EX-99.4 5 tm2038575d1_ex99-4.htm EXHIBIT 99.4

 

Exhibit 99.4

 

In thousands of AR$ as of 2019 1998-2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Aeronautical Revenues   7,937,416 7,869,066 7,174,261 9,027,434 11,343,939 9,253,634 9,235,204 9,971,526 11,856,052 11,533,314 15,993,376 16,566,110 20,536,962 22,393,542 8,407,620 18,913,897 25,628,611 32,059,101 40,447,177 50,051,137 58,620,491 66,555,121 71,832,796 76,980,501 78,809,559 80,664,101 82,543,224 84,445,927 86,371,103 88,317,543 90,283,926 92,268,823 7,930,051
Local parking fee   43,672 40,086 36,936 36,856 37,297 28,167 21,636 20,116 16,986 17,294 15,683 49,807 39,241 18,962 5,451 6,940 7,220 6,773 6,843 7,154 7,648 7,833 7,574 7,600 7,430 7,262 7,096 6,932 6,771 6,611 6,454 6,299 505
International parking fee   833,569 834,010 733,217 614,268 551,867 469,971 432,247 423,562 526,187 516,581 626,582 614,520 752,907 736,141 273,754 577,797 721,798 915,932 1,164,977 1,450,404 1,699,714 1,935,661 2,098,454 2,251,401 2,304,357 2,358,032 2,412,397 2,467,423 2,523,077 2,579,323 2,636,122 2,693,431 226,824
Local landing fee   113,199 108,092 95,989 101,403 92,222 68,418 58,726 52,669 51,783 47,914 35,734 32,414 25,389 15,189 4,283 5,453 5,673 5,321 5,377 5,621 6,009 6,155 5,951 5,971 5,838 5,706 5,575 5,447 5,320 5,195 5,071 4,949 397
International landing fee   2,281,528 2,168,662 1,970,637 1,707,485 1,575,671 1,267,214 1,129,920 1,148,932 1,299,353 1,177,489 1,533,034 1,449,428 1,928,471 2,004,597 703,939 1,485,764 1,856,053 2,355,253 2,995,656 3,729,610 4,370,693 4,977,414 5,396,025 5,789,316 5,925,490 6,063,510 6,203,306 6,344,801 6,487,911 6,632,544 6,778,599 6,925,966 743,059
Domestic airport terminal usage fee   495,549 450,190 402,208 1,025,688 1,045,469 832,761 845,375 894,084 841,572 791,870 723,188 1,632,864 1,400,698 1,077,872 613,391 781,000 2,979,142 3,322,143 3,899,675 4,551,715 5,301,491 5,836,161 6,008,888 6,359,929 6,528,502 6,700,045 6,874,500 7,051,805 7,231,885 7,414,657 7,600,027 7,787,892 655,847
Regional airport terminal usage fee   87,073 73,118 77,171 162,957 433,534 213,663 189,731 199,106 223,846 154,809 215,852 306,066 339,473 323,807 119,119 280,996 351,028 445,439 566,556 705,366 826,611 941,358 1,020,528 1,094,910 1,120,664 1,146,767 1,173,206 1,199,967 1,227,032 1,254,386 1,282,009 1,309,880 110,310
International airport terminal usage fee   4,028,642 4,142,720 3,813,709 5,328,539 7,558,403 6,288,005 6,411,894 7,230,395 8,896,325 8,827,358 12,843,302 12,481,011 16,050,782 18,216,974 6,687,684 15,775,946 19,707,698 25,008,241 31,808,093 39,601,266 46,408,326 52,850,538 57,295,376 61,471,374 62,917,278 64,382,780 65,867,144 67,369,552 68,889,107 70,424,827 71,975,645 73,540,406 6,193,110
Telescopic jet way usage fee   54,185 52,190 44,395 50,236 49,478 85,436 145,675 2,661 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
                          1.26 1.41 1.62 1.05 1.53 1.67 1.60 1.77 1.93 2.06 2.15 2.19 2.23 2.21 2.19 2.17 2.15 2.13 2.10 2.08 2.05  
Non-aeronautical Revenues   4,866,378 5,481,491 5,562,332 7,054,022 9,743,610 9,598,263 9,163,024 9,240,478 11,105,229 12,040,572 13,993,553 13,157,886 14,541,559 13,831,772 8,028,046 12,343,102 15,343,306 19,976,771 22,897,329 25,884,751 28,412,750 30,993,041 32,754,784 34,460,031 35,600,199 36,785,124 38,017,199 39,297,482 40,628,402 42,012,548 43,452,684 44,951,766 5,458,179
Ground handling service   209,419 191,952 155,452 166,671 103,583 90,873 163,798 256,875 291,070 283,094 317,541 303,959 361,332 367,595 146,400 267,450 340,752 389,542 450,843 515,944 566,585 618,612 644,352 677,996 694,638 711,690 729,161 747,063 765,405 784,200 803,457 823,188 99,234
