Corporacion America Airports SA (CAAP) 2024 Q3 法說會逐字稿

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

早安，歡迎參加 Corporación América Airports 2024 年第三季電話會議。今天的網路廣播附帶一份幻燈片演示，可在公司網站的「投資者」部分查看。（操作員指令）

At this time, I would like to turn the call over to Patricio Inaki 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 Inaki 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. 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.

謝謝。大家早安，感謝大家今天的參與。今天的電話會議演講者將是我們的執行長 Martin Eurnekian；以及我們的財務長 Jorge Arruda。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陳述，我請您參閱我們的收益報告和最近向美國證券交易委員會提交的文件中有關前瞻性陳述的部分。

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 will refer to figures excluding IFRIC12. I will now turn the call over to our CEO, Martin Eurnekian.

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，在整個電話會議中，所有對收入、成本、調整後 EBITDA 和利潤率的引用均指不包括 IFRIC12 的數字。現在我將電話轉給我們的執行長 Martin Eurnekian。

Good day. Thank you for joining us today. Let me start today's presentation by sharing some key highlights from our third-quarter results. Following that, Jorge will provide a more in-depth financial review. And afterwards, we will open the floor for your questions.

再會。感謝您今天加入我們。今天的演講首先讓我分享我們第三季業績的一些關鍵亮點。隨後，Jorge 將提供更深入的財務審查。之後，我們將開始回答大家的提問。

Our diverse geographic portfolio once again played a critical role in balancing our results this quarter as solid performances in other countries partially mitigated a weaker result in Argentina, while the macroeconomic environment and the specific dynamics put pressure on year-over-year comparisons.

我們多元化的地理組合再次在平衡本季業績中發揮了關鍵作用，因為其他國家的穩健表現部分緩解了阿根廷業績的疲軟影響，而宏觀經濟環境和具體動態給同比帶來了壓力。

In turn, revenues ex-IFRIC12 were down approximately 4% year over year broadly in line with lower passenger volumes, while revenue per passenger held steady at $19, demonstrating our resilience in navigating challenging market conditions.

反過來，不以 IFRIC12 計算的收入同比下降約 4%，與客流量下降大致相同，而每位乘客的收入保持穩定在 19 美元，證明了我們在應對嚴峻市場條件方面的韌性。

Adjusted EBITDA for the quarter declined in the new teens year over year, primarily due to the ongoing macroeconomic challenges in Argentina, which continue to pressure domestic traffic and increase operational costs.

本季調整後 EBITDA 年比下降了 10% 左右，主要原因是阿根廷持續的宏觀經濟挑戰，繼續給國內交通帶來壓力並增加了營運成本。

Duty-free sales were again lower this quarter as last year's results benefited from the significant disparity between the official and parallel effect rates. Nevertheless, we saw positive contributions from our operations in Uruguay, Brazil, and Italy highlighting the resilience of our portfolio.

由於去年的業績受益於官方稅率與平行效應稅率之間的巨大差異，本季免稅銷售額再次下降。儘管如此，我們看到烏拉圭、巴西和義大利的業務做出了積極貢獻，凸顯了我們投資組合的韌性。

Importantly, our strong cash flow and solid balance sheet with net leverage remaining at record lows, underscore our commitment to financial stability while providing the flexibility to pursue growth opportunities.

重要的是，我們強勁的現金流和穩健的資產負債表，以及淨槓桿率保持在歷史低位，凸顯了我們對金融穩定的承諾，同時提供了尋求成長機會的靈活性。

Now let me touch on three recent events. First, a 124% increase in the domestic passenger tariffs in Argentina was approved and effective November 1, which will support our local operations going forward. Second, our Argentine subsidiary, AA2000, approved an $80 million dividend distribution.

現在讓我談談最近發生的三件事件。首先，阿根廷國內客運運價上調124%的議案已獲批准，並將於11月1日生效，這將為我們今後的本地業務發展提供支持。第二，我們的阿根廷子公司AA2000批准派發8000萬美元的股利。

And finally, we completed the acquisition of an additional 2.1% economic interest in AA2000 or $30.9 million from affiliated entities, which consolidates CAAP's economic interest in AA2000, while the Argentine government remains with its 15% stake in the company.

最後，我們從附屬實體手中完成了對 AA2000 額外 2.1% 經濟利益或 3,090 萬美元的收購，這鞏固了 CAAP 在 AA2000 的經濟利益，而阿根廷政府仍持有該公司 15% 的股份。

Our performance during the most recent quarter reflects the ongoing successful execution of our long-term strategy and we will continue to be disciplined and balanced with our deployment of capital as we prioritize investment in the businesses to support long-term growth. Jorge will provide further details on our financials shortly.

