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 March, 2021

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): ¨

Exhibit Index

Exhibit No.	Description
99.1	Press release dated March 30, 2021 - Corporación América Airports S.A. announces 4Q20 and Fiscal Year results.

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 América Airports S.A.
By:	/s/ Andres Zenarruza
Name:	Andres Zenarruza
Title:	Head of Legal
By:	/s/ Raúl Guillermo Francos
Name:	Raúl Guillermo Francos
Title:	Chief Financial Officer

Date: March 30, 2021

EX-99.1

Exhibit 99.1

 

CORPORACION AMERICA AIRPORTS ANNOUNCES 4Q20 AND FISCAL YEAR 2020 RESULTS

4Q20 Passenger traffic and cargo improve sequentially but remain significantly impacted by Covid-19

Luxembourg, March 30, 2021— Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”) the largest private sector airport operator based on the number of airports under management reported today its unaudited, consolidated results for the three-month and twelve-month periods ended December 31, 2020. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”).

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29 (“IAS 29”), as detailed on Section “Hyperinflation Accounting in Argentina” on page 29.

Fourth Quarter 2020 Highlights

n Consolidated Revenues of $129.4 million, a decline of 66.0% YoY. Excluding the impact of IFRS rule IAS 29, revenues declined 64.4%, or $241.6 million, to $133.3 million, mainly reflecting decreases of a $134.5 million in Aeronautical revenues, a $53.4 million in Commercial revenues driven by the impact of the COVID-19 pandemic, as well as in construction service revenue in Argentina reflecting lower capex in the period.

n Key operating metrics declined YoY impacted by Covid-19, but improved sequentially:

n Passenger traffic was 5.1 million, a 75.6% YoY decline, but increased over 2x from 2.6 million in 3Q20

n Cargo volume decreased 37.1% YoY to 72.1 thousand tons, but improved 36.4% from 52.9 thousand tons in 3Q20

n Aircraft movements reached 85.8 thousand, a 59.7% YoY decline, but improved 42.8% from 60.1 thousand in 3Q20

n Operating Income was $5.3 million, declining 57.1%, or $ 7.1 million, compared to $12.4 million in 4Q19, mainly reflecting the impact of the Covid-19 pandemic on revenues, partially offset by a $36.6 million economic compensation granted by the Brazilian government, together with a $12.0 million government grant obtained in Italy. Moreover, in 4Q19 operating income was impacted by an impairment loss of $42.8 million in Brazil.

n Adjusted EBITDA on an “As Reported” basis was $44.6 million, a 12.0% decline compared $50.7 million in 4Q19. Ex-IAS29, Adjusted EBITDA was $44.2 million, a 9.0% decline from $48.6 million recorded in 4Q19.

n When also excluding the reversal on impairments in 4Q20 and the impairment loss in 4Q19, Adjusted EBITDA improved to $43.2 million in 4Q20, from a loss of $19.0 million in 3Q20, but was below Adjusted EBITDA of $91.4 million reported in 4Q19. Adjusted EBITDA margin Ex-IFRIC12 increased to 42.7% from 31.4% in 4Q19, mainly reflecting the impact of the economic compensations obtained in Brazil and Italy for a total of $46.7 million.

n On November 30, 2020, CAAP’s Argentine subsidiary AA2000 signed an agreement to extend the AA2000 concession for a ten-year period from 2028 to 2038, later ratified on December 17, 2020 under Presidential Decree No. 1009/2020.

n On November 6, 2020, the company’s Italian subsidiary announced it obtained an 85 million Euro bank loan from a pool of financial institutions, with a 6-year term and a 2-year grace period, guaranteed by the Italian public export credit insurance agency.

Subsequent Events

n On January 13, 2021, CAAP announced that under Resolution No. 4/2021 of the Official Gazette, the Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) established an increase in the international passenger fee for travelers departing from AA2000 airports of US$6 to US$57, in line with the provisions of the Technical Conditions for the Extension which are part of the 10-year concession extension approved on December 17, 2020.

n In February 2021, Aerolíneas Argentinas S.A. sent a proposal to pay outstanding amounts owed to CAAP’s subsidiary AA2000 until March 31, 2020 (AR$120.6 million and US$36.5 million).

n In February 2021, AA2000 renegotiated the principal payment under the syndicated bank loan maturing in February 2021 for a total amount of $13.3 million, and deferred said amount to be repaid under a new schedule between March 2022 and February 2023.

n On March 15, 2021, Aeroparque Airport, in Argentina, was reopened, 7 months after it was closed on August 1^st, 2020, to carry out renovation and expansion works in the runway and the international arrivals and departures halls of the terminal building. All works were covered with funds held in AA2000’s Development Trusts, with no impact on that subsidiary’s cashflows.

Page 1 of 45

Fiscal Year 2020 Highlights

n Consolidated revenues were to $607.4 million, a YoY decline of 61.0%, or $951.2 million. Ex-IAS 29, revenues decreased 60.7% YoY due to lower income from operations across all segments, mainly attributed to the impact of the COVID-19 pandemic.

n Performance of key operating metrics:

n Passenger traffic down 70.0% YoY to 25.2 million

n Cargo volume declined 39.8% to 255.6 thousand tons

¡ Aircraft movements decreased 58.9% to 352.9 thousand

¡ Operating loss in 2020 was $163.7 million, down from operating income of $223.6 million in 2019, mainly driven by the impact of the COVID-19 pandemic. Operating margin contracted to negative 27.0% from 14.3% in 2019

¡ Adjusted EBITDA was $13.6 million, down 96.4% YoY, while the Adjusted EBITDA margin Ex-IFRIC12 contracted to 2.5% from 31.3% in 2019.

¡ Ex-IAS 29, Adjusted EBITDA declined 96.0% YoY, to $15.5 million, and Adjusted EBITDA margin Ex-IFRIC12 contracted to 2.9%. On a comparable basis, excluding the impairment and goodwill write offs in 4Q20, 3Q20, 1Q20 and 4Q19 in Brazil, the $23.1 million bad debt charge recorded in Argentina in 3Q19 and the $2.2 million one-time benefit in Italy, Adjusted EBITDA would have declined to $77.8 million in 2020 from $449.4 million in 2019. Adjusted EBITDA margin ex-IFRIC would have contracted 2,092 bps to 15.6% from 36.6% in 2019.

CEO Message

“Last year was undoubtedly the most challenging year ever faced by the travel industry worldwide. Since the start of the pandemic, we have demonstrated our capacity and flexibility to rapidly respond to the new environment and changing market conditions. I wish to thank our teams for their dedication and commitment to rapidly establishing and executing our strategic plan to protect the Company’s financial position, all while continuing to ensure the highest health and safety standards for our passengers and employees.

Through taking decisive actions, including successfully exceeding our cost reduction goals and keeping a focus on economic compensation, we achieved positive comparable Adjusted EBITDA¹ of US$ 78 million in the full year, despite experiencing a 70% decline in passenger traffic in 2020 as a result of the severe impact of the pandemic on travel demand.” noted Mr. Martín Eurnekian, CEO of Corporación América Airports.

“We also made significant strides in reprofiling and strengthening our balance sheet through successfully refinancing a significant part of our principal and interest payments in key countries, while increasing our liquidity position through new financings.

Another key element of our strategic plan has been the successful negotiations with regulatory bodies and governments across our concessions to obtain economic compensation for the impact of this health crisis. Most importantly, the 10-year extension of the AA2000 concession in Argentina obtained in the fourth quarter, along with an increase in international tariffs was a significant milestone for our Company, reinforcing this subsidiary’s long-term sustainability. In Brazil, another of our key markets, during the quarter we obtained an economic compensation for the impact of the pandemic in 2020.

Looking ahead, we remain fully focused on further executing against the strategic action plan put in place at the start of the crisis: protecting liquidity, keeping a strong focus on cost controls and, advancing negotiations to obtain long-term re-equilibrium of our concessions while refinancing bank debt in Argentina.

In terms of travel demand, the gradual sequential monthly recovery trend that started last June continued into early this year. However, during the first quarter 2021, passenger traffic trends have been choppy reflecting lower demand in Brazil given concerns regarding the new strain of the virus and a spike in cases. Travel restrictions in Europe also impacted demand in most countries of operations. As the northern hemisphere continues to make headway with the vaccination programs, we expect this to lead to some improvement in traffic towards the second half of the year. In the medium term, while visibility in Latin America remains low, higher availability of vaccines and the lifting of government travel restrictions over time are anticipated to help drive better passenger dynamics.”

^1. Comparable Adjusted EBITDA excludes non-cash impairment losses in Brazil in both years and a bad debt charge in Argentina in 2019.

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Operating & Financial Highlights

(In millions of U.S. dollars, unless otherwise noted)

	4Q20 as reported			4Q19 as reported			% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29			4Q19 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers) (1)(2)		5.1			20.9			-75.6	%				5.1			20.9			-75.6	%
Revenue		129.4			380.1			-66.0	%		-3.9		133.3			374.9			-64.4	%
Aeronautical Revenues		35.9			173.7			-79.3	%		-0.5		36.3			170.8			-78.7	%
Non-Aeronautical Revenues		93.5			206.4			-54.7	%		-3.5		96.9			204.1			-52.5	%
Revenue excluding construction service		101.0			295.4			-65.8	%		-0.9		101.8			289.6			-64.8	%
Operating Income / (Loss)		5.3			12.4			-57.1	%		-15.1		20.4			26.4			-22.6	%
Operating Margin		4.1	%		3.3	%		81	bps		-		15.3	%		7.0	%		833	bps
Net (Loss) / Income Attributable to Owners of the Parent		-38.8			-37.3			4.1	%		14.5		-53.3			-48.5			10.0	%
EPS (US$)		-0.24			-0.23			5.5	%		0.09		-0.33			-0.30			11.1	%
Adjusted EBITDA		44.6			50.7			-12.0	%		0.4		44.2			48.6			-9.0	%
Adjusted EBITDA Margin		34.5	%		13.3	%		2,120	bps		-		33.2	%		13.0	%		2,017	bps
Adjusted EBITDA Margin excluding Construction Service		44.5	%		16.9	%		2,755	bps		-		43.7	%		16.6	%		2,706	bps
Net Debt to LTM Adjusted EBITDA		78.27	x		2.66	x		n.m.			-		-			-			-
Net Debt to LTM Adjusted EBITDA excl. impairment on intangible assets (3)		14.02	x		2.28	x		n.m.			-		-			-			-

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

1) Note that preliminary passenger traffic figures for Ezeiza Airport, in Argentina, for 2019 as well as January 2020 were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

2) Starting November 2019, the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

3) LTM Adjusted EBITDA excluding impairments of intangible assets

Operating & Financial Highlights FY 2020

(In millions of U.S. dollars, unless otherwise noted)

	2020 as reported			2019 as reported			% Var as reported			IAS 29 2020		2020 ex IAS 29			2019 ex IAS 29			% Var ex IAS 29
Passenger Traffic (Million Passengers) (1)(2)		25.2			84.2			-70.0	%				25.2			84.2			-70.0	%
Revenue		607.4			1558.6			-61.0	%		-15.5		622.8			1583.9			-60.7	%
Aeronautical Revenues		220.0			724.0			-69.6	%		-4.5		224.5			734.1			-69.4	%
Non-Aeronautical Revenues		387.4			834.6			-53.6	%		-11.0		398.3			849.9			-53.1	%
Revenue excluding construction service		481.6			1,208.4			-60.1	%		-7.4		488.9			1,222.9			-60.0	%
Operating Income		-163.7			223.6			-173.2	%		-76.8		-86.9			285.0			-130.5	%
Operating Margin		-27.0	%		14.3	%		-4,125	bps		-		-14.0	%		18.0	%		-3,196	bps
Net (Loss) / Income Attributable to Owners of the Parent		-253.1			9.1			-2,880.8	%		9.9		-262.9			3.1			-8,581.6	%
EPS (US$)		-1.58			0.06			-2,735.6	%		0.06		-1.64			0.02			-8,315.4	%
Adjusted EBITDA		13.6			380.7			-96.4	%		-1.9		15.5			385.7			-96.0	%
Adjusted EBITDA Margin		2.2	%		24.4	%		-2,216	bps		-		2.5	%		24.4	%		-2,191	bps
Adjusted EBITDA Margin excluding Construction Service		2.5	%		31.3	%		-2,876	bps		-		2.9	%		31.4	%		-2,850	bps

Note: Figures in historical dollars (excluding IAS29) are included for comparison purposes.

1) See Footnote 1 in previous table.

2) Preliminary data on 1,256 in January and 195 in February 2020 at Brasilia Airport, due to delays in the submission of information by third parties. Moreover, starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

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Update on Action Plan to Mitigate Impact of COVID-19

Governmental Flight Restrictions

The COVID-19 virus outbreak has generated a disruption in the global economy, and in particular, the aviation industry resulting in drastic reductions in passenger traffic. During March 2020, several governments around the world, implemented measures to contain the spread, including the closing of borders and prohibition of travel, domestic lockdowns and quarantine measures. While governments across the Company’s countries of operations have been relaxing some of these flight restrictions in recent months, the overall situation remains volatile, as governments worldwide adjust travel bans or implement requirements to enter or leave their countries, including quarantines or negative Covid-19 PCR tests, based on the evolution of the sanitary situation.

· Currently, in Argentina borders remain closed to foreigners until April 9, 2021. International travel restarted in July 2020 under a special flights regime, and passengers arriving in Argentina are required to present a negative PCR test and self-isolate for seven days. During 4Q20, certain government restrictions on air travel were relaxed: by the end of October, bans on domestic travel were lifted, while entry was permitted to foreigners from neighboring countries starting in November. Late December, however, the government reenacted the ban on entry for all foreigners, in light of the new COVID-19 strain, until April 9, 2021. Given the recent spike in Covid cases earlier this month, the government added additional travel requirements for nationals upon arrival and, starting March 27, 2021, flights from Brazil, Chile and Mexico were banned from entering the country.

· In Italy, certain restrictions apply for travelers coming from, or that visited or transited certain countries until April 6, 2021. Travelers are required to present a negative PCR test and self-quarantine for 14-days upon arrival, with limited exceptions.

· In Uruguay, borders remain closed to non-resident foreigners, with certain exemptions, and requirements upon entry, including a negative PCR test and a self-isolation period.

· In Brazil, domestic travel never stopped, with passenger traffic showing a continued recovery since May 2020 through January 2021. More recently, however, in light of the increase in COVID-19 cases in the country, there was a decrease in passenger demand.

· In Armenia, restrictions on air travel were lifted mid-September 2020, although some requirements apply upon entry including a negative PCR test upon arrival.

· Commercial operations in Ecuador restarted during the first week of June 2020, although certain requirements apply including a negative PCR test upon entry.

Impact of COVID-19 on CAAP’s Passenger Traffic and Cargo activity

The Company’s operations have been severely impacted by the prolonged flight restrictions in most countries of operations as well as flight bans in many other countries worldwide. Total passenger traffic in October 2020 declined 80.8% year-on-year, showing a slight recovery in November and December, with declines of 77.1% and 68.8%, respectively, although passenger traffic more than doubled in the quarter when compared to 3Q20. During 4Q20, commercial flights were operated across all CAAP’s countries, although still restricted by government bans to locals and foreigners, and certain requirements applied. Cargo activity was also impacted, with cargo volume declining 40.2% year-on-year in October 2020, 40.9% in November and slightly improving to a drop of 39.8% YoY in December.

Implementation of Mitigation Initiatives Focused on Preserving Financial Position

The crisis committee, composed of the Company’s CEO and operating CEOs of each subsidiary, continues to assess operations, with the goal of enhancing the sustainability of the Company’s business. CAAP continued to make progress on its action plan focused on:

· Employees and passengers: The Company has further enhanced safety and hygiene protocols across its airports to protect the well-being of passengers and operating personnel. As travel bans are lifted and commercial flights resume across all countries, CAAP developed and established customized protocols to ensure the maximum health standards across the Company’s airport network. These protocols were approved by the respective regulatory agencies and health authorities. These include sanitization and social distance measures, screening and biocontrol procedures for all passengers travelling through our airports. Ezeiza airport in Argentina, along with CAAP’s Brasilia, Guayaquil, Carrasco, Arequipa and Galapagos airports obtained ACI’s “Airport Health Accreditation”. In addition, Pisa and Florence airports were the first in Italy to receive independent certification of health protocols in July 2020.

· Cost controls and cash preservation measures: CAAP has made progress on lowering operating costs by:

o Reducing personnel expenses in Brazil, Uruguay, Italy and Armenia, including lay-offs, salary reductions, placing operating employees on furlough and/or reduction of working hours. In Argentina, the Company received government assistance to cover a portion of salaries since April to December 2020.

o Lowering maintenance and other operating expenses, through the revision of maintenance contracts across all countries of operations. While CAAP expects to benefit from these reductions in the coming quarters, it also expects to see some increases in payroll and maintenance and other operating costs as traffic continues to recover.

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As a result of these combined measures, the Company achieved a 46% YoY reduction in cash operating costs and expenses in the quarter, following YoY reductions of 48% and 51% in 3Q20 and 2Q20, respectively, beating its 43% reduction target in all quarters. Note this excludes concession fees and construction costs.

· Negotiations with regulatory bodies and government support: The Company advanced on the renegotiations of concession fee payments with regulatory bodies:

o In Brazil, in March 2020 the regulator approved the deferral to December 2020 of the variable and fixed concession fee payments that were due May and July, respectively. Also, in November 2020 CAAP obtained the refinancing of 50% of this 2020 annual concession fee payment due December 2020, which was deferred to the six final years of the concession.

o In Italy, in March 2020 the Company obtained regulatory approval to defer until January 2021 the semi-annual concession fee payment originally due July 2020 and in August, CAAP also obtained a government grant for a total of Eur. 20 million to be deployed over a two-year period, of which a total of Eur. 10 million were approved by the European Commission in March 2021, to compensate for COVID-19 impact in the period from March 10 to June 15, 2020. This amount was recognized as “Other revenues” in 4Q20, and is expected to be collected during April 2021. In addition, in December 2020 the Italian Budget Law was passed, covering the 2021 financial year and the 2021 to 2023 long-term budget, that establishes measures in support of the airport sector in the country. The law, that became effective on January 1, 2021, contains provisions to allocate a Eur. 500 million fund (Eur. 450 million reserved for airport management companies and Eur. 50 million for handlers) to compensate airports in the country for COVID-19 related damages, and also guarantees additional benefits of the “Solidarity Fund for Air Transport and Airport System Sector” for wages subsidies, requested by the air transport and airport management companies for 12 weeks, in the period between January 1 and June 30, 2021. CAAP’s Italian subsidiary, Toscana Aeroporti, expects to benefit from these provisions, as they become available for airport operators and handlers during this year.

o In Argentina, AA2000 agreed on a proposal by Aerolíneas Argentinas S.A. regarding the amounts owed until March 31, 2020 (AR$120.6 million and US$36.5 million), which shall be repaid in installments and transferred to the Trust for Strengthening the National Airport System.

· Re-equilibrium of the concession agreements:

o Concession contracts in Argentina, Armenia and Italy allow for guaranteed returns. In Argentina, CAAP completed a 10-year extension of the AA2000 concession agreement in December 2020, and more recently obtained a tariff increase of US$ 6.0, raising the tariff to US$ 57.0 dollars in the international passenger fee, applied starting March 15, 2021. In Italy, during 2Q20, the regulator granted a 2-year extension to all airport concessions in the country.

o The concession contracts in Brazil and Ecuador have force majeure re-equilibrium clauses. In Brazil, in December 2020 the Company obtained an economic compensation in connection with the Covid-19 impact during 2020 for the Brasilia and Natal concessions, of US$ 36.6 million in total. It is also moving forward to request a long-term compensation on both concessions. In addition, in Ecuador, the Company continues in negotiations to obtain compensation under the Guayaquil concession. The amounts and mechanisms for compensation will be negotiated with authorities.

o In Uruguay, CAAP is moving forward in conversations with the authorities to review the Carrasco and Punta del Este airport concession agreements, to compensate for the impact of the pandemic.

Financial position and liquidity: As cash preservation is a critical focus, the Company has taken the following measures:

· As a result of renegotiations with debt holders and banks, in May 2020 the Company deferred or refinanced a total of $189 million dollars in principal and interest payments as follows:

o In Argentina, in May 2020 the Company completed an exchange offer for its $400 million international notes due 2027, with 86.73% of the principal amount tendered for exchange, resulting in a deferral of a total of $60 million dollars in principal and interest payments originally due until February 2021. It also deferred a total of $26.6 million dollars in principal due 2020 in connection with its $120 million Credit Facility and a $10 million bilateral loan.

