Significant rebound in traffic across countries
of operations and tight cost controls, supported strong QoQ and YoY
Adjusted EBITDA growth
Corporación América Airports S.A. (NYSE: CAAP), (“CAAP”
or the “Company”) the largest private sector airport operator based
on the number of airports under management reported today its
unaudited, consolidated results for the three and nine-month
periods ended September 30, 2021. Financial results are expressed
in millions of U.S. dollars and are prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (“IASB”).
Commencing 3Q18, the Company began reporting results of its
Argentinean subsidiaries applying Hyperinflation Accounting, in
accordance to IFRS rule IAS 29 (“IAS 29”), as detailed on Section
“Hyperinflation Accounting in Argentina” on page 26.
Third Quarter 2021 Highlights
- Consolidated Revenues of $186.9 million, an increase of 91.5%
YoY, or 55.2% below pre-pandemic levels of 3Q19. Excluding the
impact of IFRS rule IAS 29, revenues increased 85.6% YoY, to $184.5
million, mainly reflecting increases of $51.7 million in
Aeronautical revenues and $39.8 million in Commercial revenues,
partially offset by a $6.7 million decline in construction service
revenue. When compared to 3Q19, revenues ex-IAS 29 were 57.9% below
3Q19.
- Key operating metrics improved YoY benefitting from easier
comparisons against 3Q20, but were still below the levels reported
in the same period of 2019:
- Passenger traffic increased 3.1x to 10.5 million YoY, reaching
46.1% of 3Q19 levels
- Cargo volume increased 52.9% YoY to 80.8 thousand tons,
improving to 81.3% of 3Q19 levels
- Aircraft movements reached 140.9 thousand, a 134.6% YoY
increase, reaching 62.4% of 3Q19 levels
- Operating Income of $2.8 million versus a loss of $123.0
million reported in 3Q20, mainly reflecting YoY easier comparisons
and a $58.8 million impairment loss in relation with Brazilian
assets, recorded last year.
- Adjusted EBITDA on an “As Reported” basis was $38.9 million,
versus a loss of $77.3 million in the year ago period, and declined
61.1% when compared to 3Q19, and improved sequentially from $7.7
million in 2Q21.
- Ex-IAS 29, Adjusted EBITDA totaled $38.2 million, compared with
a loss of $77.8 million in 3Q20 and Adjusted EBITDA of $102.1
million in 3Q19, and improved sequentially from $7.1 million in
2Q21.
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian,
CEO of Corporación América Airports, noted, “The initiatives we
have been executing since the beginning of the pandemic allowed us
to continue delivering a significantly better business and
financial performance despite challenging market conditions, while
driving value creation.
Traffic continued to recover reaching 10.5 million passengers in
3Q21, a 90% sequential improvement against 2Q21 and 46% of the
nearly 23 million passengers that traveled through our airports, in
3Q19. Armenia, Brazil, Ecuador and Italy were the key drivers on
the recovery, while Argentina and Uruguay remained heavily impacted
by tight government restrictions on international traffic. On a
positive note, borders in these two countries fully opened starting
November 1st, 2021, on the back of the advanced rollout of the
vaccination campaigns, better sanitary conditions and warmer
weather as we approach the summer season in LatAm. Cargo activity,
in turn, remained strong reaching 82% of pre-pandemic levels.
These positive trends flowed through our financial results, with
revenues ex-IFRIC more than doubling year-on-year to nearly $170
million, reaching 55% of 3Q19 levels. The successful cost reduction
measures implemented since day one of the pandemic, some of which
will have a more permanent character, together with a strict focus
on cash preservation, contributed to higher profitability.
Comparable Adjusted EBITDA increased to $38 million, a $57 million
improvement from the loss reported in 3Q20. Importantly, we
achieved positive Adjusted EBITDA across all countries of
operations, except Peru.
Over the past two months we have made significant strides in
strengthening the Company’s liquidity position and debt profile.