我們最近一個季度的業績反映了我們長期策略的持續成功執行，我們將繼續嚴謹、平衡地部署資本，優先投資於支持長期成長的業務。豪爾赫將很快提供有關我們財務狀況的更多詳細資訊。

Turning to page 4 for a review of passenger traffic trends. Overall, total passenger traffic declined 4% year on year, or by 1.5% when excluding Natal, which we exited in February as part of a trend determination agreement with the Brazilian government. This decline was primarily driven by soft demand for domestic travel in Argentina, reflecting the current challenging market environment in the country.

請翻到第 4 頁回顧客運趨勢。總體而言，總客運量同比下降 4％，如果不包括納塔爾，則下降 1.5％。這一下降主要是由於阿根廷國內旅遊需求疲軟，反映出該國當前充滿挑戰的市場環境。

By contrast, international traffic in Argentina remained a bright spot, supported by additional routes and flight frequencies. We also continue to see positive momentum in Uruguay, Italy and Brazil. Let's take a closer look at some key year-on-year trends by region.

相較之下，在新增航線和航班頻率的推動下，阿根廷的國際客運量仍是亮點。我們也繼續看到烏拉圭、義大利和巴西的積極勢頭。讓我們仔細看看各地區的一些關鍵同比趨勢。

In Italy, passenger traffic grew 6%, led by a 7% growth in international traffic while domestic traffic was up by low single digits. This performance extended into October with passenger traffic growing at 6.1% versus the same month of 2023.

在義大利，客運量增加了 6%，其中國際客運量增加了 7%，而國內客運量僅增加了個位數。這一表現延續到 10 月份，客運量與 2023 年同期相比成長了 6.1%。

Uruguay continued its strong recovery with passenger numbers up 15%, fueled by new routes and additional frequencies by JetSMART and SKY introduced in the prior quarter. Looking ahead, SKY and LATAM Airlines announced resumption of routes to Rio Janeiro and Santiago de Chile for the summer season, while American Airlines will resume its Montevideo-Miami route in November, adding further connectivity to Uruguay.

烏拉圭繼續強勁復甦，客運量成長了 15%，這得益於 JetSMART 和 SKY 在上一季推出的新航線和增加的航班頻率。展望未來，天空航空和南美航空宣布夏季恢復飛往裡約熱內盧和智利聖地牙哥的航線，而美國航空將於11月恢復飛往蒙得維的亞-邁阿密的航線，進一步增加與烏拉圭的連結。

In October, passenger traffic rose by 2.6%. In Brazil, traffic saw a recovery this quarter, up 6% when excluding Natal Airport, even while domestic traffic remains affected by aircraft constraints. This performance extended into October with passenger traffic ex-Natal, growing at a strong 12% versus the same month of 2023.

10月份，客運量成長2.6%。在巴西，本季客運量出現復甦，若不包括納塔爾機場，客運量增加了 6%，儘管國內客運量仍受到飛機限制的影響。這一表現延續到 10 月份，納塔爾以外的客運量與 2023 年同期相比強勁增長了 12%。

In Argentina, total passenger traffic was down 6%, and reflecting an 11% decline in domestic traffic, which remains impacted by the ongoing recession and tough comparisons to last year's Previaje government program, which boosted domestic travel but was not repeated this year. By contrast, we continue to see a positive trend in international traffic, up nearly 10%, driven by the continued return of routes and increased flight frequencies.

在阿根廷，總客運量下降了6%，其中國內客運量下降了11%，這仍然受到持續經濟衰退的影響，而且與去年的Previaje 政府計劃相比，該計劃促進了國內旅遊，但今年沒有重複。相較之下，我們繼續看到國際客運量的正面趨勢，成長了近 10%，這得益於航線的持續恢復和航班頻率的增加。

For example, Aerolíneas Argentinas launched new routes to Rio de Janeiro and Punta Cana, while carriers including Gol, Copa and Avianca added frequencies on several routes. We also saw solid performance in key tourist destinations such as Bariloche, Iguazu and Mendoza, fighting to offset some of the domestic weakness. In October, international traffic continued to perform well.

例如，阿根廷航空公司開通了飛往裡約熱內盧和蓬塔卡納的新航線，而包括戈爾航空、巴拿馬航空和哥倫比亞航空在內的航空公司則增加了多條航線的航班頻率。巴里洛切、伊瓜蘇和門多薩等主要旅遊目的地也表現穩健，抵銷了國內市場的部分疲軟影響。10月份，國際客運持續表現良好。

growing 7% year on year. Traffic in Armenia declined in the low single digits, following very strong traffic last year on the back of the entrance of new airlines and frequencies. In October, total traffic decreased by 2.4% compared to the same month last year.

