Aeropuertos Argentina 2000 S.A. Condensed Consolidated Interim Financial Statements At September 30, 2022 presented in comparative format Exhibit 99.1 Aeropuertos Argentina 2000 S.A. Condensed Consolidated Interim Financial Statements At September 30, 2022 presented in comparative format Index Consolidated Statements of Comprehensive Income Consolidated Statements of Financial Position Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to the Condensed Consolidated Inte ...

Financial Data and Key Metrics Changes - Adjusted EBITDA increased to $111 million, up from $9 million in the same quarter last year, reflecting a strong recovery trend in passenger traffic [5][15] - Adjusted EBITDA margin ex-IFRIC recovered to 36.2%, significantly up from mid-single-digit margin in the second quarter of last year [6] - Total operating costs and expenses ex-IFRIC12 increased by 57% year-on-year, but this was significantly below the 149% revenue growth [14] Business Line Data and Key Metrics Changes - Aeronautical revenues more than tripled year-on-year, reaching 81% of pre-pandemic figures, with Armenia showing a 10% increase from second quarter 2019 levels [13] - Commercial revenues were up 99% year-on-year, surpassing second quarter 2019 by 20%, driven by higher cargo and fueling services [13] - Cargo operations reached close to 84% of second quarter 2019 volumes, with Italy and Uruguay exceeding pre-pandemic levels [12] Market Data and Key Metrics Changes - Total passenger traffic reached 15.1 million, or 76% of second quarter 2019 levels, with July traffic nearly at 80% of pre-pandemic levels [7] - Traffic in Italy increased by more than five times year-on-year, reaching nearly 85% of second quarter 2019 levels [9] - Brazil's traffic stood at 76% of second quarter 2019 levels, slightly below the previous quarter, but grew to 85% in July [10] Company Strategy and Development Direction - The company is focused on two key value creation initiatives: economic re-equilibriums in Brazil and Armenia, and selecting value creation investment opportunities [20] - The company aims to provide a superior experience across its 53 airports while integrating sustainability into operations and infrastructure [21] Management's Comments on Operating Environment and Future Outlook - Management expects pent-up demand and the elimination of restrictions to continue supporting recovery in passenger traffic trends [19] - The company remains vigilant on macro and geopolitical situations that could impact operations [19] Other Important Information - The total liquidity position at the end of the quarter was $448 million, down from $646 million at the end of March 2022 [16] - Total debt was $1.5 billion, with net debt at $1.2 billion, and the net debt to adjusted EBITDA ratio declined to 3.5 times from 5.1 times [17] Q&A Session Summary Question: Details on the big asset sale in the cash flow statement - Management clarified that there were no asset sales, but significant cash utilization included the redemption of preferred shares in Argentina and prepayment of a syndicated loan facility in Armenia [27] Question: Interest in new airport projects - Management confirmed active interest in new projects, including potential opportunities in Barbados and Brazil, while focusing on improving current operations [24][25]

Second Quarter 2022 Earnings Call Presentation Second Quarter 2022 Disclaimer and Forward-Looking Statement 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. Forwardlooking 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 ne ...

[Company Information](index=3&type=section&id=Company%20Information) [Company Overview](index=3&type=section&id=Company%20Overview) Aeropuertos Argentina 2000 S.A. (AA2000) was established in 1998, primarily focusing on the development, management, and operation of Argentine airports, holding a concession for 35 airports - The company was founded in 1998, primarily engaged in airport development, management, and operation[3](index=3&type=chunk) - The company holds a concession for 35 airports within the Argentine National Airport System "Group A"[3](index=3&type=chunk)[20](index=20&type=chunk) - The parent company is Corporación América S.A., holding a **45.90% stake**[4](index=4&type=chunk) [Capital Stock](index=3&type=section&id=Capital%20Stock) As of the reporting period, the company's total issued and paid-in capital is ARS 258,517,299, comprising four classes of common shares, each with a par value of ARS 1 and one voting right Capital Stock Composition (ARS) | Stock Class | Subscribed Capital (ARS) | Paid-in Capital (ARS) | | :--- | :--- | :--- | | Class "A" Common Stock | 79,105,489 | 79,105,489 | | Class "B" Common Stock | 79,105,489 | 79,105,489 | | Class "C" Common Stock | 61,526,492 | 61,526,492 | | Class "D" Common Stock | 38,779,829 | 38,779,829 | | **Total** | **258,517,299** | **258,517,299** | [Condensed Consolidated Interim Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) For the six months ended June 30, 2022, the company achieved a net income of ARS 20.11 billion, a significant improvement from the prior year's loss, with operating profit also turning positive Consolidated Statements of Comprehensive Income Key Data (Six-Month Period, ARS) | Indicator | June 30, 2022 (ARS) | June 30, 2021 (ARS) | | :--- | :--- | :--- | | Revenue | 37,129,730,621 | 19,655,664,834 | | Construction Revenue (IFRIC 12) | 4,550,517,966 | 4,573,353,716 | | Cost of Sales | (23,659,375,420) | (18,275,302,068) | | Construction Costs (IFRIC 12) | (4,539,223,655) | (4,565,145,632) | | Gross Profit for the Period | 13,481,649,512 | 1,388,570,850 | | Operating Profit | 11,738,243,158 | (1,791,980,237) | | Net Income for the Period | 20,111,014,796 | (2,361,433,588) | | Earnings Per Share (Basic and Diluted) | 77.79370 | (9.9876) | [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of June 30, 2022, total assets slightly increased to ARS 226.36 billion, with intangible assets remaining the largest non-current component, while equity slightly decreased and total liabilities increased Consolidated Statements of Financial Position Key Data (ARS) | Indicator | June 30, 2022 (ARS) | December 31, 2021 (ARS) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-Current Assets | 191,865,038,896 | 194,050,153,351 | | Total Current Assets | 34,491,368,986 | 32,222,454,691 | | **Total Assets** | **226,356,407,882** | **226,272,608,042** | | **Shareholders' Equity and Liabilities** | | | | Total Shareholders' Equity | 89,131,907,520 | 91,574,730,181 | | Total Non-Current Liabilities | 104,021,136,104 | 95,580,586,711 | | Total Current Liabilities | 33,203,364,258 | 39,117,291,150 | | **Total Liabilities** | **137,224,500,362** | **134,697,877,861** | | **Total Shareholders' Equity and Liabilities** | **226,356,407,882** | **226,272,608,042** | - Intangible assets represent the largest portion of non-current assets, totaling **ARS 184,119,205,754** as of June 30, 2022[12](index=12&type=chunk) - Investments within current assets increased from **ARS 1,831,821,546** on December 31, 2021, to **ARS 6,638,724,850** on June 30, 2022[12](index=12&type=chunk) [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) As of June 30, 2022, total shareholders' equity decreased to ARS 89.13 billion from ARS 91.57 billion on January 1, 2022, primarily due to preferred share redemption and capital adjustments despite positive net income Consolidated Statements of Changes in Equity Key Data (ARS) | Indicator | June 30, 2022 (ARS) | January 1, 2022 (ARS) | June 30, 2021 (ARS) | | :--- | :--- | :--- | :--- | | Common Stock Capital | 258,517,299 | 258,517,299 | 258,517,299 | | Preferred Stock Capital | - | 910,978,514 | 910,978,514 | | Share Premium | 137,280,595 | 137,280,595 | 137,280,595 | | Capital Adjustments | 13,843,007,838 | 34,547,453,786 | 34,556,298,629 | | Legal and Voluntary Reserves | 70,283,024,902 | 70,881,816,983 | 70,899,302,744 | | Retained Earnings | 4,608,342,132 | (15,502,655,403) | (17,864,554,034) | | Total Equity Attributable to Shareholders | 89,130,172,766 | 91,573,012,688 | 89,208,818,716 | | Non-Controlling Interests | 1,734,754 | 1,717,493 | 1,512,615 | | **Total Shareholders' Equity** | **89,131,907,520** | **91,574,730,181** | **89,210,331,331** | - The shareholders' meeting on March 10, 2022, resolved to redeem preferred shares, resulting in zero preferred stock capital and a significant reduction in capital adjustments[14](index=14&type=chunk) - Net income for the period, totaling **ARS 20,110,997,535**, positively impacted retained earnings[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2022, operating activities resulted in a cash outflow of ARS 8.95 billion, investing activities a cash outflow of ARS 5.37 billion, and financing activities a cash inflow of ARS 11.65 billion, mainly from new financial debt Consolidated Statements of Cash Flows Key Data (Six-Month Period, ARS) | Indicator | June 30, 2022 (ARS) | June 30, 2021 (ARS) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (8,948,756,475) | 2,128,734,977 | | Net Cash Flow from Investing Activities | (5,365,368,789) | 367,210,641 | | Net Cash Flow from Financing Activities | 11,653,778,819 | (6,542,621,065) | | Decrease in Cash and Cash Equivalents | (2,660,346,445) | (4,046,675,447) | | Cash and Cash Equivalents at End of Period | 19,901,329,925 | 6,653,995,650 | - Operating cash flow shifted from positive to negative year-over-year, primarily influenced by income tax adjustments, bad debt provisions, inflation adjustments, and changes in fees payable to the Argentine National Government[17](index=17&type=chunk) - Financing cash flow significantly turned