Corporacion America Airports S.A 6-K, filed May 20, 2021

Corporacion America Airports S.A. (CAAP)

6-K 2021-05-20 For: 2021-05-20

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Added on April 04, 2026

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Corporacion America Airports S.A filed this 6-K on May 20, 2021.

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Exhibit No.	Description
99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the three-month period ended March, 2021 and 2020.

	Corporación América Airports S.A.

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

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

		For the three-month period ended March 31,
		2021			2020
	Notes	Unaudited			Unaudited
Revenue	4		138,193			302,829
Cost of services	5		(137,869	)		(235,978	)
Gross profit			324			66,851
Selling, general and administrative expenses	6		(19,335	)		(34,346	)
Impairment loss	10		-			(4,490	)
Other operating income	7		1,636			3,656
Other operating expense	7		(9,185	)		(418	)
Operating (loss)/income			(26,560	)		31,253
Share of loss in associates			(455	)		(866	)
(Loss)/Income before financial results and income tax			(27,015	)		30,387
Financial income	8		6,832			8,575
Financial loss	8		(42,061	)		(53,985	)
Inflation adjustment	8		(4,398	)		(1,944	)
Loss before income tax			(66,642	)		(16,967	)
Income tax	9		(822	)		(9,194	)
Loss for the period			(67,464	)		(26,161	)
Attributable to:
Owners of the parent			(44,063	)		(15,055	)
Non-controlling interest			(23,401	)		(11,106	)
			(67,464	)		(26,161	)

Earnings per share attributable to the owners of the parent
Weighted average number of ordinary shares (thousands)			160,147			160,022

Basic and diluted earnings per share			(0.28	)		(0.09	)

	For the three-month period ended March 31,
	2021			2020
	Unaudited			Unaudited
Loss for the period		(67,464	)		(26,161	)

Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit obligations		210			319

Items that may be subsequently reclassified to profit or loss:
Share of other comprehensive loss from associates		(128	)		(264	)
Currency translation adjustment		14,894			(29,247	)
Other comprehensive income/(loss) for the period, net of income tax		14,976			(29,192	)
Total comprehensive loss for the period		(52,488	)		(55,353	)
Attributable to:
Owners of the parent		(32,646	)		(30,384	)
Non-controlling interest		(19,842	)		(24,969	)
		(52,488	)		(55,353	)

	Notes	At March 31, 2021 Unaudited			At December 31, 2020 Audited
ASSETS
Non-current assets
Intangible assets, net	10		2,553,619			2,616,484
Property, plant and equipment, net			76,248			80,833
Right-of-use asset			13,089			13,448
Investments in associates			4,753			5,336
Other financial assets at fair value through profit or loss			3,454			3,614
Other financial assets at amortized cost			2,609			2,609
Deferred tax assets			70,323			73,038
Other receivables			75,066			89,962
Trade receivables			186			334
			2,799,347			2,885,658
Current assets
Inventories			7,096			8,015
Other financial assets at fair value through profit or loss			56,417			53,347
Other financial assets at amortized cost			14,472			20,554
Other receivables			76,101			79,550
Current tax assets			14,026			18,415
Trade receivables			54,486			59,081
Cash and cash equivalents	11		255,872			281,031
			478,470			519,993
Total assets			3,277,817			3,405,651

EQUITY	14
Share capital			163,223			163,223
Share premium			183,430			183,430
Treasury shares			(5,012	)		(6,145	)
Free distributable reserve			378,910			378,910
Non-distributable reserve			1,358,028			1,358,028
Currency translation adjustment			(405,947	)		(417,272	)
Legal reserves			176			176
Other reserves			(1,322,850	)		(1,321,142	)
Retained earnings			106,806			150,202
Total attributable to owners of the parent			456,764			489,410
Non-controlling interests			296,676			315,876
Total equity			753,440			805,286

