Corporacion America Airports SA (CAAP) 2023 Q4 法說會逐字稿

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. (Operator Instructions)

早安，歡迎參加美國機場公司 2023 年第四季電話會議。今天的網路廣播附帶幻燈片演示，可在 Corporación América Airports 網站的投資者部分取得。（操作員說明）

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

現在，我想將電話轉給投資者關係主管 Patricio Iñaki Esnaola。帕特里西奧，請繼續。

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.

謝謝。大家早安，感謝您今天加入我們。我們的執行長 Martin Eurnekian 將在今天的電話會議上發言。以及我們的財務長豪爾赫·阿魯達 (Jorge Arruda)。

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 statement section of our earnings release and recent filings with the SEC.

在我們繼續之前，我想發表以下安全港聲明。今天的電話會議將包含前瞻性聲明，我建議您參閱我們的收益發布和最近向美國證券交易委員會提交的文件中的前瞻性聲明部分。

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 friendly termination of the Natal concession.

我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的事件或情況的義務。另請注意，在整個電話會議中，我們將討論可比較的數字，不包括友好終止納塔爾特許權的貢獻。

We are also excluding the non-cash hyperinflation adjustment in Argentina resulting from the application of IFRS rule IAS 29. In this respect, we note that the great majority of Argentine revenues are linked to the US dollar while approximately half of costs are in Argentine pesos, resulting in a natural hedge against currency devaluation.

我們也排除了阿根廷因應用 IFRS 規則 IAS 29 而產生的非現金惡性通貨膨脹調整。在這方面，我們注意到，阿根廷的絕大多數收入與美元掛鉤，而大約一半的成本以阿根廷比索計算，從而形成了對貨幣貶值的自然對沖。

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

我現在將把電話轉給我們的執行長 Martin Eurnekian。

Thank you, Iñaki. 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.

謝謝你，伊尼亞基。大家好，歡迎參加我們的 2023 年第四季財報電話會議。我們感謝您今天加入我們，並期待為我們今年的強勁收官提供更多觀點。

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.

我首先對我們第四季和 2023 年全年的業績進行一些總體評論。在我們開始提問之前，豪爾赫將提供有關他的財務審查的更多詳細資訊。

I'm delighted to share that we delivered great 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 our strategic goals.

我很高興與大家分享，我們在第四季度取得了出色的成果，為出色的一年畫上了圓滿的句號。截至 2023 年，我們第四季的客運量年增在 10 多歲左右，全年客運量成長在 20 多歲左右，機場旅客量超過 8,100 萬人次，同時推進了我們的策略目標。

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 took up totaled BRL465 million. On a comparable basis, excluding the non-cash accounting impacts from the application of rule IAS 29, we delivered revenue growth in the high teens with sustained expansion in revenue per passengers. When also excluding the contribution from the friendly termination of the Natal concession, adjusted EBITDA increased in the high 20s.

正如先前報導的那樣，本季度的一個重要里程碑是納塔爾機場特許經營協議的友好終止程序的成功完成，調整後的 EBITDA 受益於 1.665 億美元。淨額總計4.65億雷亞爾。在可比較基礎上，排除應用《國際會計準則》第 29 號規則帶來的非現金會計影響，我們實現了十多歲的收入增長，每位乘客的收入持續增長。如果還排除友好終止納塔爾特許權的貢獻，調整後的 EBITDA 增長了 20 多美元。

Our positive performance was underpinned by strong momentum across all geographic regions, reflecting our unwavering commitment to efficient execution and our ability to leverage the ongoing recovery in travel demand. Our robust balance sheet and healthy maturity profile underscore our commitment to financial strength.

我們的積極表現得益於所有地理區域的強勁勢頭，反映出我們對高效執行的堅定承諾以及我們利用旅行需求持續復甦的能力。我們穩健的資產負債表和健康的成熟度狀況凸顯了我們對財務實力的承諾。

Please turn to slide 4, as I would like to share a bit more about the business fundamentals underpinning the strong top line performance we achieved in 2023. Starting with passenger traffic. Our airports benefited from the ongoing recovery in travel demand, evident through the higher load factors and the gradual reintroduction of flight routes and frequencies across all the countries in which we operate.

