Equibles

6-K

CORPORACION AMERICA AIRPORTS S.A. (CAAP)

6-K 2022-08-19 For: 2022-08-19
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

FORM 6-K

REPORTOF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDERTHE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2022

Commission File Number: 333-221916

CorporaciónAmérica Airports S.A.

(Name of Registrant)

4, rue de la GrêveL-1643, LuxembourgTel: +35226258274Fax: +35226259776

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x      Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021

This report of foreign private issuer on Form 6-K (this “Form 6-K”) is being filed by Corporación América Airports S.A. (“CAAP” or the “Company”) with the Securities and Exchange Commission. The Company is filing this report on Form 6-K for the purpose of filing a copy of the Company’s unaudited condensed consolidated interim financial statements for the three and six-month period ended June 30, 2022 and 2021 (the “Consolidated Financial Statements”) as Exhibit 99.1. The Consolidated Financial Statements are presented in U.S. Dollars and prepared in accordance with IAS 34, “Interim Financial Reporting”. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) of the International Accounting Standards Board (“IASB”) and the interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

Exhibits

Exhibit No. Description
99.1 CAAP Unaudited Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Corporación America 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

Date: August 19, 2022

Exhibit 99.1

Corporación América<br> Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021<br> (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CorporaciónAmérica Airports S.A.

CONDENSED CONSOLIDATED

INTERIMFINANCIAL STATEMENTS

For the threeand six-month period ended June 30, 2022 and 2021

R.C.S. Luxembourg B 174.140

4, rue de la Grève

L-1643, Luxembourg

Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSED CONSOLIDATED INTERIMSTATEMENT OF INCOME

For the three-month period <br> ended June 30, For the six-month period <br> ended June 30,
2022 2021 2022 2021
Notes Unaudited Unaudited Unaudited Unaudited
Revenue 4 332,656 135,264 596,530 279,099
Cost of services 5 (234,902 ) (137,400 ) (416,627 ) (280,463 )
Gross income / (loss) 97,754 (2,136 ) 179,903 (1,364 )
Selling, general and administrative expenses 6 (28,638 ) (23,433 ) (60,244 ) (43,174 )
Impairment loss of non-financial assets 10 (6 ) (75 ) (6 ) (75 )
Other operating income 7 3,707 (107 ) 7,404 1,631
Other operating expenses 7 (729 ) (1,495 ) (1,584 ) (11,224 )
Operating income / (loss) 72,088 (27,246 ) 125,473 (54,206 )
Share of loss in associates (293 ) (98 ) (546 ) (98 )
Income / (loss) before financial results and income tax 71,795 (27,344 ) 124,927 (54,304 )
Financial income 8 25,766 8,828 36,447 16,024
Financial loss 8 (44,838 ) (15,271 ) (101,389 ) (57,586 )
Inflation adjustment 8 5,117 1,237 19,649 (3,455 )
Income / (loss) before income tax 57,840 (32,550 ) 79,634 (99,321 )
Income tax 9 13,764 (22,101 ) 8,033 (23,114 )
Income / (loss) for the period from continuing operations 71,604 (54,651 ) 87,667 (122,435 )
Loss for the period from discontinued operations 19 - (793 ) - (1,249 )
Income / (loss) for the period 71,604 (55,444 ) 87,667 (123,684 )
Attributable to:
Owners of the parent 69,855 (33,974 ) 97,650 (78,688 )
Non-controlling interests 1,749 (21,470 ) (9,983 ) (44,996 )
71,604 (55,444 ) 87,667 (123,684 )
Earnings per share attributable to the owners of the parent
Weighted average number of ordinary shares (thousands) 160,749 160,612 160,743 160,381
Continuing operations
Basic and diluted earnings per share 0.43 (0.20 ) 0.61 (0.48 )
Continuing and discontinued operations
Basic and diluted earnings per share 0.43 (0.21 ) 0.61 (0.49 )
Discontinued operations
Basic and diluted earnings per share - (0.01 ) - (0.01 )

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the three-month period <br> ended June 30, For the six-month period <br> ended June 30,
2022 2021 2022 2021
Unaudited Unaudited Unaudited Unaudited
Income / (loss) for the period 71,604 (55,444 ) 87,667 (123,684 )
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations 397 30 587 240
Items that may be reclassified to profit or loss:
Share of other comprehensive income from associates 347 239 20 27
Currency translation adjustment 77,755 28,389 74,246 44,250
Other comprehensive income from continuing operations for the period, net of income tax 78,499 28,658 74,853 44,517
Currency translation adjustment from discontinued operations - (91 ) - (198 )
Other comprehensive loss from discontinued operations for the period, net of income tax - (91 ) - (198 )
Other comprehensive income for the period 78,499 28,567 74,853 44,319
Total comprehensive income / (loss) for the period 150,103 (26,877 ) 162,520 (79,365 )
Attributable to:
Owners of the parent 136,816 (14,153 ) 157,350 (46,799 )
Non-controlling interests 13,287 (12,724 ) 5,170 (32,566 )
150,103 (26,877 ) 162,520 (79,365 )
Total comprehensive income / (loss) for the period attributable to owners of the parent arises from:
Continuing operations 136,816 (13,269 ) 157,350 (45,352 )
Discontinued operations - (884 ) - (1,447 )
136,816 (14,153 ) 157,350 (46,799 )

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2021.

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSEDcONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

Notes At June 30, 2022<br> <br>Unaudited At December 31,<br><br> 2021 <br> Audited
ASSETS
Non-current assets
Intangible assets, net 10 2,893,437 2,742,971
Property, plant and equipment, net 72,705 75,480
Right-of-use assets 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
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 current assets - 137
Trade receivables 106,155 82,707
Cash and cash equivalents 11 334,915 375,783
631,954 626,317
Total assets 3,772,604 3,620,631
EQUITY 14
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 12 1,302,735 1,018,337
Deferred tax liabilities 218,802 227,421
Other liabilities 13 859,178 743,799
Lease liabilities 6,665 8,484
Trade payables 1,845 6,695
2,389,225 2,004,736
Current liabilities
Borrowings 12 216,837 421,266
Other liabilities 13 310,915 284,826
Lease liabilities 3,700 3,765
Derivative financial instruments liabilities 216 -
Current tax liabilities 6,247 16,188
Trade payables 95,624 116,242
633,539 842,287
Total liabilities 3,022,764 2,847,023
Total equity and liabilities 3,772,604 3,620,631

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2021.

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSEDCONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

Attributable to owners of the parent
Share<br> capital Share<br> premium Treasury<br> shares Free<br> distributable<br> reserves Non-distributable<br> reserves Legal<br> reserves Currency<br> translation<br> adjustment Other<br> reserves Retained<br> earnings<br> (1) Total Non-controlling<br> interests Total
Balance at January 1, 2022 163,223 183,430 (4,772 ) 378,910 1,358,028 1,081 (321,647 ) (1,321,211 ) 32,689 469,731 303,877 773,608
Income / (loss) for the period - - - - - - - - 97,650 97,650 (9,983 ) 87,667
Other comprehensive income / (loss) for the period - - - - - - 59,504 196 - 59,700 15,153 74,853
Share-based payments reserve (Note 14.a) 52 191 98 341 - 341
Redemption of preferred shares (Note 14.c) - - - - - - - - - - (180,130 ) (180,130 )
Dividends paid to non-controlling interests in subsidiaries - - - - - - - - - - (6,499 ) (6,499 )
Balance at June 30, 2022 163,223 183,430 (4,720 ) 378,910 1,358,028 1,081 (262,143 ) (1,320,824 ) 130,437 627,422 122,418 749,840
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 - - - - - - - - (78,688 ) (78,688 ) (44,996 ) (123,684 )
Other comprehensive income for the period - - - - - - 31,787 102 - 31,889 12,430 44,319
Transfer to legal reserve - - - - - 905 - - (905 ) - - -
Transfer of treasury shares to key employees (Note 14.a) - - 1,133 - - - - (1,800 ) 667 - - -
Changes of non-controlling interests - - - - - - - - - - 642 642
Balance at June 30, 2021 163,223 183,430 (5,012 ) 378,910 1,358,028 1,081 (385,485 ) (1,322,840 ) 71,276 442,611 283,952 726,563

(1) Retained earnings calculated according to Luxembourg Law are disclosed in Note 15.

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2021.

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

For the six-month period <br><br>ended June 30,
Notes 2022<br> <br>Unaudited 2021<br> <br>Unaudited
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 9 (18,520 ) 21,603
Current income tax 9 10,487 1,511
Share of loss in associates 546 98
Impairment loss of non-financial assets 10 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 8 71,164 46,217
Share base compensation expenses 341 -
Collection of government grants 10,020 -
Interest expenses 8 101,851 59,870
Other financial results, net (23,212 ) (11,713 )
Net foreign exchange 8 (84,963 ) (53,823 )
Other accruals (7,744 ) 3,418
Inflation adjustment 13,580 (5,794 )
Government grants 7.1 571 2,936
Acquisition of intangible assets 10-17 (45,697 ) (42,240 )
Income tax paid (16,649 ) (1,487 )
Changes in working capital 17 (204,574 ) (683 )
Net cash provided by operating activities 9,634 7,176
Net cash used in discontinued operating activities - -
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 10 (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 19 (6,100 ) -
****<br><br>Cash flows from financing activities
Proceeds from borrowings 12 268,772 90,879
Guarantee deposits (401 ) (1,194 )
Principal elements of lease payments (2,155 ) (2,322 )
Loans paid 12 (173,733 ) (110,421 )
Interest paid 12 (60,097 ) (35,036 )
Debt renegotiation expenses capitalization 12 (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 )
Net cash used in discontinued financing activities - -
Decrease in cash and cash equivalents from continuing operations (578 ) (62,746 )
Decrease in cash and cash equivalents from discontinued operations (6,100 ) -
****<br><br>Movements in cash and cash equivalents
At the beginning of the period 375,783 281,031
Effects 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 11 334,915 210,284

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2021.

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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 Discontinued operations
20 Subsequent events 
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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

1 General information and significant event of the period

1.1 General information

Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”.

The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”.

The Company was formed as a private limited liability company under the laws of the Grand Duchy of Luxembourg on December 14, 2012. The Company is ultimately controlled by Southern Cone Foundation (“SCF”), a foundation organized under the laws of the Principality of Liechtenstein. The address of its registered office is in Vaduz.

The Group currently has operations in Argentina, Brazil, Uruguay, Armenia, Italy and Ecuador.

A list of the principal Group’s subsidiaries is included in Note 2 of the Consolidated Financial Statements as of December 31, 2021.

These Condensed Consolidated Interim Financial Statements have been approved for issuance by the Board of Directors on August 18, 2022.

1.2 Significant events of the period

1.2.1 Conflict between Russia and Ukraine

Russia´s war against neighboring Ukraine continues to disrupt international travel from and to Russia and Ukraine and other destinations as the flights to Russia have been banned by Western countries and by the European Union, Russia has closed its skies for carriers registered in Western countries and carriers avoid overflying the war zone. It is likely that this war will continue to disrupt supply chains, cause instability in the global economy and disrupt international travel to/from airports operated by the Company, in particular those located in Armenia.

In addition, following Russia’s invasion of Ukraine, sanctions have been announced and implemented against Russia, including, among others, travel bans and asset freezes impacting businesses, financial organizations and individuals of Russian origin some of which have been tightened as the war intensified. Wider sanctions and other actions could be imposed if the conflict further escalates.

During the first half of the year, there has been an increase in traffic in Armenia above internal projections, nevertheless and considering the uncertainty of the extension of the war and the additional measures and sanctions that could be imposed, the full extent by which the war will impact the Company’s business, results of operations, financial position and liquidity is unknown. The Company is closely monitoring the situation.

1.2.2 Covid-19 pandemic

Although Covid-19 virus continues to have an impact on the aviation industry, there was an increase in traffic across all countries in 2022 compared with the same period of previous year as travel restrictions imposed as a result of the pandemic have been lifted, mainly as from the second semester of 2021.

CAAP total passenger traffic as of June 30, 2022, increased 138.4% compared to the same period in 2021 with 28.6 million passengers served (12.0 million passengers served in 2021).