LIABILITIES
Non-current liabilities
Borrowings	12		1,084,628			1,128,407
Deferred tax liabilities			169,506			171,289
Other liabilities	13		695,608			728,746
Lease liabilities			9,590			10,207
Trade payables			4,494			9,162
			1,963,826			2,047,811
Current liabilities
Borrowings	12		238,881			216,410
Other liabilities	13		168,342			180,813
Lease liabilities			3,607			3,477
Current tax liabilities			1,575			1,002
Trade payables			148,146			150,852
			560,551			552,554
Total liabilities			2,524,377			2,600,365
Total equity and liabilities			3,277,817			3,405,651

												Attributable to owners of the parent
	Share Capital		Share premium		Treasury shares			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, 2021		163,223		183,430		(6,145	)		378,910		1,358,028		176		(417,272	)		(1,321,142	)		150,202			489,410			315,876			805,286
Loss for the period		-		-		-			-		-		-		-			-			(44,063	)		(44,063	)		(23,401	)		(67,464	)
Other comprehensive income for the period		-		-		-			-		-		-		11,325			92			-			11,417			3,559			14,976
Transfer of treasury shares to key employees (Note 14.a)		-		-		1,133			-		-		-		-			(1,800	)		667			-			-			-
Changes of non-controlling interests		-		-		-			-		-		-		-			-			-			-			642			642
Balance at March 31, 2021		163,223		183,430		(5,012	)		378,910		1,358,028		176		(405,947	)		(1,322,850	)		106,806			456,764			296,676			753,440

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		-		-		-			-		-		-		-			-			(15,055	)		(15,055	)		(11,106	)		(26,161	)
Other comprehensive (loss)/income for the period		-		-		-			-		-		-		(15,478	)		149			-			(15,329	)		(13,863	)		(29,192	)
Changes of non-controlling interests		-		-		-			-		-		-		-			44			-			44			15			59
Balance at March 31, 2020		160,022		180,486		-			385,055		1,351,883		176		(407,579	)		(1,324,694	)		388,200			733,549			409,771			1,143,320

		For the three-month period ended March 31,
	Notes	2021 Unaudited			2020 Unaudited
Cash flows from operating activities
Loss for the period			(67,464	)		(26,161	)
Adjustments for:
Amortization and depreciation			37,548			55,499
Deferred income tax	9		125			(4,554	)
Income tax accrued	9		697			13,748
Share of loss in associates			455			866
Impairment loss	10		-			4,490
Unpaid concession fees			16,322			24,976
Low value, short term and variable lease payments			(146	)		(673	)
Changes in liability for concessions	8		24,046			15,951
Interest expense	8		28,493			22,897
Other financial results, net			(4,502	)		(2,551	)
Net foreign exchange	8		(13,001	)		9,007
Other accruals			1,493			(2,806	)
Inflation adjustment			(1,722	)		4,874
Acquisition of Intangible assets			(27,759	)		(48,031	)
Income tax paid			(71	)		(4,803	)
Changes in working capital	17		1,673			(58,801	)
Net cash (used in) / provided by operating activities			(3,813	)		3,928

Cash flows from investing activities
Cash contribution in associates			-			(548	)
Net acquisition of subsidiaries	15.b		10			-
Acquisition of other financial assets			(6,235	)		(21,309	)
Disposals of other financial assets			7,697			6,322
Purchase of Property, plant and equipment			(292	)		(2,505	)
Acquisition of Intangible assets			(124	)		(81	)
Other			4			(683	)
Net cash provided by / (used in) investing activities			1,060			(18,804	)

Cash flows from financing activities
Proceeds from borrowings	12		53,826			36,233
Guarantee deposits			(765	)		(1,503	)
Leases payments			(1,227	)		(1,035	)
Loans paid	12		(56,268	)		(21,284	)
Interest paid	12		(7,576	)		(14,962	)
Debt renegotiation expenses	12		(225	)		-
Net cash used in financing activities			(12,235	)		(2,551	)

Decrease in cash and cash equivalents			(14,988	)		(17,427	)

Movements in cash and cash equivalents
At the beginning of the period			281,031			195,696
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents			(10,171	)		(5,774	)
Decrease in cash and cash equivalents			(14,988	)		(17,427	)
At the end of the period	11		255,872			172,495

