Corporacion America Airports S.A 6-K, filed Aug 24, 2020

Corporacion America Airports S.A. (CAAP)

6-K 2020-08-24 For: 2020-08-24

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Added on April 04, 2026

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Corporacion America Airports S.A filed this 6-K on August 24, 2020.

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Exhibit No.	Description

99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the six-month period ended June 30, 2020 and 2019.

	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

			For the three-month period ended June 30,						For the six-month period ended June 30,
			2020			2019			2020			2019
	Notes		Unaudited			Unaudited			Unaudited			Unaudited
Revenue		4		81,727			412,563			378,865			798,806
Cost of services		5		(135,530	)		(303,070	)		(366,935	)		(569,365	)
Gross (loss) / profit				(53,803	)		109,493			11,930			229,441
Selling, general and administrative expenses		6		(22,957	)		(37,150	)		(56,827	)		(77,695	)
Impairment loss		10		-			-			(4,490	)		-
Other operating income		7		1,092			4,326			4,635			9,146
Other operating expense				(441	)		(143	)		(853	)		(943	)
Operating (loss) / income				(76,109	)		76,526			(45,605	)		159,949
Share of loss in associates				(3,415	)		(371	)		(4,264	)		(831	)
(Loss) / Income before financial results and income tax				(79,524	)		76,155			(49,869	)		159,118
Financial income		8		8,692			11,764			17,136			29,019
Financial loss		8		(48,407	)		(12,271	)		(101,854	)		(80,211	)
Inflation adjustment		8		(3,200	)		(7,175	)		(5,081	)		(16,365	)
(Loss) / Income before income tax				(122,439	)		68,473			(139,668	)		91,561
Income tax		9		46,653			(13,122	)		37,660			(6,292	)
(Loss) / Income for the period				(75,786	)		55,351			(102,008	)		85,269
Attributable to:
Owners of the parent				(55,431	)		49,123			(70,531	)		84,175
Non-controlling interest				(20,355	)		6,228			(31,477	)		1,094
				(75,786	)		55,351			(102,008	)		85,269

Earnings per share attributable to the owners of the parent
Weighted average number of ordinary shares (thousands)				160,022			160,022			160,022			160,022

Basic and diluted earnings per share				(0.35	)		0.31			(0.44	)		0.53

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2020			2019			2020			2019
	Unaudited			Unaudited			Unaudited			Unaudited
(Loss) / Income for the period		(75,786	)		55,351			(102,008	)		85,269

Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit obligation		(324	)		(184	)		(4	)		(421	)

Items that may be subsequently reclassified to profit or loss:
Share of other comprehensive (loss) / income from associates		(157	)		(931	)		(421	)		256
Currency translation adjustment		(11,635	)		88,017			(40,836	)		54,863
Other comprehensive (loss) / income for the period, net of income tax		(12,116	)		86,902			(41,261	)		54,698
Total comprehensive (loss) / income for the period		(87,902	)		142,253			(143,269	)		139,967
Attributable to:
Owners of the parent		(61,606	)		107,651			(92,005	)		121,048
Non-controlling interest		(26,296	)		34,602			(51,264	)		18,919
		(87,902	)		142,253			(143,269	)		139,967

	Notes		At June 30, 2020 Unaudited			At December 31, 2019 Audited
ASSETS
Non-current assets
Intangible assets, net		10		2,639,299			3,002,121
Property, plant and equipment, net				78,066			79,612
Right-of-use asset				6,802			8,380
Investments in associates				5,899			9,929
Other financial assets at fair value through profit or loss				3,298			3,309
Other financial assets at amortized cost				2,558			2,494
Deferred tax assets				112,901			147,475
Other receivables				110,815			119,954
Trade receivables				1,209			1,326
				2,960,847			3,374,600
Current assets
Inventories				10,592			11,302
Other financial assets at fair value through profit or loss				18,286			17,341
Other financial assets at amortized cost				31,652			66,413
Other receivables				86,725			101,676
Current tax assets				17,409			10,311
Derivative financial instruments				-			27
Trade receivables				50,199			104,877
Cash and cash equivalents		11		180,226			195,696
				395,089			507,643
Total assets				3,355,936			3,882,243

EQUITY		14
Share capital				160,022			160,022
Share premium				180,486			180,486
Free distributable reserve				385,055			385,055
Non-distributable reserve				1,351,883			1,351,883
Currency translation adjustment				(413,574	)		(392,101	)
Legal reserves				176			176
Other reserves				(1,324,844	)		(1,324,887	)
Retained earnings				332,724			403,255
Total attributable to owners of the parent				671,928			763,889
Non-controlling interests				383,475			434,725
Total equity				1,055,403			1,198,614

