December 2021 passenger traffic recovered to
66.8% of December 2019 levels
4Q21 Adjusted EBITDA margin expanded 7.3pp YoY,
supported by passenger traffic recovery and strategic execution
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 months ended December
31, 2021, and audited results for the full year 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.
Fourth Quarter 2021 Highlights1
- Consolidated Revenues of $218.7 million, an increase of 69.1%
YoY, or 42.5% below pre-pandemic levels of 4Q19. Excluding the
impact of IFRS rule IAS 29, revenues increased 64.0% YoY, to $218.6
million, mainly reflecting increases of $55.7 million in
Aeronautical revenues and $42.7 million in Commercial revenues,
partially offset by a $13.0 million decline in construction service
revenue. When compared to 4Q19, revenues ex-IAS 29 declined
41.7%.
- Key operating metrics improved YoY:
- Passenger traffic increased 1.6x to 13.2 million YoY, reaching
63.4% of 4Q19 levels.
- Cargo volume increased 27.0% YoY to 91.6 thousand tons,
reaching 80% of 4Q19 levels.
- Aircraft movements totaled 162.1 thousand, an 89.0% YoY
increase, reaching 76.2% of 4Q19 levels.
- Operating Income of $60.4 million versus $5.3 million reported
in 4Q20, mainly reflecting YoY passenger traffic recovery.
Operating income in 4Q21 included a $25.5 million economic
compensation granted by the Brazilian government, together with a
Eur. 9.5 million, or $10.9 million, government grant obtained in
Italy. To note, operating income in 4Q20 also included a $36.6
million economic compensation in Brazil and a $12.0 million
government grant in Italy.
- Adjusted EBITDA on an “As Reported” basis was $92.8 million,
versus $45.5 million in the year ago period, and increased 70.8%
when compared to 4Q19. Adjusted EBITDA margin expanded to 42.4%
from 35.1% in 4Q20 and 14.3% in 4Q19.
- Ex-IAS 29, Adjusted EBITDA totaled $91.8 million, compared with
$45.0 million in 4Q20 and Adjusted EBITDA of $52.2 million in 4Q19.
Adjusted EBITDA margin ExIFRIC12 increased to 45.3% from 44.5% in
4Q20 and 17.8% in 4Q19.
- When also adjusting for impairment charges, Adjusted EBITDA
improved to $91.9 million in 4Q21 from $44.0 million in 4Q20, and
was 3.3% below the $95.0 million posted in 4Q19. To note, As
Reported Adjusted EBITDA figures included (i) economic
compensations of $25.5 million in 4Q21 in Brazil and $10.9 in
Italy, in 4Q21, (ii) economic compensations of $46.7 million in
Brazil and Italy, in 4Q20.
Full Year 2021 Highlights1
- Consolidated Revenues of $706.9 million, an increase of 16.4%
YoY, or 54.6% below pre-pandemic levels of 2019. Excluding the
impact of IFRS rule IAS 29, revenues increased 8.8% YoY, to $677.7
million, mainly reflecting increases of $79.0 million in Commercial
revenues and $31.0 million in Aeronautical revenues, partially
offset by a $55.4 million decline in construction service revenue.
When compared to full year 2019, revenues ex-IAS 29 declined
57.2%.
- Key operating metrics improved YoY:
- Passenger traffic increased 41.5% YoY to 35.7 million, reaching
42.4% of 2019 levels.
- Cargo volume increased 26.6% YoY to 323.5 thousand tons,
reaching 76.2% of 2019 levels.
- Aircraft movements totaled 497.2 thousand, a 40.9% YoY
increase, reaching 58.0% of 2019 levels.
- Operating Income of $6.5 million versus a loss of $163.7
million in 2020, mainly reflecting YoY passenger traffic recovery,
and down from operating income of $223.6 million in 2019.
- Adjusted EBITDA on an “As Reported” basis was $149.3 million,
versus $18.1 million in 2020, and decreased 61.2% when compared to
the $384.7 reported in 2019. Adjusted EBITDA margin expanded to
21.1% from 3.0% in 2020 but contracted 3.6pp from 24.7% in
2019.
- Ex-IAS 29, Adjusted EBITDA totaled $142.8 million, compared
with $20.0 million in 2020 and Adjusted EBITDA of $389.7 million in
2019. Adjusted EBITDA margin ExIFRIC12 increased to 23.4% from 3.8%
in 2020 and was down 8.3pp from 31.7% in 2019.
- When also adjusting for impairment charges, Adjusted EBITDA
improved to $143.2 million in 2021 from $82.3 million in 2020, and
was 68.4% below the $453.3 million posted in 2019.
14Q and FY 2020 figures have been adjusted
to reflect the discontinuation of the Peru business in 2021, for
comparison purposes.
CEO Message
Commenting on the results for the quarter Mr. Martín Eurnekian,
CEO of Corporación América Airports, noted, “Our performance this
quarter demonstrates the successful execution of the multiple
initiatives we have been undertaking since the onset of the
pandemic. Today, we have a leaner cost structure, a strengthened
financial position and have made significant progress towards
further enhancing the equity value of our business.”
“Passenger traffic continued to recover throughout our
operations driven by pent-up demand and the overall reduction in
traffic restrictions, including the opening of borders in Argentina
and Uruguay starting November 1, 2021. Passenger traffic,
therefore, increased to 63% of the 21 million passengers served in
4Q19, with a significant sequential improvement compared to the 46%
of pre-pandemic levels reached in 3Q21. Cargo operations also
continued to perform well at 80% of 4Q19 levels.”
“Increased traffic brought a strong recovery in revenues,
ex-IFRIC12, which nearly doubled year-on-year to $200 million, to
close to 70% of 4Q19 revenues, up from the 55% of pre-pandemic
levels achieved in the prior quarter. We also delivered
substantially higher profitability in the quarter, with $92 million
Comparable Adjusted EBITDA, doubling 4Q20 levels. Results benefited
from improved top line performance and a leaner cost structure
following cost reduction initiatives implemented over the past two
years, as well as a $26 million compensation recorded this quarter
related to the re-equilibrium of the Brasilia Airport concession
for the 2021 calendar year, reinforcing the intrinsic value of our
concessions. We also accounted a 9.5 million euro government grant
in Italy in the fourth quarter.”
“During the quarter we extended debt maturities for a combined
amount of $425 million in Argentina and Uruguay; further
strengthening the Company´s liquidity position and improving our
debt profile. We also obtained new long term financing for more
than $350 million in these two countries, including $174 million
raised last February.”
“On the ESG front, and building on our commitment to
sustainability, this year we joined the World Economic Forum´s
“Clean Skies for Tomorrow 2030” coalition that aims to accelerate
the supply and use of sustainable aviation fuel technologies to
reach 10% of global jet aviation fuel supply by 2030.”
“Looking ahead, we expect to see a sustained recovery in
passenger traffic trends led by pent-up demand and lower travel
restrictions. While we observed a slowdown in traffic in January
due to concerns around the Omicron variant, February already showed
an improvement. In the near term, we are closely monitoring the
impact of Omicron, as well as the rapidly developing conflict in
the Ukraine, which at this time is not impacting our operations. In
this context, we remain fully-committed to advancing on our Action
Plan which has proven to deliver solid results, despite passenger
traffic levels not having reached full recovery, while actively
developing additional value creation opportunities and expanding
our capabilities.”
Operating & Financial
Highlights
(In millions of U.S. dollars, unless
otherwise noted)
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex IAS 29
Passenger Traffic (Million
Passengers) (1)(2)
13.2
5.1
159.2%
13.2
5.1
159.2%
Revenue
218.7
129.4
69.1%
0.1
218.6
133.3
64.0%
Aeronautical Revenues
92.6
35.9
158.0%
0.6
92.0
36.3
153.1%
Non-Aeronautical Revenues
126.1
93.5
34.9%
-0.4
126.6
96.9
30.6%
Revenue excluding construction
service
202.7
101.0
100.8%
2.6
200.1
101.8
96.5%
Operating Income / (Loss)
60.4
5.3
1035.2%
-12.5
72.9
20.4
256.9%
Operating Margin
27.6%
4.1%
2350
0.0%
33.3%
15.3%
1802
Net (Loss) / Income Attributable to
Owners of the Parent
-22.3
-38.8
-42.6%
11.4
-33.7
-53.3
-36.8%
EPS (US$)
-0.14
-0.24
-42.8%
0.07
-0.21
-0.33
-37.1%
Adjusted EBITDA
92.8
45.5
104.1%
1.0
91.8
45.0
103.9%
Adjusted EBITDA Margin
42.4%
35.1%
729
-
42.0%
33.8%
822
Adjusted EBITDA Margin excluding
Construction Service
45.2%
45.3%
-3
-
45.3%
44.5%
86
Net Debt to LTM Adjusted EBITDA
7.12x
78.27x
-
-
-
-
-
Net Debt to LTM Adjusted EBITDA excl.
impairment on intangible assets (3)
7.11x
14.02x
-
-
-
-
-
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 FY
2021
(In millions of U.S. dollars, unless
otherwise noted)
2021 as reported
2020 as reported
% Var as reported
IAS 29
2021 ex IAS 29
2020 ex IAS 29
% Var ex IAS 29
Passenger Traffic (Million
Passengers) (1)(2)
35.7
25.2
41.5%
35.7
25.2
41.5%
Revenue
706.9
607.4
16.4%
29.2
677.7
622.8
8.8%
Aeronautical Revenues
262.8
220.0
19.5%
7.4
255.4
224.5
13.8%
Non-Aeronautical Revenues
444.1
387.4
14.6%
21.9
422.2
398.3
6.0%
Revenue excluding construction
service
627.2
481.6
30.2%
27.9
599.2
488.9
22.6%
Operating Income / (Loss)
6.5
-163.7
-103.9%
-46.3
52.8
-86.9
-160.7%
Operating Margin
0.9%
-27.0%
2787
-
7.8%
-14.0%
2175
Net (Loss) / Income Attributable to
Owners of the Parent
-117.8
-253.1
-53.5%
-13.2
-104.5
-262.9
-60.2%
EPS (US$)
-0.73
-1.58
-53.6%
-0.08
-0.65
-1.64
-60.4%
Adjusted EBITDA
149.3
18.1
725.8%
6.5
142.8
20.0
613.9%
Adjusted EBITDA Margin
21.1%
3.0%
1815
-
21.1%
3.2%
1786
Adjusted EBITDA Margin excluding
Construction Service
23.4%
3.5%
1997
-
23.4%
3.8%
1963
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 Compensate for Impact of Covid-19 in
CAAP´s Business
Governmental Flight Restrictions
Most of CAAP’s markets have been gradually lifting travel
restrictions:
- In Argentina, effective November 1, 2021, borders are
open to all foreigners, regardless of their origin country, and
since January 29, 2022, a PCR test for inbound fully vaccinated
nationals and residents, and for foreigners arriving from
neighboring countries, is no longer required. The remaining
travelers are required to present a complete vaccination schedule
and a negative PCR test within 72 hours (or a negative antigen test
within 48 hours) prior to boarding. All bans on domestic travel
were lifted by the end of October 2020.