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 results
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 March 31, 2021 (Unaudited)	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Intrasegment Adjustments			Unallocated			Total
Revenue		84,636			44			12,509			-			6,300			3,836			11,102			13,030			8,203			-			(2,009	)		542			138,193
Cost of services		(77,178	)		(13	)		(14,387	)		-			(8,149	)		(2,704	)		(7,985	)		(9,976	)		(16,090	)		-			1,638			(3,025	)		(137,869	)
Gross profit / (loss)		7,458			31			(1,878	)		-			(1,849	)		1,132			3,117			3,054			(7,887	)		-			(371	)		(2,483	)		324
Selling, general and administrative expenses		(6,029	)		(29	)		(2,532	)		(19	)		(1,618	)		(266	)		(2,310	)		(2,115	)		(2,895	)		-			371			(1,893	)		(19,335	)
Other operating income		1,521			-			45			-			40			15			13			2			-			-			-			-			1,636
Other operating expenses		(8,169	)		-			(393	)		-			(14	)		-			(215	)		(2	)		-			-			-			(392	)		(9,185	)
Operating income / (loss)		(5,219	)		2			(4,758	)		(19	)		(3,441	)		881			605			939			(10,782	)		-			-			(4,768	)		(26,560	)
Share of loss in associates		-			-			-			-			-			-			-			-			-			(455	)		-			-			(455	)
Amortization and depreciation		15,852			-			2,381			-			3,160			255			3,457			1,820			3,123			-			-			3,230			33,278
Adjusted Ebitda		10,633			2			(2,377	)		(19	)		(281	)		1,136			4,062			2,759			(7,659	)		(455	)		-			(1,538	)		6,263
Construction services revenue		(22,968	)		-			-			-			(512	)		-			(54	)		(752	)		(3,101	)		-			-			-			(27,387	)
Construction services cost		22,945			-			-			-			512			-			52			752			2,683			-			-			-			26,944
Adjusted Ebitda excluding Construction Services		10,610			2			(2,377	)		(19	)		(281	)		1,136			4,060			2,759			(8,077	)		(455	)		-			(1,538	)		5,820
Construction services revenue		22,968			-			-			-			512			-			54			752			3,101			-			-			-			27,387
Construction services cost		(22,945	)		-			-			-			(512	)		-			(52	)		(752	)		(2,683	)		-			-			-			(26,944	)
Adjusted Ebitda		10,633			2			(2,377	)		(19	)		(281	)		1,136			4,062			2,759			(7,659	)		(455	)		-			(1,538	)		6,263
Financial income																																						6,832
Financial loss																																						(42,061	)
Inflation adjustment																																						(4,398	)
Amortization and depreciation																																						(33,278	)
Loss before income tax expense																																						(66,642	)
Income tax																																						(822	)
Loss for the period																																						(67,464	)

March 31, 2021 (Unaudited)
Current assets		141,136			91			31,719			146			12,344			5,705			43,397			20,346			107,524			-			(66,297	)		182,359			478,470
Non-current assets		1,191,278			22			682,872			112			147,723			6,340			138,875			62,952			271,404			2,519			(768	)		296,018			2,799,347
Capital Expenditure		22,967			-			394			-			570			175			73			752			3,253			-			-			-			28,184
Current liabilities		300,817			35			99,364			4			21,964			2,663			4,880			17,192			106,529			-			(65,969	)		73,072			560,551
Non-current liabilities		495,098			-			824,431			-			54,929			3,415			62,858			23,991			155,344			-			(1,096	)		344,856			1,963,826

	For the three-month period ended March 31,
	2021 (Unaudited)		2020 (Unaudited)
Aeronautical revenue		42,814		154,663
Non-aeronautical revenue
Commercial revenue		67,780		101,553
Construction service revenue		27,387		46,270
Other revenue		212		343
		138,193		302,829

Timing of revenue recognition
Over time	113,193	249,361
At a point in time	2,636	8,291
Revenues accounted for under IFRS 16	22,364	45,177
Revenue	138,193	302,829

