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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 May, 2020

 

Commission File Number: 001-38354

 

 

 

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): ¨

 

 

 

 

 

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

Our subsidiary in Argentina, Aeropuertos Argentina 2000 S.A. (“AA2000”), files quarterly financial statements in Spanish (both on a consolidated and individual basis) before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) (“CNV”). AA2000 also files other periodic reports and notices with the CNV due to the fact that certain of its debt securities are subject to the public offering regime in Argentina. All such reports and notices are available at the website of the CNV (http://www.cnv.gob.ar). In addition, AA2000 files quarterly consolidated and individual financial statements in English before the Luxembourg Stock Exchange, in accordance with International Accounting Standard 34, “Interim Financial Reporting” as issued by the International Accounting Standards Board, on which said debt securities are listed and to the trustee under the indenture governing these debt securities. We are furnishing the information under cover of this Form 6-K to make this information available to the holders of our common shares.

 

This Form 6-K contains a free translation into English of the stand-alone condensed consolidated interim financial statements for the three months ended March 31, 2020 of AA2000 (the “AA2000 Consolidated Financial Statements”) as well as the stand-alone condensed individual interim financial statements for the three months ended March 31, 2020 of AA2000 (the “AA2000 Individual Financial Statements” and jointly with the AA2000 Consolidated Financial Statements, the “AA2000 Financial Statements”) that have been made publicly available in Argentina in Spanish. The AA2000 Financial Statements, have been prepared in accordance with the accounting framework established by the CNV, which is based on the application of the IFRS. We have determined that, as of July 1, 2018, the Argentine economy qualifies as a hyperinflationary economy according to the guidelines of the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), since the total cumulative inflation in Argentina in the 36 months prior to July 1, 2018, as measured by the wholesale price index published by the Argentine National Institute of Statistics and Census (INDEC), exceeded 100%. Accordingly, IAS 29 guidance is applicable to our financial statements for periods ending after July 1, 2018. These AA2000 Financial Statements are presented in Argentine pesos and were audited in accordance with ISRE 2410, Review of interim financial information as approved by the International Auditing and Assurance Standards Board (IAASB).

 

There are certain differences between the AA2000 Consolidated Financial Statements and the consolidating information for the Argentine segment included in the consolidated financial statements of Corporación América Airports S.A. (“CAAP”), such as AA2000’s own transition date to IFRS and its reporting currency, among others.

 

As a result, the AA2000 Financial Statements contained in this Form 6-K are for informational purposes only and not comparable to the financial information included in the Argentine segment in the consolidated financial statements of CAAP included in our annual report on Form 20-F and that consolidate the results of operations and financial condition of all our subsidiaries. Furthermore, neither the AA2000 Consolidated Financial Statements nor the AA2000 Individual Financial Statements should be construed as any indication of how our Argentina segment information will be presented in the consolidated financial statements of CAAP.

 

 

 

 

This Form 6-K is hereby incorporated by reference into AA2000’s exchange offer memorandum dated April 21, 2020 (as amended and supplemented through the date hereof).

 

 

 

 

Exhibits

 

Exhibit No. Description
   
99.1 Free translation into English of AA2000 Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2020.
   
99.2 Free translation into English of AA2000 Condensed Individual Interim Financial Statements for the three months ended March 31, 2020.

 

 

 

 

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/ Raúl Guillermo Francos  
  Name: Raúl Guillermo Francos
  Title: Chief Financial Officer

 

Date: May 1, 2020

 

(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit 99.1

 

 

 

 

Aeropuertos Argentina 2000 S.A.

 

 

Condensed Consolidated Interim Financial Statements

At March, 31, 2020 presented in comparative format

 

 

 

 

 

Aeropuertos Argentina 2000 S.A.

 

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

 

Index

     
     
Consolidated Statements of Comprehensive Income  2 
Consolidated Statements of Financial Position  3 
Consolidated Statements of Changes in Equity  4 
Consolidated Statements of Cash Flows  5 
Notes to the Condensed Consolidated Interim Financial Statements  6 
Summary of Information requested by Resolution N° 368/01of the National Securities Commission  32 
Review Report of the Condensed Consolidated Interim Financial Statements    
Report of the Supervisory Committee    

 

 

$ = Argentine Peso

US$ = US Dollar

EUR = Euro

CAD = Canadian dollar

 

 
 1 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

 

Legal address: Honduras 5663 - Ciudad Autónoma de Buenos Aires
Principal activity: Exploitation, administration and operation of airports

 

Condensed Consolidated Interim Financial Statements

For the three-month period of the

Fiscal Year N° 23 commenced January 1, 2020

 

DATE OF REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE:
Of the By-laws: February 18, 1998
Of the last modification of the By-laws: October 11, 2016
Registration number with the Public Registry: 1645890
Expiration date of the company: February 17, 2053
Parent Company: Corporación América S.A.
Legal address: Honduras 5673 - Autonomous City of Buenos Aires
Principal activity: Investments and financing
Participation of the Parent Company
in common stock and total votes:
45.90%

 

 

CAPITAL STOCK (Note 13)
   Subscribed   Paid-in 
   $ 
Issued          
79,105,489 Class “A” common shares of AR$ 1 par value and 1 vote each   79,105,489    79,105,489 
79,105,489 Class “B” common shares of AR$ 1 par value and 1 vote each   79,105,489    79,105,489 
61,526,492 Class “C” common shares of AR$ 1 par value and 1 vote each   61,526,492    61,526,492 
38,779,829 Class “D” common shares of AR$ 1 par value and 1 vote each   38,779,829    38,779,829 
747,529,409 Preferred shares of AR$ 1 par value with no voting rights   747,529,409    747,529,409 
    1,006,046,708    1,006,046,708 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 
 2 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statement of Comprehensive Income

For the three month periods ended at March 31, 2020 and 2019

 

      Three months at 
      03.31.2020   03.31.2019 
   Note  $ 
Continuous Operations             
Revenue  4   8,961,224,945    10,481,953,417 
CINIIF 12 - paragraph 14 Credit  5   2,404,922,691    3,385,141,752 
Cost of service  10   (6,588,065,363)   (6,025,494,620)
CINIIF 12 - paragraph 14 Debit      (2,401,301,382)   (3,382,518,268)
Gross Profit      2,376,780,891    4,459,082,281 
Distribution and selling expenses  10   (565,121,791)   (669,430,965)
Administrative expenses  10   (373,674,671)   (415,860,943)
Other income and expenses, net  4   223,173,260    259,063,725 
Operating profit      1,661,157,689    3,632,854,098 
              
Finance Income  4   53,758,804    673,454,525 
Finance Costs  4   (877,743,464)   (1,208,197,969)
Result from exposure to changes in the purchasing power of the currency      (126,747,381)   (606,280,764)
Income before income tax      710,425,648    2,491,829,890 
Income tax  4   (472,562,094)   720,363,610 
Income for the period for continuous operations      237,863,554    3,212,193,500 
Net Income for the period      237,863,554    3,212,193,500 
Other comprehensive income      -    - 
Comprehensive Income for the period      237,863,554    3,212,193,500 
              
Income attributable to:             
Shareholders      241,860,494    3,211,558,292 
Non –Controlling Interest      (3,996,940)   635,208 
              
Earnings per share basic and diluted attributable to shareholders of the Company during the period (shown in $ per share ) from continuous operations      0.7600    12.4072 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2019.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.       
       
       
(Socio)         

C.P.C.E.C.A.B.A. T° 1 F° 17

Dr. Miguel A. Urus

Contador Público (UBA)

C.P.C.E.C.A.B.A. T° 184 F° 246

Lic. en Administración

C.P.C.E.C.A.B.A. T° 28 F° 223

 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 
 3 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statements of Financial Position

At March 31, 2020 and December 31, 2019

 

      03.31.2020   12.31.2019 
   Note  $ 
Assets           
Non- Current Assets             
Property, plant and equipment      77,409,705    80,916,718 
Intangible Assets  5   72,845,627,478    72,447,144,650 
Rights of use      89,716,618    128,975,546 
Deferred Income tax assets      7,085,438    774,233 
Other receivables  4   6,032,419,983    5,775,242,303 
Total Non-Current Assets      79,052,259,222    78,433,053,450 
Current Assets             
Other receivables  4   3,279,101,955    3,741,985,598 
Trade receivables, net  4   2,775,870,058    3,380,014,581 
Other Assets      17,306,152    17,311,195 
Cash and cash equivalents  4   2,284,170,692    2,187,776,409 
Total Current Assets      8,356,448,857    9,327,087,783 
Total Assets      87,408,708,079    87,760,141,233 
Shareholders’ Equity and Liabilities             
Equity attributable to Shareholders:             
Common shares      258,517,299    258,517,299 
Preferred shares      747,529,409    747,529,409 
Share Premium      137,280,595    137,280,595 
Capital adjustment      12,421,969,258    12,421,969,258 
Legal and facultative reserve      20,977,548,354    20,977,548,354 
Retained earnings      6,565,601,153    6,323,740,659 
Subtotal      41,108,446,068    40,866,585,574 
Non-Controlling Interest      27,981,978    31,978,918 
Total Shareholders’ Equity      41,136,428,046    40,898,564,492 
Liabilities             
Non-Current Liabilities             
Provisions and other charges  9   265,864,716    224,466,957 
Financial debts  6   24,456,183,909    25,952,587,275 
Deferred income tax liabilities      6,540,892,425    6,657,992,225 
Accounts payable and others  4   40,673,608    54,135,083 
Total Non- Current Liabilities      31,303,614,658    32,889,181,540 
Current Liabilities             
Provisions and other charges  9   825,612,386    844,749,557 
Financial debts  6   6,942,089,657    5,417,067,065 
Income tax, net of prepayments      17,667,097    17,766,520 
Lease liabilities      100,364,761    142,145,651 
Accounts payable and others  4   6,321,427,447    7,101,423,633 
Fee payable to the Argentine National Government      761,504,027    449,242,775 
Total Current Liabilities      14,968,665,375    13,972,395,201 
Total Liabilities      46,272,280,033    46,861,576,741 
Total Shareholders’ Equity and Liabilities      87,408,708,079    87,760,141,233 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2019.