請轉到投影片 4，因為我想分享更多有關支撐我們在 2023 年實現強勁營收業績的業務基本面的資訊。從客運量開始。我們的機場受益於旅行需求的持續復甦，這一點透過我們營運所在的所有國家/地區的載客率提高以及航線和班次的逐步重新引入可見一斑。

Some of the new flights inaugurated in the quarter include Ezeiza-JFK, Ezeiza-Santo Domingo, Salta-Lima, and Montevideo-Bariloche, among others. Noteworthy, total traffic for the quarter continued to recover reaching 99% of pre-pandemic levels with international passengers exceeding fourth quarter 2019 levels by 7%. Traffic in Argentina and Uruguay exceeded pre-pandemic levels for the first time, while Armenia and Ecuador continued to surpass 2019 levels.

本季開通的一些新航班包括埃塞薩-甘迺迪機場、埃塞薩-聖多明哥、薩爾塔-利馬和蒙得維的亞-巴里洛切等。值得注意的是，本季總客流量持續恢復至疫情前水準的 99%，其中國際旅客數量比 2019 年第四季的水準高出 7%。阿根廷和烏拉圭的交通量首次超過疫情前的水平，而亞美尼亞和厄瓜多爾則繼續超過 2019 年的水平。

Now moving on to some color by country. Armenia remains the leader in the ongoing recovery, exceeding pre-pandemic levels for the seventh consecutive quarter. Year on year, traffic increased 17% and was up 60% versus fourth quarter 2019, supported by the introduction of new carriers and an increase in flight frequencies at the airport. We are encouraged that this strong performance persisted through February this year with passenger traffic 85.1% above February 2019.

現在繼續按國家/地區分類的顏色。亞美尼亞在持續復甦中仍然處於領先地位，連續七個季度超過了大流行前的水平。在新航空公司的引進和機場航班頻率增加的支持下，客流量年增 17%，較 2019 年第四季成長 60%。我們感到鼓舞的是，今年 2 月的強勁表現一直持續，客運量比 2019 年 2 月高出 85.1%。

Traffic volumes in Argentina increased 19% year on year and was 10% above fourth quarter of 2019 levels, surpassing pre-pandemic level for the first time. Domestic passenger traffic, which also benefited from PreViaje, the government initiative launched in October to support local tourism, grew 18% year on year and surpassed fourth quarter of 2019 levels by 15%.

阿根廷的交通量年增19%，較2019年第四季高出10%，首次超過疫情前水準。國內客運量也受惠於政府於 10 月推出的支持當地旅遊業的 PreViaje 舉措，國內客運量年增 18%，比 2019 年第四季的水準高出 15%。

International traffic was up 20% year on year, recovering to 99% of fourth quarter of 2019 level, up from 89% in the previous quarter. We note that while domestic traffic comprises 70% of total traffic in the country, above 90% of passenger use fees are generated by international traffic and fully linked to the US dollar.

國際客流量年增 20%，恢復至 2019 年第四季的 99%，高於上一季的 89%。我們注意到，雖然國內運輸量佔全國總運輸量的70%，但90%以上的旅客使用費是由國際運輸產生的，且與美元完全掛鉤。

Next, Ecuador, where we saw a solid performance across both domestic and international traffic, while increased frequencies in both domestic and international routes contributed to 5% year-on-year growth in total volumes and above pre-pandemic levels, domestic traffic in the fourth quarter was affected by the exit of a local carrier. The positive performance continued in February, with total traffic 3% above February 2019.

其次，厄瓜多國內和國際航線均表現穩健，國內和國際航線班次增加，帶動總運量年增 5%，高於疫情前水準。第四季受到當地業者退出的影響。2 月持續維持良好表現，總流量較 2019 年 2 月成長 3%。

Uruguay surpassed pre-pandemic levels for the first time, fueled by the addition of new routes and frequencies. Year on year, traffic was up 24%, and the strong performance continued in the first two months of the year. Passenger traffic in Italy was up 16% year on year, with international traffic again ahead of pre-pandemic levels, while domestic traffic was at 88% of fourth quarter of 2019 levels.

