Corporacion America Airports SA (CAAP) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Corporacion America Airports first-quarter 2024 conference call. A slide presentation accompanies today's webcast and is available in the Investors section of the Corporacion America Airports website. (Operator Instructions)

早安，歡迎參加美國機場公司 2024 年第一季電話會議。今天的網路廣播附帶幻燈片演示，可在 Corporacion America 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 Martín 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 Martín Eurnekian 將在今天的電話會議上發言。以及我們的財務長 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 statements 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. Please note that throughout this call, all references to revenues, costs, adjusted EBITDA, and margin, we refer to figures excluding IFRIC12.

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。請注意，在本次電話會議中，所有提及收入、成本、調整後 EBITDA 和利潤率的數據均不包括 IFRIC12。

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

我現在將把電話轉給我們的執行長 Martín Eurnekian。

Thank you, Iñaki. Hello, everyone, and welcome to our first-quarter 2024 earnings call. I will start today's presentation with some overall highlights on our first quarter's performance. I will then hand it off to Jorge, who will provide additional details in his financial review before we open the call for questions.

謝謝你，伊尼亞基。大家好，歡迎參加我們的 2024 年第一季財報電話會議。我將首先介紹我們第一季業績的一些整體亮點。然後我會將其交給豪爾赫，他將在我們開始提問之前在其財務審查中提供更多詳細資訊。

I am pleased with the good start to the new year. We delivered a positive quarter with revenues up in the low double digits against the same quarter last year and meeting passenger traffic growth. Our continued focus on commercial execution is posting good results with revenues per passenger continuing to expand, reaching $20.6 this quarter, an all-time high since our IPO in 2018 in a normalized environment.

我對新的一年的良好開端感到高興。我們實現了一個積極的季度，收入比去年同期增長了兩位數，並滿足了客運量的增長。我們對商業執行的持續關注正在取得良好的業績，每位乘客的收入持續增長，本季度達到 20.6 美元，這是我們在正常環境下 2018 年 IPO 以來的歷史新高。

As a reminder, there were two quarters in 2020 where passenger figures were significantly reduced due to the pandemic, resulting in artificial revenues per passenger figures. Reflecting our consistent focus on execution and healthy travel demand, adjusted EBITDA increased further, up 16% year on year, reaching $163 million; while the margin expanded 1.5 percentage points as we continue to gain operational leverage.

需要提醒的是，2020 年有兩個季度的乘客數量因疫情而大幅減少，導致人均收入人為減少。調整後的 EBITDA 進一步成長，年增 16%，達到 1.63 億美元，反映出我們對執行力和健康旅行需求的一貫關注；隨著我們繼續獲得營運槓桿，利潤率擴大了 1.5 個百分點。

This performance was supported by all geographies with the exception of Ecuador, which incurred a mandatory one-time contribution to the security of the country. Moreover, our robust balance sheet, with a leverage ratio at an all-time low, underscores our commitment to ensuring financial strength while providing flexibility to support growth initiatives.

這項業績得到了除厄瓜多爾之外的所有地區的支持，厄瓜多爾對該國的安全產生了強制性的一次性貢獻。此外，我們穩健的資產負債表和處於歷史最低水平的槓桿率，凸顯了我們在確保財務實力的同時提供靈活性以支持成長計畫的承諾。

Noteworthy, we recently signed an amendment to our Punta del Este concession agreement that includes, among other things, the extension of the term concession agreement for a 10-year period from 2023 to 2043. Please turn to page 4 for a review of passenger traffic trends.

值得注意的是，我們最近簽署了埃斯特角特許經營協議的修正案，其中包括將特許經營期限從 2023 年延長 10 年至 2043 年。請翻至第 4 頁查看客運趨勢。

Our airports benefited from a sustained recovery in travel demand, underpinned by higher load factors and the gradual return of flight routes and frequencies across our operations. On a comparable basis and excluding Natal Airport in which we exited the concession this February, as previously disclosed, passenger traffic increased 4.3% year on year. Growth was mainly driven by international passengers which increased in the low teens, while domestic traffic remained flat.

