Corporacion America Airports S.A 6-K, filed Nov 19, 2020

Corporacion America Airports S.A. (CAAP)

6-K 2020-11-19 For: 2020-11-19

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Added on April 04, 2026

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Corporacion America Airports S.A filed this 6-K on November 19, 2020.

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Exhibit No.	Description

99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the nine-month period ended September 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 September 30,						For the nine-month period ended September 30,
		2020			2019			2020			2019
	Notes	Unaudited			Unaudited			Unaudited			Unaudited
Revenue	4		97,572			417,095			475,837			1,129,238
Cost of services	5		(142,479	)		(302,753	)		(508,825	)		(809,013	)
Gross (loss) / profit			(44,907	)		114,342			(32,988	)		320,225
Selling, general and administrative expenses	6		(16,396	)		(55,635	)		(73,165	)		(127,273	)
Impairment loss	10		(58,783	)		-			(63,273	)		-
Other operating income	7		1,168			3,814			5,792			11,461
Other operating expense			(4,123	)		(759	)		(4,977	)		(1,624	)
Operating (loss) / income			(123,041	)		61,762			(168,611	)		202,789
Share of income / (loss) in associates			255			(159	)		(4,009	)		(863	)
(Loss) / Income before financial results and income tax			(122,786	)		61,603			(172,620	)		201,926
Financial income	8		9,368			8,108			26,474			33,092
Financial loss	8		(49,594	)		(113,199	)		(151,331	)		(192,833	)
Inflation adjustment	8		(11,478	)		(6,340	)		(16,545	)		(19,903	)
(Loss) / Income before income tax			(174,490	)		(49,828	)		(314,022	)		22,282
Income tax	9		(36,463	)		17,373			1,101			10,241
(Loss) / Income for the period			(210,953	)		(32,455	)		(312,921	)		32,523
Attributable to:
Owners of the parent			(143,273	)		(24,566	)		(213,771	)		42,833
Non-controlling interest			(67,680	)		(7,889	)		(99,150	)		(10,310	)
			(210,953	)		(32,455	)		(312,921	)		32,523

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			(0.90	)		(0.15	)		(1.34	)		0.27

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2020			2019			2020			2019
	Unaudited			Unaudited			Unaudited			Unaudited
(Loss) / Income for the period		(210,953	)		(32,455	)		(312,921	)		32,523

Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit obligation		(70	)		(16	)		(73	)		(437	)

Items that may be subsequently reclassified to profit or loss:
Share of other comprehensive income / (loss) from associates		29			(1,348	)		(392	)		(113	)
Currency translation adjustment		12,278			(141,871	)		(28,534	)		(67,707	)
Other comprehensive income / (loss) for the period, net of income tax		12,237			(143,235	)		(28,999	)		(68,257	)
Total comprehensive loss for the period		(198,716	)		(175,690	)		(341,920	)		(35,734	)
Attributable to:
Owners of the parent		(137,943	)		(117,497	)		(229,911	)		3,518
Non-controlling interest		(60,773	)		(58,193	)		(112,009	)		(39,252	)
		(198,716	)		(175,690	)		(341,920	)		(35,734	)

	Notes	At September 30, 2020 Unaudited			At December 31, 2019 Audited
ASSETS
Non-current assets
Intangible assets, net	10		2,550,857			3,002,121
Property, plant and equipment, net			79,769			79,612
Right-of-use asset			6,626			8,380
Investments in associates			6,442			9,929
Other financial assets at fair value through profit or loss			3,449			3,309
Other financial assets at amortized cost			2,609			2,494
Deferred tax assets			70,887			147,475
Other receivables			108,821			119,954
Trade receivables			1,298			1,326
			2,830,758			3,374,600
Current assets
Inventories			8,969			11,302
Other financial assets at fair value through profit or loss			24,470			17,341
Other financial assets at amortized cost			48,271			66,413
Other receivables			80,252			101,676
Current tax assets			17,821			10,311
Derivative financial instruments			-			27
Trade receivables			61,510			104,877
Cash and cash equivalents	11		180,236			195,696
			421,529			507,643
Total assets			3,252,287			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			(408,213	)		(392,101	)
Legal reserves			176			176
Other reserves			(1,324,871	)		(1,324,887	)
Retained earnings			189,484			403,255
Total attributable to owners of the parent			534,022			763,889
Non-controlling interests			322,730			434,725
Total equity			856,752			1,198,614

LIABILITIES
Non-current liabilities
Borrowings	12		927,477			1,033,221
Deferred tax liabilities			180,350			233,115
Other liabilities	13		605,644			848,410
Lease liabilities			5,821			5,783
Trade payables			14,850			798
			1,734,142			2,121,327
Current liabilities
Borrowings	12		269,557			175,123
Other liabilities	13		238,065			230,122
Lease liabilities			1,066			3,144
Current tax liabilities			619			5,156
Derivative financial instruments			188			-
Trade payables			151,898			148,757
			661,393			562,302
Total liabilities			2,395,535			2,683,629
Total equity and liabilities			3,252,287			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		-		-		-		-		-		-			-			(213,771	)		(213,771	)		(99,150	)		(312,921	)
Other comprehensive loss for the period		-		-		-		-		-		(16,112	)		(28	)		-			(16,140	)		(12,859	)		(28,999	)
Changes of non-controlling interests		-		-		-		-		-		-			44			-			44			14			58
Balance at September 30, 2020		160,022		180,486		385,055		1,351,883		176		(408,213	)		(1,324,871	)		189,484			534,022			322,730			856,752

