Corporacion America Airports Reports Fourth Quarter and Full Year 2024 Results
Solid results with Adjusted EBITDA margin expansion in all geographies mitigated soft performance in
Passenger traffic in
Cash & Cash Equivalents at
LUXEMBOURG--(BUSINESS WIRE)--
Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended December 31, 2024, and audited results for the full year 2024. Financial results are expressed in millions of
Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 23.
Fourth Quarter 2024 Highlights
-
Consolidated Revenues ex-IFRIC12 totaled
, up$396.2 million 23.1% year-over-year (YoY), driven by increases of29.0% and17.5% in Aeronautical Revenues and Commercial Revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 decreased0.6% YoY to .$395.2 million -
Key operating metrics:
-
1.2% decrease in passenger traffic to 20.5 million, but up1.5% when excluding Natal. -
16.3% increase in cargo volume to 118.2 thousand tons. -
1.9% increase in aircraft movements, or4.3% when excluding Natal.
-
-
Operating Income of
, compared with$108.4 million in 4Q23 which included a$263.6 million portion of the$62.7 million EBITDA contribution from the indemnification payment received in connection with the friendly termination of the Natal airport concession agreement in$166.5 million Brazil . -
Adjusted EBITDA ex-IFRIC12 decreased
49.5% to , from$150.8 million in the year-ago period. Excluding the impact of rule IAS 29 and the aforementioned Natal-related contribution recorded in 4Q23, Adjusted EBITDA ex-IFRIC12 decreased$298.8 million 6.7% to .$150.5 million -
Adjusted EBITDA margin ex-IFRIC12 was
38.0% compared to92.9% in 4Q23. Adjusting for both rule IAS 29 and the Natal-related impact in 4Q23, Adjusted EBITDA margin ex-IFRIC12 contracted to38.1% from40.5% in the prior-year quarter. -
Strong liquidity position with Cash & Cash equivalents of
as of December 31, 2024.$439.8 million - Net debt to LTM Adjusted EBITDA improved to 1.1x as of December 31, 2024, from 1.4x as of December 31, 2023.
Full Year 2024 Highlights
-
Consolidated Revenues ex-IFRIC12 increased
29.0% year-over-year (YoY) to , reflecting increases of$1,619.9 million 36.0% and22.4% in Aeronautical Revenues and Commercial Revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 decreased0.4% YoY to .$1,534.6 million -
Key operating metrics:
-
2.7% decrease in passenger traffic to 79.0 million, or0.4% lower when excluding Natal. -
7.5% increase in cargo volume to 398.0 thousand tons. -
3.0% decrease in aircraft movements, or1.3% lower when excluding Natal.
-
-
Operating Income of
, compared to$447.3 million in 2023. Operating income in 2023 included a$540.6 million portion of the$62.7 million EBITDA contribution from the indemnification payment received in connection with the friendly termination of the Natal airport concession agreement in$166.5 million Brazil . -
Adjusted EBITDA ex-IFRIC12 decreased
7.3% to , from$622.2 million in 2023. Excluding rule IAS 29 and the aforementioned Natal-related contribution recorded in 4Q23, Adjusted EBITDA ex-IFRIC12 decreased$671.3 million 8.5% to .$581.5 million -
Adjusted EBITDA margin ex-IFRIC12 of
38.4% compared to53.5% in 2023. Adjusting for both rule IAS 29 and the Natal contribution in 4Q23, Adjusted EBITDA margin ex-IFRIC12 contracted to37.9% from41.2% in 2023. -
Strong liquidity position with Cash & Cash equivalents totaling
as of December 31, 2024.$439.8 million - Net debt to LTM Adjusted EBITDA improved to 1.1x as of December 31, 2024, from 1.4x as of December 31, 2023.
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “Our fourth-quarter results reflect, once again, the strength of our diversified portfolio, which continues to support our solid performance despite the challenges we faced in
On the financial front, consolidated 4Q24 comparisons were affected by the sharp devaluation of the Argentine peso in December 2023 and the indemnification payment received in 4Q23, in connection with Natal termination. The latter also impacted comparability in the
We are advancing key initiatives to enhance the passenger experience and drive commercial revenue growth across our network. In
In conclusion, we remain committed to advancing our strategic growth plans while building on the strong results achieved throughout 2024. With a solid balance sheet and a net leverage ratio of 1.1x, we are well-positioned to support our growth initiatives while remaining committed to delivering long-term value for our shareholders.”