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o In Uruguay, in May 2020 the Company executed an exchange offer for its $200 million notes due 2032, and obtained 93.60% of the principal amount tendered for exchange. As a result, CAAP has the option to defer up to $20.5 million dollars in principal and interest payments originally due until June 2021. In addition, the Company deferred a total of $8.7 million in principal payments due 2020 under local notes.

o CAAP also obtained two 6-month deferrals for the suspension of payments of principal and interest with BNDES in Brazil. The first standstill was granted in April 2020 by BNDES, and the second was obtained in October 2020, for an amount of approximately $27 million in total.

o During 4Q20, CAAP also extended its debt maturity in Armenia, with the deferral of all principal payments from and including December 2020 by three payment dates for an amount of $36 million, until June 2024, from December 2022.

o In addition, in February 2021, CAAP renegotiated the principal payment under the syndicated bank loan in Argentina maturing in February 2021 for a total amount of $13.3 million, to be repaid under a new schedule between March 2022 and February 2023.

· The Company secured additional financing for a total amount of $156 million, as follows:

o In Argentina, CAAP raised a $40 million dollar-linked local bond at a 0% interest rate with a 2-year maturity during 3Q20.

o During 4Q20, CAAP’s Italian subsidiary obtained an 85 million Euro bank loan, or $103.5 million, with a 6-year term and a 2-year grace period, guaranteed by the Italian public export credit insurance agency.

o In Ecuador, the Company issued a $12.0 million bank loan in December 2020.

· CAAP renegotiated the debt maintenance covenants for debt held in its subsidiaries in Argentina and Uruguay until November 2021. In addition, in Italy the Company obtained a waiver for the debt leverage ratio covenant in connection with the 60 million Euro notes due 2024, for the periods ending June and December 2020. Covenants in Armenia were waived until December 2021, and renegotiated through 2023.

· Through ongoing negotiations with the regulators, CAAP negotiated the deferral of concession fee payments in Argentina, Brazil, Uruguay and Italy for a total amount of $106 million, of which $31 million had already been paid by December 2020.

· Suspended dividends to third parties in the concessions in Italy and Ecuador for an amount of $17 million dollars. Moreover, CAAP currently does not pay corporate dividends and the Company does not have in place a share repurchase program either.

· Since April, cancelled all non-mandatory capital investments and deferred non-priority projects. In 4Q20, $33.8 million were invested in capital expenditures, of which $12.4 million were funded by the development trusts in Argentina. In 2021, only capex to cover regulatory requirements or to maintain security standards and airport safety.

· Implemented a set of cost control measures that achieved a significant reduction in cash operating costs beginning 2Q20. The Company remains focused on obtaining additional efficiencies, while closely monitoring the increase of operating expenses as operations resume across all countries. Moreover, CAAP has been actively managing its working capital since April 2020 by negotiating with its suppliers the extension of payment terms.

· CAAP continues to work closely with the financial community, especially in Argentina, to renegotiate the principal payments of bank loans that mature during the rest of 2021.

As a result of the strong cost reduction and cash preservation initiatives, CAAP significantly reduced operating cash burn, reaching cash break-even levels in Argentina and Uruguay beginning 2Q20, and in Ecuador and Armenia since 3Q20. In addition, during 4Q20 CAAP achieved positive operating cash flow across most countries of operations.

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4Q20 Operating Performance

Passenger Traffic

Total passenger traffic declined 75.6% YoY to 5.1 million passengers, primarily reflecting prolonged government-imposed travel restrictions together with a drop in overall demand. International traffic declined by 86.9% YoY, while domestic traffic dropped 75.2% YoY. Sequentially, however, passenger traffic more than doubled when compared to 3Q20, mainly driven by higher traffic in Brazil and Argentina.

Passenger Traffic in Argentina declined 91.6% YoY due to travel restrictions and weak demand as a result of the COVID-19 pandemic, although improving sequentially from the declines of 99.3% in 3Q20 and 99.2% in 2Q20. International passenger traffic decreased 90.4% in 4Q20, an improvement from the 98.3% drop in 3Q20, driven by a gradual recovery in passenger volume reflecting increased travel from locals coupled with foreigners from neighboring countries, that were allowed entry with certain requirements up to mid-December, as the summer season started. Mid-December, the government reenacted the ban on entry for all foreigners until April 9, 2021, in light of the new COVID-19 strain. Domestic passenger traffic dropped 92.3% as travel restrictions were partially lifted at the end of October, while some requirements apply upon entry to the provinces. In addition, Aeroparque Airport was closed since August 1, 2020 to carry out works in the runway and terminal building and reopened by on March 15, 2021.

In Italy, passenger traffic declined 87.2% YoY, reflecting a drop from 3Q20 when travel increased due to the summer season, together with the reinstatement of restrictions to air travel in 4Q20 following a new COVID-19 outbreak in the region and weaker passenger demand. Domestic traffic was down 73.9% YoY, while international traffic declined 91.6% YoY. Traffic at Florence airport was down 89.7% YoY and traffic at Pisa Airport down 85.8% YoY. As part of the periodic maintenance plan for flight infrastructure, the runway at the Florence Amerigo Vespucci Airport will be closed to air traffic from February 1 to April 1, 2021 to allow the execution of work to restore the runway pavement and strips, including horizontal signage and lighting systems (luminous visual aid equipment), in accordance with EASA certification standards.

In Brazil, total passenger traffic dropped 40.4% YoY, a continued improvement from the 69.4% decline in 3Q20 and 94.3% decline in 2Q20. Domestic passenger traffic declined 41.2% YoY resulting from a steady recovery in passenger demand from the 68.4% YoY drop in 3Q20. International traffic dropped 94.2% YoY as operations restarted at Brasilia Airport during the month of September, with low demand.

In Uruguay, passenger traffic declined 90.1% YoY, a slight improvement from the 95.4% reported in 3Q20 and the 98.4% in 2Q20. Commercial operations restarted the first week of July, although borders remained closed to non-resident foreigners, and late December 2020, Uruguay suspended all travelers, including Uruguayan citizens, from entering the country until the end of January, with certain exceptions. During February, restrictions were lifted and Uruguayan citizen and resident foreigners were allowed to travel.

In Armenia, certain restrictions still apply and passenger demand remains low due to both the COVID-19 crisis and political unrest, resulting in a passenger traffic drop of 80.7% during the quarter.

In Ecuador, total passenger traffic declined 65.8% YoY, improving sequentially from the 86.8% decline in 3Q20.

Domestic passenger traffic, which accounted for 58.9% of total traffic, declined 75.2% YoY principally driven by a drop of 92.3% passengers in Argentina and a 41.2% in Brazil. International passenger traffic, which represented 16.9% of total traffic, posted an 86.9% YoY decline in the period, with declines of 90.4% in Argentina, 91.6% in Italy, 80.7% in Armenia and 90.2% in Uruguay.

Cargo Volume

Cargo volume decreased 37.1% YoY in 4Q20, mainly due to declines of 35.1% in Argentina, 55.2% in Brazil, 42.5% in Ecuador, 31.7% in Armenia and 16.1% in Uruguay; partially offset by a 3.5% increase in Italy.

Aircraft Movements

Total aircraft movements declined 59.7% YoY in 4Q20, as travel restrictions drove decreases across all segments: 70.9% in Argentina, 34.9% in Brazil, 69.3% in Italy, 41.7% in Ecuador, 65.9% in Uruguay, 68.3% in Armenia and 51.2% in Peru.

Tables with detailed passenger traffic, cargo volume and aircraft movement information for each airport can be found on page 32 of this report.

Page 7 of 45

Operational Statistics: Passenger Traffic, Cargo Volume and Aircraft Movements

	4Q20	4Q19	% Var.
Domestic Passengers (in millions) (1)	3.0	12.1	-75.2	%
International Passengers (in millions) (1)(2)	0.9	6.6	-86.9	%
Transit Passengers (in millions) (1)(2)	1.2	2.2	-42.8	%
Total Passengers (in millions)	5.1	20.9	-75.6	%
Cargo Volume (in thousands of tons)	72.1	114.7	-37.1	%
Total Aircraft Movements (in thousands)	85.8	212.6	-59.7	%

Passenger Traffic Breakdown					Cargo Volume				Aircraft Movements
Country	4Q20	4Q19	% Var.		4Q20	4Q19	% Var.		4Q20	4Q19	% Var.
	(in millions)				(in thousands of tons)				(in thousands)
Argentina(1)	0.9	10.6	-91.6	%	41.2	63.6	-35.1	%	31.8	109.2	-70.9	%
Italy	0.2	1.8	-87.2	%	3.8	3.6	3.5	%	5.4	17.4	-69.3	%
Brazil (2)	3.0	5.1	-40.4	%	10.2	22.9	-55.2	%	27.7	42.5	-34.9	%
Uruguay	0.1	0.5	-90.1	%	6.8	8.1	-16.1	%	2.6	7.5	-65.9	%
Ecuador (3)	0.4	1.1	-65.8	%	5.0	8.6	-42.5	%	12.5	21.4	-41.7	%
Armenia	0.1	0.8	-80.7	%	4.3	6.4	-31.7	%	2.2	7.0	-68.3	%
Peru (4)	0.4	0.9	-62.3	%	0.7	1.4	-48.4	%	3.7	7.5	-51.2	%
TOTAL	5.1	20.9	-75.6	%	72.1	114.7	-37.1	%	85.8	212.6	-59.7	%

1) See Note 1 in Table " Operating & Financial Highlights”

2) Starting November 2019, the Company has reclassified its passenger traffic figures for Brasilia Airport between international and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

3) CAAP owns 99.9% of ECOGAL which operates and maintains the Galapagos Airport, but due to the terms of the concession agreement, ECOGAL’s results are accounted for by the equity method. However, 100% of ECOGAL’s passenger traffic and aircraft movements are included in this table.

4) CAAP owns 50.0% of AAP and accounts for its results by the equity method. However, 100% of AAP’s passenger traffic and aircraft movements are included in this table.

Page 8 of 45

Review of Consolidated Results

Results for AAP Airports, the five airports CAAP operates in Peru, and ECOGAL which operates the Galapagos Airport in Ecuador, are accounted for under the equity method.

Commencing 3Q18, the Company began reporting results of its Argentinean subsidiaries applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29, as detailed on Section “Hyperinflation Accounting in Argentina” on page 29.

Revenues

Consolidated Revenues decreased 66.0% YoY, or $250.7 million, to $129.4 million in 4Q20, while consolidated revenues excluding the impact of IAS 29 dropped 64.4%, or $241.6 million, to $133.3 million. Excluding Construction Services, consolidated revenues would have declined 65.8% YoY to $101.0 million on an ‘As Reported’ basis. When also excluding the impact of IAS 29, revenues would have declined 64.8% to $101.8 million YoY, a sequential improvement from the 74.4% decline in 3Q20. In the quarter, revenues ex-construction were lower across all segments, reflecting the impact of the COVID-19 pandemic and currency depreciation in Argentina, Brazil and Uruguay.

Revenues in Argentina declined 64.8% YoY, or $140.0 million, to $76.1 million excluding IAS29, reflecting the following declines: i) 85.3%, or $77.6 million, in Aeronautical revenues due to lower overall passenger traffic, ii) 64.4%, or $44.5 million, in Construction Services revenues as a result of lower capex in the period, and iii) 32.0%, or $17.9 million, in Commercial revenues primarily due to an 84.3%, or $14.5 million, contraction of passenger-related services revenues, including Duty free, Parking, VIP Lounges, Catering and F&B revenues, resulting from the decline in passenger traffic, and FX translation effect on local currency revenues from the 34.7% YoY average Argentine peso depreciation. This was partially offset by a $2.2 million increase in Cargo revenues, primarily reflecting a 10% tariff increase on import activities applied starting October 2020.

Revenues in Italy declined 55.5% YoY, or $20.6 million, to $16.5 million, primarily reflecting decreases of 75.5%, or $16.8 million, in Aeronautical revenues in line with lower passenger traffic, and 51.1%, or $5.2 million, in Commercial revenues mainly due to a reduction in passenger-related services, mainly Parking, Duty Free, F&B, VIP Lounge and car rental revenues.

In Brazil, revenues declined 58.2%, or $17.5 million, to $12.5 million, mainly driven by a 62.1% drop, or $9.3 million, in Aeronautical revenues and a 54.4% decline, or $8.2 million, in Commercial revenues, as a result of lower passenger traffic and overall activity, and a 31.0% depreciation of the Real against the US dollar in the period. In local currency, total revenues dropped 45.3%, mainly driven by a 50.4% decline in Aeronautical revenues following lower passenger traffic, and a 40.3% decrease in Commercial revenues as a result of declines in F&B, VIP Lounge and Retail Stores revenues, due to lower passenger traffic and certain discounts granted to tenants due to lower activity, lower Advertising revenues from the renegotiation of commercial agreements, together with lower Rental of space revenues, as a result of the discounts granted and closure of operations of certain clients.

Revenues in Uruguay declined 72.4%, or $20.4 million, to $7.7 million, mainly driven by an 88.4%, or $11.4 million, decline in Aeronautical revenues due to lower passenger traffic in the period, and a 49.7%, or $5.8 million, drop in Commercial revenues mainly reflecting lower Duty Free shops and VIP lounges revenues, and lower overall activity. Importantly, the cargo terminal continued to recover over the quarter, showing a decline of 8.4% in revenues.

In Armenia, revenues fell 74.8% YoY, or $25.1 million, to $8.5 million, driven by a 72.1%, or $13.5 million, contraction in Commercial revenues, mainly driven by lower fueling revenues, and to a lesser extent, Duty Free revenues, coupled with a 74.6%, or $9.4 million, decline in Aeronautical revenues reflecting lower passenger traffic.

Revenues in Ecuador decreased 60.1% YoY, or $17.9 million, to $11.9 million, as a result of a 58.1%, or $10.0 million, decline in Aeronautical revenues and an 81.1%, or $5.1 million, drop in Construction Service revenues reflecting lower capex over the period, together with a 44.9%, or $2.8 million, decline in Commercial revenues.

Revenues by Segment (in US$ million)

Country	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Argentina		72.2		221.3		-67.4	%		-3.9		76.1		216.1		-64.8	%
Italy		16.5		37.1		-55.5	%		-		16.5		37.1		-55.5	%
Brazil		12.5		30.0		-58.2	%		-		12.5		30.0		-58.2	%
Uruguay		7.7		28.1		-72.4	%		-		7.7		28.1		-72.4	%
Armenia		8.5		33.6		-74.8	%		-		8.5		33.6		-74.8	%
Ecuador (1)		11.9		29.8		-60.2	%		-		11.9		29.8		-60.2	%
Unallocated		0.0		0.2		-85.9	%		-		0.0		0.2		-85.9	%
Total consolidated revenue (2)		129.4		380.1		-66.0	%		-3.9		133.3		374.9		-64.4	%

1 Only includes Guayaquil Airport.

2 Excluding Construction Service revenue, ‘As reported’ revenues declined 66.8% YoY in Argentina, 65.8% in Italy, 58.2% in Brazil, 70.0% in Uruguay, 73.1% in Armenia and 54.6% in Ecuador.

Page 9 of 45

Revenue Breakdown (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		35.9		173.7		-79.3	%		-0.5		36.3		170.8		-78.7	%
Non-aeronautical Revenue		93.5		206.4		-54.7	%		-3.5		96.9		204.1		-52.5	%
Commercial revenue		64.1		120.8		-46.9	%		-0.4		64.5		117.9		-45.3	%
Construction service revenue (1)		28.4		84.7		-66.5	%		-3.1		31.5		85.3		-63.1	%
Other revenue		1.0		0.8		24.4	%		-		1.0		0.8		24.4	%
Total Consolidated Revenue		129.4		380.1		-66.0	%		-3.9		133.3		374.9		-64.4	%
Total Revenue excluding Construction Service revenue (2)		101.0		295.4		-65.8	%		-0.9		101.8		289.6		-64.8	%

1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2 Excludes Construction Service revenue.

Aeronautical revenues accounted for 27.7% of total revenues and declined 79.3% YoY to $35.9 million. Had IAS 29 not been applied, Aeronautical Revenues would have decreased 78.7% YoY, or $134.5 million, reflecting the continued impact of the COVID-19 pandemic in traffic volumes, although improving sequentially from the 87.8% decline in 3Q20. During the quarter, aeronautical revenue reported declines of 85.3%, or $77.6 million, in Argentina, 75.5%, or $16.8 million, in Italy, 88.4%, or $11.4 million, in Uruguay, and 58.1%, or $10.0 million, in Ecuador. Moreover, Armenia declined 74.6%, or $9.4 million, while Brazil declined 62.1%, or $9.3 million.

Non-Aeronautical Revenues accounted for 72.3% of total revenues, and declined 54.7% YoY, or $112.9 million, to $93.5 million. Had IAS 29 not been applied, Non-aeronautical revenues would have dropped 52.5% YoY, or $107.2 million, to $96.9 million, mainly driven by the following decreases:

· A 63.1% YoY, or $53.8 million, in Construction Service Revenue, to $31.5 million, reflecting a reduction of $44.5 million in Argentina, as well as reductions of $5.1 million, $3.2 million and $2.3 million in Ecuador, Uruguay and Armenia, respectively. This was partially offset by an increase of $ 1.2 million in Italy; and

· A 45.3% YoY, or $53.4 million, in Commercial Revenues, to $64.5 million, mainly attributed to the following declines: (i) 32.0%, or $17.9 million, in Argentina as a result of lower passenger-related services, including Duty free, Parking, VIP Lounges, Catering and F&B revenues, and, to a lesser extent, a reduction in Rental of Space reflecting discounts granted to tenants, coupled with the impact of the Argentine peso depreciation on the share of local currency denominated revenues. This was partially offset by the following increases: i) in Cargo revenues, primarily reflecting a 10% tariff increase on import activities applied starting October 2020; (ii) 72.1%, or $13.5 million, in Armenia due to a 74.7% decline in fueling services, and to a lesser extent, a drop in Duty Free revenues; and (iii) 54.4%, or $8.2 million, in Brazil due to lower F&B, VIP lounge, Rental of Space and Advertising revenues, coupled with the impact of currency depreciation. In addition, Commercial Revenues declined 49.7%, or $5.8 million, in Uruguay, 51.1%, or $5.2 million, in Italy, and 44.9%, or $2.8 million, in Ecuador, all due to lower revenues from the decline in passenger traffic.

Excluding Construction Service Revenue, Non-aeronautical Revenues would have declined 46.5% YoY to $65.1 million. Had IAS 29 not been applied, Non-aeronautical revenues excluding Construction Service Revenue would have declined 44.9% YoY, or $53.3 million, to $65.5 million.

Operating Costs and Expenses

During 4Q20, Operating Costs and Expenses decreased 53.8% YoY, or $200.4 million, to $172.3 million. Had IAS 29 not been applied, Operating Costs and Expenses would have declined 54.4% YoY, or $192.2 million, to $161.2 million, mainly reflecting a decrease in Construction Service Cost from lower capital expenditures; a reduction in Cost of Services, mainly in Salaries and Social Contributions, reflecting reduction of workforce, benefits and furlough schemes across most operations, coupled with currency depreciation in Argentina, Brazil and Uruguay; a decline in Concession Fees in line with revenues; and lower Maintenance expenses from reduction of services and renegotiation with suppliers and local currencies depreciation.

Page 10 of 45

Cost of Services fell 51.3% YoY, or $150.2 million, to $142.4 million. Excluding IAS29, Cost of Services would have declined 52.1% YoY, or $142.9 million, to $131.5 million, mainly reflection the following declines:

¡ 62.6%, or $53.0 million, in Construction Service Cost, primarily due to a $44.4 million drop in Argentina, $5.1 million in Ecuador, $3.3 million, in Uruguay and $2.2 million in Armenia reflecting lower capex in the period. This was partially offset by a $2.1 million increase in Italy.

