52 Airports Passengers +7.6% Cargo +8.0% Movements +1.0%

50%

5% 4%

8%

3%

26% 3% % of total passengers for 4Q17

1)CAAP owns 99.9% of ECOGAL which operates the Galapagos Airport, but due to terms of the concession agreement the 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. 2)CAAP owns 50.0% of AAP and accounts its results by the equity method. However, 100% of AAP’s passenger traffic and aircraft movements are included in this table

10

Strong 4Q17 operating performance driven by robust traffic growth in Argentina and good dynamics across segments

178 192 674 767 139 146 522 556

65.7 77.8 165.1 250.1 2.4 1.2 5.6 2.5

4Q16 4Q17 FY16 FY17

Aeronautical Commercial Construction Service Other

1,366

Net Revenue by type

In US$ million

247 269 841 999 34 38 141 154 37 33 127 129 24 26 98 110 21 21 85 85 21 27 73 95 0.7 2.8 0.8 3.4 4Q16 4Q17 FY16 FY17 Argentina Italy Brazil Uruguay Ecuador Armenia Unallocated

Net Revenue by geography

In US$ million

385 417 1,575

+5% +8% +6% +14%

• Aeronautical revenues up 8% YoY mainly driven by growth Argentina and Italy
• Commercial revenues rose 5% fueled by Argentina and Armenia, while construction was up 18.4% YoY mainly reflecting investments in

Argentina

• Ex-IFRIC12, net revenues rose 6.3% YoY in the quarter

Delivered solid balanced top line growth across the Company…

11

90 107 426 460

'- 1.0 1.9 2.9 3.9 4.8 5.8 6.8 7.7 8.7 9.7 10.6 11.6 12.6 13.5 14.5 15.5 16.4 17.4 18.4 19.3 20.3 21.3 22.2 23.2 24.2 25.1 26.1 27.0 28.0 29.0 29.9 30.9 31.9 32.8 33.8 34.8 35.7 36.7 37.7 38.6 39.6 40.6 41.5 42.5 43.5 44.4 45.4 46.4 47.3 48.3 49.3 50.2 51.2 52.2 53.1 54.1 55.1 56.0 57.0 58.0 58.9 59.9 60.9 61.8 62.8 63.8 64.7 65.7 66.7 67.6 68.6 69.6 70.5 71.5 72.5 73.4 74.4 75.3 76.3 77.3 78.2 79.2 80.2 81.1 82.1 83.1 84.0 85.0 86.0 86.9 87.9 88.9 89.8 90.8 91.8 92.7 93.7 94.7 95.6 96.6 97.6 98.5 99.5 100.5 101.4 102.4 103.4 104.3 105.3 106.3 107.2 108.2 109.2 110.1 111.1 112.1 113.0 114.0 115.0 115.9 116.9 117.9 118.8 119.8 120.8 121.7 122.7 123.6 124.6 125.6 126.5 127.5 128.5 129.4 130.4 131.4 132.3 133.3 134.3 135.2 136.2 137.2 138.1 139.1 140.1 141.0 142.0 143.0 143.9 144.9 145.9 146.8 147.8 148.8 149.7 150.7 151.7 152.6 153.6 154.6 155.5 156.5 157.5 158.4 159.4 160.4 161.3 162.3 163.3 164.2 165.2 166.2 167.1 168.1 169.1 170.0 171.0 171.9 172.9 173.9 174.8 175.8 176.8 177.7 178.7 179.7 180.6 181.6 182.6 183.5 184.5 185.5 186.4 187.4 188.4 189.3 190.3 191.3 192.2 193.2 194.2 195.1 196.1 197.1 198.0 199.0 200.0 200.9 201.9 202.9 203.8 204.8 205.8 206.7 207.7 208.7 209.6 210.6 211.6 212.5 213.5 214.5 215.4 216.4 217.4 218.3 219.3 220.2 221.2 222.2 223.1 224.1 225.1 226.0 227.0 228.0 228.9 229.9 230.9 231.8 232.8 233.8 234.7 235.7 236.7 237.6 238.6 239.6 240.5 241.5 242.5 243.4 244.4 245.4 246.3 247.3 248.3 249.2 250.2 251.2 252.1 253.1 254.1 255.0 256.0 257.0 257.9 258.9 259.9 260.8 261.8 262.8 263.7 264.7 265.7 266.6 267.6 268.5 269.5 270.5 271.4 272.4 273.4 274.3 275.3 276.3 277.2 278.2 279.2 280.1 281.1 282.1 283.0 284.0 285.0 285.9 286.9 287.9 288.8 289.8 290.8 291.7 292.7 293.7 294.6 295.6 296.6 297.5 298.5 299.5 300.4 301.4 302.4 303.3 304.3 305.3 306.2 307.2 308.2 309.1 310.1 311.1 312.0 313.0 314.0 314.9 315.9 316.8 317.8 318.8 319.7 320.7 321.7 322.6 323.6 324.6 325.5 326.5 327.5 328.4 329.4 330.4 331.3 332.3 333.3 334.2 335.2 336.2 337.1 338.1 339.1 340.0 341.0 342.0 342.9 343.9 344.9 345.8 346.8 347.8 348.7 349.7 350.7 351.6 352.6 353.6 354.5 355.5 356.5 357.4 358.4 359.4 360.3 361.3 362.3 363.2 364.2 365.1 366.1 367.1 368.0 369.0 370.0 370.9 371.9 372.9 373.8 374.8 375.8 376.7 377.7 378.7 379.6 380.6 381.6 382.5 383.5 384.5 385.4 386.4 387.4 388.3 389.3 390.3 391.2 392.2 393.2 394.1 395.1 396.1 397.0 398.0 399.0 399.9 400.9 401.9 402.8 403.8 404.8 405.7 406.7 407.7 408.6 409.6 410.6 411.5 412.5 413.4 414.4 415.4 416.3 417.3 418.3 419.2 420.2 421.2 422.1 423.1 424.1 425.0 426.0 427.0 427.9 428.9 429.9 430.8 431.8 432.8 433.7 434.7 435.7 436.6 437.6 438.6 439.5 440.5 441.5 442.4 443.4 444.4 445.3 446.3 447.3 448.2 449.2 450.2 451.1 452.1 453.1 454.0 455.0 456.0 456.9 457.9 458.9 459.8 460.8 461.7 462.7 463.7 464.6 465.6 466.6 467.5 468.5 469.5 470.4 471.4 472.4 473.3 474.3 475.3 476.2 477.2 478.2 479.1 480.1 481.1 482.0 483.0