我們的機場受益於旅行需求的持續復甦，這得益於較高的客座率以及我們營運中航線和班次的逐步恢復。在可比較基礎上，不包括我們先前揭露的今年 2 月退出特許經營權的納塔爾機場，客運量年增 4.3%。成長主要是由國際旅客數量成長所推動的，國內旅客量保持穩定。

Moving on to some color by country, starting with Argentina, our main market, which delivered a 5.3% year-on-year increase in passenger traffic. Growth was underpinned by international traffic, up nearly 16%, reflecting increased weekly frequencies from ITA Airways, Mexico, and Emirates. While JetSmart and Paranair announced the launch of new routes.

接下來按國家/地區劃分顏色，首先從我們的主要市場阿根廷開始，該市場的客運量同比增長 5.3%。國際客運量成長近 16%，這反映了 ITA 航空、墨西哥和阿聯酋航空每週航班班次的增加。而JetSmart和Paranair則宣布推出新航線。

Domestic passenger traffic remained flat in the context of a challenging macro backdrop. Recall that while domestic traffic comprises of 65% of total traffic in the country, over 90% of passenger-use fees are generated by international traffic and are fully linked to US dollar. The positive trend continued into April when international passenger traffic grew by 9.3% against the same month last year.

在充滿挑戰的宏觀背景下，國內客運量保持穩定。回想一下，雖然國內交通量佔全國總交通量的65%，但90%以上的旅客使用費是由國際交通產生的，並且完全與美元掛鉤。這一正面趨勢持續到 4 月份，國際客運量較去年同月增加 9.3%。

Next, Italy, where passenger traffic was up nearly 14% year on year. This good performance was mainly driven by a 17% increase in international traffic and mid-single-digit growth in domestic traffic. Both Florence and Pisa airport delivered solid traffic growth while some domestic destinations have yet to resume at Pisa airport.

其次是義大利，客運量較去年同期成長近14%。這一良好表現主要得益於國際流量 17% 的成長以及國內流量中個位數的成長。佛羅倫薩和比薩機場的客流量均實現穩健增長，而比薩機場的一些國內目的地尚未恢復。

This positive trend continued into April when passenger traffic grew by 12% year on year. Uruguay also posted strong traffic growth, up 29%, benefiting from the addition of new routes and frequencies. This positive trend continued into April, while JetSmart and Sky have both announced new routes starting in May.

這一正面趨勢一直持續到4月份，客運量年增12%。由於新航線和班次的增加，烏拉圭的客運量也出現了強勁增長，增長了 29%。這種積極的趨勢一直持續到 4 月份，而 JetSmart 和 Sky 都宣布了從 5 月開始的新航線。

By contrast, traffic was weaker in Armenia, Ecuador, and Brazil. Armenia posted relatively flat traffic following the significantly strong performance over the past couple of years. In April, total traffic was down 4% versus the same month of last year.

相較之下，亞美尼亞、厄瓜多和巴西的交通量較弱。亞美尼亞在過去幾年表現強勁之後，交通量相對平穩。4 月總流量較去年同月下降 4%。

In Ecuador, traffic declined nearly 3%, driven by weaker domestic traffic following the exit of a local airline in October last year, while international traffic was up 1%. Traffic in April was down 6% year on year as weaker domestic traffic more than offset a 2% increase in international traffic.

在厄瓜多爾，由於當地航空公司去年 10 月退出後國內客流量下降，客流量下降了近 3%，而國際客流量則增加了 1%。4 月客流量年減 6%，原因是國內客流量的疲軟抵銷了國際客流量 2% 的成長。

Lastly, in Brazil, traffic dynamics remained heavily impacted by financial and aircraft constraints at some local airlines, which together with the rising ticket prices, affected travel demand, resulting in a comparable year-on-year decline of nearly 2% when excluding Natal airport. This challenging industry environment continued into April.

最後，在巴西，交通動態仍然受到一些當地航空公司的財務和飛機限制的嚴重影響，再加上機票價格上漲，影響了旅行需求，導致不包括納塔爾機場的情況下，同比下降近2% 。這種充滿挑戰的產業環境一直持續到四月。

Moving on to slide 5. Cargo volumes continued to recover and were up in the low single digits year-on-year. Armenia, Ecuador, and Argentina were the main drivers behind cargo volume growth this quarter, while the other geographies posted Sky declines. Cargo revenues in turn increased 6% in the quarter with year-on-year improvements in all countries of operations.

