Corporación América Airports S.A. (NYSE:CAAP) Q4 2023 Earnings Call Transcript March 21, 2024 10:00 AM ET

Company Participants

Patricio Inaki Esnaola - Head of Investor Relations
Martin Antranik Eurnekian - Chief Executive Officer
Jorge Arruda - Chief Financial Officer

Conference Call Participants

Alejandro Demichelis - Jeffries
Fernanda Recchia - BTG Pactual
Jay Singh - Citi
Marina Mertens - Latin Securities

Operator

Good morning, and welcome to the Corporación América Airports Fourth quarter 2023 Conference Call. A slide presentation accompanies today's webcast and is available in the investor section of the Corporación América Airports website. As a reminder, all participants are in the listen only mode. There will be an opportunity to ask questions at the end of the presentation.

At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Patricio, please go ahead.

Patricio Inaki Esnaola

Thank you. Good morning, everyone and thank you for joining us today. Speaking during today's call will be Martin Eurnekian, our Chief Executive Officer and Jorge Arruda, our Chief Financial Officer.

Before we proceed, I would like to make the following safe harbor statement. Today's call will contain forward-looking statements and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

Also, please note that throughout this call we will be discussing comparable figures, excluding the contribution from the friendly termination of the Natal concession. We are also excluding the noncash hyperinflation adjustment in Argentina resulting from the application of IFRS rule IAS 29. In this respect, we know that the great majority of Argentine revenues are linked to the US dollar, while approximately half of costs are in Argentine pesos, resulting in an actual hedge against currency devaluation.

I will now turn the call over to our CEO, Martin Eurnekian.

Martin Antranik Eurnekian

Thank you, Inaki, Hello everyone, and welcome to our fourth quarter 2023 earnings call. We appreciate you joining us today and look forward to providing additional perspective on our strong finish to the year.

I will start with some overall comments on our fourth quarter and full year 2023 performance. And Jorge will provide additional details on his financial review before we open the call up for questions.

I'm delighted to share that we delivered the greatest results in Q4, marking a strong conclusion to an outstanding year. We closed 2023 delivering year-on-year passenger traffic growth in the low teens during Q4 and up in the mid-20s for full year, with over 81 million passengers traveling across our airports, while advancing on our strategic goals. As previously reported, a key milestone in the quarter was the successful conclusion of the friendly termination process of the Natal Airport concession agreement, which benefited adjusted EBITDA by $166.5 million. The net amount to GAAP totaled BRL465 million.