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

2         Basis of presentationand accounting policies

Basis of presentation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies used in the preparation of these Condensed Consolidated Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2021. These policies have been consistently applied to all the periods presented, unless otherwise stated. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) of the International Accounting Standards Board (“IASB”) and the Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

Elimination of all material intercompany transactions and balances between the Company and the other companies and their respective subsidiaries have been made.

The preparation of Condensed Consolidated Interim Financial Statements in accordance with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of revenues and expenses during the reporting years. Actual results may differ from these estimates.

In the preparation of these Condensed Consolidated Interim Financial Statements, the significant areas of judgment by management in the application of the Group’s accounting policies and the main areas of assumptions and estimates are consistent with those applied in the Consolidated Financial Statements for the year ended December 31, 2021.

Assets and liabilities are classified as current if settlement is expected within twelve months.

There were no changes in valuation techniques during the period and there were no changes in risk management policies since the end of the year ended December 31, 2021.

Application of IAS 29 in financial reportingof Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

Under the terms of IAS 29, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy for accounting purposes as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency.

The estimated price index as of June 30, 2022 was 792.31 (582.46 as of December 31, 2021) and the conversion factor derived from the indexes for the six-month period ended June 30, 2022, was 1.36 (1.25 for the six-month period ended June 30, 2021).

Comparative amounts are the figures presented as current year amounts in the relevant prior year consolidated financial statements, according to IAS 21, considering that they were translated into the currency of a non- hyperinflationary economy.

The ongoing application of the re-translation of comparative amounts to closing exchanges rates under IAS 21 and the inflation adjustments required by IAS 29 will lead to a difference because the rate at which the hyper-inflationary currency depreciates against a stable currency is rarely equal to the rate of inflation. The inflation adjustment and the translation of comparative amounts in the current period is included in Other comprehensive income/(loss)for the period line.

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

2         Basis of presentationand accounting policies (Cont.)

Basis of presentation (Cont.)

This re-translation changes every prior reported quarterly consolidated statement of income in U.S. dollars, as a result, the impact of quarterly inflation adjustments and quarterly translation adjustments vary the results of operation quarter to quarter until year-end.

New and amended standards adopted by the Group

A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.

3        Segment information

Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker (“CODM”) is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit providing airport and non-airport services to clients in different countries. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

Within each reportable segment, the Group develops and operates airport concessions (“Airports”) and provides other services not directly related to airport concessions (“Others”).

Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within the “Unallocated” column. This column also includes head office and group services.

The elimination of any intersegment revenues and other significant intercompany operations are included in the “Intrasegment Adjustments” column.

The information regarding the Group’s reportable operating segments is consistent with the information presented in Notes 2.V and 4 included in our audited Consolidated Financial Statements for the year ended December 31, 2021 and should be read in conjunction with them.

The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions.

In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure.

Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions.

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

3        Segment information(Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For the three-month period ended June 30, 2022 (Unaudited) Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment <br>  adjustments Unallocated Total
Aeronautical revenue ^(*)^ 80,552 - 8,158 - 10,273 - 13,578 16,746 21,529 - - 150,836
Non-aeronautical revenue ^(*)^
Commercial revenue 76,188 79 12,378 - 8,654 5,127 36,924 6,276 8,376 (2,727 ) 850 152,125
Construction service revenue 24,631 - - - 1,212 - 160 - 1,846 - - 27,849
Other revenue - - - - 3 - - - 1,843 (427 ) 427 1,846
Cost of services (125,584 ) (22 ) (18,596 ) - (11,711 ) (3,850 ) (35,151 ) (13,244 ) (26,216 ) 2,449 (2,977 ) (234,902 )
Gross profit / (loss) 55,787 57 1,940 - 8,431 1,277 15,511 9,778 7,378 (705 ) (1,700 ) 97,754
Selling, general and administrative expenses (7,944 ) (34 ) (2,493 ) (133 ) (3,325 ) (490 ) (3,231 ) (4,038 ) (4,112 ) 705 (3,543 ) (28,638 )
Impairment loss of non-financial assets - - - - - - - - (6 ) - - (6 )
Other operating income 3,906 - (158 ) - 109 - 30 - (180 ) - - 3,707
Other operating expenses (238 ) - (64 ) - (216 ) - (207 ) (4 ) - - - (729 )
Operating income / (loss) 51,511 23 (775 ) (133 ) 4,999 787 12,103 5,736 3,080 - (5,243 ) 72,088
Share of loss in associates (19 ) - - - - - - - (271 ) - (3 ) (293 )
Amortization and depreciation 22,445 - 2,833 - 1,501 318 4,247 1,613 2,776 - 3,054 38,787
Adjusted Ebitda 73,937 23 2,058 (133 ) 6,500 1,105 16,350 7,349 5,585 - (2,192 ) 110,582
Construction services revenue (24,631 ) - - - (1,212 ) - (160 ) - (1,846 ) - - (27,849 )
Construction services cost 24,580 - - - 1,212 - 156 - 1,585 - - 27,533
Adjusted Ebitda excluding Construction Services 73,886 23 2,058 (133 ) 6,500 1,105 16,346 7,349 5,324 - (2,192 ) 110,266
Construction services revenue 24,631 - - - 1,212 - 160 - 1,846 - - 27,849
Construction services cost (24,580 ) - - - (1,212 ) - (156 ) - (1,585 ) - - (27,533 )
Adjusted Ebitda 73,937 23 2,058 (133 ) 6,500 1,105 16,350 7,349 5,585 - (2,192 ) 110,582
Financial income 25,766
Financial loss (44,838 )
Inflation adjustment 5,117
Amortization and depreciation (38,787 )
Income before income tax expense 57,840
Income tax 13,764
Income from continuing operations 71,604
Loss from discontinued operations -
Income for the period 71,604

^(*)^ Mainly includes revenues recognized over time, see Note 4.

- 9 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

3        Segment information(Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For the three-month period<br> ended June 30, 2021 (Unaudited) Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment  <br><br> adjustments Unallocated Total
Aeronautical revenue ^(*)^ 14,449 - 3,999 - 2,060 - 9,490 9,996 5,711 - - 45,705
Non-aeronautical revenue ^(*)^
Commercial revenue 45,391 42 7,511 - 4,068 4,540 8,966 3,967 3,772 (2,190 ) 478 76,545
Construction service revenue 4,664 - - - 2,005 - 424 - 5,557 - - 12,650
Other revenue - - - - 8 - - - 356 (140 ) 140 364
Cost of services (67,290 ) (16 ) (14,475 ) - (10,350 ) (3,041 ) (10,449 ) (10,274 ) (20,376 ) 1,907 (3,036 ) (137,400 )
Gross (loss) / profit (2,786 ) 26 (2,965 ) - (2,209 ) 1,499 8,431 3,689 (4,980 ) (423 ) (2,418 ) (2,136 )
Selling, general and administrative expenses (8,388 ) (35 ) (2,564 ) (99 ) (1,573 ) (369 ) (2,404 ) (2,438 ) (3,232 ) 423 (2,754 ) (23,433 )
Impairment loss of non-financial assets - - - - - - - - (75 ) - - (75 )
Other operating income 1,761 - (2,740 ) - 36 - 27 1 808 - - (107 )
Other operating expenses (229 ) - (1,062 ) - (29 ) (1 ) (172 ) (2 ) - - - (1,495 )
Operating (loss)/ income (9,642 ) (9 ) (9,331 ) (99 ) (3,775 ) 1,129 5,882 1,250 (7,479 ) - (5,172 ) (27,246 )
Share of loss in associates - - - - - - - - 91 - (189 ) (98 )
Amortization and depreciation 18,522 - 2,413 - 3,053 253 3,460 1,950 2,987 - 3,243 35,881
Adjusted Ebitda 8,880 (9 ) (6,918 ) (99 ) (722 ) 1,382 9,342 3,200 (4,401 ) - (2,118 ) 8,537
Construction services revenue (4,664 ) - - - (2,005 ) - (424 ) - (5,557 ) - - (12,650 )
Construction services cost 4,636 - - - 2,005 - 412 - 5,008 - - 12,061
Adjusted Ebitda excluding Construction<br> Services 8,852 (9 ) (6,918 ) (99 ) (722 ) 1,382 9,330 3,200 (4,950 ) - (2,118 ) 7,948
Construction services revenue 4,664 - - - 2,005 - 424 - 5,557 - - 12,650
Construction services cost (4,636 ) - - - (2,005 ) - (412 ) - (5,008 ) - - (12,061 )
Adjusted Ebitda 8,880 (9 ) (6,918 ) (99 ) (722 ) 1,382 9,342 3,200 (4,401 ) - (2,118 ) 8,537
Financial income 8,828
Financial loss (15,271 )
Inflation adjustment 1,237
Amortization and depreciation (35,881 )
Loss before income tax expense (32,550 )
Income tax (22,101 )
Loss from continuing operations (54,651 )
Loss from discontinued operations (793 )
Loss for the period (55,444 )

^(*)^Mainly includes revenues recognized over time, see Note 4.

- 10 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

3        Segment information(Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For the six-month period<br> ended June 30, 2022 (Unaudited) Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment<br><br> Adjustments Unallocated Total
Aeronautical revenue ^(*)^ 147,336 - 16,282 - 21,309 - 23,936 32,437 31,394 - - 272,694
Non-aeronautical revenue ^(*)^
Commercial revenue 150,651 125 25,009 - 18,621 9,916 53,383 11,921 13,466 (5,214 ) 1,618 279,496
Construction service revenue 36,337 - - - 1,815 - 497 - 3,331 - - 41,980
Other revenue - - - - 5 - - - 2,355 (800 ) 800 2,360
Cost of services (226,679 ) (38 ) (34,561 ) - (21,684 ) (7,174 ) (53,004 ) (26,016 ) (46,187 ) 4,650 (5,934 ) (416,627 )
Gross profit / (loss) 107,645 87 6,730 - 20,066 2,742 24,812 18,342 4,359 (1,364 ) (3,516 ) 179,903
Selling, general and administrative expenses (20,944 ) (66 ) (6,428 ) (154 ) (6,039 ) (904 ) (6,191 ) (7,656 ) (7,336 ) 1,364 (5,890 ) (60,244 )
Impairment loss of non-financial assets - - - - - - - - (6 ) - - (6 )
Other operating income 7,390 - (113 ) - 140 - 51 8 (80 ) - 8 7,404
Other operating expenses (600 ) - (373 ) - (251 ) (2 ) (349 ) (9 ) - - - (1,584 )
Operating income / (loss) 93,491 21 (184 ) (154 ) 13,916 1,836 18,323 10,685 (3,063 ) - (9,398 ) 125,473
Share of loss in associates (19 ) - - - - - - - (271 ) - (256 ) (546 )
Amortization and depreciation 44,674 - 5,629 - 3,217 624 8,120 3,222 5,697 - 6,096 77,279
Adjusted Ebitda 138,146 21 5,445 (154 ) 17,133 2,460 26,443 13,907 2,363 - (3,558 ) 202,206
Construction services revenue (36,337 ) - - - (1,815 ) - (497 ) - (3,331 ) - - (41,980 )
Construction services cost 36,247 - - - 1,815 - 482 - 2,700 - - 41,244
Adjusted Ebitda excluding Construction<br> Services 138,056 21 5,445 (154 ) 17,133 2,460 26,428 13,907 1,732 - (3,558 ) 201,470
Construction services revenue 36,337 - - - 1,815 - 497 - 3,331 - - 41,980
Construction services cost (36,247 ) - - - (1,815 ) - (482 ) - (2,700 ) - - (41,244 )
Adjusted Ebitda 138,146 21 5,445 (154 ) 17,133 2,460 26,443 13,907 2,363 - (3,558 ) 202,206
Financial income 36,447
Financial loss (101,389 )
Inflation adjustment 19,649
Amortization and depreciation (77,279 )
Income before income tax expense 79,634
Income tax 8,033
Income from continuing operations 87,667
Loss from discontinued operations -
Income for the period 87,667
June 30, 2022 (Unaudited)
Current assets 277,558 84 41,681 59 31,781 4,969 56,418 34,727 78,113 (73,131 ) 179,695 631,954
Non-current assets 1,539,312 30 697,221 - 146,824 7,576 169,917 57,742 250,795 (768 ) 272,001 3,140,650
Capital Expenditure 36,338 - 936 - 5,316 337 2,564 420 3,989 - - 49,900
Current liabilities 268,748 23 154,482 1 17,727 2,998 44,150 28,397 115,418 (73,131 ) 74,726 633,539
Non-current liabilities 832,427 - 967,023 - 56,814 1,238 17,735 16,806 117,390 (768 ) 380,560 2,389,225

^(*)^Mainly includes revenues recognized over time, see Note 4.

