Corporacin Amrica Airports S.A. Third Quarter 2019 Earnings Call - - PowerPoint PPT Presentation

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Corporacin Amrica Airports S.A. Third Quarter 2019 Earnings Call - - PowerPoint PPT Presentation

Oct 04, 2023 344 likes •507 views

Corporacin Amrica Airports S.A. Third Quarter 2019 Earnings Call Presentation 1 Disclaimer and forward-looking statement Statements relating to our future plans, projections, events or prospects are forward-looking statements within the

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Corporación América Airports S.A. Third Quarter 2019 Earnings Call Presentation

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SLIDE 2

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 are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU, AMD or the PEN against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our Registration Statement on Form F-1 filed with the SEC for additional information concerning factors that could cause those differences.

Disclaimer and forward-looking statement

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  • Passenger traffic up 1.4% YoY reaching 22.5 million passengers in 3Q19
  • Revenues, Ex-IFRIC12, declined 4.3% YoY mainly reflecting continued difficult macro conditions

in Argentina, softer topline performance in Brazil, lower traffic in Italy and FX translation impact from Argentine Peso, as well as Euro depreciation

  • Adj. EBITDA, decreased 25.5% YoY, with Adjusted EBITDA Ex-IFRIC12 margin declining to

31.7%

  • Excluding bad debt charges in Argentina, Adjusted EBITDA Ex-IFRIC12 margin would have declined 176 bps to

38.9%

  • CAPEX of US$120 million to enhance airport infrastructure, mainly in Argentina, Ecuador and

Italy

  • Tariff increase in Argentina starting January 1st, 2020

Executing against adverse macro conditions in some key markets

  • 1. All figures shown in this presentation are excluding IAS29, unless otherwise noted. For “As Reported” figures see the earnings report.

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SLIDE 4

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Traffic up 1.4% driven by domestic passenger growth in Argentina, and good performance in Armenia and Peru, impacted by declines in Brazil, Italy & Uruguay

2 Airports(1) Passengers

  • 4.0%

Cargo

  • 15.9%

Movements

  • 3.7%

ECUADOR PERU 37 Airports Passengers +7.8% Cargo +2.1% Movements +0.6% ARGENTINA 5 Airports(2) Passengers +5.5% Cargo +13.2% Movements -4.9% ITALY 2 Airports Passengers

  • 1.2%

Cargo +13.8% Movements +0.7% BRAZIL 2 Airports Passengers

  • 11.8%

Cargo +20.9% Movements

  • 13.2%

ARMENIA 2 Airports Passengers +16.6% Cargo +4.8% Movements +27.9% URUGUAY 2 Airports Passengers

  • 2.8%

Cargo

  • 1.8%

Movements

  • 11.6%

Corporación América Airports

52 Airports Passengers +1.4% Cargo +4.1% Movements -2.3%

51% 5% 4% 12% 2% 21% 5% % of total passengers for 3Q19

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

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SLIDE 5

Net Revenue by type Net Revenue by geography

  • Comparable revenues Ex-IFRIC12 fell 4.3% YoY in the quarter:
  • Aeronautical down 1.9% YoY due to: i) FX depreciation and mix-shift to domestic traffic in Argentina, ii) Euro depreciation

in Italy, iii) Brazil mainly due to lower domestic and transit traffic, partially offset by higher international traffic. Revenue growth in Armenia.

  • Commercial declined 7.9% affected by: i) Argentina due to lower cargo and Duty-Free sales and the impact of the

currency depreciation, and ii) Brazil mainly due to lower advertising, F&B and Parking revenues. This more than offset revenue growth in Armenia due to increases in fuel prices and demand, along with higher traffic.

Revenues reflect mix-shift to domestic traffic in Argentina, traffic decline in Brazil and Italy, combined with FX depreciation in Argentina and Italy. Revenue growth in Armenia

In US$ million 1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin. 2 Excludes Construction Service revenue.

61% 10% 6% 6% 7% 10% Argentina Italia Brazil Uruguay Ecuador Armenia

  • 1. All figures shown in this presentation are excluding IAS29, unless otherwise noted. For “As Reported” figures see the earnings report.