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.       
       
       
(Socio)         

C.P.C.E.C.A.B.A. T° 1 F° 17

Dr. Miguel A. Urus

Contador Público (UBA)

C.P.C.E.C.A.B.A. T° 184 F° 246

Lic. en Administración

C.P.C.E.C.A.B.A. T° 28 F° 223

 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 
 4 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statements of Changes in Equity

At March 31, 2020 and 2019

 

   Atribuible a los accionistas mayoritarios         
   Capital Stock
Common Shares
   Capital Stock
Preferred Shares
   Share Premium   Adjustment of
capital
   Legal
Reserve
   Facultative
Reserve
   Retained
Earnings
   Total   Non-
Controlling
Interest
   Total
Shareholders’
Equity
 
 $ 
Balance at 01.01.2020   258,517,299    747,529,409    137,280,595    12,421,969,258    602,444,912    20,375,103,442    6,323,740,659    40,866,585,574    31,978,918    40,898,564,492 
Net Income for the period   -    -    -    -    -    -    241,860,494    241,860,494    (3,996,940)   237,863,554 
Balance at 03.31.2020   258,517,299    747,529,409    137,280,595    12,421,969,258    602,444,912    20,375,103,442    6,565,601,153    41,108,446,068    27,981,978    41,136,428,046 
                                                   
                                                   
Balance at 01.01.2019   258,517,299    629,252,640    137,280,595    12,381,160,608    518,176,995    13,718,178,612    9,783,717,615    37,426,284,364    25,611,959    37,451,896,323 
Net Income for the period   -    -    -    -    -    -    3,211,558,292    3,211,558,292    635,208    3,212,193,500 
Balance at 03.31.2019   258,517,299    629,252,640    137,280,595    12,381,160,608    518,176,995    13,718,178,612    12,995,275,907    40,637,842,656    26,247,167    40,664,089,823 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2019.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.       
       
       
(Socio)         

C.P.C.E.C.A.B.A. T° 1 F° 17

Dr. Miguel A. Urus

Contador Público (UBA)

C.P.C.E.C.A.B.A. T° 184 F° 246

Lic. en Administración

C.P.C.E.C.A.B.A. T° 28 F° 223

 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 
 5 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Consolidated Statements of Cash Flow

For the three month periods ended at March 31, 2020 and 2019 

 

      03.31.2020   03.31.2019 
Cash Flows from operating activities  Note  $ 
Net income for the period      237,863,554    3,212,193,500 
Adjustment for:             
Amortization of intangible assets  5 / 10   2,006,439,863    1,356,215,452 
Depreciation of property , plant and equipment  10   3,507,708    3,334,285 
Amortization right of use  10   39,258,926    40,876,829 
Specific allocation of accrued and unpaid income  7   761,504,027    525,639,917 
Income Tax  4   472,562,094    (720,363,610)
Bad debts provision  8 / 10   79,146,765    128,802,851 
Accrued and unpaid financial debts interest costs  6   619,932,295    438,468,887 
Accrued deferred revenues and additional consideration  9   (204,990,168)   (128,613,235)
Accrued and unpaid Exchange differences      135,409,575    544,394,962 
Litigations provision  9   (5,401,375)   2,992,850 
Inflation Adjustment      207,733,799    101,398,914 
Changes in operating assets and liabilities:             
Changes in trade receivables      303,167,146    (760,486,022)
Changes in other receivables      (1,013,128,346)   (426,559,746)
Changes in other assets      5,043    (1,703,592)
Changes in accounts payable and others      (323,837,807)   (133,674,434)
Changes in liabilities for current income tax      (688,575)   (527,655,466)
Changes in provisions and other charges      281,561,682    278,936,786 
Changes in fee payable to the Argentine National Government      (419,758,938)   (478,993,323)
Increase of intangible assets      (2,403,540,475)   (3,384,019,719)
Income tax paid      -    (152,241,153)
Net cash provided by(used in) operating activities      776,746,793    (81,055,067)
Cash Flow for investing activities             
Acquisition of investments      (186,034,310)   - 
Collection of investments      257,012,986    298,342,229 
Acquisition of property, plant and equipment      -    (153,725)
Net Cash Flow generated by investing activities      70,978,676    298,188,504 
Cash Flow from financing activities             
New Financial debts  6   628,100,535    - 
Payment of leases      (45,210,653)   (40,580,684)
Financial debts paid- principal  6   (823,592,813)   (21,572,386)
Financial debts paid- interests  6   (594,579,894)   (404,920,560)
Dividends paid  9   (28,649,999)   - 
Net Cash used in financing activities      (863,932,824)   (467,073,630)
              
Net decrease in cash and cash equivalents      (16,207,355)   (249,940,193)
Changes in cash and cash equivalents             
Cash and cash equivalents at the beginning of the period      2,187,776,409    6,495,537,543 
Net decrease in cash and cash equivalents      (16,207,355)   (249,940,193)
Inflation adjustment      114,922,262    514,649,313 
Foreign Exchange differences      (2,320,624)   188,607,182 
Cash and cash equivalents at the end of the period      2,284,170,692    6,948,853,845 
Transactions that do not represent changes in cash and cash equivalents:             
Acquisition of intangible assets through liabilities for finance leases  6   1,382,216    1,122,033 
Dividends on preferred shares  14   41,379,671    4,726,799 

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements and should be read together with the Consolidated Accounting Statements audited for the year ended at December 31, 2019.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.       
       
       
(Socio)         

C.P.C.E.C.A.B.A. T° 1 F° 17

Dr. Miguel A. Urus

Contador Público (UBA)

C.P.C.E.C.A.B.A. T° 184 F° 246

Lic. en Administración

C.P.C.E.C.A.B.A. T° 28 F° 223

 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 6 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

 

 

NOTE 1 – COMPANY ACTIVITIES

 

Aeropuertos Argentina 2000 S.A. (“AA2000” or the “Company”) was incorporated in the Autonomous City of Buenos Aires in 1998, after the consortium of companies won the national and international bid for the concession rights for the use, management and operation of the “A” Group of the Argentine National Airport System. “A” Group includes 33 airports, which operate in Argentina (the “Concession”)

 

The Concession was granted pursuant to the concession agreement the Company entered into with the Argentine National Government on February 9, 1998, as subsequently amended and supplemented by the memorandum of agreement we entered into with the Argentine National Government on April 3, 2007 (the “Memorandum of Agreement”). We refer to the concession agreement as amended and supplemented by the Memorandum of Agreement as the “Concession Agreement”.

 

The Concession is for an initial period of 30 years through February 13, 2028. The Company may extend the term of the Concession for an additional period of up to 10 years.

 

In addition, under the terms of the Concession Agreement, the Argentine National Government has the right to buyout our Concession as of February 13, 2018, and if such right is exercised, it is required to pay the Company a compensation.

 

As from July 24, 2012 The Company has become responsible for the management of the operation of Termas de Rio Hondo airport. On March 21, 2013, the National Executive Branch through Decree N° 303/2013, ratified the incorporation of the airport to the National Airport System, its inclusion into the “A” Group at March 31, 2020 is still pending.

 

Likewise, and in order to be able to continue with the policies related to the expansion of the aviation market, the National State issued Decree No. 1092/17 on December 22, 2017 by which it incorporated the Palomar Airport, located in the Province of Buenos Aires. Aires, to the National Airport System.

 

In order to incorporate the said Airport into "Group A", on December 27, 2017 the National Government issued Decree No. 1107/17.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 7 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 1 – COMPANY ACTIVITIES (Contd.)

 

As a result, as of such date, the Company is responsible for the exploitation, administration and operation of Palomar Airport under the terms set forth in the Concession Contract approved by Decree No. 163/97 and the Adjustment Agreement Act. of the Concession Contract approved by Decree No. 1799/07.

 

On April 14, 2020, the Company requested the ORSNA to close the Palomar Airport and transfer the operations to the Ezeiza Airport. To date, said request is pending authorization.

 

The current note to the condensed consolidated interim financial statements does not reflect all the information requested in the annual financial statements as there are no significate differences. It should be read together with the accounting statements audited for the year ended at December 31, 2019.

 

NOTE 2 - BASIS FOR CONSOLIDATION

 

The Condensed Consolidated Interim Financial Statements include the assets, liabilities and results of the following subsidiaries (hereafter the Group):

 

Subsidiaries (1)  Number of
common shares
   Participation in
capital and
possible votes
   Book entry
value at
03.31.2020
   Net
Shareholders
‘equity at
closing
   Income for the
period
 
           $ 
Servicios y Tecnología Aeroportuarios S.A. (2)   14,398,848    99.30%   56,388,708    56,784,553    (15,108,557)
Cargo & Logistics SA.   1,614,687    98.63%   73,952    74,979    (220,375)
Paoletti América S.A.   6,000    50.00%   15,526    31,051    (1,091)
Texelrío S.A. (3)   84,000    70.00%   101,243,157    128,809,978    (9,067,956)
Villalonga Furlong S.A (4)   123,700    1.46%   33,679    2,306,785    (5,602)

 

(1)Companies based in Argentina.
(2)Includes adjustments under IFRS for the preparation and presentation of the corresponding financial statements.
(3)Shareholders Equity includes 4,000,000 of preferred shares of AR$1 par value
(4)The Company directly and indirectly owns 98.42% of the capital stock and votes of this entity.