Between September and November, in Argentina and Uruguay, we
refinanced and exchanged a combined $425 million dollars in
existing debt. We have also raised a total of $179 million in new
long-term financings between these two countries and maintained
financial discipline. The 20-year extension obtained for our
Carrasco International airport concession in Uruguay, which also
added six regional airports to our network, was an important
milestone for us. This extension not only reinforces our leadership
position in Uruguay, but it also creates value and supports our
long-term growth.
Looking ahead, we expect travel dynamics to continue improving
as we head into the summer season in LatAm, supported by lower
traffic restrictions and pent-up demand. Airlines have also
announced an increase in flights and destinations to serve higher
expected tourism activity. We remain vigilant of new virus strains
as the situation remains fluid and the recovery is still
non-linear. Longer-term, we expect to see sustained traffic growth
as the desire to travel remains unchanged.
Finally, we will also endeavor and contribute, through our own
initiatives and together with our airline customers, to make air
traffic more sustainable.”
Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
3Q21 as reported
3Q20 as reported
% Var as reported
IAS 29
3Q21 ex IAS 29
3Q20 ex IAS 29
% Var ex IAS 29
Passenger Traffic (Million
Passengers) (1)(2)
10.5
2.6
309.9%
10.5
2.6
309.9%
Revenue
186.9
97.6
91.5%
2.4
184.5
99.4
85.6%
Aeronautical Revenues
75.4
23.8
216.8%
0.2
75.2
23.6
219.2%
Non-Aeronautical Revenues
111.5
73.8
51.1%
2.2
109.3
75.8
44.1%
Revenue excluding construction
service
168.6
75.8
122.5%
1.3
167.4
75.6
121.4%
Operating Income / (Loss)
2.8
-123.0
-102.3%
-11.9
14.7
-104.1
-114.1%
Operating Margin
1.5%
-126.1%
12759 bps
-
8.0%
-104.7%
11266 bps
Net (Loss) / Income Attributable to
Owners of the Parent
-15.0
-143.3
-89.5%
9.6
-24.7
-145.3
-83.0%
EPS (US$)
-0.09
-0.90
-89.5%
0.06
-0.15
-0.9
-83.1%
Adjusted EBITDA
38.9
-77.3
-150.3%
0.7
38.2
-77.8
-149.1%
Adjusted EBITDA Margin
20.8%
-79.2%
10004 bps
-
20.7%
-78.2%
9894 bps
Adjusted EBITDA Margin excluding
Construction Service
23.0%
-102.9%
12591 bps
-
22.7%
-103.8%
12655 bps
Net Debt to LTM Adjusted EBITDA
10.96x
31.51x
-
-
-
-
-
Net Debt to LTM Adjusted EBITDA excl.
impairment on intangible assets (3)
10.24x
7.35x
-
-
-
-
-
Note: Figures in historical dollars
(excluding IAS29) are included for comparison purposes.
1)
Note that preliminary passenger traffic figures for Ezeiza
Airport, in Argentina, for January 2020 were adjusted to include
additional inbound passengers not accounted for in the initial
count, for an average of approximately 5% of total passenger
traffic at Ezeiza Airport and 1% of total traffic at CAAP, during
that period. Importantly, inbound traffic does not affect revenues,
as tariffs are applicable on departure passengers.
2)
Starting November 2019, the Company has reclassified its
passenger traffic figures for Brasilia Airport between
international, domestic and transit retroactively since June 2018
to return to the count methodology utilized until May 2018.
Notwithstanding, total traffic figures remain unchanged.
