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Yahoo
27-05-2025
- Business
- Yahoo
Iceland Seafood International hf: Q1 2025 Results: Continued Operational Recovery and Refinancing in The Final Stages
Continued Operational Recovery and Refinancing in The Final Stages Normalised profit before tax for Q1 2025: €2.3m, compared with €1.9m for Q1 2024 Sales for Q1 2025: €119.3m, up 4.8% from Q1 2024 Net margin for Q1 2025: €12.3m, up from €10.5m from Q1 2024 EBITDA for Q1 2025 was €5.4m up from €3.2m Q1 2024 12-month EBITDA reached €18.5 million, up from €11.8 million in Q1 2024 Net profit for Q1 2025: €1.0m compared with €0.1m for Q1 2024 Basic earnings per share (EPS) for Q1 2025 €0.0324 cents per thousand shares compared to €0.0025 cents per thousand shares for Q1 2024 Total assets of €256.2m at the end of March 2025 were €2.3m higher than at the beginning of the year Equity ratio of 29.9% at the end of Q1 2025 vs 26.8% at the end of Q1 2024 Normalised PBT Outlook range for 2025 is €7.5m – €9.5m Sales of the VA S-Europe division were €57.1m in the period, an increase of 2,3% from last year. Normalised PBT for the Division was €2.3m, up €0.2m from Q1 2024, despite unfavourable currency movements concerning our Argentinean operations, which led to a currency loss of €0.6 million this quarter, compared to a €0.9 million gain in Q1 2024. Good results, considering Easter, one of the strongest consumption periods for cod in South Europe, was in April. Ahumados Domínguez saw a 7% drop in sales vs. Q1 2024 and posted a PBT loss of €47k in Q1 2025, down from a loss of €700k in Q1 2024. This is the best Q1 result since ISI hf acquired the company. The VA N-Europe division sales were €14.4m, an increase of 11% on the same period last year. Salmon prices in the quarter were lower than forecasted, and the supply was good. White fish prices, on the other hand, were way up with scarce supply. The Irish operation reported an NPBT of €76k, up from a €35k loss in Q1 2024. In contrast, Iceland Seafood Barraclough recorded a PBT loss of €128k. The overall loss before tax was €53k, which aligns with last year's period. Based on forward prices and the supply outlook, salmon prices are expected to remain stable for the rest of the year. The S&D division's sales were €51.1m, an increase of 4.7% compared to last year. Profitability remains on par with Q1 2024. Strong demand for cod drove IS Iceland increased sales at the beginning of the year. Based on Q1 results and current trading, the Normalised PBT Outlook range for 2025 is maintained at €7.5 - 9.5 million. The outlook for our main species is that Cod prices will remain high throughout the year, with supply at a historically low level, while Salmon prices will remain stable throughout the year and lower than predicted. The political landscape has been unpredictable worldwide, although with signs indicating a more balanced economic environment. We expect all divisions to perform according to budget and do not foresee massive changes in the Seafood sector in the coming months.Ægir Páll Friðbertsson, CEO 'As stated before, in 2025, we foresee challenges in the supply chain due to decreasing quotas for cod, meaning that the supply will be less than it has been in recent years. Another challenge for the year was that about half of the company´s interest-bearing debt needed to be refinanced in Q2. Both these factors have presented operational challenges for the company in 2025, with mixed impacts. The company will continue to focus on strengthening the supply chain, improving its financial structure, reducing interest costs, and refining its strategy to build a stronger, more resilient foundation for future the first quarter, we secured a Cod supply and maintained the company on track in a highly competitive environment. All our divisions have increased sales compared to the same quarter in 2024, giving us confidence for the rest of the year. Cod supply will be tough in the coming months, and the salmon market will most likely be highly price sensitive with lower prices and good supply. The Group's refinancing process is close to completion. Credit facilities with an Icelandic bank have been successfully renewed and extended, and both the loan and credit line previously held with DNB have been fully refinanced. On 7 April, the Group completed an unsecured bond issuance, raising ISK 4,000 million (EUR 27.6 million via currency swap) with a 3.5-year maturity. At the same time, bonds with a nominal value of ISK 2,880 million from the ICESEA 25 06 series were sold, reducing the outstanding balance of the bond maturing on 20 June 2025 to ISK 520 million. This refinancing is expected to lower interest