	For the three -month period ended March 31,
	2021 (Unaudited)			2020 (Unaudited)
Interest income		5,651			3,263
Foreign exchange income		247			2,186
Other financial income		934			3,126
Financial income		6,832			8,575

Interest expense		(28,493	)		(22,897	)
Foreign exchange expenses		12,754			(11,193	)
Changes in liability for concessions		(24,046	)		(15,951	)
Other financial loss		(2,276	)		(3,944	)
Financial loss		(42,061	)		(53,985	)

Inflation adjustment		(4,398	)		(1,944	)
Inflation adjustment		(4,398	)		(1,944	)
Net financial results		(39,627	)		(47,354	)

	For the three -month period ended March 31,
	2021 (Unaudited)			2020 (Unaudited)
Current income tax		(697	)		(13,748	)
Deferred income tax		(125	)		4,554
		(822	)		(9,194	)

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2021		3,855,479			5,733			23,489			3,884,701
Acquisition of business (Note 15.b)		-			4,501			663			5,164
Acquisitions		27,768			-			124			27,892
Disposals		(75	)		-			(348	)		(423	)
Transfer to property, plant and equipment		(6	)		-			-			(6	)
Translation differences and inflation adjustment		(69,146	)		(372	)		(1,152	)		(70,670	)
		3,814,020			9,862			22,776			3,846,658
Depreciation
Accumulated at January 1, 2021		1,247,384			-			20,833			1,268,217
Depreciation of the period		34,005			-			217			34,222
Disposals		(75	)		-			(348	)		(423	)
Translation differences and inflation adjustment		(8,029	)		-			(948	)		(8,977	)
		1,273,285			-			19,754			1,293,039
At March 31, 2021		2,540,735			9,862			3,022			2,553,619

Cost
Balances at January 1, 2020		4,057,431			55,506			21,326			4,134,263
Acquisitions		48,052			-			81			48,133
Impairment loss		(4,490	)		-			-			(4,490	)
Disposals		(31	)		-			-			(31	)
Transfer		(220	)		-			220			-
Transfer to property, plant and equipment		(4	)		-			-			(4	)
Translation differences and inflation adjustment		(309,368	)		(11,419	)		(997	)		(321,784	)
		3,791,370			44,087			20,630			3,856,087
Depreciation
Accumulated at January 1, 2020		1,114,090			-			18,052			1,132,142
Depreciation of the period		51,849			-			294			52,143
Disposals		(31	)		-			-			(31	)
Translation differences and inflation adjustment		(48,754	)		-			(541	)		(49,296	)
		1,117,154			-			17,805			1,134,959
At March 31, 2020		2,674,216			44,087			2,825			2,721,128

	At March 31, 2021 (Unaudited)		At December 31, 2020 (Audited)
Cash to be deposited		358		310
Cash at banks		195,908		213,306
Time deposits		11,114		19,509
Other cash equivalents		48,492		47,906
		255,872		281,031

