Corporacion America Airports S.A 6-K, filed Dec 17, 2020
Corporacion America Airports S.A. (CAAP)
About this 6-K
Corporacion America Airports S.A filed this 6-K on December 17, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2020
Commission File Number: 001-38354
Corporación América Airports S.A.
(Name of Registrant)
4, rue de la Grêve
L-1643, Luxembourg
Tel: +35226258274
Fax: +35226259776
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
MATERIAL INFORMATION
Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) the largest private sector airport operator based on the number of airports under management announced today the extension of the Aeropuertos Argentina 2000 Concession for 10 years until 2038.
A copy of the press release issued by the Company on December 17, 2020, the presidential decree issued in connection with the extension and other relevant documents are attached as exhibit to this Report on Form 6-K and is incorporated by reference herein.
Forward Looking Statements
Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the COVID-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU, AMD or the PEN against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 7 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In 2019, Corporación América Airports served 84.2 million passengers. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com
Contacts
Gimena Albanesi
Email: gimena.albanesi@caairports.com
Phone: +5411 4852-6411
Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Corporación América Airports S.A. | |||
| By: | /s/ Andres Zenarruza | ||
| Name: Andres Zenarruza | |||
| Title: Head of Legal | |||
| By: | /s/ Raúl Guillermo Francos | ||
| Name: Raúl Guillermo Francos | |||
| Title: Chief Financial Officer | |||
Date: December 17, 2020
Exhibit 99.1
 |
Corporación América Airports Announces Issuance of Presidential Decree Extending the Aeropuertos Argentina 2000 Concession for 10-Years Until 2038
Luxembourg, December 17, 2020 — Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) the largest private sector airport concession operator in the world by number of airports, announced today that the Argentine Government issued Presidential Decree No. 1009/2020, which ratifies the Concession Agreement Extension entered into between Aeropuertos Argentina 2000 S.A. (“AA2000”) and the Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) on November 30, 2020.
The Presidential Decree and the agreement, consisting of the Technical Conditions to the Extension and the Financial Projection of Income and Expenses (PFIE), will be submitted through a Form 6-K to be filed by the Company with the U.S. Securities and Exchange Commission today after market closes. The PFIE contains ORSNA’s financial projections from 2021 until 2038 which, together with the new capex program, preserves the economic equilibrium of the concession and strengthens AA2000’s long-term sustainability following the impact of COVID19 in AA2000.
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 7 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In 2019, Corporación América Airports served 84.2 million passengers. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com/
Investor Relations Contact
Gimena Albanesi
Email: gimena.albanesi@caairports.com
Phone: +5411 4852-6411
Exhibit 99.2
AEROPUERTOS ARGENTINA 2000 S.A.
Decree 1009/2020
DCTO-2020-1009-APN-PTE - Concession Contract. Extension.
City of Buenos Aires. 12/16/2020
HAVING REVIEWED Case File No EX-2020-73378787-APN-USG#ORSNA, Law No 27 541, Necessity and Urgency Decrees No 842 of August 27, 1997, 260 of March 12, 2020 and 297 of March 19, 2020, and corresponding amendments and complementary regulations thereof, Decrees No 375 of April 24, 1997 and its amendments, 500 of June 2, 1997, 163 of February 11, 1998, 1799 of December 4, 2007 and 50 of December 19, 2019 and its amendments, Resolutions No. 64 of March 18, 2020, 71 of March 20, 2020 and 73 of March 24, 2020, all issued by the MINISTRY OF TRANSPORT, and amendments thereof, and Resolution of the Board of Directors of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA, as per the acronym in Spanish) No 80 of November 30, 2020, and
CONSIDERING:
That Law No 27 541 declared a state of public emergency in economic, financial, tax, administrative, pension, rate, energy, health and social matters, with delegation of powers upon the NATIONAL EXECUTIVE POWER, pursuant to the terms of section 76 of the NATIONAL CONSTITUTION, by virtue of the bases for delegation established in section 2, up to December 31, 2020.
That on March 11, 2020 the WORLD HEALTH ORGANIZATION (WHO) declared the new coronavirus outbreak as a global pandemic.
That, as a consequence, the Necessity and Urgency Decree No 260/20 extended the public health emergency declared by Law No 27 541, by virtue of the pandemic declared by the WORLD HEALTH ORGANIZATION (WHO), in relation to the COVID-19, for the term of ONE (1) year from the effective date of such decree.
That Resolution No 64/20 of the MINISTRY OF TRANSPORT provided for the total suspension of commercial domestic flights and general aviation services, among other things, along the same line as the actions established by the National Government to prevent or delay the spread of the COVID-19.
That, as a consequence, Resolutions No 71/20 and 73/20, both from the MINISTRY OF TRANSPORT, provided for the extension of the total suspension of commercial domestic flights and general aviation services, among other things, established in section 3 of the aforementioned Resolution No 64/20 of the MINISTRY OF TRANSPORT up to March 31, 2020; and also provided for an automatic extension of such measure upon the decision to maintain the “social, preventive and obligatory isolation” established by Necessity and Urgency Decree No 297/204.
That the NATIONAL EXECUTIVE POWER has applied economic protection measures with a marked federal footprint.
That due consideration should be given to the different programs and tools implemented by the National Government throughout the national territory to mitigate the impact of the COVID-19 pandemic on companies and families’ incomes and, on the other hand, an assessment of the development of the necessary health measures imposed to contain expansion of the illness should be carried out.
That, as regards the Concession granted to the company AEROPUERTOS ARGENTINA 2000 S.A. (AA2000 S.A.), the technical teams of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) have analyzed the contractual, financial and economic situation of the company and, in turn, negotiations have been started to reach an agreement about the necessary conditions to guarantee the sustainability of “Group A” of Airports of the NATIONAL AIRPORT SYSTEM (NAS) and restore the economic-financial equation of the Contract.
That, for the stated purposes, special attention has been given to the protection of the rights and interests of the users of the NATIONAL AIRPORT SYSTEM (NAS) and the sustainability and sustenance thereof.
That the economic-financial equation of the Concession Contract for the exploitation, administration and operation of “Group A” of Airports of the NATIONAL AIRPORT SYSTEM (NAS), approved by Decree No 163/98, has been affected by the aforementioned unforeseeable and inevitable events, as the incomes of the Concession have been significantly reduced by the necessary emergency measures adopted by the government.
That the Concessionaire has requested an Extension of the Concession period, pursuant to the provisions of item 5.2 of the aforementioned Concession Contract for the exploitation, administration and operation of “Group A” of Airports of the NATIONAL AIRPORT SYSTEM (NAS), approved by Decree No 163/98, with the purpose of restoring the economic-financial equation of such contract.
That the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has taken the corresponding intervention, pursuant to the provisions of Decrees No 375/97 and 500/97, approved by Necessity and Urgency decree No 842/97 and the aforementioned Decree No 163/98, and has initiated a process to analyze the current situation of the aforementioned Concession and the economic impact caused by the pandemic and the urgency measures adopted by the Federal Government.
That, within the framework of such technical analysis, there have been several meetings between the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) and the Concessionaire AEROPUERTOS ARGENTINA 2000 S.A.
That the conclusion of the analysis carried out by the technical teams was that an extension of the Concession period was a reasonable measure to achieve the economic-financial balance of the Concession Contract and honor the investment commitments to execute the necessary works for the maintenance and conditioning of air terminals that are part of “Group A” of the NATIONAL AIRPORT SYSTEM, taking into account users’ interests and rights to receive quality services at the lowest rate possible, without jeopardizing national treasury funds and without granting tax exemptions.
That Resolution No 80/20 of the Board of Directors of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has issued a favorable recommendation for the extension of the Concession period for the exploitation, administration and operation of “Group A” of Airports of the NATIONAL AIRPORT SYSTEM (NAS) for TEN (10) years, keeping the duly agreed exclusivity terms in the Concession Contract approved by Decree No 163/98 and Decree No 1799/07, and pursuant to the provisions of the TECHNICAL CONDITIONS FOR THE EXTENSION, signed by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) and AEROPUERTOS ARGENTINA 2000 S.A.