positive, mainly due to **ARS 27,838,880,775** in new financial debt[17](index=17&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [Note 1 – Company Activities](index=8&type=section&id=Note%201%20%E2%80%93%20Company%20Activities) AA2000 holds a concession for 35 airports, extended to February 13, 2038, with some commitments deferred due to COVID-19, and the government retaining the right to repurchase the concession - The company holds concession rights for **35 airports**, with the concession period extended until **February 13, 2038**[20](index=20&type=chunk)[21](index=21&type=chunk)[23](index=23&type=chunk) - In September 2021, ORSNA approved the deferral of certain engineering funds and preferred share redemption commitments to December 2022, and financial forecast adjustments to June 2023, in response to COVID-19 impacts[24](index=24&type=chunk) - The Argentine National Government retains the right to repurchase the concession after February 13, 2018, with compensation payable to the company[25](index=25&type=chunk) [Note 2 – Basis for Consolidation](index=9&type=section&id=Note%202%20%E2%80%93%20Basis%20for%20Consolidation) Consolidated financial statements include AA2000 and its subsidiaries, based on the company's control over entities, with intercompany transactions and balances eliminated for consistency Major Subsidiaries and Shareholding Percentages (ARS) | Subsidiary Name | Capital Participation and Potential Voting Rights | Book Value June 30, 2022 (ARS) | Period Income (ARS) | | :--- | :--- | :--- | :--- | | Servicios y Tecnología Aeroportuarios S.A. | 99.30% | 247,118,550 | 14,254,496 | | Cargo & Logistics SA. | 98.63% | 1,531,495 | (2,307,335) | | Paoletti América S.A. | 50.00% | 15,526 | (5,594) | | Texelrío S.A. | 70.00% | - | - | | Villalonga Furlong S.A | 1.45% | 55,812 | (46,226) | - AA2000 holds a **99.3% stake** in Servicios y Tecnología Aeroportuarios S.A., which primarily engages in duty-free zones, import/export, and airport-related services[31](index=31&type=chunk) - AA2000 holds a **98.63% stake** in Cargo y Logística S.A., which in turn holds a **98.42% stake** in Villalonga Furlong S.A[32](index=32&type=chunk) [Note 3 – Accounting Policies](index=10&type=section&id=Note%203%20%E2%80%93%20Accounting%20Policies) These condensed consolidated interim financial statements are presented in Argentine Pesos, comply with IFRS and IAS 34, and are restated under IAS 29 due to Argentina's hyperinflationary economy - Financial statements are presented in **Argentine Pesos** and comply with **International Financial Reporting Standards (IFRS)** and **International Accounting Standard 34 (IAS 34)**[35](index=35&type=chunk)[38](index=38&type=chunk) - Argentina has been classified as a hyperinflationary economy since **July 1, 2018**, thus financial statements are restated under **IAS 29** to reflect inflation's impact[56](index=56&type=chunk)[57](index=57&type=chunk) - The company is managed as a single business unit, with all airports considered as a whole, and no separate performance evaluation for individual airports, resulting in only one business segment[43](index=43&type=chunk) [Comparative Information](index=10&type=section&id=Comparative%20Information) Comparative information in these financial statements is derived from prior interim and annual consolidated financial statements, restated under IAS 29 to June 30, 2022, constant currency - Comparative information has been restated under **IAS 29** to the constant currency of June 30, 2022[40](index=40&type=chunk) [Controlled Entities](index=10&type=section&id=Controlled%20Entities) The company consolidates entities over which it has control, defined by power and variable returns, with intergroup transactions and unrealized gains/losses eliminated - The company consolidates entities when it has control over them[40](index=40&type=chunk) - Intergroup transactions, balances, and unrealized gains and losses are eliminated[41](index=41&type=chunk) [Segment Information](index=11&type=section&id=Segment%20Information) The company manages all airports as a single business unit, with airport revenue comprising non-aeronautical and aeronautical income, the latter determined by ORSNA's financial projections - The company is managed as a **single business unit**, with all airports considered as a whole, constituting only one business segment[43](index=43&type=chunk) - Airport revenue includes non-aeronautical and aeronautical income, with aeronautical revenue rates determined by ORSNA based on financial forecast reviews[46](index=46&type=chunk) [Accounting Policy Changes and Estimates](index=11&type=section&id=Accounting%20Policy%20Changes%20and%20Estimates) No changes occurred in the group's accounting policies as of January 1, 2022, and management's judgments and estimates align with the 2021 annual financial statements - No changes occurred in the group's accounting policies as of **January 1, 2022**[49](index=49&type=chunk) - Management's judgments and estimates in preparing the financial statements are consistent with the 2021 annual financial statements[51](index=51&type=chunk) [Foreign Currency and Hyperinflationary Economies](index=12&type=section&id=Foreign%20Currency%20and%20Hyperinflationary%20Economies) The company's functional and presentation currency is the Argentine Peso, with financial statements restated under IAS 29 due to Argentina's hyperinflationary economy, and inflation adjustments recognized in comprehensive income - The company's functional and presentation currency is the **Argentine Peso**[53](index=53&type=chunk) - Argentina has been classified as a hyperinflationary economy since **July 1, 2018**, requiring financial statements to be restated under **IAS 29**[56](index=56&type=chunk) - Non-monetary assets and liabilities are updated using adjustment factors from their acquisition or inception dates, while monetary assets and liabilities are not restated; inflation adjustment gains or losses are presented as "Impact of changes in the purchasing power of money" in the statement of comprehensive income[64](index=64&type=chunk)[66](index=66&type=chunk) [Contingencies](index=15&type=section&id=Contingencies) The company has legal claims and contingent liabilities related to normal operations, with no expectation of significant additional liabilities beyond existing provisions - The company has legal claims and contingent liabilities related to normal operations, with no expectation of significant additional liabilities[74](index=74&type=chunk) [Income Tax and Deferred Tax](index=15&type=section&id=Income%20Tax%20and%20Deferred%20Tax) For the six months ended June 30, 2022, income tax revenue was ARS 2.05 billion, with the company including inflation adjustments in its taxable net results and submitting a statement to AFIP - For the six months ended June 30, 2022, income tax revenue was **ARS 2.05 billion**[74](index=74&type=chunk) - The company included an inflation adjustment of **ARS 22.47 billion** in its taxable net results and submitted a statement to AFIP to assert its rights regarding this adjustment[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Note 4 – Breakdown of Certain Items of Financial Position and Comprehensive Income](index=16&type=section&id=Note%204%20%E2%80%93%20Breakdown%20of%20Certain%20Items%20of%20Financial%20Position%20and%20Comprehensive%20Income) This note details specific balance sheet and comprehensive income items, including receivables, investments, cash, payables, and the composition of aeronautical and non-aeronautical revenue, highlighting significant changes in trade receivables and investments Financial Position Items Breakdown (ARS) | Item | June 30, 2022 (ARS) | December 31, 2021 (ARS) | | :--- | :--- | :--- | | Other Non-Current Receivables | 7,106,862,898 | 8,305,627,397 | | Other Current Receivables | 1,873,829,607 | 2,546,845,998 | | Net Trade Receivables | 6,077,484,604 | 5,679,129,855 | | Investments | 6,638,724,850 | 1,831,821,546 | | Cash and Cash Equivalents | 19,901,329,925 | 22,164,657,292 | | Accounts Payable and Other Non-Current Liabilities | 244,668,076 | 1,064,644,930 | | Accounts Payable and Other Current Liabilities | 8,532,461,987 | 11,438,029,448 | Comprehensive Income Items Breakdown (Six-Month Period, ARS) | Item | June 30, 2022 (ARS) | June 30, 2021 (ARS) | | :--- | :--- | :--- | | Aeronautical Revenue | 18,300,885,380 | 5,483,011,754 | | Non-Aeronautical Revenue | 18,828,845,241 | 14,172,653,080 | | Total Revenue | 37,129,730,621 | 19,655,664,834 | | Other Net Income and Expenses | 850,522,715 | (872,094,574) | | Financial Income | 2,332,653,065 | 947,813,483 | | Financial Costs | 1,925,417,172 | 3,506,715,054 | | Income Tax | 2,050,466,571 | (4,412,627,306) | - Net trade receivables increased from **ARS 5,679,129,855** on December 31, 2021, to **ARS 6,077,484,604** on June 30, 2022[79](index=79&type=chunk) - Investments significantly increased from **ARS 1,831,821,546** on December 31, 2021, to **ARS 6,638,724,850** on June 30, 2022[79](index=79&type=chunk) [Note 5 – Intangible Assets](index=18&type=section&id=Note%205%20%E2%80%93%20Intangible%20Assets) As of June 30, 2022, the company's net intangible assets totaled ARS 184.12 billion, with ARS 4.55 billion in additions and ARS 5.31 billion in amortization during the period Intangible Assets Movement (ARS) | Indicator | June 30, 2022 (ARS) | June 30, 2021 (ARS) | | :--- | :--- | :--- | | Balance at January 1 (Original Value) | 289,040,072,237 | 281,633,841,916 | | Additions for the Period | 4,550,517,966 | 4,573,353,716 | | Balance at June 30 (Original Value) | 293,590,590,203 | 286,207,195,632 | | Accumulated Amortization