- In Italy, the government has eased the restrictions and
travelers are now required to present a full vaccination
certificate together with a negative antigen test within 48 hours
prior to boarding, or a negative PCR test within 72 hours prior to
boarding.
- In Brazil, there are currently no restrictions on entry,
however, all arriving passengers require an 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 who present a complete vaccination schedule
and a negative PCR/Antigen test within at least 72/24 hours prior
to boarding, regardless of their origin country.
- 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
Compared to the 2019 pre-pandemic corresponding months, total
passenger traffic showed a monthly sequential improvement within
the quarter, declining 41.6% in October 2021, 35.0% in November,
and 33.2% in December. During 4Q21, commercial flights were
operated across all CAAP’s countries of operations and overall
traffic experienced a strong sequential recovery when compared to
3Q21, as travel restrictions commenced to gradually relax, although
certain requirements still applied. Cargo activity continued to
perform well and stood at 80% of 4Q19 pre-pandemic levels.
Action Plan
Since the onset of the pandemic, CAAP has consistently made
significant 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 24% reduction in cash operating costs and expenses in
the quarter against 4Q19, compared with YoY reductions of 43%, 34%,
43% and 46% in 3Q21, 2Q21, 1Q21 and 4Q20, respectively. Note this
excludes concession fees and construction costs.
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.
Debt Transactions:
- In April 2021, Puerta del Sur (Uruguay) obtained a $10.0
million facility from a local commercial bank.
- In May 2021, AA2000 (Argentina) extended 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 extended $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.
- In November 2021, AA2000 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 in exchange of the
Series 2017 and Series 2020 Notes, and also 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.
- In February 2022, AA2000 successfully completed a local
offering of $174 million in dollar-linked notes.
- In November 2021, ACI Sudamerica (holding company of PDS,
Uruguay), completed an exchange offer and issued $246.2 million
aggregate principal amount of 6.875% Senior Secured Guaranteed
Notes due 2034 in exchange of the Series 2015 and Series 2020
Notes, which included new financing of $52.9 million under the same
terms as the exchange notes, which will be primarily used to fund
the capex program agreed with the government pursuant to the
concession extension.
Re-equilibrium of the Concession Agreements:
- In Brazil, Inframerica obtained $25.5 million in
connection with the economic re-equilibrium from the impact of
Covid-19 during 2021 at the Brasilia concession, in addition to the
compensation of $36.6 million received in December 2020. The
Company is monitoring the market to define its strategy in
connection with 2022 and beyond.
- In Ecuador, in July 2021, Terminal Aeroportuaria de
Guayaquil S.A. (TAGSA) and the local 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 of 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 measured annually.
- In Uruguay, in November 2021, CAAP signed an agreement
with the Government to amend the existing concession agreement
which, among other things, included a 20-year extension of the
concession term.
- In Italy, the European Commission approved in March 2021
a total of Eur. 10 million to Toscana Aeroporti to compensate for
the Covid-19 impact in 2020. Funds were received in August 2021. In
addition, the Italian Budget Law, that became effective on January
1, 2021, contains provisions to allocate a Eur. 800 million fund in
support of the overall airport sector in the country. In December
2021, Toscana Aeroporti, accounted Eur. 9.5 million, or $10.9
million, from the aforementioned fund. Eur. 3.64 million was
collected on March 8, 2022, and the remaining amount is expected to
be received within the first half of the year.
4Q21 Operating Performance
Passenger Traffic
Total passenger traffic increased 1.6x YoY to 13.2 million
passengers, reflecting a recovery in travel demand and easing
travel restrictions. When compared to 4Q19, total passenger traffic
decreased 36.6%, with Armenia and Brazil leading the recovery,
reaching 90% and 82% of pre-pandemic traffic levels, respectively.
Traffic in Argentina and Uruguay, the two countries with prolonged
government-imposed travel restrictions, stood at 53% and 50% of
4Q19 levels, respectively, recovering strongly from the past
quarter, following the opening of borders, effective November 1,
2021. International and domestic traffic grew by 2.7x and 1.8x YoY,
reaching 47.7% and 70.3% of 4Q19 levels, respectively.
Sequentially, passenger traffic grew by 26.6% when compared to
3Q21, with strong improvements in Argentina, Brazil and Uruguay. On
a monthly basis, traffic in October, November and December of 2021,
increased to 58.4%, 65.0% and 66.8%, of traffic for the same months
in 2019, respectively.
Passenger Traffic in Argentina increased 5.2x YoY and
improved to 52.5% of 4Q19 levels. International passenger traffic
increased 2.1x YoY in 4Q21 and reached 29.8% of 4Q19 traffic,
showing a sequential quarterly improvement following the re-opening
of borders to non-resident foreigners, effective November 1, 2021.
Domestic passenger traffic, which accounted for 80% of total
traffic in the quarter, increased 7.2x YoY and improved to 63.4% of
4Q19 levels, showing a continued sequential recovery.
In Italy, passenger traffic increased 3.7x YoY, and was
18% down versus 3Q21. As compared to 4Q19, traffic declined 39.8%,
reflecting prolonged air travel restrictions in the country.
Domestic and international traffic increased by 2.1x and 5.4x YoY,
respectively, and stood at 80.0% and 53.6% of 4Q19 pre-pandemic
levels. Traffic in the quarter was impacted by weaker demand caused
by the emergence of the Omicron variant, in the last months of the
year.
In Brazil, total passenger traffic grew 37.2 YoY, and was
18.3% below pre-pandemic levels of 4Q19. Domestic passenger
traffic, which accounted for 66% of total traffic in the quarter,
was up 48.2 YoY and reached nearly 90% of 4Q19 pre-pandemic levels,
while transit passengers accounted for the remaining 33% of total
traffic and increased 16.7% YoY to 77.9% of 4Q19 traffic.
In Uruguay, passenger traffic increased 4.1x YoY,
reaching 50.2% of 4Q19 levels, showing a strong sequential recovery
versus 3Q21, reflecting the re-opening of borders to non-resident
foreigners, effective November 1, 2021. Borders had only partially
opened to property-owners, on September 1, 2021.
In Armenia, where traffic is 100% international, traffic
has been increasing sequentially since the elimination of
restrictions on air travel in September 2020 and the opening of
Russian borders to foreigners, although some requirements apply
upon entry. Total traffic improved 3.7x YoY, or stood at 90% of
4Q19 pre-pandemic levels.
In Ecuador, total passenger traffic grew 1.2x YoY, and
increased to 76.2% of 4Q19 levels. Both, domestic and international
passenger traffic continued to improve sequentially since the third
quarter of 2020.
Cargo Volume
Cargo volume increased 27.0% YoY in 4Q21, and stood at 79.9% of
pre-pandemic levels of 4Q19, with strong contributions from
Argentina, Brazil and Uruguay, which together accounted for more
than 80% of total volume, in the quarter. Notably, cargo volume in
Italy and Uruguay was above 4Q19 levels.
Aircraft Movements
Total aircraft movements increased 89.0% YoY in 4Q21, and
reached 76.2% of 4Q19 levels, impacted by travel restrictions and
lower travel demand across all segments particularly in Argentina,
which accounted for almost two thirds of the aircraft movement
reduction, when compared to 2019.
Tables with detailed passenger traffic, cargo volume and
aircraft movement information for each airport can be found on page
39 of this report.
Operational Statistics: Passenger
Traffic, Cargo Volume and Aircraft Movements
4Q21
4Q20
4Q19
% Var. ('21 vs '20)
% Var. ('21 vs '19)
Domestic Passengers (in thousands)
8,527
3,011
12,127
183.1%
-29.7%
International Passengers (in
thousands)
3,163
866
6,626
265.3%
-52.3%
Transit Passengers (in thousands)
1,557
1,233
2,155
26.3%
-27.8%
Total Passengers (in thousands)
13,246
5,110
20,907
159.2%
-36.6%
Cargo Volume (in thousands of
tons)
91.6
72.1
114.7
27.0%
-20.1%
Total Aircraft Movements (in
thousands)
162.1
85.8
212.6
89.0%
-23.8%
Passenger Traffic Breakdown
Cargo Volume
Aircraft Movements
Country
4Q21
4Q20
% Var.
4Q21
4Q20
% Var.
4Q21
4Q20
% Var.
(thousands)
(tons)
Argentina(1)
5,591
898
522.6%
50,723
41,249
23.0%
76,941
31,772
142.2%
Italy
1,087
231
371.1%
4,380
3,754
16.7%
13,199
5,360
146.3%
Brazil (2)
4,177
3,046
37.2%
14,874
10,249
45.1%
36,964
27,665
33.6%
Uruguay (3)
260
51
408.5%
8,379
6,837
22.6%
7,363
2,568
186.7%
Ecuador (4)
850
382
122.6%
6,745
4,970
35.7%
16,762
12,494
34.2%
Armenia
695
149
365.8%
5,664
4,349
30.2%
5,918
2,218
166.8%
Peru (5)
586
353
65.7%
832
718
15.9%
4,905
3,681
33.3%
TOTAL
13,246
5,110
159.2%
91,597
72,126
27.0%
162,052
85,758
89.0%
Passenger Traffic Breakdown
Cargo Volume
Aircraft Movements
Country
4Q21
4Q19
% Var.
