Good morning, and welcome to the Corporación América Airports fourth quarter and year-end 2017 earnings call. A slide presentation will accompany today's webcast, which is available in the Investors section of Corporación América Airports Investor Relations website at investors.corporacionamericaairports.com. As a reminder, all participants are being only remotely miked. There will be an opportunity for you to ask your questions at the end of today's presentation. As a reminder, today's conference call is being recorded. At this time, I'd like to turn the call over to Ms. Gimena Albanesi, investor relations. Please go ahead, ma'am.
Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martín Eurnekian, our Chief Executive Officer, and Raúl Franco, our Chief Financial Officer. Also with us today is Jorge Arruda, finance and M&A manager. All will be available for the Q&A session. Before we proceed, I would like to make the following safe harbor statement. Today's call will contain forward-looking statements. I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. With that being said, I would now like to turn the call over to our CEO, Martín Eurnekian.
Thank you, Gimena. Hello, everyone, and thank you for joining us today. It's a pleasure to welcome you to Corporación América Airports' first earnings conference call. We are pleased to be discussing a solid quarter with very good performance across key metrics. As this is our first earnings call, Many of you may be new to the story, I'm going to take a few minutes to discuss our company and our strategy. I will discuss the highlights of the quarter. Raúl will take you through our financial results. Afterwards, I will go over our key business segments and our view for the year. We will then open the call for your questions. Starting with slide number three, as many of you know, we completed our initial public offering on February 1st.
This was a strategic milestone for our company. Positions us among the few airport groups fully listed in the U.S. We sold approximately 28.6 million shares, of which 11.9 million were primary and the remainder secondary. We are the only airport group solely listed in the New York Stock Exchange. Net proceeds to the company were $185.5 million, which strengthened our financial position, providing us flexibility to continue our growth strategy. Turning to slide four, while I had the opportunity to meet many of you during the recent IPO road show, there are many that are new to our story. Before I get into the results of the recent quarter, I want to spend a few minutes discussing who we are and the opportunities ahead of us.
Over our 20-year history, we have transformed our company from a one concession and one country operation into the largest private operator in the world in terms of number of airports, and the tenth largest in terms of passenger traffic. We operate a diversified portfolio of 52 airports across seven countries, including Argentina, Italy, Brazil, Uruguay, Ecuador, Armenia, and Peru. We hold dominant positions in airport markets in Argentina, Uruguay, and Armenia, representing over 90% of total traffic in each of these countries. With our deep operating know-how, we have established a strong track record of consistent growth and profitability, which, along with a strong balance sheet, provides us with a solid footing for sustainable growth in the coming years. Turning to slide five, we manage different business models, including domestic networks in Argentina and Peru, key international airports in Argentina, Italy, and Uruguay, and hubs in Argentina and Brazil.
Throughout our 20 years in operations, we have acquired deep know-how in what we believe are the five key pillars of the airport business. First, keep a good and close relationship with airlines, proactively proposing new routes and the development of new facilities for these airlines, such as maintaining centers. Second, fully develop our commercial operations by having the right mix and size to maximize revenues, while designing our terminals to optimize commercial revenues and facilitate passenger flow. Finally, we carefully evaluate our parking business to have the right tariffs to maximize revenues. Third, we permanently monitor our operations and keep very close dialogue with the airlines to meet their needs to assure a timely operation, keeping our minimum connecting time amongst the lowest in the industry. Fourth, we continuously evaluate expansion opportunities and investment requirements with the goal of achieving an efficient allocation of resources.
Fifth, we develop and keep a good relationship with regulatory authorities, federal, and local governments. Turning to slide six, we have significant growth potential ahead, supported by favorable macroeconomic conditions in some of the markets we operate and positive industry trends. In particular, given the clear correlation between purchase capacity and trips per capita, we believe there is a significant potential for traffic activity to get closer to the levels experienced in developed countries. As you can see on slide seven, low-cost carriers are expected to be one of the main drivers of air traffic growth worldwide, and we believe to be very well positioned to capture this trend given the low penetration of low-cost carriers in several of the countries in which we are present.