在新航線和班次增加的推動下，烏拉圭首次超過了疫情前的水平。流量年增 24%，今年前兩個月持續保持強勁表現。義大利的客運量年增 16%，國際客運量再次超過疫情前水平，而國內客運量則為 2019 年第四季水準的 88%。

Florence Airport continued to operate above pre-pandemic levels, while some destinations have not yet resumed at Pisa Airport. Traffic at both airports was also impacted by a one-day strike in November. Solid performance continued throughout the first months of the year with total traffic 3% above pre-pandemic levels in February.

佛羅倫薩機場的運營繼續高於大流行前的水平，而比薩機場的一些目的地尚未恢復。11 月的一日罷工也影響了兩個機場的交通。今年前幾個月持續維持穩健表現，2 月總流量比疫情前水準高出 3%。

Lastly, traffic in Brazil decelerated to 85% of pre-pandemic levels versus 94% in the previous quarter as market dynamic remained impacted by financial and aircraft constraints at some local airlines together with the rising ticket prices, which affected travel demand. This challenging environment in the industry continued in the first two months of the year.

最後，巴西的客流量下降至疫情前水準的85%，而上一季度為94%，原因是市場動態仍然受到一些當地航空公司的財務和飛機限制以及機票價格上漲的影響，從而影響了旅行需求。今年前兩個月，產業的這種充滿挑戰的環境仍在持續。

Moving on to cargo on slide 5. We are encouraged by the ongoing recovery in our cargo business. Cargo volumes and revenues increased by 10% year on year. This solid performance in volumes was driven by strong year-on-year contributions from Argentina, Ecuador, and Uruguay, coupled with sustained recovery in the other geographies. Noteworthy, cargo revenues exceeded pre-pandemic levels across all countries of operations, except Italy that is still recovering.

前往投影片 5 上的貨物。我們對貨運業務的持續復甦感到鼓舞。貨運量和營收年增10%。銷售的穩健表現得益於阿根廷、厄瓜多和烏拉圭的強勁同比貢獻，以及其他地區的持續復甦。值得注意的是，除仍在復甦的義大利外，所有營運國家的貨運收入都超過了疫情前的水平。

I will now hand off the call to Jorge, who will review our financial results. Please, go ahead.

我現在將把電話轉給豪爾赫，他將審查我們的財務表現。請繼續。

Thank you, Martin, and good day, everyone. I'd like to begin by addressing the ARS131 devaluation that took place in late December. Due to the application of IFRS rule IAS 29, we recorded a non-cash accounting impact on our reported results. Please recall that the great majority of our revenues from our operations in Argentina are linked to the US dollars, while approximately half of our costs are in Argentine pesos, thus providing us with a natural hedge against currency devaluation.

謝謝馬丁，大家好。我想先談談 12 月底發生的 ARS131 貶值問題。由於應用了 IFRS 規則 IAS 29，我們記錄了對報告結果的非現金會計影響。請記住，我們在阿根廷業務的大部分收入與美元掛鉤，而大約一半的成本以阿根廷比索計算，從而為我們提供了抵禦貨幣貶值的天然對沖。

Therefore, as the accumulation initially for better and proper understanding of our performance, we will present and discuss our results, excluding the impact of rule IAS 29 in Argentina and the contribution from the friendly termination of the Natal concession given the one-off nature of this event.

因此，作為初步積累，以便更好、正確地理解我們的業績，我們將介紹和討論我們的結果，排除阿根廷IAS 29規則的影響以及考慮到納塔爾特許權友好終止的一次性性質的貢獻。這個事件。

Let's start with our top line on slide 6. Total revenues ex-IFRIC increased 19% year on year, well above 13% passenger traffic growth and surpassing pre-pandemic levels by 37%. The strong momentum we saw throughout the year continued into the fourth quarter in both the aeronautical and commercial segments. Importantly, the indemnification payment we received from the friendly termination of the Natal concession agreement was not recorded under the net revenue line.