繼續看投影片 5。貨運量持續復甦，年增幅為低個位數。亞美尼亞、厄瓜多和阿根廷是本季貨運量成長的主要動力，而其他地區的天空貨運量則有所下降。本季貨運收入成長了 6%，所有營運國家的貨運收入均較去年同期成長。

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, Martín, and good day, everyone. Let's start with our top line on slide 6. Total revenues, ex-IFRIC, increased 12.4% year on year. This was well above the 4.3% passenger traffic growth, ex-Natal, for the quarter, benefiting from consistent positive momentum in both the aeronautical and commercial business.

謝謝你，馬丁，大家好。讓我們從第 6 張投影片的頂行開始。總收入（不包括 IFRIC）年增 12.4%。這遠高於本季 4.3% 的客運量成長（扣除納塔爾因素），受益於航空和商業業務的持續積極勢頭。

Aeronautical revenues were up 19.4% year on year, mainly driven by higher international passenger traffic in Argentina and tariffs increasing in Uruguay. Importantly, aeronautical revenue growth remained robust across the board, also supported by strong performance in Italy, Ecuador, and Armenia, which delivered double-digit year-on-year growth in the first quarter of 2024.

航空營收年增19.4%，主要受到阿根廷國際客運量增加和烏拉圭關稅上漲的推動。重要的是，航空收入全面保持強勁增長，這也得益於義大利、厄瓜多爾和亞美尼亞的強勁表現，這些國家在 2024 年第一季實現了兩位數的同比增長。

Commercial revenues increased 5.1% year on year, benefits from growth in the majority of our geographies and the impact of ES-29 in Argentina. We saw a strong performance in Brazil and Uruguay, while Italy mainly driven by higher fee carbon advertisement revenues.

商業收入年增 5.1%，受益於我們大多數地區的成長以及 ES-29 在阿根廷的影響。我們在巴西和烏拉圭看到了強勁的表現，而義大利則主要受到較高費用碳廣告收入的推動。

This was partially offset by lower DTC revenues in Argentina, impacted by the December 2023 period evaluation, and by lower fuel-related revenues in Armenia. Combined, these factors contributed to a 10% increasing revenue per passenger to $20.6 this quarter, up from $18.8 in the first quarter of 2023.

受 2023 年 12 月期間評估影響，阿根廷 DTC 收入下降以及亞美尼亞燃料相關收入下降部分抵消了這一影響。這些因素綜合起來，使得本季每位乘客的收入成長了 10%，達到 20.6 美元，高於 2023 年第一季的 18.8 美元。

Turning to slide 7. Total cost and expenses, ex-IFRIC12, increased 8.5% year on year, generally following the growth of our business but nonetheless, remain below the 12.4% revenue growth. This was mainly explained by higher salaries in Argentina. And the local inflation rate was above average currency depreciation, coupled with higher concession fees in line with increased year-on-year activity.

轉到投影片 7。總成本和費用（不包括 IFRIC12）年增 8.5%，整體上跟隨我們業務的成長，但仍低於 12.4% 的收入成長。這主要是由於阿根廷的工資較高。當地通膨率高於貨幣貶值平均水平，再加上隨著年比活動的增加，特許權費也隨之增加。

This was partially offset by a decrease in fuel costs in Armenia due to lower fuel sales in the quarter. Notably, a restatement to our streamlined cost structure, we experienced material reductions in OpEx per passenger in Argentina, Italy, and Uruguay.

由於本季燃料銷售下降，亞美尼亞燃料成本下降部分抵銷了這一影響。值得注意的是，重申我們精簡的成本結構，我們在阿根廷、義大利和烏拉圭的每位乘客的營運支出大幅減少。

Moving on to profitability on slide 8. Our top-line growth continued to drive operating leverage, which resulted in a solid adjusted EBITDA growth and margin expansion in the quarter. Adjusted EBITDA, ex-IFRIC12, totaled $163 million, up 16.4% year on year, well above the 4.3% growth in passenger traffic, ex-Natal. This contributed to a 1.5-percentage-point expansion in adjusted EBITDA margin to 41.7% in the quarter.

