Solid top-line performance reaching 71.6% of pre-pandemic levels, with traffic at 65.5%

1Q22 Adjusted EBITDA margin expanded 29.7pp YoY and surpassed 1Q19 pre-pandemic levels by 2.2pp

LUXEMBOURG–(BUSINESS WIRE)–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 March 31, 2022. 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 20.

First Quarter 2022 Highlights

  • Consolidated Revenues of $258.1 million, an increase of 86.8% YoY, or 28.4% below pre-pandemic levels of 1Q19. Excluding the impact of IFRS rule IAS 29, revenues increased 84.4% YoY, to $258.7 million, mainly reflecting increases of $76.2 million in Aeronautical revenues and $56.2 million in Commercial revenues, partially offset by a $14.3 million decline in construction service revenue. Revenues ex-IAS 29 reached 69.0% of 1Q19 levels.
  • Key operating metrics improved YoY:

    • Passenger traffic increased 106.2% to 13.5 million YoY, reaching 65.5% of 1Q19 levels.
    • Cargo volume increased 19.3% YoY to 81.0 thousand tons, reaching 77.0% of 1Q19 levels.
    • Aircraft movements totaled 156.4 thousand, a 58.9% YoY increase, reaching 73.5% of 1Q19 levels.
  • Operating Income of $51.8 million up from an operating loss of $26.6 million in 1Q21, mainly reflecting the YoY recovery in passenger traffic.
  • Adjusted EBITDA on an “As Reported” basis increased to $89.2 million, from $6.7 million in the year-ago period, improving to 76.3% of 1Q19 levels. Adjusted EBITDA margin expanded to 34.6% from 4.9% in 1Q21 and 32.4% in 1Q19.
  • Ex-IAS 29, Adjusted EBITDA totaled $88.7 million, compared with $6.3 million in 1Q21 and $122.0 million in 1Q19. Adjusted EBITDA margin ExIFRIC12 increased to 36.3% from 5.3% in 1Q21, but decreased from 39.0% in 1Q19.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted, “We started the year on a strong footing, delivering Adjusted EBITDA of $89 million up from $7 million in the year-ago quarter with improvement across all segments, and margin ex-IFRIC expanding to 36% from 6% in 1Q21. This performance was driven by a sustained pick-up in travel demand partially impacted by Omicron in January and February, tariff adjustments in some of our segments, together with a solid recovery in commercial revenues and a leaner cost structure. Traffic in 1Q22 stood at 65% pre-pandemic levels, however, revenues ex-IFRIC reached 78% of those reported in 1Q19.

“On the liquidity front, we issued a total of $174 million in local notes last February in Argentina, securing the necessary funds to comply with our Capex obligations in AA2000. We closed the quarter with a solid consolidated liquidity position of $646 million, up 43% sequentially, reflecting the successful execution of the previously announced liability management transactions and the economic re equilibriums concluded in the 2020-2021 period.”

“Looking ahead, we expect the traffic recovery to continue across our markets, and intend to maintain our lean cost structure. In the near-term, we expect our operations in Europe to benefit from healthy traffic performance this summer, but remain vigilant regarding the geopolitical situation there as well as the shifting macro environment globally. Finally, we are fully committed to selectively pursuing value creation opportunities to enhance our airport portfolio.”

Operating & Financial Highlights

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

 

1Q22

as reported

1Q21

as reported

% Var

as reported

IAS 29

1Q22 ex

IAS 29

1Q21 ex

IAS 29

% Var ex

IAS 29

Passenger Traffic (Million Passengers) (1)(2)

13.5

6.5

106.2%

 

13.5

6.5

106.2%

Revenue

258.1

138.2

86.8%

-0.6

258.7

140.3

84.4%

Aeronautical Revenues

119.4

42.8

178.8%

0.3

119.0

42.8

178.2%

Non-Aeronautical Revenues

138.8

95.4

45.5%

-0.9

139.7

97.5

43.3%

Revenue excluding construction service

244.5

110.8

120.6%

1.0

243.4

110.7

119.9%

Operating Income / (Loss)

