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Section 1: 6-K (FORM 6-K)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

 

FORM 6-K

 

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of October, 2019

 

Commission File Number: 333-221916

 

 

 

Corporación América Airports S.A.

(Name of Registrant)

 

4, rue de la Grêve
L-1643, Luxembourg
Tel: +35226258274
Fax: +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): ¨

 

 

 

 

 

AEROPUERTOS ARGENTINA 2000 S.A. FILES ORSNA’S RESOLUTIONS

 

Corporacion America Airports S.A. (“CAAP”) informs that our main subsidiary, Aeropuertos Argentina 2000 S.A., filed, on October 22, 2019, the following relevant fact (hecho relevante) before the Comisión Nacional de Valores (“CNV”), Bolsas y Mercados Argentinos S.A. and Mercado Abierto Electrónico S.A., in Argentina. The purpose of this Form 6-K is to furnish an English translation of the relevant fact together with the relevant resolutions for CAAP and new tariff schedule informed under the material fact.

 

MATERIAL FACT

 

Aeropuertos Argentina 2000 S.A. (the “Company”) hereby informs that, pursuant Section 2, Chapter II, Title XII of the CNV Rules, on October 21, 2019, the Company was notified of the following resolutions issued by the National Airports Agency (Organismo Regulador del Sistema Nacional Aeroportuario) (the “ORSNA”):

 

-             No. 92/2019, by means of which the revision of the Financial Projection of Incomes and Expenditures (“PFIE” for its acronym in Spanish) of the Company’s concession, regarding the fiscal year ended on December 31st, 2017 was approved; and

 

-             No. 93/2019, by means of which a new tariff scheme to be applied in all the airports that are part of the National Airports System, and that will apply to all the plane tickets issued as from the following day of the publication of the resolution in the Official Gazette (Boletín Oficial), and to be used after January 1st, 2020, was approved. Pursuant the new tariff scheme, the international passengers’ fee will be of US$51.00 and the local passengers’ fee will be of AR$195.00.

 

Additionally, we inform that the Company filed a judiciary claim against the ORSNA in order to: (i) ORSNA Resolution No. 75/2019, which approved the revision of the PFIE of the Company’s concession as of December 31, 2016, is declared null and void; and (ii) the ORSNA is ordered to carry out again, in accordance with applicable legislation, the annual review procedure of the PFIE of the Company´s concession for the year 2016.

 

 

 

 

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.

 

 

Date: October 24, 2019

 

 

  Corporación America Airports S.A.
      
  By:  /s/ Andres Zenarruza
  Name: Andres Zenarruza
  Title: Legal Manager
      
  By:  /s/ Raúl Guillermo Francos
  Name: Raúl Guillermo Francos
  Title: Chief Financial Officer

 

 

 

Exhibit Index

 

Exhibit No. Description
   
99.1 English translation of RESOL-2019-75-APN-ORSNA Resolution No. 75/2019
   
99.2 English translation of RESOL-2019-92-APN-ORSNA Resolution No. 92/2019
   
99.3 Airport fees translation

 

 

 

(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

 

Exhibit 99.1

 

  

Republic of Argentina – National Executive Power

2019 – Year of Exports

 

 Notice

 

Number: IF-2019-82564107-APN-USG#ORSNA

 

 

CITY OF BUENOS AIRES

 

Thursday, September 12, 2019

 

Reference: RESOL-2019-75-APN-ORSNA#MTR

 

To

 

AEROPUERTOS ARGENTINA 2000 S A

 

Eng. Martín EURNEKIAN

  

The purpose of this notice is to inform you about the issuance of Resolution RESOL-2019-75-APN-ORSNA#MTR, dated on September 12, of the current year by this Regulating Body, which provides as follows in Article 1: “To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the period as of December 31, 2016, pursuant to the provisions of Paragraph 29 of Part Four of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799 of December 4, 2007, included in the IF-2019-80911392-APNGREYF#ORSNA, stating that the tariff schedule currently in effect shall be maintained based on the submitted evidence as to the balance of the variables of the Projection.” Article 2 of said Resolution provides as follows: “To uphold the decision issued through ORSNA Resolution No. 9, dated January 28, 2009 as to the convenience and pertinence of making discounts to international aeronautical charges for those airlines that are up to date with their payments.” Article 3 of said Resolution provides as follows: “To establish that those airlines that are not up to date with payments of airport charges shall not enjoy the aforementioned discount.”

 

The act that is notified hereby exhausts administrative proceedings and the parties shall be entitled to file legal proceedings within NINETY (90) business days, counted from the day following the date of notice. Notwithstanding the aforementioned, a motion for reversal or a motion to appeal the review of the administrative act notified by these presents can be filed within the term of TEN (10) and FIFTEEN (15) days respectively, as of the day following the notification thereof, pursuant to the provisions of Articles 84 and 94 of the Regulations of Administrative Proceedings, Decree 1759/72 (as revised in 2017).

 

 

 

 

It is expressly stated on the record that a duly certified copy of ORSNA Resolution RESOL-2019-75-APN-ORSNA#MTR is attached herewith, which has SEVEN (7) sheets of paper with writing on both sides of the page.

 

You are hereby duly notified.

 

Digitally signed by GESTION DOCUMENTAL ELECTRONICA (Document Management System) - GDE.

DN: cn=GESTION DOCUMENTAL ELECTRONICA - GDE. o= AR, o=MODERNIZATION GOVERNMENT SECRETARIAT,

Ou=ADMINISTRATIVE MODERNIZATION SECRETARIAT, serialNumber=TAX ID 30715117564

Date: 2019.09.12 04:01:03 p.m. 03’00’

  

CARMELA MARTÍNEZ

 

Chief of the Department

 

General Secretariat Unit

 

Organismo Regulador del Sistema Nacional de Aeropuertos (O.R.S.N.A.)

  

Signature: [illegible]

 

Clarification: Ana Lía De Oto

 

Date: 09/12/2019 Time: 04:50 p.m.

  

 

  Digitally signed by GESTION DOCUMENTAL ELECTRONICA
  (Document Management System) - GDE.
  DN: cn=GESTION DOCUMENTAL ELECTRONICA - GDE. o= AR,
  o=MODERNIZATION GOVERNMENT SECRETARIAT,
  Ou=ADMINISTRATIVE MODERNIZATION SECRETARIAT,
  serialNumber=TAX ID 30715117564
 

Date: 2019.09.12 04:01:03 p.m. 03’00 

 

 

 

 

  

Republic of Argentina – National Executive Power

 

2019 – Year of Exports

 

Resolution

 

Number: RESOL-2019-75-APN-ORSNA#MTR

 

 

CITY OF BUENOS AIRES

 

Thursday, September 12, 2019

 

Reference: EX-2017-15662339-APN-USG#ORSNA (REFP 2016)

 

Having reviewed File EX-2017-15662339-APN-USG#ORSNA of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA); Decree No. 375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency No. 842, dated on August 27, 1997; Decree No. 163, dated on February 11, 1998; Decree No. 1799, dated on December 4, 2007; ORSNA Resolutions No. 111, dated on December 30, 2008; No. 9, dated January 28, 2009; No. 167 dated November 20, 2015 and No. 100 dated November 25, 2016; and

 

WHEREAS:

 

The abovementioned File deals with the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), corresponding to the year 2016.