3Q19 as rep eporte ted 3Q18 as rep eporte ted % Var r as rep eporte ted IAS S 29 3Q19 ex IAS S 29 3Q18 ex IAS S 29 % Var r ex IAS S 29 Aeronauti tical Reve venue 184.8 177.1 4.4%

  • 7.5

192.4 196.0

  • 1.9%

Non-aer eronauti tical Reve venue 232.3 170.9 35.9%

  • 13.4

245.7 192.8 27.4% Commercial reve venue 123.3 124.7

  • 1.1%
  • 4.4

127.7 138.6

  • 7.9%

Constr tructi tion

  • n serv

rvice e reven venue e (1) 108.2 45.6 137.4%

  • 9.0

117.3 53.6 118.7% Other er reven venue 0.7 0.6 25.3% 0.0 0.7 0.6 25.3% Total Consolidate ted Reve venue 417.1 348.0 19.9%

  • 20.9

438.0 388.9 12.6% Total Reve venue e excluding Constr tructi tion Servi vice e reve venue (2) 308.8 302.4 2.1%

  • 11.9

320.8 335.3

  • 4.3%

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190 188 53 117 41 59 0.7

3Q18 3Q19 Cost of services Ex Construction Construction Costs SG&A Other expenses

  • Operating Costs & Expenses Ex-IFRIC12 up 7.5% YoY

to $249 M

  • Cost of services decreased 0.6% to $188 M, mainly due to declines

in:

 Concession fees in Argentina reflecting lower revenues and in Brazil

due to the change in the passenger curve by which the concession fee is calculated

 Partially offset by higher cost of fuel in Armenia

  • SG&A up 46.4% YoY to $59 M in 3Q19, mainly due to:

 A $23 million bad debt charge recorded in Argentina arising from a

local airline related to past due commercial revenues and aircraft fees accumulated over a year

Partially offset by lower sales taxes in Argentina

 Excluding $23 million bad debt charges, Operating Costs & Expenses,

would have declined 2.5% YoY to $225 M in 3Q19 366

Consolidated Operating Costs and Expenses

US$ Million

Operating costs and expenses mainly impacted by bad debt charges in Argentina, while cost of services declined slightly

284

  • 1. All figures shown in this presentation are excluding IAS29, unless otherwise noted. For “As Reported” figures see the earnings report.

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137 102

3Q18 3Q19

Adjusted EBITDA & Margin

US$ Million

31.7% 40.7%

  • Adj. EBITDA Mg

Ex-IFRIC12

  • Adjusted EBITDA fell 25.4% YoY to $102 M
  • Adj. EBITDA Mg Ex-IFRIC12 contracted to

31.7%

 Impacted by bad debt charges in Argentina

and deleverage in Brazil

 Solid margin improvement in Uruguay

  • Excluding bad debt charge in Argentina in

connection with one airline, Adj. EBITDA was $125 M and Adj. EBITDA Mg Ex-IFRIC12 was 39%

Weaker Adjusted EBITDA performance reflects complex macro backdrop in Argentina

  • 1. All figures shown in this presentation are excluding IAS29, unless otherwise noted. For “As Reported” figures see the earnings report.

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224 231 491 714 1 year or less 1 -2 years 2 - 5 years Over 5 years

2.7x 2.1x 2.0x 2.0x 2.1x 2.1x December 2017 sep-18 dic-18 mar-19 jun-19 sep-19 63% 23% 14% US dollars Reales Euro 46% 54%

Bank and financial borrowings Notes

Healthy balance sheet and sound debt profile

Debt Maturity Profile Leverage Ratios

(Sep 30, 2019; US$mm)(2)

Financial Debt Overview

Debt Breakdown US$1.2bn(1)

(Sep 30, 2019)

Source: Company information.

1. As of June 30 2019, 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.

  • Strong cash position of $258 million. Debt held at subsidiary level
  • US$ 120 million credit facility entered by AA2000 on August 9, 2019 to fund capex program

Net Debt/EBITDA

Currency Mix

(Sep 30, 2019)

US$1.2bn(1)

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Argentina: performance challenged by adverse macro dynamics and lower cost dilution. Approval of new tariff increase starting January 1st, 2020

  • Total traffic up 7.8% YoY driven by domestic traffic growth
  • Comparable revenue ex-IFRIC12 down 8.6% YoY mainly impacted by:

Mix-shift from international to domestic traffic

Lower commercial revenues driven by lower cargo and duty-free revenues, partially offset by higher VIP lounge and advertising revenues

FX translation impact in local currency revenues from the AR$ depreciation

  • Comparable Adjusted Segment EBITDA fell 42.0% YoY, with Ex-

IFRIC12 margin contracting to 28.3% from 44.7% mainly due to:

 Higher SG&A due to a $23M bad debt charge from a local airline related to

accumulated past due and commercial revenues and aircraft fees

 Lower cost dilution from labor and maintenance expenses.  Excluding $23M bad debt charge, margin would have been 42.6% YoY

  • Capex accelerated to $104 million in 3Q19, mainly invested in new

terminal at Ezeiza Airport, Aeroparque Airport expansion, and various programs across other airports of the concession. Completion of new Ezeiza terminal expected by 2Q20