較去年同期成長7%。亞美尼亞的客運量在去年由於新航空公司的加入和航班頻率的增加而非常強勁，而今年則下降了個位數。10月份，總客運量與去年同期相比下降了2.4%。

Ecuador continued to experience a mid-single-digit decline in total traffic led by a 10% contraction in domestic traffic, reflecting the exit of a local airline in October last year and persistently high effort prices which have dampened travel demand. This trend continued into October with traffic declining 1.4% year on year.

厄瓜多爾的總客運量繼續呈現中等個位數下滑，其中國內客運量下降了 10%，這主要是因為去年 10 月當地一家航空公司退出，以及持續的高昂票價抑制了旅遊需求。這一趨勢持續到 10 月份，客流量較去年同期下降 1.4%。

Now moving on to slide 5. We saw continued momentum in cargo volumes, which increased 4.4% year on year. Argentina, Brazil and Armenia were particularly strong contributors collectively accounting for 80% of total cargo volumes.

現在看投影片 5。貨運量持續維持成長勢頭，較去年同期成長 4.4%。阿根廷、巴西和亞美尼亞的貢獻尤其突出，這三個國家合計佔總貨運量的 80%。

Despite volume growth, cargo revenues declined 12% year on year largely due to lower revenues in Argentina, impacted by a reduction in the number of storage days for imported goods. We continue to monitor these revenue trends closely and remain focused on maintaining efficient operations across all regions.

儘管貨運量有所增長，但貨運收入卻比去年同期下降了 12%，這主要是由於阿根廷收入下降，受到進口貨物倉儲天數減少的影響。我們將繼續密切關注這些收入趨勢，並繼續致力於維持所有地區的高效營運。

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

我現在將電話轉給 Jorge，他將審查我們的財務結果。請繼續。

Thank you, Martin, and good day, everyone. Let's start with our top line on slide 6. Total revenues ex-IFRIC12 decreased 4.2% year on year, in line with lower passenger traffic, while our revenue per passenger remained consistent at $19, capitalizing on CAAP's geographically diverse portfolio.

謝謝你，馬丁，大家好。讓我們從第 6 張投影片的頂行開始。不以 IFRIC12 計算的總收入年減 4.2%，原因是客流量減少，而我們從每位乘客獲得的收入仍維持在 19 美元左右，這得益於 CAAP 地域多元化的投資組合。

aeronautical revenues were down 1.5% year on year, mainly due to a onetime tariff compensation of $5.8 million received in Italy in the third quarter of last year. This was partially offset by the strong performance we saw in Uruguay, where we achieved a remarkable 22% increase in aeronautical revenues, as we continue to leverage from positive momentum in this country.

航空收入較去年同期下降1.5%，主要由於去年第三季義大利收到580萬美元的一次性關稅補償。我們在烏拉圭的強勁表現部分抵消了這一影響，我們在烏拉圭的航空收入實現了 22% 的顯著增長，我們繼續利用這個國家的積極勢頭。

Importantly, in Argentina, where aeronautical revenues remained fairly stable, we received approval for a 124% increase in the domestic passenger tariffs effective November 1. The commercial revenues decreased 6.6% year on year, mainly impacted by lower cargo and duty-free revenues in Argentina and lower fuel revenues in Armenia.

重要的是，在航空收入保持相當穩定的阿根廷，我們獲得批准，從 11 月 1 日起將國內客運運價提高 124%。商業收入較去年同期下降6.6％，主要受阿根廷貨運和免稅收入下降以及亞美尼亞燃料收入下降的影響。

This was partially offset by higher revenues from VIP lounges, parking, catering, and advertisement with strong performance in Italy, Uruguay and Ecuador. Moreover, in Brazil, we recently secured three new real estate agreements, providing further evidence of our objective to enhance our non-aeronautical revenues.

貴賓休息室、停車、餐飲和廣告收入的增加部分抵消了這一增長，義大利、烏拉圭和厄瓜多爾的表現強勁。此外，在巴西，我們最近簽署了三項新的房地產協議，進一步證明了我們提高非航空收入的目標。

Now turning to slide 7. Total costs and expenses ex-IFRIC12 increased 5% year on year, mainly reflecting inflationary pressures in Argentina's operating expenses as the local inflation rate was above currency devaluation.

現在翻到第 7 張投影片。未以 IFRIC12 編製的總成本及費用年增 5%，主要反映由於當地通膨率高於貨幣貶值，阿根廷經營費用面臨通膨壓力。

As a reminder, approximately 60% of total costs in Argentina are denominated in pesos, which have been impacted by retroactive adjustments based on inflation rates that are greater than the current rate. Importantly, we remain focused on maintaining strict cost controls, particularly in Argentina, where we continue to navigate challenging macro dynamics. However, we anticipate a more stable environment for the remainder of the year.