 

Paragraph 24.1 of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree Nº 1799 dated on December 4, 2007, establishes the Financial Projection of Income and Expenses (FPIE) for the Concession for the 2006-2028 period.

 

 

 

 

Said projection is shown in Annex 5 of the FINAL MEMORANDUM OF AGREEMENT and consists of a breakdown of revenues and expenditures related to the rendering of the services subject to the concession, including the investment obligation and the balance of the mutual claims between the NATIONAL STATE and the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA.

 

The FINAL MEMORANDUM OF AGREEMENT states that ordinary and extraordinary reviews of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) shall be carried out.

 

Paragraphs 29.1 and 29.2 of the FINAL MEMORANDUM OF AGREEMENT provide for an Annual Ordinary Review Mechanism of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), with the purpose of verifying and keeping the balance between the variables of the aforementioned projection.

 

ORSNA Resolution Nº 111, dated on December 30, 2008 establishes the necessary methodology to provide for the rebalancing of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE).

 

The last review was approved by ORSNA Resolution No. 100, dated on November 25, 2016, which included the year 2015.

 

As a consequence of the aforementioned measure, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) issued Resolution No. 101, of November 25, 2016 approving the Tariff Schedule currently in effect.

 

The purpose of the review is to preserve the balance between the variables that are part of the Projection, in the understanding that the Concession shall be in a situation of balance if revenues from airport charges for rendered services permit to recover, within the stipulated term, and in the committed efficiency conditions, all costs associated to the rendering of such services.

 

For the purposes of the review corresponding to the year 2016, the DEPARTMENT OF ECONOMIC AND FINANCIAL REGULATION of this Regulating Body submitted to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA the Bases for the review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) for the year 2016.

 

 

 

 

Based on the aforementioned, the technical area of this Body requested the information specified in the Bases in order to make the review of the REVENUE AND EXPENDITURE FINANCIAL PROJECTION OF THE CONCESSION (REFP) for the year 2016, and the Concessionaire submitted all requested information.

 

For the purposes of this review, the technical area controlled operating expenses and updated the data corresponding to concession costs for the ongoing period, based on the information arising from regulatory accounting, financial statements, SAP System information and additional information supplied by the Concessionaire.

 

The technical area controlled such information so as to verify that the corresponding expenditures were made and that they matched the goals of the concession.

 

The technical area manifests that the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) also includes the estimated future performance of the variables and a forecast for the years 2017 and 2018, which was prepared based on the information arising from Regulatory Accounting Reports as of December of each year.

 

Likewise, for the purpose of the present review, the technical area of this Regulating Body performed an analysis of the Concessionaire’s revenues ─ both aeronautical and non-aeronautical.

 

For such purposes, the technical area used as source of information the data arising from Regulatory Accounting, to incorporate to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) the actual annual revenues obtained for each of the corresponding categories, based on the tariffs in force for regulated services, as well as the balance circularization method.

 

The technical area stated that the revenues of the concession have been subdivided as follows: 1) Aeronautical revenues: those revenues that are directly related to aeronautical activities, with prices regulated by the NATIONAL STATE, including the charges to airlines for landing operations, parking of aircraft, as well as airport terminal usage fees paid by passengers and 2) Non-aeronautical revenues: those revenues from the sale of goods and services inside the airport, with a distinction between: a) Commercial revenues: those revenues that are related to commercial services exploited inside airport premises, including coffee stores, free shops, fuel, ground handling services, stores, etc.; b) Revenues from the cargo terminal: those revenues exclusively connected to air cargo activities, and their relationship with the import and export of goods.

 

 

 

 

As regards these revenues, the technical area states that it has applied the usual control methods to assess their reasonability, highlighting that control methods applied to each type of revenues depend on the nature thereof. However, all methods yielded very accurate results with minor differences arising from adopted simplifications for the purpose of analysis.

 

As regards non aeronautical revenues, the technical area manifests that it based its assessment of non-aeronautical revenues on the information supplied within the framework of the balance circularization of service providers.

 

As regards the revenues from the Cargo Terminal, the technical area states that although revenues corresponding to TERMINAL DE CARGAS ARGENTINA (TCA) are considered commercial revenues, they are analyzed as a separate item so as to clearly assess their efficiency and performance, taking into account that they represent a high percentage of the Concessionaire’s total income.

 

The technical area also states that operating costs corresponding to TERMINAL DE CARGAS ARGENTINA (TCA) are also differentiated from other Concessionaire’s costs, so as to identify in each case the contribution of costs associated to such activities to total operating costs.

 

The technical area also states that as regards future forecasts, the correlation functions established by the FINAL MEMORANDUM OF AGREEMENT have been applied. This Regulating Body can modify such correlation functions in face of expected changes in the performance of any of the variables affecting revenue generation and collection.

 

This way, it is possible to establish, among other things, additional specific goals upon the expectation of changes that are significantly different in terms of expected traffic growth and their correlation with the corresponding variable, thus altering the level of future revenues.

 

In the present review, the technical area states that such situation has been verified in the Duty free shop category.

 

In terms of investment, the technical area has taken into account the regulated costs of projects, emphasizing that all information related to investment recording is based on the actions undertaken by the DEPARTMENT OF ECONOMIC AND FINANCIAL REGULATION jointly with the AIRPORT PLANNING DEPARTMENT.

 

 

 

 

The technical area has not considered in the analysis other investments arising from agreements between private parties and/or airport service providers, as they are not contractual obligations arising from the Concession Contract and/or the FINAL MEMORANDUM OF AGREEMENT.

 

The technical area has performed all applicable physical and accounting controls, incorporating to the economic-financial model the data arising from the Record of Investments for the 2006-2014 period, whereas it has used temporary data arising from work documents of the infrastructure and regulatory accounting areas for the years 2015, 2016, 2017 and 2018.

 

For the special case of the years 2015, 2016, 2017 and 2018, if there are any variations as regards the final data, the corresponding adjustments shall be incorporated to the following applicable annual review process.

 

Based on the criteria used in previous reviews, the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) includes the implications arising from the different trust accounts created pursuant to subsection 2) of Sub-Annex III-A of the FINAL MEMORANDUM OF AGREEMENT.

 

The technical area also holds that the deposits that are part of the TRUST FUND FOR WORKS OF THE GROUP “A” OF AIRPORTS, which account for TWO POINT FIVE PERCENT (2.5%) of the revenues of the Concession, are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) as an expense, together with the rest of the funds, which account for FIFTEEN PERCENT (15%) of revenues, whereas such funds are netted off in the investment row so as to avoid double-entry accounting, following the pace of disbursements.

