Corporacion America Airports S.A 6-K, filed Nov 17, 2022

Corporacion America Airports S.A. (CAAP)

6-K 2022-11-17 For: 2022-11-17

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Added on April 04, 2026

About this 6-K

Corporacion America Airports S.A filed this 6-K on November 17, 2022.

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Exhibit No.	Description

99.1	Press release dated November 17, 2022 - Corporación América Airports S.A. reports third quarter 2022 results – Total revenues ex-IFRIC above pre-pandemic levels, with traffic at 82% Adjusted EBITDA ex-IFRIC 31% above 3Q19; positive in all countries of operations

	Corporación América Airports S.A.

	By:	/s/ Andres Zenarruza
	Name: Andres Zenarruza
	Title: Head of Legal & Compliance

	By:	/s/ Jorge Arruda Filho
	Name: Jorge Arruda Filho
	Title: Chief Financial Officer

	§	78.6% in passenger traffic to 18.7 million, reaching 82.4% of 3Q19 levels.
	§	1.2% in cargo volume to 81.8 thousand tons, to 82.2% of 3Q19 levels.
	§	42.1% in aircraft movements, to 88.7% of 3Q19 levels.

	3Q22 as reported			3Q21 as reported			% Var as reported			IAS 29 3Q22			3Q22 ex IAS 29			3Q21 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers) ⁽¹⁾⁽²⁾		18.7			10.5			78.6	%					18.7			10.5			78.6	%
Revenue		395.5			186.9			111.6	%		-4.3			399.8			184.5			116.7	%
Aeronautical Revenues		171.1			75.4			127.0	%		-1.4			172.5			75.2			129.3	%
Non-Aeronautical Revenues		224.4			111.5			101.3	%		-2.9			227.3			109.3			108.0	%
Revenue excluding construction service		346.9			168.6			105.7	%		-1.8			348.7			167.4			108.3	%
Operating Income / (Loss)		92.5			2.8			3232.6	%		-17.3			109.8			14.7			648.0	%
Operating Margin		23.4	%		1.5	%		2190			0.0	%		27.5	%		8.0	%		1951
Net (Loss) / Income Attributable to Owners of the Parent		57.2			-15.0			-480.6	%		34.7			22.5			-24.7			-191.2	%
EPS (US$)		0.36			-0.09			-479.9	%		0.22			0.14			-0.15			-191.0	%
Adjusted EBITDA		131.1			39.6			231.4	%		-0.1			131.2			38.8			237.8	%
Adjusted EBITDA Margin		33.1	%		21.2	%		1198			-			32.8	%		21.0	%		1177
Adjusted EBITDA Margin excluding Construction Service		37.7	%		23.4	%		1434			-			37.5	%		23.1	%		1443
Net Debt to LTM Adjusted EBITDA		2.6	x		7.5	x		-			-			-			-			-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets ⁽³⁾		2.6	x		7.2	x		-			-			-			-			-

	1)	Note that preliminary passenger traffic figures for Ezeiza Airport, in Argentina, for January 2020 were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.
	2)	Starting November 2019, the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.
	3)	LTM Adjusted EBITDA excluding impairments of intangible assets

	9M22 as reported			9M21 as reported			% Var as reported			IAS 29 9M22		9M22 ex IAS 29			9M21 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers) ⁽¹⁾⁽²⁾		47.3			22.4			110.5	%				47.3			22.4			110.5	%
Revenue		1006.1			474.0			112.3	%		12.7		993.4			459.1			116.4	%
Aeronautical Revenues		450.0			167.0			169.4	%		7.1		442.9			163.4			171.0	%
Non-Aeronautical Revenues		556.1			307.0			81.2	%		5.6		550.4			295.6			86.2	%
Revenue excluding construction service		914.0			412.7			121.5	%		16.8		897.1			399.1			124.8	%
Operating Income / (Loss)		221.9			-52.3			-524.2	%		-44.4		266.3			-19.6			-1460.4	%
Operating Margin		22.1	%		-11.0	%		3309			-		26.8	%		-4.3	%		3108
Net (Loss) / Income Attributable to Owners of the Parent		160.5			-94.6			-269.7	%		114.4		46.2			-70.4			-165.6	%
EPS (US$)		1.00			-0.59			-269.5	%		0.71		0.29			-0.44			-165.5	%
Adjusted EBITDA		339.1			56.5			499.7	%		8.5		330.6			53.0			524.1	%
Adjusted EBITDA Margin		33.7	%		11.9	%		2177			-		33.3	%		11.5	%		2174
Adjusted EBITDA Margin excluding Construction Service		37.0	%		13.0	%		2402			-		36.7	%		13.0	%		2377
Net Debt to LTM Adjusted EBITDA		2.6	x		7.5	x		-			-		-			-			-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets ⁽³⁾		2.6	x		7.2	x		-			-		-			-			-