4Q21
4Q19
% Var.
4Q21
4Q19
% Var.
(thousands)
(tons)
Argentina(1)
5,591
10,646
-47.5%
50,723
63,592
-20.2%
76,941
109,183
-29.5%
Italy
1,087
1,807
-39.8%
4,380
3,626
20.8%
13,199
17,438
-24.3%
Brazil (2)
4,177
5,112
-18.3%
14,874
22,879
-35.0%
36,964
42,486
-13.0%
Uruguay (3)
260
518
-49.8%
8,379
8,149
2.8%
7,363
7,537
-2.3%
Ecuador (4)
850
1,115
-23.8%
6,745
8,646
-22.0%
16,762
21,416
-21.7%
Armenia
695
772
-9.9%
5,664
6,369
-11.1%
5,918
7,006
-15.5%
Peru (5)
586
937
-37.5%
832
1,393
-40.2%
4,905
7,536
-34.9%
TOTAL
13,246
20,907
-36.6%
91,597
114,653
-20.1%
162,052
212,602
-23.8%
1)
See Note 1 in Table " Operating
& Financial Highlights”
2)
Starting November 2019, the
Company has reclassified its passenger traffic figures for Brasilia
Airport between international and transit retroactively since June
2018 to return to the count methodology utilized until May 2018.
Notwithstanding, total traffic figures remain unchanged.
3)
Cargo volumes in Uruguay were
rectified from January to June 2020, to reflect all cargo passing
through the cargo terminal, instead of air cargo only.
4)
CAAP owns 99.9% of ECOGAL, which
operates and maintains the Galapagos Airport, but due to the terms
of the concession agreement, 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.
5)
CAAP owns 50.0% of AAP and
accounts for its results by the equity method. However, 100% of
AAP’s passenger traffic and aircraft movements are included in this
table.
Review of Consolidated Results
Results for ECOGAL, which operates the Galapagos Airport in
Ecuador, are accounted for under the equity method. In December
2021, CAAP signed an agreement to transfer its 50% ownership
interest in Aeropuertos Andinos del Perú S.A. to Andino Investment
Holding S.A. and, consequently, stop operating the five airports
that were under concession. As such, fourth quarter and full year
2020 figures have been adjusted to reflect the discontinuation of
the Peru business in 2021, for comparison purposes.
Commencing 3Q18, the Company began reporting results of its
Argentinean subsidiaries applying Hyperinflation Accounting, in
accordance to IFRS rule IAS 29, as detailed on Section
“Hyperinflation Accounting in Argentina” on page 26.
Revenues
Consolidated Revenues increased 69.1% YoY to $218.7 million in
4Q21. When excluding Construction Services and the impact of IAS
29, revenues increased 96.5% YoY to $200.1 million, reaching 69.1%
of 4Q19 levels, reflecting the impacts of the pandemic and currency
depreciation over the share of local currency revenues in
Argentina, Brazil and Uruguay. Compared to 3Q21, revenues ex IFRIC
12 improved 20.2% sequentially, with strong performance in
Argentina (+50.7%) and Uruguay (+34.7%), reflecting higher
passenger traffic following the re-opening of borders on November
1, 2021, coupled with a positive seasonal impact.
The following table shows revenue performance by country. More
detail on the performance of CAAP´s key countries of operations can
be found on page 17.
Revenues by Segment (in US$
million)
Country
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex IAS 29
Argentina
108.9
72.2
50.9%
0.1
108.8
76.1
43.0%
Italy
23.9
16.5
44.7%
-
23.9
16.5
44.7%
Brazil
18.1
12.5
44.0%
-
18.1
12.5
44.0%
Uruguay
18.2
7.7
134.3%
-
18.2
7.7
134.3%
Armenia
30.1
8.5
255.8%
-
30.1
8.5
255.8%
Ecuador (1)
19.4
11.9
63.9%
-
19.4
11.9
63.9%
Unallocated
0.1
0.0
222.7%
-
0.1
0.0
222.7%
Total consolidated revenue (2)
218.7
129.4
69.1%
0.1
218.6
133.3
64.0%
1)
Only includes Guayaquil
Airport.
2)
Excluding Construction Service
revenue, ‘As reported’ revenues increase 96.3% YoY in Argentina,
81.2% in Italy, 44.0% in Brazil, 125.8% in Uruguay, 240.4% in
Armenia and 82.1% in Ecuador.
Revenue Breakdown (in US$
million)
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex IAS 29
Aeronautical Revenue
92.6
35.9
158.0%
0.6
92.0
36.3
153.1%
Non-aeronautical Revenue
126.1
93.5
34.9%
-0.4
126.6
96.9
30.6%
Commercial revenue
109.3
64.1
70.5%
2.1
107.2
64.5
66.3%
Construction service revenue (1)
16.0
28.4
-43.7%
-2.5
18.5
31.5
-41.2%
Other revenue
0.9
1.0
-13.5%
0.0
0.9
1.0
-13.5%
Total Consolidated Revenue
218.7
129.4
69.1%
0.1
218.6
133.3
64.0%
Total Revenue excluding Construction
Service revenue (2)
202.7
101.0
100.8%
2.6
200.1
101.8
96.5%
1)
Construction Service revenue
equals the construction or upgrade costs plus a reasonable
margin.
2)
Excludes Construction Service
revenue.
Revenue Breakdown (in US$
million)
4Q21 as reported
4Q19 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q19 ex IAS 29
% Var ex IAS 29
Aeronautical Revenue
92.6
173.7
-46.7%
0.6
92.0
170.8
-46.1%
Non-aeronautical Revenue
126.1
206.4
-38.9%
-0.4
126.6
204.1
-38.0%
Commercial revenue
109.3
120.8
-9.5%
2.1
107.2
117.9
-9.1%
Construction service revenue (1)
16.0
84.7
-81.1%
-2.5
18.5
85.3
-78.3%
Other revenue
0.9
0.8
7.6%
-
0.9
0.8
7.6%
Total Consolidated Revenue
218.7
380.1
-42.5%
0.1
218.6
374.9
-41.7%
Total Revenue excluding Construction
Service revenue (2)
202.7
295.4
-31.4%
2.6
200.1
289.6
-30.9%
1)
Construction Service revenue
equals the construction or upgrade costs plus a reasonable
margin.
2)
Excludes Construction Service
revenue.
Aeronautical Revenues accounted for 42.3% of total
revenues and increased 1.6x YoY. When compared to 4Q19,
aeronautical revenues declined 46.1% to $92.0 million had IAS 29
not been applied, reflecting the continued impact of the pandemic
in traffic volumes, despite the gradual relaxation of travel
restrictions in materially all markets. During the quarter and
excluding IAS 29, aeronautical revenue declined 59.7%, or $54.3
million, in Argentina, 38.8%, or $8.6 million, in Italy, and 48.7%,
or $6.3 million, in Uruguay, compared to the same quarter of 2019.
Moreover, Brazil declined 44.9%, or $6.7 million, and Ecuador
declined 18.6%, or $3.2 million, while aeronautical revenues in
Armenia increased 2.7%, compared to pre-pandemic levels of
4Q19.
Non-Aeronautical Revenues accounted for 57.7% of total
revenues and increased 34.9% YoY, to $126.1 million. When compared
to 4Q19 and excluding the impact of IAS 29, non-aeronautical
revenues declined 38.0% to $126.6 million, mainly driven by the
following decreases:
- 9.1%, or $10.7 million, in Commercial Revenues, to
$107.2 million, with declines of $5.3 million in Brazil, $4.0
million in Italy and $3.0 million in Armenia, partially offset by
an increase of $4.0 million in Argentina. The revenue decline was
heavily impacted by the significant reduction in overall passenger
traffic and was mostly related to reductions in Fueling services,
VIP lounges, Duty free and Advertising, partially offset by a
strong increase in Cargo revenues and, to a lesser extent, Rental
of space; and
- 78.3%, or $66.8 million, in Construction Service
Revenue, to $18.5 million, mainly reflecting lower capex in
Argentina.
Excluding Construction Service Revenue and the impact of IAS 29,
non-aeronautical revenues declined 9.0% against 4Q19, to $108.1
million.
Operating Costs and Expenses
During 4Q21, Operating Costs and Expenses, excluding
Construction Service Cost, increased 27.2% YoY to $182.8 million,
mainly driven by higher Salaries and social security contributions,
Concession fees and Maintenance expenses, in line with higher YoY
activity. When compared to 4Q19, Operating Costs and Expenses,
excluding Construction Service Cost and IAS 29, declined 37.7% to
$167.6 million. The decline is mainly explained by reductions in
Maintenance expenses resulting from lower services and
renegotiation with suppliers, together with lower Concession Fees,
Salaries and Social Contributions and SG&A expenses. Currency
depreciation in Argentina, Brazil and Uruguay also benefited
costs.
Cost of Services increased 14.1% YoY, to $162.4 million.
When compared to 4Q19 and excluding IAS29, Cost of Services
declined 43.6%, to $154.8 million, mainly reflecting the following
declines:
- 79.5%, or $67.3 million, in Construction Service Cost,
reflecting lower capex,
- 35.1%, or $13.2 million, in Maintenance Expenses, mainly driven
by the renegotiation of agreements with suppliers to adapt services
to lower activity, coupled with FX depreciation against the US
dollar,
- 23.5%, or $11.4 million, in Salaries and Social Security
Contributions, driven by a reduction in salaries, a furlough scheme
and/or a reduction in workforce across the board, coupled with
local currency depreciation in main markets,
- 28.6%, or $11.3 million, in Concession Fees, in line with lower
revenues, and
- 22.3%, or $3.6 million decline in Services and Fees, mainly
reflecting the suspension of certain services and renegotiation of
scope and fees with suppliers, coupled with local currency
depreciation in Argentina and Brazil.
Excluding Construction Service cost, Cost of Services increased
29.7% YoY, to $147.5 million. On a comparable basis against 4Q19
and excluding the impact of IAS29, Cost of Services declined 27.5%,
or $52.3 million, to $137.4 million.
