0001104659-22-062975.txt : 20220520 0001104659-22-062975.hdr.sgml : 20220520 20220519173140 ACCESSION NUMBER: 0001104659-22-062975 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220519 FILED AS OF DATE: 20220520 DATE AS OF CHANGE: 20220519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORPORACION AMERICA AIRPORTS S.A. CENTRAL INDEX KEY: 0001717393 STANDARD INDUSTRIAL CLASSIFICATION: AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581] IRS NUMBER: 000000000 STATE OF INCORPORATION: N4 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38354 FILM NUMBER: 22944340 BUSINESS ADDRESS: STREET 1: 4 RUE DE LA GREVE CITY: LUXEMBOURG STATE: N4 ZIP: L-1643 BUSINESS PHONE: 352-26258274 MAIL ADDRESS: STREET 1: 4 RUE DE LA GREVE CITY: LUXEMBOURG STATE: N4 ZIP: L-1643 6-K 1 tm2215640d1_6k.htm FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

FORM 6-K

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2022

Commission File Number: 333-221916

Corporación América Airports S.A.

(Name of Registrant)

4, rue de la Grêve
L-1643, Luxembourg
Tel: +35226258274
Fax: +35226259776

(Address of Principal Executive Office)

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

Form 20-F x Form 40-F ¨

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

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

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2022 AND 2021

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

Exhibits

Exhibit No.	Description

99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the three period ended March 31, 2022 and 2021.

SIGNATURES

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

	Corporación America Airports S.A.

	By:	/s/ Andres Zenarruza
	Name: Andres Zenarruza
	Title: Head of Legal

	By:	/s/ Jorge Arruda
	Name: Jorge Arruda
	Title: Chief Financial Officer

Date: May 19, 2022

EX-99.1 2 tm2215640d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

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

Corporación América Airports S.A.

CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

For the three-month period ended March 31, 2022 and 2021

R.C.S. Luxembourg B 174.140

4, rue de la Grève

L-1643, Luxembourg

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

			For the three-month period ended March 31,
			2022			2021
	Notes		Unaudited			Unaudited
Revenue		4		258,149			138,193
Cost of services		5		(177,942	)		(137,869	)
Gross profit				80,207			324
Selling, general and administrative expenses		6		(31,117	)		(19,335	)
Other operating income		7		3,565			1,636
Other operating expenses		7		(840	)		(9,185	)
Operating income / (loss)				51,815			(26,560	)
Share of loss in associates				(244	)		-
Income / (loss) before financial results and income tax				51,571			(26,560	)
Financial income		8		10,323			6,832
Financial loss		8		(56,491	)		(42,061	)
Inflation adjustment		8		13,988			(4,398	)
Income / (loss) before income tax				19,391			(66,187	)
Income tax		9		(5,600	)		(822	)
Income / (loss) for the period from continuing operations				13,791			(67,009	)
Loss for the period from discontinued operations		19		-			(455	)
Income / (loss) for the period				13,791			(67,464	)
Attributable to:
Owners of the parent				25,942			(44,063	)
Non-controlling interests				(12,151	)		(23,401	)
				13,791			(67,464	)
Earnings per share attributable to the owners of the parent
Weighted average number of ordinary shares (thousands)				160,737			160,147
Continuing operations
Basic and diluted earnings per share				0.16			(0.27	)
Continuing and discontinued operations
Basic and diluted earnings per share				0.16			(0.28	)
Discontinued operations
Basic and diluted earnings per share				-			(0.01	)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

		For the three-month period ended March 31,
		2022			2021
		Unaudited			Unaudited
Income / (loss) for the period for the period			13,791			(67,464	)

Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations			191			210
Items that may be reclassified to profit or loss:
Share of other comprehensive income / (loss) from associates			24			(128	)
Currency translation adjustment			(10,328	)		15,001
Other comprehensive (loss) / income from continuing operations for the period, net of income tax			(10,113	)		15,083
Currency translation adjustment from discontinued operations	19		-			(107	)
Other comprehensive loss from discontinued operations for the period, net of income tax			-			(107	)
Other comprehensive (loss) / income for the period			(10,113	)		14,976
Total comprehensive income / (loss) for the period			3,678			(52,488	)
Attributable to:
Owners of the parent			20,533			(32,646	)
Non-controlling interests			(16,855	)		(19,842	)
			3,678			(52,488	)

Total comprehensive income / (loss) for the period attributable to owners of the parent arises from:

Continuing operations			20,533			(32,084	)
Discontinued operations			-			(562	)
			20,533			(32,646	)

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

- 1 -

CONDENSED cONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

	Notes		At March 31, 2022 Unaudited			At December 31, 2021 Audited
ASSETS
Non-current assets
Intangible assets, net		10		2,905,399			2,742,971
Property, plant and equipment, net				73,421			75,480
Right-of-use assets				12,408			12,902
Investments in associates				2,379			2,355
Other financial assets at fair value through profit or loss				3,278			3,344
Other financial assets at amortized cost				15,876			15,838
Deferred tax assets				76,167			68,867
Other receivables				85,442			72,373
Trade receivables				114			184
				3,174,484			2,994,314
Current assets
Inventories				12,055			11,520
Other financial assets at fair value through profit or loss				127,474			28,499
Other financial assets at amortized cost				39,998			46,800
Other receivables				58,175			66,421
Current tax assets				12,308			14,450
Derivative financial instruments current assets				-			137
Trade receivables				93,225			82,707
Cash and cash equivalents		11		478,544			375,783
				821,779			626,317
Total assets				3,996,263			3,620,631

EQUITY		14
Share capital				163,223			163,223
Share premium				183,430			183,430
Treasury shares				(4,772	)		(4,772	)
Free distributable reserve				378,910			378,910
Non-distributable reserve				1,358,028			1,358,028
Currency translation adjustment				(327,118	)		(321,647	)
Legal reserves				1,081			1,081
Other reserves				(1,321,074	)		(1,321,211	)
Retained earnings				58,631			32,689
Total attributable to owners of the parent				490,339			469,731
Non-controlling interests				115,630			303,877
Total equity				605,969			773,608

LIABILITIES
Non-current liabilities
Borrowings		12		1,155,743			1,018,337
Deferred tax liabilities				239,731			227,421
Other liabilities		13		954,690			743,799
Lease liabilities				7,854			8,484
Trade payables				5,770			6,695
				2,363,788			2,004,736
Current liabilities
Borrowings		12		501,005			421,266
Other liabilities		13		395,576			284,826
Lease liabilities				3,776			3,765
Derivative financial instruments liabilities				516			-
Current tax liabilities				13,418			16,188
Trade payables				112,215			116,242
				1,026,506			842,287
Total liabilities				3,390,294			2,847,023
Total equity and liabilities				3,996,263			3,620,631

- 2 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

								Attributable to owners of the parent
	Share capital		Share premium		Treasury shares			Free distributable reserves		Non- distributable reserves		Legal reserves		Currency translation adjustment			Other reserves			Retained earnings (1)			Total			Non- controlling interests			Total
Balance at January 1, 2022		163,223		183,430		(4,772	)		378,910		1,358,028		1,081		(321,647	)		(1,321,211	)		32,689			469,731			303,877			773,608
Income / (loss) for the period		-		-		-			-		-		-		-			-			25,942			25,942			(12,151	)		13,791
Other comprehensive income / (loss) for the period		-		-		-			-		-		-		(5,471	)		62			-			(5,409	)		(4,704	)		(10,113	)
Share-based payments reserve (Note 14.a)		-		-		-			-		-		-		-			75			-			75			-			75
Redemption of preferred shares (Note 14.c)		-		-		-			-		-		-		-			-			-			-			(171,392	)		(171,392	)
Balance at March 31, 2022		163,223		183,430		(4,772	)		378,910		1,358,028		1,081		(327,118	)		(1,321,074	)		58,631			490,339			115,630			605,969