提醒一下，阿根廷約 60% 的總成本以比索計價，而這些成本受到了基於高於當前通膨率的追溯調整的影響。重要的是，我們仍然專注於維持嚴格的成本控制，特別是在阿根廷，我們繼續應對充滿挑戰的宏觀動態。然而，我們預計今年剩餘時間的環境將更加穩定。

Moving on to profitability on slide 8. Adjusted EBITDA ex-IFRIC12 was $145 million, a 16% year-on-year decline largely explained by the performance we saw in Argentina. This was partially offset by another quarter of double-digit growth in adjusted EBITDA in Uruguay and a positive contribution from Brazil, where we benefit the reversal of a $2.1 million provision that had been set in the fourth quarter of 2023 related to the 2023 COVID economic compensation, which ultimately did not occur due to a change in methodology we obtained with the regulatory agencies.

在第 8 張投影片上討論獲利能力。調整後的 EBITDA（不計入 IFRIC12）為 1.45 億美元，年減 16%，主要是由於阿根廷的表現不佳。這被烏拉圭調整後 EBITDA 的另一個季度的兩位數增長和巴西的積極貢獻部分抵消，我們受益於 2023 年第四季度與 2023 年 COVID 經濟相關的 210 萬美元撥備的逆轉。監管機構達成的方法發生了改變，因此最終並未獲得補償。

We are very encouraged by the underlying performance of our operations in Italy despite facing difficult comparisons in this quarter due to a previously mentioned onetime tariff compensation related to previous years.

儘管由於前面提到的與前幾年相關的一次性關稅補償，本季的業績對比很困難，但我們對義大利業務的基本表現感到非常鼓舞。

Turning to slide 9. Supported by our robust cash flow generation, we closed the quarter with a total liquidity position of $605 million, up 32% when compared to year-end 2023.

翻到第 9 張投影片。在強勁現金流的支持下，我們本季結束時的總流動資金狀況為 6.05 億美元，與 2023 年底相比成長了 32%。

Furthermore, all of our operating subsidiaries reported positive cash flow from operating activities during the nine months period. Along these lines, following the end of the quarter, AA2000, our Argentine subsidiary, approved a dividend solution of $80 million, of which $68 million will be paid to CAAP subsidiaries.

此外，我們所有的營運子公司在九個月期間均報告了來自經營活動的正現金流。因此，本季結束後，我們的阿根廷子公司 AA2000 批准了 8,000 萬美元的股息解決方案，其中 6,800 萬美元將支付給 CAAP 子公司。

Despite challenging macro dynamics in Argentina, we generated excess cash while maintaining healthy debt levels and meeting our capital expenditures commitments, providing evidence of the strength of our operations in Argentina.

儘管阿根廷的宏觀環境充滿挑戰，但我們在保持健康的債務水平和履行資本支出承諾的同時，產生了超額現金，證明了我們在阿根廷的業務實力。

Moving on to debt and maturity profile on slide 10. Our net leverage ratio stood at 0.9 times at quarter end. The reduction in net leverage resulted from the amortization of scheduled principal payments, early redemption in Argentina and Armenia in the second quarter of 2024, as well as cash generation.

前往投影片 10 上的債務和到期情況。季度末，我們的淨槓桿率為 0.9 倍。淨槓桿率的下降是由於預定的本金支付的攤銷、2024 年第二季度在阿根廷和亞美尼亞的提前贖回以及現金產生。

Wrapping up on my end, while we faced some headwinds in the quarter, our business remains strong, supported by a robust balance sheet, a healthy debt profile, positioning us well to capitalize on future growth opportunities. As we move forward, we remain focused on managing costs and strengthening our commercial operations to drive sustainable growth and create value to our stakeholders.

總而言之，雖然我們在本季面臨一些阻力，但我們的業務依然強勁，得益於穩健的資產負債表和健康的債務狀況，這使我們能夠充分利用未來的成長機會。在前進的過程中，我們將繼續專注於管理成本和加強商業運營，以推動永續成長並為利害關係人創造價值。

I will now hand the call back to Martin, who will provide closing remarks and discuss our view for the remainder of the year.

現在我將把電話交還給馬丁，他將致最後發言並討論我們對今年剩餘時間的看法。

As we conclude our prepared remarks, please turn to slide 12 for key takeaways before opening the call for questions and answers. Our geographic diversification helped to partially mitigate software results in Argentina on the back of a difficult macro environment.

在我們結束準備好的發言後，請在開始問答環節之前翻到第 12 張投影片查看要點。在艱難的宏觀環境下，我們的地域多樣化有助於部分緩解阿根廷軟體業績的下滑。

Notably, we experienced strong international traffic performance in Argentina, combined with overall traffic growth in Uruguay, Italy and Brazil expat. We remain focused on driving commercial revenue growth across our portfolio, leveraging opportunities in each of our markets.