Selling, General and Administrative Expenses (“SG&A”)
increased 18.7% YoY, to $33.7 million in 4Q21 on an ‘As reported’
basis. When compared to 4Q19 and excluding the impact of IAS 29,
SG&A declined 17.9%, to $28.7 million.
Other Operating Expenses were $1.4 million in 4Q21, down
43.3% from the $2.5 million recorded in 4Q20 and relatively in line
with the $1.1 million posted in 4Q19.
Costs and Expenses (in US$
million)
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex IAS 29
Cost of Services
162.4
142.4
14.1%
7.6
154.8
131.5
17.8%
Salaries and social security
contributions
37.6
24.6
53.1%
0.4
37.2
25.2
47.3%
Concession fees
28.6
16.7
71.1%
0.3
28.3
16.9
67.4%
Construction service cost
14.9
28.6
-48.1%
-2.5
17.4
31.7
-45.2%
Maintenance expenses
24.8
16.5
50.5%
0.4
24.4
16.9
44.7%
Amortization and depreciation
28.5
39.2
-27.2%
8.9
19.6
23.8
-17.7%
Other
28.1
16.8
66.8%
0.1
28.0
16.9
65.1%
Cost of Services Excluding Construction
Service cost
147.5
113.7
29.7%
10.1
137.4
99.8
37.8%
Selling, general and administrative
expenses
33.7
28.4
18.7%
5.0
28.7
28.2
1.9%
Other expenses
1.5
1.5
-1.4%
0.1
1.4
1.5
-8.2%
Total Costs and Expenses
197.6
172.3
14.7%
12.7
185.0
161.2
14.7%
Total Costs and Expenses Excluding
Construction Service cost
182.8
143.7
27.2%
15.2
167.6
129.5
29.4%
Costs and Expenses (in US$
million)
4Q21 as reported
4Q19 as
reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q19 ex IAS 29
% Var ex IAS 29
Cost of Services
162.4
292.6
-44.5%
7.6
154.8
274.4
-43.6%
Salaries and social security
contributions
37.6
49.5
-24.0%
0.4
37.2
48.6
-23.5%
Concession fees
28.6
40.4
-29.3%
0.3
28.3
39.6
-28.6%
Construction service cost
14.9
84.1
-82.3%
-2.5
17.4
84.7
-79.5%
Maintenance expenses
24.8
38.4
-35.4%
0.4
24.4
37.6
-35.1%
Amortization and depreciation
28.5
40.3
-29.3%
8.9
19.6
24.4
-19.7%
Other
28.1
40.1
-30.0%
0.1
28.0
39.4
-29.0%
Cost of Services Excluding Construction
Service cost
147.5
208.6
-29.3%
10.1
137.4
189.8
-27.6%
Selling, general and administrative
expenses
33.7
36.2
-6.9%
5.0
28.7
35.0
-17.9%
Other expenses
1.5
43.9
-96.6%
0.1
1.4
43.9
-96.8%
Total Costs and Expenses
197.6
372.7
-47.0%
12.7
185.0
353.4
-47.7%
Total Costs and Expenses Excluding
Construction Service cost
182.8
288.6
-36.7%
15.2
167.6
268.8
-37.7%
Adjusted EBITDA and Adjusted EBITDA excluding Construction
Service
During 4Q21, CAAP reported Adjusted EBITDA of $92.8 million, up
from an Adjusted EBITDA of $45.5 million in the year-ago period,
and 70.8% higher than the $54.3 million reported in 4Q19. All
countries of operations reported positive Adjusted EBITDA in the
quarter, with strong contributions from Argentina, Brazil, Armenia
and Italy, which together accounted for more than 88% of the
consolidated Adjusted EBITDA. Adjusted EBITDA margin ex-IFRIC12,
expanded to 45.2% from 45.3% in 4Q20 and 18.2% in 4Q19.
Excluding the impact from IAS 29, Adjusted EBITDA was $91.8
million, up from an Adjusted EBITDA of $45.0 million in the year
ago period and $52.2 million in 4Q19, while Adjusted EBITDA margin
excluding construction service expanded to 45.3%, from 44.5% in
4Q20 and 17.8% in 4Q19. When also adjusting for impairment charges,
Adjusted EBITDA improved to $91.9 million in 4Q21 from $44.0
million in 4Q20, and was 3.3% below the $95.0 million posted in
4Q19.
As Reported Adjusted EBITDA figures included: (i) economic
compensations of $25.5 million in Brazil and $10.9 million in
Italy, in 4Q21, (ii) economic compensations of $46.7 million in
Brazil and Italy, in 4Q20, and (iii) an impairment loss of $42.8
million in Brazil, in 4Q19.
Adjusted EBITDA by Segment (in US$
million)
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex
IAS 29
Argentina
31.0
9.7
219.3%
1.0
30.0
9.3
223.5%
Italy
11.8
4.8
146.7%
-
11.8
4.8
146.7%
Brazil
26.2
31.8
-17.6%
-
26.2
31.8
-17.6%
Uruguay
8.2
1.0
722.2%
-
8.2
1.0
722.2%
Armenia
13.3
1.0
1298.2%
-
13.3
1.0
1298.2%
Ecuador
4.8
0.1
6436.7%
-
4.8
0.1
6436.7%
Unallocated
-2.6
-2.9
-11.4%
-
-2.6
-2.9
-11.4%
Total segment EBITDA
92.8
45.5
104.1%
1.0
91.8
45.0
103.9%
4Q21 as reported
4Q19 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q19 ex IAS 29
% Var ex IAS 29
Argentina
31.0
52.1
-40.5%
1.0
30.0
50.1
-40.0%
Italy
11.8
7.3
62.0%
-
11.8
7.3
62.0%
Brazil
26.2
-32.8
-180.0%
-
26.2
-32.8
-180.0%
Uruguay
8.2
12.0
-31.7%
-
8.2
12.0
-31.7%
Armenia
13.3
12.5
6.3%
-
13.3
12.5
6.3%
Ecuador
4.8
5.9
-18.2%
-
4.8
5.9
-18.2%
Unallocated
-2.6
-2.7
-5.6%
-
-2.6
-2.7
-5.6%
Total segment EBITDA
92.8
54.3
70.8%
1.0
91.8
52.2
75.8%
Adjusted EBITDA Reconciliation to
Income from Continuing Operations (in US$ million)
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex IAS 29
Income from Continuing
Operations
-0.2
-47.6
-99.6%
11.4
-11.6
-62.1
-81.4%
Financial Income
-4.8
-9.1
-47.2%
4.7
-9.5
-8.9
7.2%
Financial Loss
32.8
63.7
-48.5%
-56.2
89.0
120.4
-26.1%
Inflation adjustment
-4.1
9.9
-141.2%
-3.9
-0.2
0.2
-202.9%
Income Tax Expense
38.5
-12.9
-398.8%
31.5
7.0
-30.5
-123.0%
Amortization and Depreciation
30.5
41.5
-26.4%
13.5
17.0
25.9
-34.3%
Adjusted EBITDA
92.8
45.5
104.1%
1.0
91.8
45.0
103.9%
Adjusted EBITDA Margin
42.4%
35.1%
729
-
42.0%
33.8%
822
Adjusted EBITDA Margin excluding
Construction Service
45.2%
45.3%
-3
-
45.3%
44.5%
86
Financial Income and Loss
CAAP reported a Net financial loss of $24.0 million in
4Q21 compared to a loss of $64.5 million in 4Q20. Had IAS 29 not
been applied, and compared to 4Q19, Net financial loss increased
26.4%, or $16.6 million, to $79.4 million, mainly driven by higher
net interest expenses resulting from higher outstanding debt.
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex IAS 29
Financial Income
4.8
9.1
-47.2%
-4.7
9.5
8.9
7.2%
Interest income
0.8
2.1
-63.5%
0.2
0.5
2.0
-72.2%
Foreign exchange income
0.3
2.1
-87.1%
-4.9
5.2
1.9
166.9%
Other
3.8
4.9
-23.3%
0.0
3.8
4.9
-24.0%
Inflation adjustment
4.1
-9.9
-141.2%
3.9
0.2
-0.2
-202.9%
Inflation adjustment
4.1
-9.9
-141.2%
3.9
0.2
-0.2
-202.9%
Financial Loss
-32.8
-63.7
-48.5%
56.2
-89.0
-120.4
-26.1%
Interest Expenses
-28.9
-32.1
-9.9%
-0.7
-28.3
-32.2
-12.3%
Foreign exchange transaction expenses
28.7
-1.2
-2445.1%
56.9
-28.2
-57.2
-50.7%
Changes in liability for concessions
-30.1
-28.6
5.5%
-
-30.1
-28.6
5.5%
Other expenses
-2.4
-1.8
34.5%
-
-2.4
-2.4
1.5%
Financial Loss, Net
-24.0
-64.5
-62.8%
55.4
-79.4
-111.7
-29.0%
See “Use of Non-IFRS Financial Measures”
on page 27.
Income Tax Expense
During 4Q21, the Company reported an income tax expense of $38.5
million. Excluding the impact of IAS 29, CAAP reported an income
tax expense of $7.0 million compared to income tax benefit of $30.5
million in the year ago quarter and an expense of $13.3 million in
4Q19. Income tax expense in the quarter reflected better
year-over-year results.
Net Income and Net Income Attributable to Owners of the
Parent
During 4Q21, CAAP reported a Net Loss of $0.2
million compared to a Net Loss of $47.6 million in 4Q20, mainly
explained by: (i) operating income of $60.4 million in 4Q21 versus
$5.3 million in 4Q20, and (ii) lower net financial losses,
partially offset by (iii) higher income tax expenses.
During 4Q21, the Company reported a Net Loss Attributed to
Owners of the Parent of $22.3 million and a loss per common share
of $0.14, compared with a Net Loss Attributable to Owners of the
Parent of $38.8 million in 4Q20 equivalent to a loss per common
share of $0.24. In 4Q19, the Company reported a Net Loss Attributed
to Owners of the Parent of $37.3 million and a loss per common
share of $0.23.