51.8

-26.6

-295.1%

-15.4

67.2

-17.4

-486.5%

Operating Margin

20.1%

-19.2%

3929

0.0%

26.0%

-12.4%

3837

Net (Loss) / Income Attributable to Owners of the Parent

25.9

-44.1

-158.9%

31.8

-5.8

-67.9

-91.4%

EPS (US$)

0.16

-0.28

-158.7%

0.20

-0.04

-0.42

-91.5%

Adjusted EBITDA

89.2

6.7

1228.2%

0.5

88.7

6.3

1308.6%

Adjusted EBITDA Margin

34.6%

4.9%

2970

34.3%

4.5%

2980

Adjusted EBITDA Margin excluding Construction Service

36.3%

5.7%

3064

36.3%

5.3%

3098

Net Debt to LTM Adjusted EBITDA

5.08x

n.m.

Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (3)

5.08x

n.m.

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

1Q22 Operating Performance

Passenger Traffic

Total passenger traffic increased 106.2% YoY to 13.5 million passengers, reflecting a recovery in travel demand and easing on travel restrictions. When compared to 1Q19, total passenger traffic decreased 34.5%, with Armenia, Ecuador and Brazil leading the recovery, reaching 99%, 79% and 77% of pre-pandemic traffic levels, respectively. Traffic in Argentina and Uruguay, the two countries with prolonged government-imposed travel restrictions, stood at 64% and 50% of 1Q19 levels, respectively, recovering from the past quarter, following the opening of borders, effective November 1, 2021. International and domestic traffic grew 241.4% and 94.0% YoY, reaching 52.4% and 73.4% of 1Q19 levels, respectively. Traffic dynamics within the quarter were affected by weaker demand in January and February, due to the Omicron variant in some of CAAP´s countries of operations, with the recovery picking-up in March. On a monthly basis, traffic in January, February and March of 2022, reached 63.0%, 65.0% and 68.6%, of traffic for the same months in 2019, respectively.

Passenger Traffic in Argentina increased 1.5x YoY and improved to 63.6% of pre-pandemic levels, up from the 52.5% posted in the prior quarter. International passenger traffic, which continued to benefit from the full re-opening of borders on November 1, 2021 and the gradual relaxation of travel requirements, increased 2.6x YoY in 1Q22 and reached 42.6% of 1Q19 traffic levels, showing a continued sequential quarterly improvement. Domestic passenger traffic, which accounted for 74% of total traffic in the quarter, increased 1.4x YoY and improved to 75.9% of 1Q19 levels, up from the 63.4% posted in the past quarter. Effective April 7, 2022, Covid tests are no longer required, and travelers must complete an affidavit form.

In Italy, passenger traffic increased 9.8x YoY reflecting easier comparisons due to the closure of Florence airport in February and March of last year to perform runway works. As compared to pre-pandemic levels, total traffic reached 56.5% of 1Q19 traffic. Domestic and international traffic increased by 5.4x and 16.3x YoY, respectively, and stood at 71.3% and 50.9% of 1Q19 levels. Traffic in the quarter was impacted by weaker demand caused by the emergence of the Omicron variant in January, continuing the recovery path in February and March.

In Brazil, total passenger traffic grew 44.8% YoY, and reached 77.3% of 1Q19 pre-pandemic levels. Domestic passenger traffic, which accounted for 66% of total traffic in the quarter, was up 55.7% YoY and reached nearly 90% of 1Q19 pre-pandemic levels, while transit passengers accounted for the remaining 33% of total traffic and increased 22.5% YoY to 66.3% of 1Q19 traffic. Traffic for the first two months of the quarter was impacted by flight cancelations at some airlines resulting from COVID cases within their crew.