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
Shareholders contributions (3)		-		-		-		-		-		-			-			-			-			27,506			27,506
Income / (Loss) for the period		-		-		-		-		-		-			-			42,833			42,833			(10,310	)		32,523
Other comprehensive loss for the period		-		-		-		-		-		(39,111	)		(204	)		-			(39,315	)		(28,942	)		(68,257	)
Changes of non-controlling interests (2)		-		-		-		-		-		-			(16	)		-			(16	)		(20,136	)		(20,152	)
Balance at September 30, 2019		160,022		180,486		385,055		1,351,883		176		(417,914	)		(1,324,951	)		436,989			771,746			422,571			1,194,317

		For the nine-month period ended September 30,
	Notes	2020 Unaudited			2019 Unaudited
Cash flows from operating activities
(Loss) / Income for the period			(312,921	)		32,523
Adjustments for:
Amortization and depreciation			154,422			130,067
Deferred income tax	9		(1,203	)		(46,698	)
Income tax accrued	9		102			36,457
Share of loss in associates			4,009			863
Impairment loss	10		63,273			-
(Gains) / Losses on disposals of property, plant and equipment			(11	)		7
Unpaid concession fees			36,086			40,035
Low value, short term and variable lease payments			(876	)		(2,142	)
Changes in liability for concessions			41,184			62,623
Interest expense			66,666			66,860
Other financial results, net			(8,957	)		(22,526	)
Net foreign exchange			25,702			53,276
Other accruals			(109	)		19,752
Inflation adjustment			15,986			30,170
Acquisition of Intangible assets	10-17		(98,068	)		(250,557	)
Income tax paid			(12,258	)		(36,233	)
Changes in working capital	17		19,837			(163,973	)
Net cash used in operating activities			(7,136	)		(49,496	)

Cash flows from investing activities
Cash contribution in associates			(978	)		(3,052	)
Acquisition of other financial assets			(23,205	)		(24,275	)
Disposals of other financial assets			36,377			62,178
Purchase of Property, plant and equipment			(6,955	)		(10,191	)
Acquisition of Intangible assets	10		(489	)		(620	)
Loans with related parties			-			3,832
Proceeds from fixed assets disposals			11			-
Other			-			(388	)
Net cash provided by investing activities			4,761			27,484

Cash flows from financing activities
Proceeds from cash contributions			-			27,506
Proceeds from borrowings	12		103,056			165,762
Loans paid	12		(59,639	)		(53,931	)
Interest paid	12		(31,086	)		(51,887	)
Debt renegotiation expenses	12		(8,672	)		-
Release of guarantee deposits			(1,047	)		-
Leases payments			(2,983	)		(3,540	)
Debt renegotiation premium	8		(4,672	)		-
Dividends paid			-			(11,376	)
Net cash (used in) / provided by financing activities			(5,043	)		72,534

(Decrease) / Increase in cash and cash equivalents			(7,418	)		50,522

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			(8,042	)		(37,775	)
(Decrease) / Increase in cash and cash equivalents			(7,418	)		50,522
At the end of the period	11		180,236			257,612

1		General information and significant events 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

	-	Reducing personnel expenses including salary reductions, suspension of salary increases and freezing new hiring, mandatory use of pending vacations and/or advancing vacations to employees when possible, placing operating employees on furlough in certain geographies and personnel layoffs due to downsizing of operations.
	-	Reducing maintenance and other operating expenses while maintaining the quality and safety standards, required to support the minimum level of operations.

	-	Cancelling all non-mandatory capital investments and deferring non-priority projects.
	-	Implementing a set of cost control measures to reduce operating expenses and negotiate payment terms with the suppliers to limit additional cash outflows.
	-	Obtaining a deferral of principal and interest payments of debt and obtaining additional funding. Please refer to Note 12.
	-	Suspending dividends to third parties in Italy and Ecuador concessions.