In Argentina, for example, low-cost carriers have only just recently begun operations with the entrance of Norwegian, Flybondi, and Level, among others, supported by the government's airplane revolution plan, designed to attract new entrants to the market and further develop the industry. Actually, we anticipate that over the next three years, low-cost carriers, through competitively priced fares, will absorb around 10 million of the 30 million passengers that currently travel long distance by bus. As this trend materialize, we are leveraging our expertise and relationships developed through our concessions in Italy, mainly the successful low-cost carrier operation at Pisa Airport. Separately, as a result of a solid macro dynamics and air traffic trends in the region, Latin America is expected to be one of the two most attractive regions worldwide in terms of passenger growth over the next 20 years, expanding at around 6.2% per year during that period.
Turning to slide 8, we also seek to grow by extending our concessions. At year-end 2017, our airport portfolio had a weighted average life of approximately 14 years, with the potential of increasing our weighted average life by approximately eight years through concession extensions, reaching a weighted average of 22 years. We have successfully extended two concessions in our portfolio, Carrasco Airport in Uruguay and Guayaquil Airport in Ecuador, which have gone through this process to date. Turning to slide nine, we also have three major expansion projects within our portfolio that will enable us to capture additional passenger traffic as well as higher commercial revenues. In Argentina, we are working with the government, developing a significant CapEx program to increase capacity and landside infrastructure, mainly at Ezeiza and Aeroparque Airports, to address the anticipated growth in passenger traffic.
In Brasilia Airport, the third largest in the country and the main domestic hub in Brazil, we seek to unlock higher commercial revenue growth by expanding the commercial area of the existing terminal. We plan to add 40,000 sq m of gross leasable area, taking advantage of the airport's area of influence with 500,000 residents and one of the highest income per capita in the country. At our airport in Florence, we plan to build a new terminal that will have 48,500 sq m and a new 2,400 m runway that will be able to capture a higher volume of passengers. Finally, we continuously assess new opportunities, auctions, and acquisitions to continue to expand our portfolio, leveraging our expertise and solid balance sheet. We target airports with room for new infrastructure investments, potential for new routes or hub strategies, and potential to capture higher commercial revenues, among others.
We keep a disciplined approach and seek only to make investments that provide a positive return to our capital. Please turn to slide 10 to go through some of the key highlights of the quarter. We had a strong year on the back of positive dynamics across our key operating metrics. Passenger traffic was up almost 8% in the fourth quarter, and 7% in the 12 months to 2017, with more than 76 million passengers traveling through our airports worldwide. This good performance was mainly supported by favorable macro and industry trends across the region, along with our efforts to add new routes, frequencies, and airlines. In line with our strategy to enhance airport infrastructure across our operations, we made capital investments of $90 million during the quarter, mainly focused on Argentina, Brazil, and Italy, and bringing total CapEx for 2017 to $280 million.
We are also very pleased with the addition of our 37th airport in the country through the incorporation to the AA2000 concession of El Palomar Airport in Greater Buenos Aires, granted by the Argentine government last December. Taking a deeper look at our operating performance by region on Slide 11, we reported strong traffic growth across our operations. Argentina, our main business segment with over 37 million passengers in 2017, delivered strong passenger traffic growth in the quarter, up 13%, reflecting new routes and additional flights to existing destinations, along with the entrance of new airlines, all of which contributed to increased domestic connectivity and expand international travel. In Brazil, we are encouraged with the 4% growth in traffic at Brasilia Airport in the fourth quarter of 2017, contributing to annual traffic of 17 million passengers, signaling a recovery from the recession experienced earlier in the year.
I will now hand off the call to Raúl Franco, who will go over our operations and financial results. Please, Raúl, go ahead.
Thank you, Martín. Good day, everyone. I'm pleased to be discussing our solid performance during our first earnings call. Coming to slide 12, we delivered solid top-line growth across the organization, with total revenue up over 8% year-on-year in the quarter and 6% when excluding constructions. Aeronautical revenues increased 8% in the period, mainly driven by Argentina and Italy, with the majority of our segments also contributing to top-line growth. Commercial revenues were up 5%, again, principally reflecting a strong performance in Argentina, driven by higher passenger traffic, further supported by good performance in Armenia. Moving down the P&L to slide 13, total operating costs and expenses rose almost 3.7% year-on-year to $336 million in the quarter, and were flat excluding construction costs. Note, however, that comparisons were impacted by certain one-time items in both quarters.