接下來討論投影片 8 上的獲利能力。我們的營收成長持續推動營運槓桿，導致本季調整後的 EBITDA 成長和利潤率實現穩健成長。調整後 EBITDA（不包括 IFRIC12）總計 1.63 億美元，年增 16.4%，遠高於客運量（不包括納塔爾）的 4.3% 成長率。這使得本季調整後 EBITDA 利潤率擴大 1.5 個百分點，達到 41.7%。

Moreover, except for Ecuador, we maintained strong momentum across all countries, achieving adjusted EBITDA growth that exceeded the increase in traffic and margin expansion. I would like to highlight the exceptional performance of our business in Uruguay, where adjusted EBIT increased 36%, primarily driven by solid passenger traffic growth combined with higher tariffs, VIP lounges, and duty-free revenues.

此外，除厄瓜多爾外，我們在所有國家都保持了強勁的勢頭，調整後的 EBITDA 成長超過了客流量和利潤率的成長。我想強調我們在烏拉圭業務的出色表現，調整後的息稅前利潤增長了 36%，這主要是由於客運量的穩健增長以及更高的關稅、貴賓室和免稅收入的推動。

Turning to slide 9. Supported by our strong cash flow generation, we closed the quarter with a total liquidity position of $545 million, up $87 million when compared to year-end 2023, with most of our [foreign subsidiaries] reporting positive cash flow from operating activities.

轉到投影片 9。在我們強勁的現金流產生的支持下，本季末我們的流動性頭寸總額為5.45 億美元，比2023 年底增加了8700 萬美元，我們的大多數[外國子公司]報告了來自經營活動的正現金流。

Moving to the debt and maturity profile on slide 10. Total debt at quarter end was $1.2 billion, while our net debt decreased to $821 million from $964 million at year-end 2023. We remain committed to maintaining a robust balance sheet and healthy debt profile Sustained growth in adjusted EBITDA and a reduction in debt levels have contributed to further reducing our net leverage ratio, bringing it down to 1.2 times from 1.4 times at December 2023.

前往投影片 10 上的債務和到期情況。截至季末的總債務為 12 億美元，而我們的淨債務從 2023 年底的 9.64 億美元減少至 8.21 億美元。我們仍致力於維持穩健的資產負債表和健康的債務狀況調整後 EBITDA 的持續成長和債務水準的下降有助於進一步降低我們的淨槓桿率，從 2023 年 12 月的 1.4 倍降至 1.2 倍。

Wrapping up from my side, I also would like to highlight that despite certain headwinds mentioned herein, we delivered growth on revenues, revenues per passenger, EBITDA, and EBITDA margin without any real expansion in our cost. I'm pleased with the performance of our portfolio.

最後，我還想強調，儘管本文提到了某些不利因素，但我們在收入、每位乘客收入、EBITDA 和 EBITDA 利潤率方面實現了增長，而我們的成本沒有任何真正的擴張。我對我們投資組合的表現感到滿意。

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

我現在將把電話轉回給馬丁，他將發表閉幕詞並討論我們對這一年的看法。

Now to wrap up, please turn to slide 12. We started the year on a positive footing, delivering a solid performance across key operational and financial metrics. Higher operating leverage contributed to drive sustained EBITDA growth and margin expansion and the record low net leverage ratio.

現在結束，請翻到投影片 12。我們以積極的態度開始了這一年，在關鍵營運和財務指標方面取得了穩健的表現。較高的營運槓桿有助於推動 EBITDA 持續成長和利潤率擴張以及創紀錄的低淨槓桿率。

Advancing on our strategic priorities, we met two milestones this quarter. First, we obtained a 10-year extension of the concession agreement of our Punta del Este Airport in Uruguay.

在推進我們的策略重點方面，我們本季實現了兩個里程碑。首先，我們將烏拉圭埃斯特角機場的特許經營協議延長了10年。

Second, we have recently been notified by the ICSID Arbitral Court of the final award pertaining to the arbitration procedure concerning the Chinchero International Airport in Peru, demoing the Republic of Peru to pay a gross amount of $91 million to the consortium in which we hold a 50% economic interest.