at January 1 | (104,158,099,164) | (94,322,470,545) | | Amortization for the Period | (5,313,285,285) | (4,834,018,728) | | Accumulated Amortization at June 30 | (109,471,384,449) | (99,156,489,273) | | **Net Balance at June 30** | **184,119,205,754** | **187,050,706,359** | [Note 6 – Financial Debts](index=18&type=section&id=Note%206%20%E2%80%93%20Financial%20Debts) As of June 30, 2022, total financial debt increased to ARS 93.17 billion, driven by ARS 27.84 billion in new debt and ARS 16.00 billion in repayments, utilizing various financing methods including transferable debt and syndicated loans Financial Debts Breakdown (ARS) | Debt Type | June 30, 2022 (ARS) | December 31, 2021 (ARS) | | :--- | :--- | :--- | | **Non-Current Liabilities** | | | | Bank Loans | 3,682,509,849 | 7,629,181,122 | | Transferable Debts | 78,376,983,934 | 64,752,214,080 | | Debt Issuance Costs | (1,266,392,934) | (1,835,081,457) | | **Total Non-Current Liabilities** | **80,793,100,849** | **70,546,313,745** | | **Current Liabilities** | | | | Bank Loans | 5,198,188,207 | 7,883,266,213 | | Transferable Debts | 7,405,088,310 | 8,926,097,858 | | Debt Issuance Costs | (228,204,162) | (305,690,861) | | **Total Current Liabilities** | **12,375,072,355** | **16,503,673,210** | | **Total Financial Debts** | **93,168,173,204** | **87,049,986,955** | Financial Debts Movement (ARS) | Movement Item | June 30, 2022 (ARS) | June 30, 2021 (ARS) | | :--- | :--- | :--- | | Balance at January 1 | 87,049,986,955 | 91,254,368,637 | | New Financial Debts | 27,838,880,775 | 3,990,539,608 | | Financial Debts Repaid | (16,001,245,361) | (10,276,195,147) | | Accrued Interest | 3,964,043,876 | 4,495,887,268 | | Foreign Exchange Differences | (10,300,936,026) | (8,234,924,192) | | Inflation Adjustment | 617,442,985 | (761,077,892) | | **Net Balance at June 30** | **93,168,173,204** | **80,468,598,282** | - The company issued **USD 400 million** in transferable debt in 2017, maturing in 2027, with an interest rate of **6.875%**[88](index=88&type=chunk) - The company established a global program for transferable debt issuance totaling **USD 1.5 billion** in 2020, with multiple series issued including 2020 Series I, 2021 Series I, Class 2, Class 3, Class 4, Class 5, and Class 6[90](index=90&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk) - The company also secured financing through syndicated loans, Banco Macro loans, City Bank loans, and Eurobank loans, with some loans refinanced and extended[104](index=104&type=chunk)[109](index=109&type=chunk)[116](index=116&type=chunk)[125](index=125&type=chunk)[139](index=139&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) [Note 7 – Balances and Transactions with Related Parties](index=27&type=section&id=Note%207%20%E2%80%93%20Balances%20and%20Transactions%20with%20Related%20Parties) This note discloses related party balances and transactions, showing increased trade and other receivables from related parties, decreased payables, and significant government-related payables and trust fund receivables Related Party Balances (ARS) | Item | June 30, 2022 (ARS) | December 31, 2021 (ARS) | | :--- | :--- | :--- | | Trade Receivables | 311,339,864 | 244,795,132 | | Other Receivables | 236,898,519 | 117,317,774 | | Accounts Payable and Others | 34,790,913 | 272,734,783 | | Shareholders – Dividends | 279,504,684 | 311,865,221 | | Shareholders – Debt to National Government | 9,647,388,424 | - | - As of June 30, 2022, the company owed the Argentine National Government **ARS 4,485,256,216** for specific revenue allocation fees and recorded **ARS 7,106,862,898** in trust receivables for infrastructure projects[149](index=149&type=chunk) - As of June 30, 2022, the National Government also owed the company **ARS 9,647,388,424** as debt for the redemption of preferred shares[149](index=149&type=chunk) - Short-term compensation for key management personnel was **ARS 90,846,880** in H1 2022, compared to **ARS 93,221,338** in H1 2021[150](index=150&type=chunk) [Note 8 – Bad Debt Provisions](index=28&type=section&id=Note%208%20%E2%80%93%20Bad%20Debt%20Provisions) As of June 30, 2022, bad debt provisions significantly decreased to ARS 1.73 billion from ARS 6.37 billion at year-end, primarily due to recoveries, foreign exchange differences, and inflation adjustments Bad Debt Provisions Movement (ARS) | Movement Item | 2022 (ARS) | 2021 (ARS) | | :--- | :--- | :--- | | Initial Balance at January 1 | 6,368,227,254 | 7,237,269,810 | | Recoveries / Additions | (1,044,865,444) | 153,491,594 | | Foreign Exchange Differences | (1,492,274,651) | 671,617,465 | | Utilized | (368,771,952) | (3,669,867) | | Inflation Adjustment | (1,736,814,894) | (1,546,562,807) | | **Final Balance at June 30** | **1,725,500,313** | **6,512,146,195** | [Note 9 – Provisions and Other Charges](index=29&type=section&id=Note%209%20%E2%80%93%20Provisions%20and%20Other%20Charges) As of June 30, 2022, total provisions and other liabilities amounted to ARS 15.72 billion, reflecting new debt provisions related to government preferred share redemption and adjustments to litigation, deferred income, and project trusts Provisions and Other Liabilities Movement (2022, ARS) | Item | Balance at Jan 1 (ARS) | Increase / (Recovery) (ARS) | Decrease (ARS) | Inflation Adjustment (ARS) | Accrued (ARS) | Exchange Rate Differences (ARS) | Balance at Jun 30 (ARS) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Litigation | 962,440,606 | 56,786,231 | (74,423,665) | (260,387,780) | - | 122,353,020 | 806,768,412 | | Deferred Income | 2,460,500,566 | 185,622,910 | - | (275,006,506) | (560,393,511) | 104,043,610 | 1,914,767,069 | | Project Trust | 2,963,097,145 | 662,027,979 | (1,392,101,170) | (798,723,932) | 419,970,360 | - | 1,854,270,382 | | Guarantees Received | 213,871,658 | 61,050,999 | (30,255,371) | (67,198,051) | - | 24,426,732 | 201,895,967 | | Concessionaire Prepaid Expenses | 341,824,901 | 44,422,275 | - | - | (57,147,543) | - | 329,099,633 | | Dividends Payable | 311,865,221 | - | - | (88,493,426) | - | 56,132,889 | 279,504,684 | | Debt to National Government | - | 22,557,693,991 | (12,266,924,550) | (4,596,484,222) | 3,953,103,205 | - | 9,647,388,424 | | Others | 768,399,775 | 26,361,855 | (44,964,909) | (220,170,715) | 18,046,142 | 140,458,784 | 688,130,932 | | **Total** | **8,021,999,872** | **23,593,966,240** | **(13,808,669,665)** | **(6,306,464,632)** | **3,773,578,653** | **447,415,035** | **15,721,825,503** | - Under "Debt to National Government", **ARS 22,557,693,991** was added due to preferred share redemption, and **ARS 12,266,924,550** was paid[156](index=156&type=chunk) [Note 10 – Costs of Sales, Administrative, Distribution, and Selling Expenses](index=30&type=section&id=Note%2010%20%E2%80%93%20Costs%20of%20Sales%2C%20Administrative%2C%20Distribution%2C%20and%20Selling%20Expenses) For the six months ended June 30, 2022, total costs of sales, administrative, distribution, and selling expenses increased to ARS 26.25 billion, with specific revenue allocation, salaries, and intangible asset amortization as key components Costs of Sales, Administrative, Distribution, and Selling Expenses Breakdown (Six-Month Period, ARS) | Item | Cost of Sales (ARS) | Distribution and Selling Expenses (ARS) | Administrative Expenses (ARS) | Total (ARS) | | :--- | :--- | :--- | :--- | :--- | | **June 30, 2022** | | | | | | Specific Revenue Allocation | 5,497,390,144 | - | - | 5,497,390,144 | | Airport Services and Maintenance | 4,504,464,267 | - | 19,398,644 | 4,523,862,911 | | Amortization of Intangible Assets | 5,277,855,259 | 1,093,714 | 34,336,312 | 5,313,285,285 | | Salaries and Social Security Contributions | 6,396,548,690 | 57,196,970 | 774,850,888 | 7,228,596,548 | | Bad Debt Expense | - | (1,044,865,444) | - | (1,044,865,444) | | **Total** | **23,659,375,420** | **1,119,375,604** | **1,474,553,465** | **26,253,304,489** | | **June 30, 2021** | | | | | | Specific Revenue Allocation | 2,908,711,967 | - | - | 2,908,711,967 | | Airport Services and Maintenance | 3,949,087,358 | - | 1,338,801 | 3,950,426,159 | | Amortization of Intangible Assets | 4,786,155,476 | 1,260,547 | 46,602,705 | 4,834,018,728 | | Salaries and Social Security Contributions | 5,028,203,043 | 43,909,916 | 495,413,836 | 5,567,526,795 | | Bad Debt Expense | - | 153,491,594 | - | 153,491,594 | | **Total** | **18,275,302,068** | **1,276,827,623** | **1,031,628,890** | **20,583,758,581** | - Specific revenue allocation costs significantly increased in H1 2022, from **ARS 2,908,711,967** in the prior year to **ARS 5,497,390,144**[158](index=158&type=chunk) - Bad debt expense shifted from an expense of **ARS 153,491,594** in H1 2021 to a recovery of **ARS 1,044,865,444** in H1 2022[158](index=158&type=chunk) [Note 11 – Foreign Currency Assets and Liabilities](index=31&type=section&id=Note%2011%20%E2%80%93%20Foreign%20Currency%20Assets%20and%20Liabilities) As of June 30, 2022, the company's net foreign currency liability position increased to ARS 78.67 billion, with USD being the primary currency exposure across various asset and liability categories Foreign Currency Assets and Liabilities Breakdown (ARS) | Item | Currency Type | June 30, 2022 (ARS) | December 31, 2021 (ARS) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Current Assets | | 19,435,177,469 | 22,840,917,807 | | Of which: Net Trade Receivables | US$ | 3,079,960,277 | 3,141,425,708 | | Of which: Cash and Cash Equivalents | US$ | 16,355,217,192 | 19,699,492,099 | | **Liabilities** | | | | | Total Current Liabilities | | 16,637,012,838 | 22,034,408,898 | | Total Non-Current Liabilities | | 81,468,003,885 | 69,242,887,256 | | **Total