讓我們從第 6 張投影片的頂行開始。扣除 IFRIC 影響後的總收入年增 19%，遠高於 13% 的客運量成長，並超過疫情前的水準 37%。我們在航空和商業領域全年看到的強勁勢頭一直持續到第四季度。重要的是，我們因友好終止納塔爾特許協議而收到的賠償金並未記錄在淨收入線下。

Aeronautical revenues were up 23% year on year and surpassed pre-pandemic levels by 22%, mainly supported by tariff increases and the sustained recovery in passenger traffic. Argentina, Armenia, Uruguay, and Ecuador delivered stronger aeronautical revenue growth year on year and also when compared to the fourth quarter in 2019.

航空收入年增23%，較疫情前水準成長22%，主要得益於運價上漲和客運量持續復甦。阿根廷、亞美尼亞、烏拉圭和厄瓜多爾的航空收入同比以及與 2019 年第四季度相比均實現了強勁增長。

Commercial revenues, which accounted for 47% of total revenues in the quarter were up 17% year on year and 59% (technical difficulty). This strong performance, when compared to the fourth quarter of 2019 levels, was mainly driven by solid growth in cargo and duty free revenues in Argentina and higher fuel-related revenues in Armenia.

佔本季總營收47%的商業營收年增17%，成長59%（技術難度）。與 2019 年第四季的水準相比，這一強勁表現主要得益於阿根廷貨運和免稅收入的穩健成長以及亞美尼亞燃料相關收入的增加。

Up to the peso devaluation that took place in mid-December, duty free revenues in Argentina were unusually high as this business line benefit from favorable official exchange rates. In summary, our revenue per passenger in the fourth quarter of '23 increased to $19.2, up 5% year on year and nearly 40% compared to the fourth quarter of 2019.

截至12月中旬比索貶值，阿根廷的免稅收入異常高，因為該業務受益於有利的官方匯率。綜上所述，我們在 2023 年第四季的每位乘客收入增至 19.2 美元，年增 5%，與 2019 年第四季相比成長近 40%。

Turning to slide 7. Total costs and expenses ex-IFRIC 12 and ex-IAS 29 and ex-Natal increased 14% year on year following the growth of our business, but nonetheless remain well below the 19% revenue growth. Compared to 2019, total cost and expenses ex-IFRIC 12 were up 7%. This was mainly explained by higher fuel costs in Armenia due to the increased fuel sales, while in Argentina, we experienced higher salaries as the low inflation rate was above average currency depreciation. This is an evidence we achieved a leaner cost structure when compared to pre-COVID.

轉到投影片 7。隨著我們業務的成長，總成本和費用（不包括 IFRIC 12、不包括 IAS 29 和不包括納塔爾）年增 14%，但仍遠低於 19% 的營收成長。與 2019 年相比，不包括 IFRIC 12 的總成本和費用增加了 7%。這主要是由於燃料銷售增加導致亞美尼亞燃料成本上漲，而在阿根廷，由於低通膨率高於平均貨幣貶值，我們的薪資較高。這證明與新冠疫情之前相比，我們實現了更精簡的成本結構。

Moving on to profitability on slide 8. As reported, adjusted EBITDA included the following two impacts: first, a $166.5 million positive contribution from the friendly termination of the Natal airport concession agreement; and second, a $29 million negative impact from the hyperinflation accounting in Argentina following the devaluation of the Argentine peso in late December.

接下來討論投影片 8 上的獲利能力。據報道，調整後的 EBITDA 包括以下兩個影響：首先，友好終止納塔爾機場特許經營協議帶來 1.665 億美元的積極貢獻；其次，12月底阿根廷比索貶值後，阿根廷的惡性通膨會計造成了2,900萬美元的負面影響。

Excluding these two impacts, adjusted EBITDA ex-IFRIC 12 totaled $161 million, up 29% year on year and well above the 14% growth in passenger traffic. When compared to pre-pandemic adjusted EBITDA, ex-IFRIC 12 was up 71%. Adjusted EBITDA margin ex-IFRIC 12 expanded 3.3 percentage points to 40.5% year on year and 7 percentage points against pre-pandemic levels with strong momentum in most territories.