expenses from the June 2025 due date onward. The Group remains committed to further reducing interest costs through ongoing financial optimization efforts. On the strategy side, we have been working on several projects focusing on Growth, operational efficiency, and the company's appearance and culture. We expect those projects to begin showing positive results within the following months. We know we have great potential to grow and make more of our company network, solid sales and sourcing network, and a highly skilled team of seafood professionals. The objective is to strengthen Iceland Seafood further to meet its future challenges and opportunities, which I believe will benefit the company, owners, and staff.' Investor meeting NOTE: Iceland Seafood will pause hosting a meeting for investors and market participants for Q1 and Q3 until further notice. We welcome any questions regarding the financial results of the quarter. Inquiries can be sent to investors@ The company will host a meeting for investors and market participants for Q2 (half-year results) and Q4 (full-year results), where management will present and discuss the results. Dates for those meetings can be found on the company website Iceland Seafood welcomes everyone who wants to visit the company for further information on its operations or other related matters. To arrange a visit, don't hesitate to get in touch with Ægir Páll Friðbertsson apf@ or Alda Björk Óskarsdóttir alda@ This announcement is furnished and intended for European market participants and should be viewed in that light. Any potential forward-looking statements in this announcement reflect the management's current views on future events and performance; whilst those views are based on positions that management believes are reasonable, there is no assurance that the stated events and views will be realised. Forward-looking views naturally involve uncertainties and risks; consequently, results may differ from the statements or opinions more information: Iceland Seafood International hf. Ægir Páll Friðbertsson, apf@ 2025 3M - Financial Statements Consolidated Q1 2025 investor presentationSign in to access your portfolio
UPI
23-05-2025
- Politics
- UPI
Nazi criminals allegedly paid $200M in bribes to Perón government
Then U.N. Secretary General Ban Ki-moon speaks near a portrait of former Argentinean President Juan Domingo Peron and his wife Eva Duarte de Peron, during a visit to the Bicentenary Museum at the Casa Rosada in Buenos Aires, Argentina, in 2011. File photo by Leo La Valle/EPA-EFE ASUNCIÓN, Paraguay, May 23 (UPI) -- Recently declassified files suggest that Nazi criminals may have paid $200 million in gold bribes to Argentine authorities to secure refuge in the country after World War II. The files indicate German submarines transported the gold to Argentina's southern coast, where it was delivered to Eva Duarte, wife of then-President Juan Domingo Perón. The money was reportedly later handled by German bankers Richard von Frente, Ricardo Stauch and Rodolf Freude. The released material includes 1,850 documents compiled into seven files dating from 1950 to 1980. The records confirm that Third Reich fugitives arrived in Argentina beginning in 1945 with the protection of Perón, and that their arrival was not isolated but part of a larger effort. Nazi ideology had gained notable support in Argentina as early as the 1930s. On April 10, 1938, nearly 10,000 people attended a rally organized by the German embassy at Luna Park stadium in Buenos Aires. Perón was reportedly an admirer of fascist aspects of Nazi Germany. "The German government encouraged that sympathy by promising major trade concessions after the war. Argentina was full of Nazi spies. Argentine officers and diplomats held important posts in Axis Europe," said Christopher Minster, a Latin American history and literature expert, in an interview with ThoughtCo. Among the most prominent Nazis who found refuge in Argentina were Josef Mengele, known as the "Angel of Death," Adolf Eichmann, one of the main architects of the Holocaust and leader of the so-called "Final Solution," and Josef Schwammberger, who commanded the Krakow concentration camp from 1942 to 1944. Mengele evaded capture for years, living under a false identity in Argentina and Paraguay. He drowned off a Brazilian beach in 1979 and was buried under the name Wolfgang Gerhard. Eichmann was captured by Mossad in a covert operation and brought to Israel, where he was tried and executed by hanging on June 1, 1962. He had entered Argentina under the alias Ricardo Klement. Schwammberger was arrested in 1987 and extradited to Germany, where he was sentenced to life in prison.