Fourth quarter 2017 includes a one-time $2.8 million benefit from an adjustment in the concession fee in our Brazilian airports due to an increase in the discount rate used to calculate this fee. SG&A in the quarter also includes one-time IPO expense from $3.8 million. Fourth quarter 2016, in turn, includes a one-time expense of $15.6 million in Brazil as a result of the write-down of the value of the Natal concession agreement. Excluding construction costs and these non-recurring items, operating costs and expenses would have increased 6.3% year-on-year. This was mainly the result of the impact of inflation in Argentina. Now moving on to our profitability on slide 14. Adjusted EBITDA increased 17.8% year-on-year to $106.9 million in the quarter. However, as I mentioned in the previous slide, our results were impacted by one-time items in both quarters.
In addition, with those items included in our operation costs and expenses, adjusted EBITDA was hit by a $9.4 million provision in connection with the termination of Chinchero Cusco International Airport concession in Peru. This expense is reported under the share of loss in associates line item. Excluding one-time items and construction services revenue and cost in both quarters, adjusted EBITDA would have increased 6.3% year-on-year or $6.8 million to $113.8 million. This growth was principally driven by Argentina as a result of the 13% increase in passenger traffic in the period, further supported by Italy and Armenia. Adjusted EBITDA margin, ex IFRIC, and excluding one-time items, would have remained relatively stable at 33.6% fourth quarter 2017. In terms of balance sheet on slide 15, our strong financial position provide us with a solid foundation and financial flexibility to continue to grow our business.
Total net debt at year-end was $1.3 billion, the majority of which is held at the subsidiary level. This compares with the net debt of $0.9 billion at December 2016. We have a healthy maturity profile, with only 20% of our debt maturing this year, 52% of our debt was in U.S. dollars, 37% in reais, and 11% in euros. Net debt to adjusted EBITDA in 2017 was 2.7 times, compared with 2.1 times in the prior year. Since then, we have paid down $126.7 million with proceeds from the offering. Let me now turn the call back to Martín, who will go over performance at our key business segments and will comment on our outlook.
Thanks, Raúl. Taking a deeper look at our main business segments, starting with Argentina on slide 16. We reported a robust passenger traffic growth in the quarter and year, resulting in revenue growth ex-construction of 7% in the quarter and almost 12% in the year. A significant highlight in the quarter was the award by the government of the El Palomar Airport, bringing the AA2000 concession to a total of 34 airports. The strategy for this airport is to attract low-cost airlines that will contribute to satisfy increase in demand in the greater Buenos Aires area. Flybondi began operations at the airport this February, and we expect to see continued growth in the near future.
We also invested $70 million in Argentina, mainly for the construction of the new terminal building at Ezeiza Airport, which is expected to be finalized in 2019, and the improvement works on the runway at that airport. In Argentina, our strategy contemplates significant investments at Ezeiza, Aeroparque, and El Palomar airports to absorb passenger traffic growth resulting from continued improved macro conditions and the government's airplane revolution plan to attract new airlines, including low-cost carriers, and open new routes to serve the expected growth in demand. Accordingly, we are working closely with the government to develop the CapEx programs for the next years to satisfy this anticipated increase in passenger traffic. Moving to Brazil on slide 17. Traffic increased almost 3%, reversing the negative trend we had seen earlier in the year and signaling a recovery from the recession we have experienced in the country for the past two years.
In line with our strategy, in the quarter, we added new frequency to existing domestic destinations, which also contributed to this improved performance. Keep in mind that growth was mainly driven by a good performance at our Brasilia airport, up 4%. Natal Airport, a summer tourist destination, posted negative single-digit figures as operations were still impacted from the maintenance of the main runway that took place in the third quarter of 2017, which we view as temporary. Revenues declined almost 11% year-on-year, affected by the evaluation of the real against the U.S. dollar. In local currency, however, revenues showed a positive trend, growing low single digits along with the recovery in passenger traffic on the back of the incipient economic recovery. At Brasilia Airport, we continued to make headway in the development of the expansion plan for the commercial area.