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Perú			Intrasegment
	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Adjustments			Unallocated			Total
For the three-month period ended September 30, 2019 (Unaudited)
Revenue		53,385			42			8,919			-			6,129			3,621			5,168			5,949			15,841			-			(1,764	)		282			97,572
Cost of services		(84,520	)		(14	)		(13,274	)		-			(8,837	)		(2,697	)		(7,627	)		(6,434	)		(17,473	)		-			1,574			(3,177	)		(142,479	)
Gross (loss) / profit		(31,135	)		28			(4,355	)		-			(2,708	)		924			(2,459	)		(485	)		(1,632	)		-			(190	)		(2,895	)		(44,907	)
Selling, general and administrative expenses		(5,174	)		(31	)		(828	)		(3	)		(815	)		(535	)		(1,785	)		(1,748	)		(3,477	)		-			190			(2,190	)		(16,396	)
Impairment loss		-			-			(22,877	)		-			-			-			-			-			-			-			-			(35,906	)		(58,783	)
Other operating income		934			-			38			-			63			52			56			25			-			-			-			-			1,168
Other operating expenses		(2,321	)		-			(1,241	)		-			(16	)		(51	)		(152	)		(5	)		(337	)		-			-			-			(4,123	)
Operating (loss) / income		(37,696	)		(3	)		(29,263	)		(3	)		(3,476	)		390			(4,340	)		(2,213	)		(5,446	)		-			-			(40,991	)		(123,041	)
Share of income / (loss) in associates		-			-			-			-			-			-			-			-			67			(326	)		-			514			255
Amortization and depreciation		28,471			-			2,224			-			2,891			289			3,754			1,230			3,232			-			-			3,393			45,484
Adjusted Ebitda		(9,225	)		(3	)		(27,039	)		(3	)		(585	)		679			(586	)		(983	)		(2,147	)		(326	)		-			(37,084	)		(77,302	)
Construction services revenue		(18,394	)		-			-			-			(1,957	)		-			(208	)		(140	)		(1,073	)		-			-			-			(21,772	)
Construction services cost		18,367			-			-			-			1,957			-			201			140			390			-			-			-			21,055
Adjusted Ebitda excluding Construction Services		(9,252	)		(3	)		(27,039	)		(3	)		(585	)		679			(593	)		(983	)		(2,830	)		(326	)		-			(37,084	)		(78,019	)
Construction services revenue		18,394			-			-			-			1,957			-			208			140			1,073			-			-			-			21,772
Construction services cost		(18,367	)		-			-			-			(1,957	)		-			(201	)		(140	)		(390	)		-			-			-			(21,055	)
Adjusted Ebitda		(9,225	)		(3	)		(27,039	)		(3	)		(585	)		679			(586	)		(983	)		(2,147	)		(326	)		-			(37,084	)		(77,302	)
Financial income																																						9,368
Financial loss																																						(49,594	)
Inflation adjustment																																						(11,478	)
Amortization and depreciation																																						(45,484	)
Loss before income tax																																						(174,490	)
Income tax																																						(36,463	)
Loss for the period																																						(210,953	)

For the three-month period ended September 30, 2019 (Unaudited)
Revenue		244,759			53			28,435			-			25,579			4,050			41,893			31,254			42,620			-			(3,040	)		1,492			417,095
Cost of services		(189,844	)		(5	)		(23,431	)		-			(13,021	)		(3,091	)		(23,908	)		(21,467	)		(26,676	)		-			2,220			(3,530	)		(302,753	)
Gross profit / (loss)		54,915			48			5,004			-			12,558			959			17,985			9,787			15,944			-			(820	)		(2,038	)		114,342
Selling, general and administrative expenses		(35,525	)		(64	)		(3,371	)		(17	)		(2,702	)		(319	)		(3,039	)		(4,268	)		(3,945	)		-			820			(3,205	)		(55,635	)
Other operating income		3,640			-			113			-			17			-			37			7			-			-			-			-			3,814
Other operating expenses		(139	)		-			(232	)		-			(68	)		(22	)		(290	)		(8	)		-			-			-			-			(759	)
Operating income / (loss)		22,891			(16	)		1,514			(17	)		9,805			618			14,693			5,518			11,999			-			-			(5,243	)		61,762
Share of loss in associates		-			-			-			-			-			-			-			-			-			(159	)		-			-			(159	)
Amortization and depreciation		20,712			-			2,937			-			2,782			253			3,546			1,181			3,108			-			-			3,745			38,264
Adjusted Ebitda		43,603			(16	)		4,451			(17	)		12,587			871			18,239			6,699			15,107			(159	)		-			(1,498	)		99,867
Construction services revenue		(95,211	)		-			-			-			(1,649	)		-			(2,720	)		(7,254	)		(1,415	)		-			-			-			(108,249	)
Construction services cost		95,158			-			-			-			1,601			-			2,641			7,254			1,335			-			-			-			107,989
Adjusted Ebitda excluding Construction Services		43,550			(16	)		4,451			(17	)		12,539			871			18,160			6,699			15,027			(159	)		-			(1,498	)		99,607
Construction services revenue		95,211			-			-			-			1,649			-			2,720			7,254			1,415			-			-			-			108,249
Construction services cost		(95,158	)		-			-			-			(1,601	)		-			(2,641	)		(7,254	)		(1,335	)		-			-			-			(107,989	)
Adjusted Ebitda		43,603			(16	)		4,451			(17	)		12,587			871			18,239			6,699			15,107			(159	)		-			(1,498	)		99,867
Financial income																																						8,108
Financial loss																																						(113,199	)
Inflation adjustment																																						(6,340	)
Amortization and depreciation																																						(38,264	)
Loss before income tax																																						(49,828	)
Income tax																																						17,373
Loss for the period																																						(32,455	)

