Corporación América Airports S.A. (NYSE:CAAP) Q4 2023 Earnings Call Transcript

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Martin Antranik Eurnekian: Thank you, Jay. The authorities for the regulatory in Argentina have not been appointed yet, so we are waiting to have these appointments to engage and to understand how to continue the process. But we definitely expect to see a revision of the economical equation of the concession agreement and therefore have some kind of adjustment. Also the domestic tariffs are adjusted once a year but has an indication in US dollars as well. We expect that also to be able to engage with the government and try to rebalance it, given the big shift in the — big devaluation that happened in December in Argentina. But again, until we have the new authorities in place, we cannot really engage and understand the position of the new government in regard to these issues and on timing as well.

Jay Singh: Sounds good. Thank you.

Operator: Thank you. [Operator Instructions] And your next question will be from Marina Mertens at Latin Securities. Please go ahead.

Marina Mertent: Hi. Good morning. Thank you for taking my questions. One of them has already been answered. So I have one regarding Argentina. So last year we saw a significant increase in domestic traffic, in part due to the government’s incentives program and also higher duty-free sales due to the FX conditions. How do you expect this trend to continue or to change this year?

Martin Antranik Eurnekian: Marina, Martin again here. Thank you for your questions. On domestic traffic, it’s still a little bit early to say regarding the trends of the market in the changing macroeconomic conditions. As far as we have seen in the generation systems, that gives us a glimpse on the next 60 to 90 days. So, far we have not seen big shifts or changes in tendencies, but I think it’s early to see or to understand the impacts on the macro economical changes to the traffic in Argentina. And regarding duty-free, the incentive given by the FX that we had last year has shrunk a lot, and therefore we expect to see an impact on the sales definitely.

Marina Mertent: Thank you.

Operator: Thank you. And at this time, we have no other questions registered. I will turn the meeting back over to Martin and —

Martin Antranik Eurnekian: I wanted to thank all the participants for their interest in Corporacion America Airports and remind you that our investor relations team remains available for any further questions or engagement with the investors. Thanks again and have a really good day. Bye-bye.

Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time we do ask that you please disconnect your lines.

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