We have received approval from the airport regulator and expect construction to begin during the latter half of 2018. Finally, taking a look at Italy on slide 18. We continue to deliver steady passenger growth, up almost 2% year-over-year. We delivered stronger aeronautical revenues, which were up 13% in the quarter, with commercial revenues up almost 7%, driven by the euro appreciation in the period along with passenger growth. We invested $8 million in the quarter, mainly to reconfigure the terminal at Florence Airport to adapt to higher traffic and master plan projects. During the quarter, we also received the environmental approval for the construction of a new runway at Florence Airport. We expect to begin construction in the second half of the year. Looking ahead, we are confident that we will continue to see growth opportunities in our market, supported by healthy macro dynamics and airline trends.
In this context, we are focused on increasing capacity to capture expected passenger traffic growth and higher commercial revenues, particularly in Argentina, Brazil, and Italy, as I just mentioned. Our strong balance sheet provides a solid foundation to further support our organic and inorganic growth initiatives to continue building our platform. We are now ready to take questions, please. Operator, please open the call for questions.
Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press the star key, followed by the one key on your touchtone phone now. If at any time you'd like to remove yourself from the questioning queue, press star two. First question, Roberto Otero, Bank of America.
Hi. Good morning, everyone. Thank you for picking up my question. I just have a follow-up question on El Palomar. If you could share with us more details on this new airport, in terms of the concession terms and conditions, your expectation for future capacity and traffic, and also, the CapEx demanded for this project as well. This is my question. Thank you. Thank you very much.
Thank you, Roberto. This is Martín again. El Palomar Airport is not a separate concession. It was included into our main concession in Argentina, Aeropuertos Argentina 2000, as the concession for the Group A of the national airport system in Argentina. So far, 33 airports. What the government did is use a clause in the contract that allows airports to that Group A of airports, without consent, to include this 34th airport into the same concession, with the same regulatory framework as the other 33. It is now one 34 airport concession, that before was 33. The concession terms are the same. Regarding the airport, we made an initial investment to put it in operation that had a part on the airside area of the airport, revamping runway lighting and To make the airport operational, as well as other ancillary works.
Also on the land side, we did a very quick CapEx program to increasing a small terminal that was there to be able to handle commercial operations. We did that very fast and in the beginning of that terminal was open and live only this first low-cost carrier from Argentina, a startup company, started flying into airport, and is currently doing. The overall CapEx program entails three stages. What we have just done, stage 0, which is this quick work to make the airport operational commercially. We have a stage 1, which entails turning two hangars, passenger terminals to also fairly quickly add operational capacity to the airport. Then a third stage or stage 2 that creating a new terminal in apron area in the opposite side of the airport, the other side of the runway for via commercial operations.
We are still in discussion with the government on when to execute stages 1 and 2. At the current stage, an investment of-
How we have invested more or less $10 million-
$5 million in the stage 0. Stage 1 will require around $40 million. Stage 3 is still unknown in terms of the CapEx size.
Great. Thank you, Martín.
Our next question comes from Ian Zaffino, Oppenheimer.
Hi. Great. Thank you very much. Just wanted to know, Martín, have you done any other discussions with the Argentinian government surrounding AA2000? Maybe give us an idea of how that's going and if there's a chance we might be able to see an early renewal of that contract. Thanks.
Okay, if I understood correctly, you asking about the possible extension of AA2000?
Yeah. The question was, have you been in discussions now with the government regarding the renewal or the extension of AA2000? Is there a chance that maybe we could see an early renewal to get the contract extended or is this we're not gonna see something for several years. Thanks.
Okay. Well, first of all the concession contract allows this extension to be executed up to the previous year before the last of the concession. We have 2027. On the other hand, the government has been discussing with us extending the CapEx program of the company to further develop the industry. The government has a very aggressive plan for the aviation industry in Argentina. They call it the airplane revolution. That entails doubling the passengers actually in their first four-year term. They are aiming for that. With that in mind the conversation we've been having with the government is on airports in Argentina to allow this growth to happen. These are the conversations we've been having with the government.
At the same time, we've public knowledge that the government has hired a consultancy firm to assess the capacity and have an idea on passenger forecast, airport capacity, and of the airport in Argentina which we believe is going to be the first step into being able to sit down with the government to do a revision of our contract. How long can that take? There are technical, political, and bureaucracy issues around all this. We hope that this happens very soon. It's difficult to put timing-wise a clear idea of if it will take six months or a year and a half. We know that the government still has around four more months to finalize and deliver the results. We know for sure that nothing will happen until that consultancy finishes.