- 11 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

3        Segment information(Cont.)

Argentina Brazil Uruguay Armenia Ecuador Italy
For the six-month period<br> ended June 30, 2021 (Unaudited) Airports Others Airports Others Airports Others Airports Airports Airports Intrasegment<br> <br> Adjustments Unallocated Total
Aeronautical revenue ^(*)^ 35,142 - 8,853 - 3,876 - 15,657 18,564 7,720 - - 89,812
Non-aeronautical revenue ^(*)^
Commercial revenue 90,478 89 15,166 - 8,039 8,376 13,847 7,677 6,653 (4,089 ) 906 147,142
Construction service revenue 29,163 - - - 2,517 - 478 752 8,658 - - 41,568
Other revenue 0 - - - 9 - - - 568 (253 ) 253 577
Cost of services (149,614 ) (30 ) (28,862 ) - (18,499 ) (5,745 ) (18,434 ) (20,250 ) (36,466 ) 3,548 (6,111 ) (280,463 )
Gross profit / (loss) 5,169 59 (4,843 ) - (4,058 ) 2,631 11,548 6,743 (12,867 ) (794 ) (4,952 ) (1,364 )
Selling, general and administrative expenses (14,819 ) (65 ) (5,096 ) (118 ) (3,191 ) (635 ) (4,714 ) (4,553 ) (6,127 ) 794 (4,650 ) (43,174 )
Impairment loss of non-financial assets - - - - - - - - (75 ) - - (75 )
Other operating income 3,384 - (2,695 ) - 76 15 40 3 808 - - 1,631
Other operating expenses (8,944 ) - (1,455 ) - (43 ) (1 ) (387 ) (4 ) - - (390 ) (11,224 )
Operating (loss) / income (15,210 ) (6 ) (14,089 ) (118 ) (7,216 ) 2,010 6,487 2,189 (18,261 ) - (9,992 ) (54,206 )
Share of loss in associates - - - - - - - - 91 - (189 ) (98 )
Amortization and depreciation 35,430 - 4,794 - 6,213 508 6,917 3,770 6,110 - 6,526 70,268
Adjusted Ebitda 20,220 (6 ) (9,295 ) (118 ) (1,003 ) 2,518 13,404 5,959 (12,060 ) - (3,655 ) 15,964
Construction services revenue (29,163 ) - - - (2,517 ) - (478 ) (752 ) (8,658 ) - - (41,568 )
Construction services cost 29,110 - - - 2,517 - 464 752 7,691 - - 40,534
Adjusted Ebitda excluding Construction<br> services 20,167 (6 ) (9,295 ) (118 ) (1,003 ) 2,518 13,390 5,959 (13,027 ) - (3,655 ) 14,930
Construction services revenue 29,163 - - - 2,517 - 478 752 8,658 - - 41,568
Construction services cost (29,110 ) - - - (2,517 ) - (464 ) (752 ) (7,691 ) - - (40,534 )
Adjusted Ebitda 20,220 (6 ) (9,295 ) (118 ) (1,003 ) 2,518 13,404 5,959 (12,060 ) - (3,655 ) 15,964
Financial income 16,024
Financial loss (57,586 )
Inflation adjustment (3,455 )
Amortization and depreciation (70,268 )
Loss before income tax expense (99,321 )
Income tax (23,114 )
Loss from continuing operations (122,435 )
Loss from discontinued operations (1,249 )
Loss for the period (123,684 )
December 31, 2021 (Audited)
Current assets 232,737 82 41,384 27 21,436 4,264 71,315 43,357 101,116 (60,620 ) 171,219 626,317
Non-current assets 1,395,707 27 670,006 114 144,164 7,863 148,838 57,798 274,947 (768 ) 295,618 2,994,314
Capital Expenditure 53,501 - 1,838 - 5,511 2,556 7,629 779 19,927 - - 91,741
Current liabilities 284,442 40 328,750 - 12,345 3,180 30,067 35,749 117,933 (60,620 ) 90,401 842,287
Non-current liabilities 684,460 - 663,012 - 60,225 2,010 41,309 20,051 141,898 (768 ) 392,539 2,004,736

^(*)^Mainly includes revenues recognized over time, see Note 4.

- 12 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

4       Revenue

For<br> the three-month period <br><br> ended June 30, For<br> the six-month period <br><br> ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Aeronautical revenue 150,836 45,705 272,694 89,812
Non-aeronautical revenue
Commercial revenue 152,125 76,545 279,496 147,142
Construction service revenue 27,849 12,650 41,980 41,568
Other revenue 1,846 364 2,360 577
332,656 135,264 596,530 279,099
Timing of revenue recognition
Over time 247,623 106,303 444,282 224,593
At a point in time 30,378 5,093 42,479 7,730
Revenues accounted for under IFRS<br> 16 54,655 23,868 109,769 46,776
Revenue 332,656 135,264 596,530 279,099

5        Costof services

For<br> the three-month period<br> ended June 30, For<br> the six-month period <br> ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Salaries and social security contributions (54,094 ) (33,410 ) (96,189 ) (64,591 )
Concession fees ^(1)^ (39,369 ) (20,726 ) (74,780 ) (39,914 )
Amortization and depreciation ^(2)^ (36,890 ) (33,797 ) (73,525 ) (66,048 )
Construction services cost (27,533 ) (12,061 ) (41,244 ) (40,534 )
Cost of fuel (27,074 ) (4,229 ) (37,632 ) (6,623 )
Maintenance expenses (26,268 ) (19,068 ) (50,695 ) (35,494 )
Services and fees (14,358 ) (9,874 ) (27,924 ) (19,199 )
Office expenses (2,420 ) (1,139 ) (4,070 ) (2,058 )
Taxes (988 ) (660 ) (1,936 ) (1,439 )
Provision for maintenance costs (950 ) (681 ) (1,825 ) (1,025 )
Others (4,958 ) (1,755 ) (6,807 ) (3,538 )
(234,902 ) (137,400 ) (416,627 ) (280,463 )

^(1)^ Includes depreciation for fixed concession assets fee of USD 10,677 as of June 30, 2022 (USD 8,155 as of June 30, 2021).

^(2)^ Includes depreciation of leases of USD 1,756 as of June 30, 2022 (USD 1,428 as of June 30, 2021).

6        Selling,general and administrative expenses

For<br> the three-month period <br><br> ended June 30, For<br> the six-month period <br><br> ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Taxes ^(1)^ (12,661 ) (5,165 ) (21,801 ) (9,848 )
Services and fees (9,931 ) (6,937 ) (18,164 ) (13,610 )
Salaries and social security contributions (8,995 ) (4,959 ) (15,797 ) (9,129 )
Amortization and depreciation ^(2)^ (1,897 ) (2,084 ) (3,754 ) (4,220 )
Insurance (587 ) (550 ) (1,166 ) (1,084 )
Office expenses (730 ) (261 ) (1,177 ) (570 )
Maintenance expenses (513 ) (136 ) (876 ) (241 )
Advertising (381 ) (58 ) (556 ) (182 )
Bad debts (3,452 ) (3,651 ) (8,182 ) (6,018 )
Bad debts recovery ^(3)^ 12,353 1,879 14,892 4,047
Other (1,844 ) (1,511 ) (3,663 ) (2,319 )
(28,638 ) (23,433 ) (60,244 ) (43,174 )

^(1)^ Mainly includes taxes over bank transactions and tax on revenue.

^(2)^ Includes depreciation of leases of USD 488 as of June 30, 2022 (USD 473 as of June 30, 2021).

^(3)^ During 2022 mainly includes recoveries in Argentina, as detailed in Note 15.a.

- 13 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

7       Otheroperating results

7.1       Otheroperating income

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Government grant ^(*)^ 3,839 1,470 7,317 3,092
Government subsidies per Covid-19 context ^(**)^ (571 ) (2,936 ) (571 ) (2,936 )
Other 439 1,359 658 1,475
3,707 (107 ) 7,404 1,631
(*) Corresponds to government grants for the development of airport<br>infrastructure in Group A (operated by AA2000) of the National Airport System. There are no unfulfilled conditions or other contingencies<br>attaching to these grants.
--- ---
(**) As stated in Note 8 of the Consolidated Financial Statements<br>as of December 31, 2021, due to the impact generated by the pandemic, the Brazilian subsidiaries filed a claim for economic-financial<br>re-equilibrium of its concession contracts. This was possible due to the Brazilian Government recognition that the Covid-19 pandemic<br>is a case of "force majeure" or "fortuitous event" concluding that the loss from the impact of the pandemic is not<br>part of the risks assumed by the private sector and must be compensated by the Federal Government. In view of this, Agência Nacional<br>de Aviação Civil (“ANAC”) defined as a condition for this re-equilibrium the compensation according to the<br>companies projected operational result in the scenario without pandemic.
--- ---
In December 2021 and 2020, the ANAC approved the extraordinary<br>revision of the Concession Agreements of the Brasília and Natal Airport due to the damages caused by the Covid-19 pandemic in<br>order to reconstitute its economic-financial balance considering a preliminary estimation as of year-end.
---
In June 2022, the final amount referring to the reconstitution<br>for the year 2021 for the Natal airport was determined, resulting in a reversal of USD 209 compared to the amount that was initially<br>estimated and recognized as an Other operating income as of December 31, 2021.
---
In June 2021, the final amount referring to the reconstitution<br>for the year 2020 was determined, resulting in a reversal of USD 2,936 (USD 2,569 and USD 367 related to Brasilia and Natal airports<br>respectively) compared to the amount that was initially estimated and recognized as an Other operating income as of December 31, 2020.
---
In June 2022, the final amount referring to the compensation<br>granted to Toscana Aeroporti S.p.A. was determined, resulting in a reversal of approximately<br> € 339 thousand (equivalent to USD 362).
---

7.2       Otheroperating expenses

For the three-month period<br><br> ended June 30, For the six-month period <br><br>ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Other operating loss ^(*)^ (729 ) (1,495 ) (1,584 ) (11,224 )

(*) As of June 30, 2021, mainly includes Argentine legal proceedings as detailed in Note 26.a. of the audited Consolidated Financial Statements as of December 31, 2021.

- 14 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

8       Financial results, net

For the three-month period <br> ended June 30, For the six-month period <br><br>ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Interest income 14,288 5,587 24,005 11,594
Foreign exchange income 7,144 479 7,262 729
Other financial income 4,334 2,762 5,180 3,701
Financial income 25,766 8,828 36,447 16,024
Interest expense (49,107 ) (30,284 ) (101,851 ) (59,870 )
Foreign exchange loss 40,156 39,484 77,701 53,094
Changes in liability for concessions ^(1)^ (33,007 ) (22,171 ) (71,164 ) (46,217 )
Other financial loss (2,880 ) (2,300 ) (6,075 ) (4,593 )
Financial loss (44,838 ) (15,271 ) (101,389 ) (57,586 )
Inflation adjustment 5,117 1,237 19,649 (3,455 )
Inflation adjustment 5,117 1,237 19,649 (3,455 )
Net financial results (13,955 ) (5,206 ) (45,293 ) (45,017 )

^(1)^ Corresponds to changes in the liabilities of Brazilian concessions due to passage of time and inflation adjustment.

9        Income tax

For the three-month period<br><br> ended June 30, For the six-month period<br><br> ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Current income tax (6,740 ) (789 ) (10,487 ) (1,511 )
Deferred income tax 20,504 (21,312 ) 18,520 (21,603 )
13,764 (22,101 ) 8,033 (23,114 )

In June 2021, Law 27,630 was issued in Argentina, which sets gradual percentages over net income for the determination of the income tax. Both, current income tax and deferred income tax of Argentinean companies was calculated considering these new percentages.