That, on November 30 of the current year, the aforementioned ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) and AEROPUERTOS ARGENTINA 2000 S.A. have signed, within the scope of their own powers and the applicable legal framework, the TECHNICAL CONDITIONS FOR THE EXTENSION (IF-2020-83039885-APN-USG#ORSNA) related to the necessary specifications for the extension of the Concession Contract.
That such Conditions include the acknowledgment of the extension of the Concession period for TEN (10) years, keeping the duly agreed exclusivity terms, with the exception of eventual, future and possible works to be executed in the Río de la Plata, among others; and the source of direct investments to be performed by the Concessionaire in works for the airports that are part of GROUP “A” of the NATIONAL AIRPORT SYSTEM; with the purpose of preserving the continuity and quality of the rendered public service.
That the granting of the aforementioned extension and the validity of the aforementioned TECHNICAL CONDITIONS FOR THE EXTENSION have been subject to the assessment and ratification by this NATIONAL EXECUTIVE POWER.
That, in such a sense, the assessment of the NATIONAL EXECUTIVE POWER justifies the decision to accept ORSNA’s recommendation for the extension of the Concession period and to ratify the TECHNICAL CONDITIONS FOR THE EXTENSION, as regards the necessary specifications for granting thereof, which were signed between the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) and AEROPUERTOS ARGENTINA 2000 S.A.
That the corresponding legal services have taken intervention.
That the present decision is issued in exercise of the powers conferred by section 99, subsection 1 of the NATIONAL CONSTITUTION and pursuant to the provisions of paragraph 5.2 of the Concession Contract, approved by Decree No 163/98.
Therefore,
THE PRESIDENT OF THE REPUBLIC OF ARGENTINA, DECREES:
ARTICLE 1: To extend for TEN (10) years, from the end of the initial period, the Concession Contract signed on February 9, 1998 between the NATIONAL STATE and AEROPUERTOS ARGENTINA 2000 S.A., keeping the exclusivity terms pursuant to the provisions of the TECHNICAL CONDITIONS FOR THE EXTENSION, necessary specifications for the granting thereof, signed by the ORSNA and the Concessionaire AEROPUERTOS ARGENTINA 2000 S.A., which terms are ratified and which are included as an integral part of the present document as ANNEX thereto (IF-2020-83039885-APN-USG#ORSNA).
ARTICLE 2: It is ordered that notice be given, that timely publication be made, that this be forwarded to the NATIONAL DIRECTORATE OF OFFICIAL RECORDS and archived.
FERNÁNDEZ - Santiago Andrés Cafiero - Mario Andrés Meoni
NOTE: The Annexes that are part of this Decree are published in the web edition of the Official Gazzete of the Republic of Argentina. -www.boletinoficial.gob.ar-
e. 12/17/2020 N° 64763/20 v. 12/17/2020
Publication Date: 12/17/2020
Exhibit 99.3
TECHNICAL CONDITIONS FOR THE EXTENSION
The Organismo Regulador del Sistema Nacional de Aeropuertos (hereinafter called, ORSNA), represented in this act by its President Carlos Pedro Mario Aníbal Lugones Aignase and its Vice-president Fernando Muriel, and the Concessionaire Aeropuertos Argentina 2000 S.A. (hereinafter called, indistinctly, “the Concessionaire” or “AA2000”), represented in this act by its President Eng. Martín Antranik Eurnekian, both jointly called, “the Parties” meet to set forth the technical conditions for the Extension of the Concessions of the airports that are part of Group “A” of the National Airport System.
FIRST: CONCESSION PERIOD
Pursuant to the contract structure of the Concession, the ORSNA recommends the National Executive Power to extend the concession period for TEN (10) years, which shall thus expire on February 13, 2038.
SECOND: NECESSARY INFRASTRUCTURE
2.1 Given the need for short and medium term investments in airport infrastructure to strengthen the airport system, a non-excluding preliminary list of tentative projects and works (Annex I) is attached hereto. The ORSNA will prioritize the different items in this project bank and will decide the works that will be carried out in each period, pursuant to the financial goals set forth in the Economic-Financial Equation of the Concession. As regards the sources of funding for needed investments, the parties have made the following considerations:
2.1.1 The Concessionaire undertakes the commitment to assign a volume of funds amounting to USD 132 million (including VAT) as direct investment to cover unpaid expenses for physical progress certifications, to complete in 2020 and 2021 ongoing works currently considered as direct investment which are deemed necessary by the ORSNA, and to pay the VAT corresponding to unpaid certificates of works carried out with funds of the “Trust Fund for Works of Group A of Airports of the National Airport System”, of the “Additional Fund for Substantial Investments in Group A of Airports” and of the “Specific Trust fund for Works if the 2012 Project Bank.”
2.1.2 The Concessionaire promises to do its best effort and to contribute all expertise at hand to get the greatest leverage possible to obtain before 12/31/2021 funding that enables the company to have an early influx of up to USD 85 million in the “Trust Fund for Works of Group A of Airports of the National Airport System.” This volume shall neither include the balances of such account accrued up to December 2020 nor any income generated by other alternative sources other than aforementioned ones.
2.1.3 The Concessionaire promises to do its best effort and to contribute all expertise at hand to get the greatest leverage possible to obtain before 12/31/2021 funding that enables the company to have an early influx of up to USD 124 million in the “Additional Fund for Substantial Investments in Group A of Airports”. This volume shall neither include the balances of such account accrued up to December 2020 nor any income generated by other alternative sources other than aforementioned ones.
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2.1.4 The Concessionaire promises to have before 03/31/2022 a volume of funds amounting to USD 406.5 million (VAT included). Such funds shall be used for the following purposes: (I) works considered as direct investment, to be carried out preferably during 2022/2023 and (ii) redemption of preferred shares of the National State performed by the Concessionaire before 03/31/2022, which shall be specifically allocated to airport infrastructure investments, as established in Decree 1799/07.
2.1.5 The Concessionaire undertakes the commitment to make Direct Investments for USD 200 million (VAT included) between the years 2024 and 2027 inclusive, at a rate of USD 50 million a year. This volume of investment shall be complementary to any Direct Investment balance carried forward from the 2021/2023 period, pursuant to the provisions of items 2.1.1) and 2.1.4) above, which are pending of execution by 2024.
2.1.6 Direct Investments for the 2028/2038 period shall be defined by the operative needs of the system and the balance of the concession.
2.2. With the purpose of providing an incentive to execute additional works, within the framework of the provisions of Clause 18 of the Memorandum of Agreement for Contract Renegotiation approved by Decree No 1799, of December 4, 2007 of the National Executive Power, the ORSNA may authorize the Concessionaire to execute contracts with third parties for a term longer than the term of effect of the Concession, as long as such term is justified by the magnitude of the investment and repayment thereof, and the Grantor or any person appointed by it may be subrogated to all rights and obligations of the Concessionaire at the end of the Concession.
THIRD: ECONOMIC-FINANCIAL EQUATION OF THE CONCESSION.
The indicative and conceptual FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) up to the year 2038 is attached hereto as Annex II.
The airport charges established in such financial projection aim to keep the balance of the Economic-Financial Equation of the Concession and the decision related to the final charges to be applied shall be based upon the Review Mechanism duly established and used by the ORSNA.
Financial obligations for March 2022, as stated in the previous clause, may be extended to December 2022, provided that there are external reasons not related to the parties that duly justify such extension, pursuant to ORSNA’s resolution, without detriment to the Investment commitments undertaken by the Concessionaire, which shall remain unaltered.
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FOURTH: EXCLUSIVITY
4.1. Pursuant to the provisions of clause 5.2 of the Concession Contract approved by Decree No 163 of the National Executive Power, of February 13, 1998, the exclusivity conferred pursuant to the provisions of clauses 3.11 and 4.1 of the Concession Contract shall be kept during the term of extension of the concession, with the following exceptions:
4.1.1. Airport influence areas in the interior of the country shall no longer be applicable. This provision does not include the Metropolitan Region of Buenos Aires (RMBA, as per the acronym in Spanish), which comprises the airports of Ezeiza, Aeroparque, San Fernando and El Palomar. Exclusivity for fiscal warehouse activities in the airport influence areas shall be kept in all the national territory.