  • Tariff increase starting January 1st, 2020 in connection with the 2017

revision

  • International passengers’ fee up $2 from $49 to $51
  • Local passengers' fee up AR$121 from AR$74 to AR$195

Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted) 3Q19 as reported 3Q18 as reported % Var as reported IAS 29 29 3Q19 3Q19 ex IAS 29 3Q18 ex IAS 29 29 % Var ex IAS 29 29

Total Passen enger ers (in millions) 11.4 10.5 7.8%

  • 11.4

10.5 7.8% Domes esti tic Passen enger ers 7.8 7.0 10.3%

  • 7.8

7.0 10.3% Inte ternati tional Passen enger ers 3.2 3.2 0.9%

  • 3.2

3.2 0.9% Cargo Volume me (in thousands of tons) 53.5 52.4 2.1%

  • 53.5

52.4 2.1% Total Aircraft t Move vemen ments ts (in thousands) 116.1 115.4 0.6%

  • 116.1

115.4 0.6% Total Reve venue 244.7 182.6 34.0%

  • 20.9

265.7 223.5 18.9% Aero ronauti tical 92.0 83.4 10.3%

  • 7.5

99.5 102.4

  • 2.8%

Non-aer eronauti tical 152.8 99.2 54.0%

  • 13.4

166.2 121.1 37.2%

Commercial revenue

57.6 60.4

  • 4.7%
  • 4.4

61.9 74.3 -16.6%

Construction service revenue

95.2 38.8 145.3%

  • 9.0

104.2 46.8 122.6 % Total Reve venue e Excluding IFRIC12 149.5 143.8 4.0%

  • 11.9

161.5 176.7

  • 8.6%

Adjuste ted Segme ment t EBITDA DA 43.6 64.6

  • 32.5%
  • 2.2

45.8 79.0 -42.0% Adjuste ted EBITDA DA Margin excluding IFRIC 12 12 29.1% 44.9%

  • 35.2%
  • 28.3%

44.7%

  • 1,638

bps Capex ex 96.2 38.8 147.9%

  • 8.0

104.3 46.8 122.7% 1. All figures shown in this presentation are excluding IAS29, unless otherwise noted. For “As Reported” figures see the earnings report.

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SLIDE 10
  • Passenger traffic declined 1.2% YoY in 3Q19: growth at Florence Airport

more than offset by decline at Pisa Airport due to reduction of operations by Ryanair and Pobeda

  • Revenues ex-IFRIC12 down 2.5% YoY impacted by Euro depreciation

against US dollar

Aeronautical revenues in local currency flat as higher Passenger with Reduced Mobility (PRM) fees offset the decline in traffic

Commercial revenues up 5% in local currency driven by new advertising agreements, higher car rental and VIP revenues at Florence Airport

  • Adjusted Segment EBITDA declined 5% YoY to $15 million and Ex-

IFRIC12 margin remained relatively stable at 37%

  • Invested $3 million primarily on Master Plan Development in Florence

Airport, preliminary works related to the expansion at Pisa airport together with new equipment at both airports.

Final hearing regarding the Environmental impact assessment decree to be held

  • n November 28, 2019. If favorable, works expected to start by spring 2020.

Operating & Financial Highlights

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

Italy: Revenues impacted by decline in traffic and currency depreciation

3Q19 3Q18 % Var Passenger Traffic (million) 2.7 2.7

  • 1.2%
  • Domestic

0.5 0.5

  • 3.7%
  • International

2.2 2.2

  • 0.6%

Cargo 3.1 2.7 13.8% Aircraft Movements 24.9 24.7 0.7% Revenue 42.6 46.7

  • 8.7%
  • Aeronautical

29.0 30.2

  • 4.2%
  • Non-Aeronautical

13.7 16.5

  • 17.1%

Commercial revenue

11.5 11.5 0.3%

Construction service revenue

1.4 4.4

  • 67.9%

Revenue ex-Construction 41.2 42.3

  • 2.5%

Adjusted EBITDA 15.1 15.8

  • 4.5%

Adjusted EBITDA margin Ex-IFRIC 12 36.5% 36.7%

  • 22 bps

CAPEX 2.9 5.0

  • 42.7%

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SLIDE 11

Brazil: Top line remains affected by cessation of operations of Avianca

  • Brasil. Moving forward with strategic initiatives
  • Traffic declined 11.8% YoY reflecting cessation of operations of Avianca
  • Brasil. This more than offset traffic from new domestic and international
  • routes. In September, Gol launched additional domestic routes as it

seeks to expand operations at Brasilia Airport.  International traffic up 40% YoY

