Corporación América Airports S.A. (NYSE:CAAP) Q3 2023 Earnings Call Transcript

Jorge Arruda: So let me divide the answer into two, okay? First and I’d like to answer what is the recurring CapEx we see in our portfolio in total aside from expansion CapEx. So the CapEx that we have to do from time to time in our airports, outside again, any expansion, any new terminals, any new runways, et cetera. So the amount is between $30 million and $32 million that we see recurring within our portfolio. Aside from that, we have expansion CapEx or committed CapEx that we have. Currently, we are in the final stages of Argentina out of the first tranche of $406 million. There are 65 remaining. And then we have the 200 million in 50 per year in four years. So that’s Argentina. And then we have Pisa. About $45 million to $50 million in Pisa.

So aside from that, what we expect to do in the future is the new master plan in Florence Airport for a new terminal and new runway, which is still subject to final approvals by the government. And we expect that we will have, within the next nine months, if you will. And then we will immediately thereafter begin the CapEx program. And in Armenia, which we are negotiating with them. In Pisa, the total amount of CapEx which in fact, its public information has been to a certain extent widely reported is EUR400 million, of which EUR150 million would be financed through a grant pursuant scheme that exists for European mid-sized airports. And in Armenia, once approved, we expect within four years to five years to deploy $400 million.

Stephen Trent: Okay. Super. Appreciate the color and then thanks, gents.

Jorge Arruda: Thank you.

Operator: There are no further questions at this time. I’d now like to turn the call back over to Mr. Martin Eurnekian for final closing comments.

Martin Antranik Eurnekian: I wanted to finalize thanking everybody for joining us today and reminding you that our team remains available for any further questions or discussions. Please enjoy the rest of your day. Thank you very much.

Operator: Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.