Balance at January 1, 2021		163,223		183,430		(6,145	)		378,910		1,358,028		176		(417,272	)		(1,321,142	)		150,202			489,410			315,876			805,286
Loss for the period		-		-		-			-		-		-		-			-			(44,063	)		(44,063	)		(23,401	)		(67,464	)
Other comprehensive income for the period		-		-		-			-		-		-		11,325			92			-			11,417			3,559			14,976
Share-based payments reserve (Note 14.a)		-		-		1,133			-		-		-		-			(1,800	)		667			-			-			-
Changes of non-controlling interests		-		-		-			-		-		-		-			-			-			-			642			642
Balance at March 31, 2021		163,223		183,430		(5,012	)		378,910		1,358,028		176		(405,947	)		(1,322,850	)		106,806			456,764			296,676			753,440

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

- 3 -

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

			For the three-month period ended March 31,
	Notes		2022 Unaudited			2021 Unaudited
Cash flows from operating activities
Income / (loss) for the period from continuing operations				13,791			(67,009	)
Adjustments for:
Amortization and depreciation				42,475			37,548
Deferred income tax		9		1,858			125
Current income tax		9		3,742			697
Loss on disposals of property, plant and equipment and intangible assets				201			-
Share of loss in associates				244			-
Unpaid concession fees				19,983			16,322
Low value, short term and variable lease payments				(363	)		(146	)
Changes in liability for concessions		8		38,157			24,046
Share-based compensation expenses				75			-
Collection of government grants				5,564			-
Interest expenses		8		51,278			28,493
Other financial results, net				(7,407	)		(4,502	)
Net foreign exchange		8		(36,252	)		(13,001	)
Other accruals				804			1,493
Inflation adjustment				(11,526	)		(1,722	)
Acquisition of intangible assets		10		(14,185	)		(27,759	)
Income tax paid				(4,161	)		(71	)
Changes in working capital		17		(60,964	)		1,673
Net cash provided by / (used in) operating activities				43,314			(3,813	)
Net cash used in discontinued operating activities				-			-
Cash flows from investing activities
Cash contribution in associates				(244	)		-
Net acquisition of subsidiaries				-			10
Acquisition of other financial assets				(109,405	)		(6,235	)
Disposals of other financial assets				20,237			7,697
Acquisition of property, plant and equipment				(1,349	)		(292	)
Acquisition of intangible assets		10		(328	)		(124	)
Proceeds from property, plant and equipment disposals				123			-
Other				220			4
Net cash (used in) / provided by investing activities				(90,746	)		1,060
Net cash used in discontinued investing activities		19		(2,600	)		-
Cash flows from financing activities
Proceeds from borrowings		12		253,059			53,826
Guarantee deposits				(668	)		(765	)
Principal elements of lease payments				(1,030	)		(1,227	)
Loans paid		12		(68,228	)		(56,268	)
Interest paid		12		(22,354	)		(7,576	)
Debt renegotiation expenses		12		(726	)		(225	)
Net cash provided by / (used in) financing activities				160,053			(12,235	)
Net cash used in discontinued financing activities				-			-

Increase / (decrease) in cash and cash equivalents				112,621			(14,988	)
Decrease in cash and cash equivalents from discontinued operations				(2,600	)		-
Movements in cash and cash equivalents
At the beginning of the period				375,783			281,031
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents				(7,260	)		(10,171	)
Increase / (decrease) in cash and cash equivalents				112,621			(14,988	)
Decrease in cash and cash equivalents from discontinued operations				(2,600	)		-
At the end of the period		11		478,544			255,872

- 4 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

	1		General information and significant event of the period
	2		Basis of presentation and accounting policies
	3		Segment information
	4		Revenue
	5		Cost of services
	6		Selling, general and administrative expenses
	7		Other operating results
	8		Financial results, net
	9		Income tax
	10		Intangible assets, net
	11		Cash and cash equivalents
	12		Borrowings
	13		Other liabilities
	14		Equity
	15		Contingencies, commitments and restrictions on the distribution of profits
	16		Related party balances and transactions
	17		Cash flow disclosures
	18		Fair value measurement of financial instruments
	19		Discontinued operations
	20		Subsequent events

- 5 -

1 General information and significant event of the period

1.1 General information

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

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

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

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

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

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

1.2 Significant events of the period

1.2.1 Conflict between Russia and Ukraine

The recent escalation of the war launched by Russia against neighboring Ukraine is disrupting international travel from and to Russia and Ukraine and other destinations as the flights to Russia have been banned by Western countries, Russia has closed its skies for carriers registered in Western countries and carriers are avoiding overflying the war zone. It is likely that this war will continue to disrupt supply chains, cause instability in the global economy and disrupt international travel to/from airports operated by the Company, in particular those located in Armenia.

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

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

1.2.2 Covid-19 pandemic

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

CAAP total passenger traffic as of March 31, 2022, increased 106.2% compared to the same period in 2021 with 13.5 million passengers served (6.5 million passengers served in 2021).

The main actions taken by CAAP in response to Covid-19 crisis are described in Note 1.2 of the Consolidated Financial Statements as of December 31, 2021.

- 6 -

2 Basis of presentation and accounting policies

Basis of presentation

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

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

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

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

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

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

Application of IAS 29 in financial reporting of Argentine subsidiaries and associates

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

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

The estimated price index as of March 31, 2022 was 668.27 (582.46 as of December 31, 2021) and the conversion factor derived from the indexes for the three month period ended March 31, 2022, was 1.15 (1.12 for the three month period ended March 31, 2021).