	For the three-month period ended September 30,				For the nine-month period ended September 30,
	2020 (Unaudited)		2019 (Unaudited)		2020 (Unaudited)		2019 (Unaudited)
Aeronautical revenue		23,797		184,813		183,391		530,025
Non-aeronautical revenue
Commercial revenue		51,529		123,294		194,770		348,513
Construction service revenue		21,772		108,249		96,802		248,984
Other revenue		474		739		874		1,716
		97,572		417,095		475,837		1,129,238
Timing of revenue recognition
Over time		80,359		345,703		392,808		932,984
At a point in time		1,635		15,492		10,768		35,271
Revenues outside the scope of IFRS 15		15,578		55,900		72,261		160,983
Revenue		97,572		417,095		475,837		1,129,238

	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		99,337			-			489			99,826
Impairment loss		(27,367	)		(35,906	)		-			(63,273	)
Disposals		(93	)		-			-			(93	)
Transfer		(220	)		-			220			-
Transfer from property, plant and equipment		40			-			-			40
Transfer to property, plant and equipment		(10	)		-			-			(10	)
Translation differences and inflation adjustment		(393,080	)		(14,127	)		123			(407,084	)
		3,736,038			5,473			22,158			3,763,669
Depreciation
Accumulated at January 1, 2020		1,114,090			-			18,052			1,132,142
Depreciation of the period		143,507			-			877			144,384
Disposals		(93	)		-			-			(93	)
Transfer from property, plant and equipment		32			-			-			32
Translation differences and inflation adjustment		(64,283	)		-			630			(63,653	)
		1,193,253			-			19,559			1,212,812
At September 30, 2020		2,542,785			5,473			2,599			2,550,857

Cost
Balances at January 1, 2019		3,841,853			56,501			15,170			3,913,524
Acquisitions		251,071			-			620			251,691
Concession rights due to concession extension		4,406			-			-			4,406
Transfer		(399	)		-			399			-
Transfer from property plant and equipment		935			-			-			935
Translation differences and inflation adjustment		(236,827	)		(267	)		(877	)		(237,971	)
		3,861,039			56,234			15,312			3,932,585
Depreciation
Accumulated at January 1, 2019		967,909			-			12,073			979,982
Depreciation of the period		119,242			-			1,104			120,346
Translation differences and inflation adjustment		(52,131	)		-			(691	)		(52,822	)
		1,035,020			-			12,486			1,047,506
At September 30, 2019		2,826,019			56,234			2,826			2,885,079

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

	Estimated rate (Minus 1%)			Nominal Rate (9.16%)		Estimated rate (Plus 1%)
Impairment value		19,361			22,877		25,940
Effect		(3,516	)				3,063

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Perú			Intrasegment
	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Adjustments			Unallocated			Total
For the nine-month period ended September 30, 2020 (Unaudited)
Revenue		275,770			145			38,858			-			43,490			11,613			30,977			37,873			41,790			-			(6,482	)		1,803			475,837
Cost of services		(301,648	)		(54	)		(46,580	)		-			(33,715	)		(8,243	)		(30,878	)		(33,050	)		(50,576	)		-			5,438			(9,519	)		(508,825	)
Gross (loss) / profit		(25,878	)		91			(7,722	)		-			9,775			3,370			99			4,823			(8,786	)		-			(1,044	)		(7,716	)		(32,988	)
Selling, general and administrative expenses		(26,634	)		(106	)		(9,087	)		(30	)		(6,216	)		(1,220	)		(6,443	)		(7,147	)		(9,040	)		-			937			(8,179	)		(73,165	)
Impairment loss		-			-			(27,367	)		-			-			-			-			-			-			-			-			(35,906	)		(63,273	)
Other operating income		5,231			-			131			-			214			75			111			30			-			-			-			-			5,792
Other operating expenses		(2,556	)		(16	)		(1,263	)		-			(65	)		(51	)		(550	)		(79	)		(504	)		-			107			-			(4,977	)
Operating (loss) / income		(49,837	)		(31	)		(45,308	)		(30	)		3,708			2,174			(6,783	)		(2,373	)		(18,330	)		-			-			(51,801	)		(168,611	)
Share of income / (loss) in associates		-			-			-			-			-			-			-			-			115			(4,638	)		-			514			(4,009	)
Amortization and depreciation		90,565			-			6,976			-			8,620			844			11,293			3,646			9,143			-			-			10,177			141,264
Adjusted Ebitda		40,728			(31	)		(38,332	)		(30	)		12,328			3,018			4,510			1,273			(9,072	)		(4,638	)		-			(41,110	)		(31,356	)
Construction services revenue		(73,686	)		-			-			-			(8,876	)		-			(1,672	)		(7,421	)		(5,147	)		-			-			-			(96,802	)
Construction services cost		73,582			-			-			-			8,876			-			1,623			7,421			3,715			-			-			-			95,217
Adjusted Ebitda excluding Construction Services		40,624			(31	)		(38,332	)		(30	)		12,328			3,018			4,461			1,273			(10,504	)		(4,638	)		-			(41,110	)		(32,941	)
Construction services revenue		73,686			-			-			-			8,876			-			1,672			7,421			5,147			-			-			-			96,802
Construction services cost		(73,582	)		-			-			-			(8,876	)		-			(1,623	)		(7,421	)		(3,715	)		-			-			-			(95,217	)
Adjusted Ebitda		40,728			(31	)		(38,332	)		(30	)		12,328			3,018			4,510			1,273			(9,072	)		(4,638	)		-			(41,110	)		(31,356	)
Financial income																																						26,474
Financial loss																																						(151,331	)
Inflation adjustment																																						(16,545	)
Amortization and depreciation																																						(141,264	)
Loss before income tax																																						(314,022	)
Income tax																																						1,101
Loss for the period																																						(312,921	)

