Corporación América Airports S.A. (NYSE: CAAP), the largest private sector airport operator based on the number of airports under management and the tenth largest private sector airport operator worldwide based on passenger traffic, reported today its unaudited, consolidated results for the three-month period ended March 31, 2018. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS).
First Quarter 2018 Highlights
- Revenues up 10.5% YoY to $390.9 million mainly driven by Argentina and Italy and to a lesser extent by Armenia and Uruguay
- Growth across key operating metrics:
- Passenger traffic up 7.6% YoY to 19.6 million;
- Cargo volume increased 14.3% to 98.6 thousand tons; and
- Aircraft movements rose 4.0% to 213.4 thousand
- Consolidated Adjusted EBITDA reached $ 136.8 million, up 12.5% YoY
Commenting on the first quarter 2018 results, Mr. Martin Eurnekian, CEO of Corporación América Airports, noted: “We are pleased with our performance in the quarter as we executed well across the organization which led to Ex-IFRIC Adjusted EBITDA margin expansion. Total passenger traffic increased almost 8% year-on-year and cargo was up 14%. Passenger traffic in Argentina, our core segment, rose over 11% in the period. This was further supported by solid growth across most of our countries of operations. We are also encouraged by the good traffic performance in Brazil as the economy continues to recover, with traffic up 2.4% year-on-year.
“When we look ahead to the rest of 2018, we are cautiously optimistic that we will generally see healthy dynamics and ongoing growth in our markets, although we expect slower domestic passenger traffic rates, principally in Argentina given the recent currency depreciation in the country. We anticipate this to be partially offset as the majority of our revenues in Argentina are dollar denominated.
“We have a clear vision for growth. In particular, we aim to expand capacity in Argentina and Italy to absorb the expected passenger traffic growth, while in Brazil our focus is on driving higher commercial revenues and international flights at Brasilia airport. We remain focused on executing our investment plan to further strengthen our platform for long-term success while providing the best experience to passengers traveling through our airports. At the same time, we continue to evaluate new projects in our concessions, which we look forward to sharing with you as they materialize.”
|Operating & Financial Highlights
(In millions of U.S. dollars, unless otherwise noted)
|Passenger Traffic (Million Passengers)||19.6||18.3||7.6%|
|Revenue excluding construction services||344.3||319.1||7.9%|
|Operating Margin||28.0%||26.9%||113 bps|
|Net Income Attributable to Owners of the Parent||26.5||32.5||-18.4%|
|Adjusted EBITDA Margin||35.0%||34.4%||63 bps|
|Adjusted EBITDA Margin excluding Construction Services||39.6%||38.0%||160 bps|
|Net Debt to LTM EBITDA1||1.99||-||-|
1 Data for LTM EBITDA as of March 31, 2017 is not available as CAAP started consolidating its results in 2H16.
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 52 airports in 7 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In 2017, it served 76.6 million passengers.
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