¡ 48.1%, or $23.4 million, in Salaries and Social Security Contributions, driven by: (i) a 61.7%, or $14.8 million, decline in Argentina benefitting from government’s assistance in an amount of $2.0 million, together with a reduction in salaries and a furlough scheme under which no social contributions are required to be paid, coupled with local currency depreciation, (ii) a 37.6%, or $4.4 million, reduction in Italy, mainly as a result of the reduction in workforce and a furlough scheme for a portion of the employees, (iii) a 34.1%, or $1.9 million, decline in Brazil driven by reductions in the workforce, salary reductions, furloughs and reduction of working hours and lower benefits, coupled with the depreciation of the Brazilian Real, and (iv) a 47.4%, or $1.1 million, decline in Armenia driven by a reduction in the workforce, a furloughs scheme for a portion of employees, together with a reduction in salaries implemented mid-2020.

¡ 57.4%, or $22.7 million, in Concession Fees, mainly reflecting declines of $14.0 million in Argentina, $4.9 in Ecuador, $1.7 million in Uruguay, and $1.2 in Italy, all in line with lower revenues, together with a reduction of $0.9 million in Brazil, mainly as a result of local currency depreciation,

¡ 55.1%, or $20.7 million, in Maintenance Expenses, mainly as a result of a 58.2%, or $16.5 million, reduction in Argentina driven by the renegotiation of agreements with suppliers to adapt services to lower activity, coupled with lower maintenance of infrastructure in comparison with 4Q19 and depreciation of the local currency against the US dollar. In addition, in Uruguay and Brazil, cost-cutting initiatives led to a reduction of 62.6%, or $1.6 million, in Uruguay and a 43.8%, or $1.0 million, in Brazil, coupled with the depreciation of the local currencies against the US dollar. This was further impacted by a decline of $0.7 million, a $0.6 million and a $0.4 million in Ecuador, Armenia and Italy, respectively.

¡ 73.3%, or $8.5 million, in Cost of Fuel, driven by a decline in volume and prices of fuel sold to airlines in Armenia, in line with the decrease in flights, and

¡ 37.5%, or $6.0 million decline in Services and Fees, mainly reflecting decreases of 51.9%, or $2.4 million, in Argentina, 32.2%, or $1.7 million, in Italy, and 35.4%, or $1.2 million, in Brazil, attributed to suspension of certain services and renegotiation of scope and fees with suppliers, coupled with local currency depreciation in Argentina and Brazil.

Excluding Construction Service cost, Cost of Services would have declined 45.5% YoY, or $94.8 million, to $113.7 million. When also excluding the impact of IAS29, Cost of Services would have declined 47.4%, or $89.9 million, to $99.8 million.

Selling, General and Administrative Expenses (“SG&A”) declined 21.5% YoY, or $7.8 million, to $28.4 million in 4Q20 on an ‘As reported’ basis, and 19.5%, or $6.8 million, to $28.2 million when excluding the impact of IAS 29, reflecting the following declines:

¡ 54.4%, or $4.8 million, in Taxes, mainly reflecting a $5.4 million reduction in sales taxes in Argentina driven by lower revenues, partially offset by a $1.0 million tax increase in Brazil, reflecting more difficult comparisons as in 4Q19 there was a tax recovery generated by the prescription of charges in relation with airline fees,

¡ 18.7%, or $1.9 million, in Services and Fees reflecting a $0.9 million reduction in intermediate holding companies, a $0.7 million decline in management fees in Armenia, a $0.5 million reduction in professional fees in Ecuador, and a $0.5 million drop in professional fees and in office and travel expenses in Uruguay. This was partially offset by an increase in Italy driven by extraordinary costs related to the termination of a parking management contract at Pisa Airport, and

¡ 88.2%, or $1.4 million, in Office Expenses mainly from a $1.1 million reduction in Argentina, in travel-related and office expenses.

These declines were partially offset by a $2.3 million increase in Bad Debt charges due to the COVID-19 pandemic, due to the recognition of $1.3 million in Ecuador and $0.9 million Italy. In addition, Bad Debt Recovery declined $1.7 million, mainly reflecting difficult comparisons as a bad debt reversal was recorded in 4Q19 reflecting a favorable resolution on a dispute with a telecommunications client.

Other Expenses totaled $1.5 million, reflecting a $ 1.9 million charge in Brazil due to a loss from the disposal of property, plant and equipment, together with the recognition of a loss related to the prescription of tax credits on intangible assets. This was partially offset by a $1.0 million reversal on impairment loss on the Brazil’s Natal concession intangible asset in the quarter. In addition, in 4Q19, Other Expenses was impacted by an $42.8 million impairment loss in the Natal concession.

Page 11 of 45

Excluding Construction Service Cost, Total Operating Costs and Expenses declined by 50.2%, or $144.9 million, to $143.7 million. Had IAS 29 not been applied, Operating Costs and Expenses Ex-IFRIC12 would have declined 51.8% YoY, or $139.3 million, to $129.5 million.

Excluding Construction Service Cost, the $1.0 million reversal impairment loss in 4Q20 and the $42.8 million impairment loss in connection with Brazilian assets in 4Q19, respectively, Total Operating Cost and Expenses Ex-IFRIC12 would have decreased 41.1% YoY, or $101.1 million, to $144.7 million on an “As reported basis” or 42.2% YoY, or $95.3 million, to $130.5 million when also excluding the impact of IAS29.

Costs and Expenses (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Cost of Services		142.4		292.6		-51.3	%		10.9		131.5		274.4		-52.1	%
Salaries and social security contributions		24.6		49.5		-50.4	%		-0.7		25.2		48.6		-48.1	%
Concession fees		16.7		40.4		-58.7	%		-0.2		16.9		39.6		-57.4	%
Construction service cost		28.6		84.1		-65.9	%		-3.1		31.7		84.7		-62.6	%
Maintenance expenses		16.5		38.4		-57.1	%		-0.4		16.9		37.6		-55.1	%
Amortization and depreciation		39.2		40.3		-2.8	%		15.3		23.8		24.4		-2.4	%
Other		16.8		40.1		-58.0	%		-0.1		16.9		39.4		-57.0	%
Cost of Services Excluding Construction Service cost		113.7		208.6		-45.5	%		14.0		99.8		189.8		-47.4	%
Selling, general and administrative expenses		28.4		36.2		-21.5	%		0.2		28.2		35.0		-19.5	%
Other expenses		1.5		43.9		-96.5	%		0.0		1.5		43.9		-96.5	%
Total Costs and Expenses		172.3		372.7		-53.8	%		11.1		161.2		353.4		-54.4	%
Total Costs and Expenses Excluding Construction Service cost		143.7		288.6		-50.2	%		14.2		129.5		268.8		-51.8	%

Other operating income

Other operating income was $48.3 million in the quarter, mainly reflecting a $34.7 million economic compensation obtained in Brazil to compensate the COVID-19 impact during 2020 on both the Brasilia and Natal concessions, and, to a lesser extent, a $12.0 million government grant in Italy, also in the context of a relief program to partially compensate the COVID-19 crisis.

Adjusted EBITDA and Adjusted EBITDA excluding Construction Service

Adjusted EBITDA was $44.6 million, a YoY decline of 12.0%, or $6.1 million. Excluding Construction Service, Adjusted EBITDA margin ex-IFRIC, expanded to 44.5% from 16.9% in 4Q19.

Excluding both the impact from IAS 29 and construction service, Adjusted EBITDA was $44.5 million, representing a YoY decline of 7.4%, or $3.5 million, while Adjusted EBITDA margin would have expanded to 43.7%, from 16.6% in 4Q19, mainly reflecting the impact of the economic compensations obtained in Brazil and Italy for $46.7 million, and easier comparisons as 4Q19 was impacted by the $42.8 million impairment recorded in Brazil. This more than offset the overall decline in Adjusted EBITDA across all segments of operations due to the impact of the COVID-19 pandemic.

Excluding also the $1.0 million reversal on impairments on 4Q20 and the $42.8 million impairment loss in connection with Brazilian assets in 4Q19, Adjusted EBITDA would have been $43.5 million, declining YoY by $47.3 million, while Adjusted EBITDA ex-IFRIC margin would have expanded to 42.7% from 31.4 % in 4Q19. During FY 2020, Adjusted EBITDA was $13.6 million on an ‘As reported’ basis or $15.5 million when excluding the impact of rule IAS 29. On a comparable basis, excluding (i) the impairment and goodwill write offs for a total amount of $62.3 million during 2020 and $42.8 million in 4Q19 in Brazil, (ii) the $23.1 million bad debt charge recorded in Argentina in 3Q19 and (iii) the $2.2 million one-time benefit in Italy in 2Q19, Adjusted EBITDA would have declined to $77.8 million in 2020 from $449.4 million in 2019, and Adjusted EBITDA margin ex-IFRIC would have contracted to 15.6% from 36.6% in 2019.

Page 12 of 45

Adjusted EBITDA by Segment (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Argentina		9.7		52.1		-81.4	%		0.4		9.3		50.1		-81.5	%
Italy		4.8		7.3		-34.3	%		-		4.8		7.3		-34.3	%
Brazil		31.8		-32.8		-197.0	%		-		31.8		-32.8		-197.0	%
Uruguay		1.0		12.0		-91.7	%		-		1.0		12.0		-91.7	%
Armenia		1.0		12.5		-92.4	%		-		1.0		12.5		-92.4	%
Ecuador		0.1		5.9		-98.7	%		-		0.1		5.9		-98.7	%
Unallocated		-1.8		-2.2		-17.8	%		-		-1.8		-2.2		-17.8	%
Perú		-1.9		-4.1		-53.4	%		-		-1.9		-4.1		-53.4	%
Total segment EBITDA		44.6		50.7		-12.0	%		0.4		44.2		48.6		-9.0	%

Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million)

	4Q20 as reported			4Q19 as reported			% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29			4Q19 ex IAS 29			% Var ex IAS 29
Income from Continuing Operations		-48.4			-43.0			12.6	%		14.5		-62.9			-54.1			16.3	%
Financial Income		-9.1			-18.7			-51.4	%		-0.2		-8.9			-18.4			-51.8	%
Financial Loss		63.7			35.3			80.5	%		-56.7		120.4			80.4			49.8	%
Inflation adjustment		9.9			4.9			101.2	%		9.7		0.2			0.8			-79.1	%
Income Tax Expense		-12.9			29.5			-143.7	%		17.6		-30.5			13.3			-329.3	%
Amortization and Depreciation		41.5			42.7			-2.9	%		15.5		25.9			26.6			-2.5	%
Adjusted EBITDA		44.6			50.7			-12.0	%		0.4		44.2			48.6			-9.0	%
Adjusted EBITDA Margin		34.5	%		13.3	%		2,120 bps			-		33.2	%		13.0	%		2,017 bps
Adjusted EBITDA excluding Construction Service		44.9			50.0			-10.2	%		0.4		44.5			48.0			-7.4	%
Adjusted EBITDA Margin excluding Construction Service		44.5	%		16.9	%		2,755 bps			-		43.7	%		16.6	%		2,706 bps

Financial Income and Loss

CAAP reported a Net financial loss of $64.5 million in 4Q20 compared to a loss of $21.5 million in 4Q19. Had IAS 29 not been applied, Net financial loss would have increased $48.9 million YoY, to a $111.7 million loss, mainly reflecting (i) a higher net foreign exchange loss in Argentina in connection with its financial debt due to a higher depreciation of the peso against the US dollar in 4Q20 compared to 4Q19, and (ii) higher net interest expenses in Argentina mainly due to the recognition of interest on past due payments of the development trusts and concession fees.

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Financial Income		9.1		18.7		-51.4	%		0.2		8.9		18.4		-51.8	%
Interest income		2.1		7.7		-73.0	%		0.1		2.0		7.9		-75.0	%
Foreign exchange income		2.1		0.1		1,983.9	%		0.1		1.9		0.1		1,845.8	%
Other		4.9		11.0		-55.3	%		0.0		4.9		10.5		-52.9	%
Inflation adjustment		-9.9		-4.9		101.2	%		-9.7		-0.2		-0.8		-79.1	%
Inflation adjustment		-9.9		-4.9		101.2	%		-9.7		-0.2		-0.8		-79.1	%
Financial Loss		-63.7		-35.3		80.5	%		56.7		-120.4		-80.4		49.8	%
Interest Expenses		-32.1		-24.0		33.8	%		0.1		-32.2		-23.7		35.9	%
Foreign exchange transaction expenses		-1.2		20.8		-105.9	%		56.0		-57.2		-24.7		131.7	%
Changes in liability for concessions		-28.6		-25.9		10.2	%		-		-28.6		-25.9		10.2	%
Other expenses		-1.8		-6.2		-70.7	%		0.6		-2.4		-6.2		-61.3	%
Financial Loss, Net		-64.5		-21.5		199.9	%		47.2		-111.7		-62.8		77.9	%

See “Use of Non-IFRS Financial Measures” on page 29.

Page 13 of 45

Income Tax Expense

During 4Q20, the Company reported an income tax gain of $12.9 million. Had IAS 29 not been applied, CAAP would have reported an income tax gain of $30.5 million compared to income tax loss of $13.3 million in the year ago quarter, mainly driven by a $31.2 million gain in Argentina due to the recognition of a loss carryforward, together with tax credits of $1.4 million in Uruguay and $1.8 million in intermediate holding companies, partially offset by tax expenses of $2.5 million in Brazil and $1.3 million in Italy.

Net Income and Net Income Attributable to Owners of the Parent

During 4Q20, CAAP reported a Net Loss of $48.4 million compared to a Net Loss of $43.0 million in 4Q19. Operating Income declined $7.1 million YoY, to $5.3 million. Operating income benefited from easier comparisons as 4Q19 was impacted by a $42.8 million impairment loss recorded in Brazil, and from the economic equilibrium compensation of $34.7 million obtained in Brazil, together with the government grant of $12.0 million obtained in Italy in the context of the COVID-19 relief program. This partially offset the reduction in gross profit due to the passenger and activity decline. Moreover, net financial expenses increased $43.0 million YoY, mainly due to the foreign exchange loss recorded in Argentina as a result of the depreciation of the Argentine Peso against the US dollar during the quarter. This was partially offset by a $12.9 million income tax gain, compared to an income tax loss of $29.5 million in the same quarter last year.

During 4Q20, the Company reported Net Loss Attributed to Owners of the Parent of $38.8 million and losses per common share of $0.24, compared with a Net Loss Attributable to Owners of the Parent of $37.3 million in 4Q19 equivalent to a loss per common share of $0.23 for the same period last year.

Consolidated Financial Position

As of December 31, 2020, cash and cash equivalents amounted to $281.0 million, increasing 55.9%, or $100.8 million, from the $180.2 million reported as of September 30, 2020, mainly due to new bank loans in Italy and Ecuador. In Italy, CAAP raised an 85 million Euro, or $103.5 million, bank loan, with a 6-year term and a 2-year grace period guaranteed by the Italian public export credit insurance agency. In addition, in Ecuador, the Company issued a $12.0 million bank loan.

During 4Q20, in Brazil, CAAP obtained an additional 6-month deferral until March 2021 of its debt with BNDES, and extended its debt maturity in Armenia, with a deferral of all principal payments for a total of $36 million from and including December 2020 by 3 payment dates, with a new maturity in June 2024, from December 2022.

Total liquidity position at December 31, 2020, which included cash and cash equivalents as well as other financial assets, was $354.9 million, up $102.0 million from a total of $253.0 million at September 30, 2020.

Total Debt at the close of the quarter increased 12.3%, or $147.8 million, to $1,344.8 million, from $1,197.0 million as of September 30, 2020. An amount of $791.7 million, or 58.9% of total debt is denominated in U.S. dollars, while $290.9 million, or 21.6%, is denominated in Euros, $238.3 million, or 17.7%, is in Brazilian Reals, $23.0 million, or 1.7%, is in Argentine Pesos, and $0.8 million, or 0.1% in denominated in Armenian Drams.

The Net Debt to LTM EBITDA ratio stood at 78.27x as of December 2020, or 14.02x when excluding impairment losses, compared with Net Debt to EBITDA of 7.35x as of September 2020, reflecting the significant decline in LTM Adjusted EBITDA. As of December 31, 2019, all CAAP’s companies were in compliance with their covenants.

Page 14 of 45

Consolidated Debt Indicators (in US$ million)

	As of Dec 31, 2020			As of Sep 30, 2020
Leverage
Total Debt / LTM Adjusted EBITDA (Times)1,3		98.95	x		37.09	x
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3		78.27	x		31.51	x
Total Net Debt / LTM Adjusted EBITDA (Times) 2,3,4		14.02	x		7.35	x
Total Debt		1,344.8			1,197.0
Short-Term Debt		216.4			269.6
Long-Term Debt		1,128.4			927.5
Cash & Cash Equivalents		281.0			180.2
Total Net Debt3		1,063.8			1,016.8

1 The Total Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities divided by its EBITDA.

2 The Total Net Debt to EBITDA Ratio is calculated as CAAP’s interest-bearing liabilities minus Cash & Cash Equivalents, divided by its EBITDA.

3 The Total Net Debt is calculated as Total Debt minus Cash & Cash Equivalents.

4 LTM adjusted EBITDA excluding impairment of intangible assets

Total Debt by Segment (in US$ million)      

	As of Dec 31, 2020		As of Sep 30, 2020
Argentina		530.8		527.0
Italy (1)		256.7		146.5
Brazil (2)		241.8		218.8
Uruguay		222.4		219.8
Armenia		64.8		68.1
Ecuador		28.2		16.9
Total		1,344.8		1,197.0

1 Of which approximately $182.9 million remain at Toscana Aeroporti level.

2 Of which approximately $225.0 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

Maturity of borrowings:

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Debt service (1)		286.4		307.7		641.2		514.6		1,749.8

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

Maturity of borrowings - Breakdown by segment (in USD) as of December 31, 2020:

Segment		Currency	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Argentina	Principal	USD		114.2		144.1		184.1		76.3		518.7
	Interest	USD		28.7		22.4		36.3		3.9		91.2
	Principal	ARS		8.5		14.0		-		-		22.5
	Interest	ARS		11.6		4.5		-		-		16.1
Italy	Principal	EUR		56.4		11.5		162.7		26.6		257.2
	Interest	EUR		5.2		5.1		12.2		0.2		22.7
Brazil	Principal	R$		13.6		12.9		43.5		171.9		241.9
	Interest	R$		13.1		17.1		44.9		58.0		133.1
Uruguay	Principal	USD		14.1		26.0		56.6		140.9		237.7
	Interest	USD		9.1		14.8		35.6		36.3		95.7
Armenia	Principal	USD		-		11.2		20.7		-		31.9
	Interest	USD		1.9		1.8		1.3		-		5.0
	Principal	DRAM		0.5		0.3		-		-		0.8
	Principal	EUR		-		12.7		23.4		-		36.1
	Interest	EUR		2.1		1.9		1.4		-		5.4
Ecuador	Principal	USD		5.2		5.8		16.3		0.5		27.9
	Interest	USD		2.1		1.7		2.2		0.0		6.0
Total				286.4		307.7		641.2		514.6		1,749.8

Page 15 of 45

The table above reflects maturities as of December 31, 2020. Subsequent to quarter-end, the Company renegotiated debt service maturing in 1Q21 in Argentina, deferring a total of $13.3 million under the syndicated bank loan, and a total of $13.5 million in Italy, which was deferred to 2022. The following table reflects the new maturity profile:

Pro-forma Maturity of borrowings - Breakdown by segment (in USD) as of December 31, 2020:

Segment		Currency	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
Argentina	Principal	USD		100.7		144.1		186.4		76.3		507.5
	Interest	USD		28.8		22.5		36.3		3.9		91.5
	Principal	ARS		8.5		19.7		6.0		-		34.1
	Interest	ARS		17.2		10.0		0.6		-		27.9
Italy	Principal	EUR		42.9		25.0		162.7		26.6		257.2
	Interest	EUR		5.3		5.1		12.2		0.2		22.8
Brazil	Principal	R$		13.6		12.9		43.5		171.9		241.9
	Interest	R$		12.9		17.1		44.9		58.0		132.9
Uruguay	Principal	USD		14.1		26.0		56.6		140.9		237.7
	Interest	USD		9.2		14.8		35.6		36.3		95.8
Armenia	Principal	USD		-		11.2		20.7		-		31.9
	Interest	USD		1.9		1.8		1.3		-		5.0
	Principal	DRAM		0.5		0.3		-		-		0.8
	Interest	DRAM		0.0		0.0		-		-		0.0
	Principal	EUR		-		12.7		23.4		-		36.1
	Interest	EUR		2.1		1.9		1.4		-		5.4
Ecuador	Principal	USD		5.2		5.8		16.3		0.5		27.9
	Interest	USD		2.1		1.7		2.2		0.0		6.0
Total				264.9		332.6		650.2		514.6		1,762.2

Cash by Segment (in US$ million)

	As of Dec 31, 2020		As of Sep 30, 2020
Argentina		61.6		74.2
Italy (1)		99.8		13.6
Brazil (2)		13.3		10.9
Uruguay		13.4		20.1
Armenia		18.9		21.2
Ecuador		19.2		5.7
Intermediate holding Companies		54.8		34.5
Total		281.0		180.2

1 Of which approximately $93.7 million remain at Toscana Aeroporti level.

2 Of which approximately $12.4 million remain at Inframérica Concessionaria do Aeroporto de Brasilia level.

Page 16 of 45

CAPEX

During 4Q20, CAAP made capital expenditures of $40.2 million on an ‘As reported’ basis, or $33.8 million when excluding IAS 29, a 62.7% YoY decline from $90.5 million ex-IAS in 4Q19, mainly reflecting lower capex in Argentina, Ecuador, Armenia and Brazil. The most significant investments in 4Q20 include:

¡ $31.0 million on an ‘As reported’ basis, or $24.6 million when excluding the impact of IAS29 in Argentina, primarily for construction works of the new departure terminal building at Ezeiza Airport, together with the enlargement and refurbishment of the runway, a new lighting system and the remodeling of international departures and arrivals areas at Aeroparque Airport. Importantly, Aeroparque Airport expansion works in an amount of $12.4 million were funded by the development trusts,

¡ $7.1 million in Italy, , mainly attributed to the upgrade to baggage handling systems and investments to improve security at both airports, and

¡ $1.4 million in Ecuador, primarily due to the refurbishment of the runway, taxiways and related works, stemming from the capex program of the Guayaquil concession agreement.