, according to prior counting methodology

  • Revenues

down 4.3% YoY impacted by lower aeronautical and commercial revenues  Aeronautical revenues fell 5.2% mainly due to the impact in traffic from

Avianca Brasil and lower aircraft fees, partially offset by the increase in international traffic which contributes with higher tariffs

 Commercial revenues declined 3.5% as higher VIP lounge revenues were

more than offset by lower advertising, Parking, F&B and rental income

  • Adjusted Segment EBITDA fell 29.2% YoY to $4 million with the margin

contracting to 15.6% mainly due to:  Higher SG&A expenses as a result of a bad debt recovery in the prior year

quarter

 Partially offset by a decline in cost of services from lower concession fee

charges

  • Inauguration of new pick-up plaza at Brasilia airport expected by 1Q20.

First Starbucks in Brasilia will be located in this airport.

Operating & Financial Highlights

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

3Q19 3Q18 % Var Passenger Traffic (million) 4.7 5.3

  • 11.8%
  • Domestic

2.9 3.2

  • 8.4%
  • Transit

1.6 2.0

  • 19.2%
  • International

0.1 0.1 22.1% Cargo 21.0 17.4 20.9% Aircraft Movements 40.9 47.1

  • 13.2%

Revenue 28.4 29.7

  • 4.3%
  • Aeronautical

13.8 14.6

  • 5.2%
  • Non-Aeronautical

14.6 15.1

  • 3.5%

Commercial Revenue

14.6 15.1

  • 3.5%

Adjusted EBITDA 4.4 6.3

  • 29.2%

Adjusted EBITDA margin 15.6% 21.1%

  • 548 bps

CAPEX 1.0 2.6

  • 59.8%

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SLIDE 12
  • Passenger traffic fell 3% YoY mainly impacted by the cancellation of a

daily route to Bogota and lower traffic from Argentina due to difficult macro conditions in the country

  • Revenues

ex-IFRIC fell 4% YoY due to lower commercial and aeronautical revenues  Aeronautical revenue declined 4% mainly driven by lower traffic  Commercial revenues down 4% mainly impacted by:

  • Lower Duty-Free sales and parking revenues related to reduced

passenger traffic and lower demand, particularly by Argentine passengers; and depreciation of the Uruguayan peso

  • Partially offset by higher VIP lounge revenues from new agreements in

the quarter

  • Adjusted Segment EBITDA flat at $14 million
  • Ex-IFRIC12 margin expanded 199 bps to 51.0% due to declines in

maintenance expenses and lower SG&A expenses.

  • Invested $2.0 million in connection with the perimeter security system

Operating & Financial Highlights

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

Uruguay: Strong adjusted EBITDA expansion despite decline in traffic and revenues

3Q19 3Q18 % Var Passenger Traffic (million) 0.5 0.5

  • 2.8%
  • Domestic

0.0 0.0 15.0%

  • International

0.5 0.5

  • 2.9%

Cargo 6.0 6.2

  • 1.8%

Aircraft Movements 6.3 7.1

  • 11.6%

Revenue 28.0 27.4 1.9%

  • Aeronautical

14.4 14.9

  • 3.7%
  • Non-Aeronautical

13.6 12.5 8.5%

Commercial revenue

11.9 12.4

  • 3.8%

Construction service revenue

1.6 0.1 n.m. Revenue ex-Construction 26.3 27.3

  • 3.7%

Adjusted EBITDA 13.5 13.4 0.6% Adjusted EBITDA margin Ex-IFRIC 12 51.0% 49.0%

  • 199 bps

Capex 2.0 0.8 142.4%

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SLIDE 13

Looking ahead: Solid balance sheet supports strategic initiatives that better position CAAP for long-term growth despite near-term headwinds

  • Argentina: facing complex macro dynamics with low near- and

medium-term visibility, while moving ahead with capex projects.

  • Nearly 80% of revenues denominated in US$
  • Resilient business model with a successful track record of
  • perating in different macro cycles
  • Brazil: weak economic growth and cessation of operations of

Avianca Brasil continue to weight on performance. Capacity at Brasilia expected to be gradually restored starting by year-end.

  • Italy: expect traffic growth in 2019, while monitoring evolution
  • f Alitalia and development of Brexit. Starting expansion works
  • f the terminal building at Pisa Airport to continue into 2020.

Expect to accelerate investments at Florence Airport next year.

  • Remain focused on executing on our investment plans to

better position the Company to resume growth as macro conditions in Argentina improve.

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SLIDE 14

Questions and Answers

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SLIDE 15

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

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