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Corporacion America Airports Reports First Quarter 2023 Results

Consolidated Revenues, ex-IFRIC12, 16.2% above pre-pandemic levels

Record Adjusted EBITDA of $141 million; Adjusted EBITDA margin, ex-IFRIC12, 1.5 p.p above 1Q19

Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended March 31, 2023 (first quarter 2023). 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 with IFRS rule IAS 29 (“IAS 29”), as detailed in Section “Hyperinflation Accounting in Argentina” on page 23.

First Quarter 2023 Highlights

  • Consolidated Revenues of $382.1 million, a 48.0% year over year (YoY) increase, or 6.0% above 1Q19. Excluding the impact of IFRS rule IAS 29, revenues increased 49.4% YoY to $386.6 million, reflecting increases of $68.3 million in Aeronautical Revenues, $37.1 million in Commercial Revenues, and $20.3 million in Construction Service Revenue. Revenues ex-IAS 29 were 103.0% of pre-pandemic levels.
  • Delivered YoY increases across key operating metrics:
    • 37.3% in passenger traffic to 18.5 million, reaching 89.9% of 1Q19 levels.
    • 5.2% in cargo volume to 85.2 thousand tons, to 81.0% of 1Q19 levels.
    • 27.8% in aircraft movements, to 93.9% of 1Q19 levels.
  • Operating Income of $102.0 million, up from $51.8 million in 1Q22, mainly reflecting the YoY recovery in passenger traffic.
  • Adjusted EBITDA on an “As Reported” basis increased to $140.6 million, from $89.2 million in the year-ago period, with Adjusted EBITDA margin ex-IFRIC12 expanding to 40.2% from 36.3%.
  • Compared to 1Q19, Adjusted EBITDA increased 20.2%, with Adjusted EBITDA margin ex-IFRIC12 expanding 1.5 percentage points.
  • Strong cash position with Cash & cash equivalents totaling $401.1 million.
  • Net debt to LTM Adjusted EBITDA improved to 2.1x, from 2.4x as of December 31, 2022.

CEO Message

Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: “We are pleased with the strong start to the year, continuing the recovery trend from 2022 and delivering record-high Adjusted EBITDA of $140.6 million, surpassing 1Q19 levels by 20%. This good performance was driven by positive Adjusted EBITDA across all countries of operations, supported by the success of our commercial initiatives, solid aeronautical revenues along with cost controls. Notably, this was achieved with total passenger traffic at 90% of pre-pandemic levels.

We are on track with our capex commitments in Argentina which is part of the extension agreement previously announced. Importantly, last month we achieved a key milestone with the opening of our new state-of-the-art departure terminal at Ezeiza Airport, in Argentina. We are particularly pleased to be operating the most modern airport in Latin America. We are making progress in other countries as well. In Armenia, we remain in discussions with the government with respect to a new capex plan to increase capacity to serve, with a high quality of service, the growing demand we are experiencing. In Italy, the approval process for the new master plan at Florence Airport remains on track, which will allow us to unlock unattended demand.

Expanding our airport network is also an important growth opportunity for us and a key pillar of our value-creation strategy. To that end, the negotiations with Nigerian authorities in connection with the concession agreements for Abuja and Kano airports are moving ahead, as expected. Furthermore, as we seek other markets in which to expand our network, we are currently analyzing two additional attractive airport concession investment opportunities in other countries.

Although the macro environment remains volatile, passenger traffic in April has further increased, reaching 95% of 2019 levels and we expect travel demand to continue expanding throughout the year. As we look to the future, with an investment plan in place and a solid financial position, we are well prepared to deliver long-term value creation to our shareholders.

Operating & Financial Highlights

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


1Q23 as


1Q22 as


% Var as


IAS 29


1Q23 ex

IAS 29

1Q22 ex

IAS 29

% Var ex

IAS 29

Passenger Traffic (Million Passengers) (1)
















Aeronautical Revenues








Non-Aeronautical Revenues








Revenue excluding construction service








Operating Income / (Loss)








Operating Margin








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
















Adjusted EBITDA








Adjusted EBITDA Margin








Adjusted EBITDA Margin excluding Construction Service








Net Debt to LTM Adjusted EBITDA








Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (2)








Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

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.


LTM Adjusted EBITDA excluding impairments of intangible assets.

To obtain the full text of this earnings release and the earnings presentation, please click on the following link:



10:00 a.m. Eastern Time, May 24, 2023


Mr. Martín Eurnekian, Chief Executive Officer


Mr. Jorge Arruda, Chief Financial Officer


Mr. Patricio Iñaki Esnaola, Head of Investor Relations


1-404-975-4839 (U.S. Local); 1-833-470-1428 (U.S. Toll-Free); +44-208-068-2558 (UK). Participant access code: 437579


CAAP 1Q23 Earnings Conference Call


1-929-458-6194 (U.S. Local); 1-866-813-9403 (U.S., Toll Free); +44-204-525-0658 (Intern.). Replay access code: 934859

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 IFRIC12 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 23 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 IFRIC12. 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 IFRIC12. 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 a leading private airport operator in the world, currently operating 53 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2022, Corporación América Airports served 65.6 million passengers, 83.7% above the 35.7 million passengers served in 2021 and 22.1% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit

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.


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