For the full year 2020, CAAP made capital expenditures of $152.1 million on an ‘As reported’ basis, or $146.1 million when excluding IAS29, a 62.0% YoY decline from $384.1 million ex-IAS29 in FY19, mainly reflecting lower capex in Argentina, and, to a lesser extent, in Armenia, Ecuador and Italy, partially offset by an increase in Uruguay, in relation with mandatory investments resulting from the Punta del Este concession extension.

Page 17 of 45

Review of Segment Results

Argentina

Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for the Company’s Argentinean subsidiaries, in accordance with IAS 29, as explained above. The following table presents the impact from Hyperinflation accounting on 4Q20 under the column ‘IAS 29’, while the columns “4Q20 ex IAS 29” and “4Q19 ex IAS 29” presents results calculated without the impact from Hyperinflation accounting. The impact of IAS 29 is presented only for AA2000, the Company’s largest subsidiary in Argentina, which accounted for 96.6%, 99.8% and 102.4% of passenger traffic, revenues and Adjusted EBITDA of the Argentina segment in 4Q20.

	4Q20 as reported			4Q19 as reported			% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29			4Q19 ex IAS 29			% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)		0.5			7.0			-92.3	%		-		0.5			7.0			-92.3	%
International Passengers (in millions) (1)		0.3			3.2			-90.4	%		-		0.3			3.2			-90.4	%
Transit Passengers (in millions) (1)		0.0			0.4			-87.9	%		-		0.0			0.4			-87.9	%
Total Passengers (in millions) (1)		0.9			10.6			-91.6	%		-		0.9			10.6			-91.6	%
Cargo Volume (in thousands of tons)		41.2			63.6			-35.1	%		-		41.2			63.6			-35.1	%
Total Aircraft Movements (in thousands)		31.8			109.2			-70.9	%		-		31.8			109.2			-70.9	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		12.9			93.8			-86.3	%		-0.5		13.4			91.0			-85.3	%
Non-aeronautical revenue		59.3			127.4			-53.4	%		-3.5		62.8			125.1			-49.8	%
Commercial revenue		37.8			59.0			-36.0	%		-0.4		38.2			56.1			-32.0	%
Construction service revenue		21.5			68.5			-68.6	%		-3.1		24.6			69.1			-64.4	%
Total Revenue		72.2			221.3			-67.4	%		-3.9		76.1			216.1			-64.8	%
Total Revenue Excluding IFRIC12(2)		50.7			152.8			-66.8	%		-0.9		51.5			147.0			-65.0	%
Cost of Services		76.2			178.8			-57.4	%		10.9		65.3			160.6			-59.4	%
Selling, general and administrative expenses		11.3			18.5			-39.1	%		0.2		11.1			17.4			-36.4	%
Other expenses		0.2			0.5			-68.8	%		0.0		0.1			0.6			-75.6	%
Total Costs and Expenses		87.6			197.8			-55.7	%		11.1		76.5			178.5			-57.2	%
Total Costs and Expenses Excluding IFRIC12(3)		66.1			129.4			-49.0	%		14.2		51.9			109.5			-52.6	%
Adjusted Segment EBITDA		9.7			52.1			-81.4	%		0.4		9.3			50.1			-81.5	%
Adjusted Segment EBITDA Mg		13.4	%		23.6	%		-1,015			-		12.2	%		23.2	%		-1,100
Adjusted EBITDA Margin excluding IFRIC 12(4)		19.2	%		34.1	%		-1,494			-		18.0	%		34.0	%		-1,598
Capex		31.0			71.4			-56.5	%		6.4		24.6			69.4			-64.5	%

1) See Note 1 & 2 in Table "Operating & Financial Highlights”

2) Excludes Construction Service revenue.

3) Excludes Construction Service cost.

4) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Page 18 of 45

	2020 as reported			2019 as reported			% Var as reported			IAS 29 2020		2020 ex IAS 29			2019 ex IAS 29			% Var ex IAS 29
OPERATING STATISTICS
Domestic Passengers (in millions) (1)		6.3			28.3			-77.8	%		-		6.3			28.3			-77.8	%
International Passengers (in millions) (1)		3.3			13.6			-75.6	%		-		3.3			13.6			-75.6	%
Transit Passengers (in millions) (1)		0.4			1.5			-75.6	%		-		0.4			1.5			-75.6	%
Total Passengers (in millions) (1)		10.0			43.4			-77.1	%		-		10.0			43.4			-77.1	%
Cargo Volume (in thousands of tons)		143.9			228.0			-36.9	%		-		143.9			228.0			-36.9	%
Total Aircraft Movements (in thousands)		155.6			447.2			-65.2	%		-		155.6			447.2			-65.2	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue		106.7			387.3			-72.5	%		-4.5		111.2			397.4			-72.0	%
Non-aeronautical revenue		243.3			547.5			-55.6	%		-11.0		254.3			562.7			-54.8	%
Commercial revenue		147.5			239.2			-38.3	%		-2.9		150.4			243.6			-38.3	%
Construction service revenue		95.8			308.3			-68.9	%		-8.1		103.9			319.1			-67.4	%
Total Revenue		350.0			934.8			-62.6	%		-15.5		365.4			960.1			-61.9	%
Total Revenue Excluding IFRIC12(2)		254.2			626.5			-59.4	%		-7.4		261.5			641.0			-59.2	%
Cost of Services		380.0			710.9			-46.5	%		60.2		319.9			673.9			-52.5	%
Selling, general and administrative expenses		38.2			88.2			-56.7	%		0.2		38.0			89.5			-57.6	%
Other expenses		2.7			1.1			142.8	%		0.7		2.0			1.1			79.3	%
Total Costs and Expenses		420.9			800.1			-47.4	%		61.1		359.8			764.5			-52.9	%
Total Costs and Expenses Excluding IFRIC12(3)		325.2			492.1			-33.9	%		69.2		256.0			445.6			-42.5	%
Adjusted Segment EBITDA		50.7			241.4			-79.0	%		-1.9		52.7			246.4			-78.6	%
Adjusted Segment EBITDA Mg		14.5	%		25.8	%		-1,131			-		14.4	%		25.7	%		-1,129
Adjusted EBITDA Margin excluding IFRIC 12(4)		19.9	%		38.5	%		-1,859			-		20.1	%		38.4	%		-1,831
Capex		95.8			308.3			-68.9	%		-8.1		103.9			319.1			-67.4	%

5) See Note 1 & 2 in Table "Operating & Financial Highlights”

6) Excludes Construction Service revenue.

7) Excludes Construction Service cost.

8) Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic in Argentina declined 91.6% YoY due to travel restrictions and weak demand as a result of the COVID-19 pandemic, although sequentially improving from the 99.3% drop in 3Q20 and the 99.2% in 2Q20. International passenger traffic declined 90.4% in 4Q20, an improvement from the 98.3% drop in 3Q20, reflecting a gradual recovery in passenger volume driven by increased travel from locals coupled with foreigners from neighboring countries, that were allowed entry with certain requirements up to mid-December, as the summer season started. Mid-December, the government reenacted the ban on entry for all foreigners until April 9, 2021, in light of the new COVID-19 strain. Domestic passenger traffic dropped 92.3% as travel restrictions were partially lifted at the end of October, while some requirements apply upon entry to the provinces. In addition, Aeroparque Airport was closed since August 1, 2020 to carry out works in the runway and terminal building and reopened on March 15, 2021.

Revenues declined 67.4% YoY, or $149.1 million, to $72.2 million in 4Q20. Excluding the impact of IAS 29, revenues would have been $76.1 million, down 64.8% YoY, primarily reflecting lower Aeronautical revenues in line with passenger traffic, coupled with a decline in Construction service revenue due to lower capex as well as a drop in Commercial revenues, mainly due to the impact of the COVID-19 crisis and the FX translation effect on local currency revenues from the 34.7% YoY average Argentine peso depreciation.

· Aeronautical Revenues ex-IAS29 declined 85.3%, or $77.6 million, primarily reflecting the decline in passenger traffic from the COVID-19 pandemic and Government bans to air travel. During the quarter, however, aeronautical revenues improved sequentially from the 94.9% drop in 3Q20 due to the gradual recovery of the traffic, as some restrictions were relaxed heading into the summer season.

Page 19 of 45

· Commercial Revenues ex-IAS29 fell YoY by 32.0%, or $17.9 million, although improving from the 51.2% YoY decrease in 3Q20, driven by the following declines:

· 84.3%, or $14.5 million in passenger-related services, including Duty Free, Parking, VIP Lounge, Catering and F&B revenues, due to lower passenger traffic,

· 57.4%, or $2.0 million, in Other Services revenues in line with the decrease of passenger volume,

· 76.8%, or $1.1 million, in Fueling revenues due lower variable fees collected from third parties due to the reduction in activity, and

· 68.7%, or $1.0 million, in Rental of space, due to discounts granted to airlines in relation with hanger space.

This was partially offset by a $2.2 million increase in Cargo revenues, primarily reflecting a 10% tariff increase on import activities applied starting October 2020.

· Construction Service Revenue ex-IAS29 decreased 64.4%, or $44.5 million, to $24.6 million, as a result of lower capex in the period.

Excluding Construction service revenue and the impact of IAS29, total revenue in 4Q20 decreased 65.0% YoY, or $95.5 million, to $51.5 million, an improvement from the 78.4% drop in 3Q20.

Total Costs and Expenses declined 55.7%, or $110.2 million, to $87.6 million. Had IAS 29 not been adopted, total cost and expenses would have declined 57.2%, or $102.0 million, primarily due to a decrease of $44.4 million in Construction Service costs reflecting lower capex in the quarter, coupled with lower operating expenses and Concession fees.

Cost of Services ex-IAS29 fell 59.4% YoY, or $95.3 million, to $65.3 million, primarily due to a drop of $44.4 million in Construction Service Costs, as a result of lower capex. Excluding Construction Service Costs, Cost of Services would have declined 55.6% YoY, or $50.9 million, driven mainly by the following declines:

· 58.2%, or $16.5 million, in Maintenance expenses due to the renegotiation of agreements with suppliers to adapt services to lower activity, coupled with lower maintenance of infrastructure in comparison with 4Q19 and the depreciation of the local currency against the US dollar,

· 61.7%, or $14.8 million, in Salaries and Social Security Contribution expenses, benefitting from government’s assistance in the amount of $2.0 million, together with a reduction in salaries and a furlough scheme under which no social contributions are required to be paid, coupled with local currency depreciation,

· 64.6%, or $14.0 million, in Concession Fees in line with lower revenues,

· 87.5%, or $2.7 million, in Office Expenses, due to a decrease in mobility and office expenses along with lower overall expenses due to a reduction in passenger traffic, and

· 51.9%, or $2.4 million, in Services and Fees, driven by suspension of all non-essential services due to the COVID-19 pandemic and reduction of airport activity.

SG&A ex-IAS29 decreased by 36.4% YoY, or $6.2 million, to $11.1 million in 4Q20, mainly due to the following declines:

· 59.9%, or $5.4 million, in Taxes reflecting lower turnover taxes and banking transaction taxes, related to the decline in revenues, and

· 91.4%, or $1.1 million, in Office Expenses due to a decrease in mobility and office expenses.

This was partially offset by a 28.8%, or $0.8 million, increase in Salaries and Social Security Contributions mainly driven by a $1.5 million non-cash charge recorded under CAAP’s Share compensation plan that more than offset the impact of benefits granted by the government and a reduction in salaries, together with local currency depreciation.

Adjusted Segment EBITDA was $9.7 million in 4Q20, a $42.4 million YoY decline, with Adjusted Segment EBITDA margin Ex-IFRIC12 of 19.2% compared to 34.1% in 4Q19. Excluding the impact of IAS 29, Adjusted Segment EBITDA would have been $9.3 million, declining $40.8 million YoY, with Adjusted EBITDA margin EX-IFRIC12 contracting by 1,598 bps to 18.0% in 4Q20 from 34.0% in 4Q19.

During 4Q20 CAAP made Capital Expenditures of $31.0 million on an ‘As reported’ basis, or $24.6 million when excluding the impact of IAS29, primarily due to construction works of the new departure terminal building at Ezeiza Airport, together with the enlargement and refurbishment of the runway, a new lighting system and the remodeling of international departures and arrivals areas at Aeroparque Airport. Importantly, Aeroparque Airport expansion works in an amount of $12.4 million were funded by the development trusts.

In December 2020, the AA2000 concession was extended for a ten-year period from 2028 to 2038, as provided for under the existing concession agreement. This extension is part of an agreement entered by AA2000 and ORSNA with an aim to mitigate the impact of COVID19 in its operations and further includes the commitment by AA2000 of incremental capital expenditures of approximately US$500 million to be undertaken between 2022 and 2027 for expansion projects. In addition, in January 2021, Argentine airport regulator established an increase of US$6 bringing the international passenger fee to US$57 in for travelers departing from AA2000 airports, in line with the provisions of the 10-year concession extension, for flights as of March 15, 2021.

Page 20 of 45

Italy

	4Q20		4Q19		% Var.		2020		2019		% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)	0.1		0.4		-73.9	%	0.7		1.8		-63.0	%
International Passengers (in millions)	0.1		1.4		-91.6	%	1.3		6.4		-79.7	%
Transit Passengers (in millions)	0.0		0.0		-92.3	%	0.0		0.0		-92.2	%
Total Passengers (in millions)	0.2		1.8		-87.2	%	2.0		8.2		-76.0	%
Cargo Volume (in thousands of tons)	3.8		3.6		3.5	%	13.3		13.2		0.5	%
Total Aircraft Movements (in thousands)	5.4		17.4		-69.3	%	30.2		79.0		-61.8	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue	5.4		22.2		-75.5	%	29.4		94.7		-69.0	%
Non-aeronautical revenue	11.1		14.9		-25.5	%	28.9		50.9		-43.1	%
Commercial revenue	4.9		10.1		-51.1	%	16.8		39.1		-57.0	%
Construction service revenue	5.2		4.0		30.4	%	10.4		9.4		10.2	%
Other revenue	0.9		0.8		18.3	%	1.8		2.4		-26.0	%
Total Revenue	16.5		37.1		-55.5	%	58.3		145.6		-59.9	%
Total Revenue Excluding IFRIC12(1)	11.3		33.1		-65.8	%	48.0		136.3		-64.8	%
Cost of Services	21.6		28.8		-25.0	%	72.2		104.6		-31.0	%
Selling, general and administrative expenses	5.4		4.2		28.5	%	14.4		15.0		-3.8	%
Other Expenses	-0.5		0.1		-622.4	%	0.0		0.1		-118.5	%
Total Costs and Expenses	26.5		33.1		-20.1	%	86.6		119.7		-27.7	%
Total Costs and Expenses Excluding IFRIC12(2)	21.0		29.7		-29.3	%	77.4		112.0		-30.9	%
Adjusted Segment EBITDA	4.8		7.3		-34.3	%	-4.3		38.5		-111.1	%
Adjusted Segment EBITDA Mg	29.0	%	19.7	%	931 bps		-7.3	%	26.4	%	-3,374 bps
Adjusted EBITDA Margin excluding IFRIC 12(3)	44.6	%	20.3	%	2,431 bps		-11.4	%	27.0	%	-3,838 bps
Capex	7.1		7.4		-3.9	%	13.8		17.9		-22.7	%

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic in Italy declined 87.2% YoY, reflecting a drop from 3Q20 as that quarter benefitted from increased travel due to the summer season, while restrictions to air travel were reinstated in 4Q20 following a new COVID-19 outbreak in the region and weaker passenger demand. Domestic traffic was down 73.9% YoY, while international traffic declined 91.6% YoY. Traffic at Florence airport was down 89.7% YoY and traffic at Pisa Airport down 85.8% YoY.

Revenues in 4Q20 declined 55.5% YoY, or $20.6 million, to $16.5 million. Excluding Construction service revenue, revenues declined 65.8% YoY, or $21.8 million, to $11.3 million, mainly driven lower passenger traffic due to the COVID-19 pandemic.

· Aeronautical Revenues dropped 75.5%, or $16.8 million, in line with passenger traffic, partially offset by increases in passenger fees at Florence Airport in November 2019 and February 2020, and in the passenger with reduced mobility fees (PRM) at Florence Airport in March 2020 and at Pisa Airport in February 2020.

· Commercial Revenues decreased 51.1% YoY, or $5.2 million, mainly due to a reduction in Parking, Duty Free, F&B and VIP Lounge revenues. In addition, car rental revenues also declined in the quarter.

· Construction Service Revenue increased $1.2 million, to $5.2 million due to higher capex investments at both airports.

Page 21 of 45

Cost of Services declined 25.0% YoY, or $7.2 million. Excluding Construction Service cost, Cost of services decreased 36.5%, or $9.3 million, due to the following declines:

· 37.6%, or $4.4 million, in Salaries and social security contributions, as a result of a reduction in workforce, and a furlough scheme for some employees together with reduction of working hours,

· 32.2%, or $1.7 million, in Services and Fees expenses mainly driven due to the suspension or reduction in scope of certain maintenance contracts, mainly in porterage, security and institutional communication services, as part of the set of measures implemented to mitigate the impact of the pandemic,

· 80.2%, or $1.2 million, in Concession Fees due to lower revenues, and

· 42.7%, or $0.9 million, in Other expenses, due to a reduction of costs of VIP Lounge, Parking and provision for legal claims.

SG&A increased 28.5% YoY, or $1.2 million, due to higher Services and Fees from extraordinary costs related to the termination of a parking management contract at Pisa Airport, coupled with higher Bad Debt charges provisioned due to COVID-19 pandemic. This was partially offset by a decline in maintenance expenses and Salaries and social security contributions.

Other operating income was $12.0 million in the quarter, reflecting a 10 million Euro grant obtained from the regional government to partially compensate for the COVID-19 impact on the business.

Adjusted Segment EBITDA in Italy declined 34.3%, or $2.5 million, to $4.8 million compared to $7.3 million in the year ago quarter. Excluding Construction services, Adjusted Segment EBITDA margin ex-IFRIC12 expanded by 2,431 bps to 44.6% from 20.3% in 4Q19.

During 4Q20 CAAP made Capital Expenditures for $7.1 million in Italy, mainly attributed to the upgrade to baggage handling systems and investments to improve security at both airports.