Fuel   370,717 373,186 421,083 297,800 289,111 272,643 222,999 217,729 230,468 204,082 212,504 225,301 330,587 358,532 142,790 290,372 389,853 459,628 550,041 649,323 728,987 812,662 854,929 910,728 938,672 967,475 997,163 1,027,765 1,059,309 1,091,822 1,125,336 1,159,881 139,821
Duty-free shop   875,498 1,084,276 1,191,484 1,094,275 1,395,260 1,515,265 1,381,697 1,449,010 1,667,403 1,851,749 1,697,847 1,558,682 1,506,055 1,352,003 309,602 787,122 1,206,550 1,929,711 2,539,390 3,259,510 3,842,830 4,521,785 4,962,499 5,400,072 5,637,564 5,890,531 6,160,381 6,447,297 6,752,669 7,078,014 7,424,988 7,795,397 942,831
Fiscal warehouses (variable license fee : EDCADASSA)   425,768 462,585 452,575 2,125,975 4,298,552 4,195,631 3,871,326 3,869,423 5,150,493 5,622,897 7,347,989 6,639,102 7,733,312 7,205,575 5,869,817 7,741,636 8,734,456 9,917,834 10,856,008 11,615,929 12,266,421 12,867,475 13,407,909 13,877,186 14,362,887 14,865,589 15,385,884 15,924,390 16,481,744 17,058,605 17,655,656 18,273,604 2,279,945
Advertising   189,806 371,926 356,815 376,270 284,867 307,015 232,063 222,218 255,276 306,932 299,507 341,640 327,018 429,773 208,099 369,411 464,330 526,658 604,357 686,172 749,311 813,816 845,562 886,953 907,363 928,245 949,609 971,465 993,827 1,016,705 1,040,111 1,064,058 128,270
Parking   514,149 558,441 614,468 661,018 717,429 751,805 844,878 889,359 854,274 1,014,205 1,033,366 1,112,158 984,380 851,120 210,657 514,060 828,210 1,171,729 1,402,219 1,655,319 1,858,408 2,071,719 2,179,472 2,321,720 2,392,957 2,466,384 2,542,069 2,620,083 2,700,496 2,783,383 2,868,820 2,956,886 356,447
Catering   268,446 264,765 281,671 313,427 328,436 329,844 343,533 375,063 425,473 421,527 475,831 496,811 517,426 501,820 123,415 300,766 398,951 530,425 684,712 856,704 980,718 1,130,645 1,239,677 1,344,017 1,396,823 1,451,705 1,508,742 1,568,021 1,629,628 1,693,656 1,760,200 1,829,358 222,731
Rent   545,320 502,419 485,777 496,348 389,038 323,870 313,419 311,197 359,973 356,598 445,374 300,381 401,276 384,148 100,252 207,482 451,984 513,524 537,772 562,858 589,092 609,683 617,606 626,119 635,267 645,103 655,683 666,927 678,878 691,586 705,100 719,475 87,019
Counters & cute   118,750 116,134 102,799 93,023 121,074 126,717 114,651 114,886 147,048 128,436 148,761 164,984 202,638 206,134 72,492 147,417 197,921 233,345 279,246 329,649 370,094 412,574 434,032 462,360 476,547 491,169 506,242 521,778 537,792 554,298 571,313 588,851 70,985
Coffee shops   184,297 360,853 255,120 253,672 299,211 278,552 269,218 281,843 316,124 359,018 373,069 427,868 391,635 292,248 89,896 182,810 269,984 350,135 419,010 494,641 555,328 619,070 651,268 693,775 715,062 737,003 759,619 782,931 806,960 831,729 857,259 883,575 106,029
Services and stores   1,039,697 1,062,142 1,134,046 1,040,670 1,329,930 1,264,359 1,180,507 986,394 1,269,581 1,273,696 1,466,911 1,402,492 1,581,402 1,651,404 663,322 1,348,904 1,811,033 2,135,167 2,555,175 3,016,383 3,386,458 3,775,162 3,971,514 4,230,724 4,360,533 4,494,335 4,632,252 4,774,411 4,920,943 5,071,983 5,227,670 5,388,146 646,578
Expense reimbursement   124,510 132,813 111,040 134,873 187,120 141,689 224,935 266,482 138,046 218,336 174,854 184,506 204,499 231,420 91,304 185,672 249,283 293,899 351,711 415,195 466,135 519,638 546,665 582,345 600,213 618,630 637,614 657,182 677,351 698,141 719,571 741,660 89,406
Other projects                                     1,525,175 1,666,846 1,827,124 2,052,385 2,220,200 2,399,297 2,446,036 2,481,674 2,517,267 2,552,779 2,588,170 2,623,400 2,658,426 2,693,203 2,727,686 288,885
                                                                     