4.1.2 New airport infrastructure projects in the Río de la Plata promoted by the National Public Sector, as stated in section 8 of Law 24 156, shall not be subject to exclusivity and included in the airport influence area when such activities cannot be funded and operated by the Concessionaire due to the characteristics thereof.
For such purposes, the ORSNA shall assess, after receiving the corresponding report from the Concessionaire, the possibility to carry out the project according to the provisions of clauses 4.3 or 4.4 of the Concession Contract.
4.1.3 Intercargo S.A. shall keep the concession of ground handling services, and shall thus pay the Concessionaire the agreed fees and prices. If the National State decides to terminate, cancel or conclude the concession contract for the service rendered by Intercargo S.A., the concession for such services shall be transferred to the Concessionaire, who shall render the services on its own or through a third party or parties hired for that purpose.
FIFTH: MAINTENANCE OF THE STATE’S SHARE OWNERSHIP.
The National State shall keep its 15% share of Aeropuertos Argentina 2000 S.A.’s ordinary capital and shall hold its rights to such shares up to the end of the Concession period, also keeping the intangibility of such shares with no need to pay any compensation whatsoever to the Concessionaire for them.
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SIXTH: WAIVER OF CLAIMS
Within TEN (10) working days of the effective date of the present Agreement,
| 6.1. | The Concessionaire shall prove its waiver of all claims, remedies and filed or ongoing lawsuits against the National State and/or its decentralized entities, both in administrative, arbitration or court proceedings, for any cause or, if applicable, it shall demonstrate it has obtained the corresponding judicial approval whenever the parties involved deem it necessary. |
6.1.1. Such waiver shall not imply an acknowledgment of the situation that originated the claim, remedy or lawsuit. In the specific case of fines imposed to the Concessionaire, in connection to which the Concessionaire has filed claims and/or legal proceedings, such actions shall be waived for the purpose of granting the extension that is the object of the present Agreement, and this waiver shall not be understood as an acknowledgment of the legitimacy of such fines.
6.1.2. The waiver or judicial approval shall include a request that each party bears its own costs.
| 6.2. | The Concessionaire shall submit to the ORSNA the duly certified and legalized instruments that expressly and fully state the waiver of rights and actions pursuant to the provisions of the preceding paragraph. |
| 6.3. | If upon the end of the term established in clause SIX the Concessionaire has not submitted proof of the corresponding waiver or judicial approval, the ORSNA shall cancel the application of the present Agreement. In such case, the ORSNA shall notify the Concessionaire of the breach and demand compliance with the committed waiver within a new term of 15 (fifteen) days. |
| 6.4. | After this term and upon failure by the Concessionaire to submit proof of the committed waivers or, if applicable, the corresponding judicial approval, the ORSNA may withdraw from the agreement for a cause attributable to the Concessionaire. |
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SEVENTH: TERM OF EFFECT.
| 7.1. | The following conditions are necessary for this Agreement to be effective: |
7.1.1. The submission of the Concessionaire’s Minutes of the Meeting of the Board of Directors approving and authorizing the execution of the present Agreement.
7.1.2. The decision by the National Executive Power to issue a decree approving the extension of the Concession period in the conditions established herein and approving the present Agreement.
| 7.2 | The Concessionaire hereby acknowledges and accepts that the extension is a discretionary decision of the National Executive Power and thus the Concessionaire expressly accepts that, if the National Executive Power decides not to extend the concession, the Concessionaire shall not be entitled to any compensation whatsoever for this reason. |
7.3 Upon breach by the Concessionaire of the technical conditions established herein, the corresponding penalties established in the Concession Contract (Decree No 163/98) and the Memorandum of Agreement for Contract Renegotiation (Decree No 1799/07) shall be applied.
| [Illegible signature] | [Illegible signature] | [Illegible signature] | ||
| M. EURNEKIAN | MURIEL | LUGONES |
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ANNEX
PRELIMINARY LIST OF WORKS AND PROJECTS - GROUP A OF THE NATIONAL AIRPORT SYSTEM
| AEROPARQUE | INSTALLATION OF 400 HZ CONVERTERS | |
| AEROPARQUE | CCTV SYSTEM AND PERIMETER INTRUSION DETECTION SYSTEM | |
| AEROPARQUE | FIRE PROTECTION SYSTEM REFURBISHMENT FOR BUILDINGS II, V AND VI - DETECTION SYSTEM | |
| AEROPARQUE | CONSTRUCTION OF NEW NORTHERN APRON - STAGE 1 | |
| AEROPARQUE | SECTOR C RELOCATION WORKS - PASSENGER TERMINAL | |
| AEROPARQUE | SECTOR C DEMOLITION | |
| AEROPARQUE | SOUTHERN APRON EXPANSION - STAGE 2 | |
| AEROPARQUE | CHECK-IN AREA EXPANSION | |
| AEROPARQUE | SEWERAGE NETWORK | |
| AEROPARQUE | SUPPORT SERVICE INFRASTRUCTURE | |
| AEROPARQUE | NEW PAMPA - CHARLIE ENTRY STATION | |
| AEROPARQUE | GAS NETWORK READJUSTMENT | |
| AEROPARQUE | PASSENGER TERMINAL EXPANSION | |
| AEROPARQUE | NEW TCA BUILDING / GROUND HANDLING SERVICES | |
| AEROPARQUE | SOUTHERN APRON EXPANSION - STAGE 3 | |
| AEROPARQUE | NEW INSPECTION STATION PSA - DOMESTIC FLIGHT DEPARTURES | |
| AEROPARQUE | NORTHERN COASTAL LANDFILL | |