Yahoo
22-05-2025
- Business
- Yahoo
Corporación América Airports Reports First Quarter 2025 Results
Solid traffic performance supported strong top-line growth and ex-IAS29 Adjusted EBITDA expansion Passenger traffic in Argentina rebounded to a record-high in Jan '25; International traffic up 21.0% YoY Cash & Cash Equivalents at $449 million with Net Debt to LTM Adjusted EBITDA of 1.1x LUXEMBOURG, May 22, 2025--(BUSINESS WIRE)--Corporación América Airports S.A. (NYSE: CAAP), ("CAAP" or the "Company") one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended March 31, 2025. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ("IASB"). Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ("IAS 29"), as detailed in Section "Hyperinflation Accounting in Argentina" on page 21. First Quarter 2025 Highlights Consolidated Revenues ex-IFRIC12 totaled $416.9 million, up 6.4% year-over-year (YoY), driven by increases of 6.8% and 6.1% in Aeronautical Revenues and Commercial Revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 11.5% YoY to $413.9 million. Key operating metrics: 7.3% increase in passenger traffic to 20.4 million, or up 9.4% excluding Natal. 9.1% increase in cargo volume to 95.9 thousand tons. 3.1% increase in aircraft movements, or 4.7% excluding Natal. Operating Income of $104.0 million, compared with $124.8 million in 1Q24. Adjusted EBITDA ex-IFRIC12 decreased 4.6% to $155.6 million, from $163.2 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 increased 4.0% to $157.9 million. Adjusted EBITDA margin ex-IFRIC12 was 37.3% compared to 41.7% in 1Q24. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 contracted to 38.2% from 40.9% in the prior-year quarter. Strong liquidity position with Cash & Cash equivalents of $448.6 million as of March 31, 2025. Net debt to LTM Adjusted EBITDA stood at 1.1x as of March 31, 2025, unchanged from December 31, 2024. CEO Message Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: "We had a solid start to 2025, driven by a strong recovery in Argentina and traffic growth across all our markets. Total passenger traffic rose by over 7% year-over-year, or more than 9% when excluding the discontinued Natal concession in Brazil. Argentina led the rebound, delivering double-digit growth and reaching record-high volumes in January. Uruguay also achieved an all-time record at Carrasco airport in January, while Italy posted strong performance at both Florence and Pisa airports. Growth was broad-based, with gains in both international and domestic traffic. International traffic in particular maintained strong momentum, increasing nearly 13% compared to the same period last year. "Revenues grew by 6% year-over-year, or close to 12% on an ex-IAS 29 basis—outpacing traffic growth and highlighting our focus on maintaining commercial revenue momentum. Adjusted EBITDA excluding IAS 29 rose 4% to $158 million, supported by positive contributions from Argentina, Uruguay, and Ecuador. EBITDA margin ex-IAS 29 stood at 38%, impacted by inflationary pressures in Argentina, where Peso-denominated costs continued to outpace currency depreciation, as well as FX translation effects in Brazil and, to a lesser extent, in Italy. "On the commercial front, we are advancing key initiatives to increase revenue per PAX as well as enhance the passenger experience. In Argentina, we are completing the expansion of the duty-free arrivals area at Ezeiza Airport this month, more than doubling its size. In Uruguay, we inaugurated a new covered parking facility at Montevideo Airport, further improving service quality and unlocking growth in commercial revenues. "Strategically, we continued to advance value creation projects across our portfolio. In Armenia, we are progressing with our $425 million Capex program. In Italy, the Florence master plan received a positive environmental review, and in Argentina, we remain in active negotiations with the government regarding the revision of the economic equilibrium of the Aeropuertos Argentina concession agreement. On the new business front, we submitted our proposal for a 30-year concession in Montenegro and further clarifications in Angola. We boosted our new business development team to pursue future opportunities. "Finally, we were honored to receive several industry recognitions that speak to our operational excellence. Carrasco Airport in Uruguay was named Best Airport in Latin America and the Caribbean under 2 million passengers by ACI. Brasília Airport ranked second globally for punctuality in its category and topped Brazil in passenger satisfaction, while Guayaquil Airport in Ecuador earned a prestigious 5-star EFQM rating. "We enter the rest of the year with strong momentum and remain focused on executing our strategy with discipline to control costs and deliver value creation." Operating & Financial Highlights (In millions of U.S. dollars, unless otherwise noted) 1Q25 asreported 1Q24 asreported % Var asreported IAS 291Q25 1Q25 exIAS 29 1Q24 exIAS 29 % Var exIAS 29 Passenger Traffic (Million Passengers) 20.4 19.0 7.3% 20.4 19.0 7.3% Revenue 447.8 433.0 3.4% 1.6 446.2 412.3 8.2% Aeronautical Revenues 236.7 221.5 6.8% 1.4 235.3 208.7 12.7% Non-Aeronautical Revenues 211.1 211.5 -0.2% 0.2 210.9 203.6 3.6% Revenue excluding construction service 416.9 391.7 6.4% 3.0 413.9 371.1 11.5% Operating Income / (Loss) 104.0 124.8 -16.6% -34.5 138.6 132.6 4.5% Operating Margin 23.2% 28.8% -559 0.0% 31.1% 32.1% -109 Net (Loss) / Income Attributable to Owners of the Parent 40.8 152.7 -73.3% -18.6 59.3 89.8 -33.9% Basic EPS (US$) 