值得注意的是，我們在阿根廷的國際流量表現強勁，同時烏拉圭、義大利和巴西的整體流量也實現了成長。我們將繼續專注於推動整個投資組合的商業收入成長，並利用每個市場的機會。

Specifically, we are pleased to report that construction is underway on a new cover parking facility at Carrasco Airport in Uruguay, which will add 180 additional parking spaces. In Argentina, we have introduced new parking-related services initiatives and work has commenced on expanding the duty-free area in arrivals terminal at Ezeiza Airport to 1,100 square meters from 700.

具體而言，我們很高興地報告，烏拉圭卡拉斯科機場的新室內停車場正在建設中，將增加 180 個停車位。在阿根廷，我們推出了新的停車相關服務舉措，並已開始將埃塞薩機場到達航站樓的免稅區面積從 700 平方米擴建至 1,100 平方米。

Additionally, in Brazil, three new real estate contracts were signed in Brasilia Airport, further enhancing our commercial offerings and elevating the passenger experience. We closed the quarter with a strong cash position and net leverage ratio at historical lows despite a mid-teen decline in adjusted EBITDA ex-IFRIC12. Progress continues on key projects across our airport concessions aim and driving further growth.

此外，在巴西，巴西利亞機場簽署了三份新的房地產合同，進一步增強了我們的商業服務並提升了乘客體驗。儘管調整後的 EBITDA（不計入 IFRIC12）出現了十五六度的下降，但我們在本季結束時仍保持了強勁的現金狀況和歷史低點的淨槓桿率。我們的機場特許經營目標重點項目繼續取得進展並推動進一步成長。

negotiations with the Armenian government on our proposed CapEx plans and progressing and finance approval for the Florence Airport Master plan in Italy is expected by year-end. Additionally, we continue to assess expansion projects in other regions in line with our commitment with value creation.

我們將與亞美尼亞政府就擬議的資本支出計劃進行談判，預計今年年底前將獲得義大利佛羅倫薩機場總體規劃的進展和財務批准。此外，我們將繼續評估其他地區的擴建項目，以履行我們創造價值的承諾。

On Argentina, while the primary challenge has been the FX and inflation dynamics as inflation continues to receive, we are optimistic that we will see a further reduction in the gap between inflation and devaluation in the coming months. This, coupled with the recent domestic tariff increase provides a more favorable context to support both revenue growth and operational resilience.

對阿根廷來說，雖然主要的挑戰是外匯和通膨動態，因為通膨持續上升，但我們樂觀地認為，未來幾個月通膨和貶值之間的差距將進一步縮小。再加上最近國內關稅的上調，為支持收入成長和營運彈性提供了更有利的環境。

Additionally, strong international passenger numbers in October further bolster our positive outlook for the remainder of the year while we continue to closely monitor the situation with Aerolineas Argentinas. As always, we remain focused on delivering solid financial results maintaining a healthy balance sheet and creating sustainable value for our shareholders. This financial flexibility enables us to support our ongoing growth initiatives across diverse geographies.

此外，10 月強勁的國際旅客數量進一步增強了我們對今年剩餘時間的樂觀展望，同時我們將繼續密切關注阿根廷航空公司的情況。像往常一樣，我們將繼續專注於實現穩健的財務表現、維持健康的資產負債表並為股東創造可持續的價值。這種財務靈活性使我們能夠支持不同地區的持續成長計畫。

Thank you for your continuous trust and support. This concludes our prepared remarks. We are now ready to take your questions.

感謝您一直以來的信任與支持。我們的準備好的演講到此結束。我們現在準備好回答你們的問題。

Operator, please open the line for questions.

接線員，請打開電話線以回答問題。

(Operator Instructions) Alejandro Demichelis at Jefferies.

（操作員指示）傑富瑞 (Jefferies) 的 Alejandro Demichelis。

Yes. Good morning, guys. Three questions, please, if I may. The first one is, Martin, you mentioned you're monitoring the situation of Aerolíneas Argentina. Could you please give us some indication of how you're seeing the potential impact if the government finally decides to close down Aerolineas and where these things can go? That's the first question.

是的。大家早安。請問我三個問題。第一個問題，馬丁，你提到你在關注阿根廷航空公司的情況。如果政府最終決定關閉 Aerolineas，您能否告訴我們，您認為會造成怎樣的潛在影響，以及這些東西會如何處理？這是第一個問題。

Second question is maybe you can give us some kind of indication of what we can expect from the Florence Airport agreement that you were talking about in terms of CapEx, timing of construction? And the third question is last quarter, you indicated that you were making some progress on the review of the contract in Argentina. Maybe you can give us an update on where you are at the moment, please?