| AEROPARQUE | RAILWAY TRANSPORT CONNECTION (PEOPLE MOVER) | |
| AEROPARQUE | NORTHERN MULTILEVEL PARKING LOT | |
| AEROPARQUE | NORTHERN SERVICE AREAS | |
| AEROPARQUE | INTERNAL ROADS | |
| AEROPARQUE | NEW TAXIWAYS AND NORTHERN APRON | |
| AEROPARQUE | RUNWAY STRIP - NORTH SECTOR | |
| BARILOCHE | FIRE PROTECTION SYSTEM | |
| BARILOCHE | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| BARILOCHE | REMOTE APRON EXPANSION | |
| BARILOCHE | NEW WEATHER STATION | |
| BARILOCHE | PASSENGER TERMINAL EXPANSION |
[Illegible signature]
| BARILOCHE | MAINTENANCE/SERVICE INFRASTRUCTURE | |
| BARILOCHE | VEHICULAR PARKING LOT EXPANSION | |
| BARILOCHE | COMMERCIAL APRON EXPANSION | |
| BARILOCHE | RUNWAY - TAXIWAY - APRON PAVEMENT RENEWAL | |
| CATAMARCA | APPROACH LIGHTING SYSTEM | |
| CATAMARCA | PASSENGER TERMINAL RENOVATION | |
| CATAMARCA | VEHICULAR PARKING LOT | |
| CATAMARCA | SEWAGE TREATMENT PLANT | |
| CATAMARCA | RUNWAY, TAXIWAYS AND APRON | |
| C. RIVADAVIA | NEW WEATHER STATION | |
| C. RIVADAVIA | APRON EXPANSION | |
| CÓRDOBA | AIRFIELD LIGHTING SYSTEM, RUNWAY 18-36 - ALPHA, SOUTH AND BRAVO TAXIWAYS | |
CÓRDOBA |
PARKING LOT EXPANSION | |
| CÓRDOBA | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| CÓRDOBA | NEW TAXIWAY PARALLEL TO RUNWAY END 18 | |
| CÓRDOBA | COMMERCIAL APRON EXPANSION | |
| CÓRDOBA | PASSENGER TERMINAL EXPANSION | |
| CÓRDOBA | FULL RENOVATION OF COMMERCIAL APRON LIGHTING SYSTEM | |
| CÓRDOBA | NEW PARALLEL TAXIWAY AIRFIELD LIGHTING | |
| CÓRDOBA | NEW S.E.I. BUILDING | |
| CÓRDOBA | APPROACH LIGHTING SYSTEM - CAB. 23 | |
| CÓRDOBA | MAINTENANCE/SERVICE INFRASTRUCTURE | |
| ESQUEL | APPROACH LIGHTING SYSTEM | |
| ESQUEL | NEW PASSENGER TERMINAL / TWR (CONSTRUCTION WORKS) | |
| ESQUEL | NEW PARKING LOT | |
| ESQUEL | SEWAGE TREATMENT PLANT | |
| ESQUEL | RUNWAY - TAXIWAY - APRON PAVEMENT RENEWAL | |
| EZEIZA | RUNWAY 11-29 RESTORATION - STAGE 2 | |
| EZEIZA | RUNWAY 11-29 AIRFIELD LIGHTING SYSTEM | |
| EZEIZA | HOTEL TAXIWAY RESTORATION | |
| EZEIZA | HOTEL TAXIWAY AIRFIELD LIGHTING SYSTEM READJUSTMENT | |
| EZEIZA | HOTEL TAXIWAY EDGE AIRFIELD LIGHTING SYSTEM | |
| EZEIZA | FULL ALPHA, CENTERLINE TAXIWAY REPAVING |
[Illegible signature]
| EZEIZA | GOLF TAXIWAY ADJUSTMENT FOR AIRCRAFT APRON (SECTOR 5) | |
| EZEIZA | NEW TAXIWAYS (RAPID EXITS 11-29) | |
| EZEIZA | NEW ALS SYSTEM (720 m) IN RUNWAY END 17 | |
| EZEIZA | AIRFIELD LIGHTING RING - STAGE III | |
| EZEIZA | EXPANSION OF CCTV SYSTEM, BRIDGES AND OPERATIVE APRON | |
| EZEIZA | NEW TAXIWAY PARALLEL TO RUNWAY END 35 | |
| EZEIZA | NEW WEATHER STATION | |
| EZEIZA | RUNWAY 17/35 RESTORATION - STAGE 2 | |
| EZEIZA | BRITE SYSTEM REPLACEMENT FOR AGLAS SYSTEM | |
| EZEIZA | FIRE PROTECTION SYSTEM INSTALLATION / EVACUATION FACILITIES - TERMINAL A | |
| EZEIZA | ROADWAY SYSTEM | |
| EZEIZA | PASSENGER TERMINAL EXPANSION | |
| EZEIZA | APRON EXPANSION | |
| EZEIZA | FUEL NETWORK EXPANSION | |
| EZEIZA | SUPPORT SERVICE INFRASTRUCTURE | |
| FORMOSA | RUNWAY EXPANSION AND REINFORCEMENT | |
| FORMOSA | NEW AIRFIELD LIGHTING SYSTEM | |
| FORMOSA | NEW WEATHER STATION | |
| FORMOSA | PASSENGER TERMINAL | |
| GRAL PICO | FIRE PROTECTION SYSTEM | |
| GRAL PICO | MOVEMENT AREA PAVEMENT RENEWAL | |
| IGUAZÚ | NEW PASSENGER TERMINAL | |
| IGUAZÚ | GENERAL AVIATION APRON EXPANSION | |
| IGUAZÚ | NEW TREATMENT PLANT | |
| JUJUY | NEW PASSENGER TERMINAL | |
| JUJUY | NEW CONTROL TOWER AND OPERATIONS BUILDING | |
| JUJUY | VEHICULAR PARKING LOT AND ROADWAYS | |
| JUJUY | MOVEMENT AREA PAVEMENT RENEWAL | |
| LA RIOJA | NEW AIRFIELD LIGHTING SYSTEM | |
| LA RIOJA | NEW PASSENGER TERMINAL | |
| LA RIOJA | COMMERCIAL APRON EXPANSION | |
| LA RIOJA | NEW VEHICULAR PARKING LOT | |
| LA RIOJA | RUNWAY AND TAXIWAY REINFORCEMENT |
[Illegible signature]
| MALARGÜE | RUNWAY REPAVING | |
| MALARGÜE | FIRE PROTECTION SYSTEM | |
| MALARGÜE | AIRFIELD LIGHTING SYSTEM | |
| MAR DEL PLATA | APPROACH LIGHTING SYSTEM | |
| MAR DEL PLATA | MOVEMENT AREA PAVEMENT RENEWAL | |
| MENDOZA | PASSENGER TERMINAL RENOVATION | |
| MENDOZA | NEW TREATMENT PLANT | |
| PARANÁ | NEW AIRFIELD LIGHTING SYSTEM | |
| PARANÁ | RUNWAY REPAVING | |
| PARANÁ | APPROACH LIGHTING SYSTEM | |
| PARANÁ | FIRE PROTECTION SYSTEM | |
| PARANÁ | PASSENGER TERMINAL RENOVATION | |
| POSADAS | RUNWAY, APRON AND TAXIWAY REPAVING | |
| POSADAS | RUNWAY STRIP LEVELLING WITH SOIL STABILIZATION IN RUNWAY AND TAXIWAYS | |
| POSADAS | NEW AIRFIELD LIGHTING SYSTEM | |
| POSADAS | PASSENGER TERMINAL | |
| POSADAS | VEHICULAR PARKING LOT | |
| PUERTO MADRYN | MOVEMENT AREA PAVEMENT RENEWAL | |
| PUERTO MADRYN | PASSENGER TERMINAL RENOVATION | |
| RECONQUISTA | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| RECONQUISTA | FIRE PROTECTION SYSTEM | |
| RECONQUISTA | MOVEMENT AREA PAVEMENT RENEWAL | |
| RECONQUISTA | PASSENGER TERMINAL RENOVATION | |
| RESISTENCIA | PASSENGER TERMINAL RENOVATION | |
| RESISTENCIA | FIRE PROTECTION SYSTEM | |
| RESISTENCIA | MAIN TAXIWAY RECONSTRUCTION | |
| RESISTENCIA | NEW WEATHER STATION | |
| RESISTENCIA | MOVEMENT AREA PAVEMENT RENEWAL | |
| RÍO CUARTO | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| RÍO CUARTO | FIRE PROTECTION SYSTEM | |
| RÍO CUARTO | APPROACH LIGHTING SYSTEM + P.A.P.I. | |
| RÍO CUARTO | MOVEMENT AREA PAVEMENT RENEWAL | |
| RÍO GALLEGOS | NEW WEATHER STATION |
[Illegible signature]
| RÍO GALLEGOS | APPROACH LIGHTING SYSTEM EXPANSION AND ENHANCEMENT | |
| RÍO GALLEGOS | MOVEMENT AREA PAVEMENT RENEWAL | |
| RÍO GALLEGOS | PASSENGER TERMINAL RENOVATION | |
| RÍO GRANDE | NEW ATMOSPHERIC DISCHARGE SYSTEM | |
| RÍO GRANDE | APPROACH LIGHTING SYSTEM | |
| RÍO GRANDE | MOVEMENT AREA PAVEMENT RENEWAL | |