Page 22 of 45

Brazil

	4Q20		4Q19		% Var.		2020		2019		% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)	1.9		3.1		-41.2	%	5.6		11.6		-51.7	%
International Passengers (in millions) (1)	0.0		0.2		-94.2	%	0.2		0.7		-72.1	%
Transit Passengers (in millions) (1)	1.2		1.8		-33.3	%	3.3		6.8		-51.3	%
Total Passengers (in millions) (1)	3.0		5.1		-40.4	%	9.1		19.1		-52.3	%
Cargo Volume (in thousands of tons)	10.2		22.9		-55.2	%	34.9		91.2		-61.8	%
Total Aircraft Movements (in thousands)	27.7		42.5		-34.9	%	89.4		161.8		-44.7	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue	5.6		14.9		-62.1	%	20.9		56.1		-62.8	%
Non-aeronautical revenue	6.9		15.1		-54.4	%	30.5		60.4		-49.5	%
Commercial revenue	6.9		15.1		-54.4	%	30.5		60.4		-49.5	%
Total Revenue	12.5		30.0		-58.2	%	51.4		116.6		-55.9	%
Cost of Services	14.2		23.9		-40.5	%	60.8		96.2		-36.8	%
Selling, general and administrative expenses	2.2		0.0		-		11.3		12.6		-10.0	%
Other expenses	1.1		42.8		-97.5	%	29.7		43.1		-31.1	%
Total Costs and Expenses	17.5		66.7		-73.8	%	101.8		152.0		-33.0	%
Adjusted Segment EBITDA	31.8		-32.8		-197.0	%	-6.5		-22.3		-70.7	%
Adjusted Segment EBITDA Mg	253.9	%	-109.1	%	36,304	bps	-12.7	%	-19.1	%	639	bps
Capex	0.2		2.3		-91.8	%	3.2		5.3		-39.2	%

Note: This segment does not include the effects of IFRIC 12 with respect to the construction or improvements to assets under the concession.

1) Preliminary data on 1,256 in January and 195 in February 2020 at Brasilia Airport, due to delays in the submission of information by third parties. Moreover, starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

Passenger Traffic in Brazil dropped 40.4% YoY, although showing a sequential improvement from the declines of 69.4% in 3Q20 and 94.3% in 2Q20, as a result of a steady recovery in passenger demand. International traffic dropped 94.2% YoY as operations restarted at Brasilia Airport during the month of September, with weak passenger demand.

Revenues in 4Q20 decreased 58.2% YoY, or $17.5 million, mainly reflecting lower aeronautical and commercial activities due to the decline in passenger traffic, and to a lesser extent, the average 31.0% depreciation of the Brazilian real against the US dollar during the period.

· Aeronautical Revenues declined 62.1% YoY, or $9.3 million, driven by lower passenger traffic, coupled with the depreciation of the Brazilian Real. Measured in local currency, revenues fell 50.4%.

· Commercial Revenues declined 54.4%, or $8.2 million, also impacted by lower passenger traffic, and to a lesser extent, by the 31.0% average currency depreciation in the period. Commercial revenues in local currency decreased 40.3% mainly driven by declines in F&B, VIP Lounge and Retail Stores revenues, due to lower passenger traffic and certain discounts granted to tenants due to lower activity, lower Advertising revenues from the renegotiation of commercial agreements, together with lower Rental of space revenues, as a result of the discounts granted and closure of operations of certain clients.

Cost of Services fell 40.5%, or $9.7 million, benefiting from cost reduction initiatives taken to mitigate the impact of the COVID-19 pandemic, coupled with the depreciation of the Brazilian Real. In local currency, cost of services dropped 22.0%, mainly driven by:

· A reduction in Salaries and social contributions due to reductions in the workforce, salary reductions, furloughs and reduction of working hours, and a decline in employee benefits,

· Lower sales taxes, reflecting the reduction in revenues in the quarter,

· Lower Maintenance expenses mainly due to the renegotiation of contracts related to baggage handling system, cleaning services and maintenance of green areas, as part of the set of measures implemented to mitigate the impact of the pandemic, and

· A reduction in Services and Fees mainly due to the renegotiation of contracts related to security and Aviation Security Protection and lower utilities expenses, coupled with local currency depreciation.

Page 23 of 45

This was partially offset by higher Concession Fees in relation with the passenger curve used to calculate the amortization of intangible asset.

SG&A in 4Q19 were null over the period, reflecting a Bad Debt reserve reversal due to a favorable resolution on a dispute with a telecommunications client, which offset other SG&A expenses in the quarter. In 4Q20, SG&A were $2.2 million mainly reflecting lower Salaries and social security contributions together with lower Services and Fees, partially offset by the reversal of some bad debt charges that were recorded in 2Q20, as airlines continue to pay according to schedule.

Other Operating Income was $34.7 million in the quarter, reflecting a $36.6 million economic compensation obtained from the government to offset the COVID-19 impact on both Brasilia and Natal concessions during 2020.

Other Operating Expenses totaled $1.1 million in 4Q20, reflecting a $ 1.9 million charge at Natal Airport due to a loss from the disposal of property, plant and equipment, together with the recognition of a loss related to the prescription of tax credits on intangible assets. This was partially offset by a $1.0 million reversal on impairment loss on the Natal concession intangible asset.

Adjusted Segment EBITDA in Brazil was $31.8 million in the quarter, mainly benefiting from the $36.6 million economic compensation of the concession to offset the impact of Covid-19 during 2020. Adjusted Segment EBITDA for 2019 was a loss of $22.3 million, mainly reflecting a $42.8 million impairment loss related to the impairment of intangible assets at Natal Airport Concession in 4Q19. Excluding the impacts from impairment losses recorded during 2020 for a total amount of $62.3 million, and the impairment loss in 4Q19, Adjusted Segment EBITDA would have been $55.7 million, a 171.9%, or $20.8 million, increase from the $20.5 million Adjusted Segment EBITDA in 2019, mainly due to the economic compensation for Covid-19 obtained in 4Q20.

Page 24 of 45

Uruguay

	4Q20		4Q19		% Var.		2020		2019		% Var.
OPERATING STATISTICS
Domestic Passengers (in millions)	0.0		0.0		-55.1	%	0.0		0.0		-35.4	%
International Passengers (in millions)	0.1		0.5		-90.2	%	0.6		2.2		-72.0	%
Transit Passengers (in millions)	0.0		0.0		-75.7	%	0.0		0.0		-79.4	%
Total Passengers (in millions)	0.1		0.5		-90.1	%	0.6		2.2		-72.1	%
Cargo Volume (in thousands of tons)	6.8		8.1		-16.1	%	28.9		29.1		-0.7	%
Total Aircraft Movements (in thousands)	2.6		7.5		-65.9	%	13.0		29.7		-56.0	%
FINANCIAL HIGHLIGHTS
Aeronautical Revenue	1.5		12.9		-88.4	%	19.6		62.2		-68.5	%
Non-aeronautical revenue	6.2		15.2		-58.9	%	38.7		55.7		-30.5	%
Commercial revenue	5.8		11.6		-49.7	%	29.4		49.5		-40.7	%
Construction service revenue	0.4		3.6		-88.7	%	9.3		6.1		52.2	%
Total Revenue	7.7		28.1		-72.4	%	58.3		117.8		-50.5	%
Total Revenue Excluding IFRIC12(1)	7.3		24.5		-70.0	%	49.0		111.7		-56.1	%
Cost of Services	7.7		15.3		-49.9	%	44.4		58.2		-23.7	%
Selling, general and administrative expenses	2.0		3.3		-38.6	%	9.5		13.9		-32.0	%
Other expenses	0.1		0.2		-26.6	%	0.3		0.4		-34.3	%
Total Costs and Expenses	9.9		18.8		-47.5	%	54.1		72.6		-25.5	%
Total Costs and Expenses Excluding IFRIC12(2)	9.5		15.2		-37.7	%	44.8		66.5		-32.6	%
Adjusted Segment EBITDA	1.0		12.0		-91.7	%	16.3		56.4		-71.0	%
Adjusted Segment EBITDA Mg	12.9	%	42.7	%	-2,984	bps	28.0	%	47.9	%	-1,988	bps
Adjusted EBITDA Margin excluding IFRIC 12 (3)	13.6	%	49.4	%	-3,583	bps	33.3	%	50.5	%	-1,717	bps
Capex	0.3		1.2		-71.3	%	12.0		9.4		27.4	%

1 Excludes Construction Service revenue.

2 Excludes Construction Service cost.

3 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession, and is calculated by dividing EBITDA by total revenues less Construction Service revenue.

Passenger Traffic in Uruguay declined 90.1% YoY, a slight improvement from the 95.4% reported in 3Q20 and the 98.4% in 2Q20. Commercial operations restarted the first week of July, although borders remained closed to non-resident foreigners, and late December 2020, Uruguay suspended all travelers, including Uruguayan citizens, from entering the country until the end of January, with certain exceptions. During February, restrictions were lifted and Uruguayan citizen and resident foreigners were allowed to travel.

Revenues in 4Q20 declined 72.4% YoY, or $20.4 million, to $7.7 million. Excluding Construction service revenue, revenues declined 70.0% YoY, or $17.2 million, to $7.3 million, primarily reflecting lower passenger traffic in the quarter.

· Aeronautical Revenues declined 88.4% YoY, or $11.4 million, reflecting lower passenger fees revenues in line with the decline in passenger traffic from the impact of the COVID-19 pandemic.

· Commercial Revenues declined 49.7%, or $5.8 million, reflecting decreases of 85.5%, or $2.0 million, in Duty Free revenues, 88.9%, or $0.9 million, in VIP Lounge revenues, and 70.0%, or $1.7 million, in other passenger-related services, all as a result of lower passenger traffic. Of note, the cargo terminal continued to perform well during the quarter, with declines of 16.1% in operated volume and 8.4% in revenues.

· Construction Service Revenue declined $3.2 million, to $0.4 million reflecting lower capex in the period in comparison with 4Q19.

Cost of services were down 49.9% YoY, or $7.6 million, to $7.7 million. Excluding Construction service cost, cost of services declined 37.9% YoY, or $4.4 million, reflecting the following cost reductions: (i) 66.1%, or $1.7 million, in Concession fees, in line with lower passenger traffic, (ii) 62.6%, or $1.6 million, in Maintenance expenses due to renegotiation of most operating expenses contracts, together with the depreciation of the Uruguayan peso against the US dollar and lower SISCA fees due to lower passenger traffic, and (iii) 21.9%, or $0.8 million in Salaries and social contributions, driven by a restructuring in the workforce implemented in July 2020 and a furlough program, coupled with currency depreciation.

SG&A declined 38.6% YoY, or $1.3 million, to $2.0 million, due to decreases of $0.5 million in Services and Fees, reflecting lower professional fees from a reduction in services, a $0.4 million reduction in office and travel expenses, and a $0.2 million decline in charter services expenses.

Adjusted Segment EBITDA in Uruguay declined 91.7%, or $11.0 million, to $1.0 million, with Adjusted Segment EBITDA margin Ex-IFRIC12 contracting to 13.6%, from 49.4% in the year-ago quarter.

During 4Q20, CAAP made Capital Expenditures of $0.3 million in Uruguay, reflecting works at the Punta del Este Airport.

Page 25 of 45

Awards & Recognitions

Guayaquil Airport, Ecuador

On February 8, 2021, Guayaquil Airport was awarded a recognition by ACI World’s Voice of the Customer initiative. This initiative recognizes airports that continued to prioritize their customers and remained committed to ensuring that their voice was heard during the COVID-19 pandemic in 2020. In addition, on March 1, 2021, Guayaquil Airport received from Airports Council International (ACI) World the 2020 Airport Service Quality (ASQ) Award for “Best Airport by Size and Region” among airports in Latin America and the Caribbean with annual passenger traffic of between two to five million. ACI’s Airport Service Quality Award recognizes those airports around the world that deliver the best customer experience based on the opinion of their own passengers.

Key Events for the Quarter

Corporación América Airports Announces Agreement to Extend for 10-Years Until 2038 the Aeropuertos Argentina 2000 Concession.

On November 30, 2020, CAAP announced that AA2000 and the Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) signed an agreement to extend the AA2000 concession (“Concession Agreement Extension”) for a ten-year period from 2028 to 2038, as provided for under the existing concession agreement. This extension is part of an agreement entered by AA2000 and ORSNA with an aim to mitigate the impact of COVID19 in its operations and further includes the commitment by AA2000 of incremental capital expenditures of approximately US$500 million to be undertaken between 2022 and 2027 for expansion projects. On December 17, 2020, CAAP announced that the Argentine Government issued Presidential Decree No. 1009/2020, which ratifies the Concession Agreement Extension.

CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession.

On November 19, 2020, CAAP announced that its subsidiary Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A. (“ICASGA”) executed an irrevocable amendment to allow the termination of the concession agreement of the International Airport of São Gonçalo do Amarante (“Natal Airport”). Upon transfer to a new operator, an indemnification payment will be made to ICASGA, which will be determined by authorities, primarily based on non-amortized capital expenditure investments. The amendment and termination is limited to the Natal Airport concession.

Corporación América Airports S.A. Raises Additional Funding in Italy to Strengthen Liquidity

On November 6, 2020, CAAP’s Italian subsidiary, Toscana Aeroporti, announced it obtained an Eur. 85 million financing from Intesa Sanpaolo and BNL - BNP Paribas Group, backed by a SACE guarantee pursuant to the provisions of Decree-Law No. 23/2020 (the “Liquidity Decree”), within the framework of the Italian guarantee scheme intended to support Italian companies affected by the Covid-19 emergency “Garanzia Italia”. The financing has a term of six years, with a two-year grace period.

Corporación América Airports S.A Announces It Has Increased the Company’s Share Capital by $3,200,445

On October 14, 2020, CAAP announced that as part of the management share compensation plan included in the registration statement on Form S-8 dated September 4, 2020 (the “Management Compensation Plan”), the board of directors, through the compensation committee, increased the Company’s share capital by the amount of $3,200,445 through the issuance of 3,200,445 new shares (“New Shares”) having a nominal value of $1.00 each. As a result of the issuance of the New Shares, the share capital of the Company increased from 160,022,262 shares to 163,222,707 shares. The New Shares were subscribed by A.C.I. Airports S.à r.l., the Company’s controlling shareholder, for a total subscription price of $6,144,854.40 (a subscription price of $1.92 per New Share, being the market price as of October 8, 2020), and paid for through the incorporation of the corresponding amount which was allocated to the Company’s free distributable reserves.

Subsequent Events

Corporación América Airports S.A. Announces Increase in International Passenger Fees in Argentina Starting March 15, 2021.

On January 13,2021, CAAP announced that the Argentine airport regulator, Organismo Regulador del Sistema Nacional de Aeropuertos (“ORSNA”) published Resolution No. 4/2021 in the Official Gazette which establishes among others: i) an increase of US$6 bringing the international passenger fee to US$57 in for travelers departing from AA2000 airports, in line with the provisions of the Technical Conditions for the Extension, which are part of the 10-year concession extension approved on December 17, 2020, effective on January 14, 2021 for flights as of March 15, 2021; ii) domestic passenger fees remain unchanged until the end of 2021, and iii) aircraft fees remain unchanged for both domestic and international air operators.

AA2000 and Aerolíneas Argentinas settle on proposal over debt outstanding as of March 31, 2020

On February 2, 2021, Aerolineas Argentinas SA (“ARSA”) sent AA2000 a Reversal Letter (the “Reversal Letter”), containing a proposal for the recognition of debt for the amounts owed until March 31, 2020 (AR$120.6 million and US$36.5 million). ARSA proposed a payment plan and accepted said amounts to be transferred to the Trust for Strengthening the National Airport System (“Development trusts”). On February 4, 2021, the Company accepted the Reversal Letter and requested authorization from ORSNA for the transfer of said amounts to the Development Trusts. As of the date of this report, AA2000 and ARSA are in negotiations to reconcile the rest of the outstanding debt.

Page 26 of 45

Hyperinflation Accounting in Argentina

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company reports results of its Argentinean subsidiaries applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus year-to-date results should be restated adjusting for the change in general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e. December 31, 2019 closing rate for 2019 results). For comparison purposes, the impact of adopting IAS 29 in Aeropuertos Argentina 2000 (“AA2000”), the Company’s largest subsidiary in Argentina which accounted for 96.6%, 99.8% and 102.4% of passenger traffic, revenues and Adjusted EBITDA, respectively, of the Argentina segment in 4Q20, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”.

4Q20 EARNINGS CONFERENCE CALL

When:	9:00 a.m. Eastern time, March 31, 2021
Who:	Mr. Martín Eurnekian, Chief Executive Officer
	Mr. Raúl Francos, Chief Financial Officer
	Ms. Gimena Albanesi, Investor Relations Manager
Dial-in:	1-888-347-6492 (U.S. domestic); 1-412-317-5258 (international)
Webcast:	https://services.choruscall.com/links/caap210331.html
Replay:	Participants can access the replay through April 7, 2021 by dialing:
	1-877-344-7529 (U.S. domestic) and 1-412-317-0088 (international). Replay ID: 10153418.

Use of Non-IFRS Financial Measures

This announcement includes certain references to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction service, as well as Net Debt:

Adjusted EBITDA is defined as income for the period before financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues.

Adjusted EBITDA excluding Construction Service (“Adjusted EBITDA ex-IFRIC”) is defined as income for the period before construction services revenue and cost, financial income, financial loss, income tax expense, depreciation and amortization.

Adjusted EBITDA Margin excluding Construction Service (“Adjusted EBITDA Margin ex-IFRIC12”) excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession and is calculated by dividing Adjusted EBITDA excluding Construction Service revenue and cost, by total revenues less Construction service revenue.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Construction Service and Adjusted EBITDA Margin excluding Construction Service are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding Construction Service enhances an investor’s understanding of our performance and are useful for investors to assess our operating performance by excluding certain items that we believe are not representative of our core business. In addition, Adjusted EBITDA and Adjusted EBITDA excluding Construction Service are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods, capital structure or income taxes and construction services (when applicable).

Net debt is calculated by deducting “Cash and cash equivalents” from total financial debt.

Page 27 of 45

Figures ex-IAS 29 result from dividing nominal Argentine pesos for the Argentine Segment, by the average foreign exchange rate of the Argentine Peso against the US dollar in the period. Percentage variations ex-IAS 29 figures compare results as presented in the prior year quarter before IAS 29 came into effect, against ex-IAS 29 results for this quarter as described above. For comparison purposes the impact of adopting IAS 29 in Aeropuertos Argentina 2000, the Company’s largest subsidiary in Argentina, is presented separately in each of the applicable sections of this earnings release, in a column denominated “IAS 29”. The impact from “Hyperinflation Accounting in Argentina” is described in more detail page 29 of this report.

Definitions and Concepts

Commercial Revenues: CAAP derives commercial revenue principally from fees resulting from warehouse usage (which includes cargo storage, stowage and warehouse services and related international cargo services), services and retail stores, duty free shops, car parking facilities, catering, hangar services, food and beverage services, retail stores, including royalties collected from retailers’ revenue, and rent of space, advertising, fuel, airport counters, VIP lounges and fees collected from other miscellaneous sources, such as telecommunications, car rentals and passenger services.

Construction Service revenue and cost: Investments related to improvements and upgrades to be performed in connection with concession agreements are treated under the intangible asset model established by IFRIC 12. As a result, all expenditures associated with investments required by the concession agreements are treated as revenue generating activities given that they ultimately provide future benefits, and subsequent improvements and upgrades made to the concession are recognized as intangible assets based on the principles of IFRIC 12. The revenue and expense are recognized as profit or loss when the expenditures are performed. The cost for such additions and improvements to concession assets is based on actual costs incurred by CAAP in the execution of the additions or improvements, considering the investment requirements in the concession agreements. Through bidding processes, the Company contracts third parties to carry out such construction or improvement services. The amount of revenues for these services is equal to the amount of costs incurred plus a reasonable margin, which is estimated at an average of 3.0% to 5.0%.

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. The Company is the largest private airport operator in the world based on the number of airports and the tenth largest based on passenger traffic. Currently, the Company operates 52 airports in 7 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In 2019, Corporación América Airports served 84.2 million passengers. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com

Forward Looking Statements

Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the COVID-19 impact, delays or unexpected casualties related to construction under our investment plan and master plans, our ability to generate or obtain the requisite capital to fully develop and operate our airports, general economic, political, demographic and business conditions in the geographic markets we serve, decreases in passenger traffic, changes in the fees we may charge under our concession agreements, inflation, depreciation and devaluation of the AR$, EUR, BRL, UYU, AMD or the PEN against the U.S. dollar, the early termination, revocation or failure to renew or extend any of our concession agreements, the right of the Argentine Government to buy out the AA2000 Concession Agreement, changes in our investment commitments or our ability to meet our obligations thereunder, existing and future governmental regulations, natural disaster-related losses which may not be fully insurable, terrorism in the international markets we serve, epidemics, pandemics and other public health crises and changes in interest rates or foreign exchange rates. The Company encourages you to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F for the year ended December 31, 2019 and any of CAAP’s other applicable filings with the Securities and Exchange Commission for additional information concerning factors that could cause those differences.