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Perú
For the three-month period ended March 31, 2020 (Unaudited)	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Intrasegment Adjustments			Unallocated			Total
Revenue		177,242			52			23,960			-			29,484			4,241			23,288			24,736			21,493			-			(3,014	)		1,347			302,829
Cost of services		(141,707	)		(9	)		(20,634	)		-			(14,575	)		(2,982	)		(16,067	)		(16,521	)		(22,536	)		-			2,360			(3,307	)		(235,978	)
Gross profit / (loss)		35,535			43			3,326			-			14,909			1,259			7,221			8,215			(1,043	)		-			(654	)		(1,960	)		66,851
Selling, general and administrative expenses		(14,715	)		(65	)		(3,998	)		(25	)		(3,773	)		(376	)		(2,748	)		(3,818	)		(2,989	)		-			654			(2,493	)		(34,346	)
Impairment loss		-			-			(4,490	)		-			-			-			-			-			-			-			-			-			(4,490	)
Other operating income		3,518			-			28			-			56			-			49			5			-			-			-			-			3,656
Other operating expenses		(148	)		-			(28	)		-			(20	)		-			(187	)		(6	)		(29	)		-			-			-			(418	)
Operating income / (loss)		24,190			(22	)		(5,162	)		(25	)		11,172			883			4,335			4,396			(4,061	)		-			-			(4,453	)		31,253
Share of loss in associates		-			-			-			-			-			-			-			-			-			(866	)		-			-			(866	)
Amortization and depreciation		33,257			-			2,648			-			2,854			272			3,772			1,197			2,968			-			-			3,524			50,492
Adjusted Ebitda		57,447			(22	)		(2,514	)		(25	)		14,026			1,155			8,107			5,593			(1,093	)		(866	)		-			(929	)		80,879
Construction services revenue		(37,486	)		-			-			-			(2,368	)		-			(1,187	)		(2,610	)		(2,619	)		-			-			-			(46,270	)
Construction services cost		37,430			-			-			-			2,368			-			1,152			2,610			2,166			-			-			-			45,726
Adjusted Ebitda excluding Construction Services		57,391			(22	)		(2,514	)		(25	)		14,026			1,155			8,072			5,593			(1,546	)		(866	)		-			(929	)		80,335
Construction services revenue		37,486			-			-			-			2,368			-			1,187			2,610			2,619			-			-			-			46,270
Construction services cost		(37,430	)		-			-			-			(2,368	)		-			(1,152	)		(2,610	)		(2,166	)		-			-			-			(45,726	)
Adjusted Ebitda		57,447			(22	)		(2,514	)		(25	)		14,026			1,155			8,107			5,593			(1,093	)		(866	)		-			(929	)		80,879
Financial income																																						8,575
Financial loss																																						(53,985	)
Inflation adjustment																																						(1,944	)
Amortization and depreciation																																						(50,492	)
Loss before income tax expense																																						(16,967	)
Income tax																																						(9,194	)
Loss for the period																																						(26,161	)

December 31, 2020 (Audited)
Current assets		146,414			96			35,180			31			11,936			4,148			40,705			30,209			132,706			-			(65,395	)		183,963			519,993
Non-current assets		1,170,598			21			756,448			122			149,871			6,420			144,745			64,580			274,620			3,081			(768	)		315,920			2,885,658
Capital Expenditure		95,794			-			3,224			-			10,818			1,160			2,701			10,509			13,835			-			-			2			138,043
Current liabilities		273,173			40			103,756			1			20,578			2,608			4,046			27,544			117,787			-			(65,165	)		68,186			552,554
Non-current liabilities		509,623			-			881,535			-			53,962			2,666			64,242			25,451			158,523			-			(998	)		352,807			2,047,811

	For the three-month period ended March 31,
	2021 (Unaudited)			2020 (Unaudited)
Amortization and depreciation (²)		(31,153	)		(48,065	)
Construction services cost		(26,944	)		(45,726	)
Salaries and social security contributions		(30,210	)		(45,675	)
Concession fees (¹)		(18,578	)		(37,455	)
Maintenance expenses		(15,708	)		(28,687	)
Services and fees		(9,177	)		(14,420	)
Cost of fuel		(2,394	)		(7,354	)
Taxes		(733	)		(3,811	)
Office expenses		(862	)		(2,559	)
Provision for maintenance costs		(344	)		(322	)
Others		(1,766	)		(1,904	)
		(137,869	)		(235,978	)

	For the three-month period ended March 31,
	2021 (Unaudited)			2020 (Unaudited)
Taxes (¹)		(4,421	)		(9,077	)
Services and fees		(6,627	)		(8,197	)
Salaries and social security contributions		(4,057	)		(6,506	)
Bad debts		(2,314	)		(2,965	)
Amortization and depreciation (²)		(2,125	)		(2,427	)
Maintenance expenses		(105	)		(1,021	)
Office expenses		(296	)		(759	)
Insurance		(534	)		(478	)
Advertising		(122	)		(239	)
Charter service		-			(134	)
Bad debts recovery		2,075			80
Other		(809	)		(2,623	)
		(19,335	)		(34,346	)