0.25 0.95 -73.3% -0.12 0.37 0.56 -34.0% Adjusted EBITDA 157.8 163.9 -3.7% -2.3 160.1 152.5 5.0% Adjusted EBITDA Margin 35.2% 37.9% -261 - 35.9% 37.0% -110 Adjusted EBITDA Margin excluding Construction Service 37.3% 41.7% -433 - 38.2% 40.9% -274 Net Debt to LTM Adjusted EBITDA 1.1x 1.2x - - - - - Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (1) 1.1x 1.4x - - - - - Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes. 1) LTM Adjusted EBITDA excluding impairments of intangible assets. To obtain the full text of this earnings release and the earnings presentation, please click on the following link: 1Q25 EARNINGS CONFERENCE CALL When: 10:00 a.m. Eastern Time, May 23, 2025 Who: Mr. Martín Eurnekian, Chief Executive OfficerMr. Jorge Arruda, Chief Financial OfficerMr. Patricio Iñaki Esnaola, Head of Investor Relations Dial-in: 1-800-549-8228 (North America, Toll Free); 1-289-819-1520 (Other locations); Conference ID: 53287 Webcast: CAAP 1Q25 Earnings Conference Call Replay: 1-888-660-6264 (North America, Toll Free); 1-289-819-1325 (Other locations); Playback Passcode: 53287 # Use of Non-IFRS Financial Measures This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt: Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. Adjusted EBITDA excluding Construction Service ("Adjusted EBITDA ex-IFRIC") is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin excluding Construction Service ("Adjusted EBITDA Margin ex-IFRIC12") excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor's understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable). Net debt is calculated by deducting "Cash and cash equivalents" from total financial debt. Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company's largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated "IAS 29". The impact from "Hyperinflation Accounting in Argentina" is described in more detail page 21 of this report. Definitions and Concepts Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers' revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services. Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%. About Corporación América Airports Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker "CAAP". For more information, visit Forward Looking Statements Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "believes," "continue," "could," "potential," "remain," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the Covid-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the 'Cautionary Statement' and the 'Risk Factor' sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP's other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences. View source version on Contacts Investor Relations Contact Patricio Iñaki Esnaola Email: Phone: +5411 4899-6716
Business Wire
22-05-2025
- Business
- Business Wire
Corporación América Airports Reports First Quarter 2025 Results
LUXEMBOURG--(BUSINESS WIRE)-- Corporación América Airports S.A. (NYSE: CAAP), ('CAAP' or the 'Company') one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three-month period ended March 31, 2025. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ('IASB'). Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ('IAS 29'), as detailed in Section 'Hyperinflation Accounting in Argentina' on page 21. First Quarter 2025 Highlights Consolidated Revenues ex-IFRIC12 totaled $416.9 million, up 6.4% year-over-year (YoY), driven by increases of 6.8% and 6.1% in Aeronautical Revenues and Commercial Revenues, respectively. Excluding rule IAS 29, consolidated revenues ex-IFRIC12 increased 11.5% YoY to $413.9 million. Key operating metrics: 7.3% increase in passenger traffic to 20.4 million, or up 9.4% excluding Natal. 9.1% increase in cargo volume to 95.9 thousand tons. 3.1% increase in aircraft movements, or 4.7% excluding Natal. Operating Income of $104.0 million, compared with $124.8 million in 1Q24. Adjusted EBITDA ex-IFRIC12 decreased 4.6% to $155.6 million, from $163.2 million in the year-ago period. Excluding the impact of rule IAS 29, Adjusted EBITDA ex-IFRIC12 increased 4.0% to $157.9 million. Adjusted EBITDA margin ex-IFRIC12 was 37.3% compared to 41.7% in 1Q24. Adjusting for rule IAS 29, Adjusted EBITDA margin ex-IFRIC12 contracted to 38.2% from 40.9% in the prior-year quarter. Strong liquidity position with Cash & Cash equivalents of $448.6 million as of March 31, 2025. Net debt to LTM Adjusted EBITDA stood at 1.1x as of March 31, 2025, unchanged from December 31, 2024. CEO Message Commenting on the results for the quarter Mr. Martín Eurnekian, CEO of Corporación América Airports, noted: 'We had a solid start to 2025, driven by a strong recovery in Argentina and traffic growth across all our markets. Total passenger traffic rose by over 7% year-over-year, or more than 9% when excluding the discontinued Natal concession in Brazil. Argentina led the rebound, delivering double-digit growth and reaching record-high volumes in January. Uruguay also achieved an all-time record at Carrasco airport in January, while Italy posted strong performance at both Florence and Pisa airports. Growth was broad-based, with gains in both international and domestic traffic. International traffic in particular maintained strong momentum, increasing nearly 13% compared to the same period last year. "Revenues grew by 6% year-over-year, or close to 12% on an ex-IAS 29 basis—outpacing traffic growth and highlighting our focus on maintaining commercial revenue momentum. Adjusted EBITDA excluding IAS 29 rose 4% to $158 million, supported by positive contributions