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

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

- 7 -

2 Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

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

New and amended standards adopted by the group

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

3 Segment information

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

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

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

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

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

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

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

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

- 8 -

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

3 Segment information (Cont.)

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy
For the three- month period ended March 31, 2022 (Unaudited)	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Intrasegment adjustments			Unallocated			Total
Aeronautical revenue ^(*)		64,284			-			8,124			-			11,036			-			10,358			15,691			9,865			-			-			119,358
Non-aeronautical revenue ^(*)
Commercial revenue		71,675			44			12,630			-			9,967			4,789			16,459			5,645			5,090			(2,485	)		770			124,584
Construction service revenue		11,268			-			-			-			603			-			337			-			1,485			-			-			13,693
Other revenue		-			-			-			-			2			-			-			-			512			(373	)		373			514
Cost of services		(97,311	)		(15	)		(15,965	)		-			(9,973	)		(3,324	)		(17,853	)		(12,772	)		(19,971	)		2,203			(2,961	)		(177,942	)
Gross profit / (loss)		49,916			29			4,789			-			11,635			1,465			9,301			8,564			(3,019	)		(655	)		(1,818	)		80,207
Selling, general and administrative expenses		(12,514	)		(30	)		(3,935	)		(21	)		(2,714	)		(415	)		(2,960	)		(3,618	)		(3,224	)		655			(2,341	)		(31,117	)
Other operating income		3,354			-			46			-			31			-			21			7			100			-			6			3,565
Other operating expenses		(348	)		-			(309	)		-			(35	)		(2	)		(142	)		(4	)		-			-			-			(840	)
Operating income / (loss)		40,408			(1	)		591			(21	)		8,917			1,048			6,220			4,949			(6,143	)		-			(4,153	)		51,815
Share of loss in associates		-			-			-			-			-			-			-			-			-			-			(244	)		(244	)
Amortization and depreciation		21,397			-			2,796			-			1,716			307			3,873			1,609			2,921			-			3,042			37,661
Adjusted Ebitda		61,805			(1	)		3,387			(21	)		10,633			1,355			10,093			6,558			(3,222	)		-			(1,355	)		89,232
Construction services revenue		(11,268	)		-			-			-			(603	)		-			(337	)		-			(1,485	)		-			-			(13,693	)
Construction services cost		11,231			-			-			-			603			-			327			-			1,113			-			-			13,274
Adjusted Ebitda excluding Construction services		61,768			(1	)		3,387			(21	)		10,633			1,355			10,083			6,558			(3,594	)		-			(1,355	)		88,813
Construction services revenue		11,268			-			-			-			603			-			337			-			1,485			-			-			13,693
Construction services cost		(11,231	)		-			-			-			(603	)		-			(327	)		-			(1,113	)		-			-			(13,274	)
Adjusted Ebitda		61,805			(1	)		3,387			(21	)		10,633			1,355			10,093			6,558			(3,222	)		-			(1,355	)		89,232
Financial income																																			10,323
Financial loss																																			(56,491	)
Inflation adjustment																																			13,988
Amortization and depreciation																																			(37,661	)
Income before income tax expense																																			19,391
Income tax																																			(5,600	)
Income from continuing operations																																			13,791
Loss from discontinued operations																																			-
Income for the period																																			13,791

March 31, 2022 (Unaudited)
Current assets		448,815			67			45,443			9			31,068			4,991			75,444			28,141			81,124			(66,396	)		173,073			821,779
Non-current assets		1,468,253			28			778,641			134			143,922			7,586			144,349			59,710			269,842			(768	)		302,787			3,174,484
Capital Expenditure		11,267			-			464			-			814			30			1,021			253			2,013			-			-			15,862
Current liabilities		403,151			27			405,233			-			14,365			3,142			38,297			20,002			110,493			(66,396	)		98,192			1,026,506
Non-current liabilities		927,129			-			799,422			-			60,341			1,686			31,250			18,257			131,678			(768	)		394,793			2,363,788

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

- 9 -

3 Segment information (Cont.)

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy
For the three- month period ended March 31, 2021 (Unaudited)	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Intrasegment adjustments			Unallocated			Total
Aeronautical revenue ^(*)		19,400			-			4,854			-			1,815			-			6,168			8,568			2,009			-			-			42,814
Non-aeronautical revenue ^(*)
Commercial revenue		42,268			44			7,655			-			3,971			3,836			4,880			3,710			2,883			(1,895	)		428			67,780
Construction service revenue		22,968			-			-			-			512			-			54			752			3,101			-			-			27,387
Other revenue		-			-			-			-			2			-			-			-			210			(114	)		114			212
Cost of services		(77,178	)		(13	)		(14,387	)		-			(8,149	)		(2,704	)		(7,985	)		(9,976	)		(16,090	)		1,638			(3,025	)		(137,869	)
Gross profit / (loss)		7,458			31			(1,878	)		-			(1,849	)		1,132			3,117			3,054			(7,887	)		(371	)		(2,483	)		324
Selling, general and administrative expenses		(6,029	)		(29	)		(2,532	)		(19	)		(1,618	)		(266	)		(2,310	)		(2,115	)		(2,895	)		371			(1,893	)		(19,335	)
Other operating income		1,521			-			45			-			40			15			13			2			-			-			-			1,636
Other operating expenses		(8,169	)		-			(393	)		-			(14	)		-			(215	)		(2	)		-			-			(392	)		(9,185	)
Operating income / (loss)		(5,219	)		2			(4,758	)		(19	)		(3,441	)		881			605			939			(10,782	)		-			(4,768	)		(26,560	)
Share of loss in associates		-			-			-			-			-			-			-			-			-			-			-			-
Amortization and depreciation		15,852			-			2,381			-			3,160			255			3,457			1,820			3,123			-			3,230			33,278
Adjusted Ebitda		10,633			2			(2,377	)		(19	)		(281	)		1,136			4,062			2,759			(7,659	)		-			(1,538	)		6,718
Construction services revenue		(22,968	)		-			-			-			(512	)		-			(54	)		(752	)		(3,101	)		-			-			(27,387	)
Construction services cost		22,945			-			-			-			512			-			52			752			2,683			-			-			26,944
Adjusted Ebitda excluding Construction services		10,610			2			(2,377	)		(19	)		(281	)		1,136			4,060			2,759			(8,077	)		-			(1,538	)		6,275
Construction services revenue		22,968			-			-			-			512			-			54			752			3,101			-			-			27,387
Construction services cost		(22,945	)		-			-			-			(512	)		-			(52	)		(752	)		(2,683	)		-			-			(26,944	)
Adjusted Ebitda		10,633			2			(2,377	)		(19	)		(281	)		1,136			4,062			2,759			(7,659	)		-			(1,538	)		6,718
Financial income																																			6,832
Financial loss																																			(42,061	)
Inflation adjustment																																			(4,398	)
Amortization and depreciation																																			(33,278	)
Loss before income tax expense																																			(66,187	)
Income tax																																			(822	)
Loss from continuing operations																																			(67,009	)
Loss from discontinued operations																																			(455	)
Loss for the period																																			(67,464	)

December 31, 2021 (Audited)
Current assets		232,737			82			41,384			27			21,436			4,264			71,315			43,357			101,116			(60,620	)		171,219			626,317
Non-current assets		1,395,707			27			670,006			114			144,164			7,863			148,838			57,798			274,947			(768	)		295,618			2,994,314
Capital Expenditure		53,501			-			1,838			-			5,511			2,556			7,629			779			19,927			-			-			91,741
Current liabilities		284,442			40			328,750			-			12,345			3,180			30,067			35,749			117,933			(60,620	)		90,401			842,287
Non-current liabilities		684,460			-			663,012			-			60,225			2,010			41,309			20,051			141,898			(768	)		392,539			2,004,736

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

- 10 -

4 Revenue

	For the three-month period ended March 31,
	2022 (Unaudited)		2021 (Unaudited)
Aeronautical revenue		119,358		42,814
Non-aeronautical revenue
Commercial revenue		124,584		67,780
Construction service revenue		13,693		27,387
Other revenue		514		212
		258,149		138,193
Timing of revenue recognition
Over time		192,055		113,193
At a point in time		12,101		2,636
Revenues accounted for under IFRS 16		53,993		22,364
Revenue		258,149		138,193

5 Cost of services

	For the three-month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Salaries and social security contributions		(41,278	)		(30,210	)
Amortization and depreciation ⁽²⁾		(35,808	)		(31,153	)
Concession fees ⁽¹⁾		(34,630	)		(18,578	)
Maintenance expenses		(23,764	)		(15,708	)
Services and fees		(13,413	)		(9,177	)
Construction services cost		(13,274	)		(26,944	)
Cost of fuel		(10,558	)		(2,394	)
Office expenses		(1,589	)		(862	)
Taxes		(916	)		(733	)
Provision for maintenance costs		(874	)		(344	)
Others		(1,838	)		(1,766	)
		(177,942	)		(137,869	)

⁽¹⁾ Includes depreciation for fixed concession assets fee of USD 4,637 as of March 31, 2022 (USD 4,144 as of March 31, 2021).