排除這兩個影響，調整後的 EBITDA ex-IFRIC 12 總額為 1.61 億美元，較去年同期成長 29%，遠高於客運量 14% 的成長。與疫情前調整後的 EBITDA 相比，ex-IFRIC 12 成長了 71%。根據 IFRIC 12 計算，調整後 EBITDA 利潤率年增 3.3 個百分點，達到 40.5%，較疫情前水準成長 7 個百分點，大多數地區勢頭強勁。

Turning to slide 9. We closed the year with a total liquidity position of $458 million, up $6 million when compared to year-end 2022. Noteworthy, all of our operating subsidiaries reported positive cash flow from operating activities for the sixth consecutive quarter, while we reduced our gross indebtedness by $132 million to $1.3 billion at year-end.

轉到投影片 9。今年結束時，我們的流動性部位總額為 4.58 億美元，比 2022 年底增加了 600 萬美元。值得注意的是，我們所有的營運子公司連續第六個季度實現了經營活動產生的正現金流，同時年底我們的總負債減少了 1.32 億美元，達到 13 億美元。

It is also important to mention that total liquidity as of December 2023 does not include the BRL465 million net indemnification payment received from the friendly termination of the Natal concession as funds were pledged to BNDES. As of today, this pledge has been fully released.

另外值得一提的是，截至 2023 年 12 月的總流動性不包括因友好終止納塔爾特許權而收到的 4.65 億雷亞爾淨賠償付款，因為資金已承諾給 BNDES。截至今日，這項承諾已全部釋放。

Moving on to debt and maturity profile on slide 10. Total debt at quarter end was $1.3 billion, while our net debt decreased to $963 million from $1.1 billion at year-end 2022. We closed the year with a robust balance sheet and healthy debt profile with no significant maturities during the year, consistent with our last quarter.

接下來討論投影片 10 的債務和到期情況。截至季末的總債務為 13 億美元，而我們的淨債務從 2022 年底的 11 億美元減少至 9.63 億美元。我們以穩健的資產負債表和健康的債務狀況結束了這一年，年內沒有重大到期日，與上一季一致。

As a result of the continued growth of our adjusted EBITDA and lower debt levels, our net leverage ratio decreased further to 1.4 times from 2.4 times at December 2022. Wrapping up, we remain committed to a solid financial position.

由於調整後 EBITDA 的持續成長和債務水準的降低，我們的淨槓桿率從 2022 年 12 月的 2.4 倍進一步下降至 1.4 倍。總而言之，我們仍然致力於維持穩健的財務狀況。

I will now hand the call to Martin, who will provide closing remarks and discuss our views for the year.

我現在將電話交給馬丁，他將發表閉幕詞並討論我們對這一年的看法。

Now to conclude today's presentation, please turn to slide 12. I am pleased with our quarter and annual results. We delivered revenue growth above passenger traffic and increase in revenue per passenger and strong growth in EBITDA, up 29% versus the fourth quarter of 2022 and 71% versus pre-pandemic levels.

現在請看投影片 12，結束今天的簡報。我對我們的季度和年度業績感到滿意。我們的營收成長高於客運量，每位乘客的收入也有所增加，EBITDA 強勁成長，較 2022 年第四季成長 29%，較疫情前水準成長 71%。

Advancing on our commercial strategy, we signed agreements for two new real estate projects at Brasilia Airport as we seek to further enhance commercial revenues and improve the passenger experience. The successful completion of the friendly termination process of the Natal concession agreement is evidence of our commitment to achieving significant milestones and creating value.

為了推進我們的商業策略，我們在巴西利亞機場簽署了兩個新房地產項目的協議，以進一步提高商業收入並改善乘客體驗。納塔爾特許權協議友好終止程序的成功完成證明了我們致力於實現重大里程碑和創造價值的承諾。

Looking ahead, over the next four to five years, we plan to expand our airport in Armenia and the two airports in Italy following the approval from the respective local authorities.

展望未來，在未來四到五年內，我們計劃在獲得當地政府批准後，擴大亞美尼亞機場和義大利兩個機場。

On travel dynamics, we maintain a cautiously optimistic outlook on passenger traffic across our airport network. In Argentina, a concession we have successfully managed through various cycles and challenges over the past 25 years, we are cautiously monitoring macro conditions. Nevertheless, the government's proposed open skies policy will allow more companies to operate domestic and international flights.