from Argentina, Uruguay, and Ecuador. EBITDA margin ex-IAS 29 stood at 38%, impacted by inflationary pressures in Argentina, where Peso-denominated costs continued to outpace currency depreciation, as well as FX translation effects in Brazil and, to a lesser extent, in Italy. "On the commercial front, we are advancing key initiatives to increase revenue per PAX as well as enhance the passenger experience. In Argentina, we are completing the expansion of the duty-free arrivals area at Ezeiza Airport this month, more than doubling its size. In Uruguay, we inaugurated a new covered parking facility at Montevideo Airport, further improving service quality and unlocking growth in commercial revenues. "Strategically, we continued to advance value creation projects across our portfolio. In Armenia, we are progressing with our $425 million Capex program. In Italy, the Florence master plan received a positive environmental review, and in Argentina, we remain in active negotiations with the government regarding the revision of the economic equilibrium of the Aeropuertos Argentina concession agreement. On the new business front, we submitted our proposal for a 30-year concession in Montenegro and further clarifications in Angola. We boosted our new business development team to pursue future opportunities. "Finally, we were honored to receive several industry recognitions that speak to our operational excellence. Carrasco Airport in Uruguay was named Best Airport in Latin America and the Caribbean under 2 million passengers by ACI. Brasília Airport ranked second globally for punctuality in its category and topped Brazil in passenger satisfaction, while Guayaquil Airport in Ecuador earned a prestigious 5-star EFQM rating. "We enter the rest of the year with strong momentum and remain focused on executing our strategy with discipline to control costs and deliver value creation.' To obtain the full text of this earnings release and the earnings presentation, please click on the following link: 1Q25 EARNINGS CONFERENCE CALL Use of Non-IFRS Financial Measures This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt: Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. Adjusted EBITDA excluding Construction Service ('Adjusted EBITDA ex-IFRIC') is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization. Adjusted EBITDA Margin excluding Construction Service ('Adjusted EBITDA Margin ex-IFRIC12') excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor's understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable). Net debt is calculated by deducting 'Cash and cash equivalents' from total financial debt. Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company's largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated 'IAS 29'. The impact from 'Hyperinflation Accounting in Argentina' is described in more detail page 21 of this report. Definitions and Concepts Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers' revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services. Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%. About Corporación América Airports Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker 'CAAP'. For more information, visit Forward Looking Statements Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as 'believes,' 'continue,' 'could,' 'potential,' 'remain,' 'will,' 'would' or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the Covid-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU or the AMD against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the 'Cautionary Statement' and the 'Risk Factor' sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP's other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.
Yahoo
19-05-2025
- Sport
- Yahoo
Liverpool star makes baby announcement with bombshell celebration against Brighton
Dominik Szoboszlai confirmed his partner is expecting a baby as he celebrated his first-half goal for Liverpool against Brighton on Monday. The Hungarian restored Liverpool's lead on the stroke of half-time, as he appeared to miscue a cross which fooled Bart Verbruggen and found the top corner. Szoboszlai celebrated by putting the game ball under his jersey before sucking his thumb, with the club then writing on X: "Congratulations to Dom and his partner." Szoboszlai started the game in a deeper midfield role than usual, operating in front of Ryan Gravenberch but behind Harvey Elliott. READ MORE: Brighton 3-2 Liverpool LIVE: Seagulls overcome Szoboszlai wonderstrike to take lead over Reds READ MORE: Liverpool transfer target Joao Pedro left out of Brighton squad for 'personal reasons' The Hungarian is usually deployed as Liverpool's most advanced midfielder, ahead of Gravenberch and Alexis Mac Allister; Mac Allister was left out of the squad entirely against Brighton, with Arne Slot opting to hand the Argentinean a night off. Speaking on Monday Night Football ahead of kickoff, Slot confirmed Szoboszlai's tweaked role. "Yes he is," the Dutchman said when asked if the Hungarian would be playing alongside Gravenberch. "He is playing as an eight, with Ryan as a six, with Harvey a bit more forward. I think Dominik sees his best position as an eight." Harvey Elliott scored the first goal of the game, rounding off a brilliant move which involved Szoboszlai, Mohamed Salah and Conor Bradley, before Yasin Ayari netted an equalizer. After the break, Liverpool went from leading 2-1 to losing 3-2 as goals from Kaoru Mitoma and Jack Hinshelwood all but ensured Liverpool's winless run would extend to three games.