 

The technical area states that, as one of the Concessionaire’s obligations is to render services in the stipulated quality conditions, we should not lose sight of the need to prevent airport management operations from undermining service quality. For this reason, the appropriate technical areas of this Regulating Body have assessed the current service quality levels in Group A of Airports, as anticipated in the Review Mechanisms (Chapter 4.1 ─ Regulatory Principle) and item 8 of the bases for the review.

 

 

 

 

The technical area states that the review also provides for an ideal opportunity to assess the goals of the Concession as a whole, and eventually introduce the necessary adjustments to achieve these goals in the long term.

 

For this reason, the technical area has considered the Service Quality Factor Measurement Program for the year 2016.

 

The FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is expressed in constant pesos. Thus, the current values of subsequent years shall be adjusted to express them in uniform currency.

 

The technical area also states that the discount system to airlines has been applied since the date of effect of Resolution No. 9, of January 28, 2009, of this Regulating Body, in line with the provisions of the FINAL MEMORANDUM OF AGREEMENT, which provided for a discount system on airport charges paid by airlines.

 

The technical area further says that traffic forecasts to be used as of the year 2020 are those provided by the Concessionaire in Note ADM-1620/19, as appears in file EX2018-33707729-APN-USG#ORSNA, within the framework of the Review process of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) for the year 2017, which is currently under way.

 

The LEGAL DEPARTMENT has acted in exercise of its incumbent authority.

 

The ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue the present measure, pursuant to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549, Decree No. 375 of April 24, 1997 and other aforementioned regulations.

The matter was discussed at a Meeting of the Board of Directors held on September 11, 2019 and the undersigned was authorized to issue the present decision.

 

 

 

 

Therefore,

 

THE BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR

DEL SISTEMA NACIONAL DE AEROPUERTOS

RESOLVES:

 

ARTICLE 1º.- To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the period as of December 31, 2016, pursuant to the provisions of Paragraph 29 of Part Four of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799 of December 4, 2007, included in IF-2019-80911392-APN-GREYF#ORSNA, stating that the tariff schedule currently in effect shall be maintained based on the submitted evidence as to the balance of the variables of the Projection.

 

ARTICLE 2º.- To uphold the decision issued through ORSNA Resolution 9, dated January 28, 2009 as to the convenience and pertinence of making discounts to international aeronautical charges for those airlines that are up to date with their payments.

 

ARTICLE 3º.- To establish that those airlines that are not up to date with payments of airport charges shall not enjoy the aforementioned discount.

 

ARTICLE 4º.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the MINISTRY OF TRANSPORTATION, enforced and filed.

 

Digitally signed by BRIZUELA Miguel Ignacio

Date: 2019.09.12 03:36:32 p.m. ART

Location: Autonomous City of Buenos Aires

Miguel Ignacio Brizuela

VICE-PRESIDENT

Organismo Regulador del Sistema Nacional de Aeropuertos

ORSNA

 

  Digitally signed by GESTION DOCUMENTAL ELECTRONICA
  (Document Management System) - GDE.
  DN: cn=GESTION DOCUMENTAL ELECTRONICA - GDE. o= AR,
  o=MODERNIZATION GOVERNMENT SECRETARIAT,
  Ou=ADMINISTRATIVE MODERNIZATION SECRETARIAT,
  serialNumber=TAX ID 30715117564
 

Date: 2019.09.12 03:36:41 p.m. 03’00’

 

 

 

 

ANNEX 1 - Revenue and Expenditure Financial Projection (REFP)

 

In thousands of AR$ as of 2017

 

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Aeronautical Revenues 7,444,356 7,715,493 9,530,642 9,658,122 10,124,204 10,599,882 11,059,231 11,499,834 11,926,645 12,348,665 12,774,568 13,210,624 1,644,773
Local parking fee 7,300 23,197 18,211 21,625 23,327 25,131 27,047 28,940 30,677 32,227 33,807 35,430 4,464
International parking fee 291,652 286,206 349,404 349,404 365,294 381,414 396,723 411,327 425,615 439,992 454,475 469,297 58,351
Local landing fee 16,633 15,097 11,782 13,991 15,093 16,260 17,499 18,724 19,848 20,850 21,873 22,923 2,888
International landing fee 713,573 675,056 894,950 894,950 935,652 976,940 1,016,154 1,053,559 1,090,156 1,126,979 1,164,077 1,202,041 149,459
Domestic airport terminal usage fee 336,619 760,490 650,026 771,883 832,648 897,035 965,419 1,032,989 1,095,013 1,150,312 1,206,736 1,264,668 159,345
Regional airport terminal usage fee 100,472 142,547 157,540 157,540 164,705 171,973 178,876 185,461 191,903 198,385 204,915 211,598 26,310
International airport terminal usage fee 5,978,107 5,812,901 7,448,729 7,448,729 7,787,486 8,131,130 8,457,512 8,768,835 9,073,433 9,379,920 9,688,685 10,004,665 1,243,956
Telescopic jet way usage fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-aeronautical Revenues 6,513,508 6,151,446 6,725,795 6,956,083 7,405,908 7,772,145 8,135,025 8,479,749 8,810,533 9,184,049 9,509,855 9,842,528 2,639,574
Ground handling service 147,804 141,566 167,684 183,096 193,303 203,991 215,092 225,402 234,872 243,443 252,061 260,760 32,462
Fuel 98,913 104,931 153,416 171,042 182,961 195,606 208,911 221,428 233,057 243,688 254,471 265,450 33,308
Tax-free store 790,288 725,940 698,919 790,288 867,541 905,824 942,183 976,865 1,010,798 1,097,188 1,133,305 1,170,266 145,508
Fiscal warehouses (variable license fee : EDCADASSA) 3,420,231 3,092,093 3,588,819 3,566,697 3,728,905 3,893,453 4,049,736 4,198,807 4,344,659 4,491,415 4,639,262 4,790,564 595,647
Advertising 139,410 159,115 151,760 158,246 161,913 165,639 169,408 173,262 177,244 181,452 185,580 189,795 22,901
Parking 480,996 517,976 456,824 509,306 544,797 582,451 622,070 659,341 693,967 725,625 757,732 790,422 99,180
Catering 221,483 231,385 240,123 240,123 251,044 262,122 272,643 282,679 292,498 302,379 312,332 322,518 40,101
Rent 207,306 139,900 186,221 194,179 198,680 203,252 207,876 212,605 217,492 222,655 227,720 232,893 28,101
Counters & cute 69,243 76,840 94,039 104,842 112,148 119,899 128,055 135,727 142,855 149,372 155,981 162,711 20,416
Coffee shops 173,651 199,275 181,747 202,627 216,747 231,728 247,490 262,319 276,095 288,690 301,464 314,469 327,327
Services and stores 682,795 676,494 711,341 737,759 848,328 906,960 968,653 1,026,689 1,080,607 1,129,902 1,179,899 1,230,801 1,281,126
Expense reimbursement 81,388 85,932 94,902 97,877 99,540 101,220 102,908 104,625 106,389 108,241 110,047 111,880 13,496
    -0,651%                      
Total Revenues 13,957,864 13,866,939 16,256,437 16,614,205 17,530,112 18,372,026 19,194,257