3)
LTM Adjusted EBITDA excluding impairments
of intangible assets
Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
9M21 as reported
9M20 as reported
% Var as reported
IAS 29
9M21 ex IAS 29
9M20 ex IAS 29
% Var ex IAS 29
Passenger Traffic (Million
Passengers) (1)(2)
22.4
20.1
11.6%
22.4
20.1
11.6%
Revenue
474.0
475.8
-0.4%
14.9
459.1
489.5
-6.2%
Aeronautical Revenues
167.0
183.4
-8.9%
3.6
163.4
188.1
-13.1%
Non-Aeronautical Revenues
307.0
292.4
5.0%
11.3
295.6
301.4
-1.9%
Revenue excluding construction
service
412.7
379.0
8.9%
13.5
399.1
387.1
3.1%
Operating Income / (Loss)
-52.3
-168.6
-69.0%
-32.7
-19.6
-107.3
-81.8%
Operating Margin
-11.0%
-35.4%
2440 bps
-
-4.3%
-21.9%
1765 bps
Net (Loss) / Income Attributable to
Owners of the Parent
-94.6
-213.8
-55.7%
-24.2
-70.4
-209.7
-66.4%
EPS (US$)
-0.59
-1.34
-55.9%
-0.15
-0.44
-1.31
-66.5%
Adjusted EBITDA
54.7
-31.4
-274.3%
3.6
51.1
-31.1
-264.5%
Adjusted EBITDA Margin
11.5%
-6.6%
1812 bps
-
11.1%
-6.3%
1747 bps
Adjusted EBITDA Margin excluding
Construction Service
13.0%
-8.7%
2164 bps
-
12.5%
-8.4%
2094 bps
Net Debt to LTM Adjusted EBITDA
10.96x
31.51x
-
-
-
-
-
Net Debt to LTM Adjusted EBITDA excl.
impairment on intangible assets (3)
10.24x
7.35x
-
-
-
-
-
Note: Figures in historical dollars
(excluding IAS29) are included for comparison purposes.
1)
Note that preliminary passenger traffic
figures for Ezeiza Airport, in Argentina, for January 2020 were
adjusted to include additional inbound passengers not accounted for
in the initial count, for an average of approximately 5% of total
passenger traffic at Ezeiza Airport and 1% of total traffic at
CAAP, during that period. Importantly, inbound traffic does not
affect revenues, as tariffs are applicable on departure
passengers.
2)
Starting November 2019, the Company has
reclassified its passenger traffic figures for Brasilia Airport
between international, domestic and transit retroactively since
June 2018 to return to the count methodology utilized until May
2018. Notwithstanding, total traffic figures remain unchanged.
3)
LTM Adjusted EBITDA excluding impairments
of intangible assets
Update on Action Plan to Mitigate Impact of Covid-19
Governmental Flight Restrictions
The Covid-19 pandemic has generated a disruption in the global
economy, and in particular, the aviation industry resulting in
drastic reductions in passenger traffic. Since March 2020,
governments around the world have implemented measures to contain
the spread, including the closing of borders and prohibition of
travel, domestic lockdowns, mobility restrictions and quarantine
measures. The overall situation remains volatile, as governments
worldwide adjust travel bans or implement requirements to enter or
leave their countries, including quarantines or negative Covid-19
PCR tests, based on the evolution of the sanitary situation.
- In Argentina, borders remained closed to foreigners
through October 31, 2021, and government restrictions included a
basket for international arriving passengers, which was limited to
1,700 a day, for most part of the third quarter and was extended to
2,300 passengers in October. Effective November 1, 2021, borders
are open to all foreigners, regardless of their origin country.
Travelers who present a complete vaccination schedule and a
negative PCR test within 72 hours prior to boarding will no longer
have to undergo an antigen test upon entering the Argentine
territory, nor will they have to remain in quarantine. Bans on
domestic travel were lifted by the end of October 2020.
- In Italy, certain restrictions apply for travelers
coming from, or that visited or transited certain group of
countries. Travelers arriving from what the Italian government
defined as List D countries are required to fill in a passenger
locator form as well as a vaccination certificate and are also
required to undergo testing within 72 hours, before reaching Italy.
In the case of travelers reaching Italy from Northern Ireland and
the UK (both categorized under List D), are required to present a
negative COVID-19 test result taken within 48 hours before arrival.