On May 23, 2022, AA2000 presented the tax filling for year 2021, charging the computable tax losses from previous years in accordance with the restated mechanism provided by the tax laws in Argentina.

- 15 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

10        Intangible assets,net

Concession<br><br> Assets Goodwill Patent,<br><br> intellectual<br><br> property rights<br><br> and others Total
Cost
Balances at January 1, 2022 4,243,258 9,543 22,812 4,275,613
Acquisitions 45,775 - 412 46,187
Impairment (6 ) - - (6 )
Disposals (240 ) - - (240 )
Transfers (55 ) - 55 -
Transfer of concession assets to the grantor ^(*)^ (7,956 ) - - (7,956 )
Transfer to property, plant and equipment (2 ) - - (2 )
Translation differences and inflation<br> adjustment 303,625 (774 ) (1,383 ) 301,468
4,584,399 8,769 21,896 4,615,064
Depreciation
Accumulated at January 1, 2022 1,512,731 - 19,911 1,532,642
Depreciation of the period 79,642 - 540 80,182
Disposals (38 ) - - (38 )
Transfer (4 ) - 4 -
Transfer of concession assets to the grantor ^(*)^ (1,504 ) - - (1,504 )
Translation differences and inflation<br> adjustment 111,815 - (1,470 ) 110,345
1,702,642 - 18,985 1,721,627
At June 30, 2022 2,881,757 8,769 2,911 2,893,437
Cost
Balances at January 1, 2021 3,855,479 5,733 23,489 3,884,701
Acquisition of business - 4,501 663 5,164
Acquisitions 42,661 - 160 42,821
Impairment (75 ) - - (75 )
Disposals (18 ) - (348 ) (366 )
Transfer from property plant and equipment 14 - - 14
Transfer to property, plant and equipment (6 ) - - (6 )
Translation differences and inflation<br> adjustment 200,004 (234 ) (569 ) 199,201
4,098,059 10,000 23,395 4,131,454
Depreciation
Accumulated at January 1, 2021 1,247,384 - 20,833 1,268,217
Depreciation of the period 71,650 - 422 72,072
Disposals (4 ) - (348 ) (352 )
Transfer from property plant and equipment 11 - - 11
Translation differences and inflation<br> adjustment 66,109 - (598 ) 65,511
1,385,150 - 20,309 1,405,459
At June 30, 2021 2,712,909 10,000 3,086 2,725,995

^(*)^ As stated in Note 33 of the Consolidated Financial Statements for the year ended December 31, 2021, on March 1, 2022, the operations of the Aeronautical and Air Traffic Telecommunications Service Provider Station and the Airport Control Tower of Inframérica Concessionaria do Aeroporto São Gonçalo do Amarante S.A were transferred to the Airspace Control Department, amounting a net value of R$ 33.7 million (equivalent to approximately USD 7 million). As of June 30, 2022, the compensation estimated to be received regarding the concession assets transferred is equivalent to approximately USD 6.4 million and is included in Other Receivables within Non-Current assets of the Condensed Consolidated Interim Statement of Financial Position.

Due to the increase of traffic witnessed during 2022 across all countries as reported in Note 1.2.2, the Group has not identified impairment indicators except in the Brazilian segment.

Therefore, the Group performed impairment tests based on cash flow projections covering the remaining concessions periods (value in use), based on certain assumptions that required management judgment combined with historical information such as number of passenger, fees, future operating expenses and discount rate.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs) of a subsidiary or group of subsidiaries that are expected to benefit from such business combination.

As of June 30, 2022 and 2021, the recoverable amount of aforementioned CGU´s exceed their respective carrying amount.

- 16 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

11       Cash and cash equivalents

At June 30,<br> <br>2022<br> <br>(Unaudited) At December 31,<br> <br>2021<br> <br>(Audited)
Cash to be deposited 463 356
Cash at banks 291,355 336,546
Time deposits 8,808 9,250
Other cash equivalents 34,289 29,631
334,915 375,783

The Group considers that its cash and cash equivalents have low credit risk based, mainly, on the external credit ratings of the counterparties.

As of June 30, 2022, cash and cash equivalents does not include restricted cash on deposit as collateral (USD 964 as of December 31, 2021).

12        Borrowings

At June 30,<br> <br>2022<br> <br>(Unaudited) At December 31,<br> <br>2021<br> <br>(Audited)
Non-current
Bank and financial borrowings ^(**)^ 383,906 258,248
Notes ^(*)^ 918,829 760,089
1,302,735 1,018,337
Current
Bank and financial borrowings ^(**)^ 154,084 354,023
Notes ^(*)^ 62,753 67,243
216,837 421,266
Total Borrowings 1,519,572 1,439,603

Changes in borrowings during the period is as follows:

Forthe six-month periodended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Balances at the beginning of the period 1,439,603 1,344,817
Loans obtained 268,772 90,879
Loans paid (173,733 ) (110,421 )
Interest paid (60,097 ) (35,036 )
Accrued interest for the period 59,910 53,151
Debt renegotiation expenses capitalization (1,578 ) (552 )
Translation differences and inflation adjustment (13,305 ) (3,152 )
Balances at the end of the period 1,519,572 1,339,686

The maturity of borrowings is as follows:

1 year or less 1 - 2 years 2 – 5 years Over 5 years Total
At June 30, 2022 ^(1)^ 320,415 239,003 611,120 984,668 2,155,206
At December 31, 2021 ^(1)^ 524,338 232,950 500,228 711,660 1,969,176

^(1)^The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

- 17 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

^(*)^Notes include the following as of June 30, 2022:

Company Note Issuance Currency Maturity Interest rate Outstanding<br> (in millions<br> of<br> )
ACI Airport Sudamérica<br> S.A.U. (“ACI”) Senior secured guarantee notes November 2021 November 2034 Fixed 6.875%
Senior secured guarantee notes May 2015, May 2020 ^(1)^ November 2032 Fixed 6.875%
Corporación<br> América Italia S.p.A. (“CAI”) Secured notes January<br> 2020 Euros December<br> 2024 Fixed 4.556%
Senior secured guarantee<br> notes February<br> 2017, May 2020 ^(1)^ February<br> 2027 Fixed 6.875%
October 2021 August 2031 Fixed 8.5%
Class 2 Notes Series 2020 August 2020 (2) August 2022 Fixed 0.00%
Aeropuertos Argentina 2000 S.A. Class 3 Notes September 2021 (2) September 2023 Fixed 4.00%
(“AA2000”) Class 1 Series 2021 Notes November 2021 August 2031 Fixed 8.5%
Class 4 Notes November 2021 November 2028 Fixed 9.5%
Class 5 Notes February 2022 (2) February 2032 Fixed 5.5%
Class 6 Notes February 2022 ( 2) February 2025 Fixed 2.0%
Total

All values are in US Dollars.

(1) A partial exchange of the notes initially issued was performed<br>during 2020 and 2021, which is detailed below
(2) These notes are dollar-linked, denominated in U.S. dollars but<br>issued and paid in Argentine pesos
--- ---

(*) Notes include the following as of December 31. 2021:

Company Note Issuance Currency Maturity Interest rate Outstanding<br> (in<br> millions of<br> )
ACI<br> Airport Sudamérica S.A.U. (“ACI”) Senior secured guarantee<br> notes November<br> 2021 November<br> 2034 Fixed 6.875%
Senior secured guarantee notes May<br> 2015, May 2020 ^(1)^ November<br> 2032 Fixed<br> 6.875%
Corporación<br> América Italia S.p.A. (“CAI”) Secured<br> notes January<br> 2020 Euros December<br> 2024 Fixed<br> 4.556%
Aeropuertos Argentina 2000 S.A.<br> (“AA2000”) Senior secured guarantee notes February<br> 2017, May 2020 ^(1) (2)^ February<br> 2027 Fixed<br> 6.875%
October 2021 August 2031 Fixed 8.5%
Class 2 Notes Series 2020 August 2020 (2) August 2022 Fixed 0.00%
Class 3 Notes September<br> 2021 (2) September<br> 2023 Fixed 4.00%
Class 1 Series 2021 Notes November<br> 2021 August 2031 Fixed 8.5%
Class 4 Notes November<br> 2021 November<br> 2028 Fixed 9.5%
Total

All values are in US Dollars.

(1) A partial exchange of the notes initially issued was performed<br>during 2020 and 2021, which is detailed below
(2) These notes are dollar-linked, denominated in U.S. dollars but<br>issued and paid in Argentine pesos
--- ---
- The holders of the Senior Secured Guarantee Notes of ACI (“ACI Existing Notes”) benefit from<br>a guarantee and a security package including the pledge of the shares in PDS and Cerealsur S.A., and certain accounts of Cerealsur and<br>ACI. As of June 30, 2022 and December 31, 2021, they were guaranteed with a debt service reserve account of ACI and the funds contained<br>therein. These notes are fully and unconditionally guaranteed by Cerealsur S.A.
--- ---

On May 26, 2020, ACI issued USD 180.9 million aggregate principal amount of 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 to repurchase and exchange 93.6% of the total original principal amount of the ACI Existing Notes obtaining consents to certain proposed amendments to the indenture governing the ACI Existing Notes and certain waivers. The main covenants and guarantees remain unchanged except for the incorporation of ACI’s shares pledge.

On November 12, 2021 ACI issued USD 246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 (the “New Notes”) consolidating the repurchase and exchange of 40.62% of the total original principal amount of the Series 2015 Notes, 96.43% of the total original amount of the Series 2020 Notes and a new money offering of USD 52.9 in a private transaction under the same terms as the New Notes. The main guarantees remain unchanged while the covenants over ACI Existing Notes were eliminated, an Interest payment account was funded with a portion of the proceeds of the issuance of the New Notes, amounting as of June 30, 2022, USD 21.5 million and a stand by letter was issued by Goldman Sachs Bank for USD 8.5 million.

- The main covenants on the secured notes of CAI are limitations to take additional indebtedness, make payments<br>of dividends and other payments that are specifically restricted, selling assets as well as requiring compliance with certain financial<br>ratios.

The Italian Notes are secured by an economic first ranking pledge in respect of all the shares representing 100% of the share capital of CAI, 100% of the share capital of Dicasa Spain S.A.U. and the shares representing CAI’s holding in Toscana Aeroporti S.p.A.

- 18 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

- The main covenants of the senior secured guarantee notes of AA2000 (“AA2000 Existing Notes”)<br>require compliance with certain financial ratios as well as restriction to incur additional debt and limitations on the payments of dividends<br>if any default, whether declared or not, has occurred. Notes issued by AA2000 are secured by a collateral assignment of fiduciary rights<br>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 aforementioned program establishes the issuance of simple Notes not convertible into shares with a principal value of up to USD 500 million, or its equivalent in other currencies, during a period of five years commencing on the date of approval of the Global Program by the Argentine Comisión Nacional de Valores (“CNV”). i.e. April 17, 2020. The principal value was increased up to USD 1,500 million after an ordinary general meeting of holders held on June 15, 2021 and the approval of the CNV on July 11, 2021, which left unchanged the issuance period of five years from the date of the original approval.

On May 20, 2020 AA2000 issued USD 306 million aggregate principal amount of 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) in exchange of 86.73% of the total original principal amount of AA2000 Existing Notes and obtained consents to certain proposed amendments and waivers to the indenture governing AA2000 Existing Notes after completion of required conditions; the approval of the National Airports Regulatory Organization (Organismo Regulador del Sistema Nacional de Aeropuertos) (the “ORSNA”) on April 24, 2020, issuing the Resolution No. 21/2020 pursuant to which the collateral assignment of revenue under AA2000 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. Accrued interest is capitalized quarterly. From May 1, 2021, the expiry date of the PIK Period, New Notes accrue interest at a rate of 6.875% per annum until their maturity date, payable quarterly. The main covenants and guarantees remain unchanged.

On September 8, 2021 AA2000 issued USD 30.5 million aggregate principal amount of 4.00% Class 3, repayable in a single payment at maturity.

On October 28, 2021, AA2000 issued USD 208.9 million aggregate principal amount of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031 (the “Series 2021 Notes”) to repurchase and exchange 24.61% of the total original principal amount of the Series 2017 Notes and 66.83% of the original principal amount of Series 2020 Additional Notes. Additionally, on November 4, 2021, AA2000 issued USD 64 million of Series 2021 Notes related to a new fund raising.