Total de ingresos   12,803,794 13,350,558 12,736,593 16,081,456 21,087,550 18,851,897 18,398,228 19,212,003 22,961,281 23,573,886 29,986,929 29,723,996 35,078,520 36,225,314 16,435,667 31,256,999 40,971,917 52,035,872 63,344,507 75,935,888 87,033,241 97,548,162 104,587,579 111,440,532 114,409,758 117,449,225 120,560,423 123,743,409 126,999,505 130,330,090 133,736,611 137,220,589 13,388,230
TCA Expenses   0 0 0 -734,904 -1,488,221 -1,545,415 -1,580,348 -1,880,246 -2,153,609 -2,254,500 -2,770,204 -2,920,510 -3,013,672 -2,942,958 -2,397,397 -3,161,901 -3,567,396 -4,050,721 -4,433,897 -4,744,270 -5,009,949 -5,255,437 -5,476,165 -5,667,831 -5,866,205 -6,071,522 -6,284,026 -6,503,966 -6,731,605 -6,967,211 -7,211,064 -7,463,451 -931,193
Personnel   -1,230,791 -1,479,121 -1,700,948 -1,993,614 -1,848,487 -1,879,529 -1,847,303 -2,661,979 -2,723,037 -2,241,768 -2,249,816 -2,218,526 -4,107,377 -4,388,217 -4,388,217 -4,479,969 -4,628,620 -4,988,491 -5,133,278 -5,291,077 -5,458,565 -5,587,197 -5,660,494 -5,737,656 -5,815,491 -5,894,000 -5,973,181 -6,053,035 -6,133,561 -6,214,755 -6,296,615 -6,379,137 -770,568
Public services   -404,415 -444,788 -438,456 -482,718 -475,385 -491,382 -454,177 -496,026 -445,799 -485,927 -584,317 -586,146 -811,936 -856,055 -527,525 -754,440 -877,854 -995,303 -1,096,727 -1,202,882 -1,292,375 -1,376,076 -1,419,146 -1,471,672 -1,505,705 -1,540,448 -1,575,912 -1,612,112 -1,649,060 -1,686,770 -1,725,254 -1,764,527 -213,059
Maintenance   -1,698,736 -1,687,254 -1,516,711 -1,893,293 -1,680,056 -1,607,813 -1,874,256 -1,946,219 -2,216,337 -2,349,201 -2,735,003 -2,653,078 -4,063,211 -3,993,622 -2,182,320 -3,089,811 -3,565,663 -4,166,072 -4,591,197 -5,048,098 -5,465,852 -5,840,601 -6,040,677 -6,276,495 -6,454,568 -6,637,098 -6,824,179 -7,015,907 -7,212,376 -7,413,684 -7,619,925 -7,831,198 -946,743
Insurance   -82,739 -70,238 -60,831 -63,851 -74,020 -53,894 -34,625 -51,777 -53,458 -56,005 -57,331 -67,460 -64,505 -74,828 -67,345 -70,161 -74,817 -86,451 -91,470 -97,093 -103,240 -108,106 -110,942 -113,967 -117,059 -120,220 -123,450 -126,750 -130,123 -133,568 -137,087 -140,680 -17,028
Hired services   -537,164 -514,720 -405,691 -493,058 -480,938 -368,439 -316,253 -261,487 -200,880 -181,857 -195,009 -180,790 -641,824 -571,674 -172,779 -351,355 -471,728 -556,157 -665,558 -785,691 -882,086 -983,334 -1,034,479 -1,101,996 -1,135,808 -1,170,660 -1,206,584 -1,243,613 -1,281,781 -1,321,123 -1,361,675 -1,403,475 -169,186
Fire-fighting and medical services   -381,134 -449,361 -503,505 -551,578 -527,395 -520,800 -515,964 -839,343 -746,543 -755,073 -978,774 -877,920 -896,003 -707,536 -608,797 -740,786 -802,050 -856,596 -900,632 -944,619 -980,052 -1,012,001 -1,027,893 -1,046,989 -1,059,130 -1,071,384 -1,083,752 -1,096,235 -1,108,833 -1,121,547 -1,134,378 -1,147,326 -138,421