Okay. Thank you. Also, can you just touch upon some of the M&A opportunities you're seeing out there or anything, maybe timing or size, or just any type of detail you could give us about what you're doing on the M&A front. Thanks.
Okay. On that sense, what we discussed during the road show, we be active and looking for new opportunities. Our focus still the Americas and Southeastern Europe. We are looking at processes. We are working in the process that Jamaica is carrying out on the Kingston airport, that is also of public knowledge. We are looking at the opportunities in the next round of airport auctions in Brazil. We'll be actively looking for new opportunities that may arise in Eastern Europe and the Americas. Far, all of those are in early stages, but we still remain active into the sector, looking for opportunities of inorganic growth. That being said, we have most of our strength and muscles today put into delivering the business we have and being able to take the opportunities that our current concessions are offering.
Mainly Argentina, with the big passenger growth that we are expecting with this aggressive plan and the CapEx program to go with it, that will not only enable passenger growth but also enable the growth of commercial revenues that are very important for our company. We are very happy on seeing that the economic crisis is over, we went through the tipping point, where passenger volume started to pick up again. It's pushing us to go ahead into our plans in Brazil to further expand Brasilia airport, to really take its potential in commercial revenues as well. Our effort in that management is very focused on delivering those parts of the business plan that we discussed before. Also Italy, where the potential for Tuscany will be huge, impaired by this lack of infrastructure, mainly Florence.
Our plan and efforts into creating this new runway in Florence that will. It's very important. We are putting a lot of our management effort into that. As you know, we have an important milestone for that, which is the environmental approval for the new runway. We had a development last week where the aviation authority in Italy also gave the first step into that actually happening, which is what they call Conferenza dei Servizi, which is the first step into putting all of the entities and government bodies in one room to coordinate the efforts. The first one being land to build this runway. The government has published last Friday, the land to be expropriated by our company to start that.
This is a huge milestone for our entire operation and part of these efforts that we are putting into harnessing the potential of our current operations.
Excuse me, ladies and gentlemen. Please restrict yourself to one question and one follow-up question. Thank you. The next question comes from Stephen Trent with Citi.
Hi, good morning, everybody, and thanks for taking my questions. Just two for me at this point. I'm wondering in terms of El Palomar transfer from the Argentine government to the company, could you just remind me, and I may have missed it, where you are in that process? Is this now fully finalized or are there any municipal requirements or tax requirements that have to be met before the transfer occurs? The second question pertains to a follow-up on the gentleman who just asked. In terms of M&A or new auctions, is there a threshold that you guys have in mind in terms of the size of new auctions, at which you would have to raise debt or equity capital in order to get the M&A done? Thanks very much.
Thank you for the questions. In terms of El Palomar, the government issued decree in December 27th, awarding the airport or putting it inside our AA2000 concession. That was the main event putting that airport into our hands, and that actually happened in December. Since then, we've started aggregated the stage 0 that I was talking about before, where commercial flights already started going in and out of El Palomar from the terminal. As of today, the airport is operational, and we are managing it. There are no other steps or measures taken for that to happen. It happened, and the airport is there, and passengers are flowing in and out every day since February. Regarding, as we said, we are going to opportunistically keep looking for operations or for new opportunities.
I couldn't say we have a sweet spot because even if you look at our current different sizes of airports within our portfolio, no matter the size, we find opportunities for good investments in different sizes of airports. Quite open in that sense, looking at different opportunities. As far as we are today and the foreseeable future with the processes where we do not see the need to go back to the market raising more equity. If anything happens in that sense, we expect to fund it with debt at the operational level as we've done so far. That will evolve as we look into different opportunities.
Okay. I really appreciate the color, apologize on that first question. Part of your call cut off, so I couldn't hear your initial explanation, but appreciate that. I'll let someone else ask a question.
The next question comes from Matthew Russell with Goldman Sachs.
Thanks for taking my question. Just wanted to step back to one of the earlier questions, make sure I understood your outlook properly. Is it your belief that the government in Argentina wants to resolve the CapEx program before the next general election in 2019? Did I understand that correctly? Is that what gives you the outlook for the six to 18 months resolution around that CapEx program, and any update on the concession?