⁽²⁾ Includes depreciation of leases of USD 838 as of March 31, 2022 (USD 666 as of March 31, 2021).

6 Selling, general and administrative expenses

	For the three-month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Taxes ⁽¹⁾		(8,826	)		(4,421	)
Services and fees		(8,207	)		(6,627	)
Salaries and social security contributions		(6,693	)		(4,057	)
Amortization and depreciation ⁽²⁾		(1,853	)		(2,125	)
Insurance		(577	)		(534	)
Office expenses		(436	)		(296	)
Maintenance expenses		(362	)		(105	)
Advertising		(175	)		(122	)
Bad debts		(4,624	)		(2,314	)
Bad debts recovery		2,452			2,075
Other		(1,816	)		(809	)
		(31,117	)		(19,335	)

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

⁽²⁾Includes depreciation of leases of USD 247 as of March 31, 2022 (USD 233 as of March 31, 2021).

- 11 -

7 Other operating results

7.1 Other operating income

	For the three-month period ended March 31,
	2022 (Unaudited)		2021 (Unaudited)
Government grants ^(*)		3,347		1,520
Other		218		116
		3,565		1,636

^(*)Corresponds to government grants for the development of airport infrastructure in Group A (operated by AA2000) of the National Airport System. There are no unfulfilled conditions or other contingencies attaching to these grants.

7.2 Other operating expenses

For the three-month period ended March 31,

2022

(Unaudited)

2021

(Unaudited)

Other operating loss ^(*)

(840

)

(9,185

)

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

8 Financial results, net

	For the three -month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Interest income		9,381			5,651
Foreign exchange income		118			247
Other financial income		824			934
Financial income		10,323			6,832

Interest expense		(51,278	)		(28,493	)
Foreign exchange loss		36,134			12,754
Changes in liability for concessions		(38,157	)		(24,046	)
Other financial loss		(3,190	)		(2,276	)
Financial loss		(56,491	)		(42,061	)

Inflation adjustment		13,988			(4,398	)
Inflation adjustment		13,988			(4,398	)
Net financial results		(32,180	)		(39,627	)

9 Income tax

	For the three -month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Current income tax		(3,742	)		(697	)
Deferred income tax		(1,858	)		(125	)
		(5,600	)		(822	)

- 12 -

10 Intangible assets, net

	Concession Assets			Goodwill			Patent, intellectual property rights and others			Total
Cost
Balances at January 1, 2022		4,243,258			9,543			22,812			4,275,613
Acquisitions		14,185			-			328			14,513
Disposals		(238	)		-			-			(238	)
Transfers		(55	)		-			55			-
Transfer of concession assets to the grantor ^(*)		(7,956	)		-			-			(7,956	)
Transfer to property, plant and equipment		(2	)		-			-			(2	)
Translation differences and inflation adjustment		268,954			(183	)		71			268,842
		4,518,146			9,360			23,266			4,550,772
Depreciation
Accumulated at January 1, 2022		1,512,731			-			19,911			1,532,642
Depreciation of the period		38,844			-			248			39,092
Disposals		(38	)		-			-			(38	)
Transfer of concession assets to the grantor ^(*)		(1,504	)		-			-			(1,504	)
Translation differences and inflation adjustment		75,373			-			(192	)		75,181
		1,625,406			-			19,967			1,645,373
At March 31, 2022		2,892,740			9,360			3,299			2,905,399

Cost
Balances at January 1, 2021		3,855,479			5,733			23,489			3,884,701
Acquisition of business		-			4,501			663			5,164
Acquisitions		27,768			-			124			27,892
Disposals		(75	)		-			(348	)		(423	)
Transfer to property, plant and equipment		(6	)		-			-			(6	)
Translation differences and inflation adjustment		(69,146	)		(372	)		(1,152	)		(70,670	)
		3,814,020			9,862			22,776			3,846,658
Depreciation
Accumulated at January 1, 2021		1,247,384			-			20,833			1,268,217
Depreciation of the period		34,005			-			217			34,222
Disposals		(75	)		-			(348	)		(423	)
Translation differences and inflation adjustment		(8,029	)		-			(948	)		(8,977	)
		1,273,285			-			19,754			1,293,039
At March 31, 2021		2,540,735			9,862			3,022			2,553,619

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

As of March 31, 2022 and 2021, the Group identified impairment indicators in its cash generating units across all of its business operational segments due to drastic measures undertaken by governments, such as flight restrictions and the closing of borders to contain Covid-19 spread.

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

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

As of March 31, 2022 and 2021, the recoverable amount of all defined CGU´s exceed their respective carrying amount.

- 13 -

11 Cash and cash equivalents

	At March 31, 2022 (Unaudited)		At December 31, 2021 (Audited)
Cash to be deposited		567		356
Cash at banks		332,643		336,546
Time deposits		6,811		9,250
Other cash equivalents		138,523		29,631
		478,544		375,783

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

As of March 31, 2022, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 5,681 (USD 964 as of December 31, 2021).

12 Borrowings

	At March 31, 2022 (Unaudited)		At December 31, 2021 (Audited)
Non-current
Bank and financial borrowings ^(**)		226,444		258,248
Notes ^(*)		929,299		760,089
		1,155,743		1,018,337
Current
Bank and financial borrowings ^(**)		413,195		354,023
Notes ^(*)		70,722		67,243
Overdrafts		17,088		-
		501,005		421,266
Total Borrowings		1,656,748		1,439,603

Changes in borrowings during the period is as follows:

	For the three-month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Balances at the beginning of the period		1,439,603			1,344,817
Loans obtained		253,059			53,826
Loans paid		(68,228	)		(56,268	)
Interest paid		(22,354	)		(7,576	)
Accrued interest for the period		30,194			25,001
Debt renegotiation expenses capitalization		(726	)		(225	)
Translation differences and inflation adjustment		25,200			(36,066	)
Balances at the end of the period		1,656,748			1,323,509

The maturity of borrowings is as follows:

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At March 31, 2022 ⁽¹⁾		641,107		244,405		542,399		827,886		2,255,797
At December 31, 2021 ⁽¹⁾		524,338		232,950		500,228		711,660		1,969,176

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

- 14 -

12 Borrowings (Cont.)

^(*)Notes include the following as of March 31, 2022:

Company	Note	Issuance	Currency	Nominal value (in millions of USD)	Maturity	Interest rate	Outstanding (in millions of USD)
ACI Airport Sudamérica S.A.U. (“ACI”)	Senior secured guarantee notes	November 2021	USD	246.2	November 2034	Fixed 6.875%	238.0
ACI Airport Sudamérica S.A.U. (“ACI”)	Senior secured guarantee notes	May 2015, May 2020 ⁽¹⁾	USD	14.1	November 2032	Fixed 6.875%	13.6
Corporación América Italia S.p.A. (“CAI”)	Secured notes	January 2020	Euros	71.8	December 2024	Fixed 4.556%	67.9
Aeropuertos Argentina 2000 S.A. (“AA2000”)	Senior secured guarantee notes	February 2017, May 2020 ⁽¹⁾	USD	212.3	February 2027	Fixed 6.875%	108.2
	Senior secured guarantee notes	October 2021	USD	208.9	August 2031	Fixed 8.5%	207.8
	Class 2 Notes Series 2020	August 2020	USD ⁽²⁾	40	August 2022	Fixed 0.00%	40.0
	Class 3 Notes	September 2021	USD ⁽²⁾	30.5	September 2023	Fixed 4.00%	30.4
	Class 1 Series 2021 Notes	November 2021	USD ⁽²⁾	64	August 2031	Fixed 8.5%	60.3
	Class 4 Notes	November 2021	USD	62	November 2028	Fixed 9.5%	59.8
	Class 5 Notes	February 2022	USD ⁽²⁾	138	February 2032	Fixed 5.5%	138.2
	Class 6 Notes	February 2022	USD ⁽²⁾	36	February 2025	Fixed 2.0%	35.8
Total							1,000.0

(1) A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2) These notes are dollar-linked, denominated in U.S. dollars but issued and paid in Argentine pesos

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

Company	Note	Issuance	Currency	Nominal value(in millions of USD)	Maturity	Interest rate	Outstanding (in millions of USD)
ACI Airport Sudamérica S.A.U. (“ACI”)	Senior secured guarantee notes	November 2021	USD	246.2	November 2034	Fixed 6.875%	233.6
ACI Airport Sudamérica S.A.U. (“ACI”)	Senior secured guarantee notes	May 2015, May 2020 ⁽¹⁾	USD	14.1	November 2032	Fixed 6.875%	13.3
Corporación América Italia S.p.A. (“CAI”)	Secured notes	January 2020	Euros	71.8	December 2024	Fixed 4.556%	68.5
Aeropuertos Argentina 2000 S.A. (“AA2000”)	Senior secured guarantee notes	February 2017, May 2020 ^{(1) (2)}	USD	212.3	February 2027	Fixed 6.875%	113.9
	Senior secured guarantee notes	October 2021	USD	208.9	August 2031	Fixed 8.5%	207.9
	Class 2 Notes Series 2020	August 2020	USD ⁽²⁾	40	August 2022	Fixed 0.00%	40
	Class 3 Notes	September 2021	USD ⁽²⁾	30.5	September 2023	Fixed 4.00%	30.3
	Class 1 Series 2021 Notes	November 2021	USD ⁽²⁾	64	August 2031	Fixed 8.5%	60.1
	Class 4 Notes	November 2021	USD	62	November 2028	Fixed 9.5%	59.7
Total							827.3

(1) A partial exchange of the notes initially issued was performed during 2020 and 2021, which is detailed below

(2) These notes are dollar-linked, denominated in U.S. dollars but issued and paid in Argentine pesos

The holders of the Senior Secured Guarantee Notes of ACI (“ACI Existing Notes”) benefit from a guarantee and a security package including the pledge of the shares in PDS and Cerealsur S.A., and certain accounts of Cerealsur and ACI. As of December 31, 2021 and December 31, 2020, they were guaranteed with a debt service reserve account of ACI and the funds contained therein. These notes are fully and unconditionally guaranteed by Cerealsur S.A.

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

- 15 -

12 Borrowings (Cont.)

On November 12, 2021 ACI issued USD 246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 (the “New Notes”) consolidating the repurchase and exchange of 40.62% of the total original principal amount of the Series 2015 Notes, 96.43% of the total original amount of the Series 2020 Notes and a new money offering of USD 52.9 in a private transaction under the same terms as the New Notes. The main guarantees remain unchanged while the covenants over ACI Existing Notes were eliminated, an Interest payment account was funded with a portion of the proceeds of the issuance of the New Notes, amounting as of March 31, 2022, USD 30 million and a stand by letter was issued by Goldman Sachs Bank for USD 8.5 million.

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

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

The main covenants of the senior secured guarantee notes of AA2000 (“AA2000 Existing Notes”) require compliance with certain financial ratios as well as restriction to incur additional debt and limitations on the payments of dividends if any default, whether declared or not, has occurred. Notes issued by AA2000 are secured by a collateral assignment of fiduciary rights of certain revenue of AA2000.

On February 27, 2020, the ordinary general meeting of shareholders of AA2000 approved the creation of a Global Program for the issuance of Notes. The aforementioned program establishes the issuance of simple Notes not convertible into shares with a principal value of up to USD 500 million, or its equivalent in other currencies, during a period of five years commencing on the date of approval of the Global Program by the Argentine Comisión Nacional de Valores (“CNV”). i.e. April 17, 2020. The principal value was increased up to USD 1,500 million after an ordinary general meeting of holders held on June 15, 2021 and the approval of the CNV on July 11, 2021, which left unchanged the issuance period of five years from the date of the original approval.

On May 20, 2020 AA2000 issued USD 306 million aggregate principal amount of 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) in exchange of 86.73% of the total original principal amount of AA2000 Existing Notes and obtained consents to certain proposed amendments and waivers to the indenture governing AA2000 Existing Notes after completion of required conditions; the approval of the National Airports Regulatory Organization (Organismo Regulador del Sistema Nacional de Aeropuertos) (the “ORSNA”).on April 24, 2020, issuing the Resolution No. 21/2020 pursuant to which the collateral assignment of revenue under AA2000 Existing Notes was extended to the Series 2020 Additional Notes in equal terms; and executing and delivering amendments to the 2019 Credit Facilities to provide for the effective deferral of payments of principal due thereunder on August 19, 2020 and November 19, 2020 that was satisfied on April 29, 2020. Accrued interest is capitalized quarterly. From May 1, 2021, the expiry date of the PIK Period, New Notes accrue interest at a rate of 6.875% per annum until their maturity date, payable quarterly. The main covenants and guarantees remain unchanged.

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

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

- 16 -

12 Borrowings (Cont.)

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

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

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

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

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

- 17 -

12 Borrowings (Cont.)

^(**)As of March 31, 2022, significant bank and financial borrowings include the following:

Company	Lender	Currency	Maturity	Interest Rate		Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)	Capitalization⁽²⁾
Inframerica Concessionaria do Aeroporto Sao Goncalo do Amarante S.A.	BNDES	R$	September 2032	Variable	TJLP⁽¹⁾plus spread	7.5	A
	BNDES	R$	June 2032	Variable	T.R. plus spread plus IPCA	2.1
	BNDES	R$	September 2032	Variable	T.R. plus spread plus IPCA	5.7
	BNDES	R$	September 2022	Fixed	2.50%	0.2
	BNDES	R$	July 2032	Variable	T.R. plus spread plus IPCA	2.8
Inframerica Concessionaria do Aeroporto de Brasilia S.A.	BNDES	R$	December 2033	Variable	TJLP⁽¹⁾plus spread	236.7	A
	Bradesco	R$	July 2022	Variable	TJLP⁽¹⁾plus spread	0.1	D
	Votorantim	R$	March 2023	Variable	CDI plus spread	2.7	C
Terminal Aeroportuaria de Guayaquil S.A	Banco Guayaquil SA	USD	February 2026	Variable	T.R.E.⁽³⁾plus spread	7.1	D
	Banco Guayaquil SA	USD	December 2025	Variable	T.R.E.⁽³⁾plus spread	2.6	D
	Banco Bolivariano CA	USD	December 2025	Variable	T.R.E.⁽³⁾plus spread	6.7	D
	Banco Bolivariano CA	USD	November 2024	Variable	T.R.E.⁽³⁾plus spread	5.0	D
Terminal de Cargas de Uruguay S.A.	Santander Uruguay	USD	April 2023	Fixed	4.40%	0.6	D
	Scotiabank Uruguay	USD	October 2024	Fixed	4.30%	1.3	D
	Scotiabank Uruguay	USD	February 2026	Fixed	4.30%	1.0	D
Toscana Aeroporti S.p.A.	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread	1.1	B
	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread	17.6	D
	BPM	Euro	December 2023	Fixed	1.65%	0.2	D
	Unicredit	Euro	September 2022	Fixed	1.50%	9.4	D
	Unicredit	Euro	May 2022	Fixed	0.75%	1.1	D
	BNL	Euro	April 2022	Fixed	0.60%	5.6	D
	ISP-SACE	Euro	September 2026	Variable	Euribor 3 month plus spread	94.2	D
	BPM	Euro	June 2023	Variable	Euribor 3 month plus spread	0.2	D
	BPM	Euro	June 2024	Variable	Euribor 3 month plus spread	0.3	D
	BPM	Euro	July 2022	Fixed	0.50%	3.9	D
	MPS Servicio capital	Euro	September 2022	Fixed	0.35%	12.2	D
	Banca Intesa San Paolo	Euro	March 2023	Fixed	1.60%	12.2	D
Armenia International Airports C.J.S.C.	Ameriabank C.J.S.C.	USD	June 2024	Variable	Libor 6 month plus spread ⁽⁶⁾	31.4	B
	Ameriabank C.J.S.C.	Euro	June 2024	Variable	Euribor 6 month plus spread	32.3	B
	HSBC Bank Armenia C.J.S.C.	Dram	June 2022	Fixed	11.00% ⁽⁴⁾	0.1	D
Aeropuerto de Neuquén S.A.	Banco Macro	ARS	November 2024	Variable	BADLAR plus spread	2.1	A
Aeropuertos Argentina 2000 S.A.	Banco de la Provincia de Buenos Aires	USD	July 2024	Fixed	7.00%	0.1	D
	Industrial and Commercial Bank of China (Argentina) S.A., Banco Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. (5)	USD	August 2022	Fixed	9.75%	19.1	A
	Onshore renegotiation	ARS	November 2024	Variable	BADCOR plus spread	31.1	A
	Onshore renegotiation - ICBC	USD	November 2024	Fixed	8.50%	14.0	A
	Citibank N.A. (5)	USD	February 2023	Variable	SOFR plus spread	12.5	A
	Offshore renegotiation	ARS	November 2024	Variable	BADCOR plus spread	16.2	A
	Eurobank	USD	March 2024	Fixed	8.00% - 9.00%	1.1	C
	Banco Ciudad	USD	November 2023	Fixed	6.00%	5.0	B
	Banco Macro	USD	December 2022	Fixed	7.75%	10.1	B
Consorcio Aeropuertos Internacionales S.A.	Santander Uruguay	USD	April 2027	Fixed	5.10%	7.1	B
Consorcio Aeropuertos Internacionales S.A.	Banco Itaú	USD	April 2027	Fixed	3.80%	7.1	B
Puerta del Sur S.A.	Banco de la República Oriental del Uruguay	USD	March 2028	Fixed	3.11%	10.0	C
Others						0.2
Total						639.6

- 18 -

12 Borrowings (Cont.)

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

Company	Lender	Currency	Maturity	Interest Rate		Outstanding
Company	Lender	Currency	Maturity	Interest Rate		(In millions of USD)	Capitalization⁽²⁾
Inframérica Concessionaria do Aeroporto São Gonçalo do Amarante S.A.	BNDES	R$	September 2032	Variable	TJLP⁽¹⁾plus spread	6.4	A
	BNDES	R$	June 2032	Variable	T.R. plus spread plus IPCA	1.8
	BNDES	R$	September 2032	Variable	T.R. plus spread plus IPCA	4.7
	BNDES	R$	September 2022	Fixed	2.50%	0.3
	BNDES	R$	July 2032	Variable	T.R. plus spread plus IPCA	2.2
Inframérica Concessionaria do Aeroporto de Brasilia S.A.	BNDES	R$	December 2033	Variable	TJLP⁽¹⁾plus spread	203.2	A
	Bradesco	R$	July 2022	Variable	TJLP⁽¹⁾plus spread	0.1	D
	Votorantim	R$	June 2022	Variable	CDI plus spread	3.1	C
Terminal Aeroportuaria de Guayaquil S.A	Banco Guayaquil SA	USD	February 2026	Variable	T.R.E.⁽³⁾plus spread	7.4	D
	Banco Guayaquil SA	USD	December 2025	Variable	T.R.E.⁽³⁾plus spread	2.8	D
	Banco Bolivariano CA	USD	December 2025	Variable	T.R.E.⁽³⁾plus spread	7.2	D
	Banco Bolivariano CA	USD	November 2024	Variable	T.R.E.⁽³⁾plus spread	5.5	D
Terminal de Cargas de Uruguay S.A.	Santander Uruguay	USD	April 2023	Fixed	4.40%	0.7	D
	Scotiabank Uruguay	USD	October 2024	Fixed	4.30%	1.5	D
	Scotiabank Uruguay	USD	February 2026	Fixed	4.30%	1.0	D
Toscana Aeroporti S.p.A.	MPS Servicio capital	Euro	June 2022	Variable	Euribor 6 month plus spread	1.2	B
	Banco de Innovación de Infraestructuras y Desarrollo	Euro	September 2027	Variable	Euribor 6 month plus spread	19.6	D
	BPM	Euro	January 2022	Fixed	0.5%	4.0	D
	BPM	Euro	December 2023	Fixed	1.65%	0.2	D
	Unicredit	Euro	March 2022	Fixed	0.75%	9.6	D
	Unicredit	Euro	May 2022	Fixed	0.75%	1.1	D
	BNL	Euro	April 2022	Fixed	0.60%	5.7	D
	ISP-SACE	Euro	September 2026	Variable	Euribor 3 month plus spread	95.8	D
	CREDEM	Euro	January 2022	Fixed	0.09%	1.1	D
	BPM	Euro	June 2023	Variable	Euribor 3 month plus spread	0.2	D
	BPM	Euro	June 2024	Variable	Euribor 3 month plus spread	0.3	D
	MPS Servicio capital	Euro	March 2022	Fixed	0.38%	12.5	D
	Banca Intesa San Paolo	Euro	March 2022	Fixed	1.20%	12.6	D
Armenia International Airports C.J.S.C.	Ameriabank C.J.S.C.	USD	June 2024	Variable	Libor 6 month plus spread ⁽⁷⁾	30.6	B
	Ameriabank C.J.S.C.	Euro	June 2024	Variable	Euribor 6 month plus spread	32.2	B
	HSBC Bank Armenia C.J.S.C.	Dram	June 2022	Fixed	11% ⁽⁴⁾	0.3	D
Aeropuerto de Neuquén S.A.	Banco Macro	USD	February 2022	Variable	Libor plus spread	2.3	A
Aeropuertos Argentina 2000 S.A.	Banco de la Provincia de Buenos Aires	USD	July 2023	Fixed	7.00%	0.1	D
	Industrial and Commercial Bank of China (Argentina) S.A., Banco Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. ⁽⁵⁾	USD	August 2022	Fixed	9.75%	28.7	A
	Onshore renegotiation	ARS	November 2024	Variable	BADCOR plus spread	27.4	A
	Onshore renegotiation - ICBC	USD	November 2024	Fixed	8.50%	10.1	A
	Citibank N.A. ⁽⁵⁾	USD	February 2023	Variable	Libor plus spread	16.4	A
	Offshore renegotiation	ARS	November 2024	Variable	BADCOR plus spread	13.2	A
	Banco Ciudad	USD	November 2023	Fixed	6.00%	5.0	B
	Banco Macro	USD	December 2022	Fixed	7.75%	10.1	B
Consorcio Aeropuertos Internacionales S.A.	Santander Uruguay	USD	April 2027	Fixed	5.10%	7.0	B
Consorcio Aeropuertos Internacionales S.A.	Banco Itaú	USD	April 2027	Fixed	3.80%	7.0	B
Puerta del Sur S.A.	Banco de la República Oriental del Uruguay	USD	March 2028	Fixed	3.11%	10.0	A
Others						0.1
Total						612.3