Matrix   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
GATO   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other operating expenses   -1,105,846 -1,203,351 -802,339 -1,745,794 -1,171,053 -1,326,971 -1,897,026 -3,422,883 -3,450,234 -536,922 -644,852 -602,861 -1,089,567 -1,247,199 -1,003,932 -1,024,923 -1,058,931 -1,141,262 -1,174,386 -1,210,487 -1,248,805 -1,278,233 -1,295,002 -1,312,655 -1,330,462 -1,348,423 -1,366,538 -1,384,807 -1,403,230 -1,421,806 -1,440,533 -1,459,413 -176,290
AEI (15% over total income}   -1,919,529 -1,998,498 -1,911,127 -2,387,810 -3,064,149 -2,814,746 -2,719,005 -2,838,269 -3,408,529 -3,500,938 -4,469,909 -4,429,286 -5,229,416 -5,396,898 -2,465,350 -4,660,699 -6,108,395 -7,761,296 -9,448,919 -11,328,104 -12,985,066 -14,554,279 -15,606,137 -16,628,728 -17,071,432 -17,524,589 -17,988,421 -18,462,934 -18,948,323 -19,444,792 -19,952,556 -20,471,839 -1,994,824
2012 Project Bank (PB) No               0 0 0 0 0 0 0                                      
Additional WORKS No               0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Mutual claim interests (included in the redeemed value) Reexpression 0 0 0 -121,471 -24,534 -163,166 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross income   -541,528 -520,324 -481,215 -633,030 -860,020 -818,700 -857,745 -969,224 -1,182,798 -1,202,877 -1,190,799 -1,221,835 -1,464,796 -1,410,374 -708,778 -1,347,940 -1,766,890 -2,244,016 -2,731,695 -3,274,690 -3,753,257 -4,206,707 -4,510,278 -4,805,807 -4,933,853 -5,064,929 -5,199,097 -5,336,362 -5,476,779 -5,620,408 -5,767,312 -5,917,557 -577,360
Financial transfer tax   -140,263 -132,207 -129,395 -153,461 -262,825 -299,443 -233,403 -223,583 -245,264 -263,287 -330,851 -360,224 -272,370 -343,897 -200,000 -304,638 -375,544 -466,701 -557,355 -657,218 -745,218 -828,394 -883,838 -938,189 -963,366 -989,154 -1,015,568 -1,042,611 -1,070,294 -1,098,632 -1,127,638 -1,157,326 -116,734
(Tax) Amortizations   -1,238,932 -1,212,103 -1,206,783 -920,581 -917,063 -839,131 -921,644 -1,065,957 -965,555 -795,491 -965,651 -1,191,678 -1,483,886 -1,935,054 -4,580,024 -4,693,780 -4,994,338 -5,654,531 -5,832,911 -6,027,459 -6,239,799 -6,472,326 -2,108,007 -2,108,007 -2,108,007 -2,108,007 -2,108,007 -2,108,007 -2,108,007 -2,108,007 -2,108,007 -2,108,007 0
Total expenditures   -9,281,077 -9,711,965 -9,157,002 -12,175,163 -12,874,146 -12,729,429 -13,251,749 -16,656,994 -17,792,043 -14,623,847 -17,172,516 -17,310,314 -23,138,564 -23,868,310 -19,302,463 -24,680,404 -28,292,227 -32,967,597 -36,658,026 -40,611,689 -44,164,265 -47,502,690 -45,173,059 -47,209,993 -48,361,087 -49,540,433 -50,748,716 -51,986,339 -53,253,972 -54,552,303 -55,882,045 -57,243,936 -6,051,405
                                                                     