In Uruguay, where traffic is largely international, passenger traffic increased 6.2x YoY, reaching 50.3% of 1Q19 levels, showing an ongoing recovery after the re-opening of borders to non-resident foreigners on November 1, 2021, and the gradual relaxation of travel requirements.

In Armenia, where traffic is 100% international, passenger traffic continued performing well and improved 1.1x YoY, reaching 99% of 1Q19 levels. Importantly, the government recently announced the lifting of all Covid-related entry requirements for all travelers, effective May 1, 2022.

In Ecuador, total passenger traffic grew 1.3x YoY, to 78.9% of 1Q19 levels. Both, domestic and international passenger traffic continued to improve reaching 70.6% and 88.0% of pre-pandemic levels, respectively. International passenger traffic remained supported by routes to the US and Panama, which have been showing higher passenger traffic than in 2019, for several months now.

Cargo Volume

Cargo volume increased 19.3% YoY in 1Q22, to 77.0% of pre-pandemic levels of 1Q19, with strong contributions from Argentina, Brazil and Ecuador, which together accounted for more than 80% of total volume, in the quarter. Notably, cargo volume in Italy, Uruguay and Armenia was above 1Q19 levels.

Aircraft Movements

Total aircraft movements increased 58.9% YoY in 1Q22 and reached 73.5% of 1Q19 levels. Around 85% of aircraft movements in the quarter came from Argentina, Brazil and Ecuador, which reached 70.8%, 82.7% and 86.1% of pre-pandemic levels, respectively. Notably, aircraft movements in Armenia increased to 96.7% of 1Q19 levels.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 30 of this report.

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

 

1Q22

1Q21

1Q19

% Var.

(’22 vs ’21)

% Var.

(’22 vs ’19)

Domestic Passengers (in thousands)

8,475

4,368

11,545

94.0%

-26.6%

International Passengers (in thousands)

3,537

1,036

6,754

241.4%

-47.6%

Transit Passengers (in thousands)

1,463

1,131

2,272

29.3%

-35.6%

Total Passengers (in thousands)

13,475

6,535

20,571

106.2%

-34.5%

Cargo Volume (in thousands of tons)

81.0

67.9

105.1

19.3%

-23.0%

Total Aircraft Movements (in thousands)

156.4

98.4

212.7

58.9%

-26.5%

Passenger Traffic Breakdown

 

Cargo Volume

 

Aircraft Movements

Country

1Q22

1Q21

% Var.

1Q22

1Q21

% Var.

1Q22

1Q21

% Var.

 

(thousands)

 

(tons)

 

 

Argentina(1)

7,064

2,791

153.1%

43,132

36,165

19.3%

82,106

49,902

64.5%

Italy

802

74

981.7%

3,909

3,403

14.9%

10,071

2,177

362.6%

Brazil (2)

3,842

2,653

44.8%

13,959

13,701

1.9%

33,683

26,262

28.3%

Uruguay (3)

323

45

624.6%

7,023

6,202

13.2%

7,600

2,381

219.2%

Ecuador (4)

872

385

126.6%

9,244

4,457

107.4%

17,764

11,270

57.6%

Armenia

571

271

110.6%

3,689

3,228

14.3%

5,151

2,975

73.1%

Peru (5)

317

-100.0%

697

-100.0%

3,430

-100.0%

TOTAL

13,475

6,535

106.2%

80,956

67,852

19.3%

156,375

98,397

58.9%

Passenger Traffic Breakdown

 

Cargo Volume

 

Aircraft Movements

Country

1Q22

1Q19

% Var.

1Q22

1Q19

% Var.

1Q22

1Q19

% Var.