在旅遊動態方面，我們對整個機場網路的客運量保持謹慎樂觀的前景。在阿根廷，我們在過去 25 年裡成功地度過了各種週期和挑戰，我們正在謹慎監控宏觀狀況。儘管如此，政府提出的開放天空政策將允許更多公司營運國內和國際航班。

Thank you for your continued interest in CAAP. This ends our prepared remarks. We are ready to take your questions. Operator, please open the line for questions.

感謝您對 CAAP 的持續關注。我們準備好的演講到此結束。我們已準備好回答您的問題。接線員，請開通提問線。

(Operator Instructions) Alejandro Demichelis, Jefferies.

（操作員說明）Alejandro Demichelis，Jefferies。

Yes, good morning, gentlemen. Congratulations on the results. A couple of questions if I may. The first one is, Martin, you mentioned the open skies policy from the Argentinian government. How do you see that working, benefiting CAAP? And what do you expect in terms of the timeline?

是的，早安，先生們。祝賀結果。如果可以的話，我有幾個問題。第一個是，馬丁，您提到了阿根廷政府的開放天空政策。您認為這種做法對 CAAP 有何影響？您對時間表有何期望？

And then the second question is you also mentioned the expansion or potential expansion in Italy, in Armenia, the situation in Nigeria. Could you give us a bit of a timeline of the process of these three airports, please?

第二個問題，你也提到了義大利、亞美尼亞、奈及利亞的擴張或潛在擴張。您能否為我們介紹這三個機場的流程時間表？

Sure. Thank you for your questions, Alejandro. First, regarding open skies, our view and taking some studies made by different organizations, but mainly ACI, the Airport Council International, we see previous experience in different countries where the open skies policies, if implemented correctly, brought a lot of growth and extra growth for an important period of time. So in general, we see it as a positive move to give premium to the airlines to operate.

當然。謝謝你的提問，亞歷杭德羅。首先，關於開放天空，我們的觀點和不同組織（主要是國際機場理事會）所做的一些研究，我們看到不同國家以前的經驗，如果正確實施開放天空政策，會帶來很大的增長和額外的收入。一個重要時期的成長。因此，總的來說，我們認為向航空公司提供營運溢價是一項積極舉措。

Then the details of the implementation, of course, are not public or open yet. And of course, as always, the details are important in each policy decision that the government takes. So we're expecting. We're waiting to understand how that is going to be implemented to have a real understanding and opinion on it. But in broad terms, we believe that open skies are positive for the market.

那麼實施的細節當然還沒有公開或公開。當然，一如既往，細節在政府做出的每項政策決定中都很重要。所以我們期待著。我們正在等待了解它將如何實施，以便對其有真正的理解和意見。但從廣義上講，我們認為開放的天空對市場有利。

In the question regarding Italy, we are advancing on the CapEx for the Pisa Airport, which should start very soon. Regarding the most important CapEx deployment there, which would be Florence Airport, according to the government timeline, we should receive the environmental approval by mid of the year. And with that positive approval, we should start the CapEx program by the end of this year regarding Italy.

在有關義大利的問題上，我們正​​在推進比薩機場的資本支出，該項目應該很快就會開始。關於那裡最重要的資本支出部署，即佛羅倫薩機場，根據政府時間表，我們應該在今年年中之前獲得環境批准。在獲得積極批准後，我們應該在今年年底前啟動有關義大利的資本支出計劃。

And regarding Armenia, we are in constant negotiations with the government. There is not an official timeline where we need to finish or the government has expected to be finished, but we definitely expect to have news on it -- hopefully, positive news on it before the end of the year. Hopefully, I answered your questions.

關於亞美尼亞，我們正在與政府進行不斷的談判。目前還沒有我們需要完成的正式時間表，也沒有政府預計會完成的時間表，但我們肯定希望能得到有關它的消息——希望在今年年底之前能得到有關它的積極消息。希望我回答了你的問題。

I'm sorry, in Nigeria, just to finish.