其次，我們最近收到ICSID仲裁法院關於秘魯欽切羅國際機場仲裁程序的最終裁決通知，要求秘魯共和國向我們控股的財團支付總額為9,100萬美元的賠償金。

We continue to advance in connection with the negotiations related to the expansion of our airports (inaudible) and Florence . At the same time, we continue to selectively assess expansion projects across different geographic regions to further expand our airport network.

我們繼續推進擴建機場（聽不清楚）和佛羅倫斯的談判。同時，我們繼續選擇性地評估不同地理區域的擴建項目，以進一步擴大我們的機場網路。

We continue to witness positive dynamics in Uruguay and Italy, which have been contributing to our overall growth. Despite facing challenges in the Brazilian market, we have successfully managed our business throughout this challenging cycle, posting EBITDA growth.

我們繼續見證烏拉圭和義大利的積極動態，這為我們的整體成長做出了貢獻。儘管在巴西市場面臨挑戰，但我們在這個充滿挑戰的周期中成功管理了我們的業務，並實現了 EBITDA 成長。

We are closely monitoring the macro and political environment in Argentina, a concession we have successfully managed for over 25 years, as well as the geopolitical dynamics in the Caucasus region. We remain committed to delivering strong results, maintaining a healthy balance sheet, and creating value for our shareholders.

我們正在密切關注阿根廷的宏觀和政治環境，以及高加索地區的地緣政治動態，阿根廷是我們成功管理了超過25年的特許權。我們仍致力於提供強勁的業績，維持健康的資產負債表，並為股東創造價值。

Thank you for your continued support and confidence in the company. This ends our prepared remarks. We are ready to take your questions. Operator, please open the lines for questions.

感謝您一直以來對公司的支持與信任。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，請打開提問線。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Alejandro Demichelis, Jefferies.

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）Alejandro Demichelis，Jefferies。

Yes. Good morning. Thank you very much for taking my questions, one question and one follow-up. The first question is going to be how you're seeing the evolution of international traffic into Argentina through the end of the year, given the discussions you're having with the airlines, given the thought that you're being reserved, and so on? That's the first one.

是的。早安.非常感謝您提出我的問題，一個問題一個後續行動。第一個問題是，考慮到您與航空公司的討論、考慮到您被預訂等等，您如何看待今年年底進入阿根廷的國際交通的演變？這是第一個。

And then the second is -- I think both Martín and Jorge, you mentioned this record low gearing level. How should we think or how are you thinking about balancing growth, investment, those M&A opportunities, and cash return to shareholders? Can we think about some dividends coming at some point?

第二個是──我想馬丁和豪爾赫，你們都提到了創紀錄的低負債水準。我們應該如何考慮，或者您如何考慮平衡成長、投資、併購機會和股東現金回報？我們可以考慮在某個時候發放一些股息嗎？

Hi, Alejandro. It's Jorge here. How are you?

嗨，亞歷杭德羅。這是豪爾赫。你好嗎？

Well. Thank you.

出色地。謝謝。

Good. Thank you very much for your question. So we remain positive in connection with international traffic, generally speaking, across our portfolio, most notably Argentina, Uruguay, and Italy. I think these are markets that are performing -- that have performed well, and we are positive.

好的。非常感謝您的提問。因此，總的來說，我們對整個投資組合的國際流量保持積極態度，尤其是阿根廷、烏拉圭和義大利。我認為這些市場正在表現良好，我們對此持正面態度。

In Argentina, we are seeing traffic in several directions. Notably, I think going forward within America, given the Open Sky agreements that are being put in place. So yes, we remain positive.

在阿根廷，我們看到多個方向的交通。值得注意的是，考慮到正在實施的開放天空協議，我認為在美國會繼續前進。所以，是的，我們保持積極態度。

Regarding your second question, first of all, I think as we have been saying, our main focus for the next couple of years is to grow our portfolio. So our main objective will continue to be -- to grow our portfolio.

關於你的第二個問題，首先，我認為正如我們一直所說的，我們未來幾年的主要重點是擴大我們的投資組合。因此，我們的主要目標仍然是—擴大我們的投資組合。

We also remind you that as we previously reported, we are in discussions in Italy and Armenia in connection with CapEx. And those CapEx will require leverage, not equity from the shareholders in principle, but primarily back at the local level. So yeah, so our objectives are as I mentioned.