The Series 2021 Notes and the Existing Notes not exchanged are secured by the collateral currently securing the Existing Notes on a pro rata and pari passu basis. In addition, to secure its obligations under the Series 2021 Notes, AA2000, together with the relevant parties thereto, amended the cargo trust agreement dated August 9, 2019, entered into by AA2000 and the trustee (as amended, the “Cargo Trust”) in order to include holders of Series 2021 Notes as beneficiaries therein, granting them a security interest which is subordinated to (i) the rights of creditors under certain existing loans of AA2000, and (ii) any debt permitted to be incurred to finance or refinance any capital expenditures made or to be made pursuant to the concession agreement entered into by AA2000 with the Argentine National Government (as amended form time to time, the “Concession Agreement”) for the operation of the airports in Argentina.

Once the Existing Notes not exchanged in the Exchange Offer mature or are cancelled in full, AA2000 is required to amend and restate the Cargo Trust and the current trust related to the tariffs dated January 19, 2017, entered into by AA2000 and the trustee thereto (the “Tariffs Trust”), so that the Series 2021 Notes become secured under the Cargo Trust on a pro rata and pari passu basis with the existing beneficiaries of the Cargo Trust, and these beneficiaries in turn become secured under the Tariffs Trust on a pro rata and pari passu basis with the Series 2021 Notes. In accordance with the Concession Agreement, the collateral assignment of revenue must be authorized by ORSNA. ORSNA approved, on October 15 2021, the amendment of the Tariffs Trust and of the Cargo Trust to include the Series 2021 Notes as beneficiaries thereto (including their future amendment and restatement, once the Existing Notes are cancelled in full). Furthermore, AA2000 received the approval from the Central Bank of Argentina to establish a non-interest bearing U.S. dollar trust account in the United States to secure the Series 2021.

- 19 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

On November 4, 2021 AA2000 additionally issued USD 62 million aggregate principal amount of Class 4 Senior Secured Notes related to a new money offering, having a maturity of seven years, i.e. November 1, 2028, bearing an annual interest rate of 9.5%. The Senior Secured Notes are secured by a first priority lien on the Cargo Trust on a pari passu basis with certain commercial bank lenders to AA2000 and a second priority lien with new debt incurred by AA2000 to fund infrastructure works for a total amount of up to USD 235 million.

On February 21, 2022, AA2000 issued USD 174 million of dollar-linked notes, in the local market, in two tranches:

- USD 138 million of Class 5 Notes, with an annual interest rate of 5.5%, five-year grace period and quarterly<br>amortization, starting May 2027. AA2000 will use these proceeds to fund infrastructure works in the Group “A” airports, within<br>the National Airports System;
- USD 36 million of Class 6 Notes, with an interest rate of 2%,<br>maturing in February 2025.
--- ---

In June 2022, AA2000 repurchased USD 2 million of dollar-linked notes issued in August 2020.

- 20 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

^(**)^ As of June 30, 2022, significant bank and financial borrowings include the following:

Company Lender Currency Maturity Interest Rate Outstanding<br> (In millions<br> of ) Capitalization^(2)^
Inframerica Concessionaria<br> do Aeroporto Sao Goncalo do Amarante S.A. BNDES R$ September<br> 2032 Variable TJLP^(1)^plus spread
BNDES R$ June<br> 2032 Variable T.R.<br> plus spread plus IPCA
BNDES R$ September<br> 2032 Variable T.R.<br> plus spread plus IPCA A
BNDES R$ September<br> 2022 Fixed 2.50%
BNDES R$ July<br> 2032 Variable T.R.<br> plus spread plus IPCA
Inframerica<br> Concessionaria do Aeroporto de Brasilia S.A. BNDES R$ December<br> 2033 Variable TJLP^(1)^plus spread A
Bradesco R$ July<br> 2022 Variable TJLP^(1)^plus spread D
Votorantim R$ March<br> 2023 Variable CDI<br> plus spread C
Terminal Aeroportuaria de Guayaquil S.A Banco<br> Guayaquil SA USD February<br> 2026 Variable T.R.E.^(3)^plus spread D
Banco<br> Guayaquil SA USD December<br> 2025 Variable T.R.E.^(3)^plus spread D
Banco<br> Bolivariano CA USD December<br> 2025 Variable T.R.E.^(3)^plus spread D
Banco<br> Bolivariano CA USD November<br> 2024 Variable T.R.E.^(3)^plus spread D
Terminal<br> de Cargas de Uruguay S.A. Santander<br> Uruguay USD April<br> 2023 Fixed 4.40% D
Scotiabank<br> Uruguay USD October<br> 2024 Fixed 4.30% D
Scotiabank<br> Uruguay USD February<br> 2026 Fixed 4.30% D
Toscana<br> Aeroporti S.p.A. Banco<br> de Innovación de Infraestructuras y Desarrollo Euro September<br> 2027 Variable Euribor<br> 6 month plus spread D
BPM Euro December<br> 2023 Fixed 1.65% D
Unicredit Euro November<br> 2022 Fixed 1.50% D
Unicredit Euro September<br> 2022 Fixed 1.75% D
BNL Euro October<br> 2022 Fixed 1.50% D
ISP-SACE Euro September<br> 2026 Variable Euribor<br> 3 month plus spread D
BPM Euro June<br> 2023 Variable Euribor<br> 3 month plus spread D
BPM Euro June<br> 2024 Variable Euribor<br> 3 month plus spread D
BPM Euro July<br> 2022 Fixed 0.50% D
MPS<br> Servicio capital Euro September<br> 2022 Fixed 0.35% D
Banca<br> Intesa San Paolo Euro March<br> 2023 Fixed 1.60% D
Armenia International Airports C.J.S.C. Ameriabank C.J.S.C. USD June<br> 2024 Variable Libor<br> 6 month plus spread ^(6)^ B
Euro June 2024 Variable Euribor 6 month plus spread
Aeropuerto<br> de Neuquén S.A. Banco<br> Macro ARS November<br> 2024 Variable BADLAR<br> plus spread A
Aeropuertos Argentina 2000 S.A. Banco<br> de la Provincia de Buenos Aires USD July<br> 2024 Fixed 7.00% D
Industrial<br> 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<br> 2022 Fixed 9.75% A
Onshore<br> renegotiation ARS November<br> 2024 Variable BADCOR<br> plus spread A
Onshore<br> renegotiation - ICBC USD November<br> 2024 Fixed 8.50% A
Citibank<br> N.A. ^(5)^ USD February<br> 2023 Variable SOFR<br> plus spread A
Offshore<br> renegotiation ARS November<br> 2024 Variable BADCOR<br> plus spread A
Eurobank USD March<br> 2024 Fixed 8.00%<br> - 9.00% C
Banco<br> Ciudad USD November<br> 2023 Fixed 6.00% B
Banco<br> Macro USD December<br> 2022 Fixed 7.75% B
Consorcio<br> Aeropuertos Internacionales S.A. Santander<br> Uruguay USD April<br> 2027 Fixed 5.10% B
Banco<br> Itaú USD April<br> 2027 Fixed 3.80%
Puerta del Sur S.A. Banco<br> de la República Oriental del Uruguay USD March<br> 2028 Variable 4.15% C
Others
Total

All values are in US Dollars.

- 21 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings (Cont.)

^(**)^ As of December 31, 2021, significant bank and financial borrowings include the following:

Company Lender Currency Maturity Interest Rate Outstanding<br> (In millions<br> of ) Capitalization^(2)^
Inframérica<br> Concessionaria do Aeroporto São Gonçalo do Amarante S.A. BNDES R$ September<br> 2032 Variable TJLP^(1)^plus spread A
BNDES R$ June<br> 2032 Variable T.R.<br> plus spread plus IPCA
BNDES R$ September<br> 2032 Variable T.R.<br> plus spread plus IPCA
BNDES R$ September<br> 2022 Fixed 2.50%
BNDES R$ July<br> 2032 Variable T.R.<br> plus spread plus IPCA
Inframérica<br> Concessionaria do Aeroporto de Brasilia S.A. BNDES R$ December<br> 2033 Variable TJLP^(1)^plus spread A
Bradesco R$ July<br> 2022 Variable TJLP^(1)^plus spread D
Votorantim R$ June<br> 2022 Variable CDI<br> plus spread C
Terminal<br> Aeroportuaria de Guayaquil S.A Banco<br> Guayaquil SA USD February<br> 2026 Variable T.R.E.^(3)^plus spread D
Banco<br> Guayaquil SA USD December<br> 2025 Variable T.R.E.^(3)^plus spread D
Banco<br> Bolivariano CA USD December<br> 2025 Variable T.R.E.^(3)^plus spread D
Banco<br> Bolivariano CA USD November<br> 2024 Variable T.R.E.^(3)^plus spread D
Terminal de Cargas de Uruguay S.A. Santander<br> Uruguay USD April<br> 2023 Fixed 4.40% D
Scotiabank<br> Uruguay USD October<br> 2024 Fixed 4.30% D
Scotiabank<br> Uruguay USD February<br> 2026 Fixed 4.30% D
Toscana<br> Aeroporti S.p.A. MPS<br> Servicio capital Euro June<br> 2022 Variable Euribor<br> 6 month plus spread B
Banco<br> de Innovación de Infraestructuras y Desarrollo Euro September<br> 2027 Variable Euribor<br> 6 month plus spread D
BPM Euro January<br> 2022 Fixed 0.5% D
BPM Euro December<br> 2023 Fixed 1.65% D
Unicredit Euro March<br> 2022 Fixed 0.75% D
Unicredit Euro May<br> 2022 Fixed 0.75% D
BNL Euro April<br> 2022 Fixed 0.60% D
ISP-SACE Euro September<br> 2026 Variable Euribor<br> 3 month plus spread D
CREDEM Euro January<br> 2022 Fixed 0.09% D
BPM Euro June<br> 2023 Variable Euribor<br> 3 month plus spread D
BPM Euro June<br> 2024 Variable Euribor<br> 3 month plus spread D
MPS<br> Servicio capital Euro March<br> 2022 Fixed 0.38% D
Banca<br> Intesa San Paolo Euro March<br> 2022 Fixed 1.20% D
Armenia<br> International Airports C.J.S.C. Ameriabank<br> C.J.S.C. USD June<br> 2024 Variable Libor<br> 6 month plus spread ^(6)^ B
Euro June 2024 Variable Euribor 6 month plus spread
HSBC<br> Bank Armenia C.J.S.C. Dram June<br> 2022 Fixed 11%<br> ^(4)^ D
Aeropuerto<br> de Neuquén S.A. Banco<br> Macro USD February<br> 2022 Variable Libor<br> plus spread A
Aeropuertos<br> Argentina 2000 S.A. Banco<br> de la Provincia de Buenos Aires USD July<br> 2023 Fixed 7.00% D
Industrial<br> 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<br> 2022 Fixed 9.75% A
Onshore<br> renegotiation ARS November<br> 2024 Variable BADCOR<br> plus spread A
Onshore<br> renegotiation - ICBC USD November<br> 2024 Fixed 8.50% A
Citibank<br> N.A. ^(5)^ USD February<br> 2023 Variable Libor<br> plus spread A
Offshore<br> renegotiation ARS November<br> 2024 Variable BADCOR<br> plus spread A
Banco<br> Ciudad USD November<br> 2023 Fixed 6.00% B
Banco<br> Macro USD December<br> 2022 Fixed 7.75% B
Consorcio<br> Aeropuertos Internacionales S.A. Santander<br> Uruguay USD April<br> 2027 Fixed 5.10% B
Banco<br> Itaú USD April<br> 2027 Fixed 3.80%
Puerta del Sur S.A. Banco<br> de la República Oriental del Uruguay USD March<br> 2028 Fixed 3.11% A
Others
Total

All values are in US Dollars.