LIABILITIES
Non-current liabilities
Borrowings		12		874,126			1,033,221
Deferred tax liabilities				183,563			233,115
Other liabilities		13		657,291			848,410
Lease liabilities				5,483			5,783
Trade payables				491			798
				1,720,954			2,121,327
Current liabilities
Borrowings		12		266,529			175,123
Other liabilities		13		170,723			230,122
Lease liabilities				1,667			3,144
Current tax liabilities				660			5,156
Derivative financial instruments				140			-
Trade payables				139,860			148,757
				579,579			562,302
Total liabilities				2,300,533			2,683,629
Total equity and liabilities				3,355,936			3,882,243

	Attributable to owners of the parent
	Share Capital		Share premium		Free Distributable Reserves		Non-Distributable Reserves		Legal Reserves		Currency Translation Adjustment			Other Reserves			Retained Earnings (1)			Total			Non-controlling interests			Total
Balance at January 1, 2020		160,022		180,486		385,055		1,351,883		176		(392,101	)		(1,324,887	)		403,255			763,889			434,725			1,198,614
Loss for the period		-		-		-		-		-		-			-			(70,531	)		(70,531	)		(31,477	)		(102,008	)
Other comprehensive loss for the period		-		-		-		-		-		(21,473	)		(1	)		-			(21,474	)		(19,787	)		(41,261	)
Changes of non-controlling interests		-		-		-		-		-		-			44			-			44			14			58
Balance at June 30, 2020		160,022		180,486		385,055		1,351,883		176		(413,574	)		(1,324,844	)		332,724			671,928			383,475			1,055,403

Balance at January 1, 2019		160,022		180,486		385,055		1,351,883		176		(378,803	)		(1,324,731	)		394,156			768,244			454,453			1,222,697
Income for the period		-		-		-		-		-		-			-			84,175			84,175			1,094			85,269
Other comprehensive income / (loss) for the period		-		-		-		-		-		37,135			(262	)		-			36,873			17,825			54,698
Changes of non-controlling interests (2)		-		-		-		-		-		-			-			-			-			(12,992	)		(12,992	)
Balance at June 30, 2019		160,022		180,486		385,055		1,351,883		176		(341,668	)		(1,324,993	)		478,331			889,292			460,380			1,349,672

			For the six-month period ended June 30,
	Notes		2020 Unaudited			2019 Unaudited
Cash flows from operating activities
(Loss) / Income for the period				(102,008	)		85,269
Adjustments for:
Amortization and depreciation				104,924			95,259
Deferred income tax		9		(37,562	)		(39,248	)
Income tax accrued		9		(98	)		45,540
Share of loss in associates				4,264			831
Impairment loss		10		4,490			-
Gains on disposals of property, plant and equipment				(11	)		-
Unpaid concession fees				29,802			30,116
Low value, short term and variable lease payments				(753	)		(1,278	)
Changes in liability for concessions				23,593			46,868
Interest expense				39,569			46,210
Other financial results, net				(5,450	)		(20,650	)
Net foreign exchange				26,674			(20,862	)
Other accruals				95			1,146
Inflation adjustment				9,129			24,921
Acquisition of Intangible assets		10-17		(73,909	)		(167,829	)
Income tax paid				(11,106	)		(29,418	)
Changes in working capital		17		(13,878	)		(99,956	)
Net cash used in operating activities				(2,235	)		(3,081	)

Cash flows from investing activities
Cash contribution in associates				(655	)		(3,179	)
Acquisition of other financial assets				(5,161	)		(4,321	)
Disposals of other financial assets				40,106			42,229
Purchase of Property, plant and equipment				(4,039	)		(8,817	)
Acquisition of Intangible assets		10		(211	)		(411	)
Loans with related parties				-			3,672
Proceeds from fixed assets disposals				11			-
Other				(650	)		(116	)
Net cash provided by investing activities				29,401			29,057

Cash flows from financing activities
Proceeds from borrowings		12		44,071			36,612
Release of guarantee deposits				(730	)		-
Leases payments				(1,974	)		(2,772	)
Loans paid		12		(38,938	)		(32,631	)
Interest paid		12		(26,191	)		(40,475	)
Debt renegotiation expenses		12		(7,748	)		-
Debt renegotiation premium		8		(4,670	)		-
Dividends paid				-			(7,992	)
Net cash used in financing activities				(36,180	)		(47,258	)