	3Q22	3Q21	3Q19	% Var. ('22 vs '21)		% Var. ('22 vs '19)
Domestic Passengers (in thousands)	10,189	6,382	12,758	59.7	%	-20.1	%
International Passengers (in thousands)	6,610	2,728	7,843	142.3	%	-15.7	%
Transit Passengers (in thousands)	1,881	1,351	2,072	39.2	%	-9.2	%
Total Passengers (in thousands)	18,680	10,461	22,674	78.6	%	-17.6	%
Cargo Volume (in thousands of tons)	81.8	80.8	99.4	1.2	%	-17.8	%
Total Aircraft Movements (in thousands)	200.2	140.9	225.7	42.1	%	-11.3	%

Passenger Traffic Breakdown								Cargo Volume							Aircraft Movements
Country	3Q22		3Q21		% Var.			3Q22		3Q21		% Var.			3Q22		3Q21		% Var.

	(thousands)							(tons)
Argentina⁽¹⁾		9,215		3,224		185.8	%		44,397		43,517		2.0	%		101,935		57,468	77.4	%
Italy		2,355		1,330		77.0	%		3,493		3,841		-9.1	%		23,086		17,287	33.5	%
Brazil ⁽²⁾		4,288		3,468		23.7	%		13,048		15,000		-13.0	%		38,271		32,825	16.6	%
Uruguay ⁽³⁾		358		132		170.9	%		7,157		6,947		3.0	%		5,684		4,866	16.8	%
Ecuador ⁽⁴⁾		1,187		774		53.3	%		7,573		6,588		15.0	%		19,427		15,892	22.2	%
Armenia		1,277		933		36.9	%		6,103		4,115		48.3	%		11,801		7,692	53.4	%
Peru ⁽⁵⁾		-		599		-100.0	%		-		820		-100.0	%		-		4,885	-100.0	%
TOTAL		18,680		10,461		78.6	%		81,770		80,828		1.2	%		200,204		140,915	42.1	%

	1)	See Note 1 in Table " Operating & Financial Highlights”
	2)	Starting November 2019, the Company has reclassified its passenger traffic figures for Brasilia Airport between international and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.
	3)	Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.
	4)	CAAP owns 99.9% of ECOGAL, which operates and maintains the Galapagos Airport, but due to the terms of the concession agreement, ECOGAL’s results are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic and aircraft movements are included in this table.
	5)	CAAP owned 50.0% of AAP and accounts for its results by the equity method. However, 100% of AAP’s passenger traffic and aircraft movements are included in this table.

	3Q22 as reported		3Q19 as reported		% Var as reported			IAS 29		3Q22 ex IAS 29		3Q19 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		171.1		184.8		-7.4	%		-1.4		172.5		192.4		-10.3	%
Non-aeronautical Revenue		224.4		232.3		-3.4	%		-2.9		227.3		245.7		-7.5	%
Commercial revenue		175.2		123.3		42.1	%		-0.4		175.6		127.7		37.6	%
Construction service revenue ⁽¹⁾		48.6		108.2		-55.1	%		-2.5		51.1		117.3		-56.4	%
Other revenue		0.5		0.7		-26.8	%		-		0.5		0.7		-26.8	%
Total Consolidated Revenue		395.5		417.1		-5.2	%		-4.3		399.8		438.0		-8.7	%
Total Revenue excluding Construction Service revenue ⁽²⁾		346.9		308.8		12.3	%		-1.8		348.7		320.8		8.7	%