^(1)^TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest rate)

IPCA: corresponds to the Brazilian Consumer Price index

^(2)^ A

  • Secured/guaranteed

B

  • Secured/unguaranteed

C

  • Unsecured/guaranteed

D

  • Unsecured/unguaranteed

R$

  • Brazilian Reales

^(3)^T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest rate)

^(4)^Effective interest rate is 5.5% as 50% of interest rate is subsidized by Armenian Government

^(5)^Comprises loans with Industrial and Commercial Bank of China (Argentina) S.A., Banco Galicia and Buenos Aires S.A.U., Banco Santander Río S.A. (“the onshore credit facility”) and Citibank N.A. (“the offshore credit facility”).

^(6)^There have been general communications with the financial institution regarding the change of the reference rate, but specific changes to contracts required by IBOR reform have not yet been proposed or agreed. A sensitivity analysis considering this situation has been performed and concluded that no material impacts could derive from this change.

- 22 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12        Borrowings(Cont.)

- The Credit Facility Agreement between Inframérica Concessionária<br>do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) and the Banco Nacional do Desenvolvimento Econômico<br>e Social (“BNDES”) is secured by the pledge of the shares of Inframérica Concessionária do Aeroporto de São<br>Gonçalo do Amarante S.A, together with any dividends and distributions in connection therewith, as well as the fiduciary assignment<br>of rights arising under the Natal Airport concession agreement and certain letters of guarantees issued by indirect shareholders and<br>affiliates of Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. It also establishes<br>a required pre-authorization by BNDES on payments of Inframérica Concessionária do Aeroporto de São Gonçalo<br>do Amarante S.A. dividends if exceeding 25% of net profits.

The Credit Facility Agreement between Inframérica Concessionária do Aeroporto de Brasilia (“ICAB”) and BNDES is secured by the pledge of Inframérica Concessionária do Aeroporto de Brasilia and Inframérica Participaçoes S.A. shares, the fiduciary assignment of rights arising under the Brasilia airport concession agreement and letters of guarantee issued by indirect shareholders and affiliates of Inframérica Concessionária do Aeroporto de Brasilia. It also establishes under certain circumstances a required pre-authorization by BNDES on payments of Inframérica Concessionária do Aeroporto de Brasilia dividends if exceeding 25% of net profits and compliance of certain financial ratios.

During 2017 and 2018 ICAB and ICASGA entered into amendments and extension agreements with BNDES with respect to the above loans in the case of ICASGA including an early repayment of a large part of the original debt and in the case of ICAB including the extension of the final maturity and an increasing of the amount available under the credit facility.

In connection with such amendments and extension agreements, ACI Airports S.à r.l. and CAAP have agreed not to create any encumbrances on their shares in Inframérica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframérica or any change of control in Inframérica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l. has agreed to maintain a minimum credit rating (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least B-/B3, which has been achieved as of June 30, 2022.

Additionally, as of December 31, 2021, ICAB did not paid in full the 2021’s fixed concession fee and, therefore, was not in compliance with certain covenant under the BNDES loan agreement.

The forgoing has occurred because, pursuant to Portaria 139, ICAB requested to reprofile 50% of fixed concession fee which was due and payable in December 31, 2021 and, even though, the Brazilian Ministry of Infrastructure had granted its approval, ANAC denied ICAB’s request, and initiated administrative proceedings with a view to declaring ICAB in default of its payment obligations.

Therefore, ICAB initiated a judicial procedure and, on February 2, 2022, a writ of mandamus was granted by a Federal judge suspending any act or enforceability in connection with the unpaid portion of the concession fee due to ANAC. Although there can be no assurance as to the outcome of the proceedings, ICAB believes that based on the opinion of the ICAB’s external legal advisors, it is not likely that the writ of mandamus is rescinded by the justice.

In January, 2022, ICAB cancelled an existing loan and entered into a new loan in U.S. dollars with Banco Votorantim S.A. – Bahamas Branch due in March 2023. This loan is secured by a guarantee letter issued by CAAP for a total amount of USD 2.7 million or its equivalent in Brazilian Real which cannot be lower than R$ 15.2 million-plus interest. Further payments under the loan are protected from the exposure to U.S. dollars exchange rate fluctuation with a cash flow swap derivative with Banco Votorantim S.A. Brazil.

- 23 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12       Borrowings(Cont.)

- On December 15, 2015 Armenia International Airports C.J.S.C.<br>entered into a senior secured dual-currency facility agreement with Credit Suisse AG (and other banks) for a principal amount up to USD<br>160 million, which is secured by the collateral assignment of all present and future rights arising under the Armenian Concession Agreement<br>and other related agreement, a pledge over all present and future bank accounts, a pledge over certain movable and immoveable assets<br>related to the Zvartnots Airport and the pledge of Armenia International Airports C.J.S.C. shares.

According to the loan agreement Armenia International Airports C.J.S.C. has certain restrictions in distribution of dividends, has to maintain debt to EBITDA, Debt service coverage and adjusted debt service coverage ratios. According to this agreement, these ratios must be met as of June 30 and December 31 of each year the loan is outstanding. As of June 30, 2022 the ratios were accomplished.

On December 23, 2020, AIA changed its facility agent from Credit Suisse AG to Ameriabank C.J.S.C. and re-structured the terms of the debt, including the maturity date (which was pushed to June 25, 2024) and additional clauses that modify some of the original restrictions and covenants.

As of June 30, 2022 Armenia International Airports C.J.S.C. pledged to the security agent cash held in bank accounts for USD 28,348 (USD 54,542 at December 31, 2021) and intangible assets and property and equipment for a total of USD 167,499 (USD 147,484 at December 31, 2021).

- Toscana Aeroporti S.p.A. (“TA”), pursuant to the<br>loan agreement with Banco de Innovación de Infraestructuras y Desarrollo/ MPS Servicio capital is required to comply with certain<br>financial ratios. Additionally, the loan agreement requires a minimum amount of € 1 million to be made available and deposited in<br>a current account pledged as security.

On November 6, 2020, € 85 million of proceeds were disbursed to TA under a loan signed with a pool of leading financial institutions comprising Intesa Sanpaolo and BNL-BNP Paribas. The loan is 90% backed by SACE guarantees pursuant to the provisions of Decree-Law No. 23/2020 within the framework of the programme “Garanzia Italia”, an Italian guarantee scheme intended to support Italian companies affected by the Covid-19 crisis. The loan has a term of six years, with a two-year grace period and TA is required to comply with certain financial covenants and restrictions.

- Aeropuerto de Neuquén S.A. (“ANSA”) loan<br>with Banco Macro is secured with a guarantee letter of Corporación América S.A. In addition, ANSA entered into an assignment<br>of collection rights agreement in favor of Banco Macro.

On January 25, 2022, ANSA agreed to reschedule the loan extending its term to November 2024, subject to a partial principal repayment in January 2022. The remaining debt will be repaid in quarterly installments starting in May 2022. Additionally, the outstanding debt was switched from USD to ARS and the interest rate from Libor plus a spread to BADLAR plus a spread.

- On August 9, 2019, AA2000 entered into two credit facility agreements:<br>(a) the onshore credit facility agreement, by and among AA2000, as borrower, Banco Galicia and Buenos Aires S.A.U., Industrial and Commercial<br>Bank of China (Argentina) S.A. (“ICBC”) and Banco Santander Río S.A., as lenders (collectively, the “Lenders”),<br>Citibank N.A. (“Citibank”), as administrative agent and Citibank Argentina, as local collateral agent, local disbursement<br>agent and local paying agent, for an aggregate principal amount of USD 85 million and (b) the offshore credit facility agreement, by<br>and among AA2000, as borrower, Citibank acting through its international banking facility, as lender, Citibank N.A., as administrative<br>agent and Citibank Argentina as local collateral agent and local custodian agent for an aggregate principal amount of USD 35 million<br>(collectively, the “2019 Credit Facilities”).

The term for the credit facility agreements was thirty-six months as from the borrowing date. The principal amount under the credit facility agreements has to be repaid in nine quarterly equal and regular installments, the first one being payable twelve months from the borrowing date, and bears interests: (i) regarding the onshore credit facility agreement, at a fixed rate of 9.75% p.a.; (ii) regarding the offshore credit facility agreement, at a variable rate equivalent to (a) the LIBOR rate plus (b) an interest rate of a 5.5% p.a. plus (c) any applicable withholding tax.

To secure its obligations under the two credit facility agreements, pursuant to the Argentine Collateral Trust Agreement dated August 9, 2019 (under Argentine law), AA2000 transferred and assigned to the collateral trustee, acting on behalf of the Trust, for the benefit of the Lenders, acting as the beneficiaries, all: (a) rights, title and interest in, to and under each payment of the cargo airport charges payable by the user of such services in connection with all proceeds derived from export and import services carried out by Terminal de Cargas Argentina (a business unit of AA2000); and (b) any residual amount that AA2000 could be entitled to receive pursuant to article 11.4 of the collateral trust agreement dated January 17, 2017, entered into AA2000 and Citibank, in respect of the rights to receive payment in the event of a termination, expropriation or redemption of the concession agreement entered by and between the National Government and AA2000 on February 9, 1998 and approved by Decree No. 163/1998; including the right to receive and withhold all the payments pursuant to them and any other produced by them, assigned in trust to secure the Existing Notes issued by AA2000.

- 24 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12       Borrowings(Cont.)

During 2020 and 2021, AA2000 entered into framework amendments (“Framework Agreement”) and extension agreements with the financial institutions with respect to the above loans, including the extension of the final maturity. Additionally, under the Framework Agreement, AA2000 signed bilateral contracts with each of the financial institutions and signed an amendment to the aforementioned agreement where the obligation to comply with certain ratios foreseen in the 2019 Credit Facilities has been waived.

Additional loans in ARS have been obtained to pay the installment during 2020 and 2021 of the renegotiated 2019 Credit Facilities agreement. All these loans are in ARS accruing quarterly interests at a variable rate.

On November 18, 2021, AA2000 agreed with the Lenders the granting of a bimonetary loan in order to prepay the loans from the Framework Agreement. The loans can be disbursed, at each of the banks’ sole discretion, in U.S. Dollars (“USD”) or Argentine Pesos (“ARS”), and are secured by the Argentine Collateral Trust Agreement. Disbursements were made in November and December 2021, both in USD (Onshore renegotiation – ICBC) and in ARS (Offshore renegotiation).

On February 2, 2022, AA2000 agreed with Citibank N.A. to modify the amortization schedule of the principal installments of the Offshore Loan corresponding to the months of February, May and August 2022 for a total of USD 11,666,667, the latter amount being payable in 6 equal installments maturing in February, March, May, June, August and September 2022. Additionally, the interest rate of the loan was switched from Libor plus spread to SOFR plus spread, without a significant impact.

On February 22, 2022, disbursements under the bimonetary loan were used to repay the installments due on February 2022 of the onshore and offshore loans, amounting ARS 803.9 million (equivalent to USD 7.5 million) and USD 3.9 million, respectively.

On March 2, 2022, Citibank disbursed ARS 210 million (equivalent to USD 1.9 million) in order to offset the installments of the offshore loan due on March 2022.

On April 13, 2022, the AA2000 prepaid ARS 3,904 million (approximately USD 31.2 million) in principal amount of the outstanding loans in ARS granted by Citibank N.A., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. and the Industrial and Commercial Bank of China (Argentina).

On May 24, 2022, disbursements of the bimonetary loan were used to repay the installments due on May 2022 of the onshore and offshore loans, amounting ARS 893.5 million (equivalent to USD 7.1 million) and USD 3.9 million respectively.

On June 1, 2022, Citibank disbursed ARS 234.2 million (equivalent to USD 1.9 million) in order to offset the installments of the offshore loan due on June 2022.

On January 21, 2020, AA2000 obtained a loan of USD 10 million with Banco Macro payable in 180 days at a nominal annual rate of 6%. On May 11, 2020, AA2000 agreed to reschedule the loan extending its term to July 24, 2021 with an annual compensatory rate of 10%, subject to the payment of interest due on July 24, 2020 and a guarantee assignment of the future receivables for air station usage fees (for domestic flights) to be collected from Aerolíneas Argentinas S.A. On July 24, 2020, AA2000 paid the interest due on its USD 10 million loan with Banco Macro and the ORSNA issued Resolution No. 49/2020 authorizing the assignment of credits as a guarantee.