Investor Relations Contact

Gimena Albanesi

Investor Relations Manager

Email: gimena.albanesi@caairports.com
Phone: +5411 4852-6411

Page 28 of 45

-- Operational & Financial Tables Follow –

Operating Statistics by Segment: Traffic, Cargo and Aircraft Movement

	4Q20	4Q19	% Var.		2020	2019	% Var.
Argentina(1)
Domestic Passengers (in millions)	0.5	7.0	-92.3	%	6.3	28.3	-77.8	%
International Passengers (in millions)	0.3	3.2	-90.4	%	3.3	13.6	-75.6	%
Transit passengers (in millions)	0.0	0.4	-87.9	%	0.4	1.5	-75.6	%
Total passengers (in millions)	0.9	10.6	-91.6	%	10.0	43.4	-77.1	%
Cargo volume (in thousands of tons)	41.2	63.6	-35.1	%	143.9	228.0	-36.9	%
Aircraft movements (in thousands)	31.8	109.2	-70.9	%	155.6	447.2	-65.2	%
Italy
Domestic Passengers (in millions)	0.1	0.4	-73.9	%	0.7	1.8	-63.0	%
International Passengers (in millions)	0.1	1.4	-91.6	%	1.3	6.4	-79.7	%
Transit passengers (in millions)	0.0	0.0	-92.3	%	0.0	0.0	-92.2	%
Total passengers (in millions)	0.2	1.8	-87.2	%	2.0	8.2	-76.0	%
Cargo volume (in thousands of tons)	3.8	3.6	3.5	%	13.3	13.2	0.5	%
Aircraft movements (in thousands)	5.4	17.4	-69.3	%	30.2	79.0	-61.8	%
Brazil(2)
Domestic Passengers (in millions)	1.9	3.1	-41.2	%	5.6	11.6	-51.7	%
International Passengers (in millions)	0.0	0.2	-94.2	%	0.2	0.7	-72.1	%
Transit passengers (in millions)	1.2	1.8	-33.3	%	3.3	6.8	-51.3	%
Total passengers (in millions)	3.0	5.1	-40.4	%	9.1	19.1	-52.3	%
Cargo volume (in thousands of tons)	10.2	22.9	-55.2	%	34.9	91.2	-61.8	%
Aircraft movements (in thousands)	27.7	42.5	-34.9	%	89.4	161.8	-44.7	%
Uruguay
Domestic Passengers (in millions)	0.0	0.0	-55.1	%	0.0	0.0	-35.4	%
International Passengers (in millions)	0.1	0.5	-90.2	%	0.6	2.2	-72.0	%
Transit passengers (in millions)	0.0	0.0	-75.7	%	0.0	0.0	-79.4	%
Total passengers (in millions)	0.1	0.5	-90.1	%	0.6	2.2	-72.1	%
Cargo volume (in thousands of tons)	6.8	8.1	-16.1	%	28.9	29.1	-0.7	%
Aircraft movements (in thousands)	2.6	7.5	-65.9	%	13.0	29.7	-56.0	%
Ecuador(3)
Domestic Passengers (in millions)	0.1	0.6	-73.4	%	0.7	2.3	-69.9	%
International Passengers (in millions)	0.2	0.5	-57.8	%	0.8	2.1	-61.5	%
Transit passengers (in millions)	0.0	0.0	-70.0	%	0.0	0.1	-47.3	%
Total passengers (in millions)	0.4	1.1	-65.8	%	1.5	4.5	-65.6	%
Cargo volume (in thousands of tons)	5.0	8.6	-42.5	%	16.8	38.0	-55.7	%
Aircraft movements (in thousands)	12.5	21.4	-41.7	%	41.6	82.4	-49.5	%
Armenia
Domestic Passengers (in millions)	0.0	0.0	-		0.0	0.0	-
International Passengers (in millions)	0.1	0.8	-80.7	%	0.8	3.2	-74.1	%
Transit passengers (in millions)	0.0	0.0	-		0.0	0.0	-
Total passengers (in millions)	0.1	0.8	-80.7	%	0.8	3.2	-74.1	%
Cargo volume (in thousands of tons)	4.3	6.4	-31.7	%	15.7	20.1	-21.6	%
Aircraft movements (in thousands)	2.2	7.0	-68.3	%	10.2	27.4	-62.9	%
Peru(4)
Domestic Passengers (in millions)	0.4	0.9	-62.2	%	1.2	3.6	-66.3	%
International Passengers (in millions)	0.0	0.0	-76.4	%	0.0	0.0	-56.6	%
Transit passengers (in millions)	0.0	0.0	-		0.0	0.0	-
Total passengers (in millions)	0.4	0.9	-62.3	%	1.2	3.6	-66.3	%
Cargo volume (in thousands of tons)	0.7	1.4	-48.4	%	2.1	5.2	-59.7	%
Aircraft movements (in thousands)	3.7	7.5	-51.2	%	12.9	30.5	-57.6	%

1) Note that preliminary passenger traffic figures for Ezeiza Airport, in Argentina, for 2019 as well as January 2020 were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

2) Preliminary data on 1,256 in January and 195 in February 2020 at Brasilia Airport, due to delays in the submission of information by third parties. Moreover, starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

3) ECOGAL’s operational data included in this table, although its results of operations are not consolidated.

4) AAP’s operational data included in this table, although its results of operations are not consolidated.

Page 29 of 45

Foreign Exchange Rate

Country	4Q20	4Q19	4Q20	4Q19	3Q20	3Q19	3Q20	3Q19	2Q20	2Q19	2Q20	2Q19	1Q20	1Q19	1Q20	1Q19
	Avg	Avg	EoP	EoP	Avg	Avg	EoP	EoP	Avg	Avg	EoP	EoP	Avg	Avg	EoP	EoP
Argentine Peso	79.93	59.34	84.15	59.89	73.31	50.54	76.18	57.59	67.66	44.01	70.46	42.46	61.40	39.01	64.47	43.35
Euro	0.84	0.90	0.81	0.89	0.86	0.90	0.85	0.92	0.91	0.89	0.89	0.88	0.91	0.88	0.91	0.89
Brazilian Real	5.39	4.12	5.20	4.03	5.38	3.97	5.64	4.16	5.39	3.92	5.48	3.83	4.47	3.77	5.20	3.90
Uruguayan Peso	42.60	37.50	42.34	37.31	42.73	35.81	42.58	36.94	43.12	34.86	42.21	35.18	39.68	32.82	43.01	33.48

Amounts provided by units of local currency per US dollar

Aeronautical Breakdown (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		35.9		173.7		-79.3	%		-0.5		36.3		170.8		-78.7	%
Passenger use fees		22.3		138.0		-83.8	%		-0.4		22.7		135.6		-83.3	%
Aircraft fees		10.6		27.7		-61.7	%		-0.1		10.7		27.3		-60.8	%
Other		3.0		7.9		-62.5	%		-		3.0		7.9		-62.5	%

Commercial Revenue Breakdown (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Commercial revenue		64.1		120.8		-46.9	%		-0.4		64.5		117.9		-45.3	%
Warehouse use fees		36.5		37.1		-1.6	%		-0.6		37.1		36.1		2.9	%
Duty free shops		3.6		12.9		-71.7	%		-0.1		3.7		12.7		-70.8	%
Rental of space (including hangars)		3.8		6.5		-42.2	%		0.0		3.8		6.4		-41.2	%
Parking facilities		1.1		6.8		-84.0	%		0.0		1.1		6.7		-83.5	%
Fuel		4.7		16.8		-72.1	%		0.0		4.7		16.7		-71.9	%
Food and beverage services		1.4		5.0		-72.0	%		0.1		1.3		4.9		-72.5	%
Advertising		2.4		5.4		-56.2	%		0.1		2.3		5.3		-57.3	%
Services and retail stores		1.3		3.8		-65.5	%		0.0		1.3		3.8		-65.7	%
Catering		0.3		2.6		-88.8	%		0.0		0.3		2.5		-88.0	%
VIP lounges		2.1		9.6		-77.9	%		0.2		1.9		9.3		-79.0	%
Walkway services		0.8		1.9		-57.7	%		0.0		0.8		1.8		-54.5	%
Other		6.1		12.4		-50.8	%		0.0		6.1		11.8		-48.3	%

Revenues by Segment (in US$ million)

Country	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Argentina		350.0		934.8		-62.6	%		-15.5		365.4		960.1		-61.9	%
Italy		58.3		145.6		-59.9	%		-		58.3		145.6		-59.9	%
Brazil		51.4		116.6		-55.9	%		-		51.4		116.6		-55.9	%
Uruguay		58.3		117.8		-50.5	%		-		58.3		117.8		-50.5	%
Armenia		39.4		133.5		-70.5	%		-		39.4		133.5		-70.5	%
Ecuador (1)		49.7		109.6		-54.6	%		-		49.7		109.6		-54.6	%
Unallocated		0.2		0.7		-74.0	%		-		0.2		0.7		-74.0	%
Total consolidated revenue (2)		607.4		1,558.6		-61.0	%		-15.5		622.8		1,583.9		-60.7	%

1 Only includes Guayaquil Airport.

Page 30 of 45

Revenue Breakdown (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		220.0		724.0		-69.6	%		-4.5		224.5		734.1		-69.4	%
Non-aeronautical Revenue		387.4		834.6		-53.6	%		-11.0		398.3		849.9		-53.1	%
Commercial revenue		259.7		481.9		-46.1	%		-2.9		262.6		486.4		-46.0	%
Construction service revenue (1)		125.8		350.3		-64.1	%		-8.1		133.9		361.1		-62.9	%
Other revenue		1.9		2.5		-25.2	%		-		1.9		2.5		-25.2	%
Total Consolidated Revenue		607.4		1,558.6		-61.0	%		-15.5		622.8		1,583.9		-60.7	%
Total Revenue excluding Construction Service revenue (2)		481.6		1,208.4		-60.1	%		-7.4		488.9		1,222.9		-60.0	%

1 Construction Service revenue equals the construction or upgrade costs plus a reasonable margin.

2 Excludes Construction Service revenue.

Aeronautical Breakdown (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Aeronautical Revenue		220.0		724.0		-69.6	%		-4.5		224.5		734.1		-69.4	%
Passenger use fees		160.4		569.9		-71.9	%		-3.9		164.3		578.7		-71.6	%
Aircraft fees		47.2		121.2		-61.1	%		-0.6		47.8		122.4		-61.0	%
Other		12.4		32.9		-62.3	%		-		12.4		32.9		-62.3	%

Commercial Revenue Breakdown (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Commercial revenue		259.7		481.9		-46.1	%		-2.9		262.6		486.4		-46.0	%
Warehouse use fees		127.9		147.9		-13.5	%		-2.3		130.2		150.8		-13.6	%
Duty free shops		15.4		49.8		-69.1	%		-0.4		15.7		50.4		-68.8	%
Rental of space (including hangars)		17.8		33.4		-46.6	%		-0.1		17.9		33.8		-47.0	%
Parking facilities		8.3		28.5		-70.9	%		-0.1		8.4		28.8		-70.7	%
Fuel		20.6		62.9		-67.2	%		-0.1		20.7		63.0		-67.1	%
Food and beverage services		7.5		21.2		-64.6	%		0.2		7.3		21.1		-65.3	%
Advertising		11.6		20.7		-43.9	%		0.2		11.4		20.7		-45.0	%
Services and retail stores		6.3		16.3		-61.3	%		0.0		6.3		16.3		-61.4	%
Catering		2.8		10.6		-73.9	%		-0.1		2.8		10.9		-73.9	%
VIP lounges		11.4		31.9		-64.2	%		0.0		11.4		31.4		-63.6	%
Walkway services		4.0		8.8		-54.7	%		-0.1		4.1		8.9		-54.2	%
Other		26.1		49.9		-47.8	%		-0.1		26.2		50.3		-47.9	%

Total Expenses Breakdown (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Cost of services		142.4		292.6		-51.3	%		10.9		131.5		274.4		-52.1	%
SG&A		28.4		36.2		-21.5	%		0.2		28.2		35.0		-19.5	%
Financial loss		63.7		35.3		80.5	%		-56.7		120.4		80.4		49.8	%
Inflation adjustment		9.9		4.9		101.2	%		9.7		0.2		0.8		-79.1	%
Other expenses		1.5		43.9		-96.5	%		0.0		1.5		43.9		-96.5	%
Income tax expense		-12.9		29.5		-143.7	%		17.6		-30.5		13.3		-329.3	%
Total expenses		233.0		442.3		-47.3	%		-18.3		251.3		447.9		-43.9	%

Page 31 of 45

Cost of Services (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Cost of Services		142.4		292.6		-51.3	%		10.9		131.5		274.4		-52.1	%
Salaries and social security contributions		24.6		49.5		-50.4	%		-0.7		25.2		48.6		-48.1	%
Concession fees		16.7		40.4		-58.7	%		-0.2		16.9		39.6		-57.4	%
Construction service cost		28.6		84.1		-65.9	%		-3.1		31.7		84.7		-62.6	%
Maintenance expenses		16.5		38.4		-57.1	%		-0.4		16.9		37.6		-55.1	%
Amortization and depreciation		39.2		40.3		-2.8	%		15.3		23.8		24.4		-2.4	%
Services and fees		10.0		16.7		-40.2	%		-0.1		10.1		16.1		-37.5	%
Cost of fuel		3.1		11.6		-73.3	%		-		3.1		11.6		-73.3	%
Taxes		0.7		4.4		-84.5	%		-0.0		0.7		4.4		-84.1	%
Office expenses		0.4		3.2		-88.4	%		-0.0		0.4		3.1		-87.2	%
Provision for maintenance cost		0.7		0.7		6.0	%		-		0.7		0.7		6.0	%
Others		1.9		3.6		-46.0	%		-0.0		1.9		3.6		-45.9	%

Selling, General and Administrative Expenses (in US$ million)

	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
SG&A		28.4		36.2		-21.5	%		0.2		28.2		35.0		-19.5	%
Taxes		4.0		9.2		-56.8	%		-0.1		4.1		8.9		-54.4	%
Salaries and social security contributions		6.2		7.2		-13.2	%		0.2		6.0		7.1		-15.1	%
Services and fees		8.1		10.0		-19.5	%		0.0		8.0		9.9		-18.7	%
Office expenses		0.2		1.7		-89.1	%		-0.0		0.2		1.6		-88.2	%
Amortization and depreciation		2.3		2.4		-4.4	%		0.2		2.1		2.2		-3.6	%
Maintenance expenses		-0.2		0.5		-141.2	%		-0.0		-0.2		0.5		-131.2	%
Advertising		1.2		1.5		-22.2	%		-0.0		1.2		1.5		-19.2	%
Insurances		0.5		0.4		27.6	%		-0.0		0.5		0.4		28.5	%
Charter services		-		0.2		-100.0	%		-		-		0.2		-100.0	%
Bad debts recovery		-0.6		-2.3		-72.3	%		-		-0.6		-2.3		-72.3	%
Bad debts		5.4		3.4		57.5	%		-0.0		5.4		3.1		73.1	%
Others		1.5		1.9		-23.2	%		-0.0		1.5		1.9		-23.2	%

Expenses by Segment (in US$ million)

Country	4Q20 as reported		4Q19 as reported		% Var as reported			IAS 29 4Q20		4Q20 ex IAS 29		4Q19 ex IAS 29		% Var ex IAS 29
Argentina		87.6		197.8		-55.7	%		11.1		76.5		178.5		-57.2	%
Italy		26.5		33.1		-20.1	%		-		26.5		33.1		-20.1	%
Brazil		17.5		66.7		-73.8	%		-		17.5		66.7		-73.8	%
Uruguay		9.9		18.8		-47.5	%		-		9.9		18.8		-47.5	%
Armenia		11.1		24.9		-55.3	%		-		11.1		24.9		-55.3	%
Ecuador		13.1		24.4		-46.2	%		-		13.1		24.4		-46.2	%
Unallocated		6.8		6.9		-2.1	%		-		6.8		6.9		-2.1	%
Total consolidated expenses (1) (2)		172.4		372.7		-53.7	%		11.1		161.3		353.4		-54.4	%

(1) Excludes income tax and financial loss

(2) We account for the results of operations of ECOGAL and AAP using the equity method

Page 32 of 45

Costs and Expenses (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Cost of Services		653.6		1,138.4		-42.6	%		60.2		593.4		1,101.4		-46.1	%
Salaries and social security contributions		124.4		191.0		-34.9	%		-2.1		126.5		192.8		-34.4	%
Concession fees		76.2		163.9		-53.5	%		-1.2		77.4		166.3		-53.4	%
Construction service cost		124.4		348.0		-64.2	%		-8.1		132.5		358.8		-63.1	%
Maintenance expenses		82.1		128.9		-36.3	%		-1.6		83.7		130.8		-36.0	%
Amortization and depreciation		174.0		152.5		14.1	%		73.8		100.2		97.3		3.0	%
Other		72.5		154.1		-53.0	%		-0.6		73.1		155.4		-53.0	%
Cost of Services Excluding Construction Service cost		529.1		790.4		-33.1	%		68.2		460.9		742.7		-37.9	%
Selling, general and administrative expenses		101.8		168.3		-39.5	%		0.2		101.6		169.6		-40.1	%
Other expenses		69.8		45.5		53.4	%		0.7		69.1		45.6		51.5	%
Total Costs and Expenses		825.2		1,352.3		-39.0	%		61.1		764.1		1,316.6		-42.0	%
Total Costs and Expenses Excluding Construction Service cost		700.7		1,004.3		-30.2	%		69.2		631.6		957.8		-34.1	%

Total Expenses Breakdown (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Cost of services		653.6		1,138.4		-42.6	%		60.2		593.4		1,101.4		-46.1	%
SG&A		101.8		168.3		-39.5	%		0.2		101.6		169.6		-40.1	%
Financial loss		215.5		233.5		-7.7	%		-154.0		369.5		391.6		-5.6	%
Inflation adjustment		26.5		25.4		4.5	%		26.2		0.3		-0.2		-256.3	%
Other expenses		69.8		45.5		53.4	%		0.7		69.1		45.6		51.5	%
Income tax expense		-14.3		17.1		-183.6	%		40.6		-54.9		-33.1		65.9	%
Total expenses		1,052.9		1,628.3		-35.3	%		-26.1		1,079.0		1,674.9		-35.6	%

Cost of Services (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Cost of Services		653.6		1,138.4		-42.6	%		60.2		593.4		1,101.4		-46.1	%
Salaries and social security contributions		124.4		191.0		-34.9	%		-2.1		126.5		192.8		-34.4	%
Concession fees		76.2		163.9		-53.5	%		-1.2		77.4		166.3		-53.4	%
Construction service cost		124.4		348.0		-64.2	%		-8.1		132.5		358.8		-63.1	%
Maintenance expenses		82.1		128.9		-36.3	%		-1.6		83.7		130.8		-36.0	%
Amortization and depreciation		174.0		152.5		14.1	%		73.8		100.2		97.3		3.0	%
Services and fees		40.5		65.5		-38.2	%		-0.4		40.8		66.2		-38.3	%
Cost of fuel		13.1		43.5		-69.9	%		-		13.1		43.5		-69.9	%
Taxes		5.9		17.0		-65.4	%		-0.0		5.9		17.1		-65.4	%
Office expenses		3.7		14.1		-73.6	%		-0.2		3.9		14.5		-73.2	%
Provision for maintenance cost		1.8		2.2		-17.6	%		-		1.8		2.2		-17.6	%
Others		7.5		11.8		-36.2	%		-0.0		7.5		11.8		-36.0	%

Page 33 of 45

Selling, General and Administrative Expenses (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
SG&A		101.8		168.3		-39.5	%		0.2		101.6		169.6		-40.1	%
Taxes		18.9		39.0		-51.6	%		-0.6		19.4		39.8		-51.1	%
Salaries and social security contributions		20.4		28.9		-29.5	%		0.1		20.3		29.2		-30.5	%
Services and fees		28.2		37.9		-25.7	%		-0.0		28.2		38.0		-25.9	%
Office expenses		1.2		5.2		-76.5	%		-0.0		1.3		5.2		-76.0	%
Amortization and depreciation		9.5		9.9		-4.2	%		1.1		8.4		8.8		-4.5	%
Maintenance expenses		1.1		1.7		-32.4	%		-0.1		1.3		1.7		-24.9	%
Advertising		1.6		3.4		-54.0	%		-0.1		1.6		3.4		-52.5	%
Insurances		2.0		1.7		19.2	%		-0.0		2.0		1.7		19.6	%
Charter services		0.1		0.8		-83.2	%		-		0.1		0.8		-83.2	%
Bad debts recovery		-2.9		-2.9		0.7	%		-		-2.9		-2.9		0.7	%
Bad debts		16.4		33.9		-51.6	%		-0.1		16.5		35.0		-52.7	%
Others		5.3		8.9		-40.6	%		-0.0		5.3		8.9		-40.6	%

Expenses by Segment (in US$ million)

Country	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Argentina		420.9		800.1		-47.4	%		61.1		359.8		764.5		-52.9	%
Italy		86.6		119.7		-27.7	%		-		86.6		119.7		-27.7	%
Brazil		101.8		152.0		-33.0	%		-		101.8		152.0		-33.0	%
Uruguay		54.1		72.6		-25.5	%		-		54.1		72.6		-25.5	%
Armenia		49.0		95.5		-48.7	%		-		49.0		95.5		-48.7	%
Ecuador		52.5		86.2		-39.1	%		-		52.5		86.2		-39.1	%
Unallocated		60.3		26.2		130.1	%		-		60.3		26.2		130.1	%
Total consolidated expenses (1) (2)		825.2		1,352.3		-39.0	%		61.1		764.1		1,316.6		-42.0	%

(1) Excludes income tax and financial loss

(2) We account for the results of operations of ECOGAL and AAP using the equity method.