Politically, the equation that made us give that wide range in terms of what we think might take to have an idea on any conversations and with the government. That is one element. Bureaucracy is another element, and also, of course, technical discussions and issues are others. I just said yes, but that not being the only driver for how long this may take.
Absolutely. Fully understand there's several drivers, but just wanted to understand where we were coming up with the range. If we just stepped back and looked at the business as a whole moving into 2018, and this is another situation where there's a lot of different drivers. If you were to look at the margin profile of the business, do you think it's reasonable to see margin expansion resume in 2018?
Yes. Here is Raúl Franco. Yes, we expect due to the evolution of traffic in Argentina because of this airplane revolution plan that the government has implemented and also Brazilian recovery, we expect that these numbers for passengers and for revenues will increase, and that means that margins will increase.
Great. Thank you for taking my question.
The next question comes from Michael Gerding, Barings.
Hi, good afternoon. Thank you for taking my question. It is actually three questions, if I may. The first one is, could you give a little bit of color regarding the decline in revenues on an annual basis in Brazil? It was down 10%. Perhaps that is currency or it is more of a one-off because it is a change in trend. The other question is regarding the Chinchero Airport in Peru, the $9.4 million loss. If you could just give us a little bit more color on that. I did not know that there were loans given to that airport concession that has been scrapped. The third one, do you have any color on what is going on in the country of Armenia? Seems like the president has resigned and there is some political situations there, and if you expect any impact on your business as a result of what is going on in that country.
Thanks, guys.
Yes, here is Raúl again. First of your question was about the revenues of Brazil. You saw that in dollars, those revenues went a little down, but this is a matter of exchange rate. In local currency, in reais, there was a low increase. That to the initial recovery from the recession that this country suffers for the last two years. We saw at the last quarter that passenger traffic went up again, but up slowly, a very low path at the beginning. That local currency, the revenues increased a little. For the second question about the situation airport, the loss that we mentioned there as one time event, was due to the provision debt that this new project had with Aeropuertos Andinos del Perú, the operating concession there in Peru. That was just one time effect. It will not happen again.
As you know, we mentioned before, the Chinchero concession finished.
Okay. That's truly a one-time item that we should not expect that anything should be coming from Peru in the future.
Exactly.
Okay.
Yes. For the last question you mentioned about Armenia.
This is Martín again. There were constitutional changes in Armenia changing the way the government is elected, going from a presidential model to a parliament. After that change, the chosen Prime Minister, which was the former president, had a very low support from the people. There were a lot of social unrest because of his nomination. His resignation, to me, is actually good news because it's lowering the social pressure and turning things back to normal in Armenia. We expect the business to be affected by this, as long as we hope social unrest will end with his resignation. Be the case.
Okay. Thank you.
Our next question comes from Eugenio Perissé with KNAW.
Hello, good morning. I had a question. I understand from what you said before that you're already starting CapEx in Argentina that is not part of the current economic balance of the concession, and that therefore it would require the extension of the concession to get properly rewarded. I take it from this that you obviously see a high probability of the concession being extended. What if the concession is not extended or if it's extended at a lower allowed return? Thank you.
As of today, we have a valid contract that is still kind of regulatory model. Despite any future negotiation with the government regarding extension of the contract, our current contract provides for the inclusion of additional CapEx. The contract already has a provision for CapEx that has not been executed under the current form of the concession contract. That is the current situation, we are fairly confident that despite of any uncertainty, current regulatory model is good and can serve to do the CapEx that already remains in the current contract and agree it with the government.
Regarding precisely what you said, am I right to think that those CapEx additions to the existing economic balance are limited in terms of amount or unlimited? You could add whatever, and it is just a matter of the years left of concession you have to get full reward.
There is no fixed or established that can be agreed with the government. As long as there is a mutual agreement, we can proceed doing CapEx.
Yeah. Thank you.
This concludes today's question and answer session. I would like to invite Mr. Martín Eurnekian to proceed with his closing comments. Please go ahead, sir.
Well, if there are no more questions, I'd like to thank all of you for joining us today. We really appreciate your interest in our company. We look forward to meeting more of you over the coming months during business updates next quarter. In the interim, the team remains available to answer any questions that you may have. Thank you, and enjoy the rest of your day.
That concludes the Corporación América Airports quarter conference for today. Thank you very much for your participation.