September 30, 2020 (Unaudited)
Current assets		151,664			98			26,642			43			17,264			4,936			43,558			16,767			39,341			-			(202,952	)		324,168			421,529
Non-current assets		1,177,020			21			706,075			106			152,348			6,989			158,721			65,639			259,363			3,995			(768	)		301,249			2,830,758
Capital Expenditure		73,686			-			3,035			-			10,363			1,271			2,639			9,062			6,722			-			-			2			106,780
Current liabilities		253,448			26			149,731			-			21,603			3,243			27,487			22,347			115,369			-			(202,853	)		270,992			661,393
Non-current liabilities		520,378			-			758,225			-			58,448			2,892			44,076			16,473			58,511			-			(867	)		276,006			1,734,142

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Peru			Intrasegment
	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Airports			Adjustments			Unallocated			Total
For the nine-month period ended September 30, 2019 (Unaudited)
Revenue		664,339			155			86,532			-			82,227			12,589			99,877			79,829			108,507			-			(9,342	)		4,525			1,129,238
Cost of services		(495,525	)		(14	)		(72,324	)		-			(40,041	)		(9,745	)		(61,145	)		(50,893	)		(75,755	)		-			7,024			(10,595	)		(809,013	)
Gross profit / (loss)		168,814			141			14,208			-			42,186			2,844			38,732			28,936			32,752			-			(2,318	)		(6,070	)		320,225
Selling, general and administrative expenses		(64,797	)		(227	)		(12,570	)		(84	)		(9,653	)		(953	)		(8,825	)		(13,011	)		(10,810	)		-			2,318			(8,661	)		(127,273	)
Other operating income		10,896			-			405			-			77			-			85			15			-			-			(17	)		-			11,461
Other operating expenses		(518	)		-			(323	)		-			(168	)		(22	)		(583	)		(26	)		-			-			16			-			(1,624	)
Operating income / (loss)		114,395			(86	)		1,720			(84	)		32,442			1,869			29,409			15,914			21,942			-			(1	)		(14,731	)		202,789
Share of income / (loss) in associates		-			-			-			-			-			-			-			-			35			(898	)		-			-			(863	)
Amortization and depreciation		61,829			-			8,885			-			9,326			741			9,963			3,462			9,223			-			-			11,697			115,126
Adjusted Ebitda		176,224			(86	)		10,605			(84	)		41,768			2,610			39,372			19,376			31,200			(898	)		(1	)		(3,034	)		317,052
Construction services revenue		(223,235	)		-			-			-			(2,496	)		-			(9,253	)		(8,609	)		(5,391	)		-			-			-			(248,984	)
Construction services cost		223,091			-			-			-			2,423			-			8,985			8,609			4,265			-			-			-			247,373
Adjusted Ebitda excluding Construction Services		176,080			(86	)		10,605			(84	)		41,695			2,610			39,104			19,376			30,074			(898	)		(1	)		(3,034	)		315,441
Construction services revenue		223,235			-			-			-			2,496			-			9,253			8,609			5,391			-			-			-			248,984
Construction services cost		(223,091	)		-			-			-			(2,423	)		-			(8,985	)		(8,609	)		(4,265	)		-			-			-			(247,373	)
Adjusted Ebitda		176,224			(86	)		10,605			(84	)		41,768			2,610			39,372			19,376			31,200			(898	)		(1	)		(3,034	)		317,052
Financial income																																						33,092
Financial loss																																						(192,833	)
Inflation adjustment																																						(19,903	)
Amortization and depreciation																																						(115,126	)
Income before income tax																																						22,282
Income tax																																						10,241
Income for the period																																						32,523

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 September 30,						For the nine-month period ended September 30,
	2020 (Unaudited)			2019 (Unaudited)			2020 (Unaudited)			2019 (Unaudited)
Construction services cost		(21,055	)		(107,989	)		(95,217	)		(247,373	)
Salaries and social security contributions		(28,165	)		(45,846	)		(99,488	)		(137,089	)
Concession fees (**)		(12,648	)		(41,419	)		(59,276	)		(118,725	)
Amortization and depreciation (***)		(43,000	)		(36,054	)		(134,088	)		(107,735	)
Maintenance expenses		(23,457	)		(29,832	)		(65,225	)		(86,075	)
Services and fees		(9,250	)		(16,903	)		(30,642	)		(47,771	)
Cost of fuel		(1,677	)		(13,945	)		(9,975	)		(31,988	)
Taxes (*)		(712	)		(4,044	)		(5,180	)		(12,485	)
Office expenses		(188	)		(3,996	)		(3,322	)		(10,189	)
Provision for maintenance costs		(284	)		(293	)		(1,070	)		(1,442	)
Others		(2,043	)		(2,432	)		(5,574	)		(8,141	)
		(142,479	)		(302,753	)		(508,825	)		(809,013	)