	As of Sep 30, 2022			As of Dec 31, 2021
Leverage
Total Debt / LTM Adjusted EBITDA (Times)^1,3		3.45	x		9.64	x
Total Net Debt / LTM Adjusted EBITDA (Times) ^{2,3, 4}		2.64	x		7.12	x
Total Net Debt / LTM Adjusted EBITDA (Times) ^2,3,5		2.64	x		7.11	x
Total Debt		1,490.1			1,439.6
Short-Term Debt		197.7			421.3
Long-Term Debt		1,292.4			1,018.3
Cash & Cash Equivalents		348.4			375.8
Total Net Debt³		1,141.7			1,063.8

Total Debt by Segment (in US$ million)
	As of Sep 30, 2022		As of Dec 31, 2021
Argentina		738.0		625.3
Italy ⁽¹⁾		195.6		232.4
Brazil ⁽²⁾		219.6		221.8
Uruguay ⁽³⁾		277.7		274.1
Armenia		40.7		63.1
Ecuador		18.5		22.9
Total		1490.1		1,439.6

		1 year or less				1 - 2 years				2 – 5 years				Over 5 years				Total
Debt service ⁽¹⁾			293.6				197.8				661.4				939.5				2,092.4

Segment		Currency	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Argentina	Principal	USD		75.3		34.5		238.6		390.2		738.6
	Interest	USD		48.1		44.1		112.0		65.6		269.8
	Principal	ARS		4.4		6.0		1.5		-		12.0
	Interest	ARS		7.6		3.7		0.3		-		11.6
Italy	Principal	EUR		62.8		23.6		51.2		-		137.6
	Interest	EUR		5.0		4.5		60.3		-		69.7
Brazil	Principal	R$		14.0		13.4		47.4		144.5		219.3
	Interest	R$		18.6		17.5		44.8		43.3		124.2
Uruguay	Principal	USD		5.8		6.9		46.3		226.1		285.1
	Interest	USD		18.9		18.6		52.3		69.8		159.5
Armenia	Principal	USD		12.3		9.2		-		-		21.5
	Interest	USD		1.6		0.5		-		-		2.1
	Principal	EUR		11.1		8.2		-		-		19.3
	Interest	EUR		1.0		0.3		-		-		1.4
Ecuador	Principal	USD		5.9		6.0		6.4		-		18.3
	Interest	USD		1.1		0.7		0.4		-		2.2
Total				293.6		197.8		661.4		939.5		2,092.4

Cash by Segment (in US$ million)
	As of Sep 30, 2022		As of Dec 31, 2021
Argentina		144.4		158.9
Italy ⁽¹⁾		56.5		66.3
Brazil ⁽²⁾		13.3		13.4
Uruguay		27.2		22.0
Armenia		40.0		44.7
Ecuador		5.5		10.8
Intermediate holding Companies		61.5		59.7
Total		348.4		375.8

Country	3Q22 as reported		3Q21 as reported		% Var as reported			IAS 29		3Q22 ex IAS 29		3Q21 ex IAS 29		% Var ex IAS 29
Argentina		213.7		76.9		177.8	%		-4.3		218.0		74.6		192.4	%
Italy		34.2		23.0		49.0	%		-		34.2		23.0		49.0	%
Brazil		23.5		16.4		43.7	%		-		23.5		16.4		43.7	%
Uruguay		25.5		13.5		88.6	%		-		25.5		13.5		88.6	%
Armenia		72.0		38.3		87.9	%		-		72.0		38.3		87.9	%
Ecuador ⁽¹⁾		26.4		18.7		41.3	%		-		26.4		18.7		41.3	%
Unallocated		0.2		0.1		75.1	%		-		0.2		0.1		75.1	%
Total consolidated revenue ⁽²⁾		395.5		186.9		111.6	%		-4.3		399.8		184.5		116.7	%