| RÍO GRANDE | PASSENGER TERMINAL RENOVATION | |
| SALTA | FIRE PROTECTION SYSTEM | |
| SALTA | VEHICULAR PARKING LOT AND ROADWAY EXPANSION - STAGE 1 | |
| SALTA | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| SALTA | APRON RECONDITIONING | |
| SALTA | NEW WEATHER STATION | |
| SALTA | NEW REGULATOR ROOM | |
| SALTA | PASSENGER TERMINAL EXPANSION | |
| SALTA | MOVEMENT AREA PAVEMENT RENEWAL | |
| SAN FERNANDO | NEW S.E.I. BUILDING | |
| SAN FERNANDO | NEW CONTROL TOWER | |
| SAN FERNANDO | COMMERCIAL APRON EXPANSION | |
| SAN FERNANDO | NEW WEATHER STATION | |
| SAN FERNANDO | CCTV SYSTEM AND PERIMETER INTRUSION DETECTION SYSTEM | |
| SAN FERNANDO | SANITATION INFRASTRUCTURE | |
| SAN FERNANDO | PASSENGER TERMINAL | |
| SAN FERNANDO | MOVEMENT AREA PAVEMENT RENEWAL | |
| SAN FERNANDO | AIRSIDE COMPLEMENTARY WORKS | |
| SAN JUAN | NEW AIRFIELD LIGHTING SYSTEM | |
| SAN JUAN | NEW PASSENGER TERMINAL | |
| SAN JUAN | MOVEMENT AREA PAVEMENT RENEWAL | |
| SAN LUIS | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| SAN LUIS | APPROACH LIGHTING SYSTEM | |
| SAN LUIS | MOVEMENT AREA PAVEMENT RENEWAL | |
| SAN LUIS | PASSENGER TERMINAL RENOVATION | |
| SAN RAFAEL | FIRE PROTECTION SYSTEM | |
| SAN RAFAEL | APPROACH LIGHTING SYSTEM | |
| SAN RAFAEL | RUNWAY REINFORCEMENT AND MANEUVERING AREA |
[Illegible signature]
| SAN RAFAEL | PASSENGER TERMINAL RENOVATION | |
| SANTA ROSA | PASSENGER TERMINAL | |
| SANTA ROSA | APPROACH LIGHTING SYSTEM | |
| SANTA ROSA | MOVEMENT AREA PAVEMENT RENEWAL | |
| S. DEL ESTERO | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| S. DEL ESTERO | PASSENGER TERMINAL EXPANSION | |
| S. DEL ESTERO | APPROACH LIGHTING SYSTEM | |
| S. DEL ESTERO | AIRFIELD LIGHTING SYSTEM | |
| S. DEL ESTERO | MOVEMENT AREA PAVEMENT RENEWAL | |
| TUCUMÁN | APPROACH LIGHTING SYSTEM EXPANSION | |
| TUCUMÁN | PASSENGER TERMINAL EXPANSION | |
| TUCUMÁN | COMMERCIAL APRON EXPANSION | |
| VIEDMA | ATMOSPHERIC DISCHARGE SYSTEM ADJUSTMENT | |
| VIEDMA | FIRE PROTECTION SYSTEM | |
| VIEDMA | PASSENGER TERMINAL RENOVATION | |
| VIEDMA | APPROACH LIGHTING SYSTEM | |
| VIEDMA | MOVEMENT AREA PAVEMENT RENEWAL | |
| VILLA REYNOLDS | MOVEMENT AREA PAVEMENT RENEWAL | |
| MISCELLANEOUS GROUP A | SUPPORT SERVICE INFRASTRUCTURE | |
| MISCELLANEOUS GROUP A | AIRFIELD LIGHTING - VISUAL AIDS | |
| MISCELLANEOUS GROUP A | RUNWAY STRIP AND RESA RENEWAL |
Note: The present list of works and projects is of a tentative nature. It has been drawn for reference purposes for the period 2021/2038. Works will be defined in the annual planning based on their priority according to airport needs.
[On the bottom of the page, there appear 4 additional illegible signatures]
[Illegible signature]
Exhibit 99.4
| In thousands of AR$ as of 2019 | 1998-2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 |
| Aeronautical Revenues | 7,937,416 | 7,869,066 | 7,174,261 | 9,027,434 | 11,343,939 | 9,253,634 | 9,235,204 | 9,971,526 | 11,856,052 | 11,533,314 | 15,993,376 | 16,566,110 | 20,536,962 | 22,393,542 | 8,407,620 | 18,913,897 | 25,628,611 | 32,059,101 | 40,447,177 | 50,051,137 | 58,620,491 | 66,555,121 | 71,832,796 | 76,980,501 | 78,809,559 | 80,664,101 | 82,543,224 | 84,445,927 | 86,371,103 | 88,317,543 | 90,283,926 | 92,268,823 | 7,930,051 | |
| Local parking fee | 43,672 | 40,086 | 36,936 | 36,856 | 37,297 | 28,167 | 21,636 | 20,116 | 16,986 | 17,294 | 15,683 | 49,807 | 39,241 | 18,962 | 5,451 | 6,940 | 7,220 | 6,773 | 6,843 | 7,154 | 7,648 | 7,833 | 7,574 | 7,600 | 7,430 | 7,262 | 7,096 | 6,932 | 6,771 | 6,611 | 6,454 | 6,299 | 505 | |
| International parking fee | 833,569 | 834,010 | 733,217 | 614,268 | 551,867 | 469,971 | 432,247 | 423,562 | 526,187 | 516,581 | 626,582 | 614,520 | 752,907 | 736,141 | 273,754 | 577,797 | 721,798 | 915,932 | 1,164,977 | 1,450,404 | 1,699,714 | 1,935,661 | 2,098,454 | 2,251,401 | 2,304,357 | 2,358,032 | 2,412,397 | 2,467,423 | 2,523,077 | 2,579,323 | 2,636,122 | 2,693,431 | 226,824 | |
| Local landing fee | 113,199 | 108,092 | 95,989 | 101,403 | 92,222 | 68,418 | 58,726 | 52,669 | 51,783 | 47,914 | 35,734 | 32,414 | 25,389 | 15,189 | 4,283 | 5,453 | 5,673 | 5,321 | 5,377 | 5,621 | 6,009 | 6,155 | 5,951 | 5,971 | 5,838 | 5,706 | 5,575 | 5,447 | 5,320 | 5,195 | 5,071 | 4,949 | 397 | |
| International landing fee | 2,281,528 | 2,168,662 | 1,970,637 | 1,707,485 | 1,575,671 | 1,267,214 | 1,129,920 | 1,148,932 | 1,299,353 | 1,177,489 | 1,533,034 | 1,449,428 | 1,928,471 | 2,004,597 | 703,939 | 1,485,764 | 1,856,053 | 2,355,253 | 2,995,656 | 3,729,610 | 4,370,693 | 4,977,414 | 5,396,025 | 5,789,316 | 5,925,490 | 6,063,510 | 6,203,306 | 6,344,801 | 6,487,911 | 6,632,544 | 6,778,599 | 6,925,966 | 743,059 | |
| Domestic airport terminal usage fee | 495,549 | 450,190 | 402,208 | 1,025,688 | 1,045,469 | 832,761 | 845,375 | 894,084 | 841,572 | 791,870 | 723,188 | 1,632,864 | 1,400,698 | 1,077,872 | 613,391 | 781,000 | 2,979,142 | 3,322,143 | 3,899,675 | 4,551,715 | 5,301,491 | 5,836,161 | 6,008,888 | 6,359,929 | 6,528,502 | 6,700,045 | 6,874,500 | 7,051,805 | 7,231,885 | 7,414,657 | 7,600,027 | 7,787,892 | 655,847 | |
| Regional airport terminal usage fee | 87,073 | 73,118 | 77,171 | 162,957 | 433,534 | 213,663 | 189,731 | 199,106 | 223,846 | 154,809 | 215,852 | 306,066 | 339,473 | 323,807 | 119,119 | 280,996 | 351,028 | 445,439 | 566,556 | 705,366 | 826,611 | 941,358 | 1,020,528 | 1,094,910 | 1,120,664 | 1,146,767 | 1,173,206 | 1,199,967 | 1,227,032 | 1,254,386 | 1,282,009 | 1,309,880 | 110,310 | |