 

The accounting policies of the subsidiaries have been modified, where necessary, to ensure consistent application with the Group accounting policies.

 

AA2000 holds 99.3% of the shares of Servicios y Tecnología Aeroportuarios S.A. (Sertear), which purpose is to manage and develop activities related to duty-free zones, import and export operations, exploit and manage airport-related services, provide transportation services (both passenger and cargo), and warehouse usage services.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 8 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 2 - BASIS FOR CONSOLIDATION (Contd.)

 

AA2000 owns 98.63% of the capital stock of Cargo y Logística S.A., holder of 98.42% of the shares of Villalonga Furlong S.A. Villalonga Furlong S.A. is the holder of Class “B” shares of Empresa de Cargas Aéreas del Atlántico Sud S.A., under liquidation, representing 45% of its capital stock. The remaining 55% of the capital stock, (the Class “A” shares) are owned by the Argentine National Government - Ministry of Defense. Empresa de Cargas Aéreas del Atlántico Sud S.A. (which, as of the date of these consolidated financial statements, is under liquid proceedings as a result of the application of the provisions of Section 94 subsection 2 of Commercial Law 19550) was the concessionaire of the exploitation and provision of international air cargo storage, stowage and warehouse services until June 30, 2009. As from that date the services in charge of Empresa de Cargas Aéreas del Atlántico Sud S.A. are performed by AA2000 in accordance with the Bidding Terms and Conditions of the AA2000 concession agreement.

 

The Company holds 50% of the capital stock and votes of Paoletti América S.A. Pursuant to shareholder agreements, AA2000 is in charge of the administration of Paoletti America S.A, and also appoints the Chairman of the Board of Directors, who, in accordance with the corporate by-laws, has a double vote in case of a tie voting. Therefore, the Company has consolidated the assets, liabilities and results of Paoletti América S.A.

 

In addition, the Company holds 70% of the capital and votes of Texelrio S.A. whose corporate purpose is, among others, to develop, operate and manage all types of services related to park and airport maintenance.

 

 

NOTE 3 – ACCOUNTING POLICIES

 

The Condensed Consolidated Interim Financial Statements are presented in Argentine Pesos, except when it specifically indicates otherwise. These statements were approved by the Board of Directors of the Company on April 30, 2020.

 

The National Security Commission (CNV) through Technical Resolutions N° 562/09 and 576/10 has established the application of Technical Resolutions N° 29 and 43 of the Argentine Federation of Professional Council in Economic Sciences which adopts the application of IFRS (International Financial Reporting Standards) issued by the IASB (International Accounting Standards Board), for those entities under the public offering regime Law N° 17.811, whether due to capital stock or corporate bonds or because they have requested authorization to list for trading on stock exchanges.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 9 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

Application of those standards is mandatory for the Company as from the fiscal year beginning on January 1 2012. Therefore, the transition date, as established in the IFRS 1 “First Time Adoption of the IFRS” was January 1, 2011.

 

The Condensed Consolidated Interim Financial Statements of AA2000 have been prepared in accordance with IFRS and IFRIC (International Financial Reporting Interpretations Committee).

 

These accounting policies have been consistently applied to all the years presented unless otherwise stated.

 

1) Comparative Information

 

The information included in these financial statements was extracted from the Condensed Consolidated Interim Financial Statements of AA2000 as of March 31, 2019 and the Consolidated Financial Statements at December 31, 2019, timely approved by the Company’s Board and Shareholders and restated at the closing currency at March 31, 2020, based on the application of IAS 19 (see Note 3.6)

 

2) Controlled

 

The Company controls an entity when the group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The subsidiaries are consolidated as from the date control is transferred to the Company. They are deconsolidated from the date that control ceases. (See Note 2).

 

Inter-company transactions, balances and unrealized gains or transactions between Group companies are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group’s accounting policies.

 

3) Segment Information

 

The Company is managed as a single unit, considering all airports as a whole. It does not evaluate the performance of the airports on a standalone basis. Therefore, for the purposes of segment information, there is only one business segment.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 10 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

3) Segment Information (Contd.)

 

The Argentine National Government granted the Company the concession of the “A” Group airports of the National Airports System under the basis of “cross-subsidies”: i.e., the income and funds generated by some of the airports should subsidize the liabilities and investments of the remaining airports, in order for all airports to be compliant with international standards as explained below.

 

All airports must comply with measures of operative efficiency that are independent from the revenues and funds they generate. All works performed must follow international standards established by the respective agencies (IATA, OACI, etc.).

 

Revenues of AA2000 comprise non-aeronautical revenues and aeronautical revenues; the latter being the tariffs determined by the ORSNA and regulated on the basis of the review of the Financial Projection of Income and Expenses in order to verify and preserve the "equilibrium" of the variables on which it was originally based.

 

The investment decisions are assessed and made with the ORSNA based on the master plans of the airports considering the needs of each airport based on expected passenger flow and air traffic, in the framework of the standards previously mentioned.

 

4) Accounting policies

 

The collection policies adopted for these interim financial statements are consistent with those used in the Consolidated Financial Statements as of December 31, 2019.

 

5) Changes in accounting policies and disclosures

 

There were no changes in the Group's accounting policies based on the effective application standards issued by the IASB as of December 31, 2019.

 

6) Estimates

 

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgment in the process of applying the Group accounting policies.

 

In the preparation of these Financial Statements the significant areas of judgement by management in the application of the Company’s accounting policies and the main areas of assumptions and estimates are consistently as those applied in the Financial Statements for the year ended December 31, 2019.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 11 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

6) Estimates (Contd.)

 

The figures included in the financial statements were measured using its functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is coincident with the presentation currency of the financial statements.

 

7) Foreign currency conversion and financial information in hyperinflationary economies

 

Functional and presentation currency

 

The figures included in these financial statements were measured using their functional currency, that is, the currency of the primary economic environment in which the Company operates. The functional currency of the Company is the Argentine peso, which is the same as the presentation currency of the financial statements.

 

Financial information in hyperinflationary economies

 

IAS 29 "Financial information in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be expressed in terms of the current unit of measurement at the reporting date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

 

These requirements also correspond to the comparative information of these Individual Separate financial statements.

 

In order to conclude on whether an economy is categorized as hyperinflationary under the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Taking into account that the accumulated inflation rate of the last three years exceeds 100% and the rest of the indicators do not contradict the conclusion that Argentina should be considered as a hyperinflationary economy for accounting purposes, the Company Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy under the terms of IAS 29, as of July 1, 2018. It is for this reason that, in accordance with the IAS 29, these Consolidated Financial Statements are restated reflecting the effects of inflation in accordance with the provisions of the standard.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 12 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies

 

Financial information in hyperinflationary economies (Contd.)

 

In turn, Law No. 27,468 (BO 04/12/2018) amended Article 10 of Law No. 23,928 and its amendments, establishing that the repeal of all legal norms or regulations that establish or authorize indexation by prices, monetary update, variation of costs or any other form of repowering of debts, taxes, prices or rates of goods, works or services, does not include financial statements, in respect of which the provisions of the article 62 in fine of the General Law of Companies No. 19,550 (TO 1984) and its amendments will be applied. Also, the aforementioned legal body ordered the repeal of Decree No. 1269/2002 of July 16, 2002 and its amendments and delegated to the National Executive Power (PEN), through its controlling entities, to establish the date from the which the provisions cited in relation to the financial statements presented will have effect. Therefore, through its General Resolution 777/2018 (BO 28/12/2018), the National Securities Commission (CNV) established that issuers subject to its control should apply to the annual financial statements, for interim and special periods, that close as of December 31, 2018 inclusive, the method of restating financial statements in a homogeneous currency as established by IAS 29.

 

In accordance with IAS 29, the financial statements of an entity reporting in the currency of a hyperinflationary economy must be reported in terms of the unit of measurement in effect at the date of the financial statements. All amounts in the statement of financial position that are not indicated in terms of the current unit of measurement as of the date of the financial statements should be updated by applying a general price index. All the components of the income statement should be indicated in terms of the unit of measure updated as of the date of the financial statements, applying the change in the general price index that has occurred since the date on which the income and expenses were originally recognized. in the financial statements.

 

The adjustment for inflation in the initial balances was calculated considering the indexes established by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) based on the price indexes published by the National Institute of Statistics and Censuses (INDEC). The coefficient for the three-month period ended March 31, 2020 was 1.0702; also, the inter annual coefficient for the period ended March 31, 2020 was 1.4729.

 

Inflation adjustment

 

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets will gain purchasing power, provided that such items are not subject to a mechanism of adjustment.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 13 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies

 

Inflation adjustment (Contd.)

 

Briefly, the re-expression mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements.

 

The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be re-expressed. The remaining non-monetary assets and liabilities will be re-expressed by a general price index. The loss or gain from the net monetary position will be included in the comprehensive net result of the reporting period, revealing this information in a separate line item.