19,979,583

20,737,178 21,532,714 22,284,423 23,053,152 4,284,347
TCA Expenses -1,289,433 -1,360,197 -1,398,563 -1,468,491 -1,541,916 -1,619,011 -1,699,962 -1,784,960 -1,874,208 -1,967,918 -2,066,314 -2,169,630 -269,767
Personnel -1,047,210 -1,040,889 -1,037,506 -1,047,210 -1,047,210 -1,047,210 -1,047,210 -1,047,210 -1,047,210 -1,047,210 -1,047,210 -1,047,210 -126,239
Public services -271,979 -282,155 -356,353 -307,002 -312,220 -317,489 -322,785 -328,171 -333,703 -339,512 -345,176 -350,925 -42,333
Maintenance -1,120,759 -1,116,669 -1,402,300 -1,312,363 -1,354,290 -1,397,215 -1,440,864 -1,482,335 -1,521,840 -1,559,757 -1,597,242 -1,635,063 -199,609
Insurance -26,685 -31,419 -29,935 -33,140 -34,164 -35,212 -36,280 -37,381 -38,526 -39,746 -40,952 -42,192 -5,093
Hired services -90,770 -86,646 -83,333 -98,346 -100,402 -102,484 -104,575 -106,454 -108,132 -109,611 -111,067 -112,504 -13,728
FIRE-fighting and medical services -455,585 -452,414 -451,723 -480,730 -616,781 -625,307 -633,814 -641,408 -648,145 -654,059 -659,847 -665,540 -80,886
Matrix 0 0 0 0 0 0 0 0 0 0 0 0 0
GATO 0 0 0 0 0 0 0 0 0 0 0 0 0
Other operating expenses -300,156 -238,115 -294,713 -324,396 -327,905 -331,426 -334,945 -338,501 -342,132 -345,922 -349,595 -353,300 -42,608
AEI (15% over total income} -2,080,586 -2,062,894 -2,426,829 -2,476,545 -2,629,517 -2,755,804 -2,879,138 -2,996,937 -3,110,577 -3,229,907 -3,342,663 -3,457,973 -642,652
PB2012 0 0 0 0                  
RZO WORKS 0 0 0 0 0 0 0 0 0 0 0 0 0
Mutual claim interests 0 0 0 0 -9,768 -8,547 -7,326 -6,105 -4,884 -3,663 -2,442 -1,221 0
Gross income -558,315 -554,678 -650,257 -664,568 -701,204 -734,881 -767,770 -799,183 -829,487 -861,309 -891,377 -922,126 -171,374
Financial transfer tax -141,023 -146,297 -171,680 -165,044 -168,121 -170,596 -178,675 -185,431 -192,006 -199,050 -205,152 -211,705 -37,544
(Tax) Amortizations -449,477 -561,813 -749,663 -967,274 -1,025,849 -1,054,543 -1,083,351 -1,116,243 -1,157,806 -1,223,040 -1,289,506 -1,409,028 0
Total expenditures -7,831,977 -7,934,186 -9,052,856 -9,345,110 -9,869,346 -10,199,725 -10,536,695 -10,870,320 -11,208,657 -11,580,703 -11,948,542 -12,378,417 -1,631,832
                           
Earnings before tax 6,125,887 5,932,754 7,203,581 7,269,095 7,660,766 8,172,302 8,657,561 9,109,263 9,528,522 9,952,011 10,335,880 10,674,734 2,652,516

 

Income tax

 

-1,660,210

 

-1,214,618

 

-1,767,828

 

-1,426,775

 

-1,434,939

 

-1,733,682

 

-1,840,602

 

-1,939,832

 

 

-2,031,511

 

-2,123,666

 

-2,206,747

 

-2,562,824

 

-650,953

Earnings after tax 4,465,677 4,718,135 5,435,753 5,842,320 6,225,827 6,438,620 6,816,960 7,169,431 7,497,011 7,828,345 8,129,133 8,111,910 2,001,563
Other Companies 12,093 10,700 12,489              

 

   
(Tax) amortization adjustments 449,477 561,813 749,663 967,274 1,025,849 1,054,543 1,083,351 1,116,243 1,157,806 1,223,040 1,289,506 1,409,028 0
Mutual claim amortization 0 0 0 0 -61,047 -61,047 -61,047 -61,047 -61,047 -61,047 -61,047 -61,047 0
Work capital variation 1,656,368 397,049 296,560 0 0 0 0 0 0 0 0 0 0
Direct investment -1,731,146 -2,672,066 -3,118,839 -1,790,379 -934,718 -232,163 -370,521 -362,854 -364,494 -391,415 -334,033 -321,774 0
Additional Investments 0 -234,427 -338,535 -1,295,062 -730,558 -771,383 -1,170,670 -1,170,670 -1,170,670 -1,170,670 -1,170,670 -1,170,670 0
AEI allocated to Investments (2,5%) -622,418 -172,079 -101,175 -1,028,557 -459,861 -463,375 -443,670 -443,670 -443,670 -443,670 -443,670 -443,670 0
Total Investment -2,353,564 -2,844,146 -3,023,071 -4,113,998 -2,125,137 -1,466,922 -1,984,861 -1,977,194 -1,978,833 -2,005,755 -1,948,373 -1,936,114 0
Net fund flow 4,852,469 2,781,204 3,037,090 -3,307,942 1,238,071 6,428,569 6,298,072 6,691,102 7,058,606 7,428,253 7,852,889 7,967,447 2,001,563
      Additional Investments              
        7,032,096 4,287,281                

 

IF-2019-80911392-APN-GREYF#ORSNA

 

Page 1 of 1 

 

(Back To Top)

Section 3: EX-99.2 (EXHIBIT 99.2)

 

Exhibit 99.2

 

  

Republic of Argentina – National Executive Power

2019 – Year of Exports

  

Notice

 

Number: IF-2019-94838508-APN-USG#ORSNA

 

 

CITY OF BUENOS AIRES

 

Monday, October 21, 2019

 

Reference: RESOL-2019-92-APN-ORSNA#MTR

   

To the President of

 

AEROPUERTOS ARGENTINA 2000 S A

 

Eng. Martín EURNEKIAN

   

The purpose of this notice is to inform you about the issuance of RESOL-2019-92-APN-ORSNA#MTR, which provides as follows: “ARTICLE 1: To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the period as of December 31, 2017, pursuant to the provisions of Paragraph 29 of Part Four of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799 of December 4, 2007, included in the IF-2019-87108775-APNGREYF#ORSNA, which states the need to rebalance the variables included in the Projection by means of tariff variation. ARTICLE 2: To uphold the decision issued through ORSNA Resolution No. 9, dated January 28, 2009 as to the convenience and pertinence of making discounts to international aeronautical charges for those airlines that are up to date with their payments. ARTICLE 3: To establish that those airlines that are not up to date with payments of airport charges shall not enjoy the aforementioned discount.”