	3Q22 as reported		3Q21 as reported		% Var as reported			IAS 29		3Q22 ex IAS 29		3Q21 ex IAS 29		% Var ex IAS 29
Cost of Services		268.2		157.7		70.0	%		13.2		255.0		143.7		77.5	%
Salaries and social security contributions		49.5		34.2		44.6	%		-0.5		50.0		34.1		46.5	%
Concession fees		42.6		23.4		82.2	%		-0.4		43.0		23.3		84.7	%
Construction service cost		48.3		18.1		167.1	%		-2.5		50.8		17.0		199.4	%
Maintenance expenses		28.6		19.8		44.1	%		-0.3		28.9		19.7		46.7	%
Amortization and depreciation		36.8		35.2		4.7	%		17.1		19.8		22.6		-12.7	%
Other		62.4		27.1		130.6	%		-0.2		62.6		27.0		131.8	%
Cost of Services Excluding Construction Service cost		219.9		139.7		57.5	%		15.7		204.2		126.7		61.2	%
Selling, general and administrative expenses		38.0		23.0		65.3	%		0.0		38.0		22.8		66.8	%
Other expenses		3.3		4.7		-29.2	%		-0.2		3.5		4.6		-23.8	%
Total Costs and Expenses		309.6		185.5		66.9	%		13.0		296.6		171.1		73.3	%
Total Costs and Expenses Excluding Construction Service cost		261.3		167.4		56.1	%		15.4		245.8		154.2		59.4	%

	3Q22 as reported		3Q19 as reported		% Var as reported			IAS 29		3Q22 ex IAS 29		3Q19 ex IAS 29		% Var ex IAS 29
Cost of Services		268.2		302.8		-11.4	%		13.2		255.0		305.4		-16.5	%
Salaries and social security contributions		49.5		45.8		8.0	%		-0.5		50.0		47.5		5.1	%
Concession fees		42.6		41.4		2.7	%		-0.4		43.0		43.3		-0.7	%
Construction service cost		48.3		108.0		-55.3	%		-2.5		50.8		117.0		-56.6	%
Maintenance expenses		28.6		29.8		-4.2	%		-0.3		28.9		32.2		-10.0	%
Amortization and depreciation		36.8		36.1		2.1	%		17.1		19.8		23.7		-16.5	%
Other		62.4		41.6		50.0	%		-0.2		62.6		41.8		49.9	%
Cost of Services Excluding Construction Service cost		219.9		194.8		12.9	%		15.7		204.2		188.4		8.4	%
Selling, general and administrative expenses		38.0		55.6		-31.7	%		0.0		38.0		59.4		-35.9	%
Other expenses		3.3		0.8		338.9	%		-0.2		3.5		0.7		394.5	%
Total Costs and Expenses		309.6		359.1		-13.8	%		13.0		296.6		365.5		-18.8	%
Total Costs and Expenses Excluding Construction Service cost		261.3		251.2		4.0	%		15.4		245.8		248.5		-1.1	%

	3Q22 as reported		3Q19 as reported		% Var as reported			IAS 29		3Q22 ex IAS 29		3Q19 ex IAS 29		% Var ex IAS 29
Argentina		74.8		43.6		71.6	%		-0.1		74.9		45.8		63.4	%
Italy		8.4		15.1		-44.3	%		-		8.4		15.1		-44.3	%
Brazil		9.0		4.4		103.8	%		-		9.0		4.4		103.8	%
Uruguay		8.6		13.5		-36.3	%		-		8.6		13.5		-36.3	%
Armenia		23.5		18.2		28.6	%		-		23.5		18.2		28.6	%
Ecuador		7.9		6.7		18.2	%		-		7.9		6.7		18.2	%
Unallocated		-1.1		-1.5		-25.3	%		-		-1.1		-1.5		-25.3	%
Total segment EBITDA		131.1		100.0		31.0	%		-0.1		131.2		102.3		28.3	%

	1)	See Note 1 in Table "Operating & Financial Highlights”
	2)	Excludes Construction Service revenue.
	3)	Excludes Construction Service cost.
	4)	Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