 

(thousands)

 

(tons)

 

 

Argentina(1)

7,064

11,103

-36.4%

43,132

56,057

-23.1%

82,106

115,890

-29.2%

Italy

802

1,420

-43.5%

3,909

3,081

26.9%

10,071

14,152

-28.8%

Brazil (2)

3,842

4,968

-22.7%

13,959

23,524

-40.7%

33,683

40,751

-17.3%

Uruguay (3)

323

643

-49.7%

7,023

6,379

10.1%

7,600

9,337

-18.6%

Ecuador (4)

872

1,105

-21.1%

9,244

11,313

-18.3%

17,764

20,636

-13.9%

Armenia

571

579

-1.3%

3,689

3,558

3.7%

5,151

5,326

-3.3%

Peru (5)

753

-100.0%

1,191

-100.0%

6,646

-100.0%

TOTAL

13,475

20,571

-34.5%

80,956

105,102

-23.0%

156,375

212,738

-26.5%

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, stopped operating the five airports that were under concession.

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 20.

Revenues

Consolidated Revenues increased 86.8% YoY to $258.1 million in 1Q22. When excluding Construction Services and the impact of IAS 29, revenues increased 119.9% YoY to $243.4 million, reaching 78.3% of 1Q19 levels, reflecting the impact of the pandemic and currency depreciation. Compared to 4Q21, revenues ex IFRIC 12 improved 20.6% sequentially, with strong performance in Argentina (+36.7%), Uruguay (+44.8%) and Brazil (+15.0%), reflecting higher passenger traffic following the re-opening of borders and the gradual lifting of travel requirements.

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 12.

Revenues by Segment (in US$ million)

Country

1Q22

as reported

1Q21

as reported

% Var

as reported

IAS 29

1Q22 ex

IAS 29

1Q21 ex

IAS 29

% Var ex

IAS 29

Argentina

147.2

84.6

74.0%

-0.6

147.8

86.7

70.4%

Italy

17.0

8.2

106.6%

17.0

8.2

106.6%

Brazil

20.8

12.5

65.9%

20.8

12.5

65.9%

Uruguay

24.6

8.7

183.5%

24.6

8.7

183.5%

Armenia

27.2

11.1

144.6%

27.2

11.1

144.6%

Ecuador (1)

21.3

13.0

63.8%

21.3

13.0

63.8%

Unallocated

0.1

0.1

138.3%

0.1

0.1

138.3%

Total consolidated revenue (2)

258.1

138.2

86.8%

-0.6

258.7

140.3

84.4%

1)

 

Only includes Guayaquil Airport.

2)

Excluding Construction Service revenue, ‘As reported’ revenues increase 120.5% YoY in Argentina, 203.1% in Italy, 65.9% in Brazil, 193.9% in Uruguay, 143.1% in Armenia and 73.8% in Ecuador.

Revenue Breakdown (in US$ million)

 

1Q22

as reported

1Q21

as reported

% Var

as reported

IAS 29

1Q22 ex

IAS 29

1Q21 ex

IAS 29

% Var ex

IAS 29

Aeronautical Revenue

119.4

42.8

178.8%

0.3

119.0

42.8

178.2%

Non-aeronautical Revenue

138.8

95.4

45.5%

-0.9

139.7

97.5

43.3%

Commercial revenue

124.6

67.8

83.8%

0.7

123.9

67.7

83.0%

Construction service revenue (1)

13.7

27.4

-50.0%

-1.6

15.3

29.6

-48.4%

Other revenue

0.5

0.2

142.2%

0.0

0.5

0.2

142.2%

Total Consolidated Revenue

258.1

138.2

86.8%

-0.6

258.7

140.3

84.4%

Total Revenue excluding Construction Service revenue (2)

244.5

110.8

120.6%

1.0

243.4

110.7

119.9%

1)

Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2)

Excludes Construction Service revenue.