 

A motion for reversal or a motion to appeal the administrative act notified by these presents can be filed within the term of TEN (10) and FIFTEEN (15) days respectively, as of the day following the notification thereof, pursuant to the provisions of Articles 84 and 94 of the Regulations of Administrative Proceedings (Decree 1759/1972,as revised in 2017).

 

Also, the resolution notified hereby exhausts administrative proceedings and the parties shall be entitled to file legal proceedings within NINETY (90) business days, counted from the day following the date of notice.

 

 

 

 

Resolution RESOL-2019-92-APN-ORSNA#MTR is attached herewith, in EIGHT (8) sheets of paper with writing on both sides of the page.

  

 

Signature: [illegible]

 

Clarification: Ana Lía De Oto

 

Date: 10/21/2019         Time: 05:00 p.m.

  

 

Digitally signed by GESTION DOCUMENTAL ELECTRONICA (Document Management System) - GDE.

Date: 2019.10.21 04:17:58 p.m. -03-00

 

 

CARMELA MARTÍNEZ

 

Chief of the Department

 

General Secretariat Unit

 

Organismo Regulador del Sistema Nacional de Aeropuertos (O.R.S.N.A.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitally signed by GESTION DOCUMENTAL ELECTRONICA

(Document Management System) - GDE.

  Date: 2019.10.21 04:17:59 p.m. -03:00

  

 

 

 

 

  

Republic of Argentina – National Executive Power

 

2019 – Year of Exports

 

Resolution

 

Number: RESOL-2019-92-APN-ORSNA#MTR

 

 

CITY OF BUENOS AIRES

 

Monday, October 21, 2019

 

Reference: File EX-2018-33707729-APN-USG#ORSNA

 

Having reviewed File EX-2018-33707729-APN-USG#ORSNA of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA); Decree No. 375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency No. 842, dated on August 27, 1997; Decree No. 163, dated on February 11, 1998; Decree No. 1799, dated on December 4, 2007; ORSNA Resolutions No. 111, dated on December 30, 2008; No. 9, dated January 28, 2009; No. 167 dated November 20, 2015, No. 100 dated November 25, 2016 and 75 of 2019; and

 

WHEREAS:

 

The abovementioned File deals with the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), corresponding to the year 2017.

 

Paragraph 24.1 of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree Nº 1799 dated on December 4, 2007, establishes the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) for the Concession for the 2006-2028 period.

 

 

 

 

Said projection is shown in Annex 5 of the FINAL MEMORANDUM OF AGREEMENT and consists of a breakdown of revenues and expenditures related to the rendering of the services subject to the concession, including the investment obligation and the balance of the mutual claims between the NATIONAL STATE and the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA.

 

The FINAL MEMORANDUM OF AGREEMENT states that ordinary and extraordinary reviews of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) shall be carried out.

 

Paragraphs 29.1 and 29.2 of the FINAL MEMORANDUM OF AGREEMENT provide for an Annual Ordinary Review Mechanism of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), with the purpose of verifying and keeping the balance between the variables of the aforementioned projection.

 

ORSNA Resolution Nº 111, dated on December 30, 2008 establishes the necessary methodology to provide for the rebalancing of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE).

 

The last review was approved by ORSNA Resolution No. 75, dated on September 12, 2019, which included the year 2016.

 

As a consequence of the aforementioned measure, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) upheld the provisions of Resolution No. 101, of November 25, 2016.

 

The purpose of the review is to preserve the balance between the variables that are part of the Projection, in the understanding that the Concession shall be in a situation of balance if revenues from airport charges for rendered services permit to recover, within the stipulated term, and in the committed efficiency conditions, all costs associated to the rendering of such services.

 

For the purposes of the review corresponding to the year 2017, the DEPARTMENT OF ECONOMIC AND FINANCIAL REGULATION of this Regulating Body submitted to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA the Bases for the review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) for the year 2017.

 

 

 

 

Based on the aforementioned, the technical area of this Body requested the information specified in the Bases in order to make the review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) for the year 2017, and the Concessionaire submitted all requested information.

 

For the purposes of this review, the technical area controlled operating expenses and updated the data corresponding to concession costs for the ongoing period, based on the information arising from regulatory accounting, financial statements, SAP System information and additional information supplied by the Concessionaire.

 

The technical area controlled such information so as to verify that the corresponding expenditures were made and that they matched the goals of the concession.

 

The technical area manifests that the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) also includes the estimated future performance of the variables and a forecast for the year 2018, which was prepared based on the information arising from the Regulatory Accounting Report as of December of such year.

 

Likewise, for the purpose of the present review, the technical area of this Regulating Body performed an analysis of the Concessionaire’s revenues ─ both aeronautical and non-aeronautical ones.

 

For such purposes, the technical area used as source of information the data arising from Regulatory Accounting, to incorporate to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) the actual annual revenues obtained for each of the corresponding categories, based on the tariffs in force for regulated services, as well as the balance circularization method.

 

The technical area stated that the revenues of the concession have been subdivided as follows: 1) Aeronautical revenues: those revenues that are directly related to aeronautical activities, with prices regulated by the NATIONAL STATE, including the charges to airlines for landing operations, parking of aircraft, as well as airport terminal usage fees paid by passengers and 2) Non-aeronautical revenues: those revenues from the sale of goods and services inside the airport, with a distinction between: a) Commercial revenues: those revenues that are related to commercial services exploited inside airport premises, including coffee stores, free shops, fuel, ground handling services, stores, etc.; b) Revenues from the cargo terminal: those revenues exclusively connected to air cargo activities, and their relationship with the import and export of goods.

 

 

 

 

As regards these revenues, the technical area states that it has applied the usual control methods to assess their reasonability, highlighting that control methods applied to each type of revenues depend on the nature thereof. However, all methods yielded very accurate results with minor differences arising from adopted simplifications for the purpose of analysis.

 

As regards non aeronautical revenues, the technical area manifests that it based its assessment of non-aeronautical revenues on the information supplied within the framework of the balance circularization of service providers.

 

As regards the revenues from the Cargo Terminal, the technical area states that although revenues corresponding to TERMINAL DE CARGAS ARGENTINA (TCA) are considered commercial revenues, they are analyzed as a separate item so as to clearly assess their efficiency and performance, taking into account that they represent a high percentage of the Concessionaire’s total income.

 

The technical area also states that operating costs corresponding to TERMINAL DE CARGAS ARGENTINA (TCA) are also differentiated from other Concessionaire’s costs, so as to identify in each case the contribution of costs associated to such activities to total operating costs.

 

The technical area also states that as regards future forecasts, the correlation functions established by the FINAL MEMORANDUM OF AGREEMENT have been applied. This Regulating Body can modify such correlation functions in face of expected changes in the performance of any of the variables affecting revenue generation and collection.

 

That one of the objectives of the Ordinary Review is to incorporate any significant effects or variations that may have resulted from decisions made by the Regulating Body, which can have a positive or negative impact on the terms of the Financial Projection of Income and Expenses.