| International airport terminal usage fee | 4,028,642 | 4,142,720 | 3,813,709 | 5,328,539 | 7,558,403 | 6,288,005 | 6,411,894 | 7,230,395 | 8,896,325 | 8,827,358 | 12,843,302 | 12,481,011 | 16,050,782 | 18,216,974 | 6,687,684 | 15,775,946 | 19,707,698 | 25,008,241 | 31,808,093 | 39,601,266 | 46,408,326 | 52,850,538 | 57,295,376 | 61,471,374 | 62,917,278 | 64,382,780 | 65,867,144 | 67,369,552 | 68,889,107 | 70,424,827 | 71,975,645 | 73,540,406 | 6,193,110 | |
| Telescopic jet way usage fee | 54,185 | 52,190 | 44,395 | 50,236 | 49,478 | 85,436 | 145,675 | 2,661 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 1.26 | 1.41 | 1.62 | 1.05 | 1.53 | 1.67 | 1.60 | 1.77 | 1.93 | 2.06 | 2.15 | 2.19 | 2.23 | 2.21 | 2.19 | 2.17 | 2.15 | 2.13 | 2.10 | 2.08 | 2.05 | ||||||||||||||
| Non-aeronautical Revenues | 4,866,378 | 5,481,491 | 5,562,332 | 7,054,022 | 9,743,610 | 9,598,263 | 9,163,024 | 9,240,478 | 11,105,229 | 12,040,572 | 13,993,553 | 13,157,886 | 14,541,559 | 13,831,772 | 8,028,046 | 12,343,102 | 15,343,306 | 19,976,771 | 22,897,329 | 25,884,751 | 28,412,750 | 30,993,041 | 32,754,784 | 34,460,031 | 35,600,199 | 36,785,124 | 38,017,199 | 39,297,482 | 40,628,402 | 42,012,548 | 43,452,684 | 44,951,766 | 5,458,179 | |
| Ground handling service | 209,419 | 191,952 | 155,452 | 166,671 | 103,583 | 90,873 | 163,798 | 256,875 | 291,070 | 283,094 | 317,541 | 303,959 | 361,332 | 367,595 | 146,400 | 267,450 | 340,752 | 389,542 | 450,843 | 515,944 | 566,585 | 618,612 | 644,352 | 677,996 | 694,638 | 711,690 | 729,161 | 747,063 | 765,405 | 784,200 | 803,457 | 823,188 | 99,234 | |
| Fuel | 370,717 | 373,186 | 421,083 | 297,800 | 289,111 | 272,643 | 222,999 | 217,729 | 230,468 | 204,082 | 212,504 | 225,301 | 330,587 | 358,532 | 142,790 | 290,372 | 389,853 | 459,628 | 550,041 | 649,323 | 728,987 | 812,662 | 854,929 | 910,728 | 938,672 | 967,475 | 997,163 | 1,027,765 | 1,059,309 | 1,091,822 | 1,125,336 | 1,159,881 | 139,821 | |
| Duty-free shop | 875,498 | 1,084,276 | 1,191,484 | 1,094,275 | 1,395,260 | 1,515,265 | 1,381,697 | 1,449,010 | 1,667,403 | 1,851,749 | 1,697,847 | 1,558,682 | 1,506,055 | 1,352,003 | 309,602 | 787,122 | 1,206,550 | 1,929,711 | 2,539,390 | 3,259,510 | 3,842,830 | 4,521,785 | 4,962,499 | 5,400,072 | 5,637,564 | 5,890,531 | 6,160,381 | 6,447,297 | 6,752,669 | 7,078,014 | 7,424,988 | 7,795,397 | 942,831 | |
| Fiscal warehouses (variable license fee : EDCADASSA) | 425,768 | 462,585 | 452,575 | 2,125,975 | 4,298,552 | 4,195,631 | 3,871,326 | 3,869,423 | 5,150,493 | 5,622,897 | 7,347,989 | 6,639,102 | 7,733,312 | 7,205,575 | 5,869,817 | 7,741,636 | 8,734,456 | 9,917,834 | 10,856,008 | 11,615,929 | 12,266,421 | 12,867,475 | 13,407,909 | 13,877,186 | 14,362,887 | 14,865,589 | 15,385,884 | 15,924,390 | 16,481,744 | 17,058,605 | 17,655,656 | 18,273,604 | 2,279,945 | |
| Advertising | 189,806 | 371,926 | 356,815 | 376,270 | 284,867 | 307,015 | 232,063 | 222,218 | 255,276 | 306,932 | 299,507 | 341,640 | 327,018 | 429,773 | 208,099 | 369,411 | 464,330 | 526,658 | 604,357 | 686,172 | 749,311 | 813,816 | 845,562 | 886,953 | 907,363 | 928,245 | 949,609 | 971,465 | 993,827 | 1,016,705 | 1,040,111 | 1,064,058 | 128,270 | |
| Parking | 514,149 | 558,441 | 614,468 | 661,018 | 717,429 | 751,805 | 844,878 | 889,359 | 854,274 | 1,014,205 | 1,033,366 | 1,112,158 | 984,380 | 851,120 | 210,657 | 514,060 | 828,210 | 1,171,729 | 1,402,219 | 1,655,319 | 1,858,408 | 2,071,719 | 2,179,472 | 2,321,720 | 2,392,957 | 2,466,384 | 2,542,069 | 2,620,083 | 2,700,496 | 2,783,383 | 2,868,820 | 2,956,886 | 356,447 | |
| Catering | 268,446 | 264,765 | 281,671 | 313,427 | 328,436 | 329,844 | 343,533 | 375,063 | 425,473 | 421,527 | 475,831 | 496,811 | 517,426 | 501,820 | 123,415 | 300,766 | 398,951 | 530,425 | 684,712 | 856,704 | 980,718 | 1,130,645 | 1,239,677 | 1,344,017 | 1,396,823 | 1,451,705 | 1,508,742 | 1,568,021 | 1,629,628 | 1,693,656 | 1,760,200 | 1,829,358 | 222,731 | |
| Rent | 545,320 | 502,419 | 485,777 | 496,348 | 389,038 | 323,870 | 313,419 | 311,197 | 359,973 | 356,598 | 445,374 | 300,381 | 401,276 | 384,148 | 100,252 | 207,482 | 451,984 | 513,524 | 537,772 | 562,858 | 589,092 | 609,683 | 617,606 | 626,119 | 635,267 | 645,103 | 655,683 | 666,927 | 678,878 | 691,586 | 705,100 | 719,475 | 87,019 | |
| Counters & cute | 118,750 | 116,134 | 102,799 | 93,023 | 121,074 | 126,717 | 114,651 | 114,886 | 147,048 | 128,436 | 148,761 | 164,984 | 202,638 | 206,134 | 72,492 | 147,417 | 197,921 | 233,345 | 279,246 | 329,649 | 370,094 | 412,574 | 434,032 | 462,360 | 476,547 | 491,169 | 506,242 | 521,778 | 537,792 | 554,298 | 571,313 | 588,851 | 70,985 | |
| Coffee shops | 184,297 | 360,853 | 255,120 | 253,672 | 299,211 | 278,552 | 269,218 | 281,843 | 316,124 | 359,018 | 373,069 | 427,868 | 391,635 | 292,248 | 89,896 | 182,810 | 269,984 | 350,135 | 419,010 | 494,641 | 555,328 | 619,070 | 651,268 | 693,775 | 715,062 | 737,003 | 759,619 | 782,931 | 806,960 | 831,729 | 857,259 | 883,575 | 106,029 | |
| Services and stores | 1,039,697 | 1,062,142 | 1,134,046 | 1,040,670 | 1,329,930 | 1,264,359 | 1,180,507 | 986,394 | 1,269,581 | 1,273,696 | 1,466,911 | 1,402,492 | 1,581,402 | 1,651,404 | 663,322 | 1,348,904 | 1,811,033 | 2,135,167 | 2,555,175 | 3,016,383 | 3,386,458 | 3,775,162 | 3,971,514 | 4,230,724 | 4,360,533 | 4,494,335 | 4,632,252 | 4,774,411 | 4,920,943 | 5,071,983 | 5,227,670 | 5,388,146 | 646,578 | |
| Expense reimbursement | 124,510 | 132,813 | 111,040 | 134,873 | 187,120 | 141,689 | 224,935 | 266,482 | 138,046 | 218,336 | 174,854 | 184,506 | 204,499 | 231,420 | 91,304 | 185,672 | 249,283 | 293,899 | 351,711 | 415,195 | 466,135 | 519,638 | 546,665 | 582,345 | 600,213 | 618,630 | 637,614 | 657,182 | 677,351 | 698,141 | 719,571 | 741,660 | 89,406 | |