All those who fail to meet any of these requirements must follow
quarantine rules and need to stay self-isolated for five days.
- In Brazil, the government has lifted the restrictions
for international passengers coming from, or that transited
through, UK, South Africa and India in 14 days prior to entering
Brazil, and those travelers are now permitted to visit the country.
Consequently, there are currently no restrictions on entry,
however, all arriving passengers are still required to present a
negative antigen test within 24 hours prior to boarding, or a
negative PCR test within 72 hours prior to boarding.
- In Uruguay, borders are fully open effective November 1,
2021, for all travelers, regardless of their origin country, who
present a complete vaccination schedule and a negative PCR test
within at least 72 hours prior to boarding.
- In Armenia, there are no restrictions on air travel
although some requirements apply upon entry including a negative
PCR test upon arrival or a Covid-19 full vaccination
certificate.
- In Ecuador, there are no restrictions to domestic or
international travel. International passengers, however, are
required to present a negative PCR test within 72 hours prior to
boarding, or a Covid-19 full vaccination certificate.
Impact of Covid-19 on CAAP’s Passenger Traffic and Cargo
Activity
The Company’s operations have been severely impacted by the
prolonged travel restrictions in most countries of operations, as
well as flight bans in many other countries worldwide. Compared to
the 2019 pre-pandemic corresponding months, total passenger traffic
showed a monthly sequential improvement within the quarter,
declining 60.4% in July 2021, 52.8% in August, and 47.7% in
September. During 3Q21, commercial flights were operated across all
CAAP’s countries of operations, although still restricted by
government bans to locals and foreigners in some countries, and
certain requirements applied. Cargo activity declined 18.7% versus
3Q19.
Implementation of Mitigation Initiatives Focused on
Preserving Financial Position
Since the onset of the pandemic, CAAP has consistently made
progress on the implementation of its action plan to mitigate the
impact of the crisis, including:
Cost controls and cash preservation measures: The Company
achieved a 43% reduction in cash operating costs and expenses in
the quarter against 3Q19, compared with YoY reductions of 34%, 43%,
46% and 48% in 2Q21, 1Q21, 4Q20 and 3Q20, respectively. Note this
excludes concession fees and construction costs. While CAAP expects
to benefit from these reductions in the coming quarters, it also
expects to see some increases in payroll and maintenance and other
operating costs as traffic recovers.
Financial position and liquidity: As cash preservation is
a critical focus, since the beginning of the pandemic the Company
has renegotiated a significant portion of its debt maturing in 2020
and 2021 in key markets, renegotiated debt covenants, and secured
additional debt financing.
In April 2021, Puerta del Sur, CAAP’s Uruguayan subsidiary,
obtained a $10.0 million facility from a local commercial bank, and
in May 2021, the Company’s Argentine subsidiary, AA2000,
renegotiated a total of $40.0 million in principal payments under a
syndicated bank loan, maturing in May, August and November 2021 for
an amount of $13.3 million each, deferring those payments to May,
August and November 2022. In addition, in July 2021, AA2000
renegotiated $10.0 million in principal payments under a bilateral
bank loan originally due in July 2021, now maturing under a new
schedule in July, October and December 2022.
More recently, two of CAAP’s subsidiaries completed the
following transactions:
- In Argentina, the Company completed an exchange offer
and issued $208.9 million aggregate principal amount of 8.5% Class
I Series 2021 Additional Senior Secured Notes due 2031 to
repurchase and exchange 24.61% of the total original principal
amount of the Series 2017 Notes and 66.83% of the original
principal amount of Series 2020 Notes, resulting in a reduction of
$37.9 million and $31.0 million, of principal and interest payments
due in one year or less, and between one and two years,
respectively. Additionally, on November 4, 2021, the Company raised
$126.0 million of new money in two tranches: i) $64.0 million in
additional Series 2021 Notes, which are fungible with the bonds
issued pursuant to the exchange offer, and ii) $62.0 million in new
9.5% Senior Secured Notes due 2028. The latter have a 3-year grace
period, quarterly amortization starting February 2025, and a final
payment in November 2028.