 

The technical area has detected a significant variation that will be incorporated as an expenditure in the present Review. This is the additional cost that the Concessionaire will bear for the operation of the baggage handling system in the airports of Ezeiza and Aeroparque.

 

 

 

 

Currently, airlines bear the cost for the operation of the baggage handling system in these two airports. Therefore, this change is beneficial to them.

 

The Concessionaire submitted Note DIR 2273/19, arguing that the Income Tax on income before taxes resulting from the Review should be imposed according to the statutory rate (THIRTY-FIVE PERCENT (35%) up to 2017, THIRTY PERCENT (30%) in 2018 and 2019, and TWENTY-FIVE PERCENT (25%) from 2020 to the end of the Concession period.)

 

The technical area analyzed this issue and considered that the raised argument was appropriate.

 

This way, it is possible to establish, among other things, additional specific goals upon the expectation of changes that are significantly different in terms of expected traffic growth and their correlation with the corresponding variable, thus altering the level of future revenues.

 

In the present review, the technical area states that such situation has been verified in the Duty free shop category.

 

In terms of investment, the technical area has taken into account the regulated costs of projects, emphasizing that all information related to investment recording is based on the actions undertaken by the DEPARTMENT OF ECONOMIC AND FINANCIAL REGULATION jointly with the AIRPORT PLANNING DEPARTMENT.

 

The technical area has not considered in the analysis other investments arising from agreements between private parties and/or airport service providers, as they are not contractual obligations arising from the Concession Contract and/or the FINAL MEMORANDUM OF AGREEMENT.

 

The technical area has performed all applicable physical and accounting controls, incorporating to the economic-financial model the data arising from the Record of Investments for the 2006-2014 period, whereas it has used temporary data arising from work documents of the infrastructure and regulatory accounting areas for the years 2015, 2016, 2017 and 2018.

 

For the special case of the years 2015, 2016, 2017 and 2018, if there are any variations as regards the final data, the corresponding adjustments shall be incorporated to the following applicable annual review process.

 

 

 

 

Based on the criteria used in previous reviews, the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) includes the implications arising from the different trust accounts created pursuant to subsection 2) of Sub-Annex III-A of the FINAL MEMORANDUM OF AGREEMENT.

 

The technical area also holds that the deposits that are part of the TRUST FUND FOR WORKS OF THE GROUP “A” OF AIRPORTS, which account for TWO POINT FIVE PERCENT (2.5%) of the revenues of the Concession, are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) as an expense, together with the rest of the funds, which account for FIFTEEN PERCENT (15%) of revenues, whereas such funds are netted off in the investment row so as to avoid double-entry accounting, following the pace of disbursements.

 

The technical area states that, as one of the Concessionaire’s obligations is to render services in the stipulated quality conditions, we should not lose sight of the need to prevent airport management operations from undermining service quality. For this reason, the appropriate technical areas of this Regulating Body have assessed the current service quality levels in Group A of Airports, as anticipated in the Review Mechanisms (Chapter 4.1 ─ Regulatory Principle) and item 8 of the bases for the review.

 

The technical area states that the review also provides for an ideal opportunity to assess the goals of the Concession as a whole, and eventually introduce the necessary adjustments to achieve these goals in the long term.

 

For this reason, the technical area has considered the Service Quality Factor Measurement Program for the year 2017.

 

The FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is expressed in constant pesos. Thus, the current values of subsequent years shall be adjusted to express them in uniform currency.

 

The technical area also states that the discount system to airlines has been applied since the date of effect of Resolution No. 9, of January 28, 2009, of this Regulating Body, in line with the provisions of the FINAL MEMORANDUM OF AGREEMENT, which provided for a discount system on airport charges paid by airlines.

 

 

 

 

The technical area further says that traffic forecasts to be used as of the year 2020 are those provided by the Concessionaire in Note ADM-1620/19, as appears in the file corresponding to the present Review.

 

The technical area states that the characteristics of aeronautical revenues from the last years are still the same, where airport tariffs for international flights make up for low airport tariffs for domestic flights.

 

As regards terminal building use tariffs, the total billed amount for these tariffs, both for domestic and international flights, divided by the number of passengers is THREE PERCENT (3%) above the average found in the busiest airports of the region in terms of traffic.

 

Domestic parking and landing fees are NINETY-SIX PERCENT (96%) AND NINETY-NINE PER CENT (99%), respectively, below the fees charged by the busiest airports of the region in terms of traffic.

 

The Concessionaire submitted Note DIR 2279/19 informing the approval in Shareholders’ Meeting of an update in the value of preferred shares issued as repayment method for Mutual Claims. The updated amount of such shares is FOUR THOUSAND EIGHT HUNDRED MILLION PESOS (ARS 4,800,000,000).

 

The technical area analyzed the issue and added the updated amount to the Financial Projection of Income and Expenses.

 

The LEGAL DEPARTMENT has acted in exercise of its incumbent authority.

 

The Board of Directors of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue the present measure, pursuant to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549, Decree No. 375 of April 24, 1997 and other aforementioned regulations.

The matter was discussed at a Meeting of the Board of Directors held on October 18, 2019 and the undersigned was authorized to issue the present decision.

 

 

 

 

Therefore,

 

THE BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS

RESOLVES:

 

ARTICLE 1º.- To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) of the Concession corresponding to the period as of December 31, 2017, pursuant to the provisions of Paragraph 29 of Part Four of the FINAL MEMORANDUM OF AGREEMENT FOR CONCESSION CONTRACT ADJUSTMENT, ratified by Decree 1799 of December 4, 2007, included in IF-2019-87108775-APN-GREYF#ORSNA, which states the need to rebalance the variables included in the Projection by means of tariff variation.

 

ARTICLE 2º.- To uphold the decision issued through ORSNA Resolution 9, dated January 28, 2009 as to the convenience and pertinence of making discounts to international aeronautical charges for those airlines that are up to date with their payments.

 

ARTICLE 3º.- To establish that those airlines that are not up to date with payments of airport charges shall not enjoy the aforementioned discount.

 

ARTICLE 4º.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the MINISTRY OF TRANSPORTATION, enforced and filed.