第二個問題是，您能否向我們介紹您所提到的佛羅倫斯機場協議在資本支出、建造時間等方面的預期？第三個問題是上個季度，您表示在阿根廷合約審查方面取得了一些進展。也許您可以告訴我們您目前的情況？

Alejandro, thank you for your questions and your interest. Let me answer in order. To give you a sense of what Aerolíneas Argentinas means for CAAP is about 6% of CAAP revenues are coming from our Aerolíneas Argentinas' operations and in terms of the operation in Argentina itself is 15%.

亞歷杭德羅，感謝您的提問與關注。讓我按順序回答。為了讓您了解阿根廷航空對 CAAP 的意義，我們可以告訴您，CAAP 約 6% 的收入來自阿根廷航空公司的運營，而就阿根廷本土的運營而言，這一比例為 15%。

And each situation is very different and very complicated and this is -- this has political context also to take into consideration beyond the economics of the situation. So it will be difficult for me to comment exactly on what can happen.

而且每種情況都非常不同，非常複雜，除了經濟因素之外，還需要考慮政治背景。因此我很難準確地評論到底會發生什麼。

I can give you an example on a different situation, but that remarks the resilience of this business and of the demand for travel. In 2012, we were operating Montevideo airport, the national airline, which was more than twice as big as Aerolíneas is for us in that operation and stop planning from one day to the next.

我可以給你一個不同情況的例子，但這反映了這項業務和旅遊需求的彈性。2012 年，我們營運蒙得維的亞機場，這是國家航空公司，其規模是阿根廷國家航空公司的兩倍多，對於我們來說，這項運營無需每天做計劃。

And of course, there was an impact, but for our company and the recovery that was sustained in the next two years. Even in the same year and the following year that the company stopped operation, our EBITDA kept growing. So that remarks the resiliency of this business.

當然，這是有影響的，但對於我們公司以及未來兩年持續的復甦而言，影響是存在的。即使在公司停止營運的同一年和隔年，我們的 EBITDA 仍然保持成長。這顯示了該業務的彈性。

And I think that that's a good example on a way to look at possibilities for what can happen. Although, again, the situation is very good and I would rather not get into different scenarios for everything that we see on the news regarding that situation in Argentina.

我認為，這是一個很好的例子，讓我們了解可能發生的情況。儘管如此，目前的情況非常好，我寧願不去討論新聞中報道的有關阿根廷局勢的不同情況。

Regarding Florence, as we said in the presentation, we expect to finish the approval process, hopefully, by the end of the year for the environmental impact and the possibility to ask for a construction permit and begin the construction.

關於佛羅倫薩，正如我們在演講中所說，我們希望在年底前完成審批程序，以評估環境影響，並有可能申請建築許可證並開始施工。

That will allow us to build a new runway which, by the way, will be the first new runway in Italy for many, many years, even after the Second World War. And that would mean that we will be able to increase the number of flights and destinations for Florence, which is a magnificent tourist destination.

這樣我們就可以建造一條新跑道，順便說一句，這將是義大利多年來，甚至是二戰後的第一條新跑道。這意味著我們將能夠增加飛往佛羅倫薩的航班數量和目的地，佛羅倫薩是一個美麗的旅遊勝地。

And that will allow us to realize the potential of tourism in Florence by us, thus creating the possibility of growing at least twice to what we have today as an airport there. In terms of timing as well, we expect construction to take somewhere between two and three years for the whole project, which includes a new runway and the new terminals.

這將使我們能夠發揮佛羅倫薩的旅遊業潛力，從而使那裡的機場規模至少比現在擴大一倍。從時間安排上看，我們預計整個項目的建設將耗時兩到三年，其中包括新跑道和新航站樓的建設。

As far as the contract in Argentina, we -- last time we said we were expecting the government to conduct the provision of the economic re-equilibrium of the concession. We know that this is happening now. It's a little bit delayed, but this is happening.

就阿根廷的合約而言，我們上次說過，我們期待政府對特許權進行經濟再平衡。我們知道這件事正在發生。雖然有點延遲，但事情確實發生了。

We are waiting for it to finish. And for us to be communicated by the regulator of the results. And once we have that, we can work together with the regulator on the path ahead in terms of what we see in those results. But until it's not officially finished and we have the results, it will be difficult for me to comment on what can be the path forward, but we are making progress.

我們正在等待它完成。而監管機構會向我們通報結果。一旦我們掌握了這些，我們就可以與監管機構共同合作，根據結果制定未來的發展方案。但在其正式完成並得到結果之前，我很難評論未來的道路，但我們正在取得進展。

That's very clear. Thank you.

這非常清楚。謝謝。

Thank you, Alejandro.