4Q16 4Q17 FY16 FY17

Adjusted EBITDA & Margin Ex-IFRIC12

US$ Million

31,4% 35,4% 34,7% 28,4%

• Adj. EBITDA Mg

Ex-IFRIC12

• Adjusted

EBITDA up 6.3% YoY in 4Q17, ex-IFRIC12 and excluding one-time items in both 4Q16 and 4Q17: Growth was mainly driven by solid performance in Argentina resulting principally form the 13% increase in passenger traffic and further supported by Italy and Armenia.

• Adjusted EBITDA margin ex-IFRIC12 and ex-one-time items

stable at 33.6%

• 4Q17 one-time items: i) $9.4M provision from termination of the

Chinchero – Cusco International Airport concession in Peru; ii) $3.9M in IPO expenses; iii) $3.1M gain from reversal of impairment loss; and iv) $2.8M benefit from adjustment in concession fee in Brazilian airports from an increase in the discount rate used to calculate this fee

• 4Q16 one-time item: $16.6M one-time expense in Brazil from the

write down of the value of the Natal concession

… generating strong Adjusted EBITDA growth in the quarter

12

3.3x 2.1x 2.7x

2015 2016 2017

Robust balance sheet with healthy debt maturity profile provide financial flexibility to support growth opportunities

Debt Maturity Profile Leverage Ratios

(Dec-17; US$mm)(2)

Financial Debt Overview

Debt Breakdown US$1.5bn(1)

(2017)

Source: Company information.

1. As of December 31, 2017, the Company had a cash balance of US$222M. 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.

• Debt held at subsidiary level. Subsidiaries with financial flexibility to finance their expansion programs through cash flow

from operations and debt

51.5% 0.3% 4.0x 3.6x 4,0x

Net Debt/EBITDA Adjusted EBITDA/Interest Expense

395 230 522 801

1 year or less 1 to 2 years 2 to 5 years Over 5 years 51.5% 45.9% 0.3% 2.3%

Bank and financial borrowings Notes Other Loans with related parties

11.2% 36.6% 52.1% 0.1%

Euro Reales US Dollar Argentine peso

Currency Mix

(2017)

13

Business Highlights

• Robust passenger traffic growth, up 13.0% in 4Q17

and 11.3% in 1Q18

• New

routes and airlines supporting increased connectivity

• Flybondi started flying to several domestic destinations
• Level opened four weekly flights to Barcelona
• Norwegian Airlines started a direct route to London with four

weekly frequencies

• Ethiopian Airlines inaugurated a route to Adís Abeba, Ethiopia,

connecting through Brazil, with five weekly flights

• United Airlines opened a daily flight to NY
• Avianca, Amaszonas and Azul added several regional flights to

Paraguay, Uruguay and Brazil.