 

Digitally signed by DI STEFANO Patricio

Date: 2019.10.21 02:45:40 p.m. ART

Location: Autonomous City of Buenos Aires

Patricio DI STEFANO

President

Organismo Regulador del Sistema Nacional de Aeropuertos

ORSNA

 

 

 

  Digitally signed by GESTION DOCUMENTAL ELECTRONICA
   (Document Management System) - GDE.
  Date: 2019.10.21 02:45:51 p.m. -03:00

  

 

 

 

ANNEX 1 - Revenue and Expenditure Financial Projection (REFP)

 

In thousands of AR$ as of 2017

 

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Aeronautical Revenues 11,164,039 13,790,493 13,974,952 17,065,217 17,925,048 18,769,626 19,584,274 20,365,541 21,124,188 21,891,233 22,676,939 2,827,705
Local parking fee 33,565 26,350 31,290 33,754 36,364 39,136 41,875 44,389 46,631 48,918 51,267 6,459
International parking fee 414,130 505,574 505,574 528,567 551,891 574,044 595,175 615,849 636,652 657,609 679,056 84,432
Local landing fee 21,844 17,049 20,245 21,838 23,527 25,321 27,093 28,720 30,170 31,650 33,169 4,179
International landing fee 976,781 1,294,961 1,294,961 1,353,854 1,413,596 1,470,338 1,524,461 1,577,416 1,630,698 1,684,377 1,739,310 216,262
Domestic airport terminal usage fee 1,100,401 940,564 1,116,887 3,160,745 3,405,159 3,664,748 3,921,245 4,156,688 4,366,602 4,580,788 4,800,702 604,877
Regional airport terminal usage fee 206,260 227,955 227,955 238,322 248,839 258,827 268,355 277,676 287,056 296,505 306,175 38,069
International airport terminal usage fee 8,411,057 10,778,040 10,778,040 11,728,137 12,245,672 12,737,212 13,206,070 13,664,803 14,126,380 14,591,386 15,067,260 1,873,427
Telescopic jet way usage fee 0 0 0 0 0 0 0 0 0 0 0 0
Non-aeronautical Revenues 8,867,208 9,731,981 10,055,747 10,642,859 11,175,461 11,704,430 12,206,719 12,688,064 13,231,180 13,704,313 14,187,373 3,909,281
Ground handling service 204,841 242,633 245,609 259,301 273,639 288,529 302,359 315,062 326,560 338,120 349,790 43,546
Fuel 151,832 221,988 190,033 203,275 217,325 232,107 246,014 258,934 270,746 282,726 294,923 37,006
Tax-free store 1,050,409 1,011,310 1,160,241 1,273,658 1,329,861 1,383,242 1,434,159 1,483,977 1,610,808 1,663,832 1,718,096 213,624
Fiscal warehouses (variable license fee : EDCADASSA) 4,474,146 5,192,890 4,901,969 5,124,904 5,351,054 5,565,844 5,770,724 5,971,178 6,172,876 6,376,072 6,584,017 818,641
Advertising 230,234 219,591 256,115 262,051 268,081 274,180 280,418 286,864 293,673 300,355 307,177 37,064
Parking 749,492 661,007 938,064 1,003,433 1,072,785 1,145,757 1,214,404 1,278,181 1,336,489 1,395,626 1,455,836 182,674
Catering 334,805 347,450 369,813 386,632 403,693 419,897 435,353 450,476 465,692 481,022 496,710 61,760
Rent 202,430 269,455 225,185 230,404 235,706 241,068 246,553 252,220 258,207 264,082 270,080 32,588
Counters & cute 111,184 136,070 139,158 148,855 159,144 169,969 180,152 189,613 198,263 207,036 215,968 27,099
Coffee shops 288,344 262,982 360,891 386,039 412,721 440,794 467,204 491,740 514,172 536,924 560,087 582,988
Services and stores 945,151 1,029,284 1,134,148 1,227,500 1,312,338 1,401,605 1,485,581 1,563,599 1,634,927 1,707,271 1,780,924 1,853,743
Expense reimbursement 124,340 137,320 134,521 136,807 139,115 141,436 143,796 146,220 148,765 151,247 153,767 18,549
                         
Total Revenues 20,031,247 23,522,474 24,030,699 27,708,076 29,100,510 30,474,056 31,790,992 33,053,605 34,355,369 35,595,546 36,864,312 6,736,987
TCA Expenses -1,968,156 -2,066,563 -2,169,892 -2,278,386 -2,392,306 -2,511,921 -2,637,517 -2,769,393 -2,907,862

-3,053,255

-3,205,918 -398,616
Personnel -1,495,083 -1,483,023 -1,495,083 -1,495,083 -1,495,083 -1,495,083 -1,495,083 -1,495,083 -1,495,083 -1,495,083 -1,495,083 -180,229
Public services -395,009 -545,212 -427,351 -434,614 -441,948 -449,321 -456,818 -464,518 -472,604 -480,489 -488,492 -58,927
Maintenance -1,787,932 -2,315,581 -1,677,586 -1,731,181 -1,786,051 -1,841,848 -1,894,860 -1,945,360 -1,993,828 -2,041,744 -2,090,091 -255,159
Insurance -45,462 -42,838 -52,333 -53,950 -55,606 -57,292 -59,030 -60,839 -62,765 -64,669 -66,627 -8,042
Hired services -121,836 -118,731 -130,671 -133,403 -136,169 -138,948 -141,445 -143,674 -145,640 -147,573 -149,483 -18,241
FIRE-fighting and medical services -591,637 -625,820 -620,075 -802,453 -813,546 -824,613 -834,495 -843,260 -850,953 -858,484 -865,891 -105,235
Matrix 0 0 0 0 0 0 0 0 0 0 0 0
GATO 0

0

0 0 0 0 0 0 0 0 0 0
Other operating expenses -406,273 -507,217 -427,297 -431,918 -436,557 -441,191 -445,876 -450,658 -455,651 -460,488 -465,369 -56,124
AEI (15% over total income} -2,984,933 -3,511,533 -3,604,605 -4,156,211 -4,365,076 -4,571,108 -4,768,649 -4,958,041 -5,153,305 -5,339,332 -5,529,647 -1,010,548
PB2012 0 0 0                  
RZO WORKS 0 0 0 0 0 0 0 0 0 0 0 0
Mutual claim interests 0 0 0 -96,000 -84,000 -72,000 -60,000 -48,000 -36,000 -24,000 -12,000 0
Gross income -823,405 -983,605 -961,228 -1,108,323 -1,164,020 -1,218,962 -1,271,640 -1,322,144 -1,374,215 -1,423,822 -1,474,572 -269,479
Financial transfer tax -242,758 -182,895 -236,236 -260,091 -264,955 -277,023 -288,131 -298,866 -310,151 -320,092 -330,717 -58,293
(Tax) Amortizations -803,082 -1,177,961 -1,177,961 -1,177,961 -1,177,961 -1,177,961 -1,177,961 -1,177,961 -1,177,961 -1,177,961 -1,177,961 0
Total expenditures -11,665,564 -13,560,979 -12,980,317 -14,159,576 -14,613,278 -15,077,272 -15,531,504 -15,977,796 -16,436,018 -16,886,994 -17,351,853 -2,418,894
                         
Earnings before tax 8,365,683 9,961,495 11,050,382 13,548,499 14,487,232 15,396,783 16,259,488 17,075,809 17,919,350 18,708,552 19,512,459 4,318,093

 

Income tax

 

 

-2,927,989

 

-2,988,448

 

-3,315,115

 

-3,387,125

 

-3,621,808

 

-3,849,196

 

-4,064,872

 

-4,268,952

 

-4,479,838

 

-4,677,138

 

-4,878,115

 