Decrease in cash and cash equivalents				(9,014	)		(21,282	)

Movements in cash and cash equivalents
At the beginning of the period				195,696			244,865
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents				(6,456	)		(2,119	)
Decrease in cash and cash equivalents				(9,014	)		(21,282	)
At the end of the period		11		180,226			221,464

1		General information and significant event of the period
2		Basis of presentation and accounting policies
3		Segment information
4		Revenue
5		Cost of services
6		Selling, general and administrative expenses
7		Other operating income
8		Financial results, net
9		Income tax
10		Intangible assets, net
11		Cash and cash equivalents
12		Borrowings
13		Other liabilities
14		Equity
15		Contingencies, commitments and restrictions on the distribution of profits
16		Related party balances and transactions
17		Cash flow disclosures
18		Fair value measurement of financial instruments
19		Subsequent events

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Perú
For the three-month period ended June 30, 2020 (Unaudited)	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Intrasegment Adjustments			Unallocated			Total
Revenue		51,437			53			5,980			-			7,877			3,751			2,522			7,188			4,457			-			(1,712	)		174			81,727
Cost of services		(80,559	)		(31	)		(12,673	)		-			(10,302	)		(2,564	)		(7,184	)		(10,095	)		(10,566	)		-			1,512			(3,068	)		(135,530	)
Gross (loss) / profit		(29,122	)		22			(6,693	)		-			(2,425	)		1,187			(4,662	)		(2,907	)		(6,109	)		-			(200	)		(2,894	)		(53,803	)
Selling, general and administrative expenses		(7,275	)		(12	)		(4,260	)		(2	)		(1,627	)		(309	)		(1,910	)		(1,581	)		(2,574	)		-			93			(3,500	)		(22,957	)
Impairment loss		-			-			-			-			-			-			-			-			-			-			-			-			-
Other operating income		904			-			64			-			94			23			7			-			-			-			-			-			1,092
Other operating expenses		(92	)		(16	)		6			-			(29	)		-			(211	)		(68	)		(138	)		-			107			-			(441	)
Operating (loss) / income		(35,585	)		(6	)		(10,883	)		(2	)		(3,987	)		901			(6,776	)		(4,556	)		(8,821	)		-			-			(6,394	)		(76,109	)
Share of loss in associates		-			-			-			-			-			-			-			-			48			(3,463	)		-			-			(3,415	)
Amortization and depreciation		30,073			-			2,104			-			2,875			283			3,766			1,219			2,942			-			-			3,288			46,550
Adjusted Ebitda		(5,512	)		(6	)		(8,779	)		(2	)		(1,112	)		1,184			(3,010	)		(3,337	)		(5,831	)		(3,463	)		-			(3,106	)		(32,974	)
Construction services revenue		(19,159	)		-			-			-			(4,551	)		-			(278	)		(4,670	)		(1,455	)		-			-			-			(30,113	)
Construction services cost		19,136			-			-			-			4,551			-			269			4,670			1,159			-			-			-			29,785
Adjusted Ebitda excluding Construction Services		(5,535	)		(6	)		(8,779	)		(2	)		(1,112	)		1,184			(3,019	)		(3,337	)		(6,127	)		(3,463	)		-			(3,106	)		(33,302	)
Construction services revenue		19,159			-			-			-			4,551			-			278			4,670			1,455			-			-			-			30,113
Construction services cost		(19,136	)		-			-			-			(4,551	)		-			(269	)		(4,670	)		(1,159	)		-			-			-			(29,785	)
Adjusted Ebitda		(5,512	)		(6	)		(8,779	)		(2	)		(1,112	)		1,184			(3,010	)		(3,337	)		(5,831	)		(3,463	)		-			(3,106	)		(32,974	)
Financial income																																						8,692
Financial loss																																						(48,407	)
Inflation adjustment																																						(3,200	)
Amortization and depreciation																																						(46,550	)
Loss before income tax expense																																						(122,439	)
Income tax																																						46,653
Loss for the period																																						(75,786	)