謝謝你，亞歷杭德羅。

Fernanda Recchia. BTG.

費爾南達·雷基亞。乙太。

Hello, Martin, Jorge, Inaki. Thank you for taking my question. Two here from our side. First, I want to have a color on traffic trends going forward. Maybe if you could comment on Argentina, what are you looking for 2025? We have seen international routes performing well, but domestic routes have been performing a little bit lower. So what should we anticipate for next year?

你好，馬丁、豪爾赫、伊納基。感謝您回答我的問題。我們這邊有兩個。首先，我想了解未來的交通趨勢。也許您可以評論一下阿根廷，您對 2025 年有什麼期待？我們看到國際航線表現良好，但國內航線表現略差。那麼，我們對明年該有何期待呢？

And also, if you could comment regarding other regions such as Uruguay that has been performing strongly, Brazil that we have a goal of leaving Chapter 11 next year. So maybe it would be good to hear a little bit more on traffic trends per region is my first one.

此外，如果您可以評論其他地區，例如表現強勁的烏拉圭和巴西，我們的目標是明年擺脫第 11 章。因此，也許最好多了解每個地區的交通趨勢，這是我的第一個問題。

And the second, just a comment on the review of Argentina, but in the sense of the tariff negotiation to. Just to be clear, the agreement that you got now is just related to 2024? And I was wondering if you still expect any further adjustment in domestic tariff for next year? Thank you.

第二，我只是對阿根廷的審查發表一些評論，但從關稅談判的意義上來說。需要明確的是，您現在獲得的協議僅與 2024 年有關嗎？請問您是否預計明年國內關稅還會進一步調整？謝謝。

Hi, Fernanda. How are you? Jorge here. Thank you very much for your question. So starting with traffic trends. We continue to see positive dynamics in Uruguay in Brazil, in Italy. Armenia has been on the sidelines in the past quarters, as you know.

你好，費爾南達。你好嗎？這裡是豪爾赫。非常感謝您的提問。所以從交通趨勢開始。我們繼續看到烏拉圭、巴西和義大利的積極勢頭。如你所知，亞美尼亞在過去幾個季度一直處於觀望狀態。

We think that there is a chance that we see some growth going forward given new routes to Asia on Ecuador sidelines. And Argentina, we continue to see very positive dynamics on international and not positive dynamics in the domestics as we have been seeing in the past several months. That was your first question. Your second question was anything specific, different than that?

我們認為，由於厄瓜多爾開通了飛往亞洲的新航線，未來有機會實現一些成長。就阿根廷而言，我們繼續看到國際上非常積極的動態，但國內動態並不像我們過去幾個月看到的那樣積極。這是你的第一個問題。您的第二個問題與此有何不同，有什麼具體區別嗎？

Thank you, Jorge. Yes. Regarding the second one, I just wanted to understand if you expect any further tariff revision in the domestic market for Argentina for next year?

謝謝你，豪爾赫。是的。關於第二個問題，我只是想了解，您是否預計明年阿根廷國內市場的關稅會進一步調整？

Sorry, that's right. Yeah, the tariff has been just -- adjusted the domestic tariff to about $5.5 currently. Right now, we do not expect any further adjustments.

抱歉，沒錯。是的，關稅剛剛調整，目前國內關稅約為 5.5 美元。目前，我們預計不會有任何進一步的調整。

Okay. Thank you.

好的。謝謝。

Jay Singh, Citi.

花旗銀行的傑伊辛格 (Jay Singh)。

Hey. Thanks for taking my question. Jay Singh dialing on for Stephen Trent here. The first thing I want to ask is, what opportunities do you see to increase the duration of your concession assets maybe even on the AA2000 or anything else across the region?

嘿。感謝您回答我的問題。傑伊辛格 (Jay Singh) 在這裡為史蒂芬特倫特 (Stephen Trent) 撥打電話。我想問的第一件事是，您認為有哪些機會可以延長特許資產的期限，例如在 AA2000 或該地區的其他項目上？

Jay, would you mind repeating the question? I'm having travel hearing you.

傑伊，你介意重複一下這個問題嗎？我正在聽你說話，旅行呢。

Yeah, sure. So what opportunities do you see to increase the duration of your concession assets? Maybe another AA2000 or anywhere else across the regions?

是的，當然。那麼您認為有哪些機會可以延長特許資產的期限？也許是另一個 AA2000 或其他地區？

Okay. Well, thank you for your questions, Jay. As we see in the presentation, we are working on a CapEx proposal that will enable us to adjust the size and the capacity of the airports in Armenia to the current demand and future demand. That is a major investment for the size of the concession.