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At March 31, 2021 ⁽¹⁾		314,968		303,733		622,170		464,342		1,705,213
At December 31, 2020 ⁽¹⁾		286,353		307,722		641,191		514,575		1,749,841

	At March 31, 2021 (Unaudited)		At December 31, 2020 (Audited)
Non-current
Bank and financial borrowings (**)		475,795		509,086
Notes (*)		608,833		619,321
		1,084,628		1,128,407
Current
Bank and financial borrowings (**)		160,886		155,251
Notes (*)		77,995		61,159
		238,881		216,410
Total Borrowings		1,323,509		1,344,817

	For the three-month period ended March 31,
	2021 (Unaudited)			2020 (Unaudited)
Balances at the beginning of the period		1,344,817			1,208,344
Loans obtained		53,826			36,233
Loans paid		(56,268	)		(21,284	)
Interest paid		(7,576	)		(14,962	)
Accrued interest for the period		25,001			21,738
Debt renegotiation expenses capitalization		(225	)		-
Translation differences and inflation adjustment		(36,066	)		(68,956	)
Balances at the end of the period		1,323,509			1,161,113

Company	Lender	Currency	Maturity	Interest Rate		Outstanding (In millions of USD)	Capitalization(²)
	BNDES	R$	September 2032	Variable	TJLP(¹) plus spread	6.5
Inframerica Concessionaria do	BNDES	R$	June 2032	Variable	T.R. plus spread plus IPCA	1.8
Aeroporto Sao Goncalo do Amarante S.A.	BNDES	R$	September 2032	Variable	T.R. plus spread plus IPCA	4.7	A
	BNDES	R$	September 2022	Fixed	2.50%	0.6
	BNDES	R$	July 2032	Variable	T.R. plus spread plus IPCA	2.3
Inframerica Concessionaria do Aeroporto de Brasilia S.A.	BNDES	R$	December 2033	Variable	TJLP(¹) plus spread	205.7	A
	Bradesco	R$	July 2022	Variable	TJLP(¹) plus spread	0.1	D
	Votorantim	R$	July 2021	Variable	CDI plus spread	3.2	C
	Banco Guayaquil SA	USD	February 2026	Variable	T.R.E.(³) plus spread	8.5	D
Terminal Aeroportuaria de	Banco Guayaquil SA	USD	December 2025	Variable	T.R.E.(³) plus spread	3.3	D
Guayaquil S.A	Banco Bolivariano CA	USD	December 2025	Variable	T.R.E.(³) plus spread	8.5	D
	Banco Bolivariano CA	USD	November 2024	Variable	T.R.E.(³) plus spread	6.8	D
Terminal de Cargas de	Santander Uruguay	USD	April 2023	Fixed	4.40%	1.1	D
Uruguay S.A.	Scotiabank Uruguay	USD	October 2024	Fixed	4.30%	1.8	D
	Scotiabank Uruguay	USD	February 2026	Fixed	4.30%	1.0	D
	MPS Servicio Capital	Euro	June 2022	Variable	Euribor 6 month plus spread	3.4	B
	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread	21.9	D
	BPM	Euro	April 2021	Fixed	0.40%	1.8	D
	Unicredit	Euro	June 2021	Fixed	0.30%	10.0	D
	Unicredit	Euro	May 2021	Fixed	0.30%	1.2	D
	BNL	Euro	April 2021	Fixed	0.50%	5.9	D
Toscana Aeroporti S.p.A.	CREDEM	Euro	May 2021	Fixed	0.09%	3.5	D
	ISP-SACE	Euro	September 2026	Variable	Euribor 3 month plus spread	99.2	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	August 2021	Fixed	0.48%	12.9	D
	Banca Intesa San Paolo	Euro	March 2022	Fixed	1.20%	12.9	D
	Ameriabank C.J.S.C.	USD	June 2024	Variable	Libor 6 month plus spread	30.5	B
Armenia International Airports C.J.S.C.	Ameriabank C.J.S.C.	Euro	June 2024	Variable	Euribor 6 month plus spread	33.3	B
	HSBC Bank Armenia C.J.S.C.	Dram	June 2022	Fixed	11% (⁴)	0.6	D
Aeropuerto de Neuquén S.A.	Banco Macro	USD	August 2021	Variable	Libor plus spread	2.6	A
Aeropuertos Argentina 2000 S.A.	Banco de la Provincia de Buenos Aires	USD	July 2023	Fixed	7%	1.3	D
	Industrial and Commercial Bank of China (Argentina) S.A., Banco Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. (⁵)	USD	August 2022	Fixed	9.75%	57.3	A
	Onshore renegotiation	ARS	June 2022	Variable	BADCOR plus spread	7.7	A
	Onshore renegotiation	ARS	November 2022	Variable	BADCOR plus spread	8.6	A
	Onshore renegotiation	ARS	February 2023	Variable	BADCOR plus spread	9.3	A
	Citibank N.A. (⁵)	USD	February 2023	Variable	Libor plus spread	28.2	A
	Offshore renegotiation	ARS	June 2022	Variable	BADCOR plus spread	4.6	A
	Offshore renegotiation	ARS	December 2022	Variable	BADCOR plus spread	1.5	A
	Banco Macro	USD	July 2021	Fixed	10%	10.2	B
Consorcio Aeropuertos	Santander Uruguay	USD	April 2024	Fixed	5.1%	5.7	B
Internacionales S.A.	Banco Itaú	USD	April 2025	Variable	Libor plus spread	5.7	B
Others						0.3
Total						636.7