	For the three-month period ended September 30,						For the nine-month period ended September 30,
	2020 (Unaudited)			2019 (Unaudited)			2020 (Unaudited)			2019 (Unaudited)
Services and fees		(6,265	)		(9,833	)		(20,094	)		(27,791	)
Taxes (*)		(2,567	)		(9,528	)		(14,817	)		(27,831	)
Salaries and social security contributions		(4,109	)		(7,054	)		(14,093	)		(21,153	)
Bad debts		(1,827	)		(22,189	)		(11,011	)		(28,629	)
Bad debts recovery		2,128			168			2,282			566
Amortization and depreciation (**)		(2,484	)		(2,210	)		(7,176	)		(7,391	)
Office expenses		(194	)		(837	)		(1,031	)		(3,295	)
Insurance		(468	)		(386	)		(1,515	)		(1,271	)
Maintenance expenses		(137	)		(480	)		(1,350	)		(1,180	)
Advertising		(79	)		(1,110	)		(396	)		(1,734	)
Charter service		80			(207	)		(134	)		(622	)
Other		(474	)		(1,969	)		(3,830	)		(6,942	)
		(16,396	)		(55,635	)		(73,165	)		(127,273	)

	Estimated rate (Minus 1%)		Passenger’s CAGR (4.87%)		Estimated Rate (Plus 1%)
Impairment value		27,674		22,877		17,715
Effect		4,797				(5,162	)

	At September 30, 2020 (Unaudited)		At December 31, 2019 (Audited)
Cash to be deposited		251		2,320
Cash at banks		115,992		116,413
Time deposits		3,402		35,502
Other cash equivalents		60,591		41,461
		180,236		195,696

	For the nine-month period ended September 30,
	2020 (Unaudited)		2019 (Unaudited)
Cash and cash equivalents		180,236		257,612
		180,236		257,612

	At September 30, 2020 (Unaudited)		At December 31, 2019 (Audited)
Non-current
Bank and financial borrowings (**)		368,732		472,226
Notes (*)		558,745		560,995
		927,477		1,033,221
Current
Bank and financial borrowings (**)		159,502		103,056
Notes (*)		110,055		72,067
		269,557		175,123
Total Borrowings		1,197,034		1,208,344

	For the nine-month period ended September 30,
	2020 (Unaudited)			2019 (Unaudited)
Balances at the beginning of the period		1,208,344			1,126,658
Adjustment on adoption of IFRS 16		-			(1,715	)
Adjusted balances at the beginning of the period		1,208,344			1,124,943
Loans obtained		103,056			165,762
Loans paid		(59,639	)		(53,931	)
Interest paid		(31,086	)		(51,887	)
Accrued interest for the period		60,540			64,457
Debt renegotiation expenses capitalization		(8,842	)		-
Translation differences and inflation adjustment		(75,339	)		(39,177	)
Balances at the end of the period		1,197,034			1,210,167

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At September 30, 2020 ⁽¹⁾		328,940		307,602		434,880		503,910		1,575,332
At December 31, 2019 ⁽¹⁾		247,209		237,298		547,257		617,208		1,648,972

-	In 2007 Puerta del Sur S.A. (“PDS”) issued 7.75% secured guaranteed notes for USD 87 million, due 2021. The principal balance of the PDS Notes, together with accrued interest, will be repaid in 22 total installments, with individual installments occurring on April 29 and October 29 of each year beginning in 2011 and ending in 2021. The main covenants on these bonds are limitations on liens and encumbrances and compliance with certain financial ratios. PDS may be limited to declare, make or pay any dividends unless the debt coverage service ratio exceeds 1.7x and the indebtedness ratio is less than 3.0. PDS Notes are secured by a trust to which Puerta del Sur has transferred the following sums: (a) the sum of funds which PDS has or has rights to for services offered in administration, construction, and maintenance of Carrasco Airport; (b) the sum of funds received from the duty-free store in Carrasco Airport; (c) the sum of funds received as a result of the permitted operation of the cargo terminal in Carrasco Airport; and (d) the sum of funds PDS has received or will have right to receive from the government or from a third party successor as a result of a management agreement, or as a consequence of the redemption, termination, mutual dissolution and/or resolution of the management agreement for whatever reason, this trust is only use in case of non-compliance with the Notes obligations.

	On April 24, 2020, PDS signed a modification with more than 75% of the total principal amount of its 2007 notes to postpone the April and October 2020 installments to year 2022. Interest continues to be paid semi-annually, including in 2020, at the same rate. A compensation of 1% on the amount of the extended installments was agreed and was paid in June 2020. The agreement was conditioned on the acceptance of at least 75% of the exchange offer of ACI Airport Sudamérica S.A.U. which was materialized on May 26, 2020. The agreement also established a change in the debt service and dividends payment covenants for the 2020 measurement that will be 1.25x for both cases, and for the 2021 1.4x.