Adjusted EBITDA by Segment (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Argentina		50.7		241.3		-79.0	%		-1.9		52.7		246.4		-78.6	%
Italy		-4.3		38.5		-111.1	%		-		-4.3		38.5		-111.1	%
Brazil		-6.5		-22.3		-70.7	%		-		-6.5		-22.3		-70.7	%
Uruguay		16.3		56.4		-71.0	%		-		16.3		56.4		-71.0	%
Armenia		5.5		51.8		-89.5	%		-		5.5		51.8		-89.5	%
Ecuador		1.3		25.3		-94.7	%		-		1.3		25.3		-94.7	%
Unallocated		-42.9		-5.3		709.9	%		-		-42.9		-5.3		709.9	%
Perú		-6.6		-5.1		28.5	%		-		-6.6		-5.1		28.5	%
Total segment EBITDA		13.6		380.7		-96.4	%		-1.9		15.5		385.7		-96.0	%

Page 34 of 45

Adjusted EBITDA Reconciliation to Income from Continuing Operations (in US$ million)

	2020 as reported			2019 as reported			% Var as reported			IAS 29 2020		2020 ex IAS 29			2019 ex IAS 29			% Var ex IAS 29
Income from Continuing Operations		-361.9			-5.8			6,139.5	%		9.8		-371.7			-11.9			3,023.6	%
Financial Income		-35.7			-51.9			-31.2	%		0.6		-36.3			-66.8			-45.7	%
Financial Loss		215.5			233.5			-7.7	%		-154.0		369.5			391.6			-5.6	%
Inflation adjustment		26.5			25.4			4.5	%		26.2		0.3			-0.2			-256.3	%
Income Tax Expense		-14.3			17.1			-183.6	%		40.6		-54.9			-33.1			65.9	%
Amortization and Depreciation		183.4			162.4			13.0	%		74.8		108.6			106.1			2.4	%
Adjusted EBITDA		13.6			380.7			-96.4	%		-1.9		15.5			385.7			-96.0	%
Adjusted EBITDA Margin		2.2	%		24.4	%		-2,216 bps			-		2.5	%		24.4	%		-2,191 bps
Adjusted EBITDA excluding Construction Service		12.3			378.5			-96.8	%		-1.9		14.2			383.4			-96.3	%
Adjusted EBITDA Margin excluding Construction Service		2.5	%		31.3	%		-2,876 bps			-		2.9	%		31.4	%		-2,850 bps

Financial Income / Loss (in US$ million)

	2020 as reported		2019 as reported		% Var as reported			IAS 29 2020		2020 ex IAS 29		2019 ex IAS 29		% Var ex IAS 29
Financial Income		35.7		51.9		-31.2	%		-0.6		36.3		66.8		-45.7	%
Interest income		17.6		31.3		-43.8	%		0.0		17.6		32.8		-46.3	%
Foreign exchange income		8.0		6.0		33.6	%		-0.5		8.5		19.9		-57.2	%
Other		10.1		14.6		-30.9	%		-0.1		10.2		14.1		-27.9	%
Inflation adjustment		-26.5		-25.4		4.5	%		-26.2		-0.3		0.2		-256.3	%
Inflation adjustment		-26.5		-25.4		4.5	%		-26.2		-0.3		0.2		-256.3	%
Financial Loss		-215.5		-233.5		-7.7	%		154.0		-369.5		-391.6		-5.6	%
Interest Expenses		-99.0		-92.7		6.8	%		0.7		-99.7		-93.5		6.7	%
Foreign exchange transaction expenses		-33.0		-43.4		-23.9	%		152.6		-185.7		-200.6		-7.4	%
Changes in liability for concessions		-69.7		-88.5		-21.2	%		-		-69.7		-88.5		-21.2	%
Other expenses		-13.7		-9.0		52.3	%		0.6		-14.3		-9.0		59.2	%
Financial Loss, Net		-206.3		-207.0		-0.3	%		127.2		-333.5		-324.6		2.7	%

% Ownership by Concession
Aeropuertos Argentina 2000	Argentina	81.6	%
Neuquén	Argentina	74.4	%
Bahía Blanca	Argentina	81.4	%
Toscana Aeroporti (Florence and Pisa airports)	Italy	46.7	%
ICAB (Brasilia Airport)	Brazil	51.0	%
ICASGA (Natal Airport)	Brazil	99.9	%
Puerta del Sur (Carrasco Airport)	Uruguay	100.0	%
CAISA (Punta del Este Airport)	Uruguay	100.0	%
AIA (Armenian airports)	Armenia	100.0	%
TAGSA (Guayaquil Airport)	Ecuador	50.0	%
ECOGAL (Galápagos Airport)	Ecuador	99.9	%
Aeropuertos Andinos del Peru	Peru	50.0	%

Page 35 of 45

Selected Income Statement Data (in US$ million)

	4Q20		4Q19		% Var.		2020		2019		% Var.
Argentina
Total Revenue	72.2		221.3		-67.4	%	350.0		934.8		-62.6	%
Total Revenue Excluding IFRIC12(1)	50.7		152.8		-66.8	%	254.2		626.5		-59.4	%
Operating Income	-14.1		27.3		-151.8	%	-64.4		150.1		-142.9	%
Net Income	-25.9		28.1		-192.1	%	-95.2		97.8		-197.3	%
Adjusted Segment EBITDA	9.7		52.1		-81.4	%	50.7		241.4		-79.0	%
Adjusted Segment EBITDA Mg	13.4	%	23.6	%	-1,015 bps		14.5	%	25.8	%	-1,131 bps
Adjusted EBITDA Margin excluding IFRIC	19.2	%	34.1	%	-1,494 bps		19.9	%	38.5	%	-1,859 bps
Italy
Total Revenue	16.5		37.1		-55.5	%	58.3		145.6		-59.9	%
Total Revenue Excluding IFRIC12(1)	11.3		33.1		-65.8	%	48.0		136.3		-64.8	%
Operating Income	2.0		4.0		-49.1	%	-16.3		25.9		-162.9	%
Net Income	0.3		2.1		-86.2	%	-14.1		16.0		-188.2	%
Adjusted Segment EBITDA	4.8		7.3		-34.3	%	-4.3		38.5		-111.1	%
Adjusted Segment EBITDA Mg	29.0	%	19.7	%	931 bps		-7.3	%	26.4	%	-3,374 bps
Adjusted EBITDA Margin excluding IFRIC	44.6	%	20.3	%	2,431 bps		-11.4	%	27.0	%	-3,838 bps
Brazil
Total Revenue	12.5		30.0		-58.2	%	51.4		116.6		-55.9	%
Operating Income	29.7		-35.7		-183.3	%	-15.6		-34.1		-54.3	%
Net Income	-4.6		-72.5		-93.6	%	-153.5		-154.2		-0.5	%
Adjusted segment EBITDA	31.8		-32.8		-197.0	%	-6.5		-22.3		-70.7	%
Adjusted Segment EBITDA Mg	253.9	%	-109.1	%	36,304 bps		-12.7	%	-19.1	%	639 bps
Uruguay
Total Revenue	7.7		28.1		-72.4	%	58.3		117.8		-50.5	%
Total Revenue Excluding IFRIC12(1)	7.3		24.5		-70.0	%	49.0		111.7		-56.1	%
Operating Income	-2.1		8.9		-124.0	%	3.7		43.2		-91.3	%
Net Income	-1.3		6.8		-119.0	%	1.0		31.0		-96.8	%
Adjusted Segment EBITDA	1.0		12.0		-91.7	%	16.3		56.4		-71.0	%
Adjusted Segment EBITDA Mg	12.9	%	42.7	%	-2,984 bps		28.0	%	47.9	%	-1,988 bps
Adjusted EBITDA Margin excluding IFRIC	13.6	%	49.4	%	-3,583 bps		33.3	%	50.5	%	-1,717 bps
Ecuador
Total Revenue	11.9		29.8		-60.2	%	49.7		109.6		-54.6	%
Total Revenue Excluding IFRIC12(1)	10.7		23.5		-54.6	%	41.1		94.7		-56.6	%
Operating Income	-1.4		4.7		-128.8	%	-3.7		20.7		-118.0	%
Net Income	-1.8		4.4		-140.5	%	-5.3		18.7		-128.2	%
Adjusted Segment EBITDA	0.1		5.9		-98.7	%	1.3		25.3		-94.7	%
Adjusted Segment EBITDA Mg	0.6	%	19.9	%	-1,928 bps		2.7	%	23.1	%	-2,039 bps
Adjusted EBITDA Margin excluding IFRIC	0.7	%	25.2	%	-2,451 bps		3.3	%	26.7	%	-2,342 bps
Armenia
Total Revenue	8.5		33.6		-74.8	%	39.4		133.5		-70.5	%
Total Revenue Excluding IFRIC12(1)	8.4		31.2		-73.1	%	37.7		121.9		-69.1	%
Operating Income	-2.7		8.7		-130.5	%	-9.4		38.1		-124.8	%
Net Income	-5.2		4.2		-223.7	%	-16.6		23.9		-169.3	%
Adjusted Segment EBITDA	1.0		12.5		-92.4	%	5.5		51.8		-89.5	%
Adjusted Segment EBITDA Mg	11.2	%	37.1	%	-2,586 bps		13.8	%	38.8	%	-2,495 bps
Adjusted EBITDA Margin excluding IFRIC	11.3	%	39.6	%	-2,831 bps		14.4	%	42.3	%	-2,795 bps
Unallocated
Total revenue	0.0		0.2		-86.0	%	0.2		0.7		-74.0	%
Operating income	-6.2		-5.6		10.2	%	-58.0		-20.4		184.3	%
Net Income	-8.0		-12.0		-33.2	%	-71.7		-34.1		110.2	%
Adjusted segment EBITDA	-1.8		-2.2		N/A		-42.9		-5.3		N/A
Adjusted Segment EBITDA Mg	N/A		N/A		N/A		N/A		N/A		N/A

1 Excludes Construction Service revenue.

2 Excludes the effect of IFRIC 12 with respect to the construction or improvements to assets under the concession.

3 Starting in 3Q18, reported numbers are presented applying Hyperinflation accounting for our Argentinean subsidiaries, in accordance with IAS 29, as explained above. Please refer to Review of Segments – Argentina to see the effect of this rule in our Argentinean subsidiaries.

Page 36 of 45

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.
Argentina
Aeroparque (1)		-		2,615		-100	%		-		69		-100	%		-		183		-100	%		-		2,868		-100	%		58		346		-83	%		-		25,934		-100	%
Bariloche		40		428		-91	%		0		4		-100	%		0		3		-88	%		40		436		-91	%		-		-		-			703		3,462		-80	%
Catamarca		2		13		-86	%		-		-		-			1		0		468	%		3		14		-79	%		-		15		-100	%		371		408		-9	%
C. Rivadavia		12		158		-92	%		-		-		-			1		1		81	%		13		159		-92	%		0		236		-100	%		870		2,314		-62	%
Córdoba		39		636		-94	%		0		162		-100	%		3		38		-93	%		41		836		-95	%		143		728		-80	%		912		7,337		-88	%
El Palomar		0		447		-100	%		0		68		-100	%		-		-		-			0		515		-100	%		-		-		-			489		3,314		-85	%
Esquel		1		13		-90	%		-		0		-100	%		0		0		-43	%		1		13		-90	%		-		-		-			77		245		-69	%
Ezeiza (1)(2)		264		292		-9	%		307		2,783		-89	%		29		88		-67	%		600		3,162		-81	%		40,903		59,743		-32	%		7,316		21,975		-67	%
Formosa		0		24		-99	%		-		0		-100	%		-		-		-			0		24		-99	%		5		39		-87	%		139		494		-72	%
General Pico		0		1		-94	%		-		-		-			0		-		-			0		1		-94	%		-		-		-			168		1,389		-88	%
Iguazú		5		412		-99	%		-		3		-100	%		0		4		-87	%		5		419		-99	%		-		-		-			156		3,302		-95	%
Jujuy		10		96		-89	%		-		0		-100	%		0		1		-91	%		10		97		-89	%		3		29		-90	%		392		1,081		-64	%
La Rioja		2		15		-87	%		-		0		-100	%		1		0		169	%		3		15		-83	%		7		26		-73	%		271		332		-18	%
Malargüe		0		0		5	%		-		0		-100	%		-		-		-			0		0		-9	%		-		-		-			68		21		224	%
Mar del Plata		5		81		-94	%		-		0		-100	%		1		5		-87	%		6		86		-93	%		2		26		-90	%		591		1,796		-67	%
Mendoza		39		445		-91	%		0		118		-100	%		0		3		-88	%		39		566		-93	%		32		246		-87	%		851		5,385		-84	%
Paraná		1		15		-96	%		-		0		-100	%		0		-		-			1		15		-95	%		-		-		-			365		497		-27	%
Posadas		8		76		-90	%		0		0		-99	%		0		-		-			8		76		-89	%		5		77		-93	%		320		1,007		-68	%
Pto Madryn		0		15		-99	%		-		0		-100	%		0		0		-52	%		0		15		-98	%		-		-		-			106		182		-42	%
Reconquista		0		0		-93	%		-		0		-100	%		0		0		-56	%		0		0		-92	%		-		-		-			637		854		-25	%
Resistencia		9		67		-87	%		0		0		270	%		0		11		-96	%		9		79		-88	%		12		95		-88	%		349		987		-65	%
Río Cuarto		0		8		-99	%		-		-		-			0		0		-14	%		0		8		-99	%		-		42		-100	%		104		170		-39	%
Río Gallegos		5		63		-91	%		-		0		-100	%		0		2		-83	%		6		64		-91	%		4		127		-96	%		395		935		-58	%
Río Grande		5		35		-86	%		-		0		-100	%		0		0		-76	%		5		35		-86	%		6		70		-91	%		224		631		-65	%
Salta		29		370		-92	%		0		12		-99	%		0		12		-98	%		29		394		-93	%		20		243		-92	%		576		3,420		-83	%

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	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.
San Fernando		4		4		8	%		2		4		-45	%		-		-		-			6		8		-17	%		-		-		-			10,653		11,159		-5	%
San Juan		5		42		-87	%		0		1		-96	%		0		-		-			6		43		-87	%		-		-		-			350		421		-17	%
San Luis		2		16		-88	%		-		-		-			-		-		-			2		16		-88	%		-		-		-			76		274		-72	%
San Rafael		1		13		-90	%		-		-		-			1		-		-			2		13		-85	%		-		1		-100	%		666		1,307		-49	%
Santa Rosa		1		13		-93	%		-		-		-			0		0		477	%		1		13		-91	%		-		-		-			390		724		-46	%
Santiago del Estero		5		34		-84	%		-		-		-			0		-		-			6		34		-83	%		36		35		3	%		381		596		-36	%
Tucumán		20		212		-90	%		0		11		-100	%		1		3		-70	%		21		226		-91	%		-		1,225		-100	%		414		2,130		-81	%
Viedma		1		10		-85	%		-		-		-			0		-		-			2		10		-82	%		-		-		-			209		178		17	%
Villa Mercedes		0		0		544	%		-		-		-			-		-		-			0		0		544	%		0		-		-			568		485		17	%
Termas de Río Hondo		0		1		-96	%		-		0		-100	%		0		-		-			0		1		-95	%		-		1		-100	%		164		50		228	%
Bahía Blanca		5		71		-93	%		-		-		-			1		5		-83	%		6		76		-92	%		11		71		-84	%		442		1,026		-57	%
Neuquén		22		307		-93	%		0		0		-88	%		3		4		-26	%		25		311		-92	%		-		172		-100	%		1,009		3,361		-70	%
Total Argentina		545		7,048		-92	%		310		3,235		-90	%		44		363		-88	%		898		10,646		-92	%		41,249		63,592		-35	%		31,772		109,183		-71	%
Italy
Pisa		104		353		-71	%		57		777		-93	%		0		1		-92	%		161		1,131		-86	%		3,719		3,600		3	%		2,996		8,938		-66	%
Florence		13		93		-86	%		57		583		-90	%		0		0		-96	%		70		677		-90	%		34		26		31	%		2,364		8,500		-72	%
Total Italy		117		447		-74	%		114		1,360		-92	%		0		1		-92	%		231		1,807		-87	%		3,754		3,626		4	%		5,360		17,438		-69	%
Brazil
Brasilia (3)		1,459		2,548		-43	%		11		164		-93	%		1,184		1,775		-33	%		2,654		4,487		-41	%		9,423		19,622		-52	%		24,475		37,553		-35	%
Natal		392		597		-34	%		0		28		-100	%		0		-		-			392		625		-37	%		826		3,257		-75	%		3,190		4,933		-35	%
Total Brazil		1,851		3,146		-41	%		11		192		-94	%		1,184		1,775		-33	%		3,046		5,112		-40	%		10,249		22,879		-55	%		27,665		42,486		-35	%
Uruguay
Carrasco		0		0		-39	%		49		480		-90	%		0		2		-76	%		50		482		-90	%		6,837		8,149		-16	%		1,669		5,343		-69	%
Punta del Este		-		0		-100	%		1		36		-96	%		-		-		-			1		36		-96	%		-		-		-			899		2,194		-59	%

Page 38 of 45

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.			4Q'20		4Q'19		% Var.
Total Uruguay		0		0		-55	%		51		516		-90	%		0		2		-76	%		51		518		-90	%		6,837		8,149		-16	%		2,568		7,537		-66	%
Ecuador
Guayaquil		121		438		-72	%		229		544		-58	%		4		15		-70	%		355		996		-64	%		4,534		7,482		-39	%		12,063		19,904		-39	%
Galápagos		27		118		-77	%		-		-		-			-		-		-			27		118		-77	%		436		1,164		-63	%		431		1,512		-71	%
Total Ecuador		148		556		-73	%		229		544		-58	%		4		15		-70	%		382		1,115		-66	%		4,970		8,646		-43	%		12,494		21,416		-42	%
Armenia
Zvartnots		-		-		-			144		736		-80	%		-		-		-			144		736		-80	%		4,349		6,369		-32	%		2,171		6,767		-68	%
Shirak		-		-		-			5		36		-85	%		-		-		-			5		36		-85	%		-		-		-			47		239		-80	%
Total Armenia		-		-		-			149		772		-81	%		-		-		-			149		772		-81	%		4,349		6,369		-32	%		2,218		7,006		-68	%
Perú
Arequipa		182		502		-64	%		2		6		-75	%		-		-		-			183		508		-64	%		361		652		-45	%		1,700		3,552		-52	%
Juliaca		65		123		-48	%		-		1		-100	%		-		-		-			65		124		-48	%		118		244		-51	%		548		1,082		-49	%
Puerto Maldonado		33		93		-65	%		0		0		31	%		-		-		-			33		93		-65	%		98		208		-53	%		328		791		-59	%
Tacna		48		128		-62	%		-		0		-100	%		-		-		-			48		128		-62	%		130		245		-47	%		524		1,122		-53	%
Ayacucho		24		84		-71	%		-		-		-			-		-		-			24		84		-71	%		10		44		-77	%		581		989		-41	%
Total Perú		352		930		-62	%		2		7		-76	%		-		-		-			353		937		-62	%		718		1,393		-48	%		3,681		7,536		-51	%
Total CAAP		3,011		12,127		-75	%		866		6,626		-87	%		1,233		2,155		-43	%		5,110		20,907		-76	%		72,126		114,653		-37	%		85,758		212,602		-60	%

1) Starting May 3, 2018, 50% of international air traffic in Aeroparque Airport was reassigned to Ezeiza Airport, and the remaining 50% was reassigned on April 1st, 2019. These measures are part of resolution 183/2018 issued by the “Administración Nacional De Aviación Civil” (ANAC) which intends to optimize the management and infrastructure of Aeroparque Airport, taking into account the growing domestic aeronautical market and the seasonality of regional operations in Argentina. Aircrafts which travel to or from Uruguay are excluded from this resolution.