很抱歉，在尼日利亞，我要結束了。

Regarding Nigeria, we are waiting from the government to be able to move ahead and sign the contracts that have already been discussed and drafted. We have not received the final approval of those by the government and a signature date. We are still waiting for that.

關於尼日利亞，我們正在等待政府能夠繼續簽署已經討論和起草的合約。我們尚未收到政府的最終批准和簽署日期。我們仍在等待。

That's great. Thank you.

那太棒了。謝謝。

Fernanda Recchia, BTG Pactual.

費爾南達·雷基亞 (Fernanda Recchia)，BTG Pactual。

Hi. Thank you for taking my question. Two from our side. The first still on readministration, and on the call is -- that he has been discussing is regarding the privatization of Aerolíneas Argentinas. So I wanted to hear a little bit your thoughts on this and if you have any specific time frame regarding this process, if you think it could happen still this year, it's something that could happen only next year?

你好。感謝您回答我的問題。我們這邊有兩個。第一個仍然是關於重新管理和電話會議的問題是——他一直在討論的是阿根廷航空公司的私有化。所以我想聽聽您對此的一些想法，如果您對這個過程有任何具體的時間框架，如果您認為今年仍然可能發生，那麼只有明年才會發生？

And second, on inorganic growth. Apart from Armenia, you also mentioned that you are still looking for expansion projects in other regions. Just wanted to hear a bit on the target regions that you are looking and the features of the regions that you look. That's it from my side. Thank you.

其次，關於無機增長。除亞美尼亞外，您還提到您仍在其他地區尋找擴張項目。只是想了解您正在尋找的目標區域以及您正在尋找的區域的特徵。從我這邊來說就是這樣。謝謝。

Thank you, Fernanda. Martin here again. Thank you for your questions. Regarding Aerolíneas Argentinas' privatization, the only information we have is whatever has been said in the media. We don't know or there is not that we know of an open process regarding this. So it will be difficult to have an opinion regarding when and how it would be done. But on our side, we are happy to work with any new owner of Aerolíneas Argentinas or the government, whatever the decision is on the future of Aerolíneas Argentinas. So we're still waiting to understand exactly what the government process is going to be regarding the national airline.

謝謝你，費爾南達。馬丁又來了。謝謝您的提問。關於阿根廷航空公司的私有化，我們所掌握的唯一資訊就是媒體上的報道。我們不知道或不知道這方面有一個開放的流程。因此，很難就何時以及如何完成這件事發表意見。但就我們而言，我們很高興與阿根廷航空的任何新所有者或政府合作，無論對阿根廷航空的未來做出什麼決定。因此，我們仍在等待了解政府對於國家航空公司的具體流程。

Regarding what we are looking for or the areas where we're looking for in terms of expansion, we have always said that we are going to be opportunistic, looking for accretive opportunities to add to our portfolio. And in that sense, we've been quite open in terms of regions. But as always, we will keep looking in the Americas and in Europe and in Africa now, whenever we find opportunities that, as I said, can be accretive to our portfolio. I think -- that answers your questions, right? Or am I missing something?

關於我們正在尋找的東西或我們正在尋找的擴張領域，我們總是說我們將保持機會主義，尋找增值機會來增加我們的投資組合。從這個意義上說，我們在地區方面一直相當開放。但與往常一樣，只要我們發現機會，正如我所說，可以增加我們的投資組合，我們現在就會繼續在美洲、歐洲和非洲尋找機會。我想——這回答了你的問題，對嗎？還是我錯過了什麼？

No, it answers. Thank you, Martin. Have a good day.

不，它回答了。謝謝你，馬丁。祝你有美好的一天。

Thank you. Have a good day.

謝謝。祝你有美好的一天。

Jay Singh, Citi.

傑·辛格，花旗銀行。

Hey. Thanks for taking my question. It's Jay from Stephen Trent's team. I -- since my other question was answered, I'll just ask one here. Any possible rebalances on the Argentine concession? I just want to know how would the peso devaluation change rebalancing expectations considering the IRRs in the local currency. Thanks a lot.