Consolidated Financial Position
As of December 31, 2021, cash and cash equivalents amounted to
$375.8 million, increasing 72.3%, or $157.7 million, from the
$218.1 million reported as of September 30, 2021, and improving
33.7%, or $94.8 million, from the $281.0 million reported as of
December 31, 2020. Total liquidity position at December 31, 2021,
which included cash and cash equivalents as well as other financial
assets, was $451.1 million, up $154.2 million, or 51.9%, from
$296.9 million at September 30, 2021.
Total Debt at the close of the fourth quarter increased 7.0%, or
$94.8 million, to $1,439.6 million, from $1,344.8 million as of
December 31, 2020. An amount of $912.2 million, or 63.4% of total
debt is denominated in U.S. dollars, while $264.6 million, or
18.4%, is denominated in Euros, $221.8 million, or 15.4%, is in
Brazilian Reals, $40.7 million, or 2.8%, is in Argentine Pesos, and
$0.3 million is denominated in Armenian Drams.
The Net Debt to LTM Adjusted EBITDA (excluding impairment of
intangible assets) ratio stood at 7.11x as of December 2021, down
from 14.02x as of December 2020, reflecting the year-over-year
Adjusted EBITDA growth, supported by traffic recovery and tight
cost control measures. As of December 31, 2021, all of CAAP’s
subsidiaries were in compliance with their covenants.
Consolidated Debt Indicators (in
US$ million)
As of Dec 31, 2021
As of Dec 31, 2020
Leverage
Total Debt / LTM Adjusted EBITDA
(Times)1,3
9.64x
98.95x
Total Net Debt / LTM Adjusted EBITDA
(Times) 2,3, 4
7.12x
78.28x
Total Net Debt / LTM Adjusted EBITDA
(Times) 2,3,5
7.11x
14.02x
Total Debt
1,439.6
1,344.8
Short-Term Debt
421.3
216.4
Long-Term Debt
1,018.3
1,128.4
Cash & Cash Equivalents
375.8
281.0
Total Net Debt3
1,063.8
1,063.8
1)
The Total Debt to EBITDA Ratio is
calculated as CAAP’s interest-bearing liabilities divided by its
EBITDA.
2)
The Total Net Debt to EBITDA
Ratio is calculated as CAAP’s interest-bearing liabilities minus
Cash & Cash Equivalents, divided by its EBITDA.
3)
The Total Net Debt is calculated
as Total Debt minus Cash & Cash Equivalents.
4)
LTM Adjusted EBITDA as of
December 31, 2021 was $149.3 million.
5)
LTM Adjusted EBITDA excluding
impairment of intangible assets as of December 31, 2021 was $149.7
million.
Total Debt by Segment (in US$
million)
As of Dec 31, 2021
As of Dec 31, 2020
Argentina
625.3
530.8
Italy (1)
232.4
256.7
Brazil (2)
221.8
241.8
Uruguay
274.1
222.4
Armenia
63.1
64.8
Ecuador
22.9
28.2
Total
1,439.6
1,344.8
1
Of which approximately $164
million remain at Toscana Aeroporti level.
2
Of which approximately $206
million remain at Inframérica Concessionaria do Aeroporto de
Brasilia level.
Maturity of borrowings:
1 year or less
1 - 2 years
2 – 5 years
Over 5 years
Total
Debt service (1)
524.3
233.0
500.2
711.7
1,969.2
1
The amounts disclosed in the
table are undiscounted cash flows of principal and estimated
interest. Variable interest rate cash flows have been estimated
using variable interest rates applicable at the end of the
reporting period.
Maturity of borrowings - Breakdown by
segment (in USD) as of December 31, 2021:
Segment
Currency
1 year or less
1 - 2 years
2 – 5 years
Over 5 years
Total
Argentina
Principal
USD
119.9
65.1
103.1
312.1
600.2
Interest
USD
42.2
37.1
94.4
68.4
242.1
Principal
ARS
0.0
19.2
19.2
-
38.5
Interest
ARS
19.2
15.4
5.9
-
40.5
Italy
Principal
EUR
57.2
27.6
143.9
3.2
232.0
Interest
EUR
5.0
4.8
6.6
0.0
16.4
Brazil
Principal
R$
206.9
1.2
3.7
8.7
220.5
Interest
R$
18.6
1.2
2.9
2.6
25.3
Uruguay
Principal
USD
2.7
6.2
39.5
238.6
287.1
Interest
USD
18.7
18.8
53.6
78.0
169.1
Armenia
Principal
USD
11.2
13.3
7.4
-
31.9
Interest
USD
1.8
1.1
0.2
-
3.1
Principal
DRAM
0.3
-
-
-
0.3
Interest
DRAM
0.0
-
-
-
0.0
Principal
EUR
11.7
13.9
7.7
-
33.2
Interest
EUR
1.8
1.1
0.2
-
3.1
Ecuador
Principal
USD
5.8
5.9
10.9
-
22.6
Interest
USD
1.4
1.0
0.9
-
3.3
Total
524.3
233.0
500.2
711.7
1,969.2
Pro-Forma Maturity of borrowings -
Breakdown by segment (in USD) as of December 31, 2021:
Segment
Currency
1 year or less
1 - 2 years
2 – 5 years
Over 5 years
Total
Argentina
Principal
USD
106.5
67.1
105.1
312.1
590.8
Interest
USD
42.5
37.4
94.5
68.4
242.8
Principal
ARS
0.0
24.0
23.9
-
47.9
Interest
ARS
22.8
19.3
7.4
-
49.6
Italy
Principal
EUR
57.2
27.6
143.9
3.2
232.0
Interest
EUR
5.0
4.8
6.6
0.0
16.4
Brazil
Principal
R$
14.5
12.1
42.8
151.4
220.8
Interest
R$
18.6
17.6
45.9
51.3
133.5
Uruguay
Principal
USD
2.7
6.2
39.5
238.6
287.1
Interest
USD
18.7
18.8
53.6
78.0
169.1
Armenia
Principal
USD
11.2
13.3
7.4
-
31.9
Interest
USD
1.8
1.1
0.2
-
3.1
Principal
DRAM
0.3
-
-
-
0.3
Interest
DRAM
0.0
-
-
-
0.0
Principal
EUR
11.7
13.9
7.7
-
33.2
Interest
EUR
1.8
1.1
0.2
-
3.1
Ecuador
Principal
USD
5.8
5.9
10.9
-
22.6
Interest
USD
1.4
1.0
0.9
-
3.3
Total
322.6
271.2
590.6
903.1
2,087.4
Cash by Segment (in US$
million)
As of Dec 31, 2021
As of Dec 31, 2020
Argentina
158.9
61.6
Italy (1)
66.3
99.8
Brazil (2)
13.4
13.3
Uruguay
22.0
13.4
Armenia
44.7
18.9
Ecuador
10.8
19.2
Intermediate holding Companies
59.7
54.8
Total
375.8
281.0
1)
Of which approximately $61.3
million remain at Toscana Aeroporti level.
2)
Of which approximately $11.9
million remain at Inframérica Concessionaria do Aeroporto de
Brasilia level.
CAPEX
During 4Q21, CAAP made capital expenditures of $24.0 million, a
40.3% YoY decline from $40.2 million in 4Q20, mainly reflecting
lower investments in Argentina during the quarter, in line with the
Company´s strategy of preserving liquidity in the current
environment. Excluding IAS29, total Capex amounted to $23.1 million
versus $33.8 million in the year ago period.
Review of Segment Results
Argentina
Starting in 3Q18, reported numbers are presented applying
Hyperinflation accounting for the Company’s Argentinean
subsidiaries, in accordance with IAS 29, as explained above. The
following table presents the impact from Hyperinflation accounting
under the column ‘IAS 29’, while the columns indicated with “ex IAS
29” present results calculated without the impact from
Hyperinflation accounting. The impact of IAS 29 is presented only
for AA2000, the Company’s largest subsidiary in Argentina, which
accounted for over 95% of passenger traffic, revenues and Adjusted
EBITDA of the Argentina segment in 4Q21.
4Q21 as reported
4Q20 as reported
% Var as reported
IAS 29
4Q21 ex IAS 29
4Q20 ex IAS 29
% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)
4.5
0.5
719.9%
4.5
0.5
719.9%
International Passengers (in millions)
(1)
1.0
0.3
211.7%
1.0
0.3
211.7%
Transit Passengers (in millions) (1)
0.2
0.0
266.3%
0.2
0.0
266.3%
Total Passengers (in millions)
(1)
5.6
0.9
522.6%
5.6
0.9
522.6%
Cargo Volume (in thousands of
tons)
50.7
41.2
23.0%
50.7
41.2
23.0%
Total Aircraft Movements (in
thousands)
76.9
31.8
142.2%
76.9
31.8
142.2%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
37.2
12.9
189.1%
0.6
36.7
13.4
174.7%
Non-aeronautical revenue
71.7
59.3
20.9%
-0.4
72.1
62.8
15.0%
Commercial revenue
62.2
37.8
64.7%
2.1
60.1
38.2
57.6%
Construction service revenue
9.5
21.5
-55.9%
-2.5
12.0
24.6
-51.2%
Total Revenue
108.9
72.2
50.9%
0.1
108.8
76.1
43.0%
Total Revenue Excluding
IFRIC12(2)
99.5
50.7
96.3%
2.6
96.8
51.5
88.0%
Cost of Services
80.8
76.2
6.1%
7.6
73.2
65.3
12.2%
Selling, general and administrative
expenses
13.5
11.3
19.9%
5.0
8.5
11.1
-22.8%
Other expenses
0.5
0.2
215.1%
0.1
0.4
0.1
159.4%
Total Costs and Expenses
94.8
87.6
8.3%
12.7
82.2
76.5
7.4%
Total Costs and Expenses Excluding
IFRIC12(3)
85.4
66.1
29.3%
15.2
70.2
51.9
35.3%
Adjusted Segment EBITDA
31.0
9.7
219.3%
1.0
30.0
9.3
223.5%
Adjusted Segment EBITDA Mg
28.5%
13.4%
1,501
-
27.6%
12.2%
1,540
Adjusted EBITDA Margin excluding IFRIC
12(4)
31.1%
19.2%
1,198
-
31.0%
18.0%
1,297
Capex
12.9
31.0
-58.4%
0.9
12.0
24.6
-51.2%
1)
See Note 1 in Table "Operating
& Financial Highlights”
2)
Excludes Construction Service
revenue.