Liabilities** | | **98,105,016,723** | **91,277,296,154** | | **Net Liability Position** | | **78,669,839,254** | **68,436,378,347** | - The **US dollar** constitutes the primary component of the company's foreign currency assets and liabilities[162](index=162&type=chunk) - As of June 30, 2022, the buy exchange rate for USD to ARS was **125.0300**, and the sell exchange rate was **125.2300**[73](index=73&type=chunk)[162](index=162&type=chunk) [Note 12 – Other Restricted Assets](index=31&type=section&id=Note%2012%20%E2%80%93%20Other%20Restricted%20Assets) As of June 30, 2022, other current restricted assets include ARS 1.25 million in third-party lease guarantees and ARS 599.50 million in cash and cash equivalents specifically for transferable debt repayment - Other current assets include **ARS 1,254,587** in third-party lease guarantees[163](index=163&type=chunk) - Cash and cash equivalents include **ARS 599,499,180** in bank account balances specifically designated for the repayment of 2021 Series and Class IV transferable debts[163](index=163&type=chunk) [Note 13 – Capital Stock](index=32&type=section&id=Note%2013%20%E2%80%93%20Capital%20Stock) As of June 30, 2022, the company's paid-in and subscribed capital is ARS 258,517,299, consisting of 258,517,299 common shares, following a resolution to redeem all preferred shares and reduce capital Capital Stock Composition (ARS) | Item | Par Value (ARS) | | :--- | :--- | | Paid-in and Subscribed | 258,517,299 | | Registered in Public Commercial Registry | 1,169,495,813 | - The company's capital stock consists of **258,517,299 common shares** with a par value of **ARS 1** each[165](index=165&type=chunk) - On March 10, 2022, the company resolved to redeem all issued preferred shares, reducing capital from **ARS 1,169,495,813** to **ARS 258,517,299**, with this capital reduction currently being registered[166](index=166&type=chunk) [Note 14 – Dividends by Preferred Shares](index=32&type=section&id=Note%2014%20%E2%80%93%20Dividends%20by%20Preferred%20Shares) On February 25, 2022, the board resolved to redeem all issued preferred shares for a total of ARS 17.23 billion, including nominal value and cumulative dividends, with payments scheduled in installments - On February 25, 2022, the Board of Directors resolved to redeem all **910,978,514** issued preferred shares[168](index=168&type=chunk) - The total redemption value is **ARS 17,225,719,240**, including nominal value, cumulative dividends for 2020, 2021, and pro-rata for 2022, all adjusted for inflation[168](index=168&type=chunk) - Redemption payments will be made in installments: **ARS 11,100,000,000** after the capital reduction process is completed, and the remaining balance by December 31, 2024, with interest at **2% per annum** plus inflation adjustment[168](index=168&type=chunk) [Note 15 – Resolutions of Shareholders' Meetings](index=33&type=section&id=Note%2015%20%E2%80%93%20Resolutions%20of%20Shareholders'%20Meetings) Shareholders' meetings in 2021 and 2022 resolved to carry forward negative earnings and confirmed preferred share dividends were not paid due to lack of realized profits, with all preferred shares subsequently redeemed - The shareholders' meeting on April 20, 2021, resolved to carry forward the negative earnings of **ARS 7,589,111,384** for the 2020 fiscal year to the next fiscal year[173](index=173&type=chunk) - The April 20, 2021, shareholders' meeting confirmed preferred share dividends of **ARS 237,821,433** were due but not paid due to the company lacking realized and liquid profits[174](index=174&type=chunk) - The shareholders' meeting on April 28, 2022, resolved to carry forward the negative earnings of **ARS 2,548,150** for the 2021 fiscal year and confirmed all preferred shares had been redeemed, thus no further dividends would be paid[176](index=176&type=chunk) [Note 16 – Earnings Per Share](index=34&type=section&id=Note%2016%20%E2%80%93%20Earnings%20Per%20Share) Earnings per share are calculated based on net income less accrued preferred share dividends, divided by common shares, showing a significant improvement to ARS 77.79 per share as of June 30, 2022 Earnings Per Share Calculation (ARS) | Indicator | June 30, 2022 | June 30, 2021 | | :--- | :--- | :--- | | Net Income for the Period, less Accrued Dividends | 20,111,014,796 | (2,581,965,307) | | Number of Common Shares | 258,517,299 | 258,517,299 | | **Earnings Per Share** | **77.7937** | **(9.9876)** | [Note 17 – Financial Risk Management](index=34&type=section&id=Note%2017%20%E2%80%93%20Financial%20Risk%20Management) The company faces market, credit, and liquidity risks, and this interim report should be read with the 2021 audited consolidated financial statements for comprehensive risk management information - The company faces market risks (including exchange rate risk, interest rate fair value risk, and price risk), credit risk, and liquidity risk[179](index=179&type=chunk) - This condensed consolidated interim financial statement should be read in conjunction with the audited consolidated financial statements for December 31, 2021, for complete financial risk management information[180](index=180&type=chunk) [Note 18 – Impact of COVID-19 on Operations](index=34&type=section&id=Note%2018%20%E2%80%93%20Impact%20of%20COVID-19%20on%20Operations) The COVID-19 pandemic significantly impacted operations, but with restrictions lifted and borders reopened in late 2021, international and domestic travel is recovering, expected to positively affect operating performance in 2022 - The COVID-19 pandemic led to significant negative impacts on company operations due to Argentine government measures such as border closures, mandatory quarantines, and flight suspensions[181](index=181&type=chunk)[182](index=182&type=chunk) - International and domestic travel has been steadily recovering since the lifting of restrictions and border reopenings in late 2021[184](index=184&type=chunk) - This recovery trend is expected to consolidate throughout the remainder of 2022, leading to higher passenger traffic and a positive impact on operating results[184](index=184&type=chunk) [Note 19 – Assignment of Credit to Trusts for NAS Strengthening](index=35&type=section&id=Note%2019%20%E2%80%93%20Assignment%20of%20Credit%20to%20Trusts%20for%20NAS%20Strengthening) The company is authorized to assign receivables from Aerolineas Argentina S.A. to the National Airport System Strengthening Trust to offset certain payables, complying with trust agreements and notified to relevant parties - Aerolineas Argentina S.A. proposed to repay its debt as of March 31, 2020, in **72 equal monthly installments** and agreed to assign these amounts to the NAS Strengthening Trust[186](index=186&type=chunk) - The company obtained ORSNA authorization to offset certain payables for the period from November 2020 to October 2021 by assigning receivables to the Trust[189](index=189&type=chunk) - The assignment of credit has been notified to Banco de la Nacion Argentina and Aerolineas Argentinas S.A[190](index=190&type=chunk) [Note 20 – Events Subsequent to the End of the Year](index=36&type=section&id=Note%2020%20%E2%80%93%20Events%20Subsequent%20to%20the%20End%20of%20the%20Year) Post-period, the company continued financing activities, including new transferable debt issuance, syndicated loans, and early loan repayments, aiming to strengthen cash positions and fulfill commitments - On July 8, 2022, the company issued **USD 20 million** in transferable debt, maturing on July 8, 2025, with a **0% interest rate**[192](index=192&type=chunk) - On July 14, 2022, the company early repaid **ARS 2,180,516,527** of a syndicated loan[193](index=193&type=chunk) - On July 25, 2022, the company signed a **USD 10 million** loan agreement with Industrial and Commercial Bank of China Dubai Branch, and on July 29, canceled a **USD 1.1 million** loan with Eurobank[193](index=193&type=chunk)[196](index=196&type=chunk) - On August 8, 2022, the Board approved the issuance of new Class 8 and Class 9 transferable debts for a maximum of **USD 60 million**, currently in the bidding and issuance process[196](index=196&type=chunk) - On July 8, 2022, the company paid **ARS 5,070,000,000** to the National Government for the redemption of preferred shares[198](index=198&type=chunk) [Summary of Information Required by Resolution N° 368/01 of the National Securities Commission](index=38&type=section&id=Summary%20of%20Information%20Required%20by%20Resolution%20N%C2%B0%20368%2F01%20of%20the%20National%20Securities%20Commission) [General Considerations](index=38&type=section&id=General%20Considerations) This summary, prepared under CNV Resolution N° 368/01, is inflation-adjusted under IAS 29, highlighting the seasonal nature of airport revenue and ongoing construction and renovation projects across multiple concession airports - This summary information has been inflation-adjusted under **IAS 29** and is presented in constant currency as of June 30, 2022[202](index=202&type=chunk) - The company's revenue is affected by the seasonality of Argentine air traffic, with higher passenger volumes and revenue during summer and winter months (December-February and July-August)[205](index=205&type=chunk) - In H1 2022, the company undertook engineering projects at various concession airports, including Ezeiza International Airport, Jorge Newbery Airport, Posadas Airport, Santa Rosa Airport, Comodoro Rivadavia Airport, Córdoba Airport, Iguazú Airport, Bariloche Airport, San Juan Airport, La Rioja Airport, Esquel Airport, and Jujuy Airport, with some projects resuming or in progress after pandemic-related halts[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) [IFRS