嘿。感謝您提出我的問題。我是史蒂芬特倫特團隊的傑伊。我——既然我的另一個問題已經得到解答，我就在這裡問一個。阿根廷租界是否有可能重新平衡？我只是想知道考慮到以當地貨幣計算的內部報酬率，比索貶值將如何改變再平衡預期。多謝。

Thank you, Jay. The authorities for the regulator in Argentina have not been appointed yet. So we are waiting to have these appointments to engage and to understand how to continue the process, but we definitely expect to see a revision of the economical equation of the concession agreement and therefore, have some kind of adjustment.

謝謝你，傑伊。阿根廷監管當局尚未任命。因此，我們正在等待這些任命的參與，並了解如何繼續這一進程，但我們肯定希望看到特許協議的經濟方程式得到修訂，從而進行某種調整。

Also, the domestic tariff that are adjusted once a year, but have an indication in US dollars as well, we expect that also to be able to engage with the government and try to rebalance it given the big shift in the big devaluation that happened in December in Argentina. But again, until we do not have the new authorities in place, we cannot really engage and understand the position of the new government in regard to these issues and on timing as well.

此外，國內關稅每年調整一次，但也以美元表示，考慮到2017年發生的大幅貶值的重大轉變，我們預計也能夠與政府接觸並嘗試重新平衡。十二月在阿根廷。但同樣，在我們沒有新的當局就位之前，我們無法真正參與和理解新政府在這些問題和時間安排上的立場。

That's it. Thank you.

就是這樣。謝謝。

(Operator Instructions) Marina Mertens, Latin Securities.

（操作員指令）Marina Mertens，拉丁證券。

I would like to thank you for taking my questions. All of them has already been answered. So I have one regarding Argentina. So last year, we saw a significant increase in domestic traffic in part due to the government's incentive program and also higher duty free sales due to the FX conditions. How do you see these trends -- how do you expect these trends to continue or to change this year?

我要感謝您提出我的問題。所有這些都已經有了答案。我有一篇關於阿根廷的文章。因此，去年，我們看到國內客流量顯著增加，部分原因是政府的激勵計劃，以及外匯狀況導致的免稅銷售額增加。您如何看待這些趨勢—您預計這些趨勢今年將如何持續或改變？

Marina, Martin, again, here. Thank you for your questions. On domestic traffic, it's still a little bit early to say regarding the trends of the market in the changing macroeconomical conditions. As far as we have seen in the generation systems that gives us a glimpse on the next 60 to 90 days, so far, we have not seen big shifts or changes in tendencies. But I think it's a bit early to see or (technical difficulty) the impacts on the macroeconomical changes to the traffic in Argentina.

瑪麗娜、馬丁，又來了。謝謝您的提問。就國內交通而言，在不斷變化的宏觀經濟條件下判斷市場趨勢還為時過早。就我們在發電系統中看到的、讓我們了解未來 60 到 90 天的情況而言，到目前為止，我們還沒有看到重大的轉變或趨勢變化。但我認為現在看到宏觀經濟變化對阿根廷交通的影響還為時過早（技術難度）。

And regarding duty free, the incentive given by the FX that we had last year has shrunk a lot. And therefore, we expect to see an impact on the sales, definitely.

至於免稅，去年外匯給我們的誘因已經縮水很多。因此，我們預計肯定會看到對銷售的影響。

Thank you.

謝謝。

Thank you. And at this time, we have no other questions registered. I will turn the meeting back over to Martin Eurnekian.

謝謝。目前，我們沒有登記任何其他問題。我將把會議轉回給 Martin Eurnekian。

Well, I wanted to thank all the participants for the interest in Corporación América Airports and remind you that our Investor Relations team remains available for any further questions or engagement with the investors. Thanks again and have a really good day. Bye-bye.

好吧，我想感謝所有參與者對 Corporación América Airports 的興趣，並提醒您，我們的投資者關係團隊隨時可以解答投資者的任何進一步問題或與投資者互動。再次感謝，祝您有美好的一天。再見。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask you that you please disconnect your lines.

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的出席。此時，我們確實要求您斷開線路。