On July 29, 2021, AA2000 and Banco Macro agreed to a new payment arrangement plan that foresees three equal installments of capital and payments of interests to be made on July, October and December 2022, with an annual compensatory rate of 7.75%. The security for the loan consisting in the future receivables for air station usage fees (for domestic flights) to be collected from Aerolíneas Argentinas S.A. is still in force and it will so remain until full repayment of the loan.

On March 25, 2022, AA2000 entered into a commitment agreement with Banco Macro for funds to be eventually disbursed, up to USD 40 million, which will be applied for the purposes set forth in the agreement signed with ORSNA on September 2, 2021, approved by Resolution 60/21.

On November 1, 2021, AA2000 signed a new loan agreement with Banco de la Ciudad de Buenos Aires for USD 5 million. The loan has a payment term of twenty-four months, a nominal annual interest rate of 6% and its principal amortizes 30% after twelve and eighteen months, and the remaining 40% after twenty-four months. It is secured by assigned revenues from certain commercial contracts.

On March 23, 2022, AA2000 obtained a loan of USD 1.1 million with Eurobank, repayable in a single installment due in twenty-four months, bearing an annual interest rate of 8% and 9% during the first and second year respectively. This loan is guaranteed by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD 1.1 million guaranteed by Corporación America Sudamericana S.A.

- 25 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

12       Borrowings (Cont.)

- Consorcio Aeropuertos Internacionales S.A. (“C.A.I.S.A.”),<br>pursuant to the credit facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. is required to comply with certain financial<br>ratios as well as certain restrictions. Assignment of certain revenues has been given to secure the aforementioned credit facilities.

During 2021, C.A.I.S.A. completed the refinancing of its credit facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. Main conditions include the reduction of the total amount available under the credit facilities, the extension of the term, the modification of certain restrictions, the provision that debt service installments begin on April 30, 2022 and the change of interest rate from variable to fixed (in the case of Banco Itaú Uruguay S.A. loan only).

- On April 16, 2021, PDS obtained a loan of USD 10 million with<br>Banco de la República Oriental del Uruguay (BROU) repayable in 60 monthly installments starting on April 2023. This loan is secured<br>by a guarantee issued by CAAP and by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD 1.5 million<br>guaranteed by Corporación America Sudamericana S.A.

Negotiations with lenders for the approval of temporary waivers of compliance with applicable covenants, when and where necessary, have been carried out during 2022 and 2021 to avoid any risk of an event of default under pending facilities entered into by Group entities.

As of June 30, 2022, the Company and its subsidiaries either met the financial covenants or had obtained temporary waivers.

In general, waivers obtained mainly include an exemption from the requirements to comply with ratios provided for in the borrowing agreements and changes to the method for calculating ratios. However, some conditions may apply while the waivers are in force such as ensuring minimum cash balances, delivering additional information to noteholders or financial institutions or the inability to pay dividends.

13        Other liabilities
At June 30, 2022<br> <br>(Unaudited) At December 31, 2021<br> <br>(Audited)
Non-current
Concession fee payable ^(1)^ 746,505 657,682
Advances from customers 15,063 14,475
Provisions for legal claims ^(4)^ 9,188 8,132
Provision for maintenance costs ^(2)^ 17,921 19,239
Other taxes payable 1,189 2,058
Employee benefit obligation ^(3)^ 6,744 7,990
Salary payable 291 263
Other liabilities with related parties (Note 16) 1,377 1,308
Redemption of preferred shares ^(5)^ 36,552 -
Other payables 24,348 32,652
859,178 743,799
Current
Concession fee payable ^(1)^ 154,194 167,352
Other taxes payable 15,767 19,998
Salary payable 36,615 32,843
Other liabilities with related parties (Note 16) 3,081 1,049
Advances from customers 5,573 4,718
Provision for maintenance costs ^(2)^ 2,916 2,432
Expenses provisions 1,937 1,879
Provision for legal claims ^(4)^ 4,050 3,714
Redemption of preferred shares ^(5)^ 40,486 -
Other payables 46,296 50,841
310,915 284,826

Maturity of the other liabilities is as follows:

1 year or less 1 - 2 years 2 - 5 years Over 5 years Total
At June 30, 2022 310,915 105,932 294,617 1,464,099 2,175,563
At December 31, 2021 285,371 120,005 231,486 1,336,007 1,972,869 
- 26 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

13        Other liabilities (Cont.)

^(1)^ The most significant amounts included in the concession fee payable result from the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and Inframérica Concessionária do Aeroporto de Brasilia S.A. and Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A.

Changes in the period of the concession fee payable is as follows:

For the six -month period ended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Balances at the beginning of the period 825,034 741,704
Financial result ^(*)^ 79,777 49,453
Re-equilibrium reversal 209 2,569
Other (393 ) 1,145
Concession fees 64,103 31,759
Payments ^(**)^ (99,949 ) (19,295 )
Translation differences and inflation<br> adjustment 31,918 25,027
Balances<br> at the end of the period 900,699 832,362
^(*)^ Mainly includes changes in the liabilities of Brazilian concessions<br>due to passage of time and inflation adjustment shown in Note 8.
--- ---
^(**)^ Includes compensation of credits of AA2000.
--- ---
^(2)^ Changes in the period of the provision for maintenance costs is as follows:
--- ---
For the six -month period ended June 30,
--- --- --- --- --- --- ---
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Balances at the beginning of the period 21,671 27,195
Accrual of the period 2,041 1,025
Use of the provision (1,042 ) (6,604 )
Translation differences and inflation<br> adjustment (1,833 ) (598 )
Balances<br> at the end of the period 20,837 21,018
^(3)^ Changes in the period of the provision for employee benefits is as follows:
--- ---
For the six -month period ended June 30,
--- --- --- --- --- --- ---
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Balances at the beginning of the period 7,990 8,694
Contributions - 456
Actuarial gain/loss (in other comprehensive income) (772 ) (315 )
Service cost 266 216
Amounts paid in the period (282 ) (409 )
Translation differences and inflation<br> adjustment (458 ) (221 )
Balances<br> at the end of the period 6,744 8,421
^(4)^ Changes in the period of the provision for legal claims is as follows:
--- ---
For the six -month period ended June 30,
--- --- --- --- --- --- ---
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Balances at the beginning of the period 11,846 5,183
Accrual of the period 2,566 7,973
Use of the provision (721 ) (192 )
Translation differences and inflation<br> adjustment (453 ) (789 )
Balances<br> at the end of the period 13,238 12,175

^(5)^ Relates to the outstanding amount to be paid by AA2000 for the redemption of preferred shares as detailed in Note 14.c). A first installment was paid on April 12, 2022, amounting to ARS 11,100,000,000 (equivalent to approximately USD 98.4 million), while the balance (approximately USD 77 million as of June 30, 2022) must be paid before December 31, 2024, with the possibility of partial payments (a first partial payment was made in July 2022, see Note 20). Such balance accrues interest equivalent to the corresponding adjustment for inflation plus two percent per annum of the value of the balance of the redeemed shares.

- 27 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

14       Equity

a) Management share compensation plan and treasuryshares

On March 12, 2021, 590,000 shares, already assigned and fully vested as of December 31, 2020, were delivered to the eligible executives and key employees.

During 2021, additional 250,000 shares have been assigned to employees. In December 2021, 125,000 shares were delivered to the beneficiaries, while the remaining shares will vest in instalments of 62,500 shares in December 2022 and 2023. As of June 30, 2022, a total value of USD 150 was accrued.

In April 2022, within the compensation plan, USD 500 were assigned to employees to be delivered in shares. In May 2022, 26,930 shares were delivered (equivalent to USD 150) while the remaining amount will vest in installments in May 2023 and May 2024. As of June 30, 2022 a total value of USD 191 was accrued.

As of June 30, 2022, the remaining new shares are held in treasury until their allocation to key employees in accordance with the Management Compensation Plan.

Treasury shares Forthe six -month period ended June 30,
2022 (Unaudited) 2021 (Unaudited)
Shares Shares
Balances at the beginning of the period 2,485,445 3,200,445
Transfer of treasury shares to key employees (26,930 ) ) (590,000 ) )
Balances at the end of the period 2,458,515 3,199,855

All values are in US Dollars.

b) Other comprehensive income

The movements of the reserve of other comprehensive income for the period of the owners of the parent is as follows:

Currency<br><br> translation<br><br> adjustments Remeasurement<br><br> of defined benefit<br><br> obligations (*) Share of other<br><br> comprehensive<br><br> income from<br><br> associates Income tax effect ^(*)^ Transfer from<br><br> shareholders<br><br> equity –<br><br> currency<br><br> translation<br><br> differences Total
Balances at January 1, 2022 (343,837 ) 120 (41,212 ) (69 ) 63,402 (321,596 )
Other comprehensive income / (loss) for the period 59,484 258 20 (62 ) - 59,700
For the period ended June 30, 2022 (284,353 ) 378 (41,192 ) (131 ) 63,402 (261,896 )
Balances at January 1, 2021 (439,407 ) 92 (41,267 ) (39 ) 63,402 (417,219 )
Other comprehensive income / (loss) for the period 31,958 134 (171 ) (32 ) - 31,889
For the period ended June 30, 2021 (407,449 ) 226 (41,438 ) (71 ) 63,402 (385,330 )

^^

^(*)^ Income tax relating to OCI amounts to measurement of defined benefit obligations. The movement was recognized as other comprehensive income of other reserves.

c) Redemption of preferred shares

As stated in Note 33 of the Consolidated Financial Statements as of December 31, 2021, on March 10, 2022, an extraordinary general meeting of AA2000 approved the redemption of the preferred shares, the reduction of the capital stock and the amendment of Article 2.01 of AA2000's bylaws. The total redemption value amounted ARS 17,225,719,240 (equivalent to approximately USD 155.2 million), which adjusted by inflation as of June 30, 2022 amounts to ARS 22,557,695,248 (equivalent to approximately USD 180.1 million).

- 28 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

15        Contingencies,commitments and restrictions on the distribution of profits

a. Contingencies

CAAP and its subsidiaries are, from time to time, subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings are subject to substantial uncertainties. Accordingly, the potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration the Group’s litigation and settlement strategies.

The Group believes that the aggregate provisions recorded for losses in these financial statements, are adequate based upon currently available information.

Argentina proceedings

Aeropuertos Argentina 2000 S.A. (“AA2000”)legal proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2021, during 2013 and 2014, the Argentine Federal Administration of Public Income initiated different tax assessments proceedings against AA2000. In December 2020, the Court decided to return the proceeding to the first instance court in order to apply the regime foreseen under Law No. 27,562 for the 2006, 2007 and 2008 period. Regarding the periods 2009 to 2012, all the installments have been paid; on June 24, 2022, the request for termination of the criminal action and dismissal submitted by AA2000 has been accepted.

Conflict of AA2000 with Aerolíneas Argentinas(“ARSA”)

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2021, this air operator is currently AA2000’s main customer and recorded an outstanding debt with AA2000. The singularity of ARSA lies in its status as state-owned company, since it is owned by the Argentinian State, which is in turn the grantor of AA2000 Concession Agreement. Considering the situation and in accordance with IFRS 15, as from October 1, 2019, only revenue from passenger fees related to ARSA is being recognized.

On February 2, 2021, ARSA sent a document to AA2000, which contained a proposal of debt acknowledgment for the amounts owed until March 31, 2020 (ARS 120.6 million and USD 36.5 million). In the aforementioned document, ARSA proposed a payment plan in 72 monthly, equal and consecutive installments payable as from January 5, 2023. On February 4, 2021 AA2000 accepted the proposal.

Following the acceptance by AA2000 of the payment plan submitted by ARSA, on July 21, 2021, AA2000 sent a proposal to the corresponding authority in order to apply this credit against debts held by Fideicomiso de Fortalecimiento del Sistema Nacional de Aeropuertos with prior intervention of the Ministry of Transportation.

On April 5, 2022, the Ministry of Transportation initiated the planned intervention. On June 14, 2022, the ORSNA notified AA2000 that the Ministry of Transportation has completed its intervention, and approved the assignment in the terms described. Consequently, revenues, bad debt recovery, foreign exchange income and interest income for total amounts of approximately USD 4.8, 10.1, 13.0 and 4.8 million respectively, were recognized.