	3Q22			3Q21			% Var.			9M22			9M21			% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)		0.5			0.4			17.3	%		1.2			0.6			95.7	%
International Passengers (in millions)		1.9			0.9			104.0	%		3.9			1.1			254.3	%
Transit Passengers (in millions)		0.0			0.0			117.6	%		0.0			0.0			244.0	%
Total Passengers (in millions)		2.4			1.3			77.0	%		5.2			1.7			197.8	%
Cargo Volume (in thousands of tons)		3.5			3.8			-9.1	%		11.1			10.9			1.4	%
Total Aircraft Movements (in thousands)		23.1			17.3			33.5	%		53.5			26.4			102.8	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		21.9			16.2			35.1	%		53.3			23.9			122.8	%
Non-aeronautical revenue		12.3			6.8			82.0	%		31.5			22.7			39.0	%
Commercial revenue		10.5			4.4			139.3	%		23.9			11.0			117.0	%
Construction service revenue		1.3			1.6			-15.7	%		4.7			10.2			-54.4	%
Other revenue		0.5			0.8			-34.1	%		2.9			1.4			109.0	%
Total Revenue		34.2			23.0			49.0	%		84.7			46.6			82.0	%
Total Revenue Excluding IFRIC12⁽¹⁾		32.9			21.4			53.8	%		80.1			36.3			120.5	%
Cost of Services		22.6			22.3			1.0	%		68.7			58.8			16.9	%
Selling, general and administrative expenses		5.9			3.3			80.1	%		13.2			9.4			40.7	%
Other Expenses		0.0			0.2			-87.2	%		0.0			0.3			-88.5	%
Total Costs and Expenses		28.5			25.8			10.3	%		82.0			68.5			19.7	%
Total Costs and Expenses Excluding IFRIC12⁽²⁾		27.4			24.2			13.1	%		78.2			59.2			32.1	%
Adjusted Segment EBITDA		8.4			0.4			1849.8	%		10.8			-11.6			-192.7	%
Adjusted Segment EBITDA Mg		24.6	%		1.9	%		2273			12.7	%		-25.0	%		3770
Adjusted EBITDA Margin excluding IFRIC 12⁽³⁾		24.9	%		2.1	%		2276			12.4	%		-34.6	%		4701
Capex		1.7			1.8			-6.6	%		5.7			14.0			-59.4	%

Dial-in:	1-646-904-5544 (U.S. Local); 1-226-828-7575 (Canada, Local); +1-929-526-1599 (Intern.). Participant access code: 126719

Webcast:	CAAP 3Q22 Earnings Conference Call

Replay:	1-929-458-6194 (U.S. Local); 1-226-828-7578 (Canada, Local); +44-204-525-0658 (Intern.). Replay access code: 993788

	1)	Cargo volumes in Uruguay were rectified from January to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.
	2)	ECOGAL’s operational data included in this table, although its results of operations are not consolidated.
	3)	AAP’s operational data included in this table, although its results of operations are not consolidated.

Aeropuertos Argentina 2000	Argentina	81.9	%
Neuquén	Argentina	74.7	%
Bahía Blanca	Argentina	81.7	%
Toscana Aeroporti (Florence and Pisa airports)	Italy	46.7	%
ICAB (Brasilia Airport)	Brazil	51.0	%
ICASGA (Natal Airport)	Brazil	99.9	%
Puerta del Sur (Carrasco Airport)	Uruguay	100.0	%
CAISA (Punta del Este Airport)	Uruguay	100.0	%
AIA (Armenian airports)	Armenia	100.0	%
TAGSA (Guayaquil Airport)	Ecuador	50.0	%
ECOGAL (Galápagos Airport)	Ecuador	99.9	%