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

IPCA: corresponds to the Brazilian Consumer Price index)

⁽²⁾A - Secured/guaranteed

B – Secured/unguaranteed

C – Unsecured/guaranteed

D - Unsecured/unguaranteed

R$ - Brazilian Reales

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

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

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

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

- 19 -

12 Borrowings (Cont.)

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

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

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

In connection with such amendments and extension agreements, ACI Airports S.à r.l. and CAAP have agreed not to create any encumbrances on their shares in Inframérica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframérica or any change of control in Inframérica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l. has agreed to maintain a minimum credit rating (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least B-/B3. As of March 31, 2022, the Minimum Rating was not achieved and ICAB and ICASGA requested BNDES to provide a waiver regarding this obligation. The non-compliance of the Minimum Rating may require the posting of additional collateral by the guarantors and/or the payment of the penalty fee of 1% per annum over the outstanding amount of the indebtedness due to BNDES. BNDES provided a waiver which was extended through March 9, 2022. The waiver was not further extended by BNDES and, as a result, the amount of USD 240 million is presented as current as of March 31, 2022 in these Condensed Consolidated Interim Financial Statement. Additionally, BNDES applied a penalty of 1% p.a. on the outstanding amount starting in March 10, 2022, accruing as of March 31, 2022, approximately R$ 0.8 million (equivalent to USD 0.2 million). In April 2022, an evaluation of the credit rating of ACI Airports S.à r.l. has obtained a new rating of “B3” by Moodys Investors Services and, therefore, became compliant with the Minimum rating (Note 20).

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

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

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

In January, 2022, ICAB cancelled an existing loan and entered into a new loan in U.S. dollars with Banco Votorantim S.A. – Bahamas Branch due in March 2023. This loan is secured by a guarantee letter issued by CAAP for a total amount of USD 3 million or its equivalent in Brazilian Real which cannot be lower than R$ 16.2 million-plus interest. Further payments under the loan are protected from the exposure to U.S. dollars exchange rate fluctuation with a cash flow swap derivative with Banco Votorantim S.A. Brazil.

- 20 -

12 Borrowings (Cont.)

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

According to the loan agreement Armenia International Airports C.J.S.C. is restricted in distribution of dividends, has to maintain debt to EBITDA, Debt service coverage and adjusted debt service coverage ratios. According to this agreement, these ratios must be met as of June 30 and December 31 of each year the loan is outstanding. The December 31, 2021, observation was postponed to June 30, 2022.

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

As of March 31, 2022 Armenia International Airports C.J.S.C. pledged to the security agent cash held in bank accounts for USD 57,880 (USD 54,542 at December 31, 2021) and intangible assets and property and equipment for a total of USD 142,875 (USD 147,484 at December 31, 2021).

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

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

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

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

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

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

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

- 21 -

12 Borrowings (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

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

- 22 -

12 Borrowings (Cont.)

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

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

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

13 Other liabilities

	At March 31, 2022 (Unaudited)		At December 31, 2021 (Audited)
Non-current
Concession fee payable ⁽¹⁾		798,926		657,682
Advances from customers		16,839		14,475
Provisions for legal claims ⁽⁴⁾		8,279		8,132
Provision for maintenance costs ⁽²⁾		19,161		19,239
Other taxes payable		1,706		2,058
Employee benefit obligation ⁽³⁾		7,607		7,990
Salary payable		282		263
Other liabilities with related parties (Note 16)		1,496		1,308
Redemption of preferred shares ⁽⁵⁾		71,721		-
Other payables		28,673		32,652
		954,690		743,799

Current
Concession fee payable ⁽¹⁾		178,727		167,352
Other taxes payable		12,400		19,998
Salary payable		37,272		32,843
Other liabilities with related parties (Note 16)		2,467		1,049
Advances from customers		5,092		4,718
Provision for maintenance costs ⁽²⁾		2,288		2,432
Expenses provisions		1,284		1,879
Provision for legal claims ⁽⁴⁾		3,864		3,714
Redemption of preferred shares ⁽⁵⁾		99,991		-
Other payables		52,191		50,841
		395,576		284,826

Maturity of the other liabilities is as follows:

	1 year or less		1 - 2 years		2 - 5 years		Over 5 years		Total
At March 31, 2022		397,958		123,157		347,170		1,594,409		2,462,694
At December 31, 2021		285,371		120,005		231,486		1,336,007		1,972,869

- 23 -

13 Other liabilities (Cont.)

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

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

	For the three -month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Balances at the beginning of the period		825,034			741,704
Financial result		41,325			25,641
Concession fees		29,993			14,434
Payments		(45,846	)		(17,012	)
Other		(97	)		412
Translation differences and inflation adjustment		127,244			(64,522	)
Balances at the end of the period		977,653			700,657

⁽²⁾ Changes in the period of the provision for maintenance costs is as follows:

	For the three -month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Balances at the beginning of the period		21,671			27,195
Accrual of the period		964			437
Use of the provision		(754	)		(5,756	)
Translation differences and inflation adjustment		(432	)		(1,066	)
Balances at the end of the period		21,449			20,810

⁽³⁾ Changes in the period of the provision for employee benefits is as follows:

	For the three -month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Balances at the beginning of the period		7,990			8,694
Acquisition of business		-			456
Actuarial gain/loss (in other comprehensive income)		(250	)		(276	)
Interest for services		-			44
Service cost		134			64
Amounts paid in the period		(151	)		(84	)
Translation differences and inflation adjustment		(116	)		(318	)
Balances at the end of the period		7,607			8,580

⁽⁴⁾ Changes in the period of the provision for legal claims is as follows:

	For the three -month period ended March 31,
	2022 (Unaudited)			2021 (Unaudited)
Balances at the beginning of the period		11,846			5,183
Accrual of the period (Note 15.a)		474			6,770
Use of the provision		(430	)		(14	)
Translation differences and inflation adjustment		253			(352	)
Balances at the end of the period		12,143			11,587

⁽⁵⁾Relates to the outstanding amount to be paid by AA2000 for the redemption of shares detailed in Note 14.c). The price will be paid as follows: a) the sum of ARS 11,100,000,000 (equivalent to approximately USD 100 million) once the capital reduction procedure has been completed and the period for oppositions provided for in the General Corporations Law has elapsed (Note 20); and b) the balance (approximately USD 71.7 million as of March 31, 2022), before December 31, 2024, with the possibility of partial payments. Such balance accrues interest equivalent to the corresponding adjustment for inflation plus two percent per annum of the value of the debt.