For the three-month period ended June 30, 2019 (Unaudited)
Revenue		260,224			69			28,428			-			24,394			4,451			32,728			24,878			39,071			-			(3,176	)		1,496			412,563
Cost of services		(200,635	)		(6	)		(24,345	)		-			(12,406	)		(3,502	)		(20,796	)		(15,372	)		(24,875	)		-			2,397			(3,530	)		(303,070	)
Gross profit / (loss)		59,589			63			4,083			-			11,988			949			11,932			9,506			14,196			-			(779	)		(2,034	)		109,493
Selling, general and administrative expenses		(16,164	)		(140	)		(4,347	)		(48	)		(3,492	)		(287	)		(2,966	)		(4,158	)		(3,424	)		-			779			(2,903	)		(37,150	)
Other operating income		4,153			-			85			-			37			-			48			2			-			-			-			1			4,326
Other operating expenses		(362	)		-			434			-			(67	)		-			(135	)		(12	)		-			-			-			(1	)		(143	)
Operating income / (loss)		47,216			(77	)		255			(48	)		8,466			662			8,879			5,338			10,772			-			-			(4,937	)		76,526
Share of income / (loss) in associates		-			-			-			-			-			-			-			-			35			(406	)		-			-			(371	)
Amortization and depreciation		25,202			-			2,840			-			2,763			251			3,246			1,154			3,091			-			-			3,749			42,296
Adjusted Ebitda		72,418			(77	)		3,095			(48	)		11,229			913			12,125			6,492			13,898			(406	)		-			(1,188	)		118,451
Construction services revenue		(92,065	)		-			-			-			(194	)		-			(4,144	)		(1,355	)		(2,183	)		-			-			-			(99,941	)
Construction services cost		92,001			-			-			-			189			-			4,024			1,355			1,764			-			-			-			99,333
Adjusted Ebitda excluding Construction Services		72,354			(77	)		3,095			(48	)		11,224			913			12,005			6,492			13,479			(406	)		-			(1,188	)		117,843
Construction services revenue		92,065			-			-			-			194			-			4,144			1,355			2,183			-			-			-			99,941
Construction services cost		(92,001	)		-			-			-			(189	)		-			(4,024	)		(1,355	)		(1,764	)		-			-			-			(99,333	)
Adjusted Ebitda		72,418			(77	)		3,095			(48	)		11,229			913			12,125			6,492			13,898			(406	)		-			(1,188	)		118,451
Financial income																																						11,764
Financial loss																																						(12,271	)
Inflation adjustment																																						(7,175	)
Amortization and depreciation																																						(42,296	)
Income before income tax expense																																						68,473
Income tax																																						(13,122	)
Income for the period																																						55,351

	For the three-month period ended June 30,				For the six-month period ended June 30,
	2020 (Unaudited)		2019 (Unaudited)		2020 (Unaudited)		2019 (Unaudited)
Aeronautical revenue		7,994		185,406		159,831		382,654
Non-aeronautical revenue
Commercial revenue		43,562		126,741		143,454		247,989
Construction service revenue		30,113		99,941		75,178		167,185
Other revenue		58		475		402		978
		81,727		412,563		378,865		798,806

Timing of revenue recognition
Over time		68,704		344,713		312,987		665,229
At a point in time		842		11,353		9,133		19,779
Revenues outside the scope of IFRS 15		12,181		56,497		56,745		113,798
Revenue		81,727		412,563		378,865		798,806

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2020		4,057,431			55,506			21,326			4,134,263
Acquisitions		77,113			-			211			77,324
Impairment loss		(4,490	)		-			-			(4,490	)
Disposals		(61	)		-			-			(61	)
Transfer		(220	)		-			220			-
Transfer to property, plant and equipment		(4	)		-			-			(4	)
Translation differences and inflation adjustment		(387,292	)		(13,283	)		(676	)		(401,251	)
		3,742,477			42,223			21,081			3,805,781
Depreciation
Accumulated at January 1, 2020		1,114,090			-			18,052			1,132,142
Depreciation of the period		97,688			-			568			98,256
Disposals		(61	)		-			-			(61	)
Translation differences and inflation adjustment		(63,685	)		-			(170	)		(63,855	)
		1,148,032			-			18,450			1,166,482
At June 30, 2020		2,594,445			42,223			2,631			2,639,299

Cost
Balances at January 1, 2019		3,841,853			56,501			15,170			3,913,524
Acquisitions		172,679			-			411			173,090
Transfer		(351	)		-			351			-
Transfer from property plant and equipment		935			-			-			935
Translation differences and inflation adjustment		125,035			(26	)		(56	)		124,953
		4,140,151			56,475			15,876			4,212,502
Depreciation
Accumulated at January 1, 2019		967,909			-			12,073			979,982
Depreciation of the period		87,762			-			728			88,490
Translation differences and inflation adjustment		33,808			-			(69	)		33,739
		1,089,479			-			12,732			1,102,211
At June 30, 2019		3,050,672			56,475			3,144			3,110,291