我們也提醒您，正如我們之前報導的那樣，我們正在義大利和亞美尼亞就資本支出進行討論。這些資本支出將需要槓桿，原則上不是來自股東的股權，而是主要來自地方層級。是的，我們的目標正如我所提到的。

That's very clear. Thank you very much.

這非常清楚。非常感謝。

Thank you. Pedro Maulhardt, Latin Securities.

謝謝。佩德羅·莫爾哈特 (Pedro Maulhardt)，拉丁證券。

Hi, Martín. Hi, Jorge and Patricio. Congratulations on the quarter results. And I want to know, when do you expect any adjustments or tariff provisions for [Aeroporto Argentina] or maybe concession throughout this year? Which are the key events for the rest of the year concerning your three main projects nowadays, which are the master plan in Florence, in Armenia, and also the potential acquisition of Abuja in Nigeria?

嗨，馬丁。嗨，豪爾赫和帕特里西奧。恭喜本季業績。我想知道，您預計今年什麼時候會對阿根廷機場進行任何調整或關稅規定，或者可能會做出讓步？今年剩下的時間裡，關於您現在的三個主要項目，即佛羅倫薩、亞美尼亞的總體規劃，以及尼日利亞阿布賈的潛在收購，有哪些關鍵事件？

Pedro, thank you for your question, Martín here. Regarding talent provisions in Argentina, as you probably know, we are doing a revision. The control agency has just been filled in terms of the Board that makes the decision. They were just named only a few weeks ago.

佩德羅，謝謝你的提問，馬丁。關於阿根廷的人才規定，您可能知道，我們正在進行修訂。控制機構剛剛由做出決定的董事會填補。他們幾週前才被命名。

So we expect the new leadership to come in and start engaging with us in terms of having better visibility on the tariff provision that is due since this year, actually and also on the catch-up that we need to do in terms of the domestic tariff that is nominated in pesos and needs to have a catch-up.

因此，我們期望新的領導層加入並開始與我們接觸，以便更好地了解今年以來到期的關稅條款，以及我們在國內關稅方面需要採取的追趕措施這是以比索提名的，需要趕上。

So we are positive on this engagement, but we still are in a very early stage to have a clear idea in terms of timing and results. I will pass on to Jorge for your follow-up question.

因此，我們對這次合作持積極態度，但我們仍處於非常早期的階段，無法在時間和結果方面有明確的想法。我將轉告豪爾赫回答你的後續問題。

Hi, Pedro. Jorge here. So we continue in very active discussions with the respective governments in Italy and Armenia in connection with the respective CapEx plans. In Italy, to remind everyone, is in connection with a new runway and a new terminal in Florence and -- which is much needed. And the airport is a premium airport in a fantastic location in the heart of Tuscany, et cetera, so we are really looking forward to obtain that approval.

嗨，佩德羅。豪爾赫在這裡。因此，我們繼續與義大利和亞美尼亞兩國政府就各自的資本支出計劃進行非常積極的討論。提醒大家的是，在義大利，佛羅倫斯正在建造一條新跑道和一個新航站樓，這是非常需要的。該機場是一座優質機場，位於托斯卡納等地區中心地帶，地理位置優越，因此我們非常期待獲得批准。

And in connection with Armenia, following the significant growth we have enjoyed in the past 18, 24 months, there is a need of an expansion in many aspects of the airport. And again, we are in advanced discussions with the government there with a view to close this as soon as possible. Obviously, it's difficult for us to precise the timing, but we are working around the clock to make that happen as soon as possible.

就亞美尼亞而言，在過去 18、24 個月的顯著增長之後，機場的許多方面都需要擴建。我們再次與地方政府進行深入討論，以期盡快結束此事。顯然，我們很難精確地確定時間，但我們正在日以繼夜地工作，以盡快實現這一目標。

And Martín here. Jumping in on your comment on Nigeria, we are still waiting for the government to take the next step towards the signing of the contracts. It's been delayed, and we still don't have a clear indication on timing. But it has not gone the other way either, so we are waiting.