 

The following is a summary of the methodology used for the preparation of these Condensed Consolidated Interim Financial Statements:

 

-Non-monetary assets and liabilities: non-monetary assets and liabilities (property, plant and equipment, intangible assets, rights of use, deferred profits and additional allowances) updated by the adjustment coefficients corresponding to the date of acquisition or origin of each of them, as applicable. The income tax derived has been calculated based on the restated value of these assets and liabilities;

 

-Monetary assets and liabilities, and monetary position result: monetary assets and liabilities, including balances in foreign currency, by their nature, are presented in terms of purchasing power as of March 31, 2020. The financial result generated by the net monetary position reflects the loss or gain that is obtained by maintaining an active or passive net monetary position in an inflationary period, respectively and is exposed in the line of "Result from exposure to changes in the purchasing power of the currency" (RECPAM) in the Statement of Comprehensive Income;

 

-Equity: the net equity accounts are expressed in constant currency as of March 31, 2020, applying the corresponding adjustment coefficients at their dates of contribution or origin;

 

-Results: the items of the Individual Financial Statements have been restated based on the date on which they accrued or were incurred, with the exception of those associated with non-monetary items (depreciation and amortization expenses), which are presented as a function of the update of the non-monetary items to which they are associated, expressed in constant currency as of March 31, 2020, through the application of the relevant conversion factors.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 14 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

7) Foreign currency conversion and financial information in hyperinflationary economies

 

Inflation adjustment (Contd.)

 

The comparative figures have been adjusted for inflation following the same procedure explained in the preceding points.

 

In the initial application of the adjustment for inflation, the equity accounts were restated as follows:

 

-The capital was restated from the date of subscription or from the date of the last adjustment for accounting inflation, whichever happened later. The resulting amount was incorporated into the "Capital adjustment" account

 

-The other result reserves were not restated in the initial application

 

With respect to the evolution notes of non-monetary items for the year, the balance at the beginning includes the adjustment for inflation derived from expressing the initial balance to the currency of current purchasing power.

 

Transactions and balances

 

Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the transaction dates (or valuation where items are re-measured).

 

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end of the assets and liabilities denominated in foreign currency are recognized in the statement of comprehensive income.

 

Foreign exchange gains and losses are shown in “Finance Income” and/or “Finance Expense” of the comprehensive statement of income.

 

Exchange rates used are the following: buying rate for monetary assets and selling rate for monetary liabilities, applicable at year-end according to Banco Nación, and at the foreign currency exchange rate applicable at the transaction date.

 

8) Contingencies

 

The Company has contingent liabilities for legal claims related to the normal course of business. It is not expected that any significant liabilities other than those provisioned will arise from contingent liabilities.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 15 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 3 – ACCOUNTING POLICIES (Contd.)

 

9) Income tax and Deferred tax - Tax revalued - Tax inflation adjustment

 

The income tax gain in the period ended at March 31, 2020 was $473 million, including a current tax charge of $594 million that was mostly reversed by a deferred tax gain of $121 million.

 

In order to determine the net taxable income at the end of the current period, the inflation adjustment determined in accordance with articles No. 95 to No. 98 of the income tax law, for $409 million was incorporated into the tax result because at March 31, 2020, the variation of the General Level Consumer Price Index (CPI) for the year 202 will exceed 15%. Likewise, the income tax law allows the deferral of the charge generated by the adjustment for tax inflation in six consecutive years, as a result, $79 million was recognized in the current tax liability and $330 million as a deferred tax liability.

 

On March 29, 2019, the Company adhered to the tax revaluation Law No. 27,430, fiscal period 2017, generating at March 31, 2019 a deferred tax gain as of $2,379 million, as well as a special tax charge of $761 million for adhesion to such benefit.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 16 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 4 – BREAKDOWN OF CERTAIN ITEMS OF THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AND THE CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION  03.31.2020   12.31.2019 
   Note  $ 
Other non-current receivables             
Tax credits      545,200    583,495 
Trust for Strengthening  7   6,031,874,783    5,774,658,808 
       6,032,419,983    5,775,242,303 
Other current receivables             
Expenses to be recovered      59,823,988    56,963,703 
Guarantees granted  12   1,254,587    1,342,709 
Related parties  7   2,090,911    2,237,776 
Tax credits (*)      3,055,316,199    3,500,989,295 
Prepaid Insurance      28,978,897    48,481,620 
Others      131,637,373    131,970,495 
       3,279,101,955    3,741,985,598 

 

(*) As of March 31, 2020 and December 31, 2019, includes tax credits for value added tax refund of $1,096,957,202 and $1,174,007,396, respectively.

 

Trade receivables, net             
Trade receivables      5,172,640,510    5,729,605,243 
Related parties  7   50,521,655    37,920,400 
Checks-postdated checks      25,966,172    27,102,778 
Provision for bad debts  8   (2,473,258,279)   (2,414,613,840)
       2,775,870,058    3,380,014,581 
              
Cash and cash equivalents             
Cash and funds in custody      109,651,597    117,093,234 
Banks      2,163,632,660    2,053,160,443 
Checks not yet deposited      10,886,435    17,522,732 
       2,284,170,692    2,187,776,409 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 17 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 4 – BREAKDOWN OF CERTAIN ITEMS OF THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AND THE CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Contd.)

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Contd.)

   03.31.2020   12.31.2019 
   Note  $ 
Accounts payable and other non-current             
Tax liabilities      40,673,608    54,135,083 
       40,673,608    54,135,083 
Accounts payable and other current             
Obligations payable      41,107,524    62,448,499 
Suppliers      4,617,082,392    5,228,031,352 
Foreign suppliers      187,662,514    102,818,348 
Related Parties  7   147,780,897    152,235,613 
Salaries and social security liabilities      1,160,703,880    1,313,806,547 
Other fiscal liabilities      167,090,240    242,083,274 
       6,321,427,447    7,101,423,633 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
   Three months at 
   03.31.2020   03.31.2019 
Revenues  $ 
Aeronautical revenues   5,631,021,554    6,682,154,180 
Non-Aeronautical revenues   3,330,203,391    3,799,799,237 
    8,961,224,945    10,481,953,417 

 

As of March 31, 2020 and 2019, "over the time" income from contracts with customers for the three month periods was $7,734,271,738 and $8,983,380,362, respectively.

 

Other net incomes and expenses        
Trust for Strengthening   221,696,935    259,863,814 
Other   1,476,325    (800,089)
    223,173,260    259,063,725 
           
Finance Income          
Interest   249,093,400    522,860,025 
Foreign Exchange differences   (195,334,596)   150,594,500 
    53,758,804    673,454,525 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 18 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 4 – BREAKDOWN OF CERTAIN ITEMS OF THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AND THE CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Contd.)

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Contd.)
   Three months at 
   03.31.2020   03.31.2019 
   $ 
Finance Expenses          
Interest   (681,888,867)   (476,779,239)
Foreign Exchange differences   (195,854,597)   (731,418,730)
    (877,743,464)   (1,208,197,969)
    (823,984,660)   (534,743,444)
           
Income Tax          
Current   (594,217,929)   (1,292,328,622)
Deferred   121,655,835    2,012,692,232 
    (472,562,094)   720,363,610 

 

NOTE 5 – INTANGIBLE ASSETS

 

      2020   2019 
   Note  $ 
Original values             
Balance at January 1      101,481,668,818    82,065,909,784 
Acquisitions of the period      2,404,922,691    3,385,141,752 
Balance at March 31      103,886,591,509    85,451,051,536 
              
Accumulated Amortization:             
Balance at January 1      (29,034,524,168)   (23,420,353,303)
Amortization of the period  10   (2,006,439,863)   (1,356,215,452)
Balance at March 31      (31,040,964,031)   (24,776,568,755)
Total net balance at March 31      72,845,627,478    60,674,482,781 

 

NOTE 6 – FINANCIAL DEBTS

 

   31.03.2020   31.12.2019 
   $ 
Non-current          
Bank borrowings   5,178,190,135    5,991,593,006 
Negotiable Obligations   19,340,700,000    20,030,209,139 
Finance lease liabilities   447,835    1,250,592 
Cost of issuance of Negotiable Obligations   (63,154,061)   (70,465,462)
Total Non- Current   24,456,183,909    25,952,587,275 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 19 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 6 – FINANCIAL DEBTS (Contd.)

 

   03.31.2020   12.31.2019 
   $ 
Current          
Bank borrowings   3,301,634,161    1,778,863,275 
Negotiable Obligations   3,640,767,168    3,633,016,155 
Finance lease liabilities   10,214,005    16,462,108 
Cost of issuance of Negotiable Obligations   (10,525,677)   (11,274,473)
Total Current   6,942,089,657    5,417,067,065 
Total   31,398,273,566    31,369,654,340 

 

As of March 31, 2020 and December 31, 2019, the fair value of the financial debt amounts to $30,890,544,019 and $30,851,934,327, respectively. Said valuation method is classified according to IFRS 13 as hierarchy of fair value Level 2 (unadjusted quoted prices in active markets for identical assets or liabilities).

 

Breakdown of Financial debts:  2020   2019 
   $ 
Balance at January 1   31,369,654,340    25,167,904,897 
New financial debts   629,482,751    1,122,033 
Financial debts paid   (1,418,172,707)   (426,492,946)
Accrued interest   619,932,295    438,468,887 
Foreign Exchange differences   2,280,604,785    703,551,289 
Inflation adjustment   (2,083,227,898)   (578,325)
Net Balance at March 31   31,398,273,566    25,883,975,835 

 

On February 6, 2017, the Company issued negotiable obligations for US$400,000,000 with maturity on February 1, 2027, with an interest rate of 6.875% and an issue price of 99.888% par value. Payment of principal will have a quarterly amortization in 32 quarters, identical and consecutive, payable from May 1, 2019.