Revenue Breakdown (in US$ million)

 

1Q22

as reported

1Q19

as reported

% Var

as reported

IAS 29

1Q22 ex

IAS 29

1Q19 ex

IAS 29

% Var ex

IAS 29

Aeronautical Revenue

119.4

185.0

-35.5%

0.3

119.0

192.3

-38.1%

Non-aeronautical Revenue

138.8

175.6

-20.9%

-0.9

139.7

183.0

-23.7%

Commercial revenue

124.6

114.3

9.0%

0.7

123.9

118.2

4.8%

Construction service revenue (1)

13.7

60.7

-77.5%

-1.6

15.3

64.3

-76.2%

Other revenue

0.5

0.5

3.5%

0.5

0.5

3.5%

Total Consolidated Revenue

258.1

360.6

-28.4%

-0.6

258.7

375.2

-31.1%

Total Revenue excluding Construction Service revenue (2)

244.5

299.8

-18.5%

1.0

243.4

310.9

-21.7%

1)

Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2)

Excludes Construction Service revenue.

Aeronautical Revenues accounted for 46.2% of total revenues and increased 178.8% YoY. When compared to 1Q19, aeronautical revenues excluding IAS 29 declined 38.1% to $119.0 million, reflecting the continued impact of the pandemic in traffic volumes, despite the gradual lifting of travel restrictions in materially all markets. During the quarter and excluding IAS 29, aeronautical revenue declined 43.1%, or $48.4 million, in Argentina, 41.8%, or $7.1 million, in Italy, and 45.6%, or $9.3 million, in Uruguay, compared to the same quarter of 2019. Moreover, Brazil declined 44.2%, or $6.4 million, and Ecuador declined 11.9%, or $2.1 million, while Armenia reported a 1.2% increase from pre-pandemic levels of 1Q19.

Non-Aeronautical Revenues accounted for 53.8% of total revenues and increased 45.5% YoY, to $138.8 million. When compared to 1Q19 and excluding the impact of IAS 29, non-aeronautical revenues declined 23.7%, or $43.3 million, to $139.7 million, driven by a decline of 76.2%, or $49.0 million, in Construction Service Revenue, as a result of lower capex in Argentina. Notably, this was partially offset by an increase of 4.8%, or $5.7 million, in Commercial Revenues, mainly driven by higher Rental of space and Cargo revenues in Argentina, as well as higher Fueling services in Armenia.

Excluding both Construction Service Revenue and the impact of IAS 29, non-aeronautical revenues increased 4.8% against 1Q19, to $124.4 million.

Operating Costs and Expenses

During 1Q22, Operating Costs and Expenses, excluding Construction Service Cost, increased 41.0% YoY to $196.6 million, mainly driven by higher Concession fees, Salaries and Social Security Contributions, and Maintenance expenses, in line with higher YoY activity. When compared to 1Q19, Operating Costs and Expenses, excluding Construction Service Cost and IAS 29, declined 18.8% to $180.2 million. This decline is mainly explained by a reduction 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, when compared to 1Q19.

Cost of Services increased 29.1% YoY, to $177.9 million reflecting increased traffic and cargo activity. When compared to 1Q19 and excluding IAS29, Cost of Services declined 33.4%, to $163.3 million, mainly as a result of the following declines:

  • 76.6%, or $48.7 million, in Construction Service Cost, reflecting lower capex,
  • 21.6%, or $9.5 million, in Concession Fees, in line with lower revenues,
  • 22.0%, or $6.7 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,
  • 13.1%, or $6.2 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, and
  • 79.5%, or $3.6 million decline in Taxes.

Excluding Construction Service cost, Cost of Services increased 48.4% YoY, to $164.7 million. On a comparable basis against 1Q19 and excluding the impact of IAS29, Cost of Services declined 18.3%, or $33.3 million, to $148.5 million.

Selling, General and Administrative Expenses (“SG&A”) increased 60.9% YoY, to $31.1 million in 1Q22 on an ‘As reported’ basis. When compared to 1Q19 and excluding the impact of IAS 29, SG&A declined 21.5%, to $30.9 million.

Other Operating Expenses were $0.8 million in 1Q22, down 90.9% from the $9.2 million recorded in 1Q21 and relatively in line with the $0.8 million posted in 1Q19.