3)
Excludes Construction Service
cost.
4)
Excludes the effect of IFRIC 12
with respect to the construction or improvements to assets under
the concession, and is calculated by dividing EBITDA by total
revenues less Construction Service revenue.
2021 as reported
2020 as reported
% Var as reported
IAS 29
2021 ex IAS 29
2020 ex IAS 29
% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)
10.8
6.3
72.3%
10.8
6.3
72.3%
International Passengers (in millions)
(1)
2.0
3.3
-40.0%
2.0
3.3
-40.0%
Transit Passengers (in millions) (1)
0.5
0.4
24.7%
0.5
0.4
24.7%
Total Passengers (in millions)
(1)
13.3
10.0
33.3%
13.3
10.0
33.3%
Cargo Volume (in thousands of
tons)
174.4
143.9
21.2%
174.4
143.9
21.2%
Total Aircraft Movements (in
thousands)
227.3
155.6
46.1%
227.3
155.6
46.1%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
94.9
106.7
-11.1%
7.4
87.5
111.2
-21.3%
Non-aeronautical revenue
268.0
243.3
10.2%
21.9
246.1
254.3
-3.2%
Commercial revenue
214.5
147.5
45.4%
20.5
194.0
150.4
29.0%
Construction service revenue
53.5
95.8
-44.1%
1.3
52.2
103.9
-49.8%
Total Revenue
362.9
350.0
3.7%
29.2
333.6
365.4
-8.7%
Total Revenue Excluding
IFRIC12(2)
309.4
254.2
21.7%
27.9
281.5
261.5
7.6%
Cost of Services
326.8
380.0
-14.0%
66.5
260.3
319.9
-18.6%
Selling, general and administrative
expenses
38.5
38.2
0.8%
8.1
30.4
38.0
-19.9%
Other expenses
14.9
2.7
459.2%
1.7
13.2
2.0
571.9%
Total Costs and Expenses
380.2
420.9
-9.7%
76.3
303.9
359.8
-15.5%
Total Costs and Expenses Excluding
IFRIC12(3)
326.8
325.2
0.5%
74.9
251.8
256.0
-1.6%
Adjusted Segment EBITDA
65.6
50.7
29.2%
6.5
59.0
52.7
12.1%
Adjusted Segment EBITDA Mg
18.1%
14.5%
357
-
17.7%
14.4%
329
Adjusted EBITDA Margin excluding IFRIC
12(4)
21.1%
19.9%
123
-
20.9%
20.1%
85
Capex
53.5
95.8
-44.1%
1.3
52.2
103.9
-49.8%
1)
See Note 1 in Table "Operating
& Financial Highlights”
2)
Excludes Construction Service
revenue.
3)
Excludes Construction Service
cost.
4)
Excludes the effect of IFRIC 12
with respect to the construction or improvements to assets under
the concession, and is calculated by dividing EBITDA by total
revenues less Construction Service revenue.
Passenger Traffic increased 5.2x YoY in 4Q21, reflecting
the recovery in passenger traffic as travel restrictions were much
tougher in the corresponding year ago period, and was 47.5% below
4Q19 pre-pandemic levels. This result reflected a strong quarterly
sequential improvement from the 72.1% decline in traffic recorded
in 3Q21 (vs. 3Q19), helped by better sanitary conditions in the
country and the re-opening of borders to all foreigners on November
1, 2021. Domestic passenger traffic, which accounted for 80% of
total traffic in the quarter, increased 7.2x YoY, as domestic
travel continued to recover, but was 36.6% below 4Q19 levels
showing, however, a strong sequential improvement.
Revenues increased 50.9% YoY to $108.9 million in 4Q21 on
an ‘As reported’ basis or 43.0% to $108.8 million when excluding
the impact of rule IAS29, primarily due to a significant increase
in Aeronautical revenues, reflecting higher year-over-year activity
and easier passenger traffic comparisons, as 4Q20 was severely
impacted by the Covid-19 pandemic. This was partially offset by
lower construction revenues as a result of lower Capex in the
quarter. When compared to 4Q19 and excluding both Construction
Service and the impact of IAS 29, revenues declined 34.1%, or $50.2
million to $96.8 million, mainly impacted by the pandemic and the
FX translation effect on local currency revenues resulting from the
69.4% average depreciation of the Argentine peso since 4Q19.
- Aeronautical Revenues ex-IAS29 declined 59.7% against
4Q19, or $54.3 million, primarily reflecting the decline in
passenger traffic as a result of the Covid-19 pandemic, partially
offset by a higher international passenger fee introduced on March
15, 2021.
- Commercial Revenues ex-IAS29 increased 7.2% compared to
4Q19, or $4.0 million, mainly driven by an increase of 27%, or $8.3
million in Cargo revenues, primarily reflecting a 10% tariff
increase on import activities applied in October 2020. This was
partially offset by a decline of 33%, or $5.7 million, in
passenger-related services, including VIP Lounges, Duty Free,
Parking, Catering and F&B revenues, due to lower passenger
traffic, combined with minor declines in Fuel, Walkway services,
Advertising and Retail stores.
Total Costs and Expenses increased 8.3% YoY to $94.8
million in 4Q21 on an ‘As reported’ basis, mainly reflecting
increases of 6.1% in Cost of Services and 19.9% in SG&A, in
line with higher year-over-year activity. Excluding Construction
Service and the impact of IAS 29, Total Cost and Expenses increased
35.3% YoY, due to the rise in operating costs following traffic
recovery from the minimum levels posted in the same period of last
year. When compared to 4Q19, however, Total Cost and Expenses
excluding the impact of rule IAS 29 and Construction Services
declined 35.9%, or $39.3 million, primarily due to lower operating
expenses and Concession Fees.
- Cost of Services ex-IAS29 and excluding Construction
Service Costs would have declined 35.3% compared to 4Q19, or $39.0
million, driven mainly by the following declines:
- 40%, or $11.5 million, in Maintenance expenses due to the
renegotiation of agreements with suppliers to adapt services to
lower activity, coupled with lower maintenance of infrastructure
and the depreciation of the local currency against the US
dollar,
- 35%, or $7.8 million, in Concession Fees, in line with lower
revenues,
- 23%, or $5.7 million, in Salaries and Social Security
Contribution expenses, primarily due to the reduction in salaries
and a furlough scheme under which no social contributions are
required to be paid, coupled with local currency depreciation,
- 35%, or $1.8 million, in Services and Fees, mainly driven by
suspension of all non-essential services due to the Covid-19
pandemic and decline in airport activity, and
- 52%, or $1.6 million, in Office Expenses, due to a decrease in
mobility and office expenses along with lower overall expenses due
to a reduction in passenger traffic.
- SG&A ex-IAS29 decreased by 50.9% against 4Q19, or
$8.9 million, to $8.5 million in 4Q21, mainly due to the following
declines:
- 29%, or $2.7 million, in Taxes reflecting lower turnover taxes,
related to the decline in revenues, and
- 83%, or $1.1 million, in Advertising.
Adjusted Segment EBITDA increased $21.3 million YoY to
$31.0 million in 4Q21 on an ‘As reported basis’. When excluding the
impact of IAS 29, Adjusted Segment EBITDA was $30.0 million with
Adjusted EBITDA margin EX-IFRIC12 of 31.0% in the quarter, compared
to 18.0% in 4Q20. Compared to pre-pandemic levels of 4Q19, Adjusted
EBITDA excluding IAS 29 declined 40.0%, or $20.1 million from $50.1
million, while Adjusted EBITDA margin EX-IFRIC12 contracted 3.0
percentage points from 34.0%.
During 4Q21, CAAP made Capital Expenditures ex-IAS29 of
$12.0 million, compared to $24.6 million in 4Q20 and $69.4 million
in 4Q19, mainly related to expansion works at Aeroparque
Airport.
Italy
4Q21
4Q20
% Var.
2021
2020
% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)
0.4
0.1
206.8%
1.0
0.7
46.7%
International Passengers (in millions)
0.7
0.1
538.4%
1.8
1.3
40.7%
Transit Passengers (in millions)
0.0
0.0
923.6%
0.0
0.0
166.4%
Total Passengers (in millions)
1.1
0.2
371.1%
2.8
2.0
42.7%
Cargo Volume (in thousands of
tons)
4.4
3.8
16.7%
15.3
13.3
15.6%
Total Aircraft Movements (in
thousands)
13.2
5.4
146.3%
39.6
30.2
31.2%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
13.6
5.4
150.0%
37.5
29.4
27.6%
Non-aeronautical revenue
10.3
11.1
-6.9%
33.0
28.9
14.0%
Commercial revenue
6.1
4.9
22.8%
17.1
16.8
1.7%
Construction service revenue
3.4
5.2
-34.5%
13.7
10.4
31.9%
Other revenue
0.9
0.9
-9.2%
2.2
1.8
26.3%
Total Revenue
23.9
16.5
44.7%
70.5
58.3
20.8%
Total Revenue Excluding
IFRIC12(1)
20.5
11.3
81.2%
56.8
48.0
18.4%
Cost of Services
24.4
21.6
12.9%
83.2
72.2
15.2%
Selling, general and administrative
expenses
3.7
5.4
-32.1%
13.1
14.4
-9.6%
Other Expenses
0.1
-0.5
-113.5%
0.4
0.0
-2104.3%
Total Costs and Expenses
28.1
26.5
6.2%
96.6
86.6
11.5%
Total Costs and Expenses Excluding
IFRIC12(2)
25.7
21.0
22.5%
84.9
77.4
9.7%
Adjusted Segment EBITDA
11.8
4.8
146.7%
0.2
-4.3
-104.7%
Adjusted Segment EBITDA Mg
49.5%
29.0%
2046
0.3%
-7.3%
762
Adjusted EBITDA Margin excluding IFRIC
12(3)
52.6%
44.6%
802
-3.2%
-11.4%
823
Capex
5.9
7.1
-17.0%
19.9
13.8
44.0%
1
Excludes Construction Service
revenue.