 

These negotiable obligations are guaranteed by a Trust under the Argentine Law, by which the Company has transferred and assigned use fees of international and regional airports and the Concession Indemnification Rights. This guarantee has been approved by the ORSNA on January 17, 2017, through Resolution Nº 1/2017, that resolved to “authorize the Concession (…) a collateral assignment of up to US$ 400,000,000 (…)”.

 

According to the Offering Memorandum of Negotiable Obligations, dated January 19, 2017 and later modified on January 23, 2017 the Company will use the proceeds of the offering notes in compliance with Article 36 of the Negotiable Obligations Law to (i) refinance the liabilities of the Company including (a) the total payment of negotiable obligations issued on December 22, 2010; and (b) negotiable obligations Class “A” and Class “C”, issued by the Company in Argentina on April 21, 2010, plus accrued and unpaid interest to the date of redemption and the applicable prepayment premiums as long as they have not been redeemed before issue date and maturity with the Company’s funds and (ii) the remainder will be applied to finance infrastructure works in the airports of Group A of the Company.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 20 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 6 – FINANCIAL DEBTS (Contd.)

 

On January 23, 2017, the negotiable obligations issued in April 2010 were redeemed in full with the Company’s own funds, so the amount equivalent to the mentioned redemption will be aimed at infrastructure works in the airports of the Company belonging to Group “A” of the National System of Airports.

 

On August 9, 2019, the Company has signed two loan agreements: (a) the onshore loan agreement for US $ 85,000,000 and (b) the offshore loan agreement for US $ 35,000,000. The lenders were Citibank N.A., Industrial and Commercial Bank of China (Argentina) S.A., Banco Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A.

 

The term of the loan contracts will be thirty-six months, as from the disbursement date.

 

The capital under the loan agreements will be repaid in eight equal and consecutive quarterly installments, the first capital payment made one year after the disbursement date, and will accrue interest: (i) with respect to the Onshore Loan Agreement, at a fixed rate of nominal annual 9.75%; (ii) with respect to the Offshore Loan Agreement, at a variable rate equivalent to (a) the LIBOR rate plus (b) an applicable margin of 5,500% annual nominal plus (c) the applicable withholding tax.

 

In order to guarantee the repayment of the loan agreements, the Company constituted a trust under which it was assigned fiduciary for guarantee purposes in accordance with the provisions of article 1680 and concordant of the Civil and Commercial Code of the Nation and for the benefit of each and every one of the lending banks, as beneficiaries (a) the collection rights, whether charged directly by the Company or a third party for the account and / or order of the Company, with respect to the total flow of funds for import and export services provided by Terminal de Cargas Argentinas (business unit of the Company), including but not limited to storage, handling, refrigeration and scanning of merchandise in any of the Airports of the Company (with the exception of 15% corresponding to the total revenues of the Concession, in accordance with the provisions of clause 5 of the Memorandum Agreement); and (b) the collection rights of the Company as a trustee pursuant to the provisions of article 11.4 of the Negotiable Obligations guarantee contract between the Company and Citibank dated January 17, 2017, in the event of termination, expropriation or rescue of the Concession Contract; including the right to receive and withhold all payments pursuant to them and any other proceeds thereof, fiduciary assigned under guarantee of the Negotiable Obligations by the Company under the Negotiable Obligations Guarantee Trust. Said assignment has been authorized by Resolution No. 61/2019 of the ORSNA dated August 8, 2019.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 21 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 6 – FINANCIAL DEBTS (Contd.)

 

On January 21, 2020, the Company took out a loan of US $ 10,000,000 with Banco Macro repayable at 180 days with a nominal annual rate of 6%.

 

On February 27, 2020, the ordinary general meeting of shareholders of the Company approved the creation of a Global Program for the issuance of Negotiable Obligations of Aeropuertos Argentina 2000 S.A. The Prospectus project was approved in its terms and conditions by board of directors dated February 27, 2020.

 

The aforementioned program establishes the issuance of simple Negotiable Obligations not convertible into shares with a nominal value of up to US $ 500,000,000, or its equivalent in other currencies, with a duration of five years from the date of approval of the CNV.

 

On April 17, 2020, the Company obtained authorization from the CNV for the Global Program for the Issuance of Negotiable Obligations.

 

On April 21, 2020, the Company announced an exchange offer and consent request to the holders of the 2027 Guaranteed Negotiable Obligations issued on February 6, 2017 for a nominal value of US $ 400,000,000.

 

NOTE 7 – BALANCES AND TRANSACTIONS WITH RELATED PARTIES

 

Balances with other related companies at March 31, 2020 and December 31, 2019 are as follows:

 

   03.31.2020   12.31.2019 
   $ 
Trade receivables net- Current          
Other related companies   50,521,655    37,920,400 
    50,521,655    37,920,400 
           
Other current receivables          
Other related companies   2,090,911    2,237,776 
    2,090,911    2,237,776 
           
Accounts payable and other- Current          
Other related companies   147,780,897    152,235,613 
    147,780,897    152,235,613 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 22 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 7 – BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Contd.)

 

   03.31.2020   12.31.2019 
   $ 
Provisions and other charges          
Other related companies   426,249    456,189 
Shareholders   153,199,944    180,731,589 
    153,626,193    181,187,778 

 

During the three month periods ended March 31, 2020 and 2019 the Company has charged to the cost $59,770,154 and $66,881,933 respectively with Proden SA for rental and maintenance of offices.

 

During the three month periods ended March 31, 2020 and 2019 the Company has charged at cost $52,225,890 and $17,333,157, respectively with Servicios Integrales América for out sourcing of systems and technology.

 

During the three month periods ended March 31, 2020 and 2019, the Company has charged with Helport S.A. to intangible assets $743,013 and $42,588,662 respectively and at cost $44,111,692 and $114,833,732 respectively.

 

During the period ended at March 31, 2020 dividends have been paid to the shareholders according to their shareholding for $28,649,999.

 

At March 31, 2020 and December 31, 2019 the Company owed the Argentine National Government $761,504,027 and $449,242,775 respectively, corresponding to the specific allocation of revenues of each year (see Note 10) and has recorded a receivable for $6,031,874,783 and $5,774,658,808 respectively corresponding to the Trust for Strengthening to fund the infrastructure works of AA2000.

 

Furthermore, short-term compensation to key management was $31,044,620 and $17,752,799 for the three month periods ended at March 31, 2020 and 2019 respectively.

 

Corporación America S.A. is the direct owner of 45,90% of the common shares of the Company, and an indirect owner through Corporación America Sudamericana S.A of 29,75% of the common shares of the Company, therefore is the immediate controlling entity of the Company.

 

Corporación America S.A is controlled by Cedicor S.A, which is the owner of the 95,37% of its capital stock. Cedicor S.A is 100% controlled by American International Airports LLC and at the same time it is controlled a 100% by Corporación America Airport S.A.

 

The ultimate beneficiary of the Company is Southern Cone Foundation. Its purpose is to manage its assets through decisions adopted by its independent Board of Directors. The potential beneficiaries are members of the Eurnekian family and religious, charitable and educational institutions.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 23 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 8 – BAD DEBT PROVISIONS

 

   2020   2019 
   $ 
Initial balance at January 1   2,414,613,840    528,957,845 
Increases (*)   241,761,199    204,621,260 
Usage   (20,397,968)   (102,075,495)
Inflation adjustment   (162,718,792)   (62,418,880)
Final Balance at March 31   2,473,258,279    569,084,730 

 

(*) As of March 31, 2020 and 2019 includes $79,146,765 and $128,802,851 respectively in Distribution and Commercialization Expenses (Note 10) and $162,614,434 and $75,818,409 in Exchange Difference (Note 4).

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 24 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 9 – PROVISIONS AND OTHER CHARGES

 

   Note  At January 1 2020   Increases /
(Recovery)
   Decreases   Inflation
Adjustment
   Accruals   Exchange
rate
differences
   At March 31
2020
   Total
current
   Total Non
Current
 
Litigations      77,368,389    (5,401,375)   -    (5,077,692)             66,889,322    63,935,643    2,953,679 
Related Parties  7   456,189    -    -    (29,940)   -    -    426,249    426,249    - 
Deferred Income      411,786,139    228,083,875    -    (10,494,627)   (192,606,163)   4,319,385    441,088,609    308,956,512    132,132,097 
Trust for works- Portfolio of Projects 2012/2014      110,913,660    277,815,016    (229,938,682)   (7,456,653)   -    -    151,333,341    151,333,341    - 
Guarantees Received      103,033,798    15,558,801    (11,577,085)   (2,503,519)        (134,860)   104,377,135    104,377,135    - 
Upfront fees from Concessionaires      184,926,750    1,619,757    -    -    (12,384,005)   -    174,162,502    43,383,562    130,778,940 
Dividends to be paid  7   180,731,589    -    (28,649,999)   (11,416,459)   -    12,534,813    153,199,944    153,199,944    - 
Total of provisions and others liabilities      1,069,216,514    517,676,074    (270,165,766)   (36,978,890)   (204,990,168)   16,719,338    1,091,477,102    825,612,386    265,864,716 

 

   Note  At January 1 2019   Increases /
(Recovery)
   Decreases   Inflation
Adjustment
   Accruals   Exchange
rate
differences
   At March 31
2019
   Total
current
   Total Non
Current
 