Application and Seasonality](index=38&type=section&id=IFRS%20Application%20and%20Seasonality) The company has mandatorily applied IFRS since the fiscal year beginning January 1, 2012, with revenue exhibiting significant seasonality, peaking in summer and winter months - The company has mandatorily applied IFRS since the fiscal year beginning **January 1, 2012**[204](index=204&type=chunk) - Company revenue is subject to air traffic seasonality, with higher revenue during summer and winter months (December-February and July-August)[205](index=205&type=chunk) [Airport Projects and Works](index=39&type=section&id=Airport%20Projects%20and%20Works) In H1 2022, the company advanced construction and renovation projects at various airports, including new control towers, runway works, and terminal expansions at Ezeiza, Jorge Newbery, and other key locations - Ezeiza International Airport is undergoing projects including a new control tower, beacon ring, and main substation, with some projects resuming after pandemic-related halts[208](index=208&type=chunk) - Jorge Newbery Airport is undertaking external works, sidewalks, landscaping, coastal landfill, and underground parking, with adjustments to international departure/arrival areas completed[209](index=209&type=chunk) - Posadas Airport has completed runway, taxiway, and platform rehabilitation, along with a new high-intensity beacon system[211](index=211&type=chunk) - Santa Rosa Airport has initiated runway, taxiway, and platform rehabilitation, a new beacon system, and passenger terminal renovation and expansion[211](index=211&type=chunk) [Equity Structure](index=41&type=section&id=Equity%20Structure) As of June 30, 2022, total assets were ARS 226.36 billion, total liabilities ARS 137.22 billion, and net equity attributable to majority shareholders ARS 89.13 billion, reflecting an increase in assets and liabilities but a slight decrease in equity year-over-year Consolidated Equity Structure (ARS thousands) | Indicator | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 | June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Current Assets | 34,491,369 | 17,295,175 | 20,869,835 | 24,936,834 | 29,423,265 | | Non-Current Assets | 191,865,039 | 196,866,533 | 204,049,955 | 185,267,897 | 161,708,454 | | **Total Assets** | **226,356,408** | **214,161,708** | **224,919,790** | **210,204,731** | **191,131,719** | | Current Liabilities | 33,203,364 | 45,931,355 | 34,680,317 | 26,738,005 | 16,239,603 | | Non-Current Liabilities | 104,021,136 | 79,020,023 | 85,965,071 | 67,670,117 | 81,578,171 | | **Total Liabilities** | **137,224,500** | **124,951,378** | **120,645,388** | **94,408,122** | **97,817,774** | | Net Equity Attributable to Majority Shareholders | 89,130,173 | 89,208,818 | 104,195,588 | 115,744,580 | 93,251,001 | | Non-Controlling Interests | 1,735 | 1,512 | 78,814 | 52,029 | 62,944 | | **Total Net Equity** | **89,131,908** | **89,210,330** | **104,274,402** | **115,796,609** | **93,313,945** | - Current assets reached **ARS 34,491,369 thousand** on June 30, 2022, a significant increase from **ARS 17,295,175 thousand** in the prior year period[221](index=221&type=chunk) - Non-current liabilities increased from **ARS 79,020,023 thousand** on June 30, 2021, to **ARS 104,021,136 thousand** on June 30, 2022[221](index=221&type=chunk) [Results Structure](index=42&type=section&id=Results%20Structure) For the six months ended June 30, 2022, gross profit was ARS 13.48 billion and operating profit ARS 11.74 billion, both significantly improved from the prior year, with net profit reaching ARS 20.11 billion, reversing previous losses Consolidated Statements of Comprehensive Income Summary (Six-Month Period, ARS thousands) | Indicator | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 | June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Gross Profit | 13,481,650 | 1,388,571 | 1,442,861 | 20,325,743 | 21,587,078 | | Administrative, Distribution, and Marketing Expenses | (2,593,929) | (2,308,456) | (3,682,261) | (5,192,913) | (6,118,709) | | Other Net Income and Expenses | 850,523 | (872,095) | 725,034 | 1,235,014 | 1,134,914 | | Operating Profit | 11,738,244 | (1,791,980) | (1,514,366) | 16,367,844 | 16,603,283 | | Financial Income and Costs | 4,258,070 | 4,454,528 | (5,765,083) | 3,277,998 | (13,221,613) | | Impact of Changes in Purchasing Power of Money | 2,066,593 | (611,355) | (887,790) | (2,474,201) | (1,313,102) | | Income Before Tax | 18,060,548 | 2,051,193 | (8,167,239) | 17,171,641 | 2,068,568 | | Income Tax | 2,050,467 | (4,412,627) | 5,953,736 | 1,111,180 | (1,873,216) | | **Net Profit for the Period** | **20,111,015** | **(2,361,434)** | **(2,213,503)** | **18,282,821** | **195,352** | - Gross profit significantly increased from **ARS 1,388,571 thousand** on June 30, 2021, to **ARS 13,481,650 thousand** on June 30, 2022[224](index=224&type=chunk) - Operating profit shifted from a negative **ARS 1,791,980 thousand** on June 30, 2021, to a positive **ARS 11,738,244 thousand** on June 30, 2022[224](index=224&type=chunk) [Cash Flow Structure](index=42&type=section&id=Cash%20Flow%20Structure) For the six months ended June 30, 2022, operating activities resulted in a cash outflow of ARS 8.95 billion, investing activities a cash outflow of ARS 5.37 billion, and financing activities a cash inflow of ARS 11.65 billion, leading to a net decrease of ARS 2.66 billion in cash and cash equivalents Consolidated Statements of Cash Flows Summary (Six-Month Period, ARS thousands) | Indicator | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 | June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash Flow from Operating Activities | (8,948,756) | 2,128,735 | 4,536,768 | (6,389,425) | 4,582,977 | | Cash Flow from Investing Activities | (5,365,369) | 367,211 | 184,807 | 776,394 | (318) | | Cash Flow from Financing Activities | 11,653,779 | (6,542,621) | (4,773,754) | (4,107,823) | (2,364,881) | | **Net Change in Cash and Cash Equivalents for the Period** | **(2,660,346)** | **(4,046,675)** | **(52,179)** | **(9,720,854)** | **2,217,778** | - Cash flow from operating activities shifted from an inflow of **ARS 2,128,735 thousand** in the prior year period to an outflow of **ARS 8,948,756 thousand** in H1 2022[226](index=226&type=chunk) - Cash flow from financing activities shifted from an outflow of **ARS 6,542,621 thousand** in the prior year period to an inflow of **ARS 11,653,779 thousand** in H1 2022[226](index=226&type=chunk) [Analysis of Operations for Six-Month Periods Ended June 30, 2022 and 2021](index=43&type=section&id=Analysis%20of%20Operations%20for%20Six-Month%20Periods%20Ended%20June%2030%2C%202022%20and%202021) This section analyzes the company's operational performance for H1 2022 and 2021, showing significant total revenue growth driven by aeronautical recovery, increased costs, and improved net financial and other income/expenses - Total revenue in H1 2022 reached **ARS 37,129,731 thousand**, an **88.9% increase** compared to **ARS 19,655,665 thousand** in H1 2021[228](index=228&type=chunk) - Aeronautical revenue's share of total revenue increased from **27.90%** in H1 2021 to **49.29%** in H1 2022, with non-aeronautical revenue's share decreasing accordingly[228](index=228&type=chunk) - In H1 2022, cost of sales increased by **ARS 5,384,073 thousand**, administrative expenses increased by **ARS 442,924 thousand**, and distribution and marketing expenses decreased by **ARS 157,452 thousand**[229](index=229&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk) - Net financial income and costs shifted from an income of **ARS 4,454,529 thousand** in H1 2021 to an income of **ARS 4,258,070 thousand** in H1 2022, primarily impacted by foreign exchange exposure losses[233](index=233&type=chunk)[234](index=234&type=chunk) - Other net income and expenses shifted from a loss of **ARS 872,095 thousand** in H1 2021 to an income of **ARS 850,523 thousand** in H1 2022[235](index=235&type=chunk) [Revenue Analysis](index=43&type=section&id=Revenue%20Analysis) In H1 2022, total revenue reached ARS 37.13 billion, an 88.9% increase year-over-year, with aeronautical revenue significantly rising to 49.29% of total, primarily from airport usage fees Consolidated Revenue Composition (Six-Month Period, ARS thousands) | Revenue Type | June 30, 2022 | % Revenue | June 30, 2021 | % Revenue | | :--- | :--- | :--- | :--- | :--- | | Aeronautical Revenue | 18,300,885 | 49.29% | 5,483,012 | 27.90% | | Non-Aeronautical Revenue | 18,828,846 | 50.71% | 14,172,653 | 72.10% | | **Total** | **37,129,731** | **100.00%** | **19,655,665** | **100.00%** | Aeronautical Revenue Composition (Six-Month Period, ARS thousands) | Aeronautical Revenue Type | June 30, 2022 | % Revenue | June 30, 2021 | % Revenue | | :--- | :--- | :--- | :--- | :--- | | Landing Fees | 1,611,237 | 8.80% | 837,915 | 15.28% | | Parking Fees | 626,139 | 3.42% | 480,783 | 8.77% | | Airport Usage Fees | 16,063,509 | 87.77% | 4,164,314 | 75.95% | | **Total** | **18,300,885** | **100.00%** | **5,483,012** | **100.00%** | - Airport usage fees are the main component of aeronautical revenue, accounting for **87.77%** of aeronautical revenue in H1 2022[228](index=228&type=chunk) [Cost of Sales Analysis](index=43&type=section&id=Cost%20of%20Sales%20Analysis) In H1 2022, cost of sales increased by ARS 5.38 billion to ARS 23.66 billion compared to the prior year period Cost of Sales Movement (ARS thousands) | Item | Amount | | :--- | :--- | | Cost of Sales for the Period Ended June 30, 2022 | 23,659,375 | | Cost of Sales for the Period Ended June 30, 2021 | 18,275,302 | | **Change** | **5,384,073** | [Administrative Expenses