2
Excludes Construction Service
cost.
3
Excludes the effect of IFRIC 12
with respect to the construction or improvements to assets under
the concession, and is calculated by dividing EBITDA by total
revenues less Construction Service revenue.
Passenger Traffic in Italy increased 3.7x YoY reflecting
a recovery in passenger traffic, from the 87.2% decline in 4Q20 due
to air travel restrictions introduced to contain the spread of the
Covid-19 pandemic. However, passenger traffic was 39.8% below
pre-pandemic levels of 4Q19, reflecting a quarterly sequential
improvement from the 49.8% decrease recorded in 3Q21 (vs. 3Q19)
benefiting from higher demand during the European summer season and
better sanitary conditions in the region. Domestic traffic was down
20.0% compared to 4Q19, while international traffic was 46.4% below
4Q19, improving sequentially from the 57.7% drop in 3Q21.
Throughout the quarter and compared to the same month in 2019,
traffic declined 41.1% in October, 34.9% in November and 43.0% in
December, when traffic was impacted by weaker demand caused by the
emergence of the Omicron variant.
Revenues increased 44.7% YoY to $23.9 million in 4Q21,
mainly driven by increases in Aeronautical revenues, reflecting
higher year-over-year activity and easier comparisons against 4Q20,
which was significantly impacted by the Covid-19 pandemic.
Commercial revenues grew 22.8% YoY, mainly driven by
passenger-related services such as Parking facilities, VIP lounges
and Duty free shops, following the strong year-over-year traffic
recovery. When compared to 4Q19, revenues excluding Construction
service declined 38.1%, or $12.6 million, to $20.5 million,
principally due to lower passenger traffic due to the Covid-19
pandemic.
- Aeronautical Revenues dropped 38.8% versus 4Q19, or $8.6
million, as a result of lower passenger traffic, partially offset
by increases in passenger fees at Florence airport in November 2019
and February 2020, and at both Florence and Pisa airports in
February 2021. In addition, passenger with reduced mobility fees
(PRM) at Florence airport increased in March 2020 and at Pisa
airport in February 2020, and again at both airports in February
2021. This was further supported by the 3.2% average appreciation
of the Euro against the US dollar since 4Q19.
- Commercial Revenues declined 40.0% versus 4Q19, or $4.0
million, mainly due to reductions in Parking Facilities,
Advertising, VIP Lounges, and F&B services.
Total Costs and Expenses increased 6.2% YoY, or $1.6
million, in 4Q21 driven by higher Cost of Services, partially
offset by lower SG&A. Excluding Construction Service, Total
Cost and Expenses rose 22.5% YoY to $25.7 million, due to an
increase in operating costs following higher airport activity when
compared to 4Q20. By contrast, against the same quarter of 2019,
Total Cost and Expenses declined 15.1%, or 13.4% when excluding
Construction Services, primarily due to lower operating expenses
and Concession Fees, partially offset by the appreciation of the
euro against the US dollar.
- Cost of Services excluding Construction service declined
13.5%, or $3.4 million, against 4Q19 on a comparable basis, due to
the following declines:
- 22.6%, or $2.7 million, in Salaries and social security
contributions, as a result of a reduction in workforce, and a
furlough scheme for some employees together with a reduction in
working hours,
- 17.8%, or $1.0 million, in Services and Fees expenses mainly
due to the suspension or reduction in scope of certain maintenance
contracts, mainly in porterage and security services, as part of
the set of measures implemented to mitigate the impact of the
pandemic, and
- 16.9%, or $0.3 million, in Concession Fees due to lower
passenger traffic.
- SG&A declined 32.1% to $3.7 million against 4Q19
mainly reflecting lower Services and Fees, Maintenance expenses and
Salaries and Social Contribution expenses.
Adjusted Segment EBITDA increased $7.0 million YoY to
$11.8 million in 4Q21, supported by traffic growth, cost reductions
and a Eur. 9.5 million government grant, as part of the overall
Eur. 800 million sovereign fund to support the airport sector in
the country. Against pre-pandemic levels, Adjusted EBITDA increased
by $4.5 million from $7.3 million in 4Q19, with Adjusted Segment
EBITDA margin ex-IFRIC12 expanding to 52.6%, from 20.3% in
4Q19.
During 4Q21, CAAP made Capital Expenditures of $5.9
million, compared to $7.1 million in 4Q20 and $7.4 million in
4Q19.
Brazil
4Q21
4Q20
% Var.
2021
2020
% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)
2.7
1.9
48.2%
7.8
5.6
39.1%
International Passengers (in millions)
(1)
0.1
0.0
380.5%
0.1
0.2
-50.4%
Transit Passengers (in millions) (1)
1.4
1.2
16.7%
4.4
3.3
34.4%
Total Passengers (in millions)
(1)
4.2
3.0
37.2%
12.3
9.1
35.5%
Cargo Volume (in thousands of
tons)
14.9
10.2
45.1%
60.0
34.9
72.2%
Total Aircraft Movements (in
thousands)
37.0
27.7
33.6%
117.9
89.4
31.8%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
8.2
5.6
45.3%
24.1
20.9
15.5%
Non-aeronautical revenue
9.8
6.9
42.9%
34.3
30.5
12.5%
Commercial revenue
9.8
6.9
42.9%
34.3
30.5
12.5%
Total Revenue
18.1
12.5
44.0%
58.4
51.4
13.7%
Cost of Services
15.3
14.2
7.7%
59.2
60.8
-2.6%
Selling, general and administrative
expenses
2.0
2.2
-10.4%
8.4
11.3
-26.2%
Other expenses
0.7
1.1
-33.3%
2.2
29.7
-92.6%
Total Costs and Expenses
18.0
17.5
2.9%
69.8
101.8
-31.5%
Adjusted Segment EBITDA
26.2
31.8
-17.6%
19.0
-6.5
-390.5%
Adjusted Segment EBITDA Mg
145.3%
253.9%
-10866
32.5%
-12.7%
4517
Capex
0.7
0.2
269.7%
1.8
3.2
-43.0%
Note: This segment does not include the
effects of IFRIC 12 with respect to the construction or
improvements to assets under the concession.
1)
Preliminary data on 1,256 in
January and 195 in February 2020 at Brasilia Airport, due to delays
in the submission of information by third parties. Moreover,
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.
Passenger Traffic increased 37.2% YoY reflecting a
recovery in traffic from the 40.4% decline in 4Q20 due to the
Covid-19 pandemic. Compared to the same quarter of 2019, however,
passenger traffic dropped 18.3% in 4Q21, improving from the
declines of 26.1% in 3Q21 and 52.9% in 2Q21, reflecting higher
activity due to lower travel restrictions and better sanitary
conditions in the country. Domestic passenger traffic, which
accounted for 66% of total traffic in the quarter, was up 48.2 YoY
and stood at almost 90% of 4Q19 pre-pandemic levels, while transit
passengers accounted for the remaining 33% of total traffic and
increased 16.7% YoY and dropped 22.1% against 4Q19. Throughout the
quarter, passenger traffic declined 20.9% in October, 20.7% in
November, and 13.5% in December, compared to the same month of
2019, still impacted by the pandemic but improving strongly month
over month.
Revenues increased 44.0% YoY to $18.1 million in 4Q21 due
to higher aeronautical and commercial revenues reflecting higher
year-over-year activity as 4Q20 was significantly impacted by the
Covid-19 pandemic. When compared to 4Q19, revenues declined 39.8%,
or $12.0 million, mainly reflecting lower aeronautical and
commercial activities resulting from the drop in passenger traffic,
and to a lesser extent, the 35.7% average depreciation of the
Brazilian real against the US dollar since 4Q19.
- Aeronautical Revenues declined 44.9% vs 4Q19, or $6.7
million, driven by lower passenger traffic, coupled with the
depreciation of the Brazilian Real.
- Commercial Revenues declined 34.8% against 4Q19, or $5.3
million, also impacted by lower passenger traffic and currency
depreciation. Lower Advertising and Cargo revenues combined with
lower passenger-related services such as Duty free, F&B and VIP
lounges, drove the results. Revenue decline was also driven by
lower Rental of space revenues as a result of the discounts granted
and closure of operations of certain clients, and a lower Fuel
revenues, in line with the reduction in aircraft movements.
Total Costs and Expenses increased 2.9% YoY to $18.0
million but declined 73.0% against pre-pandemic levels of 4Q19,
when the Company recorded a $42.8 million one-time impairment
charge of the Natal airport intangible assets, in accordance with
accounting rules.
- Cost of Services declined 35.9% vs. 4Q19, or $8.6
million, benefiting from cost reduction initiatives taken to
mitigate the impact of the Covid-19 pandemic, coupled with the
35.7% average depreciation of the Brazilian Real since 4Q19. The
drop was mainly driven by declines in:
- Sales taxes, reflecting the reduction in revenues in the
quarter,
- Salaries and social contributions due to reductions in the
workforce, salary reductions, and a furlough scheme in place since
2Q20, together with local currency depreciation, and
- Services and Fees mainly due to the renegotiation of contracts
related to security and Aviation Security Protection together with
lower utilities expenses, coupled with local currency
depreciation.
- SG&A fell 10.4% YoY, or $0.2 million, to $2.0
million on an ‘As reported’ basis, mainly reflecting a positive
variance in bad debt recovery and lower services and fees.
Adjusted Segment EBITDA decreased $5.6 million YoY to
$26.2 million in 4Q21 and benefited from an economic compensation
of $25.5 million obtained from the government in connection with
the economic re-equilibrium of the Brasilia concession to offset
the COVID-19 impact during 2021. To note, the economic compensation
received in 2020 amounted to $36.6 million. Compared to 4Q19,
Adjusted EBITDA improved significantly from negative $32.8 million,
which included the aforementioned $42.8 million impairment loss at
the Natal airport.
During 4Q21, CAAP made Capital Expenditures for $0.7
million, compared with $0.2 million in 4Q20 and $2.3 million in
4Q19.