		Net assets before impairment				Impairment				Net assets after impairment
ICASGA			67,905				(4,490	)			63,415

	At June 30, 2020 (Unaudited)		At December 31, 2019 (Audited)
Cash to be deposited		1,827		2,320
Cash at banks		154,475		116,413
Time deposits		4,451		35,502
Other cash equivalents		19,473		41,461
		180,226		195,696

	At June 30, 2020 (Unaudited)		At December 31, 2019 (Audited)
Non-current
Bank and financial borrowings (**)		350,205		472,226
Notes (*)		523,921		560,995
		874,126		1,033,221
Current
Bank and financial borrowings (**)		173,827		103,056
Notes (*)		92,702		72,067
		266,529		175,123
Total Borrowings		1,140,655		1,208,344

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At June 30, 2020 ⁽¹⁾		313,716		252,328		436,820		538,964		1,541,828
At December 31, 2019 ⁽¹⁾		247,209		237,298		547,257		617,208		1,648,972

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Perú
For the six-month period ended June 30, 2020 (Unaudited)	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Intrasegment Adjustments			Unallocated			Total
Revenue		222,985			103			29,939			-			37,361			7,992			25,810			31,924			25,950			-			(4,719	)		1,520			378,865
Cost of services		(217,712	)		(40	)		(33,307	)		-			(24,878	)		(5,547	)		(23,251	)		(26,616	)		(33,102	)		-			3,865			(6,347	)		(366,935	)
Gross profit / (loss)		5,273			63			(3,368	)		-			12,483			2,445			2,559			5,308			(7,152	)		-			(854	)		(4,827	)		11,930
Selling, general and administrative expenses		(21,518	)		(75	)		(8,258	)		(28	)		(5,401	)		(685	)		(4,658	)		(5,399	)		(5,563	)		-			747			(5,989	)		(56,827	)
Impairment loss		-			-			(4,490	)		-			-			-			-			-			-			-			-			-			(4,490	)
Other operating income		4,309			-			92			-			151			23			55			5			-			-			-			-			4,635
Other operating expenses		(234	)		(16	)		(22	)		-			(49	)		-			(398	)		(74	)		(167	)		-			107			-			(853	)
Operating (loss) / income		(12,170	)		(28	)		(16,046	)		(28	)		7,184			1,783			(2,442	)		(160	)		(12,882	)		-			-			(10,816	)		(45,605	)
Share of loss in associates		-			-			-			-			-			-			-			-			48			(4,312	)		-			-			(4,264	)
Amortization and depreciation		62,261			-			4,751			-			5,730			555			7,538			2,416			5,911			-			-			6,787			95,949
Adjusted Ebitda		50,091			(28	)		(11,295	)		(28	)		12,914			2,338			5,096			2,256			(6,923	)		(4,312	)		-			(4,029	)		46,080
Construction services revenue		(55,440	)		-			-			-			(6,919	)		-			(1,464	)		(7,281	)		(4,074	)		-			-			-			(75,178	)
Construction services cost		55,363			-			-			-			6,919			-			1,422			7,281			3,325			-			-			-			74,310
Adjusted Ebitda excluding Construction Services		50,014			(28	)		(11,295	)		(28	)		12,914			2,338			5,054			2,256			(7,672	)		(4,312	)		-			(4,029	)		45,212
Construction services revenue		55,440			-			-			-			6,919			-			1,464			7,281			4,074			-			-			-			75,178
Construction services cost		(55,363	)		-			-			-			(6,919	)		-			(1,422	)		(7,281	)		(3,325	)		-			-			-			(74,310	)
Adjusted Ebitda		50,091			(28	)		(11,295	)		(28	)		12,914			2,338			5,096			2,256			(6,923	)		(4,312	)		-			(4,029	)		46,080
Financial income																																						17,136
Financial loss																																						(101,854	)
Inflation adjustment																																						(5,081	)
Amortization and depreciation																																						(95,949	)
Loss before income tax expense																																						(139,668	)
Income tax																																						37,660
Loss for the period																																						(102,008	)