| Other projects | 1,525,175 | 1,666,846 | 1,827,124 | 2,052,385 | 2,220,200 | 2,399,297 | 2,446,036 | 2,481,674 | 2,517,267 | 2,552,779 | 2,588,170 | 2,623,400 | 2,658,426 | 2,693,203 | 2,727,686 | 288,885 | ||||||||||||||||||
| Total de ingresos | 12,803,794 | 13,350,558 | 12,736,593 | 16,081,456 | 21,087,550 | 18,851,897 | 18,398,228 | 19,212,003 | 22,961,281 | 23,573,886 | 29,986,929 | 29,723,996 | 35,078,520 | 36,225,314 | 16,435,667 | 31,256,999 | 40,971,917 | 52,035,872 | 63,344,507 | 75,935,888 | 87,033,241 | 97,548,162 | 104,587,579 | 111,440,532 | 114,409,758 | 117,449,225 | 120,560,423 | 123,743,409 | 126,999,505 | 130,330,090 | 133,736,611 | 137,220,589 | 13,388,230 | |
| TCA Expenses | 0 | 0 | 0 | -734,904 | -1,488,221 | -1,545,415 | -1,580,348 | -1,880,246 | -2,153,609 | -2,254,500 | -2,770,204 | -2,920,510 | -3,013,672 | -2,942,958 | -2,397,397 | -3,161,901 | -3,567,396 | -4,050,721 | -4,433,897 | -4,744,270 | -5,009,949 | -5,255,437 | -5,476,165 | -5,667,831 | -5,866,205 | -6,071,522 | -6,284,026 | -6,503,966 | -6,731,605 | -6,967,211 | -7,211,064 | -7,463,451 | -931,193 | |
| Personnel | -1,230,791 | -1,479,121 | -1,700,948 | -1,993,614 | -1,848,487 | -1,879,529 | -1,847,303 | -2,661,979 | -2,723,037 | -2,241,768 | -2,249,816 | -2,218,526 | -4,107,377 | -4,388,217 | -4,388,217 | -4,479,969 | -4,628,620 | -4,988,491 | -5,133,278 | -5,291,077 | -5,458,565 | -5,587,197 | -5,660,494 | -5,737,656 | -5,815,491 | -5,894,000 | -5,973,181 | -6,053,035 | -6,133,561 | -6,214,755 | -6,296,615 | -6,379,137 | -770,568 | |
| Public services | -404,415 | -444,788 | -438,456 | -482,718 | -475,385 | -491,382 | -454,177 | -496,026 | -445,799 | -485,927 | -584,317 | -586,146 | -811,936 | -856,055 | -527,525 | -754,440 | -877,854 | -995,303 | -1,096,727 | -1,202,882 | -1,292,375 | -1,376,076 | -1,419,146 | -1,471,672 | -1,505,705 | -1,540,448 | -1,575,912 | -1,612,112 | -1,649,060 | -1,686,770 | -1,725,254 | -1,764,527 | -213,059 | |
| Maintenance | -1,698,736 | -1,687,254 | -1,516,711 | -1,893,293 | -1,680,056 | -1,607,813 | -1,874,256 | -1,946,219 | -2,216,337 | -2,349,201 | -2,735,003 | -2,653,078 | -4,063,211 | -3,993,622 | -2,182,320 | -3,089,811 | -3,565,663 | -4,166,072 | -4,591,197 | -5,048,098 | -5,465,852 | -5,840,601 | -6,040,677 | -6,276,495 | -6,454,568 | -6,637,098 | -6,824,179 | -7,015,907 | -7,212,376 | -7,413,684 | -7,619,925 | -7,831,198 | -946,743 | |
| Insurance | -82,739 | -70,238 | -60,831 | -63,851 | -74,020 | -53,894 | -34,625 | -51,777 | -53,458 | -56,005 | -57,331 | -67,460 | -64,505 | -74,828 | -67,345 | -70,161 | -74,817 | -86,451 | -91,470 | -97,093 | -103,240 | -108,106 | -110,942 | -113,967 | -117,059 | -120,220 | -123,450 | -126,750 | -130,123 | -133,568 | -137,087 | -140,680 | -17,028 | |
| Hired services | -537,164 | -514,720 | -405,691 | -493,058 | -480,938 | -368,439 | -316,253 | -261,487 | -200,880 | -181,857 | -195,009 | -180,790 | -641,824 | -571,674 | -172,779 | -351,355 | -471,728 | -556,157 | -665,558 | -785,691 | -882,086 | -983,334 | -1,034,479 | -1,101,996 | -1,135,808 | -1,170,660 | -1,206,584 | -1,243,613 | -1,281,781 | -1,321,123 | -1,361,675 | -1,403,475 | -169,186 | |
| Fire-fighting and medical services | -381,134 | -449,361 | -503,505 | -551,578 | -527,395 | -520,800 | -515,964 | -839,343 | -746,543 | -755,073 | -978,774 | -877,920 | -896,003 | -707,536 | -608,797 | -740,786 | -802,050 | -856,596 | -900,632 | -944,619 | -980,052 | -1,012,001 | -1,027,893 | -1,046,989 | -1,059,130 | -1,071,384 | -1,083,752 | -1,096,235 | -1,108,833 | -1,121,547 | -1,134,378 | -1,147,326 | -138,421 | |
| Matrix | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| GATO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other operating expenses | -1,105,846 | -1,203,351 | -802,339 | -1,745,794 | -1,171,053 | -1,326,971 | -1,897,026 | -3,422,883 | -3,450,234 | -536,922 | -644,852 | -602,861 | -1,089,567 | -1,247,199 | -1,003,932 | -1,024,923 | -1,058,931 | -1,141,262 | -1,174,386 | -1,210,487 | -1,248,805 | -1,278,233 | -1,295,002 | -1,312,655 | -1,330,462 | -1,348,423 | -1,366,538 | -1,384,807 | -1,403,230 | -1,421,806 | -1,440,533 | -1,459,413 | -176,290 | |
| AEI (15% over total income} | -1,919,529 | -1,998,498 | -1,911,127 | -2,387,810 | -3,064,149 | -2,814,746 | -2,719,005 | -2,838,269 | -3,408,529 | -3,500,938 | -4,469,909 | -4,429,286 | -5,229,416 | -5,396,898 | -2,465,350 | -4,660,699 | -6,108,395 | -7,761,296 | -9,448,919 | -11,328,104 | -12,985,066 | -14,554,279 | -15,606,137 | -16,628,728 | -17,071,432 | -17,524,589 | -17,988,421 | -18,462,934 | -18,948,323 | -19,444,792 | -19,952,556 | -20,471,839 | -1,994,824 | |
| 2012 Project Bank (PB) | No | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
| Additional WORKS | No | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Mutual claim interests (included in the redeemed value) | Reexpression | 0 | 0 | 0 | -121,471 | -24,534 | -163,166 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross income | -541,528 | -520,324 | -481,215 | -633,030 | -860,020 | -818,700 | -857,745 | -969,224 | -1,182,798 | -1,202,877 | -1,190,799 | -1,221,835 | -1,464,796 | -1,410,374 | -708,778 | -1,347,940 | -1,766,890 | -2,244,016 | -2,731,695 | -3,274,690 | -3,753,257 | -4,206,707 | -4,510,278 | -4,805,807 | -4,933,853 | -5,064,929 | -5,199,097 | -5,336,362 | -5,476,779 | -5,620,408 | -5,767,312 | -5,917,557 | -577,360 | |
| Financial transfer tax | -140,263 | -132,207 | -129,395 | -153,461 | -262,825 | -299,443 | -233,403 | -223,583 | -245,264 | -263,287 | -330,851 | -360,224 | -272,370 | -343,897 | -200,000 | -304,638 | -375,544 | -466,701 | -557,355 | -657,218 | -745,218 | -828,394 | -883,838 | -938,189 | -963,366 | -989,154 | -1,015,568 | -1,042,611 | -1,070,294 | -1,098,632 | -1,127,638 | -1,157,326 | -116,734 | |