Uruguay
4Q21
4Q20
% Var.
2021
2020
% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)
0.0
0.0
369.1%
0.0
0.0
207.4%
International Passengers (in millions)
0.3
0.1
411.6%
0.5
0.6
-20.2%
Transit Passengers (in millions)
0.0
0.0
64.3%
0.0
0.0
14.3%
Total Passengers (in millions)
0.3
0.1
408.5%
0.5
0.6
-19.9%
Cargo Volume (in thousands of tons)
(1)
8.4
6.8
22.6%
30.4
28.9
5.3%
Total Aircraft Movements (in
thousands)
7.4
2.6
186.7%
17.8
13.0
36.2%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue
6.6
1.5
341.0%
14.6
19.6
-25.8%
Non-aeronautical revenue
11.5
6.2
84.8%
36.7
38.7
-5.1%
Commercial revenue
10.0
5.8
70.9%
31.4
29.4
7.1%
Construction service revenue
1.6
0.4
288.9%
5.3
9.3
-43.1%
Total Revenue
18.2
7.7
134.3%
51.3
58.3
-12.0%
Total Revenue Excluding
IFRIC12(2)
16.6
7.3
125.8%
46.0
49.0
-6.1%
Cost of Services
8.9
7.7
15.8%
39.9
44.4
-10.0%
Selling, general and administrative
expenses
2.8
2.0
39.8%
9.0
9.5
-4.7%
Other expenses
0.1
0.1
-42.3%
0.2
0.3
-29.8%
Total Costs and Expenses
11.8
9.9
19.5%
49.1
54.1
-9.2%
Total Costs and Expenses Excluding
IFRIC12(3)
10.2
9.5
8.0%
43.9
44.8
-2.2%
Adjusted Segment EBITDA
8.2
1.0
722.2%
13.7
16.3
-16.1%
Adjusted Segment EBITDA Mg
45.1%
12.9%
3227
26.7%
28.0%
-131
Adjusted EBITDA Margin excluding IFRIC 12
(4)
49.4%
13.6%
3585
29.8%
33.3%
-355
Capex
2.3
0.3
566.6%
8.1
12.0
-32.7%
1)
Cargo volumes in Uruguay were
rectified from January to June 2020, to reflect all cargo passing
through the cargo terminal, instead of air cargo only.
2)
Excludes Construction Service
revenue.
3)
Excludes Construction Service
cost.
4)
Excludes the effect of IFRIC 12
with respect to the construction or improvements to assets under
the concession, and is calculated by dividing EBITDA by total
revenues less Construction Service revenue.
Passenger Traffic increased 4.1x YoY reflecting higher
activity and the recovery in traffic from the 90.1% decline in 4Q20
due to air travel restrictions introduced to contain the spread of
the Covid-19 pandemic. Compared to 2019 pre-pandemic levels,
however, passenger traffic declined 49.8% in 4Q21, improving from
drops of 74.7%, 89.7% and 91.5% in 3Q21, 2Q21 and 1Q21,
respectively, showing a strong sequential recovery as a result of
the re-opening of borders to non-resident foreigners, on November
1, 2021. Throughout the quarter, passenger traffic declined 64.5%
in October, 39.2% in November, and 45.9% in December, when compared
to the same month of 2019. November traffic benefited from the
hosting of relevant continental final football games.
Revenues increased 134.3% YoY to $18.2 million in 4Q21 on
an ‘As reported’ basis, or 125.8% when excluding Construction
service revenue. Compared to 4Q19, and excluding IFRIC12, revenues
declined 32.3%, or $7.9 million, to $16.6 million, primarily
reflecting lower passenger traffic in the quarter.
- Aeronautical Revenues increased 3.4x YoY, or $5.1
million, to $6.6 million, reflecting higher passenger fees
revenues, in line with the increase in passenger traffic against
4Q20, which was significantly impacted by the Covid-19
pandemic.
- Commercial Revenues declined 14.1% vs. 4Q19, or $1.6
million, to $10.0 million, mainly due to decreases of 39.7%, or
$0.9 million, in Duty Free revenues, and 48.9%, or $0.5 million, in
VIP Lounge revenues, as a result of lower passenger traffic. This
was partially offset by an 18.9% increase in cargo revenues.
Total Costs and Expenses increased 19.5% YoY to $11.8
million. Excluding Construction Service, Total Cost and Expenses
rose 8.0% YoY to $10.2 million, due to an increase in operating
costs following higher traffic activity when compared to 4Q20. By
contrast, against the same quarter in 2019, Total Cost and Expenses
excluding IFRIC12 declined 32.7%, or $5.0 million, primarily due to
lower operating expenses, further supported by local currency
depreciation against the US dollar.
- Cost of services were down 41.9% compared to 4Q19, or
$6.4 million. Excluding Construction service cost, cost of services
declined 37.3%, or $4.3 million, reflecting the following cost
reductions:
- A 48.6%, or $1.7 million, in Salaries and social contributions,
driven by a restructuring in the workforce implemented in July 2020
and a furlough program, further supported by a 17.3% average
depreciation of the local currency against the US dollar since
4Q19,
- A 45.6%, or $1.2 million, in Concession Fees due to lower
passenger traffic, and
- A 25.3%, or $0.6 million, in Maintenance expenses due to
renegotiation of operating expenses contracts, together with a
decline in SISCA fees due to lower passenger traffic
- SG&A declined 14.2%, or $0.5 million, to $2.8
million, mainly driven by decreases in Services and fees and, to a
lesser extent, Salaries and social security contributions.
Adjusted Segment EBITDA increased 7.2x YoY to $8.2
million in 4Q21, but declined 31.7%, or $3.8 million, when compared
to 4Q19, with Adjusted EBITDA Margin Ex IFRIC12 remaining unchanged
at 49.4%.
During 4Q21, CAAP made Capital Expenditures of $2.3
million in Uruguay, compared to $0.3 million in 4Q20 and $1.2
million in 4Q19.
Key Quarter Highlights and Subsequent Events
CAAP | Exit business in Peru
On December 17, 2021, CAAP signed an agreement to transfer its
50% ownership interest in Aeropuertos Andinos del Perú S.A. (“AAP”)
to Andino Investment Holding S.A. (“Andino”). AAP was a joint
venture between CAAP and Andino that in 2011 was awarded with the
concession rights to operate the Peruvian airports located in the
cities of Arequipa, Ayacucho, Juliaca, Puerto Maldonado and Tacna.
Following this transaction, Andino now owns 100% of AAP.
CAAP’s decision to no longer operate in Peru is part of a
long-term strategic plan that seeks to concentrate efforts and
resources towards core and relevant assets in jurisdictions with
long-term meaningful growth opportunities.
AA2000 | Increase in Domestic Passenger Fees in
Argentina
On December 29, 2021, CAAP announced that the Argentine airport
regulator, Organismo Regulador del Sistema Nacional de Aeropuertos
(“ORSNA”) published Resolution No. 83/2021, approving an increase
in the domestic passenger fee to ARS614 from ARS195, effective
March 1, 2022.
AA2000 | Indebtedness and Issuance of New Notes
On February 2, 2022, AA2000 agreed with Citibank N.A. to modify
the amortization schedule of the principal installments of the
Offshore Loan originally due in February, May and August 2022.
Under the new schedule, the $11.7 million loan will be paid in 6
equal installments maturing in February, March, May, June, August
and September 2022.
Additionally, on February 21, 2022, AA2000 issued $174 million
of dollar-linked notes, in the local market, in two tranches: (i)
$138 million, with an annual interest rate of 5.5%, a 5-year grace
period and quarterly amortization, starting May 2027, and (ii) $36
million, with an interest rate of 2%, maturing in February
2025.
AA2000 | Preferred Shares
On February 25, 2022, the Board of Directors of AA2000 resolved
to redeem all of the 910,978,514 outstanding preferred shares for a
total redemption value of AR$17,225,719,240. The sum of
AR$11,100,000,000 will be paid once the capital reduction procedure
has been completed and the period for oppositions provided for in
the General Corporations Law has elapsed. The balance will be paid
before December 31, 2024, with the possibility of partial
payments.
For further information on subsequent events, please refer to
Note 33 of the annual financial statements filed with the S.E.C, on
Form 6-K.
Hyperinflation Accounting in Argentina
Following the categorization of Argentina as a country with a
three-year cumulative inflation rate greater than 100%, the country
is considered highly inflationary in accordance with IFRS.
Consequently, starting July 1, 2018, the Company reports results of
its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29
requires that results of operations in hyperinflationary economies
are reported as if these economies were highly inflationary as of
January 1, 2018, and thus year-to-date results should be restated
adjusting for the change in general purchasing power of the local
currency, using official indices, before converting the local
amounts at the closing rate of the period (i.e. December 31, 2019
closing rate for 2019 results). For comparison purposes, the impact
of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the
Company’s largest subsidiary in Argentina, which accounted for over
95% of passenger traffic, revenues and Adjusted EBITDA,
respectively, of the Argentina segment in 3Q21, is presented
separately in each of the applicable sections of this earnings
release, in a column denominated “IAS 29”.
4Q21 EARNINGS CONFERENCE CALL
When:
10:00 a.m. Eastern Time, March
24, 2022
Who:
Mr. Martín Eurnekian, Chief
Executive Officer
Mr. Jorge Arruda, Chief Financial
Officer
Mr. Patricio Iñaki Esnaola, Head
of Investor Relations
Dial-in:
1-646-904-5544 (U.S. Local);
1-226-828-7575 (Canada, Local); +1-929-526-1599 (Intern.).
Participant access code: 436870
Webcast:
https://events.q4inc.com/attendee/579597509
Replay:
1-929-458-6194 (U.S. Local);
1-226-828-7578 (Canada, Local); +44-204-525-0658 (Intern.). Replay
access code: 302480
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. Currently, the Company operates
53 airports in 6 countries across Latin America and Europe
(Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2021,
Corporación América Airports served 35.7 million passengers, 57.6%
lower than the 84.2 million served prior to the pandemic, in 2019.
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 or the AMD 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/20220323005893/en/
Investor Relations Contact Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com Phone: +5411 4899-6716
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