June 30, 2020 (Unaudited)
Current assets		123,308			106			24,196			50			17,513			4,412			44,154			17,989			38,067			-			(66,628	)		191,922			395,089
Non-current assets		1,185,399			21			800,858			106			153,166			7,094			162,892			66,134			247,171			4,008			(768	)		334,766			2,960,847
Capital Expenditure		55,441			-			2,241			-			8,068			1,145			2,269			7,634			4,563			-			-			2			81,363
Current liabilities		203,583			29			94,982			-			19,060			2,766			69,173			21,730			102,927			-			(66,628	)		131,957			579,579
Non-current liabilities		496,814			-			816,284			-			58,846			3,144			-			16,308			58,592			-			(768	)		271,734			1,720,954

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Peru
For the six-month period ended June 30, 2019 (Unaudited)	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Intrasegment Adjustments			Unallocated			Total
Revenue		506,271			123			58,097			-			56,648			8,539			57,984			48,575			65,887			-			(6,349	)		3,031			798,806
Cost of services		(368,839	)		(11	)		(48,893	)		-			(27,020	)		(6,654	)		(37,237	)		(29,426	)		(49,079	)		-			4,861			(7,067	)		(569,365	)
Gross profit / (loss)		137,432			112			9,204			-			29,628			1,885			20,747			19,149			16,808			-			(1,488	)		(4,036	)		229,441
Selling, general and administrative expenses		(35,320	)		(196	)		(9,199	)		(67	)		(6,951	)		(634	)		(5,786	)		(8,743	)		(6,865	)		-			1,489			(5,423	)		(77,695	)
Other operating income		8,754			-			292			-			60			-			48			8			-			-			(17	)		1			9,146
Other operating expenses		(457	)		-			(91	)		-			(100	)		-			(293	)		(18	)		-			-			16			-			(943	)
Operating income / (loss)		110,409			(84	)		206			(67	)		22,637			1,251			14,716			10,396			9,943			-			-			(9,458	)		159,949
Share of income / (loss) in associates		-			-			-			-			-			-			-			-			35			(866	)		-			-			(831	)
Amortization and depreciation		49,612			-			5,948			-			6,544			488			6,417			2,281			6,115			-			-			7,953			85,358
Adjusted Ebitda		160,021			(84	)		6,154			(67	)		29,181			1,739			21,133			12,677			16,093			(866	)		-			(1,505	)		244,476
Construction services revenue		(154,474	)		-			-			-			(847	)		-			(6,533	)		(1,355	)		(3,976	)		-			-			-			(167,185	)
Construction services cost		154,365			-			-			-			822			-			6,344			1,355			2,930			-			-			-			165,816
Adjusted Ebitda excluding Construction Services		159,912			(84	)		6,154			(67	)		29,156			1,739			20,944			12,677			15,047			(866	)		-			(1,505	)		243,107
Construction services revenue		154,474			-			-			-			847			-			6,533			1,355			3,976			-			-			-			167,185
Construction services cost		(154,365	)		-			-			-			(822	)		-			(6,344	)		(1,355	)		(2,930	)		-			-			-			(165,816	)
Adjusted Ebitda		160,021			(84	)		6,154			(67	)		29,181			1,739			21,133			12,677			16,093			(866	)		-			(1,505	)		244,476
Financial income																																						29,019
Financial loss																																						(80,211	)
Inflation adjustment																																						(16,365	)
Amortization and depreciation																																						(85,358	)
Income before income tax expense																																						91,561
Income tax																																						(6,292	)
Income for the period																																						85,269

December 31, 2019 (Audited)
Current assets		149,064			139			47,726			140			16,691			4,222			57,323			50,629			55,249			-			(59,393	)		185,853			507,643
Non-current assets		1,235,497			22			1,106,996			104			151,717			6,425			169,130			63,914			245,541			8,059			(768	)		387,963			3,374,600
Capital Expenditure		308,301			-			5,347			-			7,040			2,332			13,270			18,198			17,905			-			(33	)		13			372,373
Current liabilities		220,849			29			129,875			2			21,080			2,740			27,853			49,616			105,873			-			(59,393	)		63,778			562,302
Non-current liabilities		516,344			-			1,080,283			-			48,018			3,644			54,009			17,839			60,650			-			(768	)		341,308			2,121,327

