Business Context and Reporting Period
Corporación América Airports S.A. (CAAP), the leading private airport operator in Latin America, filed this Form 6-K on December 20, 2021. The filing announces a strategic divestiture of its 50% ownership interest in Aeropuertos Andinos del Perú S.A. (AAP), a joint venture operating five airports in Peru.
Key Financial Metrics
The filing provides historical financial data for the Peru segment, which was not consolidated in CAAP's results:
- Adjusted EBITDA (2020): $(6.6) million
- Adjusted EBITDA (2019): $(5.1) million
- Passenger Traffic Share (2020): 4.8% of total traffic
- Passenger Traffic Share (2019): 4.3% of total traffic
The filing does not provide current revenue, profit, cash flow, debt, or liquidity figures for the consolidated company.
Material Changes
CAAP has signed an agreement to transfer its entire 50% stake in AAP to Andino Investment Holding S.A. Following this transaction, Andino will own 100% of AAP. This marks a complete exit from operations in Peru.
Outlook, Management Commentary, and Risks
Strategic Rationale: Management states the decision is part of a long-term plan to concentrate resources on core assets in jurisdictions with meaningful long-term growth opportunities.
Operational Scope: The company continues to operate 53 airports across six countries (Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy). In 2019, the company served 84.2 million passengers.
Risks/Contingencies: The filing does not explicitly detail specific risks or contingencies associated with the transaction beyond the strategic shift.
Key Facts for Investor Verification
- Confirmation of the final closing date and total consideration received for the 50% stake in AAP.
- Impact of the divestiture on CAAP's consolidated financial statements and future Adjusted EBITDA guidance.
- Details regarding the remaining 50% stake held by Andino and any ongoing contractual obligations between the parties.
- Verification of the company's current total airport count and passenger traffic trends post-2019.