• Aerolíneas Argentinas and Latam added domestiec frequencies

to existing domestic routes

• Revenue ex-construction up 7.0% YoY with balanced

aeronautical and commercial revenue growth

Argentina: Delivered strong performance; developing CAPEX program to meet expected increase in demand

• Government awarded concession of El Palomar airport last

December, which started operations in February 2018

• Working

with the government to develop the capex program for the next years to satisfy the expected increase in passenger traffic resulting from the Airplane Revolution Plan

4Q17 4Q16 % Var FY17 FY16 % Var Passenger Traffic (million) 9.8 8,7 13.0% 37.3 32.6 14.4% Revenue 268.9 247.2 8.8% 998.6 840.8 18.8%

• Aeronautical

110.7 103.7 6.8% 429.5 366.1 17.3%

• Commercial

88.8 82.8 7.2% 338.1 320.8 5.4% Revenue ex- Construction 199.5 186.5 7.0% 767.6 686.9 11.7% CAPEX 69.9 60.5 15.7% 232.0 155.0 49.7%

4Q17 Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

14

Brazil: Positive inflection in traffic trend reflecting economic recovery and new routes

Business Highlights

• Pick-up in passenger traffic, up 2.8% YoY in 4Q17, and

3.3% in 1Q18

• Traffic in Brasilia Airport up 4%, signaling a recovery

from the recession experienced in the country

• Natal Airport temporarily impacted by the maintenance of

the main runway in 3Q17

• Added new international and domestic routes, and more

frequencies to existing destinations

• Latam Airlines opened a new international route to Punta Cana

with two weekly fights, and added flights to several dometic destinations, including São Paulo and Recife.

• Gol has started to sell tickets for daily flights to Orlando and Miami,

with flights beginning in November 2018.

• Both Gol and Avianca added flights to domestic destinations

Santarém, Belém, Fortaleza, Porto Alegre and São Paulo.

4Q17 4Q16 % Var FY17 FY16 % Var Passenger Traffic (million) 5.1 4.9 2.8% 19.4 20.4

• 4.9%

Revenue 32.7 36.6

• 10.6%

128.8 127.1 1.4%

• Aeronautical

16.7 16.4 2.1% 66.1 60.6 9.2%

• Commercial

15.9 19.4

• 17.9%

62.6 65.6

• 4.5%

Revenue ex- Construction 32.7 36.6

• 10.6%

128.8 127.1 1.4% CAPEX 4.4 2.3 94.9% 13.6 16.7

• 18.6%

4Q17 Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

• Revenues

impacted by FX fluctuation while in local currency, revenues showed a positive trend

• Making headway in the development of the expansion plan
• f

the commercial area at Brasilia airport ($190M investment). Project approved by the airport regulator.

15

Business Highlights

• Steady passenger traffic growth, up 1.9% in 4Q17 and

2.0% in 1Q18

• Revenue ex-construction up 9.2% in 4Q17 mainly

reflecting US depreciation and passenger growth

• CAAP acquired 4.57% of additional shares in Toscana

Aeroporti, at a undervalued price, increasing exposure to an asset with significant upside

• Invested $7.6M (up 22.9% YoY) to remodel terminal at

Florencia Airport and apron expansion at Florencia and Pisa airports

• Pisa Airport:
• Final approval of the Master Plan, which contemplates adding

20,000 m2 of terminal space

• Investment of $37M, with construction expected to start in 2H18

4Q17 4Q16 % Var FY17 FY16 % Var Passenger Traffic (million) 1.6 1.6 1.9% 7.9 7.5 5.3% Revenue 37.9 33.9 11.9% 154.5 141.3 9.3%

• Aeronautical

24.3 21.5 13.0% 106.5 99.2 7.4%

• Commercial

7.6 7.1 6.6% 31.8 29.5 8.0% Revenue ex- Construction 33.0 30.2 9.2% 140.7 133.7 5.5% CAPEX 7.6 6.2 22.9% 20.0 12.1 65.4%

Italy: Delivering steady passenger growth; advancing plans for new runway at Florence Airport

4Q17 Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

• Florence Airport:
• Environmental approval for the construction of new runway and the

new terminal at Florence Airport

• Investment of $351M (50% government) with construction expected

to start in 2H18

16

17 Passenger Traffic

(thousands)

Jan – Mar 2018 Jan – Mar 2017 % Var Argentina 10,247 9,210 11.3% Italy 1,398 1,370 2.0% Brazil 4,966 4,850 2.4% Uruguay 685 635 7.8% Ecuador 1,028 1,033

• 0.5%

Armenia 524 477 9.9% Peru 799 683 16.9% Total 19,647 18,259 7.6%

• Strong performance in Argentina resulting from the

incorporation

• f

new routes, both domestic and international and the addition of a large number of flights to existing destinations. Also, new airlines started

• perations in the quarter.
• In Brazil, passenger traffic at Brasilia airport increased

by 4% in the quarter, showing signs of consistent recovery from the economic crisis. In addition, the airport added new international and domestic routes

CAAP starts 2018 with strong traffic growth

Looking ahead: focused on delivering on strategic initiatives

• Solid business dynamics supported by

healthy macro environment expected across the region

• Focused on developing new routes and

attracting new carriers including LCCs

• Expanding capacity to capture anticipated

traffic growth and drive commercial revenues, with key focus on Argentina, Brazil & Italy

• Healthy balance sheet underscores growth

plans

18

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

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