Analysis](index=44&type=section&id=Administrative%20Expenses%20Analysis) In H1 2022, administrative expenses increased by ARS 442.92 million to ARS 1.47 billion compared to the prior year period Administrative Expenses Movement (ARS thousands) | Item | Amount | | :--- | :--- | | Administrative Expenses for the Period Ended June 30, 2022 | 1,474,553 | | Administrative Expenses for the Period Ended June 30, 2021 | 1,031,629 | | **Change** | **442,924** | [Distribution and Marketing Expenses Analysis](index=44&type=section&id=Distribution%20and%20Marketing%20Expenses%20Analysis) In H1 2022, distribution and marketing expenses decreased by ARS 157.45 million to ARS 1.12 billion compared to the prior year period Distribution and Marketing Expenses Movement (ARS thousands) | Item | Amount | | :--- | :--- | | Distribution and Marketing Expenses for the Period Ended June 30, 2022 | 1,119,376 | | Distribution and Marketing Expenses for the Period Ended June 30, 2021 | 1,276,828 | | **Change** | **(157,452)** | [Income and Financial Costs Analysis](index=44&type=section&id=Income%20and%20Financial%20Costs%20Analysis) In H1 2022, net financial income and costs resulted in a profit of ARS 4.26 billion, a decrease from the prior year's ARS 4.45 billion income, primarily due to foreign exchange exposure losses - In H1 2022, net financial income and costs resulted in a profit of **ARS 4,258,070 thousand**, a decrease from the prior year's income of **ARS 4,454,529 thousand**[233](index=233&type=chunk) - The change is primarily attributable to losses from foreign exchange exposure[234](index=234&type=chunk) [Other Incomes and Expenditures Analysis](index=44&type=section&id=Other%20Incomes%20and%20Expenditures%20Analysis) In H1 2022, other net income and expenses recorded a gain of ARS 850.52 million, a significant improvement from the prior year's ARS 872.10 million loss - In H1 2022, other net income and expenses recorded an income of **ARS 850,523 thousand**, a significant improvement from the prior year's loss of **ARS 872,095 thousand**[235](index=235&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2022, the group's total capitalization was ARS 182.30 billion, with financial debt accounting for 51.11%, an increase in the debt-to-capitalization ratio year-over-year - As of June 30, 2022, the group's total capitalization was **ARS 182,300,081 thousand**, comprising financial debt of **ARS 93,168,173 thousand** and net equity of **ARS 89,131,908 thousand**[236](index=236&type=chunk) - The debt-to-total capitalization ratio was approximately **51.11%** on June 30, 2022, an increase from **47.42%** on June 30, 2021[238](index=238&type=chunk) [Financial Ratios](index=45&type=section&id=Financial%20Ratios) As of June 30, 2022, the company's current ratio was 1.085, solvency ratio 0.664, capital immobilization ratio 0.848, and cost-efficiency ratio 0.223, showing improved liquidity and profitability year-over-year Key Financial Ratios | Indicator | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 | June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Liquidity (*) | 1.085 | 0.389 | 0.617 | 0.950 | 1.850 | | Solvency (*) | 0.664 | 0.732 | 0.878 | 1.240 | 0.960 | | Capital Immobilization | 0.848 | 0.919 | 0.907 | 0.880 | 0.850 | | Cost-Efficiency | 0.223 | (0.026) | (0.021) | 0.171 | 0.002 | - The liquidity ratio significantly increased from **0.389** on June 30, 2021, to **1.085** on June 30, 2022, indicating a notable improvement in liquidity[240](index=240&type=chunk) - The cost-efficiency ratio shifted from a negative **0.026** on June 30, 2021, to a positive **0.223** on June 30, 2022, demonstrating enhanced profitability[240](index=240&type=chunk) [Statistical Data](index=45&type=section&id=Statistical%20Data) For the six months ended June 30, 2022, total passenger traffic across the company's airport system reached 14.28 million, a 231.4% increase year-over-year, with aircraft movements totaling 168,679, reflecting strong aviation recovery Passenger Traffic (thousands of passengers) | Airport | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 | June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Aeroparque | 5,714 | 820 | 2,292 | 6,231 | 6,616 | | Ezeiza | 3,098 | 1,840 | 2,878 | 6,112 | 5,189 | | Córdoba | 963 | 234 | 697 | 1,810 | 1,683 | | Bariloche | 890 | 377 | 433 | 741 | 615 | | Mendoza | 754 | 220 | 431 | 1,165 | 929 | | Salta | 565 | 169 | 325 | 668 | 480 | | Iguazú | 513 | 101 | 352 | 739 | 445 | | Tucumán | 320 | 104 | 178 | 471 | 454 | | Jujuy | 213 | 66 | 81 | 195 | 202 | | C. Rivadavia | 191 | 63 | 123 | 328 | 309 | | **Total (Top Ten Airports)** | **13,221** | **3,994** | **7,790** | **18,460** | **16,922** | | **Total (All Airports)** | **14,275** | **4,308** | **8,802** | **20,531** | **18,378** | | **Change** | **231.4%** | **(51.1)%** | **(57.1)%** | **11.7%** | **8.8%** | Aircraft Movements (movements) | Airport | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 | June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | Aeroparque | 46,777 | 10,057 | 22,100 | 56,928 | 65,177 | | San Fernando | 29,456 | 21,653 | 11,749 | 20,579 | 20,541 | | Ezeiza | 22,189 | 19,416 | 22,245 | 41,770 | 36,236 | | Córdoba | 9,841 | 3,790 | 6,638 | 16,360 | 16,581 | | Mendoza | 7,299 | 3,000 | 4,622 | 11,349 | 9,846 | | Bariloche | 6,838 | 3,951 | 3,435 | 6,131 | 5,893 | | Salta | 5,480 | 2,298 | 3,280 | 6,754 | 5,249 | | Iguazú | 4,092 | 1,282 | 3,359 | 6,191 | 4,182 | | Mar del Plata | 3,156 | 1,949 | 2,180 | 4,605 | 5,314 | | Tucumán | 2,794 | 1,441 | 1,682 | 4,530 | 4,920 | | C. Rivadavia | 2,756 | 2,292 | 2,657 | 5,010 | 4,916 | | **Total (Top Ten Airports)** | **140,678** | **71,129** | **83,947** | **180,207** | **178,855** | | **Total (All Airports)** | **168,679** | **89,233** | **101,679** | **212,475** | **208,590** | | **Change** | **89.0%** | **(12.2)%** | **(52.1)%** | **1.9%** | **8.3%** | - In H1 2022, total passenger traffic increased by **231.4%** year-over-year, with Aeroparque Airport recording the highest passenger volume at **5,714 thousand**[241](index=241&type=chunk) - In H1 2022, aircraft movements increased by **89.0%** year-over-year, with Aeroparque Airport recording the highest number of movements at **46,777**[243](index=243&type=chunk) [Outlook for 2022](index=47&type=section&id=Outlook%20for%202022) The company anticipates continued recovery in international and domestic passenger traffic for the remainder of 2022, driven by high vaccination rates and eased travel restrictions, while maintaining strict cost control and financial measures - In H1 2022, international passenger traffic recovered to nearly **70%** of 2019 levels, and domestic traffic recovered to **83%**[245](index=245&type=chunk) - Passenger traffic is expected to continue consolidating its recovery trend for the remainder of 2022, primarily due to high vaccination rates, border reopenings, and eased travel restrictions[246](index=246&type=chunk) - The company will continue to strictly control operating costs to manage passenger volume recovery and implement financial measures to strengthen its cash position and fulfill commitments[247](index=247&type=chunk) [Review Reports](index=48&type=section&id=Review%20Reports) [Report on Review of Condensed Consolidated Interim Financial Statements](index=48&type=section&id=Report%20on%20Review%20of%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Price Waterhouse & Co. S.R.L. reviewed AA2000's condensed consolidated interim financial statements for June 30, 2022, finding no material non-compliance with IAS 34, though noting the statements are not yet recorded in the 'Inventory and Balance Sheet' - The scope of the review is less than an audit, therefore no audit opinion is expressed[253](index=253&type=chunk) - Based on the review, no material non-compliance with **International Accounting Standard 34** was identified[256](index=256&type=chunk) - The financial statements have not yet been recorded in the "Inventory and Balance Sheet"[257](index=257&type=chunk) - As of June 30, 2022, the company's accrued and unpaid debt to the Argentine Integrated Social Security System was **ARS 403,271,282**[257](index=257&type=chunk) [Surveillance Committee Report](index=50&type=section&id=Surveillance%20Committee%20Report) The Surveillance Committee reviewed AA2000's interim financial statements for June 30, 2022, confirming compliance with legal provisions and consideration of all known material events, while noting the statements are not yet recorded in the 'Inventory and Balance Sheet' - The Surveillance Committee reviewed the financial statements in accordance with legal requirements and referenced the external auditor's report[261](index=261&type=chunk)[263](index=263&type=chunk) - The Surveillance Committee did not perform management control, as management's business decisions are the sole responsibility of the Board of Directors[265](index=265&type=chunk) - The Surveillance Committee confirmed that the financial statements consider all known material events and circumstances and comply with legal provisions, but are not yet recorded in the "Inventory and Balance Sheet"[266](index=266&type=chunk)

Corporación América Airports S.A. (NYSE:CAAP) Q1 2022 Earnings Conference Call May 18, 2022 10:00 AM ET Company Participants Patricio Inaki Esnaola - Head, IR Martin Eurnekian - CEO Jorge Arruda - CFO Conference Call Participants Operator Good morning and welcome to the Corporación América Airports First Quarter 2022 Earnings Conference Call. A slide presentation accompanies today's webcast and is available in the Investors section of the Corporación América Airports Investor Relations website. As a reminde ...