	Domestic Passenger Traffic (in thousands)				International Passenger Traffic (in thousands)				Transit Passengers (in thousands)				Total Passenger Traffic (in thousands)				Cargo volume (in tons)				Aircraft movements
	3Q'22	3Q'21	% Var.		3Q'22	3Q'21	% Var.		3Q'22	3Q'21	% Var.		3Q'22	3Q'21	% Var.		3Q'22	3Q'21	% Var.		3Q'22	3Q'21	% Var.
Argentina
Aeroparque	2,582	1,342	92.4	%	638	18	3473.3	%	217	65	231.4	%	3,438	1,426	141.1	%	315	210	49.9	%	27,748	13,106	111.7	%
Bariloche	641	320	100.6	%	20	-	n.a.		1	0	n.a.		661	320	106.8	%	-	-			4,786	2,793	71.4	%
Catamarca	18	5	229.2	%	-	-			1	2	-58.4	%	19	7	156.4	%	16	1	n.a.		835	495	68.7	%
C. Rivadavia	133	45	196.9	%	0	-	n.a.		0	1	n.a.		133	45	193.5	%	119	155	-23.2	%	1,633	1,115	46.5	%
Córdoba	462	166	178.5	%	89	0	n.a.		19	6	198.3	%	569	172	230.7	%	492	211	133.4	%	5,817	2,400	142.4	%
El Palomar	1	1	n.a.		-	0	n.a.		-	-			1	1	-20.7	%	-	-			1,051	765	37.4	%
Esquel	20	9	112.1	%	-	-			0	0	n.a.		20	9	111.5	%	-	-			233	194	20.1	%
Ezeiza	519	107	384.5	%	1,563	260	500.7	%	69	9	713.8	%	2,152	376	472.4	%	42,777	42,546	0.5	%	13,895	4,556	205.0	%
Formosa	25	3	770.2	%	0	0	n.a.		-	0	n.a.		25	3	770.8	%	12	2	470.4	%	436	214	103.7	%
General Pico	0	0	n.a.		-	-			0	-	n.a.		0	0	n.a.		-	-			101	194	-47.9	%
Iguazú	333	110	203.9	%	0	0	n.a.		1	0	n.a.		334	110	203.7	%	-	-			2,485	1,023	142.9	%
Jujuy	129	52	148.5	%	0	-	n.a.		3	0	n.a.		132	52	153.1	%	14	18	-22.2	%	1,329	754	76.3	%
La Rioja	18	4	326.6	%	-	-			1	2	-63.8	%	19	6	216.1	%	71	21	246.3	%	518	361	43.5	%
Malargüe	1	0	n.a.		0	-	n.a.		0	-	n.a.		1	0	n.a.		-	-			468	784	-40.3	%
Mar del Plata	52	15	248.1	%	0	0	n.a.		4	0	n.a.		56	15	271.2	%	19	8	126.0	%	1,439	851	69.1	%
Mendoza	352	149	136.1	%	84	0	n.a.		11	1	1106.7	%	448	150	197.7	%	100	119	-15.7	%	4,386	1,769	147.9	%
Paraná	9	2	261.3	%	-	-			0	0	n.a.		9	3	260.3	%	-	-			845	537	57.4	%
Posadas	-	40	n.a.		-	0	n.a.		-	0	n.a.		-	40	n.a.		-	10	n.a.		-	687	n.a.
Pto Madryn	37	5	600.2	%	-	-			1	0	n.a.		37	6	557.7	%	19	-	n.a.		322	254	26.8	%
Reconquista	0	0	n.a.		-	-			0	0	n.a.		0	0	n.a.		-	-			831	849	-2.1	%
Resistencia	75	18	316.5	%	0	0	n.a.		1	0	n.a.		76	18	324.4	%	38	24	54.9	%	982	477	105.9	%
Río Cuarto	6	3	96.7	%	0	-	n.a.		1	2	-28.8	%	7	5	51.4	%	1	2	-34.4	%	176	178	-1.1	%
Río Gallegos	56	23	143.8	%	-	-			2	2	n.a.		58	24	138.0	%	72	40	79.7	%	1,065	614	73.5	%
Río Grande	31	17	81.4	%	-	-			1	0	n.a.		31	17	79.8	%	54	11	373.2	%	755	422	78.9	%

	Sep 30, 2022			Dec 31, 2021
ASSETS
Non-current assets
Intangible assets, net		2,924,182			2,742,971
Property, plant and equipment, net		69,450			75,480
Right-of-use asset		9,859			12,902
Investments in associates		2,128			2,355
Other financial assets at fair value through profit or loss		2,900			3,344
Other financial assets at amortized cost		8,301			15,838
Deferred tax assets		70,845			68,867
Other receivables		77,860			72,373
Trade receivables		104			184
Total non-current assets		3,165,629			2,994,314
Current assets
Inventories		13,711			11,520
Other financial assets at fair value through profit or loss		12,126			28,499
Other financial assets at amortized cost		56,182			46,800
Other receivables		52,384			66,421
Current tax assets		7,017			14,450
Derivative financial instruments		-			137
Trade receivables		119,584			82,707
Cash and cash equivalents		348,352			375,783
Total current assets		609,356			626,317
Total assets		3,774,985			3,620,631
EQUITY
Share capital		163,223			163,223
Share premium		183,430			183,430
Treasury shares		(4,720	)		(4,772	)
Free distributable reserve		378,910			378,910
Non-distributable reserve		1,358,028			1,358,028
Currency translation adjustment		(239,415	)		(321,647	)
Legal reserves		1,081			1,081
Other reserves		(1,320,410	)		(1,321,211	)
Retained earnings		193,323			32,689
Total attributable to owners of the parent		713,450			469,731
Non-controlling interests		138,758			303,877
Total equity		852,208			773,608
LIABILITIES
Non-current liabilities
Borrowings		1,292,439			1,018,337
Deferred tax liabilities		231,062			227,421
Other liabilities		792,345			743,799
Lease liabilities		5,520			8,484
Trade payables		2,021			6,695