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2020 (Unaudited)			2019 (Unaudited)			2020 (Unaudited)			2019 (Unaudited)
Construction services cost		(29,785	)		(99,333	)		(74,310	)		(165,816	)
Salaries and social security contributions		(26,456	)		(51,002	)		(71,418	)		(99,298	)
Concession fees (**)		(9,903	)		(40,954	)		(46,694	)		(86,198	)
Amortization and depreciation (***)		(44,267	)		(39,830	)		(91,256	)		(79,961	)
Maintenance expenses		(13,810	)		(33,006	)		(41,848	)		(64,193	)
Services and fees		(6,902	)		(16,436	)		(21,176	)		(32,658	)
Cost of fuel		(945	)		(10,301	)		(8,299	)		(18,043	)
Taxes (*)		(692	)		(4,244	)		(4,473	)		(8,751	)
Office expenses		(663	)		(4,062	)		(3,141	)		(7,453	)
Provision for maintenance costs		(465	)		(223	)		(787	)		(1,149	)
Others		(1,642	)		(3,679	)		(3,533	)		(5,845	)
		(135,530	)		(303,070	)		(366,935	)		(569,365	)

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2020 (Unaudited)			2019 (Unaudited)			2020 (Unaudited)			2019 (Unaudited)
Taxes (*)		(3,467	)		(10,729	)		(12,277	)		(21,771	)
Services and fees		(5,659	)		(8,911	)		(13,831	)		(18,317	)
Salaries and social security contributions		(3,571	)		(6,792	)		(9,996	)		(15,097	)
Bad debts		(6,270	)		(2,553	)		(9,195	)		(7,086	)
Amortization and depreciation (**)		(2,283	)		(2,466	)		(4,693	)		(5,397	)
Office expenses		(97	)		(1,825	)		(838	)		(2,832	)
Insurance		(570	)		(501	)		(1,047	)		(889	)
Maintenance expenses		(216	)		(353	)		(1,215	)		(714	)
Advertising		(80	)		(429	)		(317	)		(692	)
Charter service		(80	)		(207	)		(215	)		(415	)
Bad debts recovery		74			277			154			398
Other		(738	)		(2,661	)		(3,357	)		(4,883	)
		(22,957	)		(37,150	)		(56,827	)		(77,695	)

Company	Lender	Currency	Maturity	Interest Rate		Outstanding (In millions of USD)		Capitalization(²)
	BNDES	R$	September 2032	Variable	TJLP(¹) plus spread	6.4
Inframerica	BNDES	R$	June 2032	Variable	T.R. plus spread plus IPCA	1.6
Concessionaria do Aeroporto Sao Goncalo	BNDES	R$	September 2032	Variable	T.R. plus spread plus IPCA	4.3		A
do Amarante S.A.	BNDES	R$	September 2022	Fixed	2.50%	0.9
	BNDES	R$	July 2032	Variable	T.R. plus spread plus IPCA	2.1
Inframerica	BNDES	R$	December 2033	Variable	TJLP(¹) plus spread	202.3		A
Concessionaria do	Bradesco	R$	July 2022	Variable	TJLP(¹) plus spread	0.1		D
Aeroporto de Brasilia S.A.	Votorantim	R$	September 2020	Variable	CDI plus spread	3.3		C
Terminal Aeroportuaria	Banco Guayaquil SA	USD	December 2024	Variable	T.R.E.(³) plus spread	9.0		D
de Guayaquil S.A	Banco Bolivariano CA	USD	November 2024	Variable	T.R.E.(³) plus spread	8.2		D
Terminal de Cargas de	Santander Uruguay	USD	April 2023	Fixed	4.40%	1.5		D
Uruguay S.A.	Scotiabank Uruguay	USD	October 2024	Fixed	4.30%	2.0		D
	MPS Servicio Capital	Euro	June 2022	Variable	Euribor 6 month plus spread		4.2	B
	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		24.2	D
	BPM	Euro	October 2020	Fixed	0.15%		1.7	D
	Unicredit	Euro	September 2020	Fixed	0.30%		6.7	D
	Unicredit	Euro	October 2020	Fixed	0.30%		2.8	D
	BNL	Euro	April 2021	Fixed	0.15%		2.8	D
	BNL	Euro	April 2021	Fixed	0.15%		2.8	D
Toscana Aeroporti S.p.a.	CREDEM	Euro	October 2020	Fixed	0.06%		5.6	D
	BPM	Euro	June 2023	Variable	Euribor 3 month plus spread		0.3	D
	BPM	Euro	June 2024	Variable	Euribor 3 month plus spread		0.4	D
	MPS Servicio capital	Euro	September 2020	Fixed	0.07%		11.2	D
	Banca Intesa San Paolo	Euro	February 2021	Fixed	0.15%		6.7	D
	Banca Intesa San Paolo	Euro	March 2021	Fixed	0.20%		5.6	D
	Credit Suisse AG	USD	December 2022	Variable	Libor 6 month plus spread	31.6		B
Armenia International Airports C.J.S.C.		Euro	December 2022	Variable	Euribor 6 month plus spread	32.8
	HSBC Bank Armenia C.J.S.C.	Dram	June 2022	Fixed	11% (⁴)	1.0		D
Aeropuerto de Neuquén S.A.	Banco Macro	USD	August 2021	Variable	Libor plus spread	2.5		A
	Banco de la Provincia de Buenos Aires	USD	June 2023	Fixed	7%	2.5		D
Aeropuertos Argentina 2000 S.A.	Industrial and Commercial Bank of China (Argentina) S.A., Banco Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A.	USD	August 2023	Fixed	9.75%	84.6		A
	Citibank N.A.	USD	August 2023	Variable	Libor plus spread	34.8		A
	Banco Macro	USD	July 2020	Fixed	6%	10.3		D
Consorcio Aeropuertos Internacionales S.A.	Santander Uruguay Banco Itaú	USD USD	April 2023 April 2025	Fixed Variable	5.1% Libor plus spread	3.6 3.6		B
Total						524.0