Passenger Traffic and Cargo Volume - In 2021, domestic passenger traffic increased by 56.0% to 22.5 million, while international passenger traffic rose by 16.5% to 8.2 million[673]. - Total passenger traffic reached 35.7 million in 2021, marking a 41.5% increase compared to 25.2 million in 2020[673]. - Cargo volumes increased by 26.6% to 323.5 thousand tons in 2021, up from 255.6 thousand tons in 2020[673]. - Total aircraft movements rose by 40.9% to 497.2 thousand in 2021, compared to 352.9 thousand in 2020[673]. - Cargo volume in Argentina was 174.4 thousand tons in 2021, a 21.2% increase from 143.9 thousand tons in 2020[675]. - Total passengers in Argentina increased to 13.3 million in 2021, a 33.3% increase from 10.0 million in 2020[675]. - Aircraft movements in Argentina rose to 227.3 thousand in 2021, a 46.1% increase from 155.6 thousand in 2020[675]. - In Brazil, domestic passengers totaled 12.3 million in 2021, a 35.5% increase from 9.1 million in 2020[675]. - Total cargo volume in Ecuador was 23.0 thousand tons in 2021, a 36.5% increase from 16.8 thousand tons in 2020[677]. - Total passengers in Peru reached 1.9 million in 2021, a 56.0% increase from 1.2 million in 2020[677]. - The company reported a 5.3% increase in total passengers across all segments in 2021 compared to 2020[677]. Financial Performance - Total consolidated revenue for 2021 was $706.9 million, a 16.4% increase from $607.4 million in 2020[680]. - Aeronautical revenue accounted for 37.2% of total revenue in 2021, increasing from 36.2% in 2020[680]. - Commercial revenue reached $362.1 million in 2021, representing 51.2% of total revenue, up from 42.8% in 2020[680]. - Total expenses for 2021 amounted to $936.9 million, a decrease of 11% from $1,052.9 million in 2020[682]. - Financial loss from continuing operations decreased to $131.3 million in 2021, down from $215.5 million in 2020[685]. - The company reported a loss for the year of $181.0 million, a 50% decrease from a loss of $361.9 million in 2020[687]. - Non-aeronautical revenue, including commercial revenue, rose by 39.4% to $362.1 million in 2021[687]. - The cost of fuel surged by 90.3% to $24.9 million in 2021, compared to $13.1 million in 2020[687]. - The company experienced a significant increase in provision for maintenance costs, which rose by 159.6% to $4.7 million in 2021[687]. - Gross profit increased by 282.9% to U.S.$84.5 million for the year ended December 31, 2021, compared to a loss of U.S.$46.2 million in 2020[721]. - The net loss decreased by 50.0% to U.S.$181.0 million for the year ended December 31, 2021, from U.S.$361.9 million in 2020[752]. Economic Conditions and Currency Exchange - The Argentine peso experienced a devaluation of 22.1% against the U.S. dollar in 2021, while inflation was reported at 50.9%[671]. - The average exchange rate for the Argentine peso in 2021 was 102.72 ARS, reflecting a 22.1% change against the prior year[665]. - The average exchange rate for the Brazilian real in 2021 was 5.40 BRL, showing a 4.7% increase compared to 2020[665]. - The company operates in a hyperinflationary economy in Argentina, requiring adjustments to financial statements under IAS 29[670]. - The company continues to assess macroeconomic conditions to identify potential impacts on business performance[670]. Capital Expenditures - Capital expenditures in Argentina amounted to U.S.$53.5 million in 2021, down from U.S.$95.8 million in 2020[756]. - In Italy, capital expenditures totaled U.S.$19.9 million in 2021, compared to U.S.$13.9 million in 2020[757]. - Capital expenditures at the Brasilia Airport were U.S.$1.8 million in 2021, a decrease from U.S.$2.9 million in 2020[760]. - The Punta del Este Airport incurred capital expenditures of U.S.$5.4 million in 2021, down from U.S.$9.7 million in 2020[764]. - The Guayaquil Airport had capital expenditures of U.S.$0.8 million in 2021, significantly lower than U.S.$10.5 million in 2020[765]. - The company expects to incur additional capital expenditures of U.S.$86.2 million at the Carrasco Airport over the next five years as required by contract[764]. - TAGSA expects to incur additional capital expenditures of U.S.$12.0 million in Guayaquil Airport over the next five years, with U.S.$8.8 million required by contract and U.S.$3.2 million as optional expenditures[766]. - ECOGAL anticipates U.S.$10 million in capital expenditures for Galapagos Airport, all required by contract, during the next five years[766]. - AIA plans to spend U.S.$9.5 million in capital expenditures at Zvartnots Airport and Shirak Airport over the next five years, contingent on reaching certain passenger level thresholds[768]. - In 2021, AIA spent U.S.$2.1 million at Zvartnots Airport and U.S.$5.5 million at Shirak Airport on capital expenditures, primarily for renovations[766]. - AAP spent U.S.$0.3 million in capital expenditures for airport equipment for the period ended December 16, 2021[769]. COVID-19 Impact and Response - The Company has taken measures to reduce operating costs, including salary reductions and freezing new hiring, to mitigate the impact of COVID-19[777]. - In Brazil, ICAB received U.S.$25.5 million in economic compensation related to the COVID-19 pandemic impact on the Brasilia Concession Agreement during 2021[783]. - The Company is negotiating with regulatory agencies to adjust concession fees and extend concession agreements to address the financial impact of COVID-19[780]. - A total of U.S.$12 million was disbursed by the European Commission to TA in August 2021 to compensate for the impact of the COVID-19 pandemic[782]. Regulatory and Compliance Issues - The estimated penalty for non-compliance with the Minimum Rating requirement is R$13 million (approximately U.S.$2.3 million) for the year 2022[789]. - As of December 31, 2021, ICAB has a current liability of U.S.$192.1 million due to non-compliance with the fixed concession fee payment[790]. - The Argentine Foreign Exchange Regulations impose restrictions on the distribution of dividends, requiring compliance with specific conditions[800]. - The company has initiated a judicial procedure to suspend actions against it related to the concession fee payment, with a federal judge granting a writ of mandamus[790]. - The combined tax rate for Argentine subsidiaries for fiscal years starting in 2021 ranges between 30.25% and 39.55% depending on the applicable progressive rate[797]. Financing Activities - Net cash used in financing activities was U.S.$3.7 million for the year ended December 31, 2021, a 104.1% decrease from U.S.$90.5 million in 2020[807]. - Loans paid increased by U.S.$195.4 million, primarily due to U.S.$113.1 million from AA2000 refinancing, U.S.$17.4 million in local bonds in Uruguay, and U.S.$68.8 million in Italy[807]. - Interest paid increased by U.S.$45.0 million, with U.S.$29.0 million related to AA2000 refinancing and U.S.$7.5 million from ICAB interest deferral[807]. - Proceeds from borrowings increased by U.S.$142.2 million, mainly in Argentina due to new notes issuance[807]. - AA2000 issued U.S.$400.0 million aggregate principal amount of 6.875% senior secured notes due 2027, with quarterly principal and interest payments starting May 1, 2019[810]. - On October 28, 2021, AA2000 issued U.S.$208.9 million of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031, exchanging 24.61% of the original Argentine Notes[815]. - AA2000 issued U.S.$62 million of Senior Secured Notes on November 4, 2021, with a maturity of seven years and an annual interest rate of 9.5%[818]. - AA2000's Argentine Additional Notes outstanding amount was U.S.$397.4 million as of December 31, 2020[814]. - The Argentine Notes are secured by revenues under the AA2000 Concession Agreement, with certain restrictions on debt and asset disposal[813]. - AA2000 may declare dividends up to 75.0% of cumulative net income, subject to certain conditions and no defaults under the Argentine Notes[811]. Loan Agreements and Financial Obligations - AA2000 entered into two credit facility agreements totaling U.S.$120 million, with U.S.$85 million for the onshore facility at a fixed rate of 9.75% and U.S.$35 million for the offshore facility at a variable rate[821]. - The 2020 Bilateral Loans amounted to AR$987 million, accruing interest at a variable rate equivalent to the corrected BADLAR rate plus a 5% margin, to be repaid in four equal installments starting September 2021[826]. - In November 2021, the 2020 Bilateral Loans were precancelled using proceeds from the Bimonetary Syndicated Loan[826]. - The Bimonetary Syndicated Loan included a disbursement of AR$3.75 billion in Argentine Pesos and U.S.$10 million, with interest rates of 10% and 8.5% respectively[830][831]. - The February 2021 Bilateral Loans totaled AR$903 million, with 48% to be repaid in four installments starting March 2022 and the remaining 52% in a lump-sum payment in February 2023[829]. - AA2000 refinanced a U.S.