- In Uruguay, the Company issued $246.2 million aggregate
principal amount of 6.875% Senior Secured Guaranteed Notes due 2034
consolidating the repurchase and exchange of 40.62% of the total
original principal amount of the Series 2015 Notes, 96.43% of the
total original amount of the Series 2020 Notes and a new money
offering of $52.9 million in a private transaction under the same
terms as the New Notes. The exchange offer resulted in a reduction
of $3.0 million and $18.7 million, of principal and interest
payments due in one year or less, and between one and two years,
respectively.
Re-equilibrium of the concession agreements:
- In Brazil, in December 2020, the Company obtained $36.6
million in economic compensation in connection with the impact of
Covid-19 at the Brasilia and Natal concessions during 2020. The
Company expects to receive compensation for 2021 by the end of the
year and is monitoring the market to define its strategy in
connection with 2022 and beyond.
- In Ecuador, in July 2021 the Company and the authorities
agreed on a mechanism to compensate for the impact of Covid-19 for
the year 2020 which, among other things, included a 2-year
extension for the Guayaquil concession and a reduction in the
concession fee. The agreement also introduced the mechanism that
will be used to compensate the impact of the pandemic in 2021 and
beyond, which will be revised annually.
- In Uruguay, CAAP has recently signed an agreement with
the Government, to amend the existing concession agreement. For
further information, please refer to the Subsequent Events section
on page 26.
- In Armenia, CAAP is in ongoing discussions with the
authorities to rebalance the economic equilibrium of the
concession. Conversations include, among other things, the
execution of a Capex plan and the mechanism to reach the
aforementioned economic equilibrium, in light of the 20% IRR set
forth in the concession agreement.
- In Italy, funds totaling Eur. 10 million were approved
by the European Commission in March 2021, to compensate for the
Covid-19 impact in 2020, which were received during August 2021.
Moreover, the Italian Budget Law, that became effective on January
1, 2021, contains provisions to allocate a Eur. 800 million fund in
support of the airport sector in the country. CAAP’s subsidiary,
Toscana Aeroporti, expects to benefit from these provisions.
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
3Q21 EARNINGS CONFERENCE CALL
When:
9:00 a.m. Eastern Time, November 18,
2021
Who:
Mr. Martín Eurnekian, Chief Executive
Officer
Mr. Jorge Arruda, Chief Financial
Officer
Mr. Patricio Iñaki Esnaola, Head of
Investor Relations
Dial-in:
1-888-347-6492 (U.S. domestic);
1-412-317-5258 (international)
Webcast:
https://services.choruscall.com/links/caap211118.html
Replay:
Participants can access the replay through
November 25, 2021 by dialing:
1-877-344-7529 (U.S. domestic) and
1-412-317-0088 (international). Replay ID: 10161527.
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 Argentina, is
presented separately in each of the applicable sections of this
earnings release, in a column denominated “IAS 29”. The impact from
“Hyperinflation Accounting in Argentina” is described in more
detail page 24 of this report.
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 3.0% to 5.0%.
About Corporación América Airports
Corporación América Airports acquires, develops and operates
airport concessions. The Company is the largest private airport
operator in the world based on the number of airports and the tenth
largest based on passenger traffic. As of September 30, 2021, the
Company operated 52 airports in 7 countries across Latin America
and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and
Italy). In 2019, Corporación América Airports served 84.2 million
passengers. The Company is listed on the New York Stock Exchange
where it trades under the ticker “CAAP”. For more information,
visit http://investors.corporacionamericaairports.com
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, 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 annual report on Form 20-F for the year ended
December 31, 2019 and any of CAAP’s other applicable filings with
the Securities and Exchange Commission for additional information
concerning factors that could cause those differences.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211117006308/en/
Investor Relations Contact Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com Phone: +5411 4899-6716
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