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At June 30, 2020		170,690		68,062		203,897		1,371,434		1,814,083
At December 31, 2019		230,181		90,917		275,982		1,867,441		2,464,521

	Currency translation adjustments			Remeasurement of defined benefit obligations (*)			Share of other comprehensive income from associates			Income Tax effect ^(*)			Transfer from shareholders equity – currency translation differences		Total
Balances at January 1, 2020		(414,777	)		198			(40,726	)		(63	)		63,402		(391,966	)
Other comprehensive (loss) / income for the period		(21,052	)		(2	)		(421	)		1			-		(21,474	)
For the period ended June 30, 2020		(435,829	)		196			(41,147	)		(62	)		63,402		(413,440	)

Balances at January 1, 2019		(401,444	)		330			(40,761	)		(99	)		63,402		(378,572	)
Other comprehensive income / (loss) for the period		36,879			(345	)		256			83			-		36,873
For the period ended June 30, 2019		(364,565	)		(15	)		(40,505	)		(16	)		63,402		(341,699	)

	At June 30, 2020 (Unaudited)			At December 31, 2019 (Audited)
Share capital		160,022			160,022
Share premium		180,486			180,486
Legal reserve		176			176
Free distributable reserves		385,055			385,055
Non-distributable reserves		1,351,883			1,351,883
Retained earnings		(65,543	)		(78,497	)
Total equity in accordance with Luxembourg law		2,012,079			1,999,125

	At June 30, 2020 (Unaudited)			At December 31, 2019 (Audited)
Year-end balances

(a) Arising from sales / purchases of goods / other
Trade receivables with associates		1,455			1,555
Trade receivables with other related parties		787			687
Other receivables with associates		658			658
Other receivables with other related parties		8,773			8,611
Other financial assets with associates		2,558			2,494
Other financial assets with other related parties		14,793			14,573
Trade payables to other related parties		(1,822	)		(3,017	)
		27,202			25,561
(b) Other liabilities
Other liabilities to other related parties		(7,731	)		(7,538	)
		(7,731	)		(7,538	)
(c) Other balances
Cash and cash equivalents in other related parties		10,725			15,312
		10,725			15,312

	For the three-month period ended June 30,						For the six-month period ended June 30,
	2020 (Unaudited)			2019 (Unaudited)			2020 (Unaudited)			2019 (Unaudited)
Transactions
Aeronautical/Commercial revenue		812			1,788			2,507			3,474
Fees		(1,521	)		(1,747	)		(3,572	)		(3,507	)
Interest accruals		173			108			363			462
Acquisition of goods and services		(832	)		(5,638	)		(4,665	)		(11,218	)
Others		(895	)		45			(2,136	)		610

	For the six-month period ended June 30,
	2020 (Unaudited)			2019 (Unaudited)
Intangible assets acquisition with an increase in Other liabilities / Borrowings / Lease liabilities		(3,204	)		(4,436	)
Right-of-use asset initial recognition with an increase in Lease liabilities		(79	)		(11,904	)
Dividends not paid		(1	)		(5,000	)
Income tax paid with certificates		(1,227	)		-
Borrowings cost capitalization		-			(414	)

	Fair value		Carrying amount
Trust funds		99,162		89,853
Long-term borrowings		896,937		874,126