- 24 -

14 Equity

a) Management share compensation plan and treasury shares

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

During 2021, additional 250,000 shares have been assigned to employees. In December 2021, 125,000 shares were delivered to the beneficiaries, while the remaining shares will vest in instalments of 62,500 shares in December 2022 and 2023, accruing as of March 31, 2022, a total value of USD 75.

b) Other comprehensive income

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

	Currency translation adjustments			Remeasurement of defined benefit obligations (*)		Share of other comprehensive income from associates			Income tax effect ^(*)			Transfer from shareholders equity – currency translation differences		Total
Balances at January 1, 2022		(343,837	)		120		(41,212	)		(69	)		63,402		(321,596	)
Other comprehensive income / (loss) for the period		(5,495	)		80		24			(18	)		-		(5,409	)
For the period ended March 31, 2022		(349,332	)		200		(41,188	)		(87	)		63,402		(327,005	)

Balances at January 1, 2021		(439,407	)		92		(41,267	)		(39	)		63,402		(417,219	)
Other comprehensive income / (loss) for the period		11,453			121		(128	)		(29	)		-		11,417
For the period ended March 31, 2021		(427,954	)		213		(41,395	)		(68	)		63,402		(405,802	)

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

c) Redemption of preferred shares

As stated in Note 33 of the Consolidated Financial Statements as of December 31, 2021, on March 10, 2022, an extraordinary general meeting of AA2000 approved the redemption of the preferred shares, the reduction of the capital stock and the amendment of Article 2.01 of AA2000's bylaws. The total redemption value amounted ARS 17,225,719,240 (equivalent to approximately USD 155.2 million), which adjusted by inflation as of March 31, 2022 amounts to ARS 19,026,247,837 (equivalent to approximately USD 171.4 million).

15 Contingencies, commitments and restrictions on the distribution of profits

a. Contingencies

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

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

- 25 -

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

a. Contingencies (Cont.)

Ecuadorian Proceedings

Tax Proceedings - Terminal Aeroportuaria de Guayaquil S.A. (“TAGSA”)

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

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

b. Commitments

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

On January 11, 2022, the International Airport of Carmelo "Balneario Zargazazú" was taken over by PDS according to the conditions established in the concession agreement amended on November 8, 2021.

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

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

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

Other commitments

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

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

c. Restrictions to the distribution of profits and payment of dividends

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

	At March 31, 2022 (Unaudited)			At December 31, 2021 (Audited)
Share capital		163,223			163,223
Share premium		183,430			183,430
Reserve for own shares		4,772			4,772
Legal reserve		1,081			1,081
Free distributable reserves		378,910			378,910
Non-distributable reserves		1,353,255			1,353,255
Retained earnings		(88,045	)		(86,279	)
Total equity in accordance with Luxembourg law		1,996,626			1,998,392

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

- 26 -

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

c. Restrictions to the distribution of profits and payment of dividends (Cont.)

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

16 Related party balances and transactions

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

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

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”. The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services.

Summary of balances with related parties are:

	At March 31, 2022 (Unaudited)			At December 31, 2021 (Audited)
Year-end balances
(a) Arising from sales / purchases of goods / other
Trade receivables with associates		166			1,839
Trade receivables with other related parties		4,049			1,899
Other receivables with other related parties		9,445			9,113
Other financial assets with associates		2,839			2,801
Other financial assets with other related parties		9,975			9,827
Trade payables to other related parties		(2,234	)		(2,879	)
		24,240			22,600
(b) Other liabilities
Other liabilities to other related parties		(3,963	)		(2,357	)
		(3,963	)		(2,357	)
(c) Other balances
Cash and cash equivalents in other related parties		18,617			21,591
		18,617			21,591

	For the three-month period ended March 31,
Transactions	2022 (Unaudited)			2021 (Unaudited)
Aeronautical/Commercial revenue		1,940			1,071
Fees		(1,796	)		(1,326	)
Interest accruals		134			173
Acquisition of goods and services		(4,636	)		(1,701	)
Others		(1,083	)		(1,057	)

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 4,063 as of March 31, 2022 (USD 4,661 as of December 31, 2021). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods and services line for an amount of USD 1,762 as of March 31, 2022 (USD 1,225 as of March 31, 2021).

Remunerations received by the Group’s key staff amounted to approximately 2.56% of total remunerations accrued at March 31, 2022 (2.39% as of March 31, 2021).

- 27 -

17 Cash flow disclosures

	For the three -month period ended March 31,
Changes in working capital	2022 (Unaudited)			2021 (Unaudited)
Other receivables and credits		(10,137	)		15,212
Inventories		(656	)		819
Other liabilities		(50,171	)		(14,358	)
		(60,964	)		1,673

The most significant non-cash transactions are detailed below:

	For the three -month period ended March 31,
	2022 (Unaudited)		2021 (Unaudited)
Intangible assets acquisition with an increase in Lease liabilities		-		(9	)
Right-of-use asset initial recognition with an increase in Lease liabilities		-		(632	)
Income tax paid with tax certificates		-		(173	)
Subsidiary acquisition with an increase in Other liabilities		-		(5,156	)

18 Fair value measurement of financial instruments

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

For the majority of instruments at amortized cost, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments at March 31, 2022:

	Fair value		Carrying amount
Trust funds		67,157		59,241
Long-term borrowings		1,164,357		1,155,743

19 Discontinued operations

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

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

For the sale of the shares in the associate, CAAP committed to make a one-time payment to the buyer for assumed liabilities and future CAPEX commitments of AAP amounting to USD 17.2 million, of which, as of March 31, 2022, USD 5.1 has already been paid (USD 2.6 million were paid during 2022) and the remaining USD 12.1 million will be paid in three installments between April and November 2022. The installment corresponding to April 2022 was fulfilled.

As of March 31, 2021, the discontinued operation resulted in a loss of currency translation adjustment of USD 0.1 million and a loss of USD 0.5 million which are shown in the statement of comprehensive income and in the statement of income respectively.

- 28 -

20 Subsequent events

Inframerica Concessionária do Aeroporto de Brasília S.A. (“ICAB”) and Inframérica Concessionaria do Aeroporto São Gonçalo do Amarante S.A (“ICASGA”) – indebtedness

In April 2022, a credit risk rating analysis was performed, reaching the Minimum rating agreed by ICAB and ICASGA with BNDES. Therefore, both companies are in compliance with the covenant of maintaining a Minimum Rating of at least B- and, since April 19, 2022, the penalty was lifted. From April 1, 2022 to April 18, 2022, the penalty accrued approximately R$ 0.6 million (equivalent to USD 0.1 million).

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

On April 12, 2022, the first installment related to the redemption of preferred shares was made, amounting ARS 11,100,000,000 (approximately USD 100 million).

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

On April 13, 2022, the Company prepaid ARS 3,904 million (approximately USD 35.2 million) in principal amount of the outstanding loans in ARS granted by of Citibank N.A., Banco de Galicia and Buenos Aires S.A.U. and Banco Santander Río S.A. and the Industrial and Commercial Bank of China (Argentina).

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

On April 22, 2022, the International Airport of Rivera "Pte. Gral Oscar D. Gestido" was taken over by PDS according to the conditions established in the concession agreement amended on November 8, 2021.

There are no other subsequent events that could significantly affect the Group´s financial position as of March 31, 2022.

- 29 -