Aeropuertos del Neuquén S.A. (“ANSA”)legal proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2021, on October 26, 2018, ANSA was served with a complaint from a supplier alleging ANSA’s breach of contract for the financing of the construction of a hangar, by such supplier, at the airport of Neuquén. On July 8, 2022, the first instance judgment rejected the claim and imposed the payment of the Court costs to the losing party. The plaintiff could appeal the sentence.

- 29 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

15        Contingencies,commitments and restrictions on the distribution of profits (Cont.)

a. Contingencies (Cont.)

Brazilian proceedings

Civil proceedings

In June 2022, SINA (the airport workers union) filed a lawsuit against ICAB demanding the payment of hazard pay in the percentage of 30% of the salary for all workers who work on the airport apron, alleging that the fueling of the aircrafts exposes workers to a risk of explosion that must be compensated according to Brazilian law. The total estimated amount involved is R$ 7,049,338 (equivalent to USD 1.3 million).

Tax proceedings

In September 2014, ICAB initiated a lawsuit that disputes the legality of the Property and Urban Territorial Tax (“IPTU”) collected by the Federal District. In October 2014, the judge granted a provisional decision suspending the tax collection, and in April 2015, a further ruling found the collection as unfounded*.*

In June 2022, the Brazilian Supreme Court confirmed the decision of the Federal District Court excluding ICAB´s responsibility for the payment of IPTU and restricting this tax to the areas occupied by third parties who pursue activities unrelated to the airport.

Ecuadorian proceedings

Tax proceedings – Terminal Aeroportuariade Guayaquil S.A. (“TAGSA”)

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2021, in March 2021 TAGSA filed a judicial claim against the Ecuadorian tax authority (Servicio de Rentas Internas del Ecuador, “SRI”) challenging SRI´s criteria related to withholding taxes to be paid by TAGSA. In March 2022, the claim was accepted and the determination of the withholding tax to be paid was declared null.

Civil proceedings – Aeropuertos Ecológicosde Galápagos S.A. (“Ecogal”)

On March 2, 2021, supplier Geovan S.A., filed a civil action against Ecogal for an amount of USD 650, alleging Ecogal’s breach of contract due to the non-payment of performed construction works.

The claim was answered on June 23, 2021 by Ecogal and the preliminary hearing took place on October 23, 2021, the parties could not arrive to a mediation solution. On May 4, 2022, a new hearing took place and an agreement was reached by the parties in which Ecogal agreed to pay USD 38, concluding with the proceeding.

There are no other lawsuits or legal proceedings different from the ones included in the Consolidated Financial Statements for the year ended December 31, 2021, except for the above-mentioned.

b. Commitments

Puerta del Sur S.A. (“PDS”) –Concession agreement

On January 11, 2022 and April 22, 2022, the International Airport of Carmelo “Balneario Zargazazú” and the International Airport of Rivera “Pte. Gral Oscar D. Gestido” were taken over by PDS according to the conditions established in the concession agreement amended on November 8, 2021.

Additionally, in January 2022, two new guarantees have been constituted:

  • Contract performance guarantee with Banco Itaú, increasing from USD 6,000 to USD 7,608, as required by the amended concession agreement.

  • Investment performance guarantee with Scotiabank for USD 650 corresponding to the first group of works.

    • 30 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

15        Contingencies,commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

Aeropuertos Argentina 2000 S.A. (“AA2000”) – Guarantees related to concession agreement

On April 21, 2022, the guarantee for concession contract fulfilment of AA2000 was renewed for a one year period, increasing from ARS 2.940,5 million (approximately USD 23.5 million) to ARS 3.498,4 million (approximately USD 27.9 million).

Re-bidding of Natal Airport Concession

As described in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2021, on August 24, 2020, Natal Airport was qualified to go through a re-bidding process. On November 20, 2020, ICASGA and ANAC signed a concession agreement amendment setting forth the rules and proceedings for the re-bidding effective until August 24, 2022 or when a new operator wins the re-bidding. On June 2, 2022, the Investment Partnership Program Committee gave a favorable opinion to extend the project’s re-bidding qualification until August 24, 2023.

Other commitments

In February and March 2022, guarantees, amounting USD 0.6 million, were constituted by Terminal Aeroportuaria de Guayaquil S.A. in favor of SRI, regarding the ongoing tax proceedings detailed in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2021.

There are no other new commitments or significant changes related to the concession agreements in the current period from the ones included in the Consolidated Financial Statements for the year ended December 31, 2021, except for the above-mentioned.

c. Restrictions to the distribution of profitsand payment of dividends

As of June 30, 2022 and December 31, 2021, equity as defined under Luxembourg laws and regulations consisted of:

At June 30, 2022<br> <br>(Unaudited) At December 31, 2021<br> <br>(Audited)
Share capital 163,223 163,223
Share premium 183,430 183,430
Reserve for own shares 4,720 4,772
Legal reserve 1,081 1,081
Free distributable reserves 378,910 378,910
Non-distributable reserves 1,353,307 1,353,255
Retained earnings (50,814 ) (86,279 )
Total equity in accordance with Luxembourg law 2,033,857 1,998,392

At least 5% of the Company’s net income per year, as calculated in accordance with Luxembourg law and regulations, must be allocated to a legal reserve equivalent to 10% of the Company’s share capital. Dividends may not be paid out of the legal reserve.

The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg laws and regulations.

- 31 -
Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

16        Related party balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación America International S.à r.l., both of which are Luxembourg based companies.

Corporación América International S.à r.l. is controlled by Southern Cone Foundation (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions.

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”.

The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services.

Summary of balances with related parties are:

AtJune 30, 2022<br> <br>(Unaudited) AtDecember 31, 2021<br> <br>(Audited)
Period-end balances
(a) Arising from sales / purchases of goods / other
Trade receivables with associates 1,884 1,839
Trade receivables with other related parties 2,792 1,899
Other receivables with other related parties 9,998 9,113
Other financial assets with associates 2,877 2,801
Other financial assets with other related parties 10,165 9,827
Trade payables to other related parties (1,160 ) (2,879 )
26,556 22,600
(b) Other liabilities
Other liabilities to other related parties (4,458 ) (2,357 )
(4,458 ) (2,357 )
(c) Other balances
Cash and cash equivalents in other related parties 6,657 21,591
6,657 21,591
Forthe three-month period ended June 30, Forthe six-month period ended June 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited) 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Transactions
Aeronautical/Commercial revenue 2,268 1,215 4,223 2,293
Fees (1,767 ) (1,438 ) (3,567 ) (2,765 )
Interest accruals 192 173 327 347
Acquisition of goods and services (7,052 ) (2,514 ) (11,839 ) (4,308 )
Others (1,152 ) (1,079 ) (2,235 ) (2,135 )

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 3,454 as of June 30, 2022 (USD 4,661 as of December 31, 2021). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and servicesline for an amount of USD 3,601 as of June 30, 2022 (USD 2,882 as of June 30, 2021).

Remunerations received by the Group’s key staff amounted to approximately 2.20 % of total remunerations accrued at June 30, 2022 (1.67% as of June 30, 2021).

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

17       Cash flow disclosures

Forthe six -month periodended June 30,
Changes in working capital 2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Other receivables and credits (35,677 ) 20,244
Inventories (2,980 ) (377 )
Other liabilities (165,917 ) (20,550 )
(204,574 ) (683 )

The most significant non-cash transactions are detailed below:

Forthe six-month periodended June 30,
2022<br> <br>(Unaudited) 2021<br> <br>(Unaudited)
Compensation of trade receivables 32,755 -
Application of credits compensated with concession fee payable (28,382 ) -
Application of credits compensated with other liabilities (4,373 ) -
Intangible assets acquisition with an increase in Lease liabilities (78 ) (421 )

18       Fair value measurementof financial instruments

According to the classification included in Note 3 B of the Consolidated Financial Statements as of December 31, 2021, the Group categorizes its financial instruments as assets and liabilities at amortized cost and fair value through profit or loss.

For the majority of instruments at amortized cost, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments at June 30, 2022:

Fair value Carrying amount
Trust funds 64,342 56,750
Long-term borrowings 1,268,400 1,302,735

19       Discontinued operations

In December 2021, the Group sold the participation in Aeropuertos Andinos del Perú S.A. (“AAP”). The information regarding the operation and the impact on the Consolidated Financial Statements is detailed in Note 30 of the audited Consolidated Financial Statements for the year ended December 31, 2021.

AAP was not previously classified as an asset held for sale or as a discontinued operation. The comparative Condensed Consolidated Interim Statement of Income, Condensed Consolidated Interim Statement of Comprehensive Income, Condensed Consolidated Interim Statement of Cash Flow and segment information has been re-presented to show the discontinued operation separately from continuing operations.

For the sale of the shares in the associate, CAAP committed to make a one-time payment to the buyer for assumed liabilities and future CAPEX commitments of AAP amounting to USD 17.2 million, of which, as of June 30, 2022, USD 8.6 has already been paid (USD 6.1 million were paid during 2022). The remaining USD 8.6 million will be paid in two installments of USD 1.6 million in August 2022 and USD 7.0 million in November 2022.

As of June 30, 2021, the discontinued operation resulted in a loss of currency translation adjustment of USD 0.2 million and a loss of USD 1.2 million which are shown in the statement of comprehensive income and in the statement of income respectively.

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Corporación América Airports S.A. Condensed Consolidated Interim Financial Statements for the three and six-month period ended June 30, 2022 and 2021 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

20       Subsequent events

Aeropuertos Argentina 2000 S.A. (“AA2000”) – indebtedness

On July 8, 2022, AA2000 issued USD 20 million of dollar-linked Class 7 Notes in the local market, at a 0% interest rate, repayable in a single installment in July 2025.

On July 14, 2022, AA2000 prepaid the outstanding amount of the onshore and offshore loans denominated in ARS, for ARS 2,180.5 million (approximately USD 17.4 million) in principal amount.

On July 29, 2022, AA2000 obtained a loan from Industrial and Commercial Bank of China, Dubai branch, for a total amount of USD 10 million, accruing interest at a variable rate equivalent to three-month SOFR plus spread of 7.875% and withholding taxes. The loan will be repaid in three installments to be made in March, June and September 2025. The loan is secured by a first priority lien on the income generated in the cargo terminal on a pari passu basis with certain commercial bank lenders to AA2000 and the Class 4 Notes, and a second priority lien on the international and regional air station usage fees and concession compensation rights.

On July 29, 2022, AA2000 prepaid the outstanding amount of the loan with Eurobank for USD 1.1 million. Additionally, the related stand by letter, issued by Morgan Stanley Private Bank, National Association for USD 1.1 million guaranteed by Corporación America Sudamericana S.A., was released.

On August 8, 2022, the Board of Directors of AA2000 approved the issuance of single Notes (not convertible into shares) for up to USD 60 million.

On August 16, 2022, concluded the bidding of Class 9 Dollar-linked Notes of AA2000 for a nominal value of USD 30 million at a 0% interest rate, of which a 15.23% are to be integrated in ARS and the remaining 84.77% through the delivery of Class 2 Notes. The maturity will be forty-eight months after the issuance date

As of the date of these financial statements, those Notes have not been issued.

Aeropuertos Argentina 2000 S.A. (“AA2000”) – preferred shares

On July 8, 2022, a second installment related to the redemption of preferred shares was made, amounting ARS 5,070,000,000 (approximately USD 40.5 million).

Puerta del Sur S.A. (“PDS”) –Concession agreement

On July 22, 2022, the International Airport of Salto “Nueva Hespérides” was taken over by PDS according to the conditions established in the concession agreement amended on November 8, 2021.

CAAP – Other commitments

As described in Note 26.b) of the Consolidated Financial Statements for the year ended December 31, 2021,  on July 28, 2021 AA2000 signed a payment agreement with a supplier for € 8.6 million (equivalent to USD 8.9 million) which has been guaranteed by CAAP through a surety bond agreement. On July 29, 2022, AA2000 prepaid the outstanding amount and the guarantee has been released.

There are no other subsequent events that could significantly affect the Group´s financial position as of June 30, 2022.

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