| (Tax) Amortizations | -1,238,932 | -1,212,103 | -1,206,783 | -920,581 | -917,063 | -839,131 | -921,644 | -1,065,957 | -965,555 | -795,491 | -965,651 | -1,191,678 | -1,483,886 | -1,935,054 | -4,580,024 | -4,693,780 | -4,994,338 | -5,654,531 | -5,832,911 | -6,027,459 | -6,239,799 | -6,472,326 | -2,108,007 | -2,108,007 | -2,108,007 | -2,108,007 | -2,108,007 | -2,108,007 | -2,108,007 | -2,108,007 | -2,108,007 | -2,108,007 | 0 | |
| Total expenditures | -9,281,077 | -9,711,965 | -9,157,002 | -12,175,163 | -12,874,146 | -12,729,429 | -13,251,749 | -16,656,994 | -17,792,043 | -14,623,847 | -17,172,516 | -17,310,314 | -23,138,564 | -23,868,310 | -19,302,463 | -24,680,404 | -28,292,227 | -32,967,597 | -36,658,026 | -40,611,689 | -44,164,265 | -47,502,690 | -45,173,059 | -47,209,993 | -48,361,087 | -49,540,433 | -50,748,716 | -51,986,339 | -53,253,972 | -54,552,303 | -55,882,045 | -57,243,936 | -6,051,405 | |
| Earnings before tax | 3,522,718 | 3,638,593 | 3,579,592 | 3,906,293 | 8,213,403 | 6,122,468 | 5,146,478 | 2,555,010 | 5,169,238 | 8,950,039 | 12,814,413 | 12,413,682 | 11,939,956 | 12,357,005 | -2,866,797 | 6,576,595 | 12,679,690 | 19,068,276 | 26,686,481 | 35,324,198 | 42,868,976 | 50,045,472 | 59,414,521 | 64,230,539 | 66,048,671 | 67,908,791 | 69,811,707 | 71,757,070 | 73,745,533 | 75,777,787 | 77,854,566 | 79,976,653 | 7,336,825 | |
| Income tax | -1,232,951 | -1,273,507 | -1,252,857 | -1,367,202 | -2,874,691 | -2,142,864 | -1,801,267 | -894,253 | -1,809,233 | -3,132,514 | -4,485,045 | -4,344,789 | -3,581,987 | -3,707,101 | 0 | -1,972,979 | -3,169,922 | -4,767,069 | -6,671,620 | -8,831,050 | -10,717,244 | -12,511,368 | -14,853,630 | -16,057,635 | -16,512,168 | -16,977,198 | -17,452,927 | -17,939,267 | -18,436,383 | -18,944,447 | -19,463,641 | -19,994,163 | -1,834,206 | |
| Earnings after tax | 2,289,766 | 2,365,085 | 2,326,734 | 2,539,090 | 5,338,712 | 3,979,604 | 3,345,211 | 1,660,756 | 3,360,005 | 5,817,526 | 8,329,369 | 8,068,894 | 8,357,969 | 8,649,903 | -2,866,797 | 4,603,617 | 9,509,767 | 14,301,207 | 20,014,860 | 26,493,149 | 32,151,732 | 37,534,104 | 44,560,890 | 48,172,904 | 49,536,503 | 50,931,594 | 52,358,780 | 53,817,802 | 55,309,150 | 56,833,340 | 58,390,924 | 59,982,490 | 5,502,619 | |
| Other Companies | 470,016 | 442,708 | 264,549 | 230,834 | 68,743 | 33,604 | 43,794 | -31,020 | 3,094 | 20,529 | 25,981 | 22,974 | 26,911 | 61,818 | 0 | 0 | 0 | |||||||||||||||||
| (Tax) amortization adjustments | 1,238,932 | 1,212,103 | 1,206,783 | 920,581 | 917,063 | 839,131 | 921,644 | 1,065,957 | 965,555 | 795,491 | 965,651 | 1,191,678 | 1,483,886 | 1,935,054 | 4,580,024 | 4,693,780 | 4,994,338 | 5,654,531 | 5,832,911 | 6,027,459 | 6,239,799 | 6,472,326 | 2,108,007 | 2,108,007 | 2,108,007 | 2,108,007 | 2,108,007 | 2,108,007 | 2,108,007 | 2,108,007 | 2,108,007 | 2,108,007 | 0 | |
| Mutual claim amortization (including inflation adjustment) | Reexpression | 0 | 0 | 0 | -1,282,672 | -762,307 | -1,723,649 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6,524,959 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
| Work capital variation | 2,078,216 | -1,436,934 | -2,256,251 | -1,411,241 | 1,318,754 | -3,160,815 | 1,490,542 | 1,285,107 | 2,145,428 | 2,124,692 | 3,558,523 | 852,512 | -3,094,303 | 2,301,845 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
| Direct investments 2006 - 2019 (including PB) | -1,521,687 | -1,721,448 | -2,261,900 | -2,422,506 | -5,310,595 | -6,406,697 | -5,498,962 | -3,810,482 | -2,799,547 | -2,779,638 | -3,391,999 | -5,290,992 | -6,759,135 | -16,492,245 | ||||||||||||||||||||
| Direct investments 2020 - 2021 | -2,881,232 | -1,252,682 | ||||||||||||||||||||||||||||||||
| PB Investments 2020 - 2021 | -805,244 | -1,101,797 | -19,250 | |||||||||||||||||||||||||||||||
| Investments 2022 - 2023 | -4,919,155 | -9,907,665 | ||||||||||||||||||||||||||||||||
| Investments 2024- 2027 | -2,498,528 | -2,530,336 | -2,549,300 | -2,559,029 | 0 | |||||||||||||||||||||||||||||
| Additional investments | 0 | -503,344 | -816,591 | -930,471 | -656,624 | -622,771 | -5,544 | -1,248,188 | -1,552,158 | -1,900,746 | -2,205,431 | -2,493,524 | -2,691,936 | -2,878,597 | -2,943,061 | -3,008,403 | -3,074,590 | -3,141,585 | -3,209,349 | -3,277,837 | -3,347,002 | -3,416,791 | -518,187 | |||||||||||
| AEI allocated to Investments (2.5%) | 2,012 | 0 | 0 | 0 | 0 | 0 | -2,288 | -629,169 | -166,453 | -51,034 | -90,671 | -1,337,197 | -369,476 | -160,023 | -673,605 | -808,814 | -257,364 | -9,616 | -1,430,508 | -1,713,224 | -2,028,008 | -2,305,442 | -536,062 | -565,870 | -595,437 | -608,377 | -621,700 | -635,422 | -649,541 | -664,071 | -679,028 | -694,425 | -710,280 | -144,029 |
| Investment made with mutual claim debt | -394,236 | |||||||||||||||||||||||||||||||||
| Total Investments | -1,521,687 | -1,721,448 | -2,261,900 | -2,422,506 | -5,310,595 | -6,408,985 | -6,128,131 | -3,976,935 | -2,850,580 | -2,870,310 | -4,729,196 | -6,163,812 | -7,735,749 | -18,096,321 | -5,151,914 | -3,234,614 | -5,347,801 | -13,362,324 | -5,763,909 | -6,459,090 | -7,060,173 | -5,588,614 | -3,257,806 | -3,474,034 | -3,551,438 | -3,630,103 | -3,710,012 | -3,791,126 | -3,873,420 | -3,956,865 | -4,041,427 | -4,127,071 | -662,216 | |
| Net fund flow | -20,447,499 | 4,555,242 | 861,514 | -720,084 | -1,425,914 | 1,570,371 | -6,438,822 | 302,229 | 170,318 | 3,674,534 | 5,978,600 | 9,487,526 | 4,341,721 | -801,262 | -4,474,096 | -2,629,873 | 6,320,147 | 3,035,197 | 8,799,885 | 21,797,086 | 28,089,526 | 33,636,800 | 38,953,878 | 43,976,961 | 47,402,314 | 48,701,449 | 50,031,197 | 51,392,197 | 52,784,224 | 54,207,808 | 55,663,510 | 57,151,929 | 58,673,706 | 4,984,432 |