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At March 31, 2021		168,342		99,569		216,615		1,359,754		1,844,280
At December 31, 2020		180,934		106,290		239,243		1,730,532		2,256,999

	For the three -month period ended March 31,
	2021 (Unaudited)			2020 (Unaudited)
Balances at the beginning of the period		741,704			897,671
Financial result		25,641			15,951
Concession fees		14,434			32,583
Payments		(17,012	)		(54,206	)
Other		412			-
Translation differences and inflation adjustment		(64,522	)		(192,923	)
Balances at the end of the period		700,657			699,076

	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, 2021		(439,407	)		92		(41,267	)		(39	)		63,402		(417,219	)
Other comprehensive income / (loss) for the period		11,453			121		(128	)		(29	)		-		11,417
For the period ended March 31, 2021		(427,954	)		213		(41,395	)		(68	)		63,402		(405,802	)

Balances at January 1, 2020		(414,777	)		198		(40,726	)		(63	)		63,402		(391,966	)
Other comprehensive income / (loss) for the period		(15,214	)		196		(264	)		(47	)		-		(15,329	)
For the period ended March 31, 2020		(429,991	)		394		(40,990	)		(110	)		63,402		(407,295	)

	At March 31, 2021 (Unaudited)			At December 31, 2020 (Audited)
Share capital		163,223			163,223
Share premium		183,430			183,430
Reserve for own shares		5,012			6,145
Legal reserve		176			176
Free distributable reserves		378,910			378,910
Non-distributable reserves		1,353,016			1,351,883
Retained earnings		(53,854	)		(60,392	)
Total equity in accordance with Luxembourg law		2,029,913			2,023,375

	At March 31, 2021 (Unaudited)			At December 31, 2020 (Audited)
Year-end balances

(a) Arising from sales / purchases of goods / other
Trade receivables with associates		1,562			1,579
Trade receivables with other related parties		1,025			845
Other receivables with associates		658			658
Other receivables with other related parties		8,806			8,850
Other financial assets with associates		2,609			2,609
Other financial assets with other related parties		14,272			14,135
Trade payables to other related parties		(2,754	)		(3,945	)
		26,178			24,731
(b) Other liabilities
Other liabilities to other related parties		(8,819	)		(8,541	)
		(8,819	)		(8,541	)
(c) Other balances
Cash and cash equivalents in other related parties		12,572			11,776
		12,572			11,776

	Fair value		Carrying amount
Trust funds		65,761		59,149
Long-term borrowings		1,070,570		1,084,628