Earnings before tax   3,522,718 3,638,593 3,579,592 3,906,293 8,213,403 6,122,468 5,146,478 2,555,010 5,169,238 8,950,039 12,814,413 12,413,682 11,939,956 12,357,005 -2,866,797 6,576,595 12,679,690 19,068,276 26,686,481 35,324,198 42,868,976 50,045,472 59,414,521 64,230,539 66,048,671 67,908,791 69,811,707 71,757,070 73,745,533 75,777,787 77,854,566 79,976,653 7,336,825
                                                                     
Income tax   -1,232,951 -1,273,507 -1,252,857 -1,367,202 -2,874,691 -2,142,864 -1,801,267 -894,253 -1,809,233 -3,132,514 -4,485,045 -4,344,789 -3,581,987 -3,707,101 0 -1,972,979 -3,169,922 -4,767,069 -6,671,620 -8,831,050 -10,717,244 -12,511,368 -14,853,630 -16,057,635 -16,512,168 -16,977,198 -17,452,927 -17,939,267 -18,436,383 -18,944,447 -19,463,641 -19,994,163 -1,834,206
                                                                     
Earnings after tax   2,289,766 2,365,085 2,326,734 2,539,090 5,338,712 3,979,604 3,345,211 1,660,756 3,360,005 5,817,526 8,329,369 8,068,894 8,357,969 8,649,903 -2,866,797 4,603,617 9,509,767 14,301,207 20,014,860 26,493,149 32,151,732 37,534,104 44,560,890 48,172,904 49,536,503 50,931,594 52,358,780 53,817,802 55,309,150 56,833,340 58,390,924 59,982,490 5,502,619
                                                                     
Other Companies   470,016 442,708 264,549 230,834 68,743 33,604 43,794 -31,020 3,094 20,529 25,981 22,974 26,911 61,818 0 0 0                                
(Tax) amortization adjustments   1,238,932 1,212,103 1,206,783 920,581 917,063 839,131 921,644 1,065,957 965,555 795,491 965,651 1,191,678 1,483,886 1,935,054 4,580,024 4,693,780 4,994,338 5,654,531 5,832,911 6,027,459 6,239,799 6,472,326 2,108,007 2,108,007 2,108,007 2,108,007 2,108,007 2,108,007 2,108,007 2,108,007 2,108,007 2,108,007 0
Mutual claim amortization (including inflation adjustment) Reexpression 0 0 0 -1,282,672 -762,307 -1,723,649 0 0 0 0 0 0 0 0 0 0 -6,524,959 0 0 0 0 0 0                    
Work capital variation   2,078,216 -1,436,934 -2,256,251 -1,411,241 1,318,754 -3,160,815 1,490,542 1,285,107 2,145,428 2,124,692 3,558,523 852,512 -3,094,303 2,301,845 0 0 0 0 0 0 0 0 0                    
                                                                     
Direct investments 2006 - 2019 (including PB)   -1,521,687 -1,721,448 -2,261,900 -2,422,506 -5,310,595 -6,406,697 -5,498,962 -3,810,482 -2,799,547 -2,779,638 -3,391,999 -5,290,992 -6,759,135 -16,492,245                                      
Direct investments  2020 - 2021                               -2,881,232 -1,252,682                                  
PB Investments  2020 - 2021                               -805,244 -1,101,797 -19,250                                
Investments 2022 - 2023                                   -4,919,155 -9,907,665                              
Investments 2024- 2027                                       -2,498,528 -2,530,336 -2,549,300 -2,559,029 0                    
Additional investments                       0 -503,344 -816,591 -930,471 -656,624 -622,771 -5,544 -1,248,188 -1,552,158 -1,900,746 -2,205,431 -2,493,524 -2,691,936 -2,878,597 -2,943,061 -3,008,403 -3,074,590 -3,141,585 -3,209,349 -3,277,837 -3,347,002 -3,416,791 -518,187
AEI allocated to Investments (2.5%) 2,012 0 0 0 0 0 -2,288 -629,169 -166,453 -51,034 -90,671 -1,337,197 -369,476 -160,023 -673,605 -808,814 -257,364 -9,616 -1,430,508 -1,713,224 -2,028,008 -2,305,442 -536,062 -565,870 -595,437 -608,377 -621,700 -635,422 -649,541 -664,071 -679,028 -694,425 -710,280 -144,029
Investment made with mutual claim debt                                   -394,236                                
Total Investments   -1,521,687 -1,721,448 -2,261,900 -2,422,506 -5,310,595 -6,408,985 -6,128,131 -3,976,935 -2,850,580 -2,870,310 -4,729,196 -6,163,812 -7,735,749 -18,096,321 -5,151,914 -3,234,614 -5,347,801 -13,362,324 -5,763,909 -6,459,090 -7,060,173 -5,588,614 -3,257,806 -3,474,034 -3,551,438 -3,630,103 -3,710,012 -3,791,126 -3,873,420 -3,956,865 -4,041,427 -4,127,071 -662,216
                                                                     
 Net fund flow  -20,447,499 4,555,242 861,514 -720,084 -1,425,914 1,570,371 -6,438,822 302,229 170,318 3,674,534 5,978,600 9,487,526 4,341,721 -801,262 -4,474,096 -2,629,873 6,320,147 3,035,197 8,799,885 21,797,086 28,089,526 33,636,800 38,953,878 43,976,961 47,402,314 48,701,449 50,031,197 51,392,197 52,784,224 54,207,808 55,663,510 57,151,929 58,673,706 4,984,432