-	In 2015, ACI Airport Sudamérica S.A.U. (“ACI”) issued 6.875% senior secured guaranteed notes, for USD 200 million due in 2032. The principal balance will be repaid in 34 installments, May 29 and November 29 of each year, commencing on May 29, 2016 while accrued interest will be repaid commencing on November 29, 2015. The main covenants on these bonds are limitations on additional indebtedness, payment of dividends and other payments that are specifically restricted, selling assets as well as requiring compliance with certain financial ratios. The holders of these notes benefit from a guarantee and a security package including the pledge of the shares in PDS and Cerealsur S.A., and certain accounts of Cerealsur and ACI. As of September 30, 2020 and December 31, 2019 they were guaranteed with a debt service reserve account of ACI and the funds contained therein and a standby letter of credit of Corporación América S.A. with Bank of América, respectively. These notes are fully and unconditionally guaranteed by Cerealsur S.A.

	On April 24, 2020, ACI announced the commencement of an offer (the “Exchange Offer”) to repurchase and exchange any and all of its outstanding 6.875% Senior Secured Guaranteed Notes due 2032 in the original aggregate principal amount of USD 200 million (the “Existing Notes”) for newly issued 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 (the “New Notes”) and solicitation of consents to certain proposed amendments to the indenture governing the Existing Notes and certain waivers.

	On May 26, 2020 ACI issued USD 180.9 million aggregate principal amount of New Notes to repurchase and exchange 93.6% of the total original principal amount of the Existing Notes. The main covenants and guarantees remain unchanged except for ACI’s shares pledge.

-	On February 6, 2017, AA2000 issued 6.875% senior secured notes for a nominal amount of USD 400 million due 2027. The principal will be amortized in 32 equal quarterly installments as from May 1, 2019. The main covenants of these bonds require compliance with certain financial ratios as well as restriction to incur in additional debt and limitations on the payments of dividends if any default or unmatured default has occurred. Notes issued by AA2000 are secured by a collateral assignment of fiduciary rights of certain revenue of AA2000.

	On February 27, 2020, the ordinary general meeting of shareholders of AA2000 approved the creation of a Global Program for the issuance of Notes. The Prospectus project was approved in its terms and conditions by AA2000 Board of Directors dated February 27, 2020. The aforementioned program establishes the issuance of simple Notes not convertible into shares with a nominal value of up to USD 500 million, or its equivalent in other currencies, with a duration of five years from the date of approval of the Argentine Comisión Nacional de Valores (“CNV”). On April 17, 2020, AA2000 obtained authorization from the CNV for the Global Program for the Issuance of Notes.

	On April 21, 2020, AA2000 announced the commencement of an offer (the “Exchange Offer”) to exchange any and all of its outstanding 6.875% Senior Secured Notes due 2027 in the original aggregate principal amount of USD 400 million (the “Existing Notes”) for newly issued 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) and solicitation of consents to certain proposed amendments and waivers to the indenture governing the Existing Notes.

	On May 19, 2020, the Exchange Offer of USD 346.9 million, representing 86.73% of the total original principal amount of the Existing Notes (or 99.65% of the total amount of outstanding principal amount of the Existing Notes) was completed.

	On May 20, 2020 AA2000 issued USD 306 million aggregate principal amount of Series 2020 Additional Notes after completion of required conditions; the approval of ORSNA on April 24, 2020, issuing the Resolution No. 21/2020 pursuant to which the collateral assignment of revenue under the Existing Notes was extended to the Series 2020 Additional Notes in equal terms; and executing and delivering amendments to the 2019 Credit Facilities to provide for the effective deferral of payments of principal due thereunder on August 19, 2020 and November 19, 2020 that was satisfied on April 29, 2020. New notes were issued with an annual interest rate of 9.375% during the PIK period. Accrued interest will be capitalized quarterly. The principal and interest repayments under the New Notes due May 1, 2021 will continue to be payable in cash. From May 1, 2021, the expiry date of the PIK Period, New Notes will continue to accrue interest at a rate of 6.875% per annum until their maturity date, payable quarterly. The main covenants and guarantees remain unchanged.

	On August 5, 2020, AA2000 Board of Directors approved the issuance of notes under its global program of notes (not convertible into shares) which was approved on February 27, 2020 for a nominal value of up to USD 40 million or its equivalent in other currencies.

	On August 20, 2020, AA2000 issued Class 2 Notes Series 2020 for a total amount of USD 40 million, at a 0% interest rate, with a two-year maturity. The Notes are dollar-linked, denominated in U.S. dollars but issued and paid in Argentine pesos.

