Corporacion America Airports(US:CAAP)2025-08-11 20:28Financial Performance - Sales income for the six-month period ended June 30, 2025, was $557.5 million, a slight increase from $553.1 million in the same period of 2024, representing a growth of 0.4%[9] - Operating profit for the period was $139.7 million, down 20.4% from $175.3 million in the previous year[9] - Net income for the period was $73.8 million, a decrease of 75.6% compared to $302.5 million in the same period of 2024[9] - The company reported a gross profit of $197.5 million for the six-month period, down 10.8% from $221.4 million in the previous year[9] - Total revenues for the six months ended June 30, 2025, reached $557,505 million, a slight increase from $553,105 million in the same period of 2024[75] - Aeronautical income for the six months ended June 30, 2025, was $320,865 million, compared to $323,542 million in 2024, reflecting a decrease of 0.5%[75] - Non-aeronautical income for the six months ended June 30, 2025, increased to $236,640 million from $229,563 million in 2024, representing a growth of 3.1%[75] - Total costs for the six months ended June 30, 2025, amounted to $360,208 million, up from $331,872 million in 2024, indicating an increase of 8.5%[76] - The company recorded commercial income of $939 million with Duty Paid S.A. for the six-month period ended June 30, 2025, compared to $1,182 million for the same period in 2024, a decrease of 20.5%[114] Assets and Liabilities - Total assets as of June 30, 2025, were $2,648.4 million, a decrease from $2,658.4 million at the end of 2024[11] - Cash and cash equivalents increased to $144.3 million from $122.7 million at the end of 2024, reflecting a growth of 17.6%[11] - Total shareholders' equity rose to $1,427.5 million, up from $1,353.5 million at the end of 2024, indicating an increase of 5.5%[11] - Financial debts decreased to $608.9 million from $644.4 million, a reduction of 5.5%[11] - The net balance of financial debts decreased to $692,703 million as of June 30, 2025, from $740,931 million at the end of 2024, reflecting a reduction of 6.5%[85] - Current liabilities decreased to $114,893 million as of June 30, 2025, down from $163,767 million at December 31, 2024, a reduction of 29.8%[120] - Total liabilities decreased to $728,682 million as of June 30, 2025, compared to $816,057 million at December 31, 2024, reflecting a decline of 10.7%[120] - Provisions and other charges totaled $25,239 million as of June 30, 2025, down from $40,034 million at December 31, 2024, a decrease of 37.0%[119] Cash Flow and Investments - Net cash flow generated by operating activities increased significantly to $137.619 million in Q2 2025, compared to $52.826 million in Q2 2024, marking an increase of approximately 160.2%[16] - The company’s cash flow from investing activities showed a net outflow of $12.754 million in Q2 2025, compared to an outflow of $10.982 million in Q2 2024, reflecting a worsening of approximately 16.1%[16] - Current investments surged to $55,040 million as of June 30, 2025, compared to $25,660 million at December 31, 2024, marking an increase of 114.3%[102] Expenses and Provisions - Distribution and selling expenses increased to $35.1 million, up from $33.0 million, reflecting a rise of 6.4%[9] - Administrative expenses for the six months ended June 30, 2025, rose to $30,114 million, up from $23,714 million in 2024, marking an increase of 27%[78] - The company reported an increase in amortization of intangible assets to $81.883 million in Q2 2025 from $59.362 million in Q2 2024, an increase of approximately 37.9%[16] - The provision for bad debts increased to $12,591 million as of June 30, 2025, compared to $10,906 million at the end of 2024, representing a rise of 15.4%[99] Shareholder Information - The company incurred a total of $29.567 million in dividend payments during Q2 2025, compared to no dividend payments in Q2 2024[16] - The company allocated $1,318 million in short-term compensation to key management for the six-month period ended June 30, 2025, up from $868 million in the same period of 2024, an increase of 51.7%[114] Economic Indicators - The income tax loss for the six-month period ended June 30, 2025, was $33,281 million, with an inflation adjustment of $79,219 million due to a cumulative CPI variation exceeding 100%[73][74] - The price index as of June 30, 2025, was reported at 8,871.3479, with a six-month inflation rate of 12.8% and a year-on-year rate of 39.7%[60] - The inflation rate for the first semester of 2025 was reported at 51.62%, with a quarterly devaluation of 7.4%[129] Operational Highlights - Passenger traffic reached 22,039 thousand in the first half of 2025, a 14.5% increase compared to 19,252 thousand in the same period of 2024[169] - The company expects continued growth trends in passenger traffic for the remainder of 2025, aiming for a record year[174] - The second phase of the 2025 capital expenditure program is underway, focusing on runway works and terminal upgrades to enhance capacity and service levels[176] Compliance and Audit - The consolidated interim financial statements of Aeropuertos Argentina 2000 S.A. as of June 30, 2025, include significant events and circumstances known to the company[191] - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with Argentine professional accounting standards[189] - The external auditor's review was conducted in accordance with International Standards for Review Engagements NIER 2410, ensuring the reliability of the interim financial information[188] - The Board of Directors is responsible for the preparation and issuance of the financial statements, adhering to International Accounting Standard 34 "Interim Financial Reporting" (IAS 34)[189] - The review period did not reveal any significant issues or observations that would affect the financial statements[192] - The external auditor's report was issued on August 6, 2025, confirming the integrity of the financial statements[188]