Costs and Expenses (in US$ million)

 

1Q22

as reported

1Q21

as reported

% Var

as reported

IAS 29

1Q22 ex

IAS 29

1Q21 ex

IAS 29

% Var ex

IAS 29

Cost of Services

177.9

137.9

29.1%

14.6

163.3

130.6

25.0%

Salaries and social security contributions

41.3

30.2

36.6%

0.1

41.2

30.2

36.2%

Concession fees

34.6

18.6

86.4%

0.1

34.6

18.6

85.9%

Construction service cost

13.3

26.9

-50.7%

-1.6

14.8

29.1

-49.0%

Maintenance expenses

23.8

15.7

51.3%

0.2

23.6

15.7

50.0%

Amortization and depreciation

35.8

31.2

14.9%

15.8

20.0

21.7

-7.7%

Other

29.2

15.3

91.1%

0.0

29.1

15.3

90.7%

Cost of Services Excluding Construction Service cost

164.7

110.9

48.4%

16.2

148.5

101.5

46.3%

Selling, general and administrative expenses

31.1

19.3

60.9%

0.2

30.9

19.2

61.0%

Other expenses

0.8

9.2

-90.8%

0.0

0.8

9.5

-91.1%

Total Costs and Expenses

209.9

166.4

26.2%

14.8

195.1

159.3

22.5%

Total Costs and Expenses Excluding Construction Service cost

196.6

139.4

41.0%

16.4

180.2

130.2

38.4%

Costs and Expenses (in US$ million)

 

1Q22

as reported

1Q19

as reported

% Var

as reported

IAS 29

1Q22 ex

IAS 29

1Q19 ex

IAS 29

% Var ex

IAS 29

Cost of Services

177.9

248.7

-28.5%

14.6

163.3

245.3

-33.4%

Salaries and social security contributions

41.3

45.9

-10.1%

0.1

41.2

47.4

-13.1%

Concession fees

34.6

42.4

-18.3%

0.1

34.6

44.1

-21.6%

Construction service cost

13.3

60.0

-77.9%

-1.6

14.8

63.5

-76.6%

Maintenance expenses

23.8

29.0

-17.9%

0.2

23.6

30.3

-22.0%

Amortization and depreciation

35.8

37.6

-4.9%

15.8

20.0

25.5

-21.6%

Other

29.2

33.9

-13.8%

0.0

29.1

34.6

-15.7%

Cost of Services Excluding Construction Service cost

164.7

188.8

-12.8%

16.2

148.5

181.8

-18.3%

Selling, general and administrative expenses

31.1

38.5

-19.2%

0.2

30.9

39.4

-21.5%

Other expenses

0.8

0.8

6.4%

0.0

0.8

0.8

5.1%

Total Costs and Expenses

209.9

288.1

-27.1%

14.8

195.1

285.5

-31.7%

Total Costs and Expenses Excluding Construction Service cost

196.6

228.1

-13.8%

16.4

180.2

222.0

-18.8%

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

During 1Q22, CAAP reported Adjusted EBITDA of $89.2 million, up from an Adjusted EBITDA of $6.7 million in the year-ago period, but was 23.7% lower than the $116.9 million reported in 1Q19. Except for Italy, all countries of operations reported positive Adjusted EBITDA in the quarter. Contributions from Argentina, Uruguay and Armenia, together accounted for more than 90% of consolidated Adjusted EBITDA. Adjusted EBITDA margin ex-IFRIC12, expanded to 36.3% from 5.7% in 1Q21 and was 2.5 percentage points below the 38.8% reported in 1Q19. Adjusted EBITDA in Argentina included the recognition of $12.4 million related to outstanding amounts owed by a national carrier.

Excluding the impact from IAS 29, Adjusted EBITDA was $88.7 million, increasing from $6.3 million in the year ago period, but below the $122.0 million reported in 1Q19. The Adjusted EBITDA margin excluding construction service expanded to 36.

Contacts

Investor Relations Contact
Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-6716

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