-1,079,523

Earnings after tax 5,437,694 6,973,046 7,735,267 10,161,375 10,865,424 11,547,588 12,194,616 12,806,857 13,439,513 14,031,414 14,634,344 3,238,570
Other Companies 15,482 18,070                  

 

0

(Tax) amortization adjustments 803,082 1,177,961 1,177,961 1,177,961 1,177,961 1,177,961 1,177,961 1,177,961 1,177,961 1,177,961 1,177,961 0
Mutual claim amortization 0 0 0 -600,000 -600,000 -600,000 -600,000 -600,000 -600,000 -600,000 -600,000 0
Work capital variation 574,515 973,786 0 0 0 0 0 0 0 0 0 0
Direct investment -3,565,644 -4,566,560 -2,590,613 -1,352,503 -335,932 -393,564 -382,471 -384,843 -423,797 -340,768 -323,029 0
Additional Investments -339,208 -548,338 -1,873,907 -1,057,091 -1,116,163 -1,075,798 -1,075,798 -1,075,798 -1,075,798 -1,075,798 -1,075,798 0
AEI allocated to Investments (2,5%) -248,993 -107,455 -1,488,285 -665,402 -670,487 -697,186 -697,186 -697,186 -697,186 -697,186 -697,186 0
Total Investment -3,814,636 -4,646,189 -5,952,805 -3,074,997 -2,122,583 -2,166,549 -2,155,455 -2,157,828 -2,196,781 -2,113,752 -2,096,013 0
Net fund flow 2,925,922 4,027,965 -5,726,480 2,126,201 9,991,289 10,656,186 11,314,308 11,924,176 12,517,878 13,192,809 13,813,478 3,238,570
    Additional investments              
      10.175.187 6.203.540                

 

IF-2019-87108775-APN-GREYF#ORSN

 

 

 

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Section 4: EX-99.3 (EXHIBIT 99.3)

 

Exhibit 99.3

 

Fees for the Use of the Airports (Passenger Use Fees)

 

The table below sets forth the maximum fees for passenger use fees that will apply to all the plane tickets issued as from the following day of the publication of the resolution in the Official Gazette (Boletín Oficial), and to be used after January 1st, 2020, under the AA2000 Concession Agreement.

 

    

Airport category

 
Use Fees Per Departing Passenger   

I

    

II

    

III

    

IV

 
International flights    U.S.$51.00    U.S.$37.97    U.S.$33.66    U.S.$33.66 
Domestic flights    AR$195.00    AR$136.00    AR$119.00    AR$119.00 

 

Regional passenger use fees are a variation of the international flight passenger use fees and are applied only to international flights which cover a distance of less than 300 kilometers (187.5 miles), including international flights between the City of Buenos Aires and Uruguay. Regional passenger use fees are set at U.S.$25.16.

 

Passenger use fees on international flights are not charged for: (i) children under the age of 2, (ii) diplomats and (iii) transfer and transit passengers. Passenger use fees on domestic flights are not charged for: (i) children under the age of 3 and (ii) transfer and transit passengers.

 

Aircraft Fees

 

Landing Fees

 

The table below sets forth the maximum amounts that, effective as of January 1, 2017, we may collect from aircraft operators by airport category under the AA2000 Concession Agreement in respect of international and domestic aircraft landing fees.

 

International Flights  Airport category 
   I   II   III   IV 
Aircraft weight  (U.S.$ per ton, except percentages) 
2 – 12 tons    29.32    17.39    9.99    9.99 
Minimum fee    184.89    92.38    39.57    39.57 
12 – 30 tons    6.27    3.73    2.24    2.24 
31 – 80 tons    7.16    4.48    2.62    2.62 
81 – 170 tons    8.81    5.37    -    - 
> 170 tons    9.76    -    -    - 
Minimum fee    81.50    48.51    29.11    29.11 
Surcharge for operation out of the normal timetable    352.82    255.12    162.84    162.84 
Surcharge for night air field lighting    30%   30%   30%   30%

 

 

Domestic Flights  Airport Category 
   I   II   III   IV 
Aircraft weight  (AR$ per ton, except percentages) 
2 – 12 tons .   20.37    15.18    8.82    4.54 
Minimum fee    142.73    108.34    62.15    31.53 
12 – 30 tons    1.05    0.67    0.43    0.26 
31 – 80 tons    1.14    0.76    0.52    - 
81 – 170 tons    1.26    0.88    -    - 
> 170 tons    1.47    -    -    - 
Minimum fee    13.65    8.71    5.59    3.38 
Surcharge for operation out of the normal timetable    260.00    188.00    120.00    68.00 
Surcharge for night air field lighting    30%   50%   30%   30%

 

Per ton aircraft fees are charged for international and domestic flights to all commercial and private aircraft, with the exception of aircraft that weigh less than two tons. Aircraft weighing between two and twelve tons pay the minimum fee set forth in the table above. A rush-hour landing surcharge, equal to 50% of the landing fee applicable to such aircraft, is charged to all domestic and international flights that land at Aeroparque between 6:00 a.m. and 10:00 am, and between 6:30 p.m. and 9:30 p.m., daily.

 

 

 

 

Parking Fees

 

The table below sets forth the maximum amounts that, effective as of January 1, 2017, we may collect from aircraft operators, by airport category, under the AA2000 Concession Agreement with respect to international and domestic aircraft parking fees.

 

International Flights                    
   Airport Category 
   Ezeiza/ Aeroparque   I   II   III   IV 
Aircraft weight (tons)  (U.S.$ per ton per hour or fraction) 
5 – 12 tons    3.84    1.92    1.43    1.12    1.12 
Minimum fee    55.46    36.99    13.18    13.18    13.18 
12 – 80 tons    0.34    0.17    0.13    0.10    0.10 
81 – 170 tons    0.48    0.20    0.14    0.11    - 
> 170 tons    0.98    0.22    0.14    -    - 
Minimum fee    7.33    4.89    2.44    2.44    2.44 

 

 

Domestic Flights                    
   Airport Category 
   Ezeiza/ Aeroparque   I   II   III   IV 
Aircraft weight (tons)  (AR$ per ton per hour or fraction) 
5 – 12 tons    4.45    2.65    2.10    1.60    1.05 
Minimum fee    124.44    81.90    51.90    37.80    23.64 
12 – 80 tons    0.85    0.50    0.40    0.30    0.20 
81 – 170 tons    1.15    0.65    0.50    0.40    - 
> 170 tons    1.50    0.85    0.60    -    - 
Minimum fee    39.50    26.00    16.50    12.00    7.50 

 

Aircraft parking fees for international and domestic flights are charged to all commercial and private aircraft, with the exception of aircraft that weigh less than five tons. Aircraft parking fees for international and domestic flights for Ezeiza Airport and Aeroparque Airport are charged to aircraft parked in an operative apron; aircraft parking fees for international and domestic flights for aircraft parked in a remote apron are charged the fees corresponding to Category I. Free parking time is not applicable, irrespective of whether the flight is international or domestic, or commercial (whether in regular flight or not) or private.

 

 

 

 

 

 

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