好的。好吧，謝謝你的提問，傑伊。正如我們在演示中看到的，我們正在製定一項資本支出提案，這將使我們能夠根據當前需求和未來的需求調整亞美尼亞機場的規模和容量。就特許經營權的規模而言，這是一項重大投資。

And as we said, we are talking to the government to create the right environment for such investments. So we expect to close a positive negotiation with the government there that will allow us to make that investment.

正如我們所說，我們正在與政府溝通，為此類投資創造良好的環境。因此，我們希望與地方政府完成積極的談判，以便我們能夠進行這項投資。

And one of the main barriers that we have to take into account for such negotiation with the duration of the contract. But until we do not have a closing with the government, is it difficult to say exactly how when and how much -- but of course, that is one of the main levers to pull to be able to enable such an investment in Armenia.

在此類談判中我們必須考慮的一個主要障礙是合約期限。但是，在我們與政府達成協議之前，很難說具體如何、何時以及多少——但當然，這是能夠在亞美尼亞進行此類投資的主要槓桿之一。

And as you asked for the case of Argentina, that will be subject to the outcome of the revision of the commit of the construction from the regulators and the different options that we will have from there depending on the result to take action in terms of making sure that we are having to the regulated IRR of the contract.

正如你所提到的阿根廷的情況，這將取決於監管機構對建設承諾的修訂結果，以及我們將根據結果採取的不同行動，從而做出決定。 。

But I guess that will be seen as we move ahead in the results and in the conversations that we will have with the regulator. And the possibilities also that the law will give us in terms of ways to rebalance the concession is in the case that is needed. But that will be as of today, what we can say regarding possible extensions in the different contracts that we have.

但我想，隨著我們的成果和與監管機構的對話不斷推進，這一點將會顯現出來。在需要的情況下，法律也將為我們提供重新平衡讓步的可能性。但截至今天，我們可以談論的是我們所簽訂的不同合約可能延長的期限。

Got it. Thanks so much. That's it for me.

知道了。非常感謝。對我來說就是這樣了。

(Operator Instructions) Marina Mertens, Latin Securities.

（操作員指令）Marina Mertens，拉丁證券。

Hi. Good morning. Thanks for taking my questions. I have two questions. The first one is regarding Argentina. So in recent quarters, commercial revenues and domestic traffic has shown year-over-year declines as last year's results were boosted by the favorable FX and the Previaje program.

你好。早安.感謝您回答我的問題。我有兩個問題。第一個問題涉及阿根廷。因此，最近幾個季度，商業收入和國內客運量同比出現下降，因為去年的業績受到有利的外匯和 Previaje 計劃的推動。

Do you will say that this figures are more normalized levels that could be sustained over time rather than compared to last year? And then the second one, you mentioned that you expect Argentina as international traffic the positive trend to continue.

您是否認為與去年相比，這些數字是更正常的水平，並且能夠長期維持？然後第二個問題，您提到，您預計阿根廷的國際交通量將繼續呈現正面趨勢。

Do you think this could eventually -- or the improved international traffic could eventually offset the negative results from lower commercial revenues and a weaker domestic performance?

您認為這最終能否——或者國際客流量的改善最終能夠抵消商業收入下降和國內業績疲軟帶來的負面結果嗎？

Hello, Jorge here. Thank you so much for your questions. So the few -- the last few quarters, we have been negatively impacted in Argentina, as you pointed out, due to several reasons. The decline in domestic passengers the decline in cargo revenues, the decline in duty-free related revenues, the fact that the tariff has been adjusted -- the domestic tariffs, I'm sorry, has just been adjusted a few weeks ago. And also because of inflation has been in the first -- in the last six to nine months out of --

你好，我是 Jorge。非常感謝您的提問。因此，正如您所指出的，過去幾個季度，由於多種原因，我們在阿根廷受到了負面影響。國內旅客數量的下降，貨運收入的下降，免稅相關收入的下降，以及關稅的調整——對不起，國內關稅幾週前剛調整過。而且由於通貨膨脹，在過去的六到九個月裡--

Thank you. We have no further questions at this time. I will turn the call back over to Martin Eurnekian for closing remarks.

謝謝。目前我們沒有其他問題。我將把電話轉回給馬丁尤內基安，請他作最後發言。

I want to thank everybody for joining us today. Thank you for your interest in our company. And please remember that our team is always available to take your questions or anything that you might need from Corporación América Airports. Thank you very much and have a good day.

我感謝大家今天的出席。感謝您對我們公司的關注。請記住，我們的團隊隨時準備好解答您的問題或解答您對 Corporación América Airports 的任何需求。非常感謝，祝您有美好的一天。

Ladies and gentlemen, this concludes your conference for today. We thank you for participating and we ask that you please disconnect your lines.

女士們、先生們，今天的會議到此結束。感謝您的參與，並請您斷開線路。