Operating & Financial Highlights |
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(In millions of |
|||||||||||||
|
4Q24 as reported |
4Q23 as reported |
% Var as reported |
IAS 29 4Q24 |
4Q24 ex IAS 29 |
4Q23 ex IAS 29 |
% Var ex IAS 29 |
||||||
Passenger Traffic (Million Passengers) |
20.5 |
20.7 |
- |
|
20.5 |
20.7 |
- |
||||||
Revenue |
461.1 |
365.0 |
|
-0.6 |
461.6 |
454.6 |
|
||||||
Aeronautical Revenues |
211.6 |
164.0 |
|
-1.1 |
212.7 |
209.1 |
|
||||||
Non-Aeronautical Revenues |
249.5 |
201.0 |
|
0.6 |
248.9 |
245.5 |
|
||||||
Revenue excluding construction service |
396.2 |
321.8 |
|
1.1 |
395.2 |
397.6 |
- |
||||||
Operating Income / (Loss) |
108.4 |
263.6 |
- |
-26.3 |
134.7 |
305.1 |
- |
||||||
Operating Margin |
|
|
-4,869 |
|
|
|
-3,793 |
||||||
Net (Loss) / Income Attributable to
|
34.4 |
130.7 |
- |
13.1 |
21.3 |
34.9 |
- |
||||||
Basic EPS (US$) |
0.21 |
0.81 |
- |
0.08 |
0.13 |
0.22 |
- |
||||||
Adjusted EBITDA |
155.4 |
303.4 |
- |
0.3 |
155.1 |
332.3 |
- |
||||||
Adjusted EBITDA Margin |
|
|
-4940 |
- |
|
|
-3,948 |
||||||
Adjusted EBITDA Margin excluding Construction Service |
|
|
-5481 |
- |
|
|
-4,435 |
||||||
Net Debt to LTM Adjusted EBITDA |
1.1x |
1.4x |
- |
- |
- |
- |
- |
||||||
Net Debt to LTM Adjusted EBITDA excl.
|
1.1x |
1.7x |
- |
- |
- |
- |
- |
||||||
Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes. |
|||||||||||||
1) LTM Adjusted EBITDA excluding impairments of intangible assets. |
Operating & Financial Highlights |
|||||||||||||
(In millions of |
|||||||||||||
|
2024 as reported |
2023 as reported |
% Var as reported |
IAS 29 2024 |
2024 ex IAS 29 |
2023 ex IAS 29 |
% Var ex IAS 29 |
||||||
Passenger Traffic (Million Passengers) |
79.0 |
81.1 |
- |
|
79.0 |
81.1 |
- |
||||||
Revenue |
1,843.3 |
1,400.0 |
|
94.0 |
1,749.2 |
1,741.5 |
|
||||||
Aeronautical Revenues |
876.7 |
644.5 |
|
47.8 |
828.9 |
803.6 |
|
||||||
Non-Aeronautical Revenues |
966.5 |
755.6 |
|
46.2 |
920.3 |
937.8 |
- |
||||||
Revenue excluding construction service |
1,619.9 |
1,255.3 |
|
85.3 |
1,534.6 |
1,541.0 |
- |
||||||
Operating Income / (Loss) |
447.3 |
540.6 |
- |
-59.3 |
506.5 |
707.0 |
- |
||||||
Operating Margin |
|
|
-1,435 |
- |
|
|
-1164 |
||||||
Net (Loss) / Income Attributable to
|
282.7 |
239.5 |
|
68.6 |
214.0 |
126.5 |
|
||||||
Basic EPS (US$) |
1.76 |
1.49 |
|
0.43 |
1.33 |
0.79 |
|
||||||
Adjusted EBITDA |
628.7 |
677.7 |
- |
40.7 |
588.0 |
808.4 |
- |
||||||
Adjusted EBITDA Margin |
|
|
-1,430 |
- |
|
|
-1,280 |
||||||
Adjusted EBITDA Margin excluding
|
|
|
-1506 |
- |
|
|
-1,414 |
||||||
Net Debt to LTM Adjusted EBITDA |
1.1x |
1.4x |
- |
- |
- |
- |
- |
||||||
Net Debt to LTM Adjusted EBITDA excl.
|
1.1x |
1.7x |
- |
- |
- |
- |
- |
||||||
Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes. |
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1) LTM Adjusted EBITDA excluding impairments of intangible assets. |
To obtain the full text of this earnings release and the earnings presentation, please click on the following link: http://investors.corporacionamericaairports.com/Results-Center
4Q24 EARNINGS CONFERENCE CALL
When: | 09:00 a.m. Eastern Time, March 19, 2025 |
Who: |
Mr. Martín Eurnekian, Chief Executive Officer |
Mr. Jorge Arruda, Chief Financial Officer |
|
Mr. Patricio Iñaki Esnaola, Head of Investor Relations | |
Dial-in: |
1-800-549-8228 ( |
Webcast: |
|
Replay: |
1-888-660-6264 ( |
Use of Non-IFRS Financial Measures
This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:
Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.
Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.
Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).
Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.
Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in
Definitions and Concepts
Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.
Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across
Forward Looking Statements
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: the Covid-19 impact, 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 or the AMD against the
View source version on businesswire.com: https://www.businesswire.com/news/home/20250319783772/en/
Investor Relations Contact
Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716
Source: Corporación América Airports