2) Note that preliminary passenger traffic figures for Ezeiza Airport, in Argentina, for 2019 as well as January 2020, were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

3) Starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

Page 39 of 45

Operating Statistics by Airport: Traffic, Cargo and Aircraft Movements

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.
Argentina
Aeroparque (1)		2,053		10,812		-81	%		68		660		-90	%		172		839		-79	%		2,293		12,311		-81	%		452		1,434		-68	%		22,443		111,176		-80	%
Bariloche		468		1,810		-74	%		3		39		-91	%		3		9		-68	%		474		1,858		-74	%		-		70		-100	%		4,326		14,557		-70	%
Catamarca		13		61		-79	%		-		-		-			1		2		-38	%		15		63		-77	%		18		76		-76	%		1,285		2,053		-37	%
C. Rivadavia		134		645		-79	%		-		0		-100	%		3		5		-29	%		137		649		-79	%		181		1,026		-82	%		4,180		9,736		-57	%
Córdoba		543		2,634		-79	%		159		731		-78	%		37		164		-77	%		739		3,529		-79	%		1,122		2,182		-49	%		7,978		31,553		-75	%
El Palomar		399		1,545		-74	%		81		248		-67	%		-		-		-			480		1,794		-73	%		-		-		-			4,180		12,283		-66	%
Esquel		14		53		-74	%		0		0		-48	%		0		0		-1	%		14		54		-74	%		-		-		-			582		1,135		-49	%
Ezeiza (1)(2)		506		983		-49	%		2,868		11,219		-74	%		101		283		-64	%		3,474		12,485		-72	%		140,571		214,830		-35	%		32,051		85,633		-63	%
Formosa		19		105		-82	%		0		0		-92	%		0		0		267	%		19		105		-82	%		54		161		-66	%		702		1,943		-64	%
General Pico		0		2		-78	%		-		-		-			0		0		-40	%		0		2		-78	%		-		-		-			1,388		4,095		-66	%
Iguazú		352		1,563		-77	%		2		4		-47	%		4		9		-59	%		358		1,576		-77	%		-		-		-			3,557		12,833		-72	%
Jujuy		92		394		-77	%		0		0		-100	%		1		4		-79	%		93		398		-77	%		32		118		-73	%		1,617		4,584		-65	%
La Rioja		12		64		-81	%		-		0		-100	%		1		2		-72	%		13		66		-81	%		26		115		-77	%		713		1,598		-55	%
Malargüe		0		1		-91	%		-		0		-100	%		-		-		-			0		1		-92	%		-		-		-			127		203		-37	%
Mar del Plata		113		380		-70	%		0		0		24	%		4		20		-80	%		118		400		-71	%		42		145		-71	%		2,901		8,117		-64	%
Mendoza		377		1,787		-79	%		91		506		-82	%		3		19		-83	%		472		2,311		-80	%		321		855		-62	%		5,909		22,419		-74	%
Paraná		9		60		-86	%		0		0		-93	%		0		0		239	%		9		60		-85	%		0		-		-			1,459		2,348		-38	%
Posadas		66		325		-80	%		0		0		-75	%		0		1		-78	%		66		326		-80	%		71		328		-78	%		1,445		4,488		-68	%
Pto Madryn		12		80		-85	%		-		0		-100	%		1		1		75	%		13		80		-84	%		-		-		-			342		831		-59	%
Reconquista		0		4		-97	%		-		0		-100	%		0		0		-13	%		0		4		-95	%		-		-		-			2,645		3,329		-21	%
Resistencia		50		275		-82	%		0		0		-34	%		10		35		-73	%		60		310		-81	%		78		388		-80	%		1,405		4,164		-66	%
Río Cuarto		5		37		-88	%		-		-		-			0		0		58	%		5		37		-88	%		11		72		-84	%		352		778		-55	%
Río Gallegos		67		254		-74	%		0		0		14	%		2		9		-76	%		69		263		-74	%		104		469		-78	%		1,593		3,442		-54	%
Río Grande		35		146		-76	%		0		0		-53	%		0		2		-77	%		35		148		-76	%		123		272		-55	%		881		2,435		-64	%
Salta		335		1,362		-75	%		15		69		-78	%		6		47		-87	%		356		1,479		-76	%		231		999		-77	%		4,236		13,975		-70	%

Page 40 of 45

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.
San Fernando		12		15		-16	%		7		12		-40	%		-		-		-			19		26		-27	%		-		-		-			29,583		42,878		-31	%
San Juan		36		148		-75	%		0		1		-79	%		1		-		-			37		149		-75	%		-		-		-			1,012		1,657		-39	%
San Luis		14		73		-80	%		-		-		-			-		-		-			14		73		-80	%		45		112		-60	%		391		1,184		-67	%
San Rafael		12		55		-77	%		-		-		-			1		-		-			13		55		-75	%		1		385		-100	%		2,187		5,226		-58	%
Santa Rosa		8		49		-83	%		-		-		-			0		0		149	%		9		49		-83	%		-		7		-100	%		1,390		2,694		-48	%
Santiago del Estero		30		149		-80	%		0		-		-			0		0		4467	%		30		149		-80	%		61		157		-61	%		1,231		2,820		-56	%
Tucumán		187		897		-79	%		12		60		-80	%		1		13		-90	%		200		969		-79	%		165		2,628		-94	%		2,242		9,176		-76	%
Viedma		10		40		-76	%		-		-		-			1		-		-			11		40		-74	%		-		-		-			513		707		-27	%
Villa Mercedes		0		0		30	%		-		-		-			0		0		100	%		0		0		31	%		0		-		-			2,168		1,899		14	%
Termas de Río Hondo		0		14		-96	%		-		0		-100	%		0		-		-			1		14		-96	%		-		8		-100	%		248		569		-56	%
Bahía Blanca		58		331		-83	%		-		-		-			6		24		-74	%		64		355		-82	%		70		323		-78	%		1,607		4,914		-67	%
Neuquén		245		1,180		-79	%		0		24		-100	%		6		13		-55	%		252		1,217		-79	%		169		810		-79	%		4,718		13,815		-66	%
Total Argentina		6,287		28,331		-78	%		3,307		13,574		-76	%		367		1,500		-76	%		9,960		43,405		-77	%		143,948		227,970		-37	%		155,587		447,247		-65	%
Italy
Pisa		549		1,416		-61	%		760		3,956		-81	%		0		6		-92	%		1,309		5,377		-76	%		12,995		13,001		0	%		16,755		42,815		-61	%
Florence		115		380		-70	%		550		2,482		-78	%		0		0		-98	%		665		2,861		-77	%		261		191		36	%		13,408		36,137		-63	%
Total Italy		664		1,795		-63	%		1,309		6,438		-80	%		0		6		-92	%		1,974		8,239		-76	%		13,256		13,192		0	%		30,163		78,952		-62	%
Brazil
Brasilia (3)		4,444		9,349		-52	%		170		618		-72	%		3,293		6,762		-51	%		7,907		16,728		-53	%		29,220		78,260		-63	%		79,338		143,762		-45	%
Natal		1,157		2,240		-48	%		28		91		-69	%		0		-		-			1,185		2,331		-49	%		5,636		12,981		-57	%		10,107		18,013		-44	%
Total Brazil		5,601		11,588		-52	%		198		709		-72	%		3,293		6,762		-51	%		9,092		19,059		-52	%		34,857		91,241		-62	%		89,445		161,775		-45	%
Uruguay
Carrasco		0		1		-53	%		529		1,982		-73	%		2		11		-79	%		532		1,994		-73	%		28,916		29,132		-1	%		8,604		21,833		-61	%
Punta del Este		0		0		27	%		78		189		-59	%		-		-		-			78		189		-59	%		-		-		-			4,441		7,829		-43	%

Page 41 of 45

	Domestic Passenger Traffic (in thousands)							International Passenger Traffic (in thousands)							Transit Passengers (in thousands)							Total Passenger Traffic (in thousands)							Cargo volume (in tons)							Aircraft movements
	YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.			YTD’20		YTD'19		% Var.
Total Uruguay		0		1		-35	%		607		2,171		-72	%		2		11		-79	%		610		2,182		-72	%		28,916		29,132		-1	%		13,045		29,662		-56	%
Ecuador
Guayaquil		548		1,786		-69	%		813		2,111		-61	%		39		74		-47	%		1,400		3,970		-65	%		14,893		33,230		-55	%		39,658		76,353		-48	%
Galápagos		149		527		-72	%		1		-		-			-		-		-			149		527		-72	%		1,948		4,776		-59	%		1,907		6,021		-68	%
Total Ecuador		696		2,313		-70	%		814		2,111		-61	%		39		74		-47	%		1,549		4,497		-66	%		16,842		38,006		-56	%		41,565		82,374		-50	%
Armenia
Zvartnots		-		-		-			791		3,049		-74	%		-		-		-			791		3,049		-74	%		15,730		20,065		-22	%		9,925		26,524		-63	%
Shirak		-		-		-			35		148		-76	%		-		-		-			35		148		-76	%		1		-		-			258		906		-72	%
Total Armenia		-		-		-			826		3,196		-74	%		-		-		-			826		3,196		-74	%		15,731		20,065		-22	%		10,183		27,430		-63	%
Perú
Arequipa		626		1,985		-68	%		8		18		-56	%		-		-		-			633		2,003		-68	%		968		2,432		-60	%		5,782		15,516		-63	%
Juliaca		189		467		-60	%		0		1		-75	%		-		-		-			189		467		-60	%		315		889		-65	%		1,982		4,042		-51	%
Puerto Maldonado		107		337		-68	%		0		0		-73	%		-		-		-			107		337		-68	%		257		695		-63	%		1,192		3,066		-61	%
Tacna		162		485		-67	%		0		0		-74	%		-		-		-			162		485		-67	%		459		960		-52	%		1,788		4,345		-59	%
Ayacucho		116		287		-59	%		-		-		-			-		-		-			116		287		-59	%		81		187		-57	%		2,173		3,504		-38	%
Total Perú		1,200		3,561		-66	%		8		18		-57	%		-		-		-			1,208		3,579		-66	%		2,080		5,164		-60	%		12,917		30,473		-58	%
Total CAAP		14,448		47,589		-70	%		7,069		28,216		-75	%		3,702		8,353		-56	%		25,218		84,158		-70	%		255,628		424,769		-40	%		352,905		857,913		-59	%

1) Starting May 3, 2018, 50% of international air traffic in Aeroparque Airport was reassigned to Ezeiza Airport, and the remaining 50% was reassigned on April 1st, 2019. These measures are part of resolution 183/2018 issued by the “Administración Nacional De Aviación Civil” (ANAC) which intends to optimize the management and infrastructure of Aeroparque Airport, taking into account the growing domestic aeronautical market and the seasonality of regional operations in Argentina. Aircrafts which travel to or from Uruguay are excluded from this resolution.

2) Note that preliminary passenger traffic figures for Ezeiza Airport, in Argentina, for 2019 as well as January 2020, were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.

3) Preliminary data on 1,256 in January and 195 in February 2020 at Brasilia Airport, due to delays in the submission of information by third parties. Moreover, starting November 2019 the Company has reclassified its passenger traffic figures for Brasilia Airport between international, domestic and transit retroactively since June 2018 to return to the count methodology utilized until May 2018. Notwithstanding, total traffic figures remain unchanged.

Page 42 of 45

Income Statement (in US$ thousands)

	4Q20		4Q19		% Var.		2020		2019		% Var.
Continuing operations
Revenue	129,361		380,062		-66.0	%	607,356		1,558,640		-61.0	%
Cost of services	(142,380	)	(292,612	)	-51.3	%	(653,583	)	(1,138,425	)	-42.6	%
Gross (loss) / profit	(13,020	)	87,450		-114.9	%	(46,227	)	420,215		-111.0	%
Selling, general and administrative expenses	(28,400	)	(36,164	)	-21.5	%	(101,775	)	(168,291	)	-39.5	%
Impairment loss	1,005		(42,801	)	-102.3	%	(62,268	)	(42,801	)	45.5	%
Other operating income	48,272		4,987		867.9	%	54,105		17,259		213.5	%
Other operating expense	(2,538	)	(1,084	)	134.1	%	(7,533	)	(2,747	)	174.2	%
Operating income / (loss)	5,319		12,388		-57.1	%	(163,698	)	223,635		-173.2	%
Share of income / (loss) in associates	(2,142	)	(4,444	)	-51.8	%	(6,159	)	(5,353	)	15.1	%
Income / (loss) before financial results and income tax	3,177		7,944		-60.0	%	(169,857	)	218,282		-177.8	%
Financial income	9,082		18,710		-51.5	%	35,697		51,889		-31.2	%
Financial loss	(63,701	)	(35,306	)	80.4	%	(215,496	)	(233,521	)	-7.7	%
Inflation adjustment	(9,856	)	(4,876	)	102.1	%	(26,532	)	(25,391	)	4.5	%
(Loss) / Income before income tax expense	(61,298	)	(13,528	)	353.1	%	(376,188	)	11,259		-3441.2	%
Income tax	12,882		(29,465	)	-143.7	%	14,295		(17,079	)	-183.7	%
(Loss) / Income for the period	(48,416	)	(42,994	)	12.6	%	(361,893	)	(5,820	)	6118.1	%
Attributable to:
Owners of the parent	(38,826	)	(37,300	)	4.1	%	(253,053	)	9,099		-2881.1	%
Non-controlling interest	(9,590	)	(5,694	)	68.4	%	(108,840	)	(14,919	)	629.5	%

Page 43 of 45

Balance Sheet (in US$ thousands)

	Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019
ASSETS
Non-current assets
Intangible assets, net		2,616,484			2,550,857			2,639,299			2,721,128			3,002,121
Property, plant and equipment, net		80,833			79,769			78,066			77,536			79,612
Right-of-use asset		13,448			6,626			6,802			7,512			8,380
Investments in associates		5,336			6,442			5,899			9,347			9,929
Other financial assets at fair value through profit or loss		3,614			3,449			3,298			3,227			3,309
Other financial assets at amortized cost		2,609			2,609			2,558			2,532			2,494
Deferred tax assets		73,038			70,887			112,901			116,272			147,475
Other receivables		89,962			108,821			110,815			117,711			119,954
Trade receivables		334			1,298			1,209			1,206			1,326
Total non-current assets		2,885,658			2,830,758			2,960,847			3,056,471			3,374,600
Current assets
Inventories		8,015			8,969			10,592			10,257			11,302
Other financial assets at fair value through profit or loss		53,347			24,470			18,286			14,772			17,341
Other financial assets at amortized cost		20,554			48,271			31,652			83,728			66,413
Other receivables		79,550			80,252			86,725			100,102			101,676
Current tax assets		18,415			17,821			17,409			2,714			10,311
Derivative financial instruments		-			-			-			1,000			27
Trade receivables		59,081			61,510			50,199			80,322			104,877
Cash and cash equivalents		281,031			180,236			180,226			172,495			195,696
Total current assets		519,993			421,529			395,089			465,390			507,643
Total assets		3,405,651			3,252,287			3,355,936			3,521,861			3,882,243
EQUITY
Share capital		163,223			160,022			160,022			160,022			160,022
Share premium		183,430			180,486			180,486			180,486			180,486
Treasury shares		(6,145	)		-			-			-			-
Free distributable reserve		378,910			385,055			385,055			385,055			385,055
Non-distributable reserve		1,358,028			1,351,883			1,351,883			1,351,883			1,351,883
Currency translation adjustment		(417,272	)		(408,213	)		(413,574	)		(407,579	)		(392,101	)
Legal reserves		176			176			176			176			176
Other reserves		(1,321,142	)		(1,324,871	)		(1,324,844	)		(1,324,694	)		(1,324,887	)
Retained earnings		150,202			189,484			332,724			388,200			403,255
Total attributable to owners of the parent		489,410			534,022			671,928			733,549			763,889
Non-controlling interests		315,876			322,730			383,475			409,771			434,725
Total equity		805,286			856,752			1,055,403			1,143,320			1,198,614
LIABILITIES
Non-current liabilities
Borrowings		1,128,407			927,477			874,126			942,230			1,033,221
Deferred tax liabilities		171,289			180,350			183,563			218,357			233,115
Other liabilities		728,746			605,644			657,291			679,925			848,410
Lease liabilities		10,207			5,821			5,483			5,566			5,783
Trade payables		9,162			14,850			491			550			798
Total non-current liabilities		2,047,811			1,734,142			1,720,954			1,846,628			2,121,327
Current liabilities
Borrowings		216,410			269,557			266,529			218,883			175,123
Other liabilities		180,813			238,065			170,723			181,740			230,122
Lease liabilities		3,477			1,066			1,667			2,360			3,144
Current tax liabilities		1,002			619			660			3,041			5,156
Derivative financial instruments		-			188			140			-			-
Trade payables		150,852			151,898			139,860			125,889			148,757
Total current liabilities		552,554			661,393			579,579			531,913			562,302
Total liabilities		2,600,365			2,395,535			2,300,533			2,378,541			2,683,629
Total equity and liabilities		3,405,651			3,252,287			3,355,936			3,521,861			3,882,243

Page 44 of 45

Statement of Cash Flow (in US$ thousands)

	Dec 31, 2020			Dec 31, 2019
Cash flows from operating activities
(Loss) / Income for the period		(361,893	)		(5,820	)
Adjustments for:
Amortization and depreciation		200,788			182,270
Deferred income tax		(13,805	)		(31,346	)
Income tax accrued		(490	)		48,425
Share of loss in associates		6,159			5,353
Impairment loss		62,268			42,801
(Gains) / Losses on disposals of property, plant and equipment		932			(16	)
Unpaid concession fees		47,467			47,658
Low value, short term and variable lease payments		(1,031	)		(2,831	)
Share-based compensation expenses		69,737			88,488
Changes in liability for concessions		1,800			-
Interest expense		99,018			92,687
Other financial results, net		(14,611	)		(36,210	)
Net foreign exchange		25,022			37,390
Government grants		(46,701	)		-
Other accruals		5,037			22,763
Inflation adjustment		26,598			41,032
Acquisition of Intangible assets		(128,429	)		(353,725	)
Income tax paid		(11,126	)		(45,213	)
Changes in working capital		34,098			(153,419	)
Net cash used in operating activities		838			(19,713	)
Cash flows from investing activities
Cash contribution in associates		(2,170	)		(4,425	)
Acquisition of other financial assets		(54,491	)		(103,421	)
Disposals of other financial assets		67,736			110,005
Purchase of Property, plant and equipment		(8,951	)		(17,117	)
Acquisition of Intangible assets		(576	)		(960	)
Loans with related parties		-			4,157
Proceeds from fixed assets disposals		11			23
Other		63			(408	)
Net cash provided by investing activities		1,622			(12,146	)
Cash flows from financing activities
Proceeds from cash contributions		-			27,506
Proceeds from borrowings		224,310			196,977
Leases payments		(3,979	)		(5,130	)
Loans paid		(71,466	)		(90,457	)
Interest paid		(41,149	)		(78,832	)
Debt renegotiation expenses		(10,975	)		-
Debt renegotiation premium		(4,690	)		-
Dividends paid		(1,509	)		(3,007	)
Guarantee deposits		(1	)		(22,482	)
Net cash provided / (used in) by financing activities		90,541			24,575
Increase /(Decrease) in cash and cash equivalents		93,001			(7,284	)
Movements in cash and cash equivalents
At the beginning of the period		195,696			244,865
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents		(7,666	)		(41,885	)
(Decrease) / Increase in cash and cash equivalents		93,001			(7,284	)
At the end of the period		281,031			195,696

Page 45 of 45