$10 million loan with Banco Macro S.A., deferring principal payments to July 2021 and increasing the interest rate to 10%[834]. - A new loan agreement with Banco de la Ciudad de Buenos Aires for U.S.$5 million was signed, with a 6% interest rate and a 24-month payment term[835]. - The Italian Notes issued by CA Italy amounted to €60 million at a 4.556% interest rate, maturing on December 31, 2024[836]. - The Italian Notes are secured by a first-ranking pledge of shares representing 100% of CA Italy's share capital[837]. - Mandatory redemption of the Italian Notes is required upon significant adverse changes to concessions or loss of control over TA[839]. Financial Covenants and Conditions - CA Italy has the option to redeem the Italian Notes at 100% of the principal outstanding amount plus accrued interest on any interest payment date, with specific conditions related to changes in tax laws[840]. - If CA Italy's EBITDA decreases by 15% or less, it can redeem a principal amount of the Italian Notes equal to the relevant equity cure amount; if the decrease exceeds 15%, the redemption will be limited to the equity cure amount[840]. - As of December 31, 2021, CA Italy can redeem all Italian Notes at 100% of their principal outstanding amount plus accrued interest, with a notice period of 5 to 10 days[841]. - In the event of a change of control, noteholders can require CA Italy to redeem their Italian Notes at 101% of the principal outstanding amount plus accrued interest[843]. - CA Italy is prohibited from declaring dividends or making certain payments unless specific financial conditions are met, including maintaining a leverage ratio of less than 9.00:1 until December 31, 2019, and 8.50:1 thereafter[846]. Infrastructure Financing - TA entered into bank loans totaling €52.8 million to finance infrastructure investments at Florence and Pisa Airports, with specific maturity dates ranging from January 2022 to September 2027[847]. - In 2020, TA secured an €85 million loan backed by SACE guarantees to support operations affected by the COVID-19 crisis, with a six-year term and a two-year grace period[850]. - ICASGA received a loan of R$329.3 million from BNDES for the construction of Natal Airport, secured by various pledges and guarantees[851]. - ICAB has credit facility agreements totaling R$840 million for the expansion and operation of Brasilia Airport, with strict conditions on dividend payments exceeding 25% of net profits[853]. - After financial completion, ICAB must maintain a Debt Service Coverage Ratio of at least 1.3:1.0 and an Equity Ratio of at least 25% to pay dividends exceeding 25% of net profits[855]. - In March 2018, ICAB received an additional loan of R$300.0 million from BNDES, extending the interest-only period and final maturity date for two years[856]. - As of December 31, 2021, ICAB had an outstanding amount of U.S.$192.1 million presented as current due to non-compliance with certain covenants under the BNDES Refinancing[861]. - A penalty of 1% per annum over the outstanding amount was enforced as of March 2022, estimated to total R$13 million (equivalent to U.S.$2.3 million) for the year 2022[860]. - If additional collateral is required due to non-compliance, it is expected to create an obligation of approximately R$333 million (equivalent to U.S.$59.7 million) for certain subsidiaries and the controlling shareholder[861]. - ACI Airport Sudamérica issued U.S.$200.0 million aggregate principal amount of 6.875% senior secured guaranteed notes due 2032, with a security package including pledges of shares and accounts[864]. - The Uruguayan Notes will mature on November 29, 2032, with principal and accrued interest repaid in 34 installments starting May 29, 2016[864]. - ICAB entered into a new loan in USD for $3.0 million with Banco Votorantim S.A. on May 25, 2021, due in June 2022, secured by a guarantee letter from CAAP[857]. - The BNDES Refinancing increased the size of credit facility commitments by an additional R$300.0 million, extending the final maturity and interest-only payment terms for ICAB and ICASGA loans[859]. - As of March 2022, ICAB and ICASGA were unable to comply with the Minimum Rating requirement, resulting in a penalty and additional collateral obligations[861]. - The Majority Shareholder has agreed to maintain a Minimum Rating of at least B- and not to undertake any change of control without BNDES consent[860].

Corporacion America Airports SA (NYSE:CAAP) Q4 2021 Earnings Conference Call March 23, 2022 10:00 AM ET Company Participants Patricio Inaki Esnaola - Head, IR Martin Eurnekian - CEO & Director Jorge Arruda - CFO Conference Call Participants Alejandro Demichelis - Nau Securities Limited Bruno Amorim - Goldman Sachs Group Operator Good morning, and welcome to Corporación América Airports Fourth Quarter 2021 Earnings Conference Call. A slide presentation accompanies today's webcast and is available in the Inve ...

AeropuertosArgentina2000S .A . AnnualReportandInd ividualF inancialStatem ents A tDecember31, 2021presentedincomparativeformat Exh ib it99 .2 Aeropuertos Argentina 2000 S.A. Registration number with the Superintendency of Corporations: 1645890 ANNUAL REPORT PRESIDENT´S LETTER As every year, we present the performance and the main actions implemented in the year by Aeropuertos Argentina 2000 S.A. (hereafter the "Company" or "AA2000") to the people, institutions, companies and organizations with which the Com ...

Financial Data and Key Metrics Changes - Traffic across operations reached 10.5 million passengers, up 90% sequentially, and 46% of pre-pandemic levels compared to Q3 2019 [7] - Revenues excluding IFRIC more than doubled year-on-year to nearly $170 million, up 38% sequentially, reaching 55% of Q3 2019 levels [9] - Comparable adjusted EBITDA improved to $38 million from $7 million in the prior quarter and a loss of $19 million in Q3 2020 [10][28] - Total liquidity position at the end of the quarter was $297 million, with total debt stable at $1.3 billion [37] Business Line Data and Key Metrics Changes - Aeronautical revenues increased over two times year-on-year, reaching 39% of pre-pandemic levels [24] - Commercial revenues reached 70% of 2019 levels, with cargo revenues increasing by 10% versus 2019 [25] - Cargo activity reached 82% of pre-pandemic levels, with Uruguay and Italy exceeding 2019 cargo volume levels [9][23] Market Data and Key Metrics Changes - Argentina and Uruguay were heavily impacted by government travel restrictions, while traffic in Brazil and Armenia showed significant recovery [8][19] - Passenger traffic in Italy was up over 85% year-on-year, reaching 50% of Q3 2019 levels [17] - Traffic in Brazil more than doubled year-on-year, reaching 74% of the corresponding quarter in 2019 [18] Company Strategy and Development Direction - The company has taken steps to strengthen liquidity and improve the debt profile, refinancing $425 million in existing debt and obtaining $179 million in new funding [11] - A 20-year extension of the Carrasco International airport concession in Uruguay was obtained, adding six regional airports [12][30] - The company is focused on economic re-equilibrium processes across concessions to restore equity value [40] Management's Comments on Operating Environment and Future Outlook - Management expects passenger dynamics to continue improving as the summer season approaches, supported by lower travel restrictions and pent-up demand [39] - The company remains cautious about the pandemic's impact and is monitoring COVID-19 cases in Europe [39] - Long-term expectations include sustained traffic growth and a focus on new business opportunities [40][42] Other Important Information - The company achieved positive adjusted EBITDA in all countries of operations except Peru, with margins above 2019 levels in Ecuador and Armenia [28] - The company has maintained compliance with debt covenants, with no direct indebtedness at the corporate level [37] Q&A Session Summary Question: Details on Uruguay concession extension and future traffic revenues - Management indicated that investments are required to bring new airports to certification levels, with a planned investment of $67 million over four years [47][49] Question: Outlook for dividends post-COVID crisis - Management stated it is too early to determine dividend policies but indicated a return to pre-COVID dividend ideas is likely [50] Question: Expectations for cost dynamics in the coming quarters - Management expects higher operating expenses as traffic levels normalize but anticipates a better cost base post-pandemic [53]

Corporación América Airports S.A. Third Quarter 2021 Earnings Call Presentation 1 Disclaimer and Forward-Looking Statement 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 expres ...