Litigations      109,610,191    2,992,850    (2,910,156)   (11,564,394)   -    -    98,128,491    94,288,995    3,839,496 
Related Parties      701,766    -    -    (73,945)   -    -    627,821    627,821    - 
Deferred Income      232,644,331    185,491,295    -    -    (115,302,597)   -    302,833,029    259,357,470    43,475,559 
Trust for works- Portfolio of Projects 2012/2014      246,793,864    829,506,756    (791,270,598)   (27,316,053)   -    -    257,713,969    257,713,969    - 
Guarantees Received      79,681,114    46,422,578    (25,398,851)   453,555    -    -    101,158,396    101,158,396    - 
Upfront fees from Concessionaires      215,212,114    15,058,866    -    -    (13,310,638)   -    216,960,342    45,929,159    171,031,183 
Total of provisions and others liabilities      884,643,380    1,079,472,345    (819,579,605)   (38,500,837)   (128,613,235)   -    977,422,048    759,075,810    218,346,238 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 25 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 10 - COSTS OF SALES, ADMINISTRATIVE, DISTRIBUTION, AND SELLING EXPENSES

 

Item  Cost of sales   Distribution and
selling expenses
   Administrative
expenses
   Total 
Three month period ended at 03.31.2020  $ 
Specific allocation of revenues   1,330,181,610    -    -    1,330,181,610 
Airport services and maintenance   1,283,605,882    -    45,838,602    1,329,444,484 
Amortization of intangible assets   1,973,236,995    953,877    32,248,991    2,006,439,863 
Depreciation of property, plant and equipment   3,507,708    -    -    3,507,708 
Salaries and social security contributions   1,421,076,670    17,726,743    141,025,630    1,579,829,043 
Fees for services   57,290,274    5,777,635    35,952,435    99,020,344 
Public utilities and contributions   233,570,438    937,242    1,101,751    235,609,431 
Taxes   59,952,905    447,532,120    82,982,250    590,467,275 
Office expenses   162,893,305    8,075,377    26,688,650    197,657,332 
Insurance   19,532,454    2,697    2,932,663    22,467,814 
Advertising expenses   -    4,969,210    -    4,969,210 
Bad debts charges   -    79,146,765    -    79,146,765 
Board of Directors and Supervisory Committee fees   -    -    4,420,021    4,420,021 
Amortization right of use   39,258,926    -    -    39,258,926 
Other   3,958,196    125    483,678    4,441,999 
Total at 03.31.2020   6,588,065,363    565,121,791    373,674,671    7,526,861,825 
                     
Three month period ended at 03.31.2019                    
Specific allocation of revenues   1,559,182,882    -    -    1,559,182,882 
Airport Services and maintenance   1,236,525,664    85,882    5,087,456    1,241,699,002 
Amortization of intangible assets   1,320,062,640    1,030,043    35,122,769    1,356,215,452 
Depreciation of property, plant and equipment   3,334,285    -    -    3,334,285 
Salaries and social security contributions   1,302,971,736    17,818,220    199,738,984    1,520,528,940 
Fees for services   84,279,104    8,144,221    39,274,084    131,697,409 
Public utilities and contributions   205,420,811    1,208,353    1,456,473    208,085,637 
Taxes   54,133,222    505,204,815    82,829,857    642,167,894 
Office expenses   190,483,486    1,436,032    42,170,100    234,089,618 
Insurance   22,443,201    -    823,835    23,267,036 
Advertising expenses   -    5,698,592    -    5,698,592 
Bad debts charges   -    128,802,851    -    128,802,851 
Board of Directors and Supervisory Committee fees   -    -    7,454,878    7,454,878 
Amortization right of use   40,876,829    -    -    40,876,829 
Other   5,780,760    1,956    1,902,507    7,685,223 
Total at 03.31.2019   6,025,494,620    669,430,965    415,860,943    7,110,786,528 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 26 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

NOTE 11- FOREIGN CURRENCY ASSETS AND LIABILITIES

 

Item  Foreign currency type and
amount at 03.31.2020
  Foreign
exchange
rates
   Amount in local
currency at
03.31.2020
   Amount in local
currency at
12.31.19
 
          $ 
Assets                       
Current Assets                       
Cash and cash equivalents  US$   22,446,558    64.2690    1,442,617,847    1,526,296,250 
Trade receivables  US$   77,504,600    64.2690    4,981,143,169    5,226,556,093 
Total current assets                6,423,761,016    6,752,852,343 
Total assets                6,423,761,016    6,752,852,343 
                        
Liabilities                       
Current Liabilities                       
Commercial accounts payable and others  US$   12,864,459    64.4690    829,358,796    855,752,712 
   EUR   4,385,625    71.1480    312,028,465    432,304,988 
   CAD   135,650    45.5709    6,181,688    - 
Financial debts  US$   106,022,763    64.4690    6,835,181,507    5,326,417,511 
Lease liabilities  US$   1,556,791    64.4690    100,364,761    142,145,651 
Provisions and other charges  US$   2,376,335    64.4690    153,199,944    180,731,589 
Total current liabilities                8,236,315,161    6,937,352,451 
                        
Non-Current Liabilities                       
Financial debts  US$   381,648,049    64.4690    24,604,468,066    26,130,563,986 
Total non- current liabilities                24,604,468,066    26,130,563,986 
Total liabilities                32,840,783,227    33,067,916,437 
Net liability position                (26,417,022,211)   (26,315,064,094)

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 27 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 12 – OTHER RESTRICTED ASSETS

 

Other than what is mentioned in Note 1 and 6, other receivables in current assets at March 31, 2020 and December 31, 2019 include $1,254,587 and $1,342,709 corresponding to guarantees granted to third parties in connection with lease agreements.

 

NOTE 13 - CAPITAL STOCK

 

At March 31, 2020 capital stock is as follows:

 

   Par Value 
   $ 
Paid-in and subscribed   1,006,046,708 
Registered with the Public Registry of Commerce   1,006,046,708 

 

The Company’s capital stock is comprised of 258,517,299 common shares of $1 par value and one vote each and 747,529,409 preferred non-voting shares of $1 par value. Preferred shares will have voting rights on the following matters: i) partial or total capital reimbursement; ii) during the period benefits of preferred shareholders are granted but not received; iii) the appointment of a full and an alternate director and a full and an alternate syndic; and iv) in the remaining cases established by Corporate Law No. 19550.

 

Furthermore, according to the requirements of General Resolution 629 issued by the CNV, the books and accounting records of the Company are located in the fiscal address located in Honduras 5673/5663, Autonomous City of de Buenos Aires. In addition, AA2000 has certain supporting accounting and operating documentation in the warehouses of Bank S.A. in the Province of Buenos Aires, Garín (Ruta Panamericana km. 37,5), Pacheco (Ruta Panamericana km. 31,5), Munro (Av Fleming 2190) and Avellaneda (General Rivadavia 401).

 

 

NOTE 14 - DIVIDENDS BY PREFERRED SHARES

 

After the end of the three-month period ended on March 31, 2020, the ordinary and special general meeting of classes A, B, C and D shares and special preferred shares held on April 22, 2020 resolved to distribute a dividend to preferred shares in the amount of $ 163,449,105.

 

Likewise, the preferential dividend accrued for the three-month period ended March 31, 2020 is $ 41,379,671 and will be recorded upon approval by the Shareholders' Meeting.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 28 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 15 – RESOLUTIONS OF SHAREHOLDERS’ ORDINARY AND SPECIAL MEETINGS OF CLASS A, B, C AND D SPECIAL OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. HELD ON JULY 25, 2019 AND APRIL 22, 2020

 

The ordinary general assembly, special of classes A, B, C and D and special of preferred shares, convened for April 15, 2019, which was adjourned for April 30, 2019 decided not to address the Agenda item referred to the destination of the result of the 2018 year, for which purpose a new assembly was convened for June 13, 2019, which was adjourned for July 11 and then for July 25, 2019.In the assembly held on July 25, 2019, it was resolved:

 

- That the result of the year ended December 31, 2018 has the following destination:

 

(i)$62,651,480 for the constitution of the legal reserve;
(ii)$118,276,769 to the distribution of dividends corresponding to the preferred shares held by the national State, payable in 118,276,769 preferred shares of a peso ($ 1) nominal value each;
(iii)the sum of US $ 50,000,000 (US dollars fifty million), or its equivalent in pesos (which at the date of the meeting amounts to $ 2,143,500,000) to the distribution of cash dividends among shareholders of classes A, B, C and D shares, in accordance with their respective holdings; and
(iv)the remainder, that is, $ 4,949,288,026 for the constitution of a facultative reserve for the execution of future works plans.

 

-issue 118,276,769 preferred shares of $1 par value under the same terms of the preferred shares issued in favor of the Argentine National Government as per class A, B and C Shareholders General Extraordinary and Special Meeting held on March 6, 2008;

 

-increase the capital stock from $887,769,939 to $1,006,046,708, i.e., in the amount of $118,276,769, through the issuance of 118,276,769 preferred shares of $ 1 par value, with no vote;

 

-that the preferred shares are subscribed fully by the Argentine National Government;

 

-delegate in the Board of Directors the registry in the Shareholders’ Registry of the capital stock increase decided.

 

 

 29 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 15 – RESOLUTIONS OF SHAREHOLDERS’ ORDINARY AND SPECIAL MEETINGS OF CLASS A, B, C AND D SPECIAL OF PREFERRED SHARES OF AEROPUERTOS ARGENTINA 2000 S.A. HELD ON JULY 25, 2019 AND APRIL 22, 2020 (Contd.)