Company	Lender	Currency	Maturity	Interest Rate		Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)		Capitalization(²)
Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante S.A.	BNDES	R$	September 2032	Variable	TJLP(¹) plus spread	6.4		A
	BNDES	R$	June 2032	Variable	T.R. plus spread plus IPCA	1.6
	BNDES	R$	September 2032	Variable	T.R. plus spread plus IPCA	4.3
	BNDES	R$	September 2022	Fixed	2.50%	0.8
	BNDES	R$	July 2032	Variable	T.R. plus spread plus IPCA	2.1
Inframerica Concessionaria do Aeroporto de Brasilia S.A.	BNDES	R$	December 2033	Variable	TJLP(¹) plus spread	200.3		A
	Bradesco	R$	July 2022	Variable	TJLP(¹) plus spread	0.1		D
	Votorantim	R$	December 2020	Variable	CDI plus spread	3.2		C
Terminal Aeroportuaria de Guayaquil S.A	Banco Guayaquil SA	USD	February 2026	Variable	T.R.E.(³) plus spread	9.2		D
Terminal Aeroportuaria de Guayaquil S.A	Banco Bolivariano CA	USD	November 2024	Variable	T.R.E.(³) plus spread	7.7		D
Terminal de Cargas de Uruguay S.A.	Santander Uruguay	USD	April 2023	Fixed	4.40%	1.4		D
Terminal de Cargas de Uruguay S.A.	Scotiabank Uruguay	USD	October 2024	Fixed	4.30%	2.0		D
Toscana Aeroporti S.p.A.	MPS Servicio Capital	Euro	June 2022	Variable	Euribor 6 month plus spread		4.4	B
	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread		23.7	D
	BPM	Euro	October 2020	Fixed	0.20%		1.8	D
	Unicredit	Euro	December 2020	Fixed	0.30%		9.9	D
	BNL	Euro	April 2021	Fixed	0.50%		5.9	D
	CREDEM	Euro	November 2020	Fixed	0.09%		5.9	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	December 2020	Fixed	0.20%		11.7	D
	Banca Intesa San Paolo	Euro	February 2021	Fixed	0.15%		7.0	D
	Banca Intesa San Paolo	Euro	March 2021	Fixed	0.20%		5.9	D
Armenia International Airports C.J.S.C.	Credit Suisse AG	USD	December 2022	Variable	Libor 6 month plus spread	32.2		B
	Credit Suisse AG	Euro	December 2022	Variable	Euribor 6 month plus spread	34.9		B
	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
Aeropuertos Argentina 2000 S.A.	Banco de la Provincia de Buenos Aires	USD	June 2023	Fixed	7%	2.6		D
	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%	75.1		A
	Citibank N.A.	USD	August 2023	Variable	Libor plus spread	30.8		A
	2019 credit facilities renegotiation (*)	ARS	June 2022	Variable	BADCOR plus spread	13.2		A
	Banco Macro	USD	July 2021	Fixed	10%	10.2		B
Consorcio Aeropuertos Internacionales S.A.	Santander Uruguay	USD	April 2024	Fixed	5.1%	4.9		B
Consorcio Aeropuertos Internacionales S.A.	Banco Itaú	USD	April 2025	Variable	Libor plus spread	4.9		B
Total						528.2

	At September 30, 2020 (Unaudited)		At December 31, 2019 (Audited)
Non-current
Concession fee payable (*)		538,713		777,093
Advances from customers		14,791		21,437
Provisions for legal claims (****)		3,707		5,319
Provision for maintenance costs (**)		21,206		20,034
Other taxes payable		1,281		2,548
Employee benefit obligation (***)		8,389		8,079
Salary payable		470		488
Other liabilities with related parties (Note 16)		1,309		1,726
Other payables		15,778		11,686
		605,644		848,410

Current
Concession fee payable (*)		143,471		120,578
Other taxes payable		19,844		22,956
Salary payable		26,150		37,976
Other liabilities with related parties (Note 16)		6,654		5,812
Advances from customers		3,889		4,848
Provision for maintenance costs (**)		4,897		8,887
Expenses provisions		1,078		1,934
Provision for legal claims (****)		973		1,159
Other payables		31,109		25,972
		238,065		230,122

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At September 30, 2020		237,997		70,830		206,616		1,275,912		1,791,355
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		(15,720	)		(37	)		(392	)		9			-		(16,140	)
For the period ended September 30, 2020		(430,497	)		161			(41,118	)		(54	)		63,402		(408,106	)

Balances at January 1, 2019		(401,444	)		330			(40,761	)		(99	)		63,402		(378,572	)
Other comprehensive (loss) / income for the period		(38,998	)		(269	)		(113	)		65			-		(39,315	)
For the period ended September 30, 2019		(440,442	)		61			(40,874	)		(34	)		63,402		(417,887	)

	At September 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		(53,427	)		(78,497	)
Total equity in accordance with Luxembourg law		2,024,195			1,999,125

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

(a) Arising from sales / purchases of goods / other
Trade receivables with associates		1,337			1,555
Trade receivables with other related parties		1,113			687
Other receivables with associates		657			658
Other receivables with other related parties		8,815			8,611
Other financial assets with associates		2,609			2,494
Other financial assets with other related parties		14,710			14,573
Trade payables to other related parties		(2,756	)		(3,017	)
		26,485			25,561
(b) Other liabilities
Other liabilities to other related parties		(7,963	)		(7,538	)
		(7,963	)		(7,538	)
(c) Other balances
Cash and cash equivalents in other related parties		11,007			15,312
		11,007			15,312

	Fair value		Carrying amount
Trust funds		103,930		90,967
Long-term borrowings		928,352		927,477