	Sep 30, 2022		Dec 31, 2021
Total non-current liabilities		2,323,387		2,004,736
Current liabilities
Borrowings		197,656		421,266
Other liabilities		281,267		284,826
Lease liabilities		3,600		3,765
Derivative financial instruments liabilities		89		-
Current tax liabilities		11,406		16,188
Trade payables		105,372		116,242
Total current liabilities		599,390		842,287
Total liabilities		2,922,777		2,847,023
Total equity and liabilities		3,774,985		3,620,631

	Sep 30, 2022			Sep 30, 2021
Cash flows from operating activities
Income / (Loss) for the period from continuing operations		167,395			(156,769	)
Adjustments for:
Amortization and depreciation		132,290			122,403
Deferred income tax		(13,042	)		24,297
Current income tax		17,600			4,589
Share of loss in associates		561			607
Impairment loss of non-financial assets		34			300
Loss / (Gain) on disposals of property, plant and equipment		385			149
Unpaid concession fees		38,843			45,227
Low value, short term and variable lease payments		(873	)		(683	)
Changes in liability for concessions		75,995			78,968
Share base compensation expenses		479			-
Interest expenses		136,198			93,257
Other financial results, net		(31,999	)		(14,650	)
Net foreign exchange		(112,068	)		(80,020	)
Other accruals		(8,363	)		1,557
Inflation adjustment		(7,791	)		(11,323	)
Government grants		(582	)		3,528
Collection of government grants		10,020			11,790
Acquisition of intangible assets		(97,521	)		(62,434	)
Income tax paid		(17,520	)		(2,186	)
Changes in working capital		(280,095	)		(5,614	)
Net cash provided by operating activities		9,946			52,993
Cash flows from investing activities
Cash contribution in associates		(268	)		(698	)
Net acquisition of subsidiaries		-			10
Acquisition of other financial assets		(139,959	)		(31,944	)
Disposals of other financial assets		152,666			23,551
Acquisition of property, plant and equipment		(5,292	)		(5,590	)
Acquisition of intangible assets		(542	)		(245	)
Proceeds from property, plant and equipment		203			140
Other		738			1,104
Net cash provided by (used in) investing activities		7,546			(13,672	)
Net cash used in discontinued investing activities		(7,700	)		-
Cash flows from financing activities
Proceeds from cash contributions		-			1,032
Proceeds from borrowings		352,149			154,053
Guarantee deposits		(83	)		(528	)
Principal elements of lease payments		(3,210	)		(3,515	)
Loans repaid		(252,542	)		(184,063	)
Interest paid		(81,400	)		(55,908	)
Debt renegotiation expenses capitalization		(1,782	)		(1,124	)
Dividends paid to non-controlling interests in subsidiaries		(8,999	)		-
Other		13			(8	)
Net cash provided by / (used in) financing activities		4,146			(90,061	)

Increase / decrease in cash and cash equivalents		21,638			(50,740	)
Decrease in cash and cash equivalents from discontinued operations		(7,700	)		-

Movements in cash and cash equivalents
At the beginning of the period		375,783			281,031
Effect of exchange rate changes and inflation adjustment on cash and cash equivalents		(41,369	)		(12,239	)
Increase / decrease in cash and cash equivalents from continuing operations		21,638			(50,740	)
Decrease in cash and cash equivalents from discontinued operations		(7,700	)		-
At the end of the period		348,352			218,052