還有馬丁在這裡。就您對尼日利亞的評論而言，我們仍在等待政府採取下一步措施以簽署合約。它已經被推遲了，我們仍然沒有明確的時間表。但它也沒有走向相反的方向，所以我們在等待。

Thank you very much for your answers.

非常感謝您的回答。

Thank you. (Operator Instructions) Jay Singh, Citi.

謝謝。（操作員指令）Jay Singh，花旗銀行。

Oh, they just called. Hi. Good morning. This is actually Steve Trent. Sorry, having trouble with my phone. Just two questions on my side.

哦，他們剛剛打電話來。你好。早安.這實際上是史蒂夫·特倫特。抱歉，我的手機出現問題。我這邊只有兩個問題。

The first is, I saw you're in the process of negotiating something with, I believe, Armenia, with some higher CapEx to come. Assuming that goes through, do you have any color on what should be your annual maintenance CapEx in the next couple of years? Thank you.

首先，我看到你們正在與亞美尼亞進行談判，預計未來會有更高的資本支出。假設這一切都發生了，您對未來幾年的年度維護資本支出應該是多少有什麼看法嗎？謝謝。

Hello, Steve. I think we have a problem with the line, and it's muted. But give us one second.

你好，史蒂夫。我認為線路有問題，而且靜音了。但請給我們一點時間。

No problem.

沒問題。

Hi, Steve. This is Iñaki, I think we are having some trouble with Jorge line. In terms of maintenance CapEx, the number that you should have in mind is around $30 million. more or less, for the company aggregate on a consolidated basis.

嗨，史蒂夫。我是 Iñaki，我認為我們在 Jorge 線路上遇到了一些麻煩。就維護資本支出而言，您應該記住的數字約為 3000 萬美元。或多或少，對於公司在合併的基礎上進行匯總。

Okay. Great. Thank you very much, Iñaki. And just one other quick one for me. I know you have that guaranteed return for your Argentine operations. On a high level going forward, to what degree is it possible to consider another extension of AA2000 rather than tariff increases?

好的。偉大的。非常感謝你，伊尼亞基。對我來說，這只是另一個快速的。我知道您的阿根廷業務有保證的回報。在未來的高水準上，在多大程度上可以考慮再次延長 AA2000，而不是增加關稅？

Hello, Steve. Martín here. Thanks for your question. As you know, generically, the point of adjustments of these contracts are CapEx studies and duration. It's still too early to say whether -- how are these variables are going to kick in and if this is going to turn into a full [negotiation] or not.

你好，史蒂夫。馬丁在這裡。謝謝你的提問。如您所知，一般來說，這些合約的調整點是資本支出研究和期限。現在判斷這些變數將如何發揮作用以及這是否會變成全面的[談判]還為時過早。

Remember that the IRR has to be achieved at the end of the concession. So that also depends on the forecast looking forward into the end of the concession. So I think it's too early to say whether -- which levy is going to be pulled in order to reach the economic equilibrium of this concession.

請記住，IRR 必須在優惠結束時實現。因此，這也取決於對特許權結束的預測。因此，我認為現在說是否要徵收哪種稅以達到這項特許權的經濟平衡還為時過早。

But as you probably imagine, we are implementing, engaging with the government towards -- the [control] agency towards understanding how can that be achieved and what is the easiest and most direct way that also impacts positively on the industry overall.

但正如您可能想像的那樣，我們正在實施，與政府合作，以了解如何實現這一目標，以及對整個行業產生積極影響的最簡單、最直接的方式。

Okay. Appreciate that, Martín. Thanks very much.

好的。馬丁，對此表示讚賞。非常感謝。

Thank you. And at this time, it appears that we have no further questions. I would like to turn the call back over to Martín.

謝謝。而此時，我們似乎沒有其他問題了。我想把電話轉回給馬丁。

Thank you. I wanted to thank everybody for taking the time to be with us today and remind you that our team is available to engage with any of you if you have any further doubts or inquiries on our company. Thank you very much. Enjoy the rest of your day.

謝謝。我想感謝大家今天抽出時間與我們在一起，並提醒您，如果您對我們公司有任何進一步的疑問或詢問，我們的團隊可以與您聯繫。非常感謝。享受你一天剩下的時間。

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

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