 

The ordinary general meeting, special class A, B, C and D and special preferred shares, held on April 22, 2020 resolved, among other issues:

 

- that the result for the year ended December 31, 2019 has the following destination:

 

(i)$ 318,459,365 for the constitution of the legal reserve;
(ii)$ 163,449,105 to the distribution of the dividends corresponding to the preferred shares held by the national State in accordance with the resolution of the extraordinary general meeting of shareholders of the company held on June 6, 2008 and clause 14 and annex VII of the Concession Adequacy Agreement, payable in preferred shares;
(iii)the remainder of $ 5,887,278,830 to the constitution of an optional reserve for the execution of future works plans.

 

-Issue 163,449,105 preferred shares of a nominal value weight each and with identical conditions for the issuance of preferred shares issued in favor of the National State in the extraordinary and special general meeting of class A, B and C shareholders dated June 6 2008;

 

-increase the share capital from $ 1,006,046,708 to $ 1,169,495,813, that is, in the amount of $ 163,449,105, by issuing 163,449,105 preferred shares of $ 1 par value each, without the right to vote;

 

-that the preferred shares are fully subscribed by the National State; and

 

-delegate to the board the entry in the shareholders register of the resolved capital increase.

 

 

NOTE 16 – EARNINGS PER SHARE

 

The Shareholders’ General Extraordinary Meeting held on March 6, 2008, approved by the ORSNA on April 25, 2008, earnings per share is calculated as net income for the year less accrued preferred shares dividends for the year, divided by the number of common shares.

 

   03.31.2020   03.31.2019 
Income for the year, net accrued dividends   196,483,883    3,207,466,701 
Amount of ordinary shares   258,517,299    258,517,299 
Earnings per shares   0.7600    12.4072 

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 30 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 17- FINANCIAL RISK MANAGEMENT

 

The Company is exposed by its activities to several financial risks: market risk (including risk of exchange rate, risk of fair value due to interest rate and price risk), credit risk and liquidity risk.

 

In the framework of the aforementioned in Note 6 - Financial Debt, the company is carrying out different actions aimed at strengthening its financial position and maintaining liquidity.

 

These Condensed Consolidated Interim Financial Statements do not include all the information on financial risk management requested in the annual financial statements, thus they should be read together with the Consolidated Financial Statements audited at December 31, 2019.

 

NOTE 18 - IMPACT OF COVID-19 ON THE OPERATIONS OF THE COMPANY

 

The emergence and spread of a virus called "Coronavirus" (or Covid-19) towards the end of 2019, has generated various consequences on global business and economic activities. Given the magnitude of the spread of the virus, in March 2020, several governments around the world implemented drastic measures to contain the spread, including, inter alia, the closure of borders and a ban on travel to and from certain parts of the world. for a period of time and finally the obligatory isolation of the population together with the cessation of non-essential commercial activities. On March 11, 2020, the World Health Organization declared Covid-19 a global pandemic.

 

In Argentina, the National Government through Decree of Necessity and Urgency No. 260/2020 dated March 12, 2020 (and complementary regulations) established, among others, the public health emergency for a period of one year, the closure of borders, the mandatory quarantine for certain people, the suspension of classes and the temporary suspension of flights and long-distance buses, among other measures aimed at reducing the population's circulation.

 

Preventive and compulsory social isolation was established as of March 20, 2020, allowing circulation only of those people linked to the provision / production of essential services and products; This isolation will be extendable for the time considered necessary in light of the epidemiological situation.

The final extent of the Coronavirus outbreak and its impact on the country's economy is unknown and impossible to reasonably predict.

 

Subsequent to the declaration of the pandemic, the company has been forced to decrease its operations after a substantial drop in national and international air traffic, which translated into a decrease in its revenues. However, although there have been significant short-term effects, they are not expected to affect business continuity.

 

The Board of Directors is closely monitoring the situation and taking all necessary measures to preserve the Company's human life and business.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 31 

Aeropuertos Argentina 2000 S.A.

Registration number with the Superintendency of Corporations: 1645890

Notes to the Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format (Contd.)

 

 

NOTE 18 - IMPACT OF COVID-19 ON THE OPERATIONS OF THE COMPANY (Contd.)

 

Following this line, a series of actions have been implemented, including: (i) measures to protect employees and passengers by improving safety and hygiene protocols, including remote work and only essential personnel on the premises, having sanitary equipment and implementing additional disinfection policies, (ii) the implementation of cost control and cash preservation measures, reducing expenses as much as possible, while maintaining the necessary quality and safety standards, (iii) negotiation with suppliers to extend payment terms and with regulatory agencies to renegotiate the payment of concession rights, and (iv) reduce capital investments to the minimum possible, to try to mitigate the impact of the COVID-19 virus. Despite these efforts, we expect our results of operations to be adversely affected in future periods and for as long as the health crisis continues.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 32 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

Presentation base

 

The information contained in this Summary has been prepared in accordance with Resolution No. 368/01 of the National Securities Commission ("CNV") and should be read in conjunction with the Condensed Consolidated Interim Financial Statements as of March 31, 2019 presented in comparative form, prepared in accordance with IFRS standards.

 

In compliance with the provisions of the CNV regulations, the values corresponding to the interim periods of 2020 and 2019 of this informative review are expressed in constant currency at March 31, 2020, in accordance with International Accounting Standard N ° 29 “Financial information in hyperinflationary economies”. For more information, see Note 3.7 to the Consolidated Condensed Interim Financial Statements at March 31, 2020.

 

1. General considerations

 

International Financial Reporting Standards (IFRS)

 

The National Securities Commission ("CNV"), through General Resolutions No. 562/09 and 576/10, has established the application of Technical Resolutions No. 26 and 29 of the Argentine Federation of Professional Councils of Economic Sciences, which they adopt IFRS, issued by the International Accounting Standards Board (IASB), for entities included in the public offering regime of Law No. 17,811, either for their capital or for their negotiable obligations, or who have requested authorization to be included in the aforementioned regime.

 

The application of such standards is mandatory for the Company as of the fiscal year beginning on January 1, 2012.

 

-Seasonality

 

The Company's revenues are highly influenced by the seasonality of air traffic in Argentina. The traffic of planes and passengers and, consequently, the income of the Company are higher during the summer and winter months (December - February and July - August), basically because they are holiday periods.

 

 

 33 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

1. General considerations (Contd.)

 

The main works carried out during the period ended at March 31, 2020 are detailed below:

 

Ezeiza International Airport:

 

Works in execution:

-New Control Tower. (Project and supervision of AA2000);
-Beacon ring and main electrical substation;
-Building of Departures - Hall B and Zeppelin;
-The work of Functional Reorganization of the GF in Terminal A is being executed;
-New Running Parallel to Header 35; and
-TWY Beaconing in Header 35

 

The following works are finished:

-Multilevel parking;
-Road System - Stage 1;
-Adaptation Sector 1 for platform

 

Jorge Newbery Airport:

 

Works in execution:

-External works - sidewalks - landscaping - coastal filling and underground parking - Stage 1 is over;
-Terminal C disaffection;
-New beacon substations and control systems; and

 

Platform and Perimeter Path Lighting are finished.

 

Comodoro Rivadavia Airport:

 

The work of the rehabilitation of track, taxi and platform; is finished

 

New beaconing works are in execution:

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 34 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

1. General considerations (Contd.)

 

Córdoba Airport:

 

Works in execution:

-Expansion of the parking lot;
-Rehabilitation of runway 18-36 and track marking.
-Protection System for atmospheric discharges

 

Iguazú Airport:

 

The following works are in execution:

-Remodeling and expansion of the passenger terminal;
-New Parking;

 

Bariloche Airport:

 

The Works of Re functionalization of the Terminal are in execution.

 

Tucumán Airport:

 

A project is being developed for the new Tucumán terminal.

 

San Fernando Airport:

 

The following works are in execution:

-New Control Tower;

 

The following works are finished:

-Work of Sewer and Storm Infrastructure Stage 1; and
-Reshaping Beacon.

 

San Juan Airport:

 

The execution of the remodeling work of the passenger terminal progresses.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 35 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

1. General considerations (Contd.)

 

Salta Airport:

 

The Works of Expansion Boarding Rooms and Control Areas are finished

 

La Rioja Airport:

 

The following works are in execution:

-New Passenger Terminal; and
-New parking.

 

Esquel Airport:

 

The Integral Remodeling Work of the Passenger Terminal and TWR Control is underway.

 

El Palomar Airport:

 

The following works are in execution:

-New Terminal in Hangars 1 and 2 - Stage 1
-Roads and new parking.

 

Jujuy Airport:

 

Works in execution:

-Complete remodeling of the passenger terminal.
-New Parking and Roads.
-New Control Tower.

 

Master Plans:

 

The Master Plans of the Airports are in execution according to the schedule agreed with the ORSNA.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 36 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

2. Equity structure

 

In order to appreciate the evolution of the Company's activities, the comparative consolidated equity structure of the financial statements at March 31, 2020, 2019, 2018, 2017 and 2016 respectively, is presented.

 

   03.31.2020   03.31.2019   03.31.2018   03.31.2017(*)   03.31.2016(*) 
   Thousands $ 
Current Asset   8,356,449    12,479,773    9,755,478    5,383,071    1,409,890 
Non-current Assets   79,052,259    67,509,448    59,646,784    9,528,272    6,727,566 
Total Assets   87,408,708    79,989,221    69,402,262    14,911,343    8,137,456 
                          
Current liabilities   14,968,665    10,156,524    6,259,805    2,722,221    2,092,111 
Non- Current Liabilities   31,303,615    29,168,607    25,883,563    6,411,245    2,859,957 
Total Liabilities   46,272,280    39,325,131    32,143,368    9,133,466    4,952,068 
Net equity attributable to majority shareholders   41,108,446    40,637,843    37,240,534    5,768,602    3,178,309 
Non-controlling interest   27,982    26,247    18,360    9,275    7,079 
Net Equity   41,136,428    40,664,090    37,258,894    5,777,877    3,185,388 
Total   87,408,708    79,989,221    69,402,262    14,911,343    8,137,456 

 

(*) Amounts not restated per inflation as per General Resolution 777/2018.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 37 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

3. Results structure

 

The following is a summary of the evolution of the consolidated statements of comprehensive income for the nine month periods ended at March 31, 2020, 2019, 2018, 2017 and 2016.

 

   03.31.2020   03.31.2019   03.31.2018   03.31.2017(*)   03.31.2016(*) 
   Thousands $ 
Gross Profit   2,376,781    4,459,082    4,119,633    1,486,981    1,021,340 
Administrative and distribution and marketing expenses   (938,796)   (1,085,292)   (1,061,267)   (352,938)   (268,033)
Other net income and expenses   223,173    259,064    212,825    72,590    54,013 
Operating profit   1,661,158    3,632,854    3,271,191    1,206,633    807,320 
Income and financial costs   (823,985)   (534,743)   (184,127)   (67,256)   (403,464)
Result by exposure to changes in the acquisition power of currency   (126,747)   (606,281)   (632,963)   -    - 
Result of investments accounted for using the equity method   -    -    -    -    - 
Income before tax   710,426    2,491,830    2,454,101    1,139,377    403,856 
Income tax   (472,562)   720,364    (959,023)   (295,314)   (140,000)
Result of the period   237,864    3,212,194    1,495,078    844,063    263,856 
Other comprehensive incomes   -    -    -    -    - 
Comprehensive income for the period   237,864    3,212,194    1,495,078    844,063    263,856 
Result attributable to majority shareholders   241,860    3,211,559    1,499,673    843,120    261,918 
Non-controlling interest   (3,996)   635    (4,595)   943    1,938 
                          

 

(*) Amounts not restated per inflation as per General Resolution 777/2018.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 38 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

4. Cash flow structure

 

   03.31.2020   03.31.2019   03.31.2018   03.31.2017(*)   03.31.2016(*) 
Cash Flows (used in) / generated by operating activities   776,747    (81,055)   800,317    208,087    392,576 
Cash Flow  generated by / (used in) investing activities   70,979    298,189    (75)   (1,425)   (135)
Cash Flow (used in) / generated by financing activities   (863,933)   (467,074)   (463,391)   3,541,136    (308,689)
Net Cash Flow (used in) / generated by the period   (16,207)   (249,940)   336,851    3,747,798    83,752 

 

(*) Amounts not restated per inflation as per General Resolution 777/2018.

 

5. Analysis of operations for the three month periods ended at March 31, 2020 and 2019

 

Results of operations

 

·Income

 

The following table shows the composition of consolidated revenues for the three month periods ended at March 31, 2020 and 2019:

 

 

Revenues  03.31.2020   %
revenues
   03.31.2019   %
revenues
 
   Thousands $       Thousands $     
Aeronautical revenues   5,631,022    62.84%   6,682,154    63.75%
Non-aeronautical revenues   3,330,203    37.16%   3,799,799    36.25%
Total   8,961,225    100.00%   10,481,953    100.00%

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 39 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

5. Analysis of operations in the three month periods ended at March 31, 2020 and 2019 (Contd.)

 

The following table shows the composition of the aeronautical revenues for the three month periods ended at March 31, 2020 and 2019:

 

Aeronautical revenues  03.31.2020   %
revenues
   03.31.2019   %
revenues
 
   Thousands $       Thousands $     
Landing fee   421,392    7.48%   594,346    8.89%
Parking fee   142,883    2.54%   236,341    3.54%
Air station use rate   5,066,747    89.98%   5,851,467    87.57%
Total   5,631,022    100.00%   6,682,154    100.00%

 

Costs of sale

 

The cost of sales had the following variation:

 

   Thousands $ 
Costs of sales for the period ended at 03.31.2020   6,588,065 
Costs of sales for the period ended at 03.31.2019   6,025,495 
Variation   562,570 

 

Administrative Expenses

 

The administrative expenses had the following variation:

 

   Thousands $ 
Administrative expenses for the period ended at 03.31.2020   373,675 
Administrative expenses for the year ended at 03.31.2019   415,861 
Variation   (42,186)

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 40 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

5. Analysis of operations in the three month periods ended at March 31, 2020 and 2019 (Contd.)

 

 

Distribution and marketing expenses

 

The distribution and marketing expenses had the following variation:

 

   Thousands $ 
Distribution and commercial expenses for the period ended at 03.31.2020   565,122 
Distribution and commercial expenses for the period ended at 03.31.2019   669,431 
Variation   (104,309)

 

Income and financial costs

 

Net financial income and costs totaled losses of $823,985 thousand during the three-month period ended at March 31, 2020 with respect to thousands of $534,743 losses during the same period of the previous year.

 

The variation is mainly due to losses arising from exposure to foreign currency.

 

Other incomes and expenditures

 

The other net income and expense item recorded an income of approximately $223,173 thousand during the three-month period ended at March 31, 2020 with respect to an income of $259,064 thousand in the same period of the previous year.

 

Liquidity and Capital Resources

 

Capitalization

 

The total capitalization of the Company at March 31, 2020 amounted to $72,534,702 thousand composed of thousands of $31,398,274 of financial debt and a net equity worth of $41,136,428 thousand, while the total capitalization of the Company at March 31, 2020 amounted to thousands of $66,548,065 comprised of thousands of $25,883,976 of financial debts and a net equity worth of thousands of $40,664,090.

 

The debt as a percentage of total capitalization amounted to approximately 43.29% at March 31, 2020 and 38.90% at March 31, 2019.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 41 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

5. Analysis of operations in the three month periods ended at March 31, 2020 and 2019 (Contd.)

 

Financing

 

See in detail Note 6 to these Condensed Consolidated Interim Financial Statements.

 

6. Index

 

The information refers to the periods ended at March 31, 2020, 2019, 2018, 2017 and 2016:

 

 

   03.31.2020   03.31.2019   03.31.2018   03.31.2017(*)   03.31.2016(*) 
Liquidity (*)   0.57    1.26    1.61    2.03    0.69 
Solvency (**)   0.90    1.04    1.17    0.64    0.66 
Immobilization of capital   0.90    0.84    0.86    0.64    0.83 
Cost effectiveness   0.01    0.08    0.04    2.03    0.69 

 

(*) Amounts not restated per inflation as per General Resolution 777/2018.

(**) Current liabilities and non-current liabilities do not include deferred profits.

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 42 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

7. Statistical data

 

The information detailed below is based on extra-budgetary statistics compiled by the Company. Number of passengers (in thousands) for the three month periods ended at March 31, 2020, 2019, 2018, 2017 and 2016:

 

Airport  03.31.2020   03.31.2019   03.31.2018   03.31.2017   03.31.2016 
   In thousands 
Ezeiza   2,828    3,082    2,916    2,666    2,639 
Aeroparque   2,278    3,482    3,683    3,353    2,928 
Córdoba   695    947    874    687    551 
El Palomar   476    362    27    -    - 
Bariloche   433    430    373    328    313 
Mendoza   430    579    442    407    357 
Iguazú   352    385    298    268    235 
Salta   323    325    286    270    235 
Tucumán   177    239    219    169    159 
C. Rivadavia   121    169    157    141    138 
Total   8,113    10,000    9,275    8,289    7,555 
Overall total   8,675    10,750    10,030    8,929    8,111 
                          
Variation   -19.3%   7.2%   12.3%   10.1%   12.3%

 

 

 

Véase nuestro informe de fecha
30 de abril de 2020
      
PRICE WATERHOUSE & CO. S.R.L.      
       
       
(Socio)        
C.P.C.E.C.A.B.A T°1 F°17 

Patricio A. Martin

Por Comisión Fiscalizadora

 

Martin Francisco Antranik
Eurnekian

Presidente

 

 43 

Aeropuertos Argentina 2000 S.A.

Condensed Consolidated Interim Financial Statements

At March 31, 2020 presented in comparative format

Summary of Information required by Resolution N ° 368/01

of the National Securities Commission

 

7. Statistical data (Contd.)

 

Amount of movement of aircraft for the three month periods ended at March 31, 2020, 2019, 2018, 2017 and 2016 of the ten airports that represent more than 80% of the total movements of the airport system:

 

Airport  03.31.2020   03.31.2019   03.31.2018   03.31.2017   03.31.2016 
Aeroparque   21,186    31,738    34,123    32,788    29,234 
Ezeiza   20,158    20,800    18,517    17,243    17,872 
San Fernando   9,201    10,422    11,588    8,835    10,373 
Córdoba   6,406    8,845    8,204    6,724    5,652 
Mendoza   4,303    5,761    4,726    4,508    3,984 
Bariloche   3,336    3,675    3,464    3,252    3,045 
Iguazú   3,315    3,201    2,613    2,450    2,114 
El Palomar   3,138    2,697    369    -    - 
Salta   2,973    3,291    3,100    3,703    2,530 
Mar del Plata   2,073    2,911    3,365    2,029    2,088 
Total   76,089    93,341    90,069    81,532    76,892 
Overall tota