Corporacion America Airports S.A 6-K, filed Aug 19, 2022

Corporacion America Airports S.A. (CAAP)

6-K 2022-08-19 For: 2022-08-19

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Added on July 07, 2026

About this 6-K

Corporacion America Airports S.A filed this 6-K on August 19, 2022.

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Exhibit No.	Description
99.1	Press release dated August 18, 2022 - Corporación América Airports S.A. reports second quarter 2022 results – Commercial revenues above pre-pandemic levels, with traffic at 75.5% Adjusted EBITDA ex-IFRIC at 93.4% of 2Q19 levels; positive in all countries of operations.

	Corporación América Airports S.A.

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

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

	§	Passenger traffic increased 177.0% YoY to 15.1 million, reaching 75.5% of 2Q19 levels.
	§	Cargo volume increased 5.6% YoY to 87.9 thousand tons, to 83.3% of 2Q19 levels.
	§	Aircraft movements totaled 181.2 thousand, an 89.1% YoY increase, at 87.6% of 2Q19 levels.

	2Q22 as reported		2Q21 as reported		% Var as reported		IAS 29 2Q22		2Q22 ex IAS 29		2Q21 ex IAS 29		% Var ex IAS 29
Passenger Traffic (Million Passengers) ⁽¹⁾⁽²⁾	15.1		5.5		177.0	%			15.1		5.5		177.0	%
Revenue	332.7		135.3		145.9	%	-2.1		334.8		134.3		149.3	%
Aeronautical Revenues	150.8		45.7		230.0	%	-0.5		151.3		45.4		233.4	%
Non-Aeronautical Revenues	181.8		89.6		103.0	%	-1.6		183.5		88.9		106.4	%
Revenue excluding construction service	304.8		122.6		148.6	%	-0.1		304.9		121.0		152.0	%
Operating Income / (Loss)	72.1		-27.2		-364.6	%	-17.3		89.4		-16.4		-644.4	%
Operating Margin	21.7	%	-20.1	%	4181		0.0	%	26.7	%	-12.2	%	3892
Net (Loss) / Income Attributable to Owners of the Parent	69.9		-34.0		-305.6	%	38.8		31.0		22.3		39.1	%
EPS (US$)	0.43		-0.21		-305.4	%	0.24		0.19		0.14		39.0	%
Adjusted EBITDA	110.6		8.5		1195.3	%	-0.1		110.7		7.9		1301.7	%
Adjusted EBITDA Margin	33.2	%	6.3	%	2693		-		33.1	%	5.9	%	2719
Adjusted EBITDA Margin excluding Construction Service	36.2	%	6.5	%	2970		-		36.2	%	6.0	%	3016
Net Debt to LTM Adjusted EBITDA	3.53	x	n.m.		-		-		-		-		-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets ⁽³⁾	3.53	x	n.m.		-		-		-		-		-

	6M22 as reported		6M21 as reported		% Var as reported		IAS 29 6M22	6M22 ex IAS 29		6M21 ex IAS 29		% Var ex IAS 29
Passenger Traffic (Million Passengers) ⁽¹⁾⁽²⁾	28.6		12.0		138.4	%		28.6		12.0		138.4	%
Revenue	596.5		279.1		113.7	%	3.0	593.5		274.6		116.2	%
Aeronautical Revenues	272.7		89.8		203.6	%	2.3	270.4		88.2		206.6	%
Non-Aeronautical Revenues	323.8		189.3		71.1	%	0.7	323.1		186.4		73.4	%
Revenue excluding construction service	554.5		237.5		133.5	%	6.2	548.4		231.7		136.7	%
Operating Income / (Loss)	125.5		-54.2		-331.5	%	-31.1	156.6		-34.0		-560.8	%
Operating Margin	21.0	%	-19.4	%	4046		-	26.4	%	-12.4	%	3875
Net (Loss) / Income Attributable to Owners of the Parent	97.7		-78.7		-224.1	%	72.8	24.8		-45.7		-154.3	%
EPS (US$)	0.61		-0.49		-223.8	%	0.45	0.15		-0.28		-154.2	%
Adjusted EBITDA	202.2		16.0		1166.6	%	2.8	199.4		14.2		1306.3	%
Adjusted EBITDA Margin	33.9	%	5.7	%	2818		-	33.6	%	5.2	%	2843
Adjusted EBITDA Margin excluding Construction Service	36.3	%	5.8	%	3057		-	36.2	%	5.8	%	3046
Net Debt to LTM Adjusted EBITDA	3.53	x	n.m.		-		-	-		-		-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets ⁽³⁾	3.53	x	n.m.		-		-	-		-		-

	2Q22	2Q21	2Q19	% Var. ('22 vs '21)		% Var. ('22 vs '19)
Domestic Passengers (in thousands)	8,795	3,256	11,159	170.1	%	-21.2	%
International Passengers (in thousands)	5,205	1,312	6,993	296.8	%	-25.6	%
Transit Passengers (in thousands)	1,101	883	1,853	24.7	%	-40.6	%
Total Passengers (in thousands)	15,102	5,451	20,006	177.0	%	-24.5	%
Cargo Volume (in thousands of tons)	87.9	83.2	105.6	5.6	%	-16.7	%
Total Aircraft Movements (in thousands)	181.2	95.8	206.9	89.1	%	-12.4	%

Passenger Traffic Breakdown					Cargo Volume				Aircraft Movements
Country	2Q22	2Q21	% Var.		2Q22	2Q21	% Var.			2Q22	2Q21	% Var.

	(thousands)				(tons)
Argentina⁽¹⁾	7,670	1,669	359.5	%	47,187	44,018	7.2	%		92,618	42,954	115.6	%
Italy	1,992	325	513.2	%	3,689	3,698	-0.2	%		20,335	6,914	194.1	%
Brazil ⁽²⁾	3,273	2,017	62.3	%	14,224	16,435	-13.5	%		33,486	21,843	53.3	%
Uruguay ⁽³⁾	325	52	529.7	%	10,018	8,910	12.4	%		6,255	3,160	97.9	%
Ecuador ⁽⁴⁾	1,057	504	109.7	%	8,411	5,192	62.0	%		20,354	11,958	70.2	%
Armenia	785	501	56.6	%	4,389	4,317	1.7	%		8,169	4,727	72.8	%
Peru ⁽⁵⁾	-	383	-100.0	%	-	662	-100.0	%		-	4,269	-100.0	%
TOTAL	15,102	5,451	177.0	%	87,918	83,232	5.6	%		181,217	95,825	89.1	%

Passenger Traffic Breakdown								Cargo Volume							Aircraft Movements
Country	2Q22		2Q19		% Var.			2Q22		2Q19		% Var.			2Q22		2Q19		% Var.

	(thousands)							(tons)
Argentina⁽¹⁾		7,670		10,117		-24.2	%		47,187		54,786		-13.9	%		92,618		106,037	-12.7	%
Italy		1,992		2,359		-15.5	%		3,689		3,428		7.6	%		20,335		22,444	-9.4	%
Brazil ⁽²⁾		3,273		4,285		-23.6	%		14,224		23,855		-40.4	%		33,486		37,624	-11.0	%
Uruguay ⁽³⁾		325		499		-34.9	%		10,018		7,784		28.7	%		6,255		6,514	-4.0	%
Ecuador ⁽⁴⁾		1,057		1,125		-6.1	%		8,411		9,837		-14.5	%		20,354		20,304	0.2	%
Armenia		785		742		5.7	%		4,389		4,736		-7.3	%		8,169		6,049	35.0	%
Peru ⁽⁵⁾		-		878		-100.0	%		-		1,171		-100.0	%		-		7,889	-100.0	%
TOTAL		15,102		20,006		-24.5	%		87,918		105,597		-16.7	%		181,217		206,861	-12.4	%

	2Q22 as reported		2Q19 as reported		% Var as reported			IAS 29		2Q22 ex IAS 29		2Q19 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		150.8		185.4		-18.6	%		-0.5		151.3		178.7		-15.3	%
Non-aeronautical Revenue		181.8		227.2		-20.0	%		-1.6		183.5		216.8		-15.4	%
Commercial revenue		152.1		126.7		20.0	%		0.4		151.8		121.9		24.5	%
Construction service revenue ⁽¹⁾		27.8		99.9		-72.1	%		-2.0		29.9		94.4		-68.4	%
Other revenue		1.8		0.5		288.5	%		-		1.8		0.5		288.5	%
Total Consolidated Revenue		332.7		412.6		-19.4	%		-2.1		334.8		395.5		-15.3	%
Total Revenue excluding Construction Service revenue ⁽²⁾		304.8		312.6		-2.5	%		-0.1		304.9		301.0		1.3	%

	As of Jun 30, 2022			As of Dec 31, 2021
Leverage
Total Debt / LTM Adjusted EBITDA (Times)^1,3		4.53	x		9.64	x
Total Net Debt / LTM Adjusted EBITDA (Times) ^{2,3, 4}		3.53	x		7.12	x
Total Net Debt / LTM Adjusted EBITDA (Times) ^2,3,5		3.53	x		7.11	x
Total Debt		1,519.6			1,439.6
Short-Term Debt		216.8			421.3
Long-Term Debt		1,302.7			1,018.3
Cash & Cash Equivalents		334.9			375.8
Total Net Debt³		1,184.7			1,063.8

Total Debt by Segment (in US$ million)
	As of Jun 30, 2022		As of Dec 31, 2021
Argentina		745.9		625.3
Italy ⁽¹⁾		208.5		232.4
Brazil ⁽²⁾		231.3		221.8
Uruguay ⁽³⁾		273.1		274.1
Armenia		40.8		63.1
Ecuador		20.0		22.9
Total		1519.6		1,439.6

		1 year or less				1 - 2 years				2 – 5 years				Over 5 years				Total
Debt service ⁽¹⁾			320.4				239.0				611.1				984.7				2,155.2

Segment		Currency	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Argentina	Principal	USD		97.3		66.2		165.4		411.4		740.3
	Interest	USD		48.2		44.1		113.5		73.4		279.2
	Principal	ARS		4.8		9.5		4.9		-		19.2
	Interest	ARS		11.2		6.6		1.1		-		18.9
Italy	Principal	EUR		61.4		25.2		120.9		1.5		209.0
	Interest	EUR		4.6		4.4		3.0		0.0		12.0
Brazil	Principal	R$		15.4		13.5		47.8		153.7		230.4
	Interest	R$		19.5		18.4		47.3		48.2		133.3
Uruguay	Principal	USD		5.4		6.9		46.5		226.6		285.5
	Interest	USD		18.8		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		11.8		8.8		-		-		20.6
	Interest	EUR		1.1		0.4		-		-		1.4
Ecuador	Principal	USD		5.8		6.0		7.9		-		19.7
	Interest	USD		1.1		0.8		0.5		-		2.4
Total				320.4		239.0		611.1		984.7		2,155.2

Cash by Segment (in US$ million)
	As of Jun 30, 2022		As of Dec 31, 2021
Argentina		159.3		158.9
Italy ⁽¹⁾		50.6		66.3
Brazil ⁽²⁾		12.9		13.4
Uruguay		29.5		22.0
Armenia		18.2		44.7
Ecuador		5.8		10.8
Intermediate holding Companies		58.8		59.7
Total		334.9		375.8

	2Q22			2Q21			% Var.			6M22			6M21			% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)		0.4			0.2			173.8	%		0.7			0.2			252.3	%
International Passengers (in millions)		1.6			0.2			837.7	%		2.1			0.2			959.7	%
Transit Passengers (in millions)		0.0			0.0			692.2	%		0.0			0.0			1033.3	%
Total Passengers (in millions)		2.0			0.3			513.2	%		2.8			0.4			600.3	%
Cargo Volume (in thousands of tons)		3.7			3.7			-0.2	%		7.6			7.1			7.0	%
Total Aircraft Movements (in thousands)		20.3			6.9			194.1	%		30.4			9.1			234.5	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		21.5			5.7			277.0	%		31.4			7.7			306.6	%
Non-aeronautical revenue		12.1			9.7			24.6	%		19.2			15.9			20.6	%
Commercial revenue		8.4			3.8			122.2	%		13.5			6.7			102.4	%
Construction service revenue		1.8			5.6			-66.8	%		3.3			8.7			-61.5	%
Other revenue		1.8			0.4			415.3	%		2.4			0.6			314.9	%
Total Revenue		33.6			15.4			118.2	%		50.5			23.6			114.2	%
Total Revenue Excluding IFRIC12⁽¹⁾		31.7			9.8			222.7	%		47.2			14.9			216.0	%
Cost of Services		26.2			20.4			28.7	%		46.2			36.5			26.7	%
Selling, general and administrative expenses		4.1			3.2			27.2	%		7.3			6.1			19.7	%
Other Expenses		0.0			0.1			-92.4	%		0.0			0.1			-92.4	%
Total Costs and Expenses		30.3			23.7			28.1	%		53.5			42.7			25.5	%
Total Costs and Expenses Excluding IFRIC12⁽²⁾		28.7			18.7			53.9	%		50.8			35.0			45.3	%
Adjusted Segment EBITDA		5.6			-4.4			226.9	%		2.4			-12.1			119.6	%
Adjusted Segment EBITDA Mg		16.6	%		-28.6	%		4521			4.7	%		-51.1	%		5578
Adjusted EBITDA Margin excluding IFRIC 12⁽³⁾		16.8	%		-50.3	%		6710			3.7	%		-87.2	%		9087
Capex		1.9			9.0			-78.8	%		4.0			12.2			-68.0	%

	2Q22 as reported		2Q21 as reported		% Var as reported			IAS 29		2Q22 ex IAS 29		2Q21 ex IAS 29		% Var ex IAS 29
Cost of Services		234.9		137.4		71.0	%		14.5		220.4		125.8		75.2	%
Salaries and social security contributions		54.1		33.4		61.9	%		-0.3		54.4		33.1		64.3	%
Concession fees		39.4		20.7		89.9	%		-0.1		39.5		20.5		92.4	%
Construction service cost		27.5		12.1		128.3	%		-2.0		29.5		12.7		133.1	%
Maintenance expenses		26.3		19.1		37.8	%		-0.1		26.3		18.8		40.1	%
Amortization and depreciation		36.9		33.8		9.2	%		17.0		19.9		22.4		-11.4	%
Other		50.7		18.3		176.7	%		0.0		50.8		18.3		178.3	%
Cost of Services Excluding Construction Service cost		207.4		125.3		65.4	%		16.5		190.9		113.1		68.8	%
Selling, general and administrative expenses		28.6		23.4		22.2	%		0.7		28.0		23.2		20.6	%
Other expenses		0.7		1.6		-53.2	%		0.0		0.7		1.6		-52.2	%
Total Costs and Expenses		264.3		162.4		62.7	%		15.1		249.2		150.5		65.5	%
Total Costs and Expenses Excluding Construction Service cost		236.7		150.3		57.5	%		17.1		219.6		137.9		59.3	%

	2Q22 as reported		2Q19 as reported		% Var as reported			IAS 29		2Q22 ex IAS 29		2Q19 ex IAS 29		% Var ex IAS 29
Cost of Services		234.9		303.1		-22.5	%		14.5		220.4		275.9		-20.1	%
Salaries and social security contributions		54.1		51.0		6.1	%		-0.3		54.4		49.3		10.2	%
Concession fees		39.4		41.0		-3.9	%		-0.1		39.5		39.3		0.6	%
Construction service cost		27.5		99.3		-72.3	%		-2.0		29.5		93.8		-68.5	%
Maintenance expenses		26.3		33.0		-20.4	%		-0.1		26.3		30.8		-14.4	%
Amortization and depreciation		36.9		39.8		-7.4	%		17.0		19.9		23.7		-16.3	%
Other		50.7		38.9		30.3	%		0.0		50.8		39.0		30.3	%
Cost of Services Excluding Construction Service cost		207.4		203.7		1.8	%		16.5		190.9		182.1		4.8	%
Selling, general and administrative expenses		28.6		37.2		-22.9	%		0.7		28.0		35.8		-21.8	%
Other expenses		0.7		0.1		414.5	%		0.0		0.7		0.1		520.8	%
Total Costs and Expenses		264.3		340.4		-22.4	%		15.1		249.2		311.8		-20.1	%
Total Costs and Expenses Excluding Construction Service cost		236.7		241.0		-1.8	%		17.1		219.6		218.0		0.7	%

	2Q22 as reported		2Q21 as reported		% Var as reported			IAS 29		2Q22 ex IAS 29		2Q21 ex IAS 29		% Var ex IAS 29
Financial Income		25.8		8.8		191.9	%		-22.2		47.9		8.7		452.3	%
Interest income		14.3		5.6		155.7	%		0.3		14.0		5.5		155.9	%
Foreign exchange income		7.1		0.5		1391.8	%		-22.2		29.3		0.5		5851.1	%
Other		4.3		2.8		56.9	%		-0.3		4.7		2.7		70.6	%
Inflation adjustment		5.1		1.2		313.8	%		3.8		1.4		0.2		684.4	%
Inflation adjustment		5.1		1.2		313.8	%		3.8		1.4		0.2		684.4	%
Financial Loss		-44.8		-15.3		193.6	%		131.7		-176.5		-74.0		138.7	%
Interest Expenses		-49.1		-30.3		62.2	%		-0.1		-49.0		-29.9		64.2	%
Foreign exchange transaction expenses		40.2		39.5		1.7	%		131.8		-91.6		-19.6		366.5	%
Changes in liability for concessions		-33.0		-22.2		48.9	%		-		-33.0		-22.2		48.9	%
Other expenses		-2.9		-2.3		25.3	%		-0		-2.9		-2.3		25.1	%
Financial Loss, Net		-14.0		-5.2		168.1	%		113.3		-127.3		-65.1		95.4	%

When:	10:00 a.m.Eastern Time, August 19, 2022

Who:	Mr.Martín Eurnekian, Chief Executive Officer

	Mr.Jorge Arruda, Chief Financial Officer

	Mr.Patricio Iñaki Esnaola, Head of Investor Relations

Dial-in:	1-646-904-5544 (U.S. Local); 1-226-828-7575 (Canada, Local); +1-929-526-1599 (Intern.). Participant access code: 872650

Webcast:	https://events.q4inc.com/attendee/714626731

Replay:	1-929-458-6194 (U.S. Local); 1-226-828-7578 (Canada, Local); +44-204-525-0658 (Intern.). Replay access code: 793137

Country	2Q22	2Q21	2Q22	2Q21	1Q22	1Q21	1Q22	1Q21
	Avg	Avg	EoP	EoP	Avg	Avg	EoP	EoP
Argentine Peso	115.55	94.06	125.23	95.72	106.53	88.58	111.01	92.00
Euro	1.07	0.83	1.04	0.84	1.12	0.83	1.11	0.85
Brazilian Real	4.93	5.29	5.24	5.00	5.23	5.48	4.74	5.70
Uruguayan Peso	40.53	43.89	39.86	43.58	43.30	43.16	41.12	44.19

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
	2Q'22	2Q'21	% Var.		2Q'22	2Q'21	% Var.		2Q'22	2Q'21	% Var.		2Q'22	2Q'21	% Var.		2Q'22	2Q'21	% Var.		2Q'22	2Q'21	% Var.
Argentina
Aeroparque	2,273	614	270.5	%	541	14	3715.9	%	182	40	352.3	%	2,997	668	348.6	%	573	243	136.1	%	24,664	8,411	193.2	%
Bariloche	357	106	236.5	%	0	-	100.0	%	1	0	314.9	%	358	106	236.8	%	-	-			2,786	1,302	114.0	%
Catamarca	15	3	483.5	%	0	-	100.0	%	0	1	-87.5	%	15	4	295.3	%	16	3	387.5	%	642	318	101.9	%
C. Rivadavia	110	29	275.9	%	-	-			1	1	35.6	%	111	30	270.6	%	139	45	207.9	%	1,527	1,147	33.1	%
Córdoba	447	87	411.1	%	68	0	#######		8	5	43.9	%	522	93	463.0	%	363	237	53.4	%	5,555	1,772	213.5	%
El Palomar	1	1	60.8	%	0	0	-55.6	%	-	-			1	1	56.8	%	-	-			935	464	101.5	%
Esquel	16	3	373.8	%	0	-	100.0	%	0	1	-75.1	%	16	4	311.7	%	-	-			241	152	58.6	%
Ezeiza	323	44	631.9	%	1,256	262	379.5	%	38	8	348.4	%	1,617	315	414.0	%	45,123	43,104	4.7	%	11,452	4,613	148.3	%
Formosa	23	0	#######		0	-	100.0	%	-	-			23	0	#######		11	-	100.0	%	467	152	207.2	%
General Pico	0	0	41.2	%	-	-			0	0	500.0	%	0	0	66.7	%	-	-			150	196	-23.5	%
Iguazú	283	41	592.5	%	0	0	250.0	%	1	1	-58.3	%	284	42	573.4	%	-	-			2,290	738	210.3	%
Jujuy	115	30	288.6	%	0	0	163.6	%	0	0	-93.3	%	115	30	285.8	%	13	14	-7.1	%	1,087	661	64.4	%
La Rioja	17	2	610.2	%	0	-	100.0	%	0	1	-95.0	%	17	3	391.1	%	15	2	660.0	%	550	228	141.2	%
Malargüe	0	0	1213.0	%	-	-			0	-	100.0	%	0	0	1834.8	%	-	-			176	27	551.9	%
Mar del Plata	47	8	457.8	%	0	-	100.0	%	2	1	93.6	%	49	9	423.8	%	18	5	262.3	%	1,252	765	63.7	%
Mendoza	336	81	315.3	%	56	0	#######		6	0	1144.1	%	398	81	389.2	%	105	133	-21.1	%	3,965	1,322	199.9	%
Paraná	10	2	557.0	%	0	-	100.0	%	0	0	-99.5	%	10	2	425.0	%	-	-			818	453	80.6	%
Posadas	72	20	259.6	%	0	0	1060.0	%	0	0	-21.7	%	72	20	253.7	%	24	20	17.6	%	946	465	103.4	%
Pto Madryn	16	0	6833.9	%	-	-			0	0	39.8	%	17	0	3436.9	%	2	-	100.0	%	215	194	10.8	%
Reconquista	0	0	376.9	%	-	-			0	0	1600.0	%	0	0	422.2	%	-	-			846	712	18.8	%
Resistencia	57	12	368.6	%	0	0	44.4	%	2	0	888.4	%	58	12	375.7	%	48	34	40.2	%	811	413	96.4	%
Río Cuarto	6	1	519.4	%	-	-			2	0	816.6	%	9	1	578.2	%	4	1	270.0	%	262	94	178.7	%
Río Gallegos	48	15	214.6	%	-	-			1	1	9.0	%	49	16	203.7	%	71	34	110.3	%	944	501	88.4	%

	Jun 30, 2022			Dec 31, 2021
ASSETS
Non-current assets
Intangible assets, net		2,893,437			2,742,971
Property, plant and equipment, net		72,705			75,480
Right-of-use asset		11,167			12,902
Investments in associates		2,125			2,355
Other financial assets at fair value through profit or loss		3,059			3,344
Other financial assets at amortized cost		8,263			15,838
Deferred tax assets		68,837			68,867
Other receivables		80,947			72,373
Trade receivables		110			184
Total non-current assets		3,140,650			2,994,314
Current assets
Inventories		16,783			11,520
Other financial assets at fair value through profit or loss		66,566			28,499
Other financial assets at amortized cost		46,788			46,800
Other receivables		50,184			66,421
Current tax assets		10,563			14,450
Derivative financial instruments		-			137
Trade receivables		106,155			82,707
Cash and cash equivalents		334,915			375,783
Total current assets		631,954			626,317
Total assets		3,772,604			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		(262,143	)		(321,647	)
Legal reserves		1,081			1,081
Other reserves		(1,320,824	)		(1,321,211	)
Retained earnings		130,437			32,689
Total attributable to owners of the parent		627,422			469,731
Non-controlling interests		122,418			303,877
Total equity		749,840			773,608
LIABILITIES
Non-current liabilities
Borrowings		1,302,735			1,018,337
Deferred tax liabilities		218,802			227,421
Other liabilities		859,178			743,799
Lease liabilities		6,665			8,484
Trade payables		1,845			6,695
Total non-current liabilities		2,389,225			2,004,736
Current liabilities
Borrowings		216,837			421,266
Other liabilities		310,915			284,826
Lease liabilities		3,700			3,765
Current tax liabilities		6,247			16,188
Derivative financial instruments liabilities		216			-
Trade payables		95,624			116,242
Total current liabilities		633,539			842,287
Total liabilities		3,022,764			2,847,023
Total equity and liabilities		3,772,604			3,620,631

	Jun 30, 2022			Jun 30, 2021
Cash flows from operating activities
Income (Loss) for the period from continuing operations		87,667			(122,435	)
Adjustments for:
Amortization and depreciation		86,988			78,734
Deferred income tax		(18,520	)		21,603
Current income tax		10,487			1,511
Share of loss in associates		546			98
Impairment loss of non-financial assets		6			75
Loss on disposals of property, plant and equipment		125			45
Unpaid concession fees		28,373			31,260
Low value, short term and variable lease payments		(726	)		(416	)
Changes in liability for concessions		71,164			46,217
Share base compensation expenses		341			-
Collection of government grants		10,020			-
Interest expenses		101,851			59,870
Other financial results, net		(23,212	)		(11,713	)
Net foreign exchange		(84,963	)		(53,823	)
Other accruals		(7,744	)		3,418
Inflation adjustment		13,580			(5,794	)
Government grants		571			2,936
Acquisition of intangible assets		(45,697	)		(42,240	)
Income tax paid		(16,649	)		(1,487	)
Changes in working capital		(204,574	)		(683	)
Net cash provided by operating activities		9,634			7,176
Cash flows from investing activities
Cash contribution in associates		(257	)		(189	)
Net acquisition of subsidiaries		-			10
Acquisition of other financial assets		(126,086	)		(19,972	)
Disposals of other financial assets		95,468			12,781
Acquisition of property, plant and equipment		(3,713	)		(4,473	)
Acquisition of intangible assets		(412	)		(160	)
Proceeds from property, plant and equipment		201			139
Other		272			592
Net cash used in investing activities		(34,527	)		(11,272	)
Net cash used in discontinued investing activities		(6,100	)		-
Cash flows from financing activities
Proceeds from borrowings		268,772			90,879
Guarantee deposits		(401	)		(1,194	)
Principal elements of lease payments		(2,155	)		(2,322	)
Loans paid		(173,733	)		(110,421	)
Interest paid		(60,097	)		(35,036	)
Debt renegotiation expenses capitalization		(1,578	)		(552	)
Dividends paid to non-controlling interests in subsidiaries		(6,499	)		-
Other		6			(4	)
Net cash provided by / (used in) financing activities		24,315			(58,650	)

Decrease in cash and cash equivalents		(578	)		(62,746	)
Decrease in cash and cash equivalents from discontinued operations		(6,100	)		-

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		(34,190	)		(8,001	)
Decrease in cash and cash equivalents from continuing operations		(578	)		(62,746	)
Decrease in cash and cash